Item 1. Financial Statements.

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Item 1. Financial Statements.

Cboe Global Markets, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(unaudited)

(in millions, except par value data and share amounts)


	March 31, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	2,134.4	$	2,216.5
Financial investments	35.9		36.1
Accounts receivable, net of $6.6 allowance for credit losses at March 31, 2026 and $6.8 at December 31, 2025	514.6		391.4
Margin deposits, default fund, and interoperability fund	3,443.9		1,618.2
Income taxes receivable	—		67.9
Other current assets (includes restricted cash of $34.5 at March 31, 2026 and $34.1 at December 31, 2025)	95.3		91.3
Total current assets	6,224.1		4,421.4

Investments	31.4		32.4
Property and equipment, net	137.4		133.1
Operating lease right of use assets	105.1		111.0
Goodwill	3,142.4		3,150.5
Intangible assets, net	1,274.6		1,297.2
Other assets, net	155.6		159.7
Total assets	$	11,070.6	$	9,305.3
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued liabilities	$	332.8	$	686.9
Current portion of long-term debt	649.5		—
Section 31 fees payable	0.2		0.2
Deferred revenue	16.8		6.9
Margin deposits, default fund, and interoperability fund	3,443.9		1,618.2
Income taxes payable	50.4		50.1
Total current liabilities	4,493.6		2,362.3

Long-term debt	793.9		1,442.9
Non-current unrecognized tax benefits	22.0		15.8
Deferred income taxes	233.0		185.3
Non-current operating lease liabilities	114.6		120.9
Other non-current liabilities	40.0		39.8
Total liabilities	5,697.1		4,167.0
Commitments and contingencies

Stockholders’ equity:
Preferred stock, $0.01 par value: 20,000,000 shares authorized, no shares issued and outstanding at March 31, 2026 and December 31, 2025	—		—
Common stock, $0.01 par value: 325,000,000 shares authorized, 104,927,308 and 104,673,700 shares issued and outstanding, respectively at March 31, 2026 and 104,654,764 and 104,647,739 shares issued and outstanding, respectively at December 31, 2025	1.0		1.0
Common stock in treasury, at cost: 253,608 shares at March 31, 2026 and 7,025 shares at December 31, 2025	(75.1)		(1.5)
Additional paid-in capital	1,583.0		1,565.1
Retained earnings	3,853.5		3,543.6
Accumulated other comprehensive income, net	11.1		30.1
Total stockholders’ equity	5,373.5		5,138.3
Total liabilities and stockholders’ equity	$	11,070.6	$	9,305.3

See accompanying notes to condensed consolidated financial statements.

Cboe Global Markets, Inc. and Subsidiaries

Condensed Consolidated Statements of Income

(unaudited)

(in millions, except per share data)


	Three Months Ended March 31,
	2026		2025
Revenues:
Cash and spot markets	$	482.2	$	500.9
Data Vantage	181.3		152.5
Derivatives markets	609.3		541.6
Total revenues	1,272.8		1,195.0
Cost of revenues:
Liquidity payments	446.1		394.8
Routing and clearing	20.0		19.6
Regulatory fees cost of revenues	—		153.1
Royalty fees and other cost of revenues	77.8		62.3
Total cost of revenues	543.9		629.8
Revenues less cost of revenues	728.9		565.2
Operating expenses:
Compensation and benefits	127.9		116.2
Depreciation and amortization	29.5		30.3
Technology support services	27.6		25.6
Professional fees and outside services	18.3		20.8
Travel and promotional expenses	8.0		6.4
Facilities costs	6.2		6.2
Acquisition-related costs	—		0.2

Other expenses	5.8		5.6
Total operating expenses	223.3		211.3
Operating income	505.6		353.9
Non-operating income (expense):
Interest expense	(13.3)		(12.8)
Interest income	17.7		8.4
Loss on investments, net	(0.7)		(3.3)
Other income, net	6.2		4.0
Income before income tax provision	515.5		350.2
Income tax provision	129.8		99.6
Net income	385.7		250.6
Net income allocated to participating securities	(1.6)		(1.2)
Net income allocated to common stockholders	$	384.1	$	249.4
Basic earnings per share	$	3.67	$	2.38
Diluted earnings per share	3.66		2.37

Basic weighted average shares outstanding	104.7		104.7
Diluted weighted average shares outstanding	105.0		105.1

See accompanying notes to condensed consolidated financial statements.

Cboe Global Markets, Inc. and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income

(unaudited)

(in millions)


	Three Months Ended March 31,
	2026		2025
Net income	$	385.7	$	250.6
Other comprehensive (loss) income:
Foreign currency translation adjustments	(19.0)		23.6



Comprehensive income	366.7		274.2
Net income allocated to participating securities	(1.6)		(1.2)
Comprehensive income allocated to common stockholders, net of income tax	$	365.1	$	273.0

See accompanying notes to condensed consolidated financial statements.

Cboe Global Markets, Inc. and Subsidiaries

Condensed Consolidated Statements of Changes in Stockholders’ Equity

Three months ended March 31, 2026 and March 31, 2025

(unaudited)

(in millions, except per share amounts)


	Preferred stock		Common stock		Treasury stock		Additional paid-in capital		Retained earnings		Accumulated other comprehensive income, net		Total stockholders’ equity
Balance at December 31, 2025	$	—	$	1.0	$	(1.5)	$	1,565.1	$	3,543.6	$	30.1	$	5,138.3
Cash dividends on common stock of $0.72 per share	—		—		—		—		(75.8)		—		(75.8)
Stock-based compensation	—		—		—		12.9		—		—		12.9
Repurchases of common stock from employee stock plans	—		—		(28.5)		—		—		—		(28.5)
Purchase of common stock	—		—		(45.1)		—		—		—		(45.1)
Shares issued under employee stock purchase plan	—		—		—		5.0		—		—		5.0
Net income	—		—		—		—		385.7		—		385.7
Other comprehensive loss	—		—		—		—		—		(19.0)		(19.0)
Balance at March 31, 2026	$	—	$	1.0	$	(75.1)	$	1,583.0	$	3,853.5	$	11.1	$	5,373.5


	Preferred stock		Common stock		Treasury stock		Additional paid-in capital		Retained earnings		Accumulated other comprehensive loss, net		Total stockholders’ equity
Balance at December 31, 2024	$	—	$	1.0	$	(1.4)	$	1,512.5	$	2,815.9	$	(48.4)	$	4,279.6
Cash dividends on common stock of $0.63 per share	—		—		—		—		(66.4)		—		(66.4)
Stock-based compensation	—		—		—		12.4		—		—		12.4
Repurchases of common stock from employee stock plans	—		—		(22.9)		—		—		—		(22.9)
Purchase of common stock	—		—		(30.0)		—		—		—		(30.0)
Shares issued under employee stock purchase plan	—		—		—		5.2		—		—		5.2
Net income	—		—		—		—		250.6		—		250.6
Other comprehensive income	—		—		—		—		—		23.6		23.6
Balance at March 31, 2025	$	—	$	1.0	$	(54.3)	$	1,530.1	$	3,000.1	$	(24.8)	$	4,452.1

See accompanying notes to condensed consolidated financial statements.

Cboe Global Markets, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(unaudited)

(in millions)


	Three Months Ended March 31,
	2026		2025
Cash flows from operating activities:
Net income	$	385.7	$	250.6
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	29.5		30.3
Provision (benefit) for deferred income taxes	48.9		(6.2)
Stock-based compensation expense	12.9		12.4
Equity loss on investments	—		2.9
Other (gain) loss adjustments, net	(0.1)		(4.8)
Changes in assets and liabilities:
Accounts receivable	(129.7)		(40.9)
Restricted cash and cash equivalents and customer bank deposits (included in margin deposits, default fund, and interoperability fund)	1,878.0		659.1
Income taxes receivable	67.8		72.4
Other current assets	(3.6)		(7.1)
Other assets	5.4		8.7
Accounts payable and accrued liabilities	(351.7)		(69.1)
Section 31 fees payable	—		(27.2)
Deferred revenue	9.8		6.9
Income taxes payable	0.2		6.3
Unrecognized tax benefits	6.2		19.2
Other liabilities	0.7		(0.6)
Net cash flows provided by operating activities	1,960.0		912.9
Cash flows from investing activities:
Purchases of available-for-sale financial investments	—		(77.7)
Proceeds from maturities of available-for-sale financial investments	—		70.3
Proceeds from investments	1.5		4.6
Proceeds from sale of intangible assets	—		0.3
Contributions to investments	—		(2.5)
Purchases of property and equipment and leasehold improvements, net	(19.2)		(14.7)
Net cash flows used in investing activities	(17.7)		(19.7)
Cash flows used in financing activities:
Cash dividends on common stock	(75.8)		(66.4)
Repurchases of common stock from employee stock plans	(28.5)		(22.9)
Shares issued under employee stock purchase plan	5.0		4.8
Purchase of common stock, including commissions and excise taxes	(40.9)		(30.0)
Net cash flows used in financing activities	(140.2)		(114.5)
Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash and cash equivalents	(58.1)		125.7
Increase in cash, cash equivalents, and restricted cash and cash equivalents	1,744.0		904.4
Cash, cash equivalents, and restricted cash and cash equivalents:
Beginning of period	3,868.8		1,765.8
End of period	$	5,612.8	$	2,670.2
Reconciliation of cash, cash equivalents, and restricted cash and cash equivalents:
Cash and cash equivalents	$	2,134.4	$	1,042.2
Restricted cash and cash equivalents (included in margin deposits, default fund, and interoperability fund)	3,442.6		1,618.9
Restricted cash and cash equivalents (included in cash and cash equivalents)	—		5.0
Restricted cash and cash equivalents (included in other current assets)	34.5		—
Customer bank deposits (included in margin deposits, default fund, and interoperability fund)	1.3		4.1
Total	$	5,612.8	$	2,670.2
Supplemental disclosure of cash transactions:
Cash paid for income taxes, net of refunds	$	320.7	$	8.0
Cash paid for interest	28.6		26.7
Supplemental disclosure of noncash financing activities:
Unsettled purchases of common stock	$	4.2	$	—

See accompanying notes to condensed consolidated financial statements.

Cboe Global Markets, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements (unaudited)

1. ORGANIZATION AND BASIS OF PRESENTATION

Cboe Global Markets, Inc. is a leading global markets operator with a long history of innovation in equity derivatives. Since launching the world's first listed options exchange in 1973, Cboe has pioneered landmark products, including the introduction of S&P 500® index options and the creation of the VIX® Index, the world's leading gauge of market volatility, reshaping how investors manage risk and access opportunity. Today, Cboe operates derivatives, equities, and FX markets, providing trading, clearing, and investment solutions for customers worldwide.

Cboe’s subsidiaries include the largest options exchange and the third largest equities exchange operator in the U.S. In addition, the Company operates Cboe Europe Equities (Cboe Europe and Cboe NL equities exchanges), one of the largest equities exchanges by value traded in Europe, and owns Cboe Clear Europe, a leading pan-European equities and derivatives clearinghouse, BIDS Holdings, which owns a leading block-trading ATS by volume in the U.S., and provides block-trading services with Cboe market operators in Europe and Canada, Cboe Australia, an operator of a regulated stock exchange in Australia, Cboe Clear U.S., an operator of a regulated clearinghouse, and Cboe Canada, a recognized Canadian securities exchange. Cboe subsidiaries also serve collectively as a leading market globally for exchange-traded products (“ETPs”) listings and trading.

The Company is headquartered in Chicago with offices in Amsterdam, Belfast, Hong Kong, Kansas City, London, Manila, New York, Sarasota Springs, Singapore, Sydney, Tokyo, and Toronto.

Basis of Presentation

These interim unaudited condensed consolidated financial statements have been prepared in accordance with GAAP as established by the FASB for interim financial information and with the instructions to Form 10-Q and should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. The results of operations for interim periods are not necessarily indicative of the results of operations for the full year.

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities, and reported amounts of revenues and expenses. On an ongoing basis, management evaluates its estimates based upon historical experience, observance of trends, information available from outside sources, and various other assumptions that management believes to be reasonable under the circumstances. Actual results may differ from these estimates under different conditions or assumptions.

In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of financial position, results of operations, and cash flows at the dates and for the periods presented have been included.

Segment Information

The Company operates five reportable business segments: Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX, which is reflective of how the Company's Chief Operating Decision Maker (“CODM”) reviews and operates the business. See Note 14 (“Segment Reporting”) for more information.

Update to Significant Accounting Policies

There have been no new or material changes to the significant accounting policies discussed for the Company for the periods presented, that are of significance, or potential significance, to the Company.

Recent Accounting Pronouncements – Adopted

In July 2025, the FASB issued Accounting Standards Update ("ASU") 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This ASU provides optional relief by providing entities with a practical expedient and private companies an accounting policy election when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. For public entities, the update is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2025. The Company adopted the update for the condensed consolidated financial statements issued for the three months ended March 31, 2026. As of March 31, 2026, the Company did not elect the practical expedient

and the update's policy election for private companies is not applicable to the Company. Adoption of ASU 2025-05 does not have a material impact on the Company’s condensed consolidated financial statements.

There were no other applicable material accounting pronouncements that have been adopted during the three month period ended March 31, 2026.

Recent Accounting Pronouncements – Issued, not yet Adopted

In September 2025, the FASB issued ASU 2025-06 – Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. ASU 2025-06 eliminates the traditional stages for internal use software (preliminary, development, post-implementation) used to determine when to capitalize costs. Instead, capitalization begins when both management has authorized and committed funding for the project and it is probable the project will be completed and the software will be used as intended. The amendments will be effective for all entities for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. The Company expects to adopt the update for the annual financial statements issued for the year ending December 31, 2027, and is currently reviewing the impact that the adoption of ASU 2025-06 may have on the consolidated financial statement disclosures.

