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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of net deferred tax liabilities | Net deferred tax assets and liabilities consist of the following as of December 31, 2025 and 2024 (in millions):
| As of December 31,
| 2025 |  | 2024
Deferred tax assets: |  |  |
Accrued compensation and benefits | $ | 23.3 |  |  | $ | 20.2 |
Property, equipment and technology, net | 7.3 |  |  | 14.6 |
Operating leases | 40.3 |  |  | 40.4 |
Other | 99.9 |  |  | 88.7 |
Subtotal | 170.8 |  |  | 163.9 |
Valuation allowances | (23.1) |  |  | (17.0) |
Total deferred tax assets | 147.7 |  |  | 146.9 |
Deferred tax liabilities: |  |  |
Intangibles | (256.4) |  |  | (240.2) |
Property, equipment and technology, net | (30.9) |  |  | (19.0) |
Investments | (4.7) |  |  | (33.8) |
Prepaid expenses or assets | (5.1) |  |  | (4.5) |
Operating leases | (30.4) |  |  | (31.9) |
Total deferred tax liabilities | (327.5) |  |  | (329.4) |
Net deferred tax liabilities | $ | (179.8) |  |  | $ | (182.5) |
Schedule of income before income tax, domestic and foreign | For the years ended December 31, 2025, 2024, and 2023, income before taxes consists of the following (in millions):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
U.S. operations | $ | 1,520.4 |  |  | $ | 1,060.2 |  |  | $ | 1,010.5 |
Foreign operations | 46.2 |  |  | 23.6 |  |  | 37.1 |
Total | $ | 1,566.6 |  |  | $ | 1,083.8 |  |  | $ | 1,047.6 |
Schedule of provision for income taxes | The provision for income taxes for the years ended December 31, 2025, 2024, and 2023 consists of the following (in millions):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Current tax expense: |  |  |  |  |
Federal | $ | 287.6 |  |  | $ | 208.8 |  |  | $ | 188.1 |
State | 162.9 |  |  | 117.7 |  |  | 97.8 |
Foreign | 24.5 |  |  | 16.0 |  |  | 15.5 |
Total current tax expense | 475.0 |  |  | 342.5 |  |  | 301.4 |
Deferred income tax (benefit) expense: |  |  |  |  |
Federal | (7.9) |  |  | (19.5) |  |  | (3.4) |
State | 8.4 |  |  | (2.4) |  |  | 1.5 |
Foreign | (8.9) |  |  | (1.7) |  |  | (13.3) |
Total deferred income tax benefit | (8.4) |  |  | (23.6) |  |  | (15.2) |
Total | $ | 466.6 |  |  | $ | 318.9 |  |  | $ | 286.2 |
Schedule of Cash Flow, Supplemental Disclosures | Cash paid for income taxes, net for the years ended December 31, 2025, 2024, and 2023 were as follows (in millions):
|  | Year Ended December 31,
|  | 2025 |  | 2024 |  | 2023
Federal |  | $ | 284.1 |  |  | $ | 276.4 |  |  | $ | 211.0 |
State |  | 81.2 |  |  | 72.8 |  |  | 60.5 |
Foreign |  | 26.3 |  |  | 13.2 |  |  | 14.9 |
Total cash paid for income taxes, net |  | $ | 391.6 |  |  | $ | 362.4 |  |  | $ | 286.4 |
Cash paid for state and foreign income taxes, net for the years ended December 31, 2025, 2024, and 2023 are disaggregated by jurisdiction as follows (in millions):
|  | Year Ended December 31,
|  | 2025 |  | 2024 |  | 2023
State |  |  |  |  |  |
Illinois |  | $ | 45.0 |  |  | $ | 40.9 |  |  | $ | 36.1 |
Foreign |  |  |  |  |  |
United Kingdom |  | $ | 23.7 |  |  | * |  | *
__________________________________________________________ * Jurisdiction is immaterial for the period presented
Schedule of reconciliation of the statutory federal income tax rate to the effective income tax rate | A reconciliation of the statutory federal income tax rate to the effective income tax rate for the years ended December 31, 2025, 2024, and 2023 is as follows:
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Statutory U.S. federal income tax rate | $ | 329.0 |  |  | 21.0 | % |  | $ | 227.6 |  |  | 21.0 | % |  | $ | 220.0 |  |  | 21.0 | %
Impact of federal, state, and local tax law and rate changes, net (a) | 105.6 |  |  | 6.7 | % |  | 48.7 |  |  | 4.5 | % |  | 45.2 |  |  | 4.3 | %
Foreign tax effects | 0.2 |  |  | — | % |  | 1.2 |  |  | 0.1 | % |  | — |  |  | — | %
Effect of changes in tax laws or rates | 12.6 |  |  | 0.8 | % |  | 1.0 |  |  | 0.1 | % |  | — |  |  | — | %
Effect of cross-border tax laws | (6.9) |  |  | (0.4) | % |  | (4.9) |  |  | (0.4) | % |  | (4.7) |  |  | (0.4) | %
Tax credits | (1.1) |  |  | (0.1) | % |  | (1.0) |  |  | (0.1) | % |  | (1.6) |  |  | (0.2) | %
Valuation allowances | 5.1 |  |  | 0.3 | % |  | 4.8 |  |  | 0.4 | % |  | (5.1) |  |  | (0.5) | %
Nontaxable or nondeductible items | 7.6 |  |  | 0.5 | % |  | 8.1 |  |  | 0.7 | % |  | 0.9 |  |  | 0.1 | %
Changes in unrecognized tax benefits | 21.1 |  |  | 1.3 | % |  | 42.4 |  |  | 3.9 | % |  | 30.8 |  |  | 2.9 | %
Other adjustments | (6.6) |  |  | (0.3) | % |  | (9.0) |  |  | (0.8) | % |  | 0.7 |  |  | 0.1 | %
Effective tax rate | $ | 466.6 |  |  | 29.8 | % |  | $ | 318.9 |  |  | 29.4 | % |  | $ | 286.2 |  |  | 27.3 | %
__________________________________________________________ (a) State taxes in Illinois, New York State, and New York City made up the majority of the tax effect of this category.
Schedule of reconciliation of beginning and ending unrecognized tax benefits | A reconciliation of the beginning and ending unrecognized tax benefits, excluding interest and penalties, is as follows (in millions):
| 2025 |  | 2024 |  | 2023
Balance as of January 1 | $ | 219.1 |  |  | $ | 237.5 |  |  | $ | 212.1 |
Gross increases related to prior year tax positions | 13.5 |  |  | 0.2 |  |  | — |
Gross decreases related to prior year tax positions | (12.4) |  |  | (3.1) |  |  | (1.5) |
Gross increases related to current year tax positions | 1.7 |  |  | 34.4 |  |  | 31.1 |
Settlements | (0.6) |  |  | (49.9) |  |  | (2.5) |
Lapse of statute of limitations | — |  |  | — |  |  | (1.7) |
Balance as of December 31 | $ | 221.3 |  |  | $ | 219.1 |  |  | $ | 237.5 |
Schedule of tax years currently under audit or remain open and subject to examination by the tax authorities | The following table summarizes the tax years that are either currently under audit or remain open and subject to examination by the tax authorities in the most significant jurisdictions in which Cboe operates:
U.S. Federal | 2022-2025
California | 2017-2025
Illinois | 2022-2025
New York | 2015-2025
New York City | 2015-2025
Pennsylvania | 2021-2024
United Kingdom | 2022-2025
Netherlands | 2019-2025

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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- Definition Tabular disclosure of income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-15 + Details
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