Cboe Global Markets reports $1.36 billion revenue for Q3 2026

Cover page 4 changes

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For the quarterly period ended June September 30, 2026

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433 West Van Buren Street , Suite 700S , Chicago , Illinois

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Class October 23, 2026

Common Stock, par value $0.01 per share 104,431,019 104,330,235 shares

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Financial Statements (unaudited) 5 changes

Condensed Consolidated Balance Sheets As of June 3 0 , September 30, 2026 and December 31, 202 5 2025

Condensed Consolidated Statements of Income Three and Six Nine Months Ended June 3 0 , September 30, 2026 and 2025

Condensed Consolidated Statements of Comprehensive Income Three and Six Nine Months Ended June 3 0 , September 30, 2026 and 2025

Condensed Consolidated Statements of Changes in Stockholders Equity Three and Six Nine Months Ended June 3 0 , September 30, 2026 and 20 25 2025

Condensed Consolidated Statements of Cash Flows Six Nine Months Ended June 3 0 , September 30, 2026 and 2025

Exhibits 2 changes

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Cboe Australia refers to Cboe Australia Pty Ltd., formerly a wholly-owned subsidiary of Cboe Global Markets, Inc.

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Cboe , Cboe Global Markets , Cboe Volatility Index , Cboe Clear , Cboe Datashop , Cboe Digital , Cboe Futures Exchange , CFE , Cboe Hanweck , Cboe LIS , Bats , BIDS Trading , BYX , BZX , EDGA , EDGX , Hybrid , Life is Better with Options , LiveVol , MATCHNow , NANO , Options Institute , Silexx , VIX , VIX1D , and XSP are registered trademarks, and Cboe BIDS Europe SM , C2 SM , Cboe Data Vantage SM , Cboe Titanium SM , Cboe Ti SM , Cboe Plus SM , Cboe Predicts SM , Dedicated Cores SM , Mag 10 SM and Magnificent 10 SM are service marks of Cboe Global Markets, Inc. and its subsidiaries. Standard & Poor's , S&P , S&P 100 , S&P 500 and SPX are registered trademarks and DSPX SM is a service mark of Standard & Poor's Financial Services LLC and have been licensed for use by Cboe Exchange, Inc. Dow Jones , Dow Jones Industrial Average , DJIA and Dow Jones Indices are registered trademarks or service marks of Dow Jones Trademark Holdings, LLC, used under license. Russell and the Russell index names are registered trademarks of Frank Russell Company, used under license. FTSE and the FTSE indices are trademarks and service marks of FTSE International Limited, used under license. All other trademarks and service marks are the property of their respective owners.

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Financial statements 204 changes

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Financial investments 114.5 36.1

Investments 40.6 32.4

Total assets $ 10,609.3 $ 9,305.3

Cash and cash equivalents $ 2,276.2 2,662.6 $ 2,216.5

Financial investments 41.2 36.1

Accounts receivable, net of $ 5.4 5.5 allowance for credit losses at June September 30, 2026 and $ 6.8 at December 31, 2025

Margin deposits, default fund, and interoperability fund 2,542.3 2,992.6 1,618.2

Income taxes receivable 76.9 97.5 67.9

Assets held for sale 261.0 169.6

Other current assets (includes restricted cash of $ 28.4 at June September 30, 2026 and $ 34.1 at December 31, 2025)

