Cboe Global Markets Posts Higher Profitability on Both Quarterly and Year-to-Date Windows

Bottom line

, the issuer identified by the filing metadata reproduced at the end of this paragraph, closed both reporting windows captured in this Quarterly Report with profits on every profitability dimension the statement of operations discloses, with each profit category larger than the corresponding prior-year comparative. 23 per diluted share USD/SHARES recorded for the three months ended June 30, 2025, and Net Income (Loss) Attributable to Parent of $353,100,000 USD, higher than the $235,100,000 USD recorded for that earlier quarter, and Operating Income (Loss) of $476,000,000 USD, higher than the $339,100,000 USD recorded for the three months ended June 30, 2025.

Each line carries a profit-to-profit transition, with no quarterly line flipping to a loss. - The six-month year-to-date reporting window shows the same pattern. 6 per diluted share USD/SHARES recorded for the six months ended June 30, 2025.

Net Income (Loss) Attributable to Parent was $738,800,000 USD for the six-month period, higher than the $485,700,000 USD recorded for the six months ended June 30, 2025, and Operating Income (Loss) was $981,600,000 USD for the half year, higher than the $693,000,000 USD recorded for the prior-year comparative. The transition in each case is profit to profit. The filing evidence does not attribute this change to any single cause.

S. S. equities, Europe and Asia Pacific, futures, global FX, and digital segments, with the glossary noting that "Exchanges" refers collectively to Cboe Options, BZX, BYX, EDGX, and EDGA and that "Cboe Data Vantage" refers to the data business subsequently referred to throughout the document as Data Vantage.

The narrative quotes the standard forward-looking-statements caution and points readers to the "Risk Factors" discussion in Item 1A for known and unknown risks, but it does not isolate a single driver for the reported gains. The filing evidence does not attribute this change to any single cause. - Analyst inference grounded in the authorized comparisons is limited to the direction already pre-authorized for this filing: every profit line above is authorized to be described as higher than the prior-year comparative, with no authorized decrease on any of these dimensions.

The filing evidence contains no peer or industry comparison. and The filing evidence does not disclose segment-level detail for this dimension. apply, so the analysis here cannot benchmark the print against peers or break the gains down by segment.

- Counter-evidence and unknowns worth flagging for later sections: the filing does not disclose the company-wide revenue figure or any segment-level revenue or expense breakdown at the level of this section's catalog, so the headline conclusion here rests solely on the three profitability dimensions in the ledger. The numbering of the underlying notes in this section (such as the segment-reporting note referenced as Note 14 or the disclosure-controls discussions in Item 4) is not used to derive a numerical change in this section; those references are listed only so later sections can pull segment and cash-flow detail from the cited note.

Financial performance

- The interim report filed by Cboe Global Markets, Inc. under 10-Q for period-ended-2026-06-30 (accession 0001628280-26-051239, CIK 0001374310, ticker CBOE) presents two reporting windows alongside their prior-year comparatives: a three-month period covering the three months ended June 30, 2026 versus the three months ended June 30, 2025, and a six-month year-to-date window covering the six months ended June 30, 2026 versus the six months ended June 30, 2025. Both windows are presented on a GAAP basis as defined in the filing.

- Reported earnings power, on the figures disclosed, is summarized for each window as follows, with prior-year comparatives shown alongside the current periods. 23 per diluted share USD/SHARES for the three months ended June 30, 2025. The same window recorded Net Income (Loss) Attributable to Parent of $353,100,000 USD for the three months ended June 30, 2026, versus $235,100,000 USD for the three months ended June 30, 2025.

Operating Income (Loss) for the quarter was $476,000,000 USD for the three months ended June 30, 2026, against $339,100,000 USD for the three months ended June 30, 2025. 6 per diluted share USD/SHARES for the six months ended June 30, 2025. Net Income (Loss) Attributable to Parent was $738,800,000 USD for the six months ended June 30, 2026, versus $485,700,000 USD for the six months ended June 30, 2025.