On March 6, 2024, the SEC adopted new Climate Disclosure Rules, which would have required companies to publish information that describes the climate-related risks that are reasonably likely to have a material impact on a company’s business or consolidated financial statements. The final rules would have required companies to disclose material climate-related risks, activities to mitigate or adapt to such risks, information about the companies’ board of directors’ oversight of climate-related risks and management’s role in managing climate-related risks, and information on any climate-related targets or goals that are material to the companies’ business, results of operations or financial condition. On March 15, 2024, the U.S. Court of Appeals for the Fifth Circuit granted an administrative stay of the SEC’s final Climate Disclosure Rules, in response to legal challenges unaffiliated with the Company. On March 27, 2025, the SEC voted to end its defense of its Climate Disclosure Rules. On April 24, 2025, the U.S. Court of Appeals for the Eighth Circuit (the “Court”) granted an order to hold in abeyance the cases regarding the validity of the SEC's final Climate Disclosure Rules. On September 12, 2025, the Court issued an order continuing the abeyance until the SEC reconsiders the Climate Disclosure Rules via notice-and-comment or renews its defense of the Climate Disclosure Rules. The Company will continue to monitor updates to the Climate Disclosure Rules and potential impacts on the consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires disaggregated disclosure of certain income statement expenses for public entities. For public entities, the update is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company expects to adopt the update for the annual financial statements issued for the year ending December 31, 2027, and is currently reviewing the impact that the adoption of ASU 2024-03 may have on the consolidated financial statement disclosures.

There were no other recent applicable material accounting pronouncements that have been issued, but not yet adopted as of March 31, 2026.

2. REVENUE RECOGNITION

The Company presents three financial statement revenue captions within its condensed consolidated statements of income that reflect the Company’s diversified products, expansive geographical reach, and overall business strategy. Below is a summary of the Company’s financial statement revenue captions:

Revenues

Cash and spot markets – includes associated transaction and clearing fees, the portion of market data fees relating to associated U.S. tape plan market data fees, associated regulatory fees, and associated other revenue from Cboe’s North American Equities, Europe and Asia Pacific, and Global FX segments.
Data Vantage – includes access and capacity fees, proprietary market data fees, and associated other revenue across Cboe’s five segments.
Derivatives markets – includes associated transaction and clearing fees, the portion of market data fees relating to associated U.S. tape plan market data fees, associated regulatory fees, and associated other revenue from Cboe’s Options, Futures, and Europe and Asia Pacific segments.

The Company’s main types of revenue contracts consist of the following, which are disaggregated from the condensed consolidated statements of income.

Transaction and clearing fees – Transaction fees represent fees charged by the Company for meeting the point-in-time performance obligation of executing a trade on its markets. These fees can be variable based on trade volume tiered discounts; however, as all tiered discounts are calculated monthly, the actual discount is recorded on a monthly basis. Transaction fees are recognized across all segments. Clearing fees, which include settlement fees, represent fees charged by the Company for meeting the point-in-time performance obligation for transactions cleared and settled by Cboe Clear Europe and Cboe Clear U.S. Clearing fees can be variable based on trade volume tiered discounts; however, as all tiered discounts are calculated monthly, the actual discount is recorded on a monthly basis. Clearing fees attributable to Cboe Clear Europe are recognized in the Europe and Asia Pacific segment, and clearing fees attributable to Cboe Clear U.S. are recognized in the Futures segment. Transaction and clearing fees, as well as any tiered volume discounts, are calculated and billed monthly in accordance with the Company’s published fee schedules.
Access and capacity fees – Access and capacity fees represent fees assessed for the opportunity to trade, including fees for trading-related functionality across all segments, terminal and other equipment rights, maintenance services, trading floor space, and telecommunications services. Facilities, systems services, and other fees are generally monthly fee-based. These fees are billed monthly in accordance with the Company’s published fee schedules and recognized on a monthly basis when the performance obligations are met. All access and capacity fees associated with the trading floor are recognized over time in the Options segment, as the performance obligations are met.
Market data fees – Market data fees represent the fees received by the Company from the U.S. tape plans and fees charged to customers for proprietary market data. Fees from the U.S. tape plans are recognized monthly based on published fee schedules and distributed quarterly to the Exchanges based on a known formula. A contract for proprietary market data is entered into and charged on a monthly basis in accordance with the Company’s published fee schedules as the service is provided. Proprietary market data also includes revenue from various licensing agreements. Both types of market data are satisfied over time, and revenue is recognized on a monthly basis as the customer receives and consumes the benefit as the Company provides the data to meet its performance obligation. U.S. tape plan market data is recognized in the North American Equities and Options segments. Proprietary market data fees are recognized across all segments.
Regulatory fees – There are two types of regulatory fees that the Company recognizes. The first type represents fees collected by the Company to cover the Section 31 fees charged to the Exchanges by the SEC for meeting the point-in-time performance obligation of executing a trade on its markets. The fees charged to customers are based on the fee set by the SEC per notional value of U.S. Equities exchange transactions and per round turn of Options transactions executed on the Company’s U.S. securities markets. These fees are calculated and billed monthly and are recognized in the North American Equities and Options segments. As the Exchanges are responsible for the ultimate payment to the SEC, the Exchanges are considered the principal in these transactions. Regulatory fees also include the options regulatory fee (“ORF”) which supports the Company’s regulatory oversight function in the Options segment, along with other miscellaneous regulatory fees, and neither can be used for non-regulatory purposes. The ORF and miscellaneous fees are recognized when the performance obligation is fulfilled.
Other revenue – Other revenue primarily includes interest income from investments (including from investments of margin deposits, default fund, and interoperability fund deposits) from clearing operations, all fees related to the trade reporting facility operated in the Europe and Asia Pacific segment, and listing fees.

All revenue recognized in the condensed consolidated statements of income is considered to be revenue from contracts with customers, with the exception of interest income from clearing operations included within other revenue. The following table depicts the disaggregated revenue contract types listed above within each respective financial statement caption in the condensed consolidated statements of income (in millions):


	Cash and Spot Markets		Data Vantage		Derivatives Markets		Total
Three Months Ended March 31, 2026
Transaction and clearing fees	$	436.9	$	—	$	589.5	$	1,026.4
Access and capacity fees	—		113.2		—		113.2
Market data fees	15.7		67.1		9.0		91.8
Regulatory fees	0.3		—		10.1		10.4
Other revenue	29.3		1.0		0.7		31.0
	$	482.2	$	181.3	$	609.3	$	1,272.8


	Cash and Spot Markets		Data Vantage		Derivatives Markets		Total
Three Months Ended March 31, 2025
Transaction and clearing fees	$	341.0	$	—	$	491.6	$	832.6
Access and capacity fees	—		97.8		—		97.8
Market data fees	15.7		54.0		8.1		77.8
Regulatory fees	120.7		—		41.1		161.8
Other revenue	23.5		0.7		0.8		25.0
	$	500.9	$	152.5	$	541.6	$	1,195.0

The following table depicts the disaggregation of revenue according to segment (in millions):


	Options		North American Equities		Europe and Asia Pacific		Futures		Global FX		Total
Three Months Ended March 31, 2026
Transaction and clearing fees	$	559.2	$	342.0	$	68.6	$	30.3	$	26.3	$	1,026.4
Access and capacity fees	53.4		38.7		12.1		5.8		3.2		113.2
Market data fees	44.1		32.7		11.8		2.8		0.4		91.8
Regulatory fees	10.1		0.3		—		—		—		10.4
Other revenue	1.6		2.0		26.9		—		0.5		31.0
	$	668.4	$	415.7	$	119.4	$	38.9	$	30.4	$	1,272.8
Timing of revenue recognition
Services transferred at a point in time	$	570.9	$	344.3	$	95.5	$	30.3	$	26.8	$	1,067.8
Services transferred over time	97.5		71.4		23.9		8.6		3.6		205.0
	$	668.4	$	415.7	$	119.4	$	38.9	$	30.4	$	1,272.8

Three Months Ended March 31, 2025
Transaction and clearing fees	$	464.5	$	271.7	$	50.8	$	27.1	$	18.5	$	832.6
Access and capacity fees	44.0		34.5		10.9		5.6		2.8		97.8
Market data fees	33.6		31.0		10.3		2.5		0.4		77.8
Regulatory fees	41.1		120.7		—		—		—		161.8
Other revenue	1.4		2.2		21.1		0.1		0.2		25.0
	$	584.6	$	460.1	$	93.1	$	35.3	$	21.9	$	1,195.0
Timing of revenue recognition
Services transferred at a point in time	$	507.0	$	394.6	$	71.9	$	27.2	$	18.7	$	1,019.4
Services transferred over time	77.6		65.5		21.2		8.1		3.2		175.6
	$	584.6	$	460.1	$	93.1	$	35.3	$	21.9	$	1,195.0

Contract liabilities as of March 31, 2026 primarily represent prepayments of transaction fees and certain access and capacity and market data fees to the Exchanges. The revenue recognized from contract liabilities and the remaining balance is shown below (in millions):


	Balance at December 31, 2025		Cash Additions		Revenue Recognized		Balance at March 31, 2026
Liquidity provider sliding scale (1)	$	2.4	$	4.8	$	(1.8)	$	5.4
Other, net (2)	4.5		11.5		(4.6)		11.4
Total deferred revenue	$	6.9	$	16.3	$	(6.4)	$	16.8

(1)Liquidity providers are eligible to participate in the sliding scale program, which involves prepayment of transaction fees, and to receive reduced fees based on the achievement of certain volume thresholds within a calendar month. These transaction fees are amortized and recorded ratably as the transactions occur over the period.

(2)Other, net deferred revenue represents cash received for unsatisfied performance obligations of liability classified contract liabilities that have yet to be recognized as revenue in the condensed consolidated statements of income, which include but are not limited to: licensing fees, listing fees, adjustments related to ORF, membership fees, and data subscription fees.

3. ACQUISITIONS

Acquisition-related costs relate to acquisitions and other strategic opportunities. The Company did not incur acquisition-related costs during the three months ended March 31, 2026. The Company incurred $0.2 million of acquisition-related costs during the three months ended March 31, 2025, primarily related to compensation, professional fees, and other expenses. These acquisition-related expenses are included in acquisition-related costs in the condensed consolidated statements of income.

4. INVESTMENTS

As of March 31, 2026 and December 31, 2025, the Company’s investments were comprised of the following (in millions):


	March 31, 2026		December 31, 2025
Equity method investments:
Investment in 7Ridge Investments 3 LP	$	1.5	$	1.5
Total equity method investments	1.5		1.5

Other equity investments:

Investment in CSD BR	10.3		10.3
Investment in Eris Innovations Holdings, LLC	9.5		9.5
Investment in Talos Global, Inc.	5.0		5.0
Investment in Vest Group Inc.	2.9		2.9
Investment in OCC	0.3		0.3
Other equity investments	1.9		2.9
Total other equity investments	29.9		30.9

Total investments	$	31.4	$	32.4

Equity Method Investments

The Company’s investment in 7Ridge Investments 3 LP (“7Ridge Fund”), as a limited partner, represents a nonconsolidated variable interest entity (“VIE”). The Company has determined that consolidation of the VIE is not required as the Company is not the primary beneficiary of the 7Ridge Fund, as it does not have controlling financial interest and lacks the ability to unilaterally remove the general partner, 7Ridge Investments 3 GP Limited, direct material strategic decisions, or dissolve the entity (i.e., the Company does not have unilateral substantive “kick-out” or “liquidation” rights).

The Company’s interest in the 7Ridge Fund is equal to the carrying value of the investment as of March 31, 2026, or $1.5 million, inclusive of the Company’s share of 7Ridge Fund’s profit or loss. The carrying value of the investment is included in investments within the condensed consolidated balance sheets. The Company’s maximum loss exposure, in the unlikely event that all of the VIE’s assets become worthless, is limited to the carrying value of the Company’s investment.

Other Equity Investments

The carrying value of other equity investments is included in investments in the condensed consolidated balance sheets. The Company accounts for these investments using the measurement alternative given the absence of readily determinable fair values for the respective investments and due to the Company’s inability to exercise significant influence over the investments based upon the respective ownership interests held.

5. PROPERTY AND EQUIPMENT, NET

Property and equipment, net consisted of the following as of March 31, 2026 and December 31, 2025 (in millions):


	March 31, 2026		December 31, 2025
Construction in progress	$	3.9	$	1.6
Furniture, equipment, and leasehold improvements	356.9		347.9
Total property and equipment	360.8		349.5
Less accumulated depreciation	(223.4)		(216.4)
Property and equipment, net	$	137.4	$	133.1

Depreciation expense using the straight-line method was $10.5 million and $9.4 million for the three months ended March 31, 2026 and 2025, respectively.

On July 23, 2025, the Company announced its decision to wind down Cboe's Japanese equities business, including the operations of its Cboe Japan proprietary trading system and Cboe BIDS Japan block trading platform. The Company suspended operations for these businesses on August 29, 2025, and formally closed these businesses following regulatory approval on March 23, 2026 to discontinue its Financial Instruments Business registration. As a result, the Company recorded an impairment charge of $1.8 million related to fixed assets in the consolidated statements of income for the three and twelve months ended December 31, 2025.

6. CREDIT LOSSES

Current expected credit losses are estimated for accounts receivable and notes receivable.

Accounts receivable represent amounts due from the Company’s member firms. The allowance for accounts receivable credit losses is calculated using an aging schedule.

The allowance for notes receivable credit losses is associated with notes receivable included within other assets, net on the condensed consolidated balance sheets and relates to promissory notes to fund the implementation and operation of the CAT, a portion of which notes are expected to be repaid by Consolidated Audit Trail, LLC (“CATLLC”). CAT involves the creation, implementation, and maintenance of an audit trail that is required by Rule 613 under the Exchange Act (“Rule 613”), and it strives to enhance regulators’ ability to monitor trading activity in the U.S. national securities markets. CATLLC is a national market system (“NMS”) plan that was created by self-regulatory organizations that include the Cboe U.S. national securities exchanges, the other U.S. national securities exchanges, and FINRA (who collectively are referred to as the “Plan Participants”) to implement and operate the CAT.