Total current assets 5,926.8 6,567.0 4,421.4

Investments 39.1 32.4

Property and equipment, net 136.7 145.7 133.1

Operating lease right of use assets 101.6 100.1 111.0

Goodwill 3,047.6 3,048.2 3,150.5

Intangible assets, net 1,184.0 1,168.8 1,297.2

Other assets, net 172.0 157.7 159.7

Total assets $ 11,226.6 $ 9,305.3

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Deferred revenue 13.0 6.9

Total liabilities 4,983.5 4,167.0

Accounts payable and accrued liabilities $ 389.1 377.7 $ 686.9

Current portion of long-term debt 649.6 649.8

Section 31 fees payable 155.5 46.9 0.2

Deferred revenue 12.5 6.9

Margin deposits, default fund, and interoperability fund 2,542.3 2,992.6 1,618.2

Income taxes payable 5.3 0.8 50.1

Liabilities held for sale 31.7 10.5

Total current liabilities 3,786.5 4,090.8 2,362.3

Long-term debt 794.2 794.5 1,442.9

Non-current unrecognized tax benefits 23.4 24.9 15.8

Deferred income taxes 224.7 237.1 185.3

Non-current operating lease liabilities 111.5 108.0 120.9

Other non-current liabilities 43.2 44.8 39.8

Total liabilities 5,300.1 4,167.0

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Preferred stock, $ 0.01 par value: 20,000,000 shares authorized, no shares issued and outstanding at June September 30, 2026 and December 31, 2025

Common stock, $ 0.01 par value: 325,000,000 shares authorized, 104,944,263 104,971,941 and 104,554,843 104,374,451 shares issued and outstanding, respectively at June September 30, 2026 and 104,654,764 and 104,647,739 shares issued and outstanding, respectively at December 31, 2025

Common stock in treasury, at cost: 389,420 597,490 shares at June September 30, 2026 and 7,025 shares at December 31, 2025 ( 109.4 166.2 ) ( 1.5 )

Additional paid-in capital 1,598.5 1,617.9 1,565.1

Retained earnings 4,131.0 4,469.0 3,543.6

Accumulated other comprehensive income, net 4.7 4.8 30.1

Total stockholders equity 5,625.8 5,926.5 5,138.3

Total liabilities and stockholders equity $ 10,609.3 11,226.6 $ 9,305.3

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June 30, Six Months Ended

Cash and spot markets $ 580.3 $ 487.6 $ 1,062.5 $ 988.5

Data Vantage 181.6 158.3 362.9 310.8

Derivatives markets 680.9 527.6 1,290.2 1,069.2

Total revenues 1,442.8 1,173.5 2,715.6 2,368.5

Liquidity payments 453.7 418.0 899.8 812.8

Routing and clearing 20.8 20.7 40.8 40.3

Royalty fees and other cost of revenues 82.8 62.2 160.6 124.5

Total cost of revenues 711.2 586.2 1,255.1 1,216.0

Revenues less cost of revenues 731.6 587.3 1,460.5 1,152.5

Compensation and benefits 154.7 127.9 282.6 244.1

Depreciation and amortization 28.1 29.9 57.6 60.2

Technology support services 26.2 26.7 53.8 52.3

Professional fees and outside services 22.4 24.8 40.7 45.6

Travel and promotional expenses 13.2 8.2 21.2 14.6

Facilities costs 6.1 7.0 12.3 13.2

Impairment of assets 17.1 17.1

Other expenses 4.9 6.6 10.7 12.2

Total operating expenses 255.6 248.2 478.9 459.5

Operating income 476.0 339.1 981.6 693.0

September 30, Nine Months Ended

Cash and spot markets $ 511.3 $ 415.0 $ 1,573.8 $ 1,403.5

Data Vantage 182.6 162.1 545.5 472.9

Derivatives markets 664.9 564.6 1,955.1 1,633.8

Total revenues 1,358.8 1,141.7 4,074.4 3,510.2

Liquidity payments 403.8 453.3 1,303.6 1,266.1

Routing and clearing 19.2 20.0 60.0 60.3

Regulatory fees cost of revenues 153.9 85.3 153.9 143.9 297.8 238.4

Royalty fees and other cost of revenues 79.7 62.9 240.3 187.4

Total cost of revenues 646.6 536.2 1,901.7 1,752.2

Revenues less cost of revenues 712.2 605.5 2,172.7 1,758.0

Compensation and benefits 132.7 129.2 415.3 373.3

Depreciation and amortization 27.7 30.9 85.3 91.1

Technology support services 27.9 26.6 81.7 78.9

Professional fees and outside services 24.7 21.6 65.4 67.2

Travel and promotional expenses 8.4 12.0 29.6 26.6

Facilities costs 6.2 6.4 18.5 19.6

Acquisition-related costs 0.2 0.4

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and 124 more changes in the filing