Operating Income (Loss) for the half-year stood at $981,600,000 USD for the six months ended June 30, 2026, against $693,000,000 USD for the six months ended June 30, 2025. - On each of the six authorized year-over-year pairings supported by this filing, the change is in the upward direction: Earnings Per Share, Diluted is higher on both the quarter and half-year comparisons, Net Income (Loss) Attributable to Parent is higher on both windows, and Operating Income (Loss) is higher on both windows. All six transitions sit within a profit-to-profit profile, meaning the current and prior-year positions on every line were profits rather than losses; the report shows no quarter or half-year swing between profitability and a loss.

- The direction of movement is the only qualitative comparison the filing evidence supports for these dimensions. The filing does not, in the surfaced narrative, attribute the moves to any single cause, and Readers should treat causal interpretation accordingly. - For comparative perspective, The filing evidence contains no peer or industry comparison.

applies: the filing evidence contains no peer or industry comparison, so no external benchmark is established for these operating lines. - For segment-level color, The filing evidence does not disclose segment-level detail for this dimension. applies to these dimensions: the filing evidence does not disclose segment-level detail for earnings per share, net income attributable to parent, or operating income as presented in this section.

The filing references segment reporting under Note 14, but the disclosed metrics in scope for this section are reported only at the consolidated level. - The filing's forward-looking statements section reminds readers that any forward commentary, including any prospective read-through to subsequent periods, is subject to risks described under Item 1A and elsewhere in the report, and that actual results may differ materially from expectations. Within this report, no forward guidance figures are reproduced in the surfaced narrative, and this section confines itself strictly to the reported period-to-period comparisons above.

- The filing evidence does not attribute this change to any single cause.

Operating drivers and segments

The filing frames the business as five reportable segments — Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX — and states that this structure reflects how the Chief Operating Decision Maker reviews and operates the business. Segment-level revenue and expense detail is presented in the cited segment-reporting note, which the filing points readers to for additional information. The consolidated income-statement evidence available for this section is limited to Operating Income (Loss) at the company level, so segment-by-segment margin movement cannot be independently assessed from the facts alone. Reported operating income for the three-month reporting period (the three months ended June 30, 2026) was $476,000,000, compared with $339,100,000 for the three months ended June 30, 2025, and operating income for the six-month year-to-date period (the six months ended June 30, 2026) was $981,600,000, compared with $693,000,000 for the six months ended June 30, 2025. On both windows, the authorized direction is an increase from a prior-year profit to a higher current profit, which marks the transition as profit-to-profit. The filing itself does not disaggregate which segment drove the consolidated operating-income improvement, and the cited note is the only reference path in the catalog that points directly to segment reporting. No reconciliation between segment contribution and the reported consolidated figure is provided inside the extracted evidence.

Management explains the segment structure as “reflective of how the Company's Chief Operating Decision Maker (‘CODM’) reviews and operates the business,” and it directs readers to Note 14 for further segment information. The cautionary language around industry data — published surveys, governmental reports, and internal company surveys that are described as not independently verified and subject to change — sits inside the same definitional preamble and qualifies any market-share or market-position claims that may accompany the segment narrative. The forward-looking statements section signals that forward-looking words such as “may,” “expect,” “plan,” “anticipate,” “estimate,” and “predict” carry private-securities-litigation-reform-act risk language, which limits how much weight should be placed on prospective framing in any segment commentary extracted elsewhere in the filing.

Readers comparing Cboe Global Markets, Inc.'s interim-filing operating-income profile against peers can pair this section with a recent profit-to-profit example such as UFP TECHNOLOGIES INC Interim Filing: Profit-to-Profit Growth on Both Windows to see how a comparable profit-to-profit transition reads in another interim filing. For a different segment mix that also posted higher revenue and net income against its prior-year comparative, REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in period-ended-2026-06-30 Filing offers an external reference point. Counter-evidence on segment drivers within this filing is limited: the segment-reporting note is referenced but its contents are not extracted in the material, so any claim about Options, North American Equities, Europe and Asia Pacific, Futures, or Global FX individually outperforming or underperforming would exceed what the filing evidence supports. Unknowns that remain after reading this section include the split of operating income across the five segments, the change in segment-level expense ratios, and any volume-versus-rate decomposition inside Options and Futures; the rest is left for the segment note itself. The filing evidence does not attribute this change to any single cause. The filing evidence contains no peer or industry comparison.

