Cboe Global Markets, Inc. · CBOE:CBOE
Cboe Global Markets — Raymond James 2026 Institutional Investors Conference
19 slides from Cboe Global Markets's conference presentation, Mar 2, 2026
Slide 1: Investor Presentation
Investor Presentation March 2026 © 2026 Cboe Exchange, Inc. All rights reserved.
Slide 2: Disclosures
Disclosures Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. You can identify these statements by forward-looking words such as “may,” “might,”
Slide 3: Derivatives, Data Vantage, Cash and Spot
Cboe builds, operates, and provides access to trusted and resilient global marketplaces that enable market participants to transact efficiently, manage risk, and pursue long-term financial objectives. Our platforms support trading across index and multi-listed options, futures, equities, and foreign
Slide 4: 2025 Financial Summary
2025 Financial Summary $2,429.1 $2,072.4 $1,918.0 $2.4 billion $1,741.7 Net Revenue +17% Y/Y 2022 2023 2024 2025 $1,645.1 $1.6 billion $1,132.0 $1,208.9 $1,316.9 Adjusted Operating EBITDA¹ 67.7% 65.0% +25% Y/Y 63.0% 63.5% (Adjusted Operating EBITDA margin¹ of 67.7%) 2022 2023 2024 2025 $10.67 $10.67
Slide 5: 2025 Business Segment Highlights
2025 Business Segment Highlights Business Segment 2025 Revenue Performance Key Products $1.5bn net revenue ◆ Proprietary SPX, VIX, Mini-SPX Options Options +22% y/y ◆ Multi-listed Options $407mn net revenue ◆ On-exchange U.S. Cash Equities North American Equities1 +6% y/y ◆ Off-exchange U.S. Cash Eq
Slide 6: Strong Momentum Across All Categories Supported by Secular and Cyclical Trends
Strong Momentum Across All Categories Supported by Secular and Cyclical Trends Secular Trends Record Performance Across Revenue Categories Derivatives Index Options ADV Globalization of markets, data, and access 4.9mn 3.8mn 4.1mn ◆ Record index options 2.8mn 2.0mn ADV of 4.9mn in 2025, Sophisticatio
Slide 7: Options Volumes Continue to Reach Record Levels
Options Volumes Continue to Reach Record Levels 2025 Was a Year of Record Options Volumes1… …And Record Activity Continues into 20262 4.8 4.7 4.9 5.5 5.7 Total Index Options 3.6 3.7 3.7 4.2 4.1 4.0 4.2 4.0 ◆ 4.6bn total options contracts traded across Cboe's ◆ 1QTD26 on pace for a four exchanges, wi
Slide 8: Extending Our Growth Runway
Extending Our Growth Runway Access Education Innovation ◆ Advance broker onboarding in EMEA and ◆ Scale investor education across regions ◆ Pursue investments behind large secular APAC while deepening client engagement trends and emerging opportunities: ◆ Deliver tools for navigating complex in the
Slide 9: 2025 Adjusted Operating Expenses Up 5% vs. 17% Y/Y Net Revenue Growth
2025 Adjusted Operating Expenses1 Up 5% vs. 17% Y/Y Net Revenue Growth Adjusted Operating Expenses¹ 2025 2024 Change (in millions) Compensation and benefits $494.1 $460.3 7% ◆ 2025 adjusted operating expense1 increase Depreciation and amortization 52.5 44.3 19% primarily driven by a $34 million incr
Slide 10: 2026 Guidance vs. Historical Actuals
2026 Guidance* vs. Historical Actuals 2026 Full-Year Guidance1 2026 Guidance as of 2025 Actual 2024 Actual 2023 Actual ($ in millions) February 6, 2026 Data Vantage2 organic net revenue growth rate3 Mid to High Single-Digit 10% 7% 7% Total organic net revenue growth rate3 Mid Single-Digit 17% 8% 10%
Slide 11: Framing the Strategic Direction
Framing the Strategic Direction Sharpened Strategic Focus on Core Growth 1 Rationalization of 2 Organic Growth Through 3 Focus on Capitalizing on Our Business Portfolio Core Business Optimization Emerging Industry Trends Optimize return on invested capital Focus on driving and fully Continue to evol
Slide 12: Appendix and Non-GAAP Information
Appendix and Non-GAAP Information 12
Slide 13: Non-GAAP Information
Non-GAAP Information In addition to disclosing results determined in accordance with GAAP, Cboe Global Markets has disclosed certain non-GAAP measures of operating performance. These measures are not in accordance with, or a substitute for, GAAP, and may be different from or inconsistent with non-GA
Slide 14: Non-GAAP Information
Non-GAAP Information Reconciliation of GAAP Net Revenue to Net Revenue in Constant Currency1 Net Revenue (in millions) Twelve Months Ended Twelve Months Ended December 31, 2025 December 31, 2024 Europe and Asia Pacific net revenue $273.5 $220.2 Constant currency adjustment (8.4) – Europe and Asia Pa
Slide 15: Non-GAAP Information
Non-GAAP Information (in millions, except per share amounts) 1Q24 2Q24 3Q24 4Q24 2024 1Q25 2Q25 3Q25 4Q25 2025 (1) This amount includes acquisition-related costs primarily from the company’s Cboe Digital, Cboe Canada, and Reconciliation of Net Income Allocated to Common Stockholders to Non-GAAP Cboe
Slide 16: Non-GAAP Information
Non-GAAP Information (in millions, except per share amounts) 1Q22 2Q22 3Q22 4Q22 2022 1Q23 2Q23 3Q23 4Q23 2023 (1) This amount includes ongoing acquisition related costs primarily Reconciliation of Net Income Allocated to Common Stockholders to Non-GAAP from the Company’s Cboe Digital and Cboe Canad
Slide 17: Non-GAAP Information
Non-GAAP Information EBITDA Reconciliations EBITDA (earnings before interest, income taxes, depreciation and amortization) and Adjusted EBITDA are widely used non-GAAP financial measures of operating performance. These metrics are presented as supplemental information that the company believes are u
Slide 18: Non-GAAP Information
Non-GAAP Information Debt to Adjusted EBITDA1 – Trailing Twelve Months (in millions) 1Q25 2Q25 3Q25 4Q25 TTM Net income allocated to common stockholders $249.4 $233.9 $299.3 $312.2 $1,094.8 Interest expense, net 4.4 1.6 (1.0) (2.1) 2.9 Income tax provision 99.6 99.5 129.3 138.2 466.6 Depreciation an
Slide 19: Thank You
Thank You © 2026 Cboe Exchange, Inc. All rights reserved. 19
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