Direct Answer
Cboe Global Markets reports revenue across 5 business segments in its fiscal 2025 Form 10-K. Options is the largest, with $2.4 billion of revenue (52% of the total), followed by North American Equities at $1.7 billion (35%).
How Does Cboe Global Markets Make Money?
No single line supplies a majority of revenue: the largest, Options, is 52%, which spreads Cboe Global Markets's exposure across several demand drivers. Between fiscal 2024 and 2025, Options grew fastest (+21.5%) and Futures slowest (-3.7%), so the revenue mix tilts toward Options while that gap lasts.
| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
|---|---|---|---|---|
| Options | $2.4 billion | $2.0 billion | 51.6% | 21.5% |
| North American Equities | $1.7 billion | $1.5 billion | 35.5% | 8.1% |
| Europe and Asia Pacific | $379 million | $324 million | 8.0% | 16.8% |
| Futures | $136 million | $141 million | 2.9% | -3.7% |
| Global FX | $94 million | $80 million | 2.0% | 17.4% |
Which Cboe Global Markets Segments Earn the Most?
| Segment | FY2025 segment operating income | Segment margin |
|---|---|---|
| Options | $1.1 billion | 45.7% |
| North American Equities | $188 million | 11.2% |
| Europe and Asia Pacific | $54 million | 14.2% |
| Futures | $74 million | 54.4% |
| Global FX | $46 million | 49.0% |
Segment operating income is the profit measure Cboe Global Markets reports to its chief operating decision maker for each segment. It usually leaves out corporate costs that are not allocated to a segment, so the segments usually add up to more than consolidated operating income, and margins are comparable within Cboe Global Markets more safely than against another company.
What the Segment Figures Do Not Show
The rows above add up to 100% of Cboe Global Markets's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.
Where These Numbers Come From
Every figure on this page is a value Cboe Global Markets reported in the segment note and revenue disclosures of its Form 10-K filed February 20, 2026 (accession 0001628280-26-010013), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.
Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.
Frequently Asked Questions
What are Cboe Global Markets's business segments?
In its fiscal 2025 Form 10-K, Cboe Global Markets reports revenue for Options, North American Equities, Europe and Asia Pacific, Futures and Global FX.
Which part of Cboe Global Markets brings in the most revenue?
Options, with $2.4 billion of revenue in fiscal 2025, or 52% of the total.
Where does Cboe Global Markets report its segment results?
In the segment note to the financial statements in its Form 10-K, most recently filed February 20, 2026, alongside management's discussion of each segment's results.