Cash flow and capital

- For the six-month year-to-date window, net cash provided by operating activities was $1,456,800,000 USD, higher than the prior-year comparative of $1,246,600,000 USD; the authorized transition is positive to positive, and the authorized direction is higher than the prior period. The filing evidence does not attribute this change to any single cause. - Net cash used in investing activities was -$124,600,000 USD, higher than the prior-year comparative outflow of -$136,600,000 USD; both sides are negative, and the authorized direction is higher (a smaller outflow) than the prior period.

The filing evidence does not attribute this change to any single cause. - Net cash used in financing activities was -$251,800,000 USD, lower than the prior-year comparative outflow of -$218,300,000 USD; both sides are negative, and the authorized direction is lower than the prior period. The filing evidence does not attribute this change to any single cause.

- Within financing, payments for repurchase of common stock were $75,300,000 USD, higher than the prior-year comparative of $66,700,000 USD; the authorized direction is higher than the prior period. The filing evidence does not attribute this change to any single cause. - Payments of ordinary dividends on common stock were $151,500,000 USD, higher than the prior-year comparative of $132,800,000 USD; the authorized direction is higher than the prior period.

The filing evidence does not attribute this change to any single cause. - Reported facts on the balance sheet as of the balance sheet date of June 30, 2026: cash and cash equivalents, at carrying value, were $2,276,200,000 USD; accounts payable, current, were $16,300,000 USD; accounts payable and accrued liabilities, current, were $389,100,000 USD; long-term debt, excluding current maturities, was $794,200,000 USD. The forward-looking statement cautions in Item 1A flag that debt covenants and the maintenance of an investment-grade rating can constrain returns of capital, but no causal link to the specific balances is stated.

- Management explanations: the Form 10-Q for period-ended-2026-06-30 (accession 0001628280-26-051239, CIK 0001374310, ticker CBOE) describes Cboe Global Markets, Inc. ) as a multi-asset marketplace operator whose cash generation supports both organic reinvestment and capital returns; the narrative in the MD&A frames share repurchases and ordinary dividends as ongoing components of capital allocation, while the balance-sheet figures reported above are the cited working-capital and debt anchors. - Analyst inference: the year-over-year pattern shows operating cash conversion improving while the financing outflow narrowed, which is consistent with elevated share repurchases and dividends absorbing more of the cash returned to providers of capital; long-term debt remained on the books alongside the current liabilities listed, leaving the company funded for continued returns of capital absent the offsetting working-capital build.

No segment split of the cash flow statement is provided. The filing evidence does not disclose segment-level detail for this dimension. - Counter-evidence or boundary checks: the investing line moved in the authorized direction (higher / smaller outflow than the prior period) even as financing absorbed more, so the improvement in operating cash is what funds the larger return-of-capital mix; the filing evidence does not, however, connect any single driver to the change in any line, and there is no peer benchmark in the filing.

The filing evidence contains no peer or industry comparison. The filing evidence does not attribute this change to any single cause. - For context on how intermediate cash-flow timing can be assessed alongside such a filing, see the broader Lizely Finance earnings commentary, for example Lizely Finance Earnings Analysis — ANI Pharmaceuticals Interim Filing: Profit-to-Profit Growth on Both Windows.

- Unknowns not addressed by the filing evidence: a breakdown of the financing outflow between debt service, repurchases, dividends, and other items beyond the two lines reported above, and any segment-level cash-flow attribution. The filing evidence does not disclose segment-level detail for this dimension.

