Cboe Global Markets, Inc（CBOE）の決算・業績分析
Cboe Global Markets, Incの2025年有価証券報告書をAI分析。売上高$4.7B(+15.1%)。営業利益$1.5B。Financials。
目次
Cboe Global Markets, Incの2025年度 業績サマリー
Cboe Global Markets, Inc（証券コード: CBOE）の2025年度決算・業績分析。売上高は$4.7B（前年比+15.1%）。営業利益は$1.5B（前年比+33.6%）。純利益は$1.1B（前年比+43.8%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
Cboe Global Markets, Incの2024年度 注目ポイント
※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。
- Revenue grew 13.3% YoY to $4.0B (XBRL), but operating income fell 39.2% YoY to $490M (XBRL) and net income dropped 55.6% YoY to $235M (XBRL).
- Net debt rose to $896M (1.4x EBITDA) (XBRL), while cash reserves stood at $543M (XBRL).
- Shareholder returns totaled $310M (XBRL), with a payout ratio of 89.1% (XBRL).
- 5-year revenue CAGR was 6.4% (XBRL), but operating income CAGR declined to +12.0% (XBRL).
Cboe Global Markets, Incの売上高変化の要因
- •Total revenue reached $4.0B (XBRL), up 13.3% YoY. Historical data shows a 5-year revenue CAGR of 6.4% (XBRL), with FY2024 revenue exceeding FY2023's $3.5B (XBRL). However, operating income declined sharply to $490M (XBRL) from $806M in FY2023 (XBRL). No segment-specific revenue breakdown is available in the data (XBRL).
Cboe Global Markets, Incの営業利益変化の要因
- •Gross profit was $1.7B (XBRL) with a 44.0% margin (XBRL). Operating margin fell to 12.4% (XBRL) from prior years, while net margin dropped to 5.9% (XBRL) (-55.6% YoY). EBITDA was $656M (16.6% of revenue) (XBRL). Operating income declined 39.2% YoY to $490M (XBRL), though specific cost drivers are not quantified in the data (XBRL).
Cboe Global Markets, Incの事業リスクと対応
Loss of exclusive index licenses (e.g., S&P 500, VIX) could reduce revenue (10-K).
Economic/political instability impacts trading volumes and profitability (10-K).
Regulatory compliance risks, including EU Benchmark Regulation restrictions (10-K).
Intense price competition and industry consolidation threaten market share (10-K).
Declines in trading volumes, fees, or product mix shifts harm revenue (10-K).
67% of revenue less cost of revenues depends on exclusive index licenses (SPX, VIX) (10-K).
Cboe Global Markets, Incの今後の見通し・業績予想
Cboe Global Markets, Incの事業内容
Cboe Global Markets, Inc. operates as a leading derivatives and securities exchange network, generating revenue through transaction services, market data fees, licensing of proprietary data, and access/capacity services (10-K). Key segments include options trading (index, equity, ETP), North American equities (U.S./Canadian exchanges), Europe/Asia-Pacific equities/derivatives exchanges, and futures (VIX and other products) (10-K). Competitive advantages include its status as the world's leading derivatives exchange and a diversified global network of exchanges and clearinghouses (10-K).
Cboe Global Markets, IncのAI業績分析レポート（2024年度）
Cboe Global Markets, Inc. (CBOE) FY2024 Annual Report Analysis
Highlights
Business Overview
Cboe Global Markets, Inc. operates as a leading derivatives and securities exchange network, generating revenue through transaction services, market data fees, licensing of proprietary data, and access/capacity services (10-K). Key segments include options trading (index, equity, ETP), North American equities (U.S./Canadian exchanges), Europe/Asia-Pacific equities/derivatives exchanges, and futures (VIX and other products) (10-K). Competitive advantages include its status as the world's leading derivatives exchange and a diversified global network of exchanges and clearinghouses (10-K).
Revenue Analysis
Total revenue reached $4.0B (XBRL), up 13.3% YoY. Historical data shows a 5-year revenue CAGR of 6.4% (XBRL), with FY2024 revenue exceeding FY2023's $3.5B (XBRL). However, operating income declined sharply to $490M (XBRL) from $806M in FY2023 (XBRL). No segment-specific revenue breakdown is available in the data (XBRL).
Profitability Analysis
Gross profit was $1.7B (XBRL) with a 44.0% margin (XBRL). Operating margin fell to 12.4% (XBRL) from prior years, while net margin dropped to 5.9% (XBRL) (-55.6% YoY). EBITDA was $656M (16.6% of revenue) (XBRL). Operating income declined 39.2% YoY to $490M (XBRL), though specific cost drivers are not quantified in the data (XBRL).
Balance Sheet Analysis
Equity ratio was 48.1% (XBRL), with long-term debt at $1.4B (XBRL) and net debt of $896M (1.4x EBITDA) (XBRL). Cash reserves totaled $543M (XBRL). Total assets grew to $7.5B (XBRL) in FY2024, while total equity increased to $3.6B (XBRL). Current ratio was 1.43x (XBRL).
Cash Flow Analysis
Operating cash flow was $651M (XBRL), with free cash flow of $591M (XBRL) after $60M in CapEx (XBRL). Dividends paid totaled $209M (XBRL), and share repurchases reached $101M (XBRL). Total shareholder returns amounted to $310M (XBRL).
Working Capital Analysis
Receivables days were 31 (XBRL), payables days were 4 (XBRL), and asset turnover was 0.53x (XBRL). No cash conversion cycle (CCC) calculation is available in the data (XBRL).
Risks
Outlook
Management provided FY2025 revenue guidance of $3.8B (XBRL). Key forward-looking trends include refocusing on digital assets, transitioning Bitcoin/Ether futures to CFE, and Pyth token unlocking (10-K).
Historical Time Series
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | 2.8B | 2.5B | 3.4B | 3.5B | 4.0B | 3.8B |
| Operating Income | 599M | 537M | 662M | 806M | 490M | 1.1B |
| Net Income | 426M | 375M | 468M | 529M | 235M | 761M |
| Total Assets | 5.1B | 6.5B | 6.8B | 7.0B | 7.5B | 7.8B |
| Total Equity | 3.1B | 3.2B | 3.4B | 3.3B | 3.6B | 3.5B |
| Operating Cash Flow | 535M | 633M | 1.5B | 597M | 651M | 1.1B |
Financialsの企業一覧
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