On September 6, 2023, the SEC issued an order approving an amendment to the CAT Plan to implement a revised funding model (“CAT Funding Model”) for CATLLC to fund the CAT. The CAT Funding Model contemplated two categories of CAT fees calculated based on the “executed equivalent shares” of transactions in eligible securities: (i) CAT fees assessed by CATLLC to Industry Members who are CAT Executing Brokers (the brokers responsible for executing each side of the transaction) to recover a portion of historical CAT costs previously funded by monies loaned to CATLLC by the Plan Participants; and (ii) CAT fees assessed by CATLLC to CAT Executing Brokers and Plan Participants to fund prospective CAT costs. On October 17, 2023, Citadel Securities, LLC, and the American Securities Association filed a petition for review of the CAT Funding Model in the U.S. Court of Appeals for the 11th Circuit ("11th Circuit"). The 11th Circuit vacated the CAT Funding Model order in July 2025. After the CAT Funding Model order was vacated and the 11th Circuit's order became effective at the end of November 2025, CATLLC could no longer collect the fees that it previously collected. However, on September 5, 2025, CATLLC filed with the SEC a proposed amendment to the CAT Plan to implement a revised funding model for CATLLC to fund the CAT ("Revised CAT Funding Model"). The SEC approved this proposal for the Revised CAT Funding Model on March 16, 2026. The Plan Participants intend to submit rule filings to the SEC to begin collecting fees from Industry Members to recoup historical costs and to cover prospective costs pursuant to the Revised CAT Funding Model. On March 25, 2026, Citadel Securities, LLC and the American Securities Association filed a petition for review of the Revised CAT Funding Model in the 11th Circuit. On March 27, 2026, the SEC approved an amendment to the CAT Plan to implement certain cost savings measures, and the Company plans to continue to explore potential ways to reduce the costs

of operating the CAT while maintaining core regulatory functionality. If the Revised CAT Funding Model is vacated and there is no funding mechanism for CATLLC, the Plan Participants may incur additional significant costs related to the historical, current, and future funding of the implementation and operation of the CAT, and/or it may result in them not being able to collect on the promissory notes related to the funding of the implementation and operation of the CAT.

The allowance for notes receivable credit losses associated with the CAT is calculated using a methodology that is primarily based on the structure of the notes and various potential outcomes under the CAT Funding Model. See Note 21 ("Commitments, Contingencies, and Guarantees") for more information.

The following represents the changes in allowance for credit losses during the three months ended March 31, 2026 (in millions):


	Allowance for notes receivable credit losses		Allowance for accounts receivable credit losses		Total allowance for credit losses
Balance at December 31, 2025	$	30.1	$	6.8	$	36.9
Current period benefit of expected credit losses	—		(0.2)		(0.2)
Write-offs charged against the allowance	—		—		—
Recoveries collected	—		—		—

Balance at March 31, 2026	$	30.1	$	6.6	$	36.7

7. OTHER ASSETS, NET

Other assets, net consisted of the following as of March 31, 2026 and December 31, 2025 (in millions):


	March 31, 2026		December 31, 2025
Software development work in progress	$	13.8	$	12.0
Data processing software	138.3		137.0
Less accumulated depreciation and amortization	(103.8)		(101.9)
Data processing software, net	48.3		47.1
Long-term notes receivable, net (1)	97.2		102.1
Other assets (2)	10.1		10.5
Other assets, net	$	155.6	$	159.7

(1)This balance primarily consists of the long-term notes receivable related to the CAT, net of allowance. In the first quarter of 2026, the Company reclassified $4.9 million of long-term notes receivable to other current assets within the condensed consolidated balance sheets. See Note 6 ("Credit Losses") for more information.

(2)This balance consists primarily of deferred tax assets and long-term prepaid assets.

Amortization expense related to data processing software was $2.3 million and $2.5 million for the three months ended March 31, 2026 and 2025, respectively.

On July 23, 2025, the Company announced its decision to wind down Cboe's Japanese equities business, including the operations of its Cboe Japan proprietary trading system and Cboe BIDS Japan block trading platform. The Company suspended operations for these businesses on August 29, 2025, and formally closed these businesses following regulatory approval on March 23, 2026 to discontinue its Financial Instruments Business registration. As a result, the Company recorded an impairment charge of $2.7 million related to data processing software for the three and nine months ended September 30, 2025.

In January 2026, the Company formally initiated the wind down of the CEDX exchange service following a comprehensive strategic review of its global operations. As a result, the Company recorded an impairment charge of $5.6 million related to data processing software and prepaid expenses in the consolidated statements of income for the three and twelve months ended December 31, 2025.

8. GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD

The following table presents the details of goodwill by segment (in millions):


	Options		North American Equities		Europe and Asia Pacific		Global FX		Total
Balance as of December 31, 2025	$	306.0	$	1,998.1	$	579.0	$	267.4	$	3,150.5
Changes in foreign currency exchange rates	—		(2.5)		(5.6)		—		(8.1)
Balance as of March 31, 2026	$	306.0	$	1,995.6	$	573.4	$	267.4	$	3,142.4

Goodwill has been allocated to specific reporting units for purposes of impairment testing: Options, North American Equities, Europe and Asia Pacific, and Global FX. No goodwill has been allocated to the Futures segment. Goodwill impairment testing is performed annually in the fiscal fourth quarter or more frequently if conditions exist that indicate that the asset may be impaired.

The following table presents the details of the intangible assets by segment (in millions):


	Options		North American Equities		Europe and Asia Pacific		Global FX		Total
Balance as of December 31, 2025	$	119.9	$	824.6	$	318.1	$	34.6	$	1,297.2


Amortization	(1.5)		(9.5)		(3.5)		(2.2)		(16.7)
Changes in foreign currency exchange rates	—		(0.8)		(4.8)		—		(5.6)
Remeasurement to fair value	—		(0.3)		—		—		(0.3)
Balance as of March 31, 2026	$	118.4	$	814.0	$	309.8	$	32.4	$	1,274.6

In the second quarter of 2025, Cboe Japan experienced declines in its market share as a result of increased market competition. The decline in market share was evaluated as a potential indication of impairment and the Company performed an interim impairment test for the long-lived intangible assets recognized in the Europe and Asia Pacific reporting unit. The Company concluded that the carrying value of Cboe Japan’s customer relationships long-lived intangible assets exceeded their estimated fair value, as their projected future cash flows did not support their valuation, and recorded an impairment charge of $17.1 million in the condensed consolidated statements of income for the three and six months ended June 30, 2025. The Company also evaluated the indefinite-lived intangible assets and goodwill of the Europe and Asia Pacific reporting unit and, based on the results of the assessments, determined there was no additional impairment required at that time.

On July 23, 2025, the Company announced its decision to wind down Cboe’s Japanese equities business, including the operations of its Cboe Japan proprietary trading system and Cboe BIDS Japan block trading platform. The Company suspended operations for these businesses on August 29, 2025 and formally closed these businesses following regulatory approval on March 23, 2026 to discontinue its Financial Instruments Business registration. As a result, the Company recorded an additional impairment charge of $1.8 million related to indefinite-lived intangible assets for the three and nine months ended September 30, 2025. The Company recorded impairment charges totaling $18.9 million related to intangible assets in the Europe and Asia Pacific reporting unit for the year ended December 31, 2025.

For the three months ended March 31, 2026 and 2025, amortization expense was $16.7 million and $18.4 million, respectively. The estimated future amortization expense is $45.9 million for the remainder of 2026, $55.7 million for 2027, $50.1 million for 2028, $45.5 million for 2029, and $40.3 million for 2030.

Intangible assets have been allocated to specific reporting units for purposes of impairment testing - Options, North American Equities, Europe and Asia Pacific, and Global FX. No intangible assets have been allocated to the Futures segment. Indefinite-lived intangibles impairment testing is performed annually in the fiscal fourth quarter or more frequently if conditions exist that indicate that the asset may be impaired. The following tables present the categories of intangible assets by segment as of March 31, 2026 and December 31, 2025 (in millions, except as stated):


	March 31, 2026								Weighted Average Amortization Period (in years)
	Options		North American Equities		Europe and Asia Pacific		Global FX
Trading registrations and licenses	$	95.5	$	586.7	$	215.0	$	—		Indefinite
Customer relationships	46.6		411.3		202.2		140.0			13
Market data customer relationships	53.6		322.0		63.9		64.4			6
Technology	27.9		55.3		35.1		22.5			6
Trademarks and tradenames	12.9		8.1		2.5		1.2			4
Digital assets held	—		0.4		—		—			Indefinite
Accumulated amortization	(118.1)		(569.8)		(208.9)		(195.7)
	$	118.4	$	814.0	$	309.8	$	32.4


	December 31, 2025								Weighted Average Amortization Period (in years)
	Options		North American Equities		Europe and Asia Pacific		Global FX
Trading registrations and licenses	$	95.5	$	586.9	$	219.4	$	—		Indefinite
Customer relationships	46.6		412.1		204.7		140.0			13
Market data customer relationships	53.6		322.0		65.1		64.4			6
Technology	27.9		55.5		35.7		22.5			6
Trademarks and tradenames	12.9		8.2		2.5		1.2			4
Digital assets held	—		0.7		—		—			Indefinite
Accumulated amortization	(116.6)		(560.8)		(209.3)		(193.5)
	$	119.9	$	824.6	$	318.1	$	34.6

Digital Assets Held

In October 2022, the Company, through its wholly-owned subsidiary Cboe Netherlands Services Company B.V., entered into a Data Provider Agreement with Pyth Data Association (“Pyth”) to create a data feed and begin publishing limited derived equities market data for certain symbols from EDGA on the Pyth Network, a decentralized financial market data distribution platform for aggregated data. In exchange, Pyth granted Cboe Netherlands Services Company B.V. 16,666,666 restricted PYTH tokens which unlock annually over a four-year period in equal tranches; the first and second 25% tranches of PYTH tokens unlocked in May 2024 and 2025, respectively. The PYTH tokens, which are included within intangible assets, net in the condensed consolidated balance sheets and digital assets held within the categories of intangible assets by segment tables above, are carried at fair value with remeasurements in fair value recognized within loss on investments, net on the condensed consolidated statements of income.

The Company has earned additional PYTH tokens by continuing to provide data to the Pyth Network through various Pyth Reward Programs that have run since May 2023. During the three months ended March 31, 2026, the Company did not sell any PYTH tokens but did remeasure the tokens to fair value, resulting in a $0.3 million loss within loss on investments, net on the condensed consolidated statements of income. During the three months ended March 31, 2025, the Company sold 1.2 million PYTH tokens and recognized a $0.3 million gain within loss on investments, net on the condensed consolidated statements of income. Through March 31, 2026, the Company earned approximately 1,290,000 additional PYTH tokens via the Pyth Reward Programs. The Company recorded additional intangible assets and immaterial revenue based on the token's fair value when earned.

9. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

Accounts payable and accrued liabilities consisted of the following as of March 31, 2026 and December 31, 2025 (in millions):


	March 31, 2026		December 31, 2025
Compensation and benefit-related liabilities	$	31.7	$	109.7
Royalties	62.0		59.0
Accrued liabilities	62.9		56.6
Current operating lease liabilities	26.6		26.9
Rebates payable	107.4		85.2
Marketing fee payable	19.6		16.1
Current unrecognized tax benefits	3.2		317.3
Accounts payable	19.4		16.1
Total accounts payable and accrued liabilities	$	332.8	$	686.9

10. DEBT

The Company’s debt consisted of the following as of March 31, 2026 and December 31, 2025 (in millions):


	March 31, 2026		December 31, 2025
$650 million fixed rate Senior Notes due January 2027, stated rate of 3.650%	$	649.5	$	649.3
$500 million fixed rate Senior Notes due December 2030, stated rate of 1.625%	496.5		496.3
$300 million fixed rate Senior Notes due March 2032, stated rate of 3.000%	297.4		297.3
Revolving Credit Agreement	—		—
Cboe Clear Europe Credit Facility	—		—
Total debt	$	1,443.4	$	1,442.9

As of March 31, 2026, the 3.650% Senior Notes due January 2027 were reclassified from long-term debt to current portion of long-term debt on the condensed consolidated balance sheets as of March 31, 2026.

Senior Notes

On January 12, 2017, the Company entered into an indenture (the “Indenture”), by and between the Company and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as trustee, in connection with the issuance of $650 million aggregate principal amount of the Company’s 3.650% Senior Notes due 2027 (“3.650% Senior Notes”). The form and terms of the 3.650% Senior Notes were established pursuant to an Officer’s Certificate, dated as of January 12, 2017, supplementing the Indenture. The Company used a portion of the net proceeds from the 3.650% Senior Notes to fund, in part, the Merger, including the payment of related fees and expenses and the repayment of Bats’ existing indebtedness, and the remainder for general corporate purposes. The 3.650% Senior Notes mature on January 12, 2027 and bear interest at the rate of 3.650% per annum, payable semi-annually in arrears on January 12 and July 12 of each year, commencing July 12, 2017.

On December 15, 2020, the Company issued $500 million aggregate principal amount of 1.625% Senior Notes due 2030 (“1.625% Senior Notes”). The form and terms of the 1.625% Senior Notes were established pursuant to an Officer’s Certificate, dated as of December 15, 2020, supplementing the Indenture. The Company used the net proceeds from the 1.625% Senior Notes to finance the acquisition of BIDS Trading, repay a portion of amounts outstanding under the term loan facility and all outstanding indebtedness under the revolving credit facility and the remainder for general corporate purposes, which may include the financing of future acquisitions or the repayment of other outstanding indebtedness. The 1.625% Senior Notes mature on December 15, 2030 and bear interest at the rate of 1.625% per annum, payable semi-annually in arrears on June 15 and December 15 of each year, commencing June 15, 2021.

On March 16, 2022, the Company issued $300 million aggregate principal amount of 3.000% Senior Notes due 2032 (“3.000% Senior Notes” and, together with the 1.625% Senior Notes and the 3.650% Senior Notes, the “Senior Notes”). The form and terms of the 3.000% Senior Notes were established pursuant to an Officer’s Certificate, dated as of March 16, 2022, supplementing the Indenture. The Company used the net proceeds from the 3.000% Senior Notes, together with cash on hand, and the proceeds of additional borrowings, to partially fund its acquisition of Cboe Digital. The 3.000% Senior

Notes mature on March 16, 2032 and bear interest at the rate of 3.000% per annum, payable semi-annually in arrears on March 16 and September 16 of each year, commencing September 16, 2022.

The Senior Notes are unsecured obligations of the Company and rank equally with all of the Company’s other existing and future unsecured, senior indebtedness, but are effectively junior to the Company’s secured indebtedness, to the extent of the value of the assets securing such indebtedness, and will be structurally subordinated to the secured and unsecured indebtedness of the Company’s subsidiaries.

The Company has the option to redeem some or all of the Senior Notes, at any time in whole or from time to time in part, at the redemption prices set forth in the applicable Officer’s Certificate. The Company may also be required to offer to repurchase the Senior Notes upon the occurrence of a Change of Control Triggering Event (as such term is defined in the applicable Officer’s Certificate) at a repurchase price equal to 101 percent of the aggregate principal amount of Senior Notes to be repurchased.

Indenture

Under the Indenture, the Company may issue debt securities, which includes the Senior Notes, at any time and from time to time, in one or more series without limitation on the aggregate principal amount. The Indenture governing the Senior Notes contains customary restrictions, including a limitation that restricts the Company’s ability and the ability of certain of the Company’s subsidiaries to create or incur secured debt. Such Indenture also limits certain sale and leaseback transactions and contains customary events of default. At March 31, 2026, the Company was in compliance with these covenants.