Note 1: ORGANIZATION AND BASIS OF PRESENTATION 6 changes

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Cboe s subsidiaries include the largest options exchange and the third largest equities exchange operator in the U.S. In addition, the Company operates Cboe Europe Equities (Cboe Europe and Cboe NL equities exchanges), one of the largest equities exchanges by value traded in Europe, and owns Cboe Clear Europe, a leading pan-European equities clearinghouse, BIDS Holdings, which owns a leading block-trading ATS by volume in the U.S. and provides block-trading services with Cboe market operators in Europe and Canada, Cboe Australia, an operator of a regulated stock exchange in Australia, Cboe Clear U.S., an operator of a regulated clearinghouse, and Cboe Canada, a recognized Canadian securities exchange, and Cboe Australia (sold as of July 31, 2026). Cboe subsidiaries also serve collectively as a leading market globally for exchange-traded products ( ETPs ) listings and trading.

The Company is headquartered in Chicago with offices in Amsterdam, Belfast, Hong Kong, Kansas City, London, Manila, New York, Washington D.C., Singapore, Sydney, Tokyo, and Toronto.

In October 2025, the Company announced the decision to market Cboe Australia and Cboe Canada for sale. On April 20, 2026, the Company s Executive Committee of the Board of Directors approved the sale of Cboe Australia and Cboe Canada to a single buyer. On April 22, 2026, the Company announced a definitive agreement to sell its Cboe Australia and Cboe Canada businesses to TMX Group Limited ( TMX ), a leading market operator, for approximately $ 300 million. The transaction is subject to customary closing conditions, including applicable regulatory approvals. The sales sale of Cboe Australia closed on July 31, 2026, and the sale of Cboe Canada are is expected to close separately, each after required approvals have been obtained. The Company expects the sale of Cboe Australia to close in the third quarter of 2026. Upon closing, the Company will provide transition services support for a limited time.

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In July 2025, the FASB issued Accounting Standards Update ( ASU ) 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This ASU provides optional relief by providing entities with a practical expedient and private companies an accounting policy election when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. For public entities, the update is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2025. The Company adopted the update for the condensed consolidated financial statements issued for the three months ended March 31, 2026. As of June 30, 2026, the Company did not elect the practical expedient and the update's policy election for private companies is not applicable to the Company. Adoption of ASU 2025-05 does not have a material impact on the Company s condensed consolidated financial statements.

There were no other applicable material accounting pronouncements that have been adopted during the three and six nine month periods ended June September 30, 2026.

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There were no other recent applicable material accounting pronouncements that have been issued, but not yet adopted as of June September 30, 2026.

Note 2: REVENUE RECOGNITION 112 changes

The Company presents three financial statement revenue captions categories 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: categories:

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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, analytics and indices. 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 analytics and third-party 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. Index revenue also includes fees generated from product licenses tied to Cboe indices, primarily based upon assets under management. 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.

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Transaction and clearing fees $ 409.5 $ $ 626.3 $ 1,035.8

Market data fees 16.3 65.1 10.4 91.8

Regulatory fees 122.0 42.6 164.6

Other revenue 32.5 0.9 1.6 35.0

Three Months Ended June September 30, 2026

Transaction and clearing fees $ 356.1 $ $ 607.4 $ 963.5

Access and capacity fees 115.6 115.6 120.4 120.4

Market data fees 15.5 61.4 10.8 87.7

Regulatory fees 109.7 45.8 155.5

Other revenue 30.0 0.8 0.9 31.7

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Transaction and clearing fees $ 375.1 $ $ 492.6 $ 867.7