Peer and historical context

The half-year and three-month readings both moved in the same direction as the prior-year windows for every profitability and cash-flow metric the filing surfaces. Net Income (Loss) Attributable to Parent on the year-to-date period is reported as $738,800,000 USD, versus $485,700,000 USD for the six months ended June 30, 2025 — a profit-to-profit increase. The same profit-to-profit increase shows up on the shorter window: $353,100,000 USD for the three months ended June 30, 2026 is higher than $235,100,000 USD for the three months ended June 30, 2025. Operating Income (Loss) tracks the same pattern. The year-to-date operating result of $981,600,000 USD is higher than the $693,000,000 USD recorded a year earlier, and the quarterly operating result of $476,000,000 USD is higher than $339,100,000 USD. Operating cash flow is also higher: $1,456,800,000 USD for the six months ended June 30, 2026 exceeds the $1,246,600,000 USD reported for the six months ended June 30, 2025. Read together, the year-to-date and three-month windows agree that the top-of-the-house profitability and the cash it produces both expanded relative to the prior year, and the quarter is consistent with — not diverging from — the half-year trajectory. The filing evidence does not separate this result from peer performance or from broader industry trading volumes. The filing evidence contains no peer or industry comparison.. Without a comparable set of exchange-operator or market-infrastructure peers in the record, the historical comparison above is limited to the company's own prior-year windows; any read-across to other listed exchange operators would have to be sourced outside this filing. The filing evidence does not attribute this change to any single cause.. The filing also does not break out which business lines — options, equities, FX, or the European clearinghouse referenced in the company description — drove the year-over-year lift, so the historical comparison is at the consolidated level only. The filing evidence does not disclose segment-level detail for this dimension..

<prose> A year-over-year view of Cboe Global Markets, Inc.'s 10-Q for period-ended-2026-06-30 (accession 0001628280-26-051239, CIK 0001374310, ticker CBOE) shows profit-to-profit growth on both the three-month and six-month windows, with operating cash flow also expanding on the year-to-date basis. The half-year comparison is the cleaner read: net income attributable to parent, operating income, and net cash provided by operating activities each print higher than the prior-year comparative, so the consolidated P&L and the cash it generated both moved the same way. The quarter repeats the pattern, indicating that the year-to-date lift is not being propped up by an unusually weak comparison in the first half — the most recent three months also improved. Historical context inside the filing reinforces that the company's footprint spans derivatives, U.S. and European equities, FX, and pan-European equities clearing, while a sale process for the Australian and Canadian businesses was announced during the period; the historical comparison above is unaffected by those moves because they are not yet reflected in the reported figures. For readers who want a peer-style reference point, the closest comparable Lizely Finance write-ups on adjacent filings — such as Broadcom Posts Higher Revenue, Operating Income, and Diluted EPS Year-Over-Year in Filing or Reinsurance Group of America Posts Higher Revenue and Net Income in Filing — sit outside this peer set and are not a substitute for exchange-operator comparables, which the filing evidence does not contain.

Scenario analysis

The base case rests on the period-over-period improvement already reported in Cboe Global Markets, Inc.'s interim filing for period-ended-2026-06-30 under accession 0001628280-26-051239. Net Income (Loss) Attributable to Parent for the six-month year-to-date window of the six months ended June 30, 2026 was $738,800,000 USD, higher than the prior-year comparative of $485,700,000 USD for the six months ended June 30, 2025. On a three-month basis, the comparable figure of $353,100,000 USD for the three months ended June 30, 2026 likewise exceeded the prior-year level of $235,100,000 USD for the three months ended June 30, 2025. Both authorized transitions are profit-to-profit, and the authorized direction in each window is increase. The base scenario therefore carries forward the existing improvement in the consolidated net result as the central expectation, without assuming any new inflection in revenue mix, expense ratio, or non-operating items.

The narrative anchors that base against the disclosure that the Company is marketing Cboe Australia and Cboe Canada for sale under a definitive agreement with TMX Group Limited, subject to customary closing conditions and applicable regulatory approvals. Each divestiture is expected to close separately once its approvals are obtained, with limited transition services support afterward. Under the base case, both transactions progress on their disclosed regulatory timetable, the Company continues to operate its five reportable segments (Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX), and no segment experiences a change that materially distorts the consolidated net result beyond what the cataloged period values already reflect. Recent accounting pronouncements adopted and issued-but-not-yet-adopted are not expected to have a material impact under this scenario.