Revolving Credit Agreement

On February 25, 2022, the Company entered into a Second Amended and Restated Credit Agreement (the “Revolving Credit Agreement”), which amended and restated the prior revolving credit agreement.

The Revolving Credit Agreement provides for a senior unsecured $400 million five-year revolving credit facility (the “Revolving Credit Facility”) that includes a $25 million swingline sub-facility. The Company may also, subject to the agreement of the applicable lenders, increase the commitments under the Revolving Credit Facility by up to $200 million, for a total of $600 million. Subject to specified conditions, the Company may designate one or more of its subsidiaries as additional borrowers under the Revolving Credit Agreement provided that the Company guarantees all borrowings and other obligations of any such subsidiaries under the Revolving Credit Agreement. As of March 31, 2026, no subsidiaries were designated as additional borrowers.

Funds borrowed under the Revolving Credit Agreement may be used to fund working capital and for other general corporate purposes, including the making of any acquisitions the Company may pursue in the ordinary course of its business. As of March 31, 2026, no borrowings were outstanding under the Revolving Credit Agreement. Accordingly, at March 31, 2026, $400 million of borrowing capacity was available for the purposes permitted by the Revolving Credit Agreement.

Loans under the Revolving Credit Agreement will bear interest, at the Company’s option, at either (i) the Relevant Rate (defined herein) plus a margin (based on the Company’s public debt ratings) ranging from 0.75 percent per annum to 1.25 percent per annum or (ii) a daily fluctuating rate based on the administrative agent’s prime rate (subject to certain minimums based upon the federal funds effective rate or Term SOFR), which is subject to a 1 percent floor, plus a margin (based on the Company’s public debt ratings) ranging from zero percent per annum to 0.25 percent per annum. “Relevant Rate” means with respect to any committed borrowing or swingline borrowing denominated in (a) Dollars, Term SOFR plus a spread adjustment of 0.10 percent per annum, (b) Sterling, SONIA plus a spread adjustment of 0.0326 percent per annum and (c) Euros, EURIBOR, as applicable, provided that each Relevant Rate is subject to a zero percent floor.

Subject to certain conditions stated in the Revolving Credit Agreement, the Company and any subsidiaries designated as additional borrowers may borrow, prepay and reborrow amounts under the Revolving Credit Facility at any time during the term of the Revolving Credit Agreement. The Revolving Credit Agreement will terminate and all amounts owing thereunder will be due and payable on February 25, 2027, unless the commitments are terminated earlier, either at the request of the Company or, if an event of default occurs, by the lenders (or automatically in the case of certain bankruptcy-related events). The Revolving Credit Agreement contains customary representations, warranties, and affirmative and negative covenants for facilities of its type, including financial covenants, events of default and indemnification provisions in favor of the lenders. The negative covenants include restrictions regarding the incurrence of liens, the incurrence of indebtedness by the Company’s subsidiaries, and fundamental changes, subject to certain exceptions in each case. The financial covenants require the Company to meet a quarterly financial test with respect to a minimum consolidated interest coverage ratio of not less than 4.00 to 1.00 and a maximum consolidated leverage ratio of not greater than 3.50 to 1.00; provided that the consolidated leverage ratio may, subject to certain triggering events set forth in the Revolving Credit Agreement, be increased to 4.25 to 1.00 on one occasion and 4.00 to 1.00 on another occasion, in each case, for four

consecutive fiscal quarters; provided that, prior to the exercise of the second such financial covenant step-up, the maximum consolidated leverage ratio shall have returned to a level of 3.50 to 1.00 for at least two consecutive fiscal quarters. At March 31, 2026, the Company was in compliance with these covenants and did not exercise the financial covenant step-up.

Cboe Clear Europe Credit Facility

On July 1, 2020, Cboe Clear Europe, as borrower, and the Company, as guarantor, entered into a Facility Agreement (as subsequently amended and restated, the “Facility” or “Cboe Clear Europe Credit Facility”) with Bank of America Merrill Lynch International Designated Activity Company, as coordinator, facility agent, lender, sole lead arranger and sole bookrunner, Citibank N.A., as security agent, and certain other lenders named therein. The Facility was amended and restated on July 1, 2021, June 30, 2022, June 29, 2023, June 25, 2024 (effective as of June 28, 2024), and June 24, 2025 (effective as of June 27, 2025), as described below.

The Facility provides for a €1.20 billion committed syndicated multicurrency revolving and swingline credit facility (i) that is available to be drawn by Cboe Clear Europe towards (a) financing unsettled amounts in connection with the settlement of transactions in securities and other items processed through Cboe Clear Europe’s clearing system and (b) financing any other liability or liquidity requirement that Cboe Clear Europe incurred in the operation of its clearing system and (ii) under which the scheduled interest and fees on borrowings (but not the principal amount of any borrowings) are guaranteed by the Company. Subject to certain conditions, Cboe Clear Europe is able to increase the commitments under the Facility by up to €500 million, to a total of €1.70 billion.

Borrowings under the Facility are secured by cash, eligible government bonds and eligible equity assets deposited by Cboe Clear Europe into secured accounts. In addition, Cboe Clear Europe must ensure that at all times the aggregate of (a) each clearing member's contribution to the relevant default fund, (b) each clearing member's margin amount and (c) any cash equities purchased using the proceeds of the assets described in (a) and (b), less the amount of any such clearing member contribution, margin amount or cash equities which have been transferred to (or secured in favor of) any provider of settlement or custody services to Cboe Clear Europe, is not less than €500 million.

Borrowings under the Facility’s revolving loans and non-U.S. dollar swingline loans bear interest at the relevant floating base rate plus a margin of 1.60 percent per annum and (subject to certain conditions) borrowings under the Facility’s U.S. dollar swingline loans bear interest at the higher of the relevant agent’s prime commercial lending rate for U.S. dollars and 0.50 percent per annum over the federal funds effective rate. A commitment fee of 0.35 percent per annum is payable on the unused and uncalled amount of the Facility during the availability period.

Subject to certain conditions stated in the Facility, Cboe Clear Europe may borrow, prepay, and reborrow amounts under the Facility at any time during the term of the Facility. The Facility will terminate and all amounts owing thereunder will be due and payable on June 26, 2026, unless the commitments are terminated earlier, either at the request of Cboe Clear Europe or, if an event of default occurs, by the Lenders (or automatically in the case of certain bankruptcy-related events).

The Facility contains customary representations, warranties, and covenants for facilities of its type, including events of default of the Company and Cboe Clear Europe and indemnification provisions in favor of the Lenders. In particular, the covenants include restrictions regarding the incurrence of liens by Cboe Clear Europe and its subsidiaries, and an event of default will be triggered if Cboe Clear Europe ceases its business, subject to certain exceptions in each case. There is also a requirement for the net worth of (a) the Company (on a consolidated basis) to be no less than $1.75 billion on the date of each drawdown and delivery of compliance certificates and (b) Cboe Clear Europe to be the higher of €30 million and any such amount required for Cboe Clear Europe to meet minimum liquidity regulations under applicable regulation at all times.

As of March 31, 2026, no borrowings were outstanding under the Facility. Accordingly, at March 31, 2026, €1.2 billion of borrowing capacity was available for the purposes permitted by the Facility. At March 31, 2026, the Company and Cboe Clear Europe were in compliance with applicable covenants.

Notes Payments and Contractual Interest

The future expected repayments related to the Senior Notes as of March 31, 2026 are as follows (in millions):


Remainder of 2026	$	—
2027	650.0
2028	—
2029	—
2030	500.0
Thereafter	300.0
Principal amounts repayable	1,450.0
Debt issuance costs	(4.0)
Unamortized discounts on notes	(2.6)
Total debt outstanding	$	1,443.4

Interest, commitment, and other relevant fees, subject to the specific terms of the debt obligation, are recognized as incurred in interest expense in the condensed consolidated statements of income.

Components of interest (income) expense, net recognized in the condensed consolidated statements of income for the three months ended March 31, 2026 and 2025 are as follows (in millions):


	Three Months Ended March 31,
	2026		2025
Components of interest expense:
Contractual interest	$	12.7	$	12.2
Amortization of debt discount and issuance costs	0.6		0.6
Interest expense	$	13.3	$	12.8
Interest income	(17.7)		(8.4)
Interest (income) expense, net	$	(4.4)	$	4.4

11. ACCUMULATED OTHER COMPREHENSIVE INCOME, NET

The following represents the changes in accumulated other comprehensive income, net by component (in millions):


	Foreign Currency Translation Adjustment		Post-Retirement Benefits, Net		Accumulated Other Comprehensive Income, Net
Balance at December 31, 2025	$	29.7	$	0.4	$	30.1
Other comprehensive loss	(19.0)		—		(19.0)
Balance at March 31, 2026	$	10.7	$	0.4	$	11.1

12. CLEARING OPERATIONS

Cboe operates two clearinghouses, Cboe Clear Europe and Cboe Clear U.S., each of which acts as a central counterparty that provides clearing and settlement services.

Cboe Clear Europe

Cboe Clear Europe is a European equities central counterparty that provides post-trade services to stock exchanges, multilateral trading facilities ("MTFs"), over-the-counter (“OTC”) equities trades, and equity derivatives exchanges (until February 20, 2026). Cboe Clear Europe clears equities from nineteen European markets, as well as Depositary Receipts, ETFs, and equity-like instruments. In addition, until February 20, 2026, Cboe Clear Europe cleared equity derivatives in ten European markets, including derivatives on index futures, index options, and single stock options. Cboe Clear Europe also offers clearing services in respect of European securities financing transactions ("SFTs") in cash equities and ETFs, acting as the central counterparty to both securities lenders and borrowers for SFTs.

Cboe Clear Europe only assumes the guarantor role if it has an equal and offsetting claim against a clearing member. Cboe Clear Europe, with respect to SFT services, utilizes The Bank of New York Mellon Corporation and J.P. Morgan as Tri-

Party Collateral Agents for non-cash collateral, central and correspondent banks for the exchange of cash collateral, while Pirum serves as the transmitter of transactions and post-trade lifecycle events on behalf of clearing members. For the period ended March 31, 2026, there have been no events of default for which a liability is required to be recognized in accordance with GAAP.

Cboe Clear Europe Clearing Member Deposits

Cboe Clear Europe generally requires all clearing members to deposit collateral to help mitigate Cboe Clear Europe’s exposure to credit risk in the event that a clearing member fails to meet a financial or contractual obligation.

Margin Deposits

Margin deposits, which are predominantly in the form of cash and cash equivalents, are deposits made by each clearing member to Cboe Clear Europe to cover the credit risk of its failure to fulfill its obligations in the trade. Cboe Clear Europe maintains and manages all cash deposits related to margin deposits. Substantially all risks and rewards of cash and cash equivalents margin deposit ownership, including net interest income, belong to Cboe Clear Europe and are recorded in cash and spot markets on the condensed consolidated statements of income. In the event of a default, Cboe Clear Europe can access the defaulting participant’s margin deposits to cover the defaulting member's losses. For more information, see “Default and Liquidity Waterfalls” below.

Default Fund

The default fund mutualizes the risk of default among all clearing members. Depending on their membership, clearing members contribute to the cash-equity and/or derivatives segment of the default fund. Although the entire default fund is available to cover potential losses in the event that the margin deposits and the default fund deposits of a defaulting clearing member are inadequate to fulfill that clearing member's outstanding financial obligations, the default fund first uses the product class segment of the default fund in which the defaulting members were active (see “Default and Liquidity Waterfalls” below). In the event of a default, Cboe Clear Europe is generally required to liquidate the defaulting clearing member's open positions. To the extent that the positions remain open, Cboe Clear Europe is required to assume the defaulting clearing member's obligations related to the open positions. Clearing members are required to make contributions to the default fund that are proportional to their risk exposure in the form of cash or non-cash contributions, which generally consist of highly liquid securities.

Interoperability Fund

For the cash equity business line, Cboe Clear Europe has entered into interoperable arrangements with two other central counterparties (“CCPs”). Under these arrangements, margin is pledged to and from interoperable CCPs. The interoperability fund consists of collateral provided by clearing members that is pledged by Cboe Clear Europe to the other interoperable CCPs, to cover margin calls Cboe Clear Europe receives from such interoperable CCPs.

Cboe Clear Europe is able to invest the cash collateral received in the form of interoperability fund deposits from clearing members in certain investments, typically securities issued by pre-approved sovereign issuers and reverse repurchase agreements with overnight maturities. When investments are made in accordance with Cboe Clear Europe’s investment policy, Cboe Clear Europe receives the amount of investment earnings and pays clearing members those earnings minus a set basis point cost of collateral. As Cboe Clear Europe is able to direct the investment of the cash interoperability fund deposits received from the clearing members within the program parameters and receives an economic benefit from those investments, these amounts are included in the margin deposits, default fund, and interoperability fund captions in the condensed consolidated balance sheets and the related interest income and expense are recorded in other revenue and other cost of revenue, respectively, on the condensed consolidated statements of income.

Cboe Clear Europe Default and Liquidity Waterfalls

The default waterfall is the priority order in which the capital resources are expected to be utilized in the event of a default where the defaulting clearing member's collateral would not be sufficient to cover the cost to liquidate its portfolio. If a default occurs and the defaulting clearing member's collateral, including margin deposits and default fund deposits, are depleted, then additional capital is utilized in the following order:

Cboe Clear Europe’s dedicated own resources: The Cboe Clear Europe default waterfall first utilizes its dedicated own resources in two forms and totaling 35%-50% of Cboe Clear Europe's capital requirements; the ‘first skin in the game’, equal to 25% of Cboe Clear Europe capital requirements before the use of default fund contributions described below and the ‘second skin in the game’, an amount between 10%-25% of capital requirements as discussed in Note 16 (“Regulatory Capital”).
Default fund: Second, the Cboe Clear Europe default waterfall utilizes traditional CCP risk mutualization, in the event that default losses fully exhaust Cboe Clear Europe’s dedicated own resources amount, whereby contributions applicable to a particular product class are applied first to any loss attributable to that product class.
Pro rata contributions: Third, if the default losses caused cannot be covered by the first two layers, the non-defaulting clearing members shall on demand make additional payments to Cboe Clear Europe on a pro rata basis in proportion to the amount of their default fund contributions to cover any such remaining losses, which is limited to an amount equal to twice their default fund contribution as established under Cboe Clear Europe’s rules and regulations. In this scenario, contributions applicable to a particular product class are first applied to any losses attributable to that product class.

