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REVENUE RECOGNITION
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION 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, clearing funds, 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. 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 VantageDerivatives
Markets		Total
Three Months Ended September 30, 2025
Transaction and clearing fees$377.0 $— $542.9 $919.9 
Access and capacity fees— 103.9 — 103.9 
Market data fees16.8 57.5 9.4 83.7 
Regulatory fees1.0 — 10.8 11.8 
Other revenue20.2 0.7 1.5 22.4 
$415.0 $162.1 $564.6 $1,141.7 
Cash and Spot
Markets		Data VantageDerivatives
Markets		Total
Three Months Ended September 30, 2024
Transaction and clearing fees$288.9 $— $437.0 $725.9 
Access and capacity fees— 94.2 — 94.2 
Market data fees15.5 50.7 7.3 73.5 
Regulatory fees107.9 — 31.1 139.0 
Other revenue21.8 0.7 0.6 23.1 
$434.1 $145.6 $476.0 $1,055.7 
Cash and Spot
Markets		Data VantageDerivatives
Markets		Total
Nine Months Ended September 30, 2025
Transaction and clearing fees$1,093.1 $— $1,527.1 $2,620.2 
Access and capacity fees— 302.9 — 302.9 
Market data fees49.5 167.9 26.5 243.9 
Regulatory fees193.0 — 77.4 270.4 
Other revenue67.9 2.1 2.8 72.8 
$1,403.5 $472.9 $1,633.8 $3,510.2 
Cash and Spot
Markets		Data VantageDerivatives
Markets		Total
Nine Months Ended September 30, 2024
Transaction and clearing fees$877.7 $— $1,264.3 $2,142.0 
Access and capacity fees— 274.8 — 274.8 
Market data fees46.1 150.9 22.2 219.2 
Regulatory fees206.0 — 69.1 275.1 
Other revenue71.6 2.2 2.0 75.8 
$1,201.4 $427.9 $1,357.6 $2,986.9 
The following table depicts the disaggregation of revenue according to segment (in millions):
OptionsNorth
American
Equities 		Europe
and Asia
Pacific		FuturesGlobal FXDigital (1)Total
Three Months Ended September 30, 2025
Transaction and clearing fees$519.0 $305.1 $52.4 $23.8 $19.6 $— $919.9 
Access and capacity fees47.0 36.6 11.8 5.7 2.8 — 103.9 
Market data fees37.2 32.8 10.8 2.5 0.4 — 83.7 
Regulatory fees10.8 1.0 — — — — 11.8 
Other revenue2.0 2.3 17.8 — 0.3 — 22.4 
$616.0 $377.8 $92.8 $32.0 $23.1 $— $1,141.7 
Timing of revenue recognition
Services transferred at a point in time$531.8 $308.4 $70.2 $23.8 $19.9 $— $954.1 
Services transferred over time84.2 69.4 22.6 8.2 3.2 — 187.6 
$616.0 $377.8 $92.8 $32.0 $23.1 $— $1,141.7 
Three Months Ended September 30, 2024
Transaction and clearing fees$405.3 $231.0 $40.5 $31.7 $17.4 $— $725.9 
Access and capacity fees42.3 33.2 10.3 5.7 2.7 — 94.2 
Market data fees30.5 30.2 10.0 2.4 0.4 — 73.5 
Regulatory fees31.0 107.9 — 0.1 — — 139.0 
Other revenue1.2 1.3 20.3 — 0.2 0.1 23.1 
$510.3 $403.6 $81.1 $39.9 $20.7 $0.1 $1,055.7 
Timing of revenue recognition
Services transferred at a point in time$437.5 $340.2 $60.8 $31.8 $17.6 $0.1 $888.0 
Services transferred over time72.8 63.4 20.3 8.1 3.1 — 167.7 
$510.3 $403.6 $81.1 $39.9 $20.7 $0.1 $1,055.7 
OptionsNorth
American
Equities		Europe
and Asia
Pacific		FuturesGlobal FXDigital (1)Total
Nine Months Ended September 30, 2025
Transaction and clearing fees$1,451.8 $877.0 $157.2 $75.2 $59.0 $— $2,620.2 
Access and capacity fees136.3 106.7 34.6 17.0 8.3 — 302.9 
Market data fees106.4 96.6 32.2 7.4 1.3 — 243.9 
Regulatory fees77.3 193.0 — 0.1 — — 270.4 
Other revenue4.6 6.4 60.9 0.1 0.8 — 72.8 
$1,776.4 $1,279.7 $284.9 $99.8 $69.4 $— $3,510.2 
Timing of revenue recognition
Services transferred at a point in time$1,533.7 $1,076.4 $218.1 $75.4 $59.8 $— $2,963.4 
Services transferred over time242.7 203.3 66.8 24.4 9.6 — 546.8 
$1,776.4 $1,279.7 $284.9 $99.8 $69.4 $— $3,510.2 
Nine Months Ended September 30, 2024
Transaction and clearing fees$1,181.0 $709.9 $118.2 $83.3 $50.0 $(0.4)$2,142.0 
Access and capacity fees125.6 93.5 30.4 16.9 8.3 0.1 274.8 
Market data fees90.6 91.2 29.5 6.8 1.1 — 219.2 
Regulatory fees68.9 206.0 — 0.2 — — 275.1 
Other revenue3.9 5.9 65.3 — 0.6 0.1 75.8 
$1,470.0 $1,106.5 $243.4 $107.2 $60.0 $(0.2)$2,986.9 
Timing of revenue recognition
Services transferred at a point in time$1,253.8 $921.8 $183.5 $83.5 $50.6 $(0.3)$2,492.9 
Services transferred over time216.2 184.7 59.9 23.7 9.4 0.1 494.0 
$1,470.0 $1,106.5 $243.4 $107.2 $60.0 $(0.2)$2,986.9 
__________________________
(1)The Digital segment results are prospectively included in the Futures segment beginning in the first quarter of 2025. Digital results from 2024 have been retained in the former Digital segment for comparative purposes. See Note 1 (“Organization and Basis of Presentation”) for additional information.
Contract liabilities as of September 30, 2025 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, 2024		Cash
Additions		Revenue
Recognized		Balance at
September 30, 2025
Liquidity provider sliding scale (1)$2.4 $4.8 $(5.4)$1.8 
Other, net (2)4.2 12.9 (12.0)5.1 
Total deferred revenue$6.6 $17.7 $(17.4)$6.9 
___________________________
(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.