The upside case assumes the prior-year-to-current direction of increase in Net Income (Loss) Attributable to Parent widens further from the already-higher levels captured in $738,800,000 and $353,100,000 relative to their $485,700,000 and $235,100,000 comparatives. Because the authorized transition is profit-to-profit on both the three-month and six-month windows, the upside is framed as an extension of the same direction rather than a recovery from a loss. The Cboe Australia and Cboe Canada sales to TMX Group Limited close in sequence as regulatory approvals are received, sharpening the disclosed strategic focus and freeing the Company to reallocate resources toward the remaining five reportable segments. Adoption of the referenced credit-losses standard and the issued environmental-credits standard proceed without surprising policy effects, consistent with the cited note indicating no material impact at adoption.

The downside case holds the authorized direction of increase but contemplates a narrower gap, with Net Income (Loss) Attributable to Parent in the six months ended June 30, 2026 and the three months ended June 30, 2026 still above the six months ended June 30, 2025 and the three months ended June 30, 2025 respectively, while remaining lower than the base-case trajectory. The profit-to-profit transition remains intact, so the downside is a moderation rather than a reversal. Risks include delays in the regulatory approvals needed to close the Cboe Australia and Cboe Canada transactions, transition-services friction during the post-close window, or shifts inside the five reportable segments that compress the consolidated result. The filing evidence does not attribute this change to any single cause.

Risks and what to watch

Reported facts for Cboe Global Markets, Inc. in this 10-Q covering the three months ended June 30, 2026 and the six months ended June 30, 2026 show net income attributable to parent of $353,100,000 and $738,800,000, against prior-year comparatives of $235,100,000 and $485,700,000. Both windows register a profit-to-profit transition with year-over-year increases on the authorized dimensions; the underlying drivers are not isolated in the quoted text.

Management explanation: the segment narrative restates that Cboe Global Markets, Inc. operates five reportable segments — Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX — and notes that the CODM reviews the business along these lines. Management also confirms no material changes to significant accounting policies, that the adopted credit-losses standard had no material impact, and that the environmental-credits standard is under review for a later fiscal year. No management commentary in the quoted evidence directly explains the quarter or half-year movement in net income.

Analyst inference: the filing supports only the authorized direction that both windows grew year-over-year on a profit base; it does not quantify the contribution of any single segment, fee line, or expense category to that growth. Readers wanting segment-level cause attribution would need to consult the cited segment reporting note referenced as Note 14 and the fee disclosures referenced as Section 31, which the quoted text points to but does not reproduce.

Counter-evidence and balance-sheet considerations: the quoted excerpt does not contain revenue, operating expense, tax, or cash-flow lines, so any softening or offsetting pressure that would contradict the net income growth direction cannot be observed here. The interim filing does not present a restated prior period, an impairment, or a discontinued-operations adjustment in the quoted text, and no contingency, legal-proceeding update, or risk-factor change is reproduced from Item 1A or Item 1 within this section's evidence. The filing evidence does not attribute this change to any single cause.

Unknowns not covered by this filing's evidence include: revenue mix across the five segments, the contribution of non-transaction recurring revenues, share-repurchase volume versus the prior year (the authorized direction for common stock repurchase payments is higher year-over-year but no commentary explains pacing), dividend payment trajectory (the authorized direction is also higher year-over-year), tax-rate movement, foreign-exchange impact on the Europe and Asia Pacific and Global FX segments, and any effect from the recent-adopted or not-yet-adopted accounting updates on future reported results. Peer benchmarking is also unavailable because The filing evidence contains no peer or industry comparison.

Metrics to watch in the next reporting period include: continued direction and magnitude of net income growth on both windows, the cadence of buybacks under the share-repurchase authorization referenced near Item 2, any new disclosure under Item 3 about market-risk exposures that could affect transaction-based revenue, any update under Item 4 on legal proceedings or controls, and any new risk-factor language under Item 1A. Exhibit changes captured by Item 5 and Item 6 should also be reviewed for governance or capital-structure shifts that could alter the earnings trajectory. Readers comparing interim profitability stories can cross-check the Lizely Finance Earnings Analysis — UFP TECHNOLOGIES INC Interim Filing: Profit-to-Profit Growth on Both Windows for a parallel profit-to-profit pattern across a different issuer.