In addition to the default waterfall, the liquidity waterfall is the priority order in which the liquidity resources are expected to be utilized for Cboe Clear Europe’s ordinary business operations and in situations when additional liquidity resources and liquidity measures may be activated in case of a potential liquidity shortfall. Liquidity, intraday or overnight, is mainly required for securities settlement. In ordinary business circumstances, liquidity resources include the collateral directly deposited with Cboe Clear Europe, FX swap arrangements, and reverse repurchase agreements, as well as the use of the Facility.

Cboe Clear U.S.

Cboe Clear U.S. is a derivatives clearinghouse and central counterparty that provides clearing and settlement of digital asset derivatives trades, such as cash-settled Bitcoin and Ether futures contracts that are available for trading on CFE (and were formerly available for trading on Cboe Digital Exchange). Cboe Clear U.S. is registered as a Derivatives Clearing Organization (“DCO”) regulated by the CFTC. As of March 10, 2025, Cboe Clear U.S. surrendered all of its previously held state licenses for operating the Cboe Digital spot market, which is now closed. Cboe Clear U.S.’s registration with the U.S. Treasury Financial Crimes Enforcement Network (“FinCEN”) as a money services business (“MSB”) expired on July 12, 2025.

Cboe Clear U.S. performs a guarantee function whereby Cboe Clear U.S. helps to ensure that the obligations of the transactions it clears are fulfilled. Cboe Clear U.S. attempts to mitigate this risk by performing internal compliance and due diligence procedures as well as implementing internal risk controls. Cboe Clear U.S.'s due diligence procedures include, among other things: review of the corporate information, financial position of clearing members, and risk management reviews, including monitoring of Cboe Clear U.S.'s risk exposure thresholds. A clearing member is required to deposit collateral, which is in the form of cash, for futures products to cover the credit risk in the case of a failure to fulfill its obligations. As of March 31, 2026, Cboe Clear U.S. held $25.0 million as a clearinghouse contribution to default financial resources, to be utilized in the event a clearing member is declared in default. The clearinghouse corporate contribution is considered restricted cash and is included in other current assets on the condensed consolidated balance sheet. As of March 31, 2026, Cboe Clear U.S. does not expect a material loss concerning credit risk on any clearing member.

Cboe Clear U.S. Clearing Member Deposits

Customer Bank Deposits

Cboe Clear U.S. holds cash on behalf of its customers for the purposes of supporting clearing transactions. Customer cash may be invested in approved investments in accordance with its investment policy. Related interest income and expense is recorded in other revenue and other cost of revenue, respectively, on the condensed consolidated statements of income. The Company includes customer cash related to the clearing activity in margin deposits, default fund, and interoperability fund, with a corresponding liability, on the condensed consolidated balance sheets. Cboe Clear U.S. maintains its own operating funds in separate bank accounts from its customer funds.

Margin Deposits, Default Fund, and Interoperability Fund

The details of the margin deposits, default fund, and interoperability fund as of March 31, 2026 and December 31, 2025, are as follows (in millions):


	March 31, 2026
	Margin Deposits		Default Fund		Interoperability Fund		Total
Cboe Clear Europe central bank account	$	487.8	$	48.1	$	77.3	$	613.2
Cboe Clear Europe reverse repurchase and other (1)	1,848.6		252.6		728.2		2,829.4
Cboe Clear U.S. customer bank deposits	1.3		—		—		1.3
Total cash margin deposits, default fund, and interoperability fund	$	2,337.7	$	300.7	$	805.5	$	3,443.9


	March 31, 2026
	Margin Deposits		Default Fund		Interoperability Fund		Total
Cboe Clear Europe non-cash contributions (2)	$	837.4	$	66.5	$	391.2	$	1,295.1


	December 31, 2025
	Margin Deposits		Default Fund		Interoperability Fund		Total
Cboe Clear Europe central bank account	$	755.3	$	146.8	$	254.4	$	1,156.5
Cboe Clear Europe reverse repurchase and other (1)	137.1		135.2		188.2		460.5
Cboe Clear U.S. customer bank deposits	1.2		—		—		1.2
Total cash margin deposits, default fund, and interoperability fund	$	893.6	$	282.0	$	442.6	$	1,618.2


	December 31, 2025
	Margin Deposits		Default Fund		Interoperability Fund		Total
Cboe Clear Europe non-cash contributions (2)	$	601.3	$	70.1	$	277.6	$	949.0

(1)These amounts consist of reverse repurchase transactions with overnight maturities. Reverse repurchase transactions are valued daily and are subject to collateral provisions based on which the counterparty must provide additional collateral if the underlying securities decrease in value, in an amount sufficient to maintain collateralization of at least 102%. Collateral received from the respective counterparties consists of sovereign bonds, consistent with Cboe Clear Europe's investment policy.

(2)These amounts are not reflected in the condensed consolidated balance sheets, as Cboe Clear Europe does not have the ability to sell or repledge the amounts absent a clearing member default.

13. FAIR VALUE MEASUREMENT

Fair value is the price that would be received upon the sale of an asset or paid upon the transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk, including the Company’s own credit risk.

The Company applied FASB Accounting Standards Codification (“ASC”) 820 — Fair Value Measurement, which provides guidance for using fair value to measure assets and liabilities by defining fair value and establishing the framework for measuring fair value. ASC 820 applies to financial and nonfinancial instruments that are measured and reported on a fair value basis. The three-level hierarchy of fair value measurements is based on whether the inputs to those measurements are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. The fair value hierarchy requires the use of observable market data when available and consists of the following levels:

Level 1—Unadjusted inputs based on quoted markets for identical assets or liabilities.
Level 2—Observable inputs, either direct or indirect, not including Level 1 measurements, corroborated by market data or based upon quoted prices in non-active markets.
Level 3—Unobservable inputs that reflect management’s best assumptions of what market participants would use in valuing the asset or liability.

The Company has included a tabular disclosure for financial assets and liabilities that are measured at fair value on a recurring basis in the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025, respectively.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 (in millions):


	March 31, 2026
	Total		Level 1		Level 2		Level 3
Assets:
U.S. and UK Treasury securities (1)	$	1,205.7	$	1,205.7	$	—	$	—
Money market funds (1)	239.1		239.1		—		—
U.S. Treasury securities (2)	0.5		0.5		—		—
Digital assets held (3)	0.4		—		0.4		—
Marketable securities (2):
Mutual funds	27.9		27.9		—		—
Money market funds	7.5		7.5		—		—

Total assets	$	1,481.1	$	1,480.7	$	0.4	$	—


	December 31, 2025
	Total		Level 1		Level 2		Level 3
Assets:
U.S. and UK Treasury securities (1)	$	1,294.1	$	1,294.1	$	—	$	—
Money market funds (1)	248.1		248.1		—		—
U.S. Treasury securities (2)	0.3		0.3		—		—
Marketable securities (2):
Mutual funds	28.5		28.5		—		—
Money market funds	7.3		7.3		—		—

Total assets	$	1,578.3	$	1,578.3	$	—	$	—

(1)These amounts are reflected within cash and cash equivalents in the condensed consolidated balance sheets.

(2)These amounts are reflected within financial investments in the condensed consolidated balance sheets.

(3)This amount is reflected within intangible assets, net in the condensed consolidated balance sheets.

The following is a description of the Company’s valuation methodologies used for instruments measured at fair value on a recurring basis:

Cash Equivalents

Cash equivalents consist of cash investments of highly liquid U.S. and UK Treasury securities and money market funds. These securities are valued by obtaining feeds from a number of live data sources, including active market makers and inter-dealer brokers, and therefore categorized as Level 1.

Financial Investments

Financial investments consist of highly liquid U.S. Treasury securities and marketable securities held in a trust for the Company’s non-qualified retirement and benefit plans, also referred to as deferred compensation plan assets. The deferred compensation plan assets have an equal and offsetting deferred compensation plan liability based on the value of the deferred compensation plan assets. These securities are valued by obtaining feeds from a number of live data sources, including active market makers and inter-dealer brokers and therefore categorized as Level 1. No material adjustments were made to the carrying value of financial investments for the period ended March 31, 2026. See Note 15 (“Employee Benefit Plans”) for more information.

Intangible Assets, Net

Intangible assets, net measured at fair value consist of digital assets held. Digital assets held are valued by using prices from multiple observable markets, including active third-party digital asset exchanges, but with certain time-based restrictions to their availability to the Company, and therefore categorized as Level 2. The Company's principal market for PYTH tokens is Bitstamp. See Note 8 (“Goodwill, Intangible Assets, Net, and Digital Assets Held”) for more information.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Certain assets, such as goodwill and intangible assets, are measured at fair value on a non-recurring basis. For goodwill, the process involves using a market approach and income approach (using discounted estimated cash flows) to determine the fair value of each reporting unit on a stand-alone basis. That fair value is compared to the carrying value of the reporting unit, including its recorded goodwill. In connection with the annual impairment evaluation of goodwill and indefinite-lived intangibles, impairment is considered to have occurred if the fair value of the reporting unit is lower than the carrying value of the reporting unit. For equity method investments and intangible assets, other than digital assets held, the process also involves using a discounted cash flow method to determine the fair value of each asset. Impairment is considered to have occurred if the fair value of the asset is lower than its carrying value. These measurements are considered Level 3 and these assets are recognized at fair value if they are deemed to be impaired.

Equity investments without readily determinable fair values that are valued using the measurement alternative are measured at fair value on a non-recurring basis. No observable transactions or impairments impacted the measurements of the investments accounted for as other equity investments. Accordingly, there were no nonrecurring Level 3 fair value measurements related to these investments.

Fair Value of Assets and Liabilities

The following tables present the Company’s fair value hierarchy for certain assets and liabilities held by the Company as of March 31, 2026 and December 31, 2025 (in millions):


	March 31, 2026
	Total		Level 1		Level 2		Level 3
Assets:
U.S. and UK Treasury securities (1)	$	1,205.7	$	1,205.7	$	—	$	—
Money market funds (1)	239.1		239.1		—		—
U.S. Treasury securities (2)	0.5		0.5		—		—
Deferred compensation plan assets (2)	35.4		35.4		—		—
Digital assets held (3)	0.4		—		0.4		—

Total assets	$	1,481.1	$	1,480.7	$	0.4	$	—
Liabilities:

Deferred compensation plan liabilities (4)	$	35.4	$	35.4	$	—	$	—
Debt (5)	1,361.5		—		1,361.5		—
Total liabilities	$	1,396.9	$	35.4	$	1,361.5	$	—


	December 31, 2025
	Total		Level 1		Level 2		Level 3
Assets:
U.S. and UK Treasury securities (1)	$	1,294.1	$	1,294.1	$	—	$	—
Money market funds (1)	248.1		248.1		—		—
U.S. Treasury securities (2)	0.3		0.3		—		—
Deferred compensation plan assets (2)	35.8		35.8		—		—

Total assets	$	1,578.3	$	1,578.3	$	—	$	—
Liabilities:
Deferred compensation plan liabilities (4)	$	35.8	$	35.8	$	—	$	—
Debt (5)	1,371.8		—		1,371.8		—
Total liabilities	$	1,407.6	$	35.8	$	1,371.8	$	—

(1)These amounts are reflected within cash and cash equivalents in the condensed consolidated balance sheets.

(2)These amounts are reflected within financial investments in the condensed consolidated balance sheets.

(3)This amount is reflected within intangible assets, net in the condensed consolidated balance sheets.

(4)These amounts are reflected within other non-current liabilities in the condensed consolidated balance sheets.

(5)These balances are presented at fair value in this table, but are carried at their historical value within the condensed consolidated balance sheets.

Certain financial assets and liabilities, including cash and cash equivalents, income tax receivable, margin deposits, default fund, and interoperability fund, other assets, Section 31 fees payable, and notes receivable are not measured at fair value on a recurring basis, but the carrying values approximate fair value due to their liquid or short-term nature.

Debt

The debt balance consists of fixed rate Senior Notes. The fair values of the Senior Notes are classified as Level 2 under the fair value hierarchy and are estimated using prevailing market quotes.

At March 31, 2026 and December 31, 2025, the fair values of the Company’s debt obligations were as follows (in millions):



	March 31, 2026		December 31, 2025
3.650% Senior Notes	$	647.4	$	648.9
1.625% Senior Notes	439.4		444.6
3.000% Senior Notes	274.7		278.3

14. SEGMENT REPORTING

The Company operates five reportable business segments: Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX, which are further described below and is reflective of how the Company's CODM reviews and operates the business, as discussed in Note 1 (“Organization and Basis of Presentation”). The Company's reportable business segments represent strategic business units that offer different products and services across different geographic areas. The Company's CODM is the chief executive officer. The CODM function is supported by business segment management and leadership personnel who lead the day-to-day operations of each reportable business segment.

Segment performance is primarily evaluated on operating income (loss). The CODM uses segment operating income (loss) to allocate resources (which includes, but is not limited to: employees, financial, or capital resources). The Company's CODM does not assess assets or income and expenses below operating income (loss) at the segment-level as key performance metrics. The Company has aggregated all of its corporate costs, as well as other business ventures, within the Corporate Items and Eliminations totals based on the decision that those activities should not be used to evaluate the operating performance of the segments; however, operating expenses that relate to activities of a specific segment have been allocated to that segment. The Company's CODM primarily reviews operating expenses at the consolidated level for purposes of evaluating actual results versus budgets.

The tables below represent the primary measure of segment performance evaluated by the CODM, as well as additional measures that are regularly provided to the CODM on a segment-level.

Options. The Options segment includes options on market indices (“index options”), which include our proprietary SPX and VIX options, as well as on the stocks of individual corporations (“equity options”) and on ETPs such as exchange-traded funds (“ETFs”) and exchange-traded notes (“ETNs”), which are “multi-listed” options and listed on a non-exclusive basis. These options are eligible to trade, as applicable, on Cboe Options, C2, BZX, EDGX, and/or other U.S. national securities exchanges. Cboe Options is the Company’s primary options market and offers trading in listed options through a single system that integrates electronic trading and traditional open outcry trading on the Cboe Options trading floor in Chicago. C2 Options, BZX Options, and EDGX Options are all-electronic options exchanges, and typically operate with different market models and fee structures than Cboe Options. The Options segment also includes applicable market data fees revenues generated from the consolidated tape plans, the licensing of proprietary options market data, index licensing, routing services, and access and capacity services.

