Cboe Global Markets, Inc.
In the published model solve dated 2026-Q2, anchored at $310.45, Cboe Global Markets, Inc. (CBOE) is priced for -0.7% growth. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed July 25, 2026 from SEC EDGAR filings.
• Roughly 74% of revenues less cost of revenues came from the transaction and clearing business in 2025, and the 10-K describes that business as heavily oriented toward U.S. index and equity options, which makes one product family the engine of the whole company. • Today's price works out to about 18.6 times operating income and asks for company-wide operating growth of roughly 0.3% a year over five years, so the demand on the business is persistence rather than expansion. • Second-quarter resul
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953 institutional managers reported holding CBOE in 13F filings for the quarter ended 2026-03-31. Together they hold about 87% of the company; the top 10 hold 49%. 123 opened new positions that quarter. Held by Vanguard Group, BlackRock, AllianceBernstein, among others. On the short side, 4.3M shares were sold short as of the 2026-06-15 count, about 4% of shares outstanding (2.1 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
CBOE has cut its share count 2% over the past five years, spending $502.20M on repurchases. It pays a dividend, and has paid one every year in our records (16 and counting), raised 15 years straight; the current rate is $2.70 a share annually. Cash returned over the past three years: $726.50M in dividends and $323.20M in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
No open-market insider buys on file at CBOE over the trailing three years. Absence is a fact about the company, not a signal. 24 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
CBOE's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2022-04-30 | -2.0% | +1.5% |
| 2022-07-30 | -1.8% | -4.9% |
| 2022-11-05 | +2.7% | -3.8% |
| 2023-02-18 | -0.0% | +8.1% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
CBOE's latest 8-K filings: 2026-07-31 (items 2.02, 9.01); 2026-07-28 (items 1.01, 2.03, 9.01); 2026-06-26 (items 1.01, 2.03, 9.01); 2026-05-18 (items 5.07); 2026-05-01 (items 2.02, 2.05, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: July 25, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.