For the year ending 2025-12-31, CBOE had $2,103,000K increase in cash & cash equivalents over the period. $1,681,600K in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income | 1,100,000 | 764,900 | 761,400 | 235,000 |
| Depreciation and amortization | 122,400 | 133,000 | 158,000 | 166,800 |
| Impairment of intangible assets or goodwill | - | 81,000 | - | - |
| Impairment of assets | 46,700 | - | - | - |
| Stock-based compensation expense | 50,400 | 41,800 | 41,300 | 30,700 |
| Realized gain on available-for-sale financial investments | - | - | 2,700 | - |
| Impairment of investments | - | 31,600 | - | - |
| Loss on disposal of property and equipment | - | - | -100 | -300 |
| Provision for accounts receivable credit losses | - | 3,100 | 4,000 | 1,100 |
| Impairment charge of investment | - | - | 1,800 | 10,600 |
| Amortization of debt issuance cost and debt discount | - | 2,300 | 2,600 | 2,400 |
| (gain) impairment of minority investments | -5,100 | - | - | - |
| Goodwill impairment | - | - | - | 460,900 |
| Change in contingent consideration | 0 | -2,000 | 14,400 | 5,200 |
| Equity earnings on investments | 84,200 | 26,500 | 36,900 | 4,200 |
| Benefit for deferred income taxes | -8,400 | -23,600 | -15,200 | -155,700 |
| Gain on investment | - | 0 | - | 7,500 |
| Gain on cboe digital non-recourse notes and warrants wind down | - | 2,400 | - | - |
| Other loss (gain) adjustments, net | -2,200 | 3,700 | - | - |
| Accounts receivable | -79,400 | 124,300 | -39,400 | 49,800 |
| Restricted cash and cash equivalents and customer bank deposits (included in margin deposits, clearing funds, and interoperability funds) | -528,500 | -76,000 | -282,600 | 217,500 |
| Income taxes receivable | -6,100 | -500 | 26,300 | 5,400 |
| Digital assets - safeguarded assets | - | - | - | 22,900 |
| Other current assets | -17,100 | 26,000 | 17,400 | 4,000 |
| Other assets | -24,800 | -17,300 | 26,700 | 20,800 |
| Accounts payable and accrued liabilities | 6,500 | -36,400 | -19,100 | 38,800 |
| Digital assets - safeguarded liabilities | - | - | - | 22,900 |
| Section 31 fees payable | -181,800 | 130,100 | -95,200 | 106,300 |
| Deferred revenue | 500 | 500 | -5,800 | -4,100 |
| Income taxes payable | 48,500 | 800 | -2,800 | -3,800 |
| Unrecognized tax benefits | 0 | 61,200 | 47,700 | 89,100 |
| Other liabilities | -1,000 | -2,600 | -800 | -12,900 |
| Net cash flows provided by operating activities | 1,752,600 | 1,100,600 | 1,075,600 | 651,100 |
| Acquisitions, net of cash acquired | - | 0 | - | 708,300 |
| Proceeds from investments | 441,800 | 0 | - | -1,100 |
| Contributions to investments | 2,500 | 40,200 | 57,100 | 14,600 |
| Purchases of available-for-sale financial investments | 174,800 | 115,600 | 89,800 | 104,700 |
| Proceeds from maturities of available-for-sale financial investments | 248,100 | 67,900 | 135,700 | 51,200 |
| Proceeds from sale of intangible assets | 1,600 | 100 | 800 | - |
| Proceeds from sale of property held for sale | 0 | 3,300 | - | - |
| Proceeds from sale of property and equipment | 0 | 700 | - | - |
| Proceeds from notes receivable | 7,000 | 2,800 | - | - |
| Proceeds from insurance | 0 | 100 | 300 | - |
| Purchases of property and equipment and leasehold improvements, net | 71,000 | 60,900 | 45,000 | 59,800 |
| Net cash flows provided by (used in) investing activities | 450,200 | -141,800 | -55,100 | -835,100 |
| Proceeds from long-term debt | - | 0 | - | 663,600 |
| Principal payments of current portion of long-term debt | 0 | 0 | 305,000 | 220,000 |
| Debt issuance costs | - | 0 | - | 4,900 |
| Cash dividends on common stock | 284,300 | 249,400 | 223,500 | 209,400 |
| Repurchases of common stock from employee stock plans | 29,800 | 29,500 | 13,900 | 8,900 |
| Shares issued under employee stock purchase plan | 9,200 | 8,600 | 16,700 | 600 |
| Payments of contingent consideration related to acquisitions | 0 | 13,900 | 13,100 | 38,700 |
| (payments)/proceeds related to cboe digital syndication | - | -6,000 | - | 1,500 |
| Payments for cboe digital non-recourse notes and warrants wind down | 0 | - | - | - |
| Purchase of common stock, including commissions and excise taxes | 66,700 | 204,800 | 83,900 | 100,900 |
| Net cash flows used in financing activities | -371,600 | -495,000 | -656,100 | 81,700 |
| Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash and cash equivalents | 271,800 | -95,100 | 52,800 | -10,000 |
| Increase in cash, cash equivalents, and restricted cash and cash equivalents | 2,103,000 | 368,700 | 417,200 | -112,300 |
| Statement table | - | - | 0 | 0 |
| Beginning of period | 1,765,800 | 1,397,100 | 979,900 | 1,092,200 |
| End of period | 3,868,800 | 1,765,800 | 1,397,100 | 979,900 |
Cboe Global Markets, Inc. (CBOE)
Cboe Global Markets, Inc. (CBOE)