North American Equities. The North American Equities segment includes U.S. equities and ETP transaction services that occur on fully electronic exchanges owned and operated by BZX, BYX, EDGX, and EDGA, equities transactions that occur on the BIDS Trading platform in the U.S. and the Cboe BIDS Canada platform, and Canadian equities and other transaction services that occur on or through Cboe Canada’s order books. The North American Equities segment also includes corporate listing services on Cboe Canada, ETP listings on BZX, the Cboe Global Markets, Inc. common stock listing, and applicable market data fee revenues generated from the consolidated tape plans, the licensing of proprietary equities market data, routing services, and access and capacity services.

Europe and Asia Pacific. The Europe and Asia Pacific segment includes the pan-European derivatives transaction services, ETPs, including exchange traded funds, exchange traded notes, and exchange traded commodities, and international depositary receipts that are hosted on MTFs operated by Cboe Europe Equities (Cboe Europe and Cboe NL equities exchanges) and CEDX. It also includes the ETP listings business on RMs and clearing activities of Cboe Clear Europe, as well as the equities services of Cboe Australia, an operator of a trading venue in Australia. Cboe Europe operates lit and dark books, a periodic auctions book, a closing cross book, and two BIDS order books, a Large-in-Scale (“LIS”) trading negotiation facility and a volume-weighted average price (“VWAP”) trajectory crossing facility. Cboe NL, based in Amsterdam, operates similar business functionality to that offered by Cboe Europe (with the exception of Trajectory Crossing), and provides for trading only in European Economic Area (“EEA”) symbols. In January 2026, Cboe initiated the wind down of CEDX, its pan-European derivatives platform that offered futures and options based on Cboe Europe equity indices, FLEX options, and single stock options. Prior to the wind down, CEDX contributed derivatives transaction services to this segment. Cboe Clear Europe offers the clearing of equity and equity-like instruments for Cboe-operated and other regulated trading venues and clearing SFTs. Prior to the CEDX wind down, Cboe Clear Europe also provided clearing services for derivative transactions executed on CEDX. This segment also includes Cboe Europe, Cboe NL, and Cboe Australia revenue generated from the licensing of proprietary market data and from access and capacity services.

Futures. The Futures segment includes transaction services provided by CFE, a fully electronic futures exchange, which includes offerings for trading of VIX futures and other futures products, the licensing of proprietary market data, as well as access and capacity services. The Futures segment also includes Cboe Digital Exchange, a regulated futures exchange, and Cboe Clear U.S., a regulated clearinghouse, as well as revenue generated from the licensing of proprietary market data and from access and capacity services. On June 9, 2025, Cboe successfully completed the migration of cash-settled Bitcoin and Ether futures contracts from Cboe Digital Exchange to CFE, and launched continuous Bitcoin and Ether futures contracts on December 15, 2025. There are no products currently listed for trading on the Cboe Digital Exchange.

Global FX. The Global FX segment includes institutional FX trading services that occur on the Cboe FX fully electronic trading platform, non-deliverable forward FX transactions (“NDFs”) offered for execution on Cboe SEF, as well as revenue generated from the licensing of proprietary market data and from access and capacity services. The segment also includes transaction services for U.S. government securities executed on the Cboe Fixed Income fully electronic trading platform.

Summarized financial data of reportable segments were as follows (in millions):


	Three Months Ended March 31,
	2026
	Options		North American Equities		Europe and Asia Pacific		Futures		Global FX		Corporate Items and Eliminations		Total
Revenues	$	668.4	$	415.7	$	119.4	$	38.9	$	30.4	$	—	$	1,272.8
Cost of revenues	200.8		304.5		34.5		3.1		1.0		—		543.9
Revenues less cost of revenues	467.6		111.2		84.9		35.8		29.4		—		728.9









Depreciation and amortization	8.2		11.4		6.7		0.6		2.6		—		29.5
Other segment operating expenses (a)	99.8		33.3		38.5		11.1		9.0		2.1		193.8
Operating income (loss)	$	359.6	$	66.5	$	39.7	$	24.1	$	17.8	$	(2.1)	$	505.6

Non-operating income (expenses):
Interest expense (b)	$	—	$	—	$	(2.4)	$	—	$	—	$	(10.9)	$	(13.3)
Interest income (b)	—		0.8		1.1		0.5		—		15.3		17.7
Loss on investments, net (b)	—		(0.3)		—		—		—		(0.4)		(0.7)
Other income (expense), net (b)	0.2		0.1		(0.4)		—		—		6.3		6.2
Income before income tax provision	359.8		67.1		38.0		24.6		17.8		8.2		515.5
Income tax provision (c)	—		1.2		—		—		—		128.6		129.8
Net income (loss) (d)	$	359.8	$	65.9	$	38.0	$	24.6	$	17.8	$	(120.4)	$	385.7


	Three Months Ended March 31,
	2025
	Options		North American Equities		Europe and Asia Pacific		Futures		Global FX		Corporate Items and Eliminations		Total
Revenues	$	584.6	$	460.1	$	93.1	$	35.3	$	21.9	$	—	$	1,195.0
Cost of revenues	232.2		365.5		29.0		2.5		0.6		—		629.8
Revenues less cost of revenues	352.4		94.6		64.1		32.8		21.3		—		565.2









Depreciation and amortization	6.9		12.0		7.9		0.6		2.9		—		30.3
Other segment operating expenses (a)	87.6		38.2		34.2		11.6		8.1		1.3		181.0
Operating income (loss)	$	257.9	$	44.4	$	22.0	$	20.6	$	10.3	$	(1.3)	$	353.9

Non-operating (expenses) income:
Interest expense (b)	$	—	$	—	$	(1.8)	$	—	$	—	$	(11.0)	$	(12.8)
Interest income (b)	0.2		0.7		1.1		0.6		—		5.8		8.4
Earnings (loss) on investments, net (b)	—		0.3		—		—		—		(3.6)		(3.3)
Other (expense) income, net (b)	—		(0.6)		(0.2)		—		0.2		4.6		4.0
Income (loss) before income tax provision (benefit)	258.1		44.8		21.1		21.2		10.5		(5.5)		350.2
Income tax provision (benefit) (c)	0.1		0.9		—		—		(0.1)		98.7		99.6
Net income (loss) (d)	$	258.0	$	43.9	$	21.1	$	21.2	$	10.6	$	(104.2)	$	250.6

(a) Other segment operating expenses include compensation and benefits, technology support services, professional fees and outside services, travel and promotional expenses, facilities costs, acquisition-related costs, and other expenses. The disaggregation of expenses is not regularly provided to the CODM at the segment-level.

(b) Non-operating income (expenses) at the segment-level is not regularly provided to the CODM, however non-operating income (expenses) is a component of a measure that is regularly provided to the CODM, and therefore has been disclosed separately.

(c) Income tax provision (benefit) at the segment-level is not regularly provided to the CODM, however income tax provision (benefit) is a component of a measure that is regularly provided to the CODM, and therefore has been disclosed separately.

(d) Net income (loss) at the segment-level is not regularly provided to the CODM, however net income (loss) is a component of a measure that is regularly provided to the CODM, and therefore has been disclosed separately.

Geographical Information

Long-lived assets by geographic area represent property and equipment, net, and operating lease right of use assets by geographic area. The following summarizes revenues less cost of revenues and long-lived assets by geographic area based on primary jurisdiction (in millions):


	Revenues less cost of revenues				Long-lived assets
	Three months ended		Three months ended		As of		As of
	March 31, 2026		March 31, 2025		March 31, 2026		December 31, 2025

United States	$	633.8	$	492.1	$	188.8	$	184.5
United Kingdom	*		*		26.2		30.0
Other	95.1		73.1		27.5		29.6
Total	$	728.9	$	565.2	$	242.5	$	244.1

*Jurisdiction is less than 10% of revenues less cost of revenues for the periods presented.

15. EMPLOYEE BENEFIT PLANS

Eligible U.S. employees are able to participate in the Cboe Global Markets SMART Plan (“SMART Plan”). The SMART Plan is a defined contribution plan, which is qualified under Internal Revenue Code Section 401(k). In addition, eligible employees may participate in the Supplemental Executive Retirement Plan and the Deferred Compensation Plan, which are defined contribution plans that are non-qualified under the Internal Revenue Code. Directors may contribute a percentage of their cash and equity compensation to cash and equity deferred compensation plans that are maintained by the Company and defer income taxes thereon. The non-qualified plans' assets, held in a trust, are subject to the claims of general creditors of the Company and totaled $35.4 million and $35.8 million at March 31, 2026, and December 31, 2025, respectively. Although the value of the plans is recorded in financial investments, there is an equal and offsetting liability in other non-current liabilities on the condensed consolidated balance sheets, respectively. The investment results of the non-qualified plans have no impact on net income as the investment results are recorded in equal amounts to both compensation and benefits expense and other income, net in the condensed consolidated statements of income. The Company matches a portion of employee contributions made to the SMART Plan and Supplemental Executive Retirement Plan. The Company contributed $6.1 million and $3.8 million to the defined contribution plans for the three months ended March 31, 2026 and 2025, respectively.

Eligible employees outside of the U.S., which include employees of Cboe Europe, Cboe NL, Cboe Clear Europe, BIDS, Cboe Asia Pacific, and Cboe Canada, are eligible to participate in various employee-selected stakeholder contribution plans or plans covered by local jurisdictions or by applicable laws. The Company’s contribution to these plans amounted to $1.7 million and $1.8 million for the three months ended March 31, 2026 and 2025, respectively. This expense is included in compensation and benefits in the condensed consolidated statements of income.

16. REGULATORY CAPITAL

As broker-dealers registered with the SEC, Cboe Trading, BIDS Trading, and Cboe Fixed Income are subject to the SEC’s Uniform Net Capital Rule (“Rule 15c3-1”), which requires the maintenance of minimum net capital, as defined therein. The SEC’s requirement also provides that equity capital may not be withdrawn or a cash dividend paid if certain minimum net capital requirements are not met. Cboe Trading, BIDS Trading, and Cboe Fixed Income compute the net capital requirements under the basic method provided for in Rule 15c3-1. As of March 31, 2026, Cboe Trading and BIDS Trading were required to maintain net capital equal to the greater of 6.67% of aggregate indebtedness items, as defined, or $0.1 million. Cboe Fixed Income was required to maintain net capital equal to the greater of 6.67% of aggregate indebtedness items, as defined, or $5.0 thousand.

As entities regulated by the FCA, Cboe Europe is subject to the Financial Resource Requirement (“FRR”) and Cboe Chi-X Europe is subject to the Capital Resources Requirement (“CRR”). As a RIE, Cboe Europe computes its FRR in accordance with its Financial Risk Assessment, as agreed by the FCA. In accordance with the Markets in Financial Instruments Directive of the FCA requirements, Cboe Chi-X Europe computes its CRR as the greater of the base requirement of $0.1 million at March 31, 2026, or the summation of the credit risk, market risk and fixed overhead requirements, as defined.

Cboe NL has approval from the Dutch Ministry of Finance to operate an RM, an MTF, and an approved publication arrangement in the Netherlands. As an RM, Cboe NL is subject to minimum capital requirements, as established by the Dutch Ministry of Finance in the license dated March 8, 2019.

Cboe Clear Europe was granted authorization under European Market Infrastructure Regulation (“EMIR”) by the National Competent Authority, De Nederlandsche Bank (“DNB”). Cboe Clear Europe is required by the EMIR to maintain a minimum amount of capital to reflect an estimate of the capital required to wind down or restructure the activities of the

clearinghouse, cover operational, legal, and business risks and to reserve capital to meet credit, counterparty, and market risks not covered by the clearing members' collateral and default fund.

As a designated contract market regulated by the CFTC, CFE is required to meet two capital adequacy tests: (i) its financial resources must be equal to at least twelve months of its projected operating costs and (ii) its unencumbered, liquid financial assets, which may include a line of credit, must be equal to at least six months of its projected operating costs. The amounts presented below represent the greater of the two capital adequacy requirements.

As a swap execution facility regulated by the CFTC, Cboe SEF is required to meet two capital adequacy tests: (i) its financial resources must exceed at least twelve months of its projected operating costs and (ii) its unencumbered, liquid financial assets must be equal to the greater of: (a) three months of projected operating costs or (b) its projected wind-down costs. The amounts presented below represent the greater of the two capital adequacy requirements.

As of March 31, 2026, Cboe Digital Exchange is subject to regulatory capital requirements. As a designated contract market regulated by the CFTC, Cboe Digital Exchange is required to meet two capital adequacy tests: (i) its financial resources must be equal to at least twelve months of its projected operating costs and (ii) its unencumbered, liquid financial assets, which may include a line of credit, must be equal to at least six months of its projected operating costs. The amounts presented below represent the greater of the two capital adequacy requirements.

As a derivatives clearing organization regulated by the CFTC, Cboe Clear U.S. is required to meet two capital adequacy tests: (i) its financial resources must be equal to at least twelve months of its projected operating costs and (ii) its unencumbered, liquid financial assets, which may include a line of credit, must be equal to at least six months of its projected operating costs. The amounts presented below represent the greater of the two capital adequacy requirements.

Cboe Canada is regulated by the Ontario Securities Commission (“OSC”). Cboe Canada is required to maintain sufficient financial resources for the proper performance of its functions and to meet its responsibilities, but it has no prescribed minimum capital requirement. Cboe Canada must calculate the following financial ratios monthly: (i) current ratio, (ii) a debt to cash flow ratio, and (iii) a financial leverage ratio. Cboe Canada must report the monthly calculations to the OSC on a quarterly basis.

Cboe Australia is regulated by the Australian Securities and Investments Commission (“ASIC”). Cboe Australia is required to maintain sufficient financial resources to operate the market properly in accordance with Section 794A(d) of the Corporations Act, which Cboe Australia satisfies by maintaining a prudent cash reserve, which must be equal to at least six months of its projected operating expenses.

The following table presents the Company’s subsidiaries with regulatory capital requirements discussed above, as well as the actual and minimum regulatory capital requirements of the subsidiary as of March 31, 2026 (in millions):


Subsidiary	Regulatory Authority	Actual		Minimum Requirement
Cboe Trading	FINRA/SEC	$	16.9	$	0.9
BIDS Trading	FINRA/SEC	12.0		0.2
Cboe Fixed Income	FINRA/SEC	7.1		0.1
Cboe Europe	FCA	68.3		35.9
Cboe Chi-X Europe	FCA	0.3		0.1
Cboe NL	Dutch Authority for Financial Markets	16.4		8.1
Cboe Clear Europe	DNB	136.8		81.4
CFE	CFTC	131.7		41.2
Cboe SEF	CFTC	14.8		2.5
Cboe Digital Exchange	CFTC	19.0		—
Cboe Clear U.S.	CFTC	29.8		15.0
Cboe Australia	ASIC	17.4		6.0

17. STOCK-BASED COMPENSATION

Stock-based compensation is based on the fair value of the award on the date of grant, which is recognized over the related service period, net of actual forfeitures. The service period is the period over which the related service is performed, which is generally the same as the vesting period. Vesting of certain awards may be accelerated for certain officers and employees as a result of attaining certain age and service-based requirements in the Company’s long-term incentive plan and award agreements.

Stock-based compensation expense relating to employee awards is included in compensation and benefits and acquisition-related costs in the condensed consolidated statements of income. The Company recognized stock-based compensation expense related to employee awards of $12.3 million and $12.0 million for the three months ended March 31, 2026 and 2025, respectively. Stock-based compensation expense relating to non-employee director or advisor awards is included in professional fees and outside services in the condensed consolidated statements of income. The Company recognized stock-based compensation expense related to non-employee director or advisor awards of $0.5 million for each of the three months ended March 31, 2026 and 2025, respectively.

The activity in the Company’s restricted stock, consisting of restricted stock units (“RSUs”), and performance-based restricted stock units (“PSUs”) for the three months ended March 31, 2026 were as follows:

RSUs

The following table summarizes RSU activity during the three months ended March 31, 2026:


	Number of Shares	Weighted average grant date fair value
Nonvested stock at December 31, 2025	458,809	$	190.38
Granted	150,172	283.01
Vested	(187,774)	174.06
Forfeited	(10,423)	195.54
Nonvested stock at March 31, 2026	410,784	$	231.58

RSUs entitle the holder to one share of common stock upon vesting, with the exception of certain jurisdictions where the RSUs are settled in cash, typically vest over a three-year period, and vesting accelerates upon death, disability, or the occurrence of a qualified termination following a change in control. Where applicable and permitted, vesting will also accelerate upon a qualified retirement. Where applicable and permitted, qualified retirement eligibility generally occurs once achieving 55 years of age and 10 years of service, although service requirements vary. Starting in 2024, the award agreements provide that in the event of a participant’s retirement, all unvested outstanding RSUs and a pro rata portion of unvested outstanding PSUs will continue to vest and be distributed in accordance with the award’s original vesting and settlement schedule, even after the applicable retirement date. Retirement eligibility will require, in addition to attaining the age and service requirements, submission of 6 months' advance written notice of a retirement, as applicable, and submission, approval, and satisfactory completion of a transition plan. Unvested RSUs will be forfeited if the officer or employee leaves the Company prior to the applicable vesting date, except in limited circumstances.

RSUs granted to non-employee members of the Board of Directors have a one-year vesting period and vesting accelerates upon the occurrence of a change in control of the Company. Unvested portions of the RSUs will be forfeited if the director leaves the Board of Directors prior to the applicable vesting date.

The RSUs have no voting rights but entitle the holder to receive dividend equivalents.

In the three months ended March 31, 2026, to satisfy employees’ tax obligations upon the vesting of restricted stock units, the Company purchased 75,310 shares of common stock totaling $21.6 million as the result of the vesting of 186,390 shares of restricted stock.

PSUs

The following table summarizes restricted stock units contingent upon achievement of performance conditions, also known as PSUs, activity during the three months ended March 31, 2026:


	Number of Shares	Weighted average grant date fair value
Nonvested stock at December 31, 2025	88,960	$	237.75
Granted	67,344	273.40
Vested	(60,014)	166.42
Forfeited	(3,144)	245.86
Nonvested stock at March 31, 2026	93,146	$	309.21

PSUs include awards related to earnings per share during the performance period as well as awards related to total shareholder return during the performance period. The Company used the Monte Carlo valuation model method to estimate

the fair value of the total shareholder return PSUs, which incorporated the following assumptions for awards granted in 2026: risk-free interest rate (3.47%), volatility (20.41%) and a 2.86-year correlation with S&P 500 Index (-0.12). Each of these performance shares has a performance condition under which the number of units ultimately awarded will vary from 0% to 200% of the original grant, with each unit representing the contingent right to receive one share of the Company’s common stock. The performance period for the PSUs, contingent on the achievement of performance conditions, is three years. For each of the performance awards, the PSUs will be settled in shares of the Company’s common stock following vesting of the PSU assuming that the participant has been continuously employed during the vesting period, subject to acceleration upon death, disability, or the occurrence of a qualified termination following a change in control. Participants have no voting rights with respect to the PSUs until the issuance of the shares of common stock. Dividend equivalents are accrued by the Company and will be paid once the PSUs, contingent on the achievement of performance conditions, vest.

In the three months ended March 31, 2026, to satisfy employees’ tax obligations upon the vesting of performance stock, the Company purchased 25,046 shares of common stock totaling $6.9 million as a result of the vesting of 60,014 shares of performance stock.

As of March 31, 2026, there were $106.7 million in total unrecognized compensation costs related to restricted stock units, and performance stock units. These costs are expected to be recognized over a weighted average period of 2.3 years.

Employee Stock Purchase Plan

In May 2018, the Company’s stockholders approved an Employee Stock Purchase Plan (“ESPP”), under which a total of 750,000 shares of the Company’s common stock will be made available for purchase to employees. The ESPP is a broad-based plan that permits employees to contribute up to 10% of wages and base salary to purchase shares of the Company’s common stock at a discount, subject to applicable annual Internal Revenue Service (“IRS”) limitations. Under the ESPP, a participant may not purchase more than a maximum of 312 shares of the Company’s common stock during any single offering period. No participant may accrue options to purchase shares of the Company’s common stock at a rate that exceeds $25,000 in fair market value of the Company’s common stock (determined at the time such options are granted) for each calendar year in which such rights are outstanding at any time. The exercise price per share of common stock shall be 85% (for eligible U.S. and international employees) of the lesser of the fair value of the stock on the first day of the applicable offering period or the applicable exercise date.

The Company records stock-based compensation expense over the offering period related to the discount that is given to employees, which totaled $1.5 million and $0.4 million for the three months ended March 31, 2026 and 2025. This expense is included in compensation and benefits in the condensed consolidated statements of income. As of March 31, 2026, 415,949 shares were reserved for future issuance under the ESPP.

18. EQUITY

Common Stock

The Company’s common stock is listed on Cboe BZX under the trading symbol CBOE. As of March 31, 2026, 325,000,000 shares of the Company’s common stock were authorized, $0.01 par value, and 104,927,308 and 104,673,700 shares were issued and outstanding, respectively. As of December 31, 2025, 325,000,000 shares of the Company’s common stock were authorized, $0.01 par value, and 104,654,764 and 104,647,739 shares were issued and outstanding, respectively. The holders of common stock are entitled to one vote per share.

Common Stock in Treasury, at Cost

The Company accounts for the purchase of treasury stock under the cost method with the shares of stock repurchased reflected as a reduction to Cboe stockholders’ equity and included in common stock in treasury, at cost in the condensed consolidated balance sheets. Shares repurchased under the Company’s share repurchase program are retired or they are available to be redistributed. When treasury shares are redistributed, they are recorded at the average cost of the treasury shares acquired. When treasury shares are retired, they are removed from the common stock in treasury balance. The Company held 253,608 and 7,025 shares of common stock in treasury as of March 31, 2026 and December 31, 2025, respectively.

Share Repurchase Program

In 2011, the Board of Directors approved an initial authorization for the Company to repurchase shares of its outstanding common stock of $100 million and subsequently approved additional authorizations for a total authorization of $2.3 billion as of March 31, 2026. The Company expects to fund repurchases primarily through the use of existing cash balances. The program permits the Company to purchase shares, through a variety of methods, including in the open

market, through established trading plans, or through privately negotiated transactions, in accordance with applicable securities laws. It does not obligate the Company to make any repurchases at any specific time or situation.

The table below shows the repurchased shares of common stock under the Company’s share repurchase program during the period presented as follows:


	Three Months Ended March 31,
	2026		2025
Number of shares of common stock repurchased	161,227		144,753
Average price paid per share	$	280.20	$	207.04
Total purchase price (in millions)	$	45.1	$	30.0

Since inception of the program through March 31, 2026, the Company has repurchased 21,224,927 shares of common stock at an average cost per share, excluding commissions and excise taxes, of $81.54, for a total value of $1.7 billion. As a result of these repurchases, certain direct costs and excise taxes are incurred but do not impact our cost per share or availability.

As of March 31, 2026 and 2025, the Company had $569.4 million and $649.8 million of availability remaining under its existing share repurchase authorizations, respectively.

Purchase of Common Stock from Employees

The Company purchased 100,356 and 108,868 shares that were not part of the publicly announced share repurchase authorization from employees for an average price paid per share of $283.56 and $210.07 during the three months ended March 31, 2026 and 2025, respectively. These shares consisted of shares retained to cover payroll withholding taxes or costs in connection with the vesting of restricted stock units and performance share awards.

Preferred Stock

The Company has authorized the issuance of 20,000,000 shares of preferred stock, par value $0.01 per share, issuable from time to time in one or more series. As of March 31, 2026, and December 31, 2025, the Company had no shares of preferred stock issued or outstanding.

Dividends

During the three months ended March 31, 2026, the Company declared and paid cash dividends per share of $0.72 for an aggregate payout of $75.8 million. During the three months ended March 31, 2025, the Company declared and paid cash dividends per share of $0.63 for an aggregate payout of $66.4 million.

Each share of common stock, including RSUs and PSUs, is entitled to receive dividends and dividend equivalents, respectively, if, as, and when declared by the Board of Directors of the Company. The Company’s expectation is to continue to pay dividends. The decision to pay a dividend, however, remains within the discretion of the Company’s Board of Directors and may be affected by various factors, including earnings, financial condition, capital requirements, level of indebtedness, and other considerations the Board of Directors deems relevant. Future debt obligations and statutory provisions, among other things, may limit, or in some cases, prohibit, the Company’s ability to pay dividends.

As a holding company, the Company’s ability to declare and continue to pay dividends in the future with respect to its common stock will also be dependent upon the ability of its subsidiaries to pay dividends to it under applicable corporate law.

19. INCOME TAXES

The Company records income tax expense during interim periods based on the best estimate of the full year’s tax rate as adjusted for discrete items, if any, that are taken into account in the relevant interim period. Each quarter, the Company updates its estimate of the annual effective tax rate and any change in the estimated rate is recorded on a cumulative basis. The effective tax rate from continuing operations was 25.2% and 28.4% for the three months ended March 31, 2026 and 2025, respectively.

The lower effective tax rate in 2026 is primarily due to resolution of uncertain tax positions with state and local taxing authorities. During the quarter, the Company paid $299.0 million to resolve uncertain tax positions. The Company had

reserved $314.1 million for uncertain tax positions associated with this resolution, which was included within accounts payable and accrued liabilities on the condensed consolidated balance sheet as of December 31, 2025.

20. EARNINGS PER SHARE

The computation of basic net income per common share is calculated by reducing net income for the period by dividends paid or declared and undistributed net income for the period that are allocated to participating securities to arrive at net income allocated to common stockholders. Net income allocated to common stockholders is divided by the weighted average number of common shares outstanding during the period to determine net income per share allocated to common stockholders.

The computation of diluted net income per share is calculated by dividing net income allocated to common stockholders by the sum of the weighted average number of common shares outstanding plus all additional common shares that would have been outstanding if the potentially dilutive common shares had been issued. The dilutive effect is calculated using the more dilutive of the two-class or treasury stock method.

The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2026 and 2025 (in millions, except per share data):


	Three Months Ended March 31,
	2026		2025
Basic earnings per share numerator:
Net income	$	385.7	$	250.6
Net income allocated to participating securities	(1.6)		(1.2)
Net income allocated to common stockholders	$	384.1	$	249.4
Basic earnings per share denominator:
Weighted average shares outstanding	104.7		104.7
Basic earnings per share	$	3.67	$	2.38

Diluted earnings per share numerator:
Net income	$	385.7	$	250.6
Net income allocated to participating securities	(1.6)		(1.2)
Net income allocated to common stockholders	$	384.1	$	249.4
Diluted earnings per share denominator:
Weighted average shares outstanding	104.7		104.7
Dilutive common shares issued under stock program	0.3		0.4
Total dilutive weighted average shares	105.0		105.1
Diluted earnings per share	$	3.66	$	2.37

For the periods presented, the Company did not have shares of stock-based compensation that would have an anti-dilutive effect on the computation of diluted earnings per share.

21. COMMITMENTS, CONTINGENCIES, AND GUARANTEES

Legal Proceedings

As of March 31, 2026, the Company was subject to the various legal proceedings and claims discussed below, as well as certain other legal proceedings and claims that have not been fully resolved and that have arisen in the ordinary course of business.

The Company reviews its legal proceedings and claims, regulatory reviews and inspections, and other legal proceedings on an ongoing basis and follows appropriate accounting guidance when making accrual and disclosure decisions. The Company establishes accruals for those contingencies where the incurrence of a loss is probable and can be reasonably estimated, and the Company discloses the amount accrued and the amount of a reasonably possible loss in excess of the amount accrued, if such disclosure is necessary for the condensed consolidated financial statements to not be misleading. The Company does not record liabilities when the likelihood of the liability being incurred is probable, but the amount cannot be reasonably estimated, or when the liability is believed to be only reasonably possible or remote. The Company’s assessment of whether a loss is remote, reasonably possible, or probable is based on its assessment of the ultimate outcome of the matter following all appeals.

As of March 31, 2026, the Company does not believe that there is a reasonable possibility that any material loss exceeding the amounts already recognized for these legal proceedings and claims, regulatory reviews, inspections or other legal proceedings, if any, has been incurred. While the consequences of certain unresolved proceedings are not presently determinable, the outcome of any proceeding is inherently uncertain and an adverse outcome from certain matters could have a material effect on the financial position, results of operations, or cash flows of the Company in any given reporting period.

CAT Putative Class Action

A putative class action was filed on April 16, 2024 captioned Erik A. Davidson, John Restivo and National Center for Public Policy Research vs. Gary Gensler, SEC and CATLLC. Cboe and the Plan Participants are not parties to this litigation. The complaint alleges, among other things, that the SEC engaged in unlawful agency action and violated multiple provisions of the U.S. Constitution when it promulgated Rule 613 in 2012 mandating the creation and funding of the CAT. Plaintiffs’ motion for a preliminary injunction and stay was denied. On July 7, 2025, the U.S. District Court for the Western District of Texas ("Texas Federal District Court") granted the SEC's opposed motion to hold the case in abeyance and stay all deadlines until January 15, 2026. On January 15, 2026, the SEC filed a status report and an opposed Motion to Continue the Abeyance for an additional six months. On January 23, 2026, Plaintiffs filed a motion for class certification. On January 30, 2026, Plaintiffs filed a Renewed Motion for a Preliminary Injunction. On February 4, 2026, the Texas Federal District Court granted the SEC's opposed Motion to Continue the Abeyance until July 15, 2026. This challenge or any other challenge to the constitutionality of the CAT may delay CATLLC’s assessment of CAT fees to recover a portion of CAT costs. As a result, the Plan Participants may continue to incur additional significant costs, and/or it may result in them not being able to collect on the promissory notes related to the funding of the implementation and operation of the CAT.

2026 Revised CAT Funding Model Order Litigation

On March 16, 2026, the SEC issued an order approving an amendment to the National Market System Plan Governing the CAT, as Modified by the SEC, Regarding Implementation of a Revised CAT Funding Model (“2026 CAT Funding Model Order”). The SEC approved the Revised CAT Funding Model amendment for an interim two-year period while the SEC engages in its comprehensive review of the CAT. The 2026 CAT Funding Model Order provides for the allocation of one-third of CAT fees to each of the buyer, seller, and market regulator in transactions reportable to the CAT (“executed equivalent shares”). The assessed fees may be used to recover a portion of historical CAT costs previously paid to CATLLC by the Plan Participants and to fund prospective CAT costs.

On March 24, 2026, the American Securities Association (“ASA”) and Citadel Securities, LLC (“Citadel”) filed a Petition for Review of the 2026 CAT Funding Model Order in the U.S. Court of Appeals for the 11th Circuit (“11th Circuit”). On April 2, 2026, ASA and Citadel filed a motion to stay the 2026 CAT Funding Model Order. This challenge or any other challenge to the SEC order approving the Revised CAT Funding Model and/or Plan Participant(s) fee filings may significantly delay implementation efforts. As a result, the Plan Participants may continue to incur additional significant costs, and/or it may result in them not being able to collect on the promissory notes related to the funding of the implementation and operation of the CAT. The Company believes the appeal is without merit and intervened on behalf of the SEC.

Citadel Petition for Review of SEC Temporary Conditional Exemptive Order

On July 17, 2024, Citadel filed a Petition for Review (“PFR”) of the SEC’s May 20, 2024 Order Granting A Temporary Conditional Exemption Pursuant to Section 36(a)(1) of the Exchange Act and Rule 608(e) of Regulation NMS Under the Exchange Act, Relating to the Reporting of Responses to Requests for Quotes and Other Solicitation Responses Provided in a Standard Electronic Format, as Required by Section 6.4(d) of the NMS Plan Governing the CAT (“CAT RFQ Exemptive Order”) in the 11th Circuit. The PFR does not identify any requested relief. On August 1, 2024, the 11th Circuit granted Citadel's July 19, 2024 unopposed motion to stay the PFR until a decision is issued in the CAT Funding Model Order litigation, which was also before the 11th Circuit. On September 11, 2024, the 11th Circuit granted motions filed by the Cboe U.S. national securities exchanges, the Nasdaq U.S. national securities exchanges, and CATLLC to intervene on behalf of the SEC. On July 25, 2025, the 11th Circuit issued an opinion in the CAT Funding Model Order litigation. On March 5, 2026, Citadel filed a motion to continue holding the appeal in abeyance, which was granted on March 10, 2026 and requires Citadel to file status reports every 60 days. This challenge or any other challenge to SEC Orders concerning the CAT may delay the CATLLC’s assessment of CAT fees to recover a portion of CAT costs. As a result, the Plan Participants may continue to incur additional significant costs, and/or it may result in them not being able to collect on the promissory notes related to the funding of the implementation and operation of the CAT.

Citadel vs. CATLLC

On January 15, 2026, Citadel filed a Petition for Rulemaking ("PFRM") asking the SEC to address the question of how CATLLC may (or may not) use reserve funds. On January 16, 2026, Citadel filed a Complaint for Declaratory and Injunctive Relief against CATLLC in the U.S. District Court for the District of Columbia ("D.C. federal district court") asserting a claim for relief based on an alleged violation of the private non-delegation doctrine. On January 16, 2026, Citadel also filed a motion

for a preliminary injunction asking the D.C. federal district court to bar CATLLC from using reserves to fund its operations until the SEC has ruled on Citadel’s PFRM. On February 18, 2026, the SEC posted a response to Citadel’s PFRM stating that it will not engage in an immediate rulemaking focused on the use of the current reserve. On February 23, 2026, Citadel voluntarily dismissed the litigation in the D.C. federal court. This matter is concluded.

Former Employee Litigation

On January 26, 2026, a former employee filed a complaint against the Company in the United States District Court for the District of Kansas (Jacqueline Craine v. Cboe Global Markets, Inc., Case No. 2:26-cv-2046) alleging wrongful termination, violations of the Family and Medical Leave Act of 1993, as well as the Sarbanes-Oxley Act for alleged retaliation for being a purported whistleblower of alleged accounting and operational control issues. The complaint seeks back pay, reinstatement or front pay, compensatory damages, punitive, liquidated, and/or special damages, pre- and post-judgment interest, and fees and costs. The Company previously investigated the allegations with the assistance of outside legal advisers and forensic consultants, and the investigation concluded that the allegations lacked merit. The Company disputes the complaint’s allegations and claims, and the Company plans to vigorously defend itself.

Other

As self-regulatory organizations under the jurisdiction of the SEC, Cboe Options, C2, BZX, BYX, EDGX, and EDGA are subject to routine reviews and inspections by the SEC. As designated contract markets under the jurisdiction of the CFTC, CFE and Cboe Digital Exchange are subject to routine rule enforcement reviews and examinations by the CFTC. As a derivatives clearing organization under the jurisdiction of the CFTC, Cboe Clear U.S. is also subject to routine audits and examinations by the CFTC. Cboe SEF, LLC is a swap execution facility registered with the CFTC and subject to routine rule enforcement reviews and examinations by the CFTC. Cboe Trading, BIDS Trading and Cboe Fixed Income are subject to reviews and inspections by FINRA. The Company has from time to time received inquiries and investigative requests from the SEC’s Division of Examinations, the CFTC’s Division of Market Oversight, the CFTC's Division of Clearing and Risk, as well as the SEC Division of Enforcement and CFTC Division of Enforcement seeking information about the Company's or its subsidiaries' compliance with their respective obligations as self-regulatory organizations, as applicable under the federal securities laws and/or Commodity Exchange Act as well as members’ compliance with the federal securities laws and/or Commodity Exchange Act.

In addition, Cboe Europe, Cboe Chi-X Europe, Cboe Clear Europe, Cboe NL, Cboe Australia, and Cboe Canada may be subject to routine reviews, audits, examinations, investigations, or inspections, as applicable, by their respective regulators, and while they have not been the subject of any litigation or regulatory investigation in the past that resulted in a material impact on the Company’s financial position, results of operations, liquidity or capital resources, there is always the possibility of such action in the future. As Cboe Europe and Cboe Chi-X Europe are domiciled in the UK, it is likely that any action would be taken in the UK courts in relation to litigation or by the FCA in relation to any regulatory enforcement action. As Cboe Clear Europe is domiciled in the Netherlands, it is likely that any action would be taken in the Dutch courts in relation to litigation or by the DNB or Dutch Authority for Financial Markets in relation to any regulatory enforcement action. For Cboe NL, also domiciled in the Netherlands, it is likely that any actions would be taken in the Dutch courts in relation to litigation or Dutch Authority for Financial Markets in relation to any regulatory enforcement action. As Cboe Australia is domiciled in Australia, it is likely that any action would be taken in the Australian courts in relation to litigation or by the ASIC, in relation to any regulatory enforcement action. As Cboe Japan is domiciled in Japan, it is likely that any action would be taken in the Japanese courts in relation to litigation or by the Japanese Financial Services Agency or the Japanese Securities Dealers Association in relation to any regulatory enforcement action. As Cboe Canada is domiciled in Canada, it is likely that any action would be taken in the Canadian courts in relation to litigation or by the OSC and/or CIRO in relation to any regulatory enforcement action.

The Company is also currently a party to various other legal and regulatory proceedings in addition to those already mentioned. Management does not believe that the likely outcome of any of these other reviews, inspections, investigations or other legal proceedings is expected to have a material impact on the Company’s financial position, results of operations, liquidity or capital resources.

See also Note 6 (“Credit Losses”) for information on promissory notes related to the CAT.

Contractual Obligations

The Company has contractual obligations related to licensing agreements with various licensors, some of which included fixed fees and/or variable fees calculated using agreed upon contracted rates and reported cleared volumes. Certain licensing agreements contain annual minimum fee requirements that total $14.6 million (excluding estimated variable fees) each year for the next five years. The Company is subject to annual minimum fee requirements under the January 29, 2024 addendum to its cloud services agreement, totaling $6.2 million to $6.9 million each year over the next three years.

See Note 12 (“Clearing Operations”) for information on the clearinghouse exposure guarantees for Cboe Clear Europe and Cboe Clear U.S. See Note 22 (“Leases”) for information on lease obligations.

22. LEASES

The Company currently leases office space, data centers, remote network operations centers, and equipment under non-cancelable operating leases with third parties as of March 31, 2026. Certain leases include one or more options to renew, with renewal terms that can extend the lease term from one to five years or more, and some of which include the Company’s option to terminate the leases within one year. During the three months ended March 31, 2026, $1.3 million of right of use assets and $1.3 million of lease liabilities were added related to new leases and existing lease extensions.

The following table presents the supplemental balance sheet information related to leases as of March 31, 2026 and December 31, 2025, respectively (in millions):


	March 31, 2026		December 31, 2025
Operating lease right of use assets	$	105.1	$	111.0
Total leased assets	$	105.1	$	111.0

Current operating lease liabilities (1)	$	26.6	$	26.9
Non-current operating lease liabilities	114.6		120.9
Total lease liabilities	$	141.2	$	147.8

(1) These amounts are reflected within accounts payable and accrued liabilities in the condensed consolidated balance sheets.

The following table presents operating lease costs and other information as of and for the three months ended March 31, 2026 and 2025, respectively (in millions, except as stated):


	Three Months Ended March 31,
		2026			2025
Operating lease costs (1)		$	8.9		$	9.9

Lease term and discount rate information:
Weighted average remaining lease term (years)		6.8			7.3
Weighted average discount rate		3.5		%	3.6		%

Supplemental disclosure of cash transactions:
Cash paid for amounts included in the measurement of lease liabilities		$	8.1		$	7.3

Supplemental disclosure of noncash activities:
Right of use assets obtained in exchange for lease liabilities		$	1.3		$	6.5
Reduction in lease liability due to remeasurement		(1.0)			—

(1) Includes short-term lease and variable lease costs, which are immaterial.

The maturities of the lease liabilities are as follows as of March 31, 2026 (in millions):


	March 31, 2026
Remainder of 2026	$	23.4
2027	28.3
2028	26.1
2029	14.5
2030	14.8
After 2030	52.7
Total lease payments	$	159.8
Less: Interest	(18.6)
Present value of lease liabilities	$	141.2

23. SUBSEQUENT EVENTS

Strategic Realignment

On May 1, 2026, the Company announced additional actions related to its strategic realignment by optimizing resource allocation across the organization, which it expects to be substantially completed by the end of 2026. This follows a comprehensive strategic review of the Company’s global business operations that occurred in the fourth quarter of 2025 and is part of a broader effort to sharpen strategic focus and allocate resources more effectively. In connection with these additional actions related to the Company’s strategic realignment, the Company expects to incur pre-tax restructuring charges of approximately $36 million to $46 million, primarily for severance payments and related costs. The majority of these costs are expected to be incurred beginning in the second quarter of 2026 through the fourth quarter of 2026. The Company anticipates annualized pre-tax cost savings related to these additional actions related to the Company’s strategic realignment of approximately $40 million to $50 million and anticipates realizing $20 million to $25 million of savings in 2026. The actions associated with the elimination of positions are subject to local law and consultation requirements in certain countries, which may extend this process beyond the end of 2026. When these additional strategic realignment actions are combined with the Company’s earlier actions to sell, wind down, and optimize certain businesses, the Company expects to reduce its workforce by approximately 20%. These estimates are subject to a number of assumptions and actual expenses may differ materially from the estimates disclosed above.

Agreement to Sell Cboe Australia and Cboe Canada

In October 2025, the Company announced the decision to market Cboe Australia and Cboe Canada for sale. On April 20, 2026, the Company’s Executive Committee of the Board of Directors approved the sale of Cboe Australia and Cboe Canada to a single buyer. On April 22, 2026, the Company announced a definitive agreement to sell its Cboe Australia and Cboe Canada businesses to TMX Group Limited, a leading market operator, for approximately $300 million. The transaction is subject to customary closing conditions, including applicable regulatory approvals. The sales of Cboe Australia and Cboe Canada are expected to close separately, each after required approvals have been obtained. Upon closing, the Company will provide transition services support for a limited time.

In April 2026, management concluded that the Company’s Cboe Australia and Cboe Canada businesses meet the accounting requirements to be classified as held-for-sale, but do not meet the criteria for discontinued operations. The Company has estimated the fair value of the Cboe Australia and Cboe Canada businesses upon classification as held-for-sale and concluded fair value exceeds the carrying value of the assets and liabilities, amortization and depreciation for the assets will cease, and a portion of the respective reporting units' goodwill will be reallocated based on the relative fair values of Cboe Australia and Cboe Canada, and the remaining businesses within the Europe and Asia Pacific and North American Equities segments, respectively. The income tax effects of this transaction are still being evaluated by the Company and a reasonable estimate of these effects cannot be made at this time.

Share Repurchases

Subsequent to the three months ended March 31, 2026, from April 1, 2026 through April 29, 2026, the Company repurchased 5,000 shares of its common stock under its share repurchase program at an average cost per share of $279.76, for a total value of $1.4 million. As of April 29, 2026, the Company had $568.0 million of availability remaining under its existing share repurchase authorizations.

There have been no other subsequent events that would require disclosure in, or adjustment to, the condensed consolidated financial statements as of and for the three months ended March 31, 2026.

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