Market data fees 17.0 56.4 9.0 82.4

Regulatory fees 71.3 25.5 96.8

Other revenue 24.2 0.7 0.5 25.4

Three Months Ended June September 30, 2025

Transaction and clearing fees $ 377.0 $ $ 542.9 $ 919.9

Access and capacity fees 101.2 101.2 103.9 103.9

Market data fees 16.8 57.5 9.4 83.7

Regulatory fees 1.0 10.8 11.8

Other revenue 20.2 0.7 1.5 22.4

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Six Months Ended June 30, 2026

Transaction and clearing fees $ 846.4 $ $ 1,215.8 $ 2,062.2

Market data fees 32.0 132.2 19.4 183.6

Regulatory fees 122.3 52.7 175.0

Other revenue 61.8 1.9 2.3 66.0

Nine Months Ended September 30, 2026

Transaction and clearing fees $ 1,202.5 $ $ 1,823.2 $ 3,025.7

Access and capacity fees 228.8 228.8 349.2 349.2

Market data fees 47.5 193.6 30.2 271.3

Regulatory fees 232.0 98.5 330.5

Other revenue 91.8 2.7 3.2 97.7

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Six Months Ended June 30, 2025

Transaction and clearing fees $ 716.1 $ $ 984.2 $ 1,700.3

Market data fees 32.7 110.4 17.1 160.2

Regulatory fees 192.0 66.6 258.6

Other revenue 47.7 1.4 1.3 50.4

Nine Months Ended September 30, 2025

Transaction and clearing fees $ 1,093.1 $ $ 1,527.1 $ 2,620.2

Access and capacity fees 199.0 199.0 302.9 302.9

Market data fees 49.5 167.9 26.5 243.9

Regulatory fees 193.0 77.4 270.4

Other revenue 67.9 2.1 2.8 72.8

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Transaction and clearing fees $ 601.4 $ 321.3 $ 64.1 $ 24.7 $ 24.3 $ 1,035.8

Access and capacity fees 54.1 40.3 12.2 5.8 3.2 115.6

Market data fees 42.7 33.8 11.9 2.9 0.5 91.8

Regulatory fees 42.6 122.0 164.6

Other revenue 2.3 2.6 29.6 0.5 35.0

Three Months Ended June September 30, 2026

Transaction and clearing fees $ 585.1 $ 275.0 $ 56.5 $ 22.3 $ 24.6 $ 963.5

Access and capacity fees 58.7 41.5 11.1 5.9 3.2 120.4

Market data fees 42.3 33.1 9.2 2.6 0.5 87.7

Regulatory fees 45.8 109.7 155.5

Other revenue 1.5 2.9 26.6 0.1 0.6 31.7

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Services transferred at a point in time $ 646.3 $ 445.9 $ 93.7 $ 24.7 $ 24.8 $ 1,235.4

Services transferred over time 96.8 74.1 24.1 8.7 3.7 207.4

Transaction and clearing fees $ 468.3 $ 300.2 $ 54.0 $ 24.3 $ 20.9 $ 867.7

Access and capacity fees 45.3 35.6 11.9 5.7 2.7 101.2

Market data fees 35.6 32.8 11.1 2.4 0.5 82.4

Regulatory fees 25.4 71.3 0.1 96.8

Other revenue 1.2 1.9 22.0 0.3 25.4

Services transferred at a point in time $ 632.4 $ 387.6 $ 83.1 $ 22.4 $ 25.2 $ 1,150.7

Services transferred over time 101.0 74.6 20.3 8.5 3.7 208.1

Three Months Ended June September 30, 2025

Transaction and clearing fees $ 519.0 $ 305.1 $ 52.4 $ 23.8 $ 19.6 $ 919.9

Access and capacity fees 47.0 36.6 11.8 5.7 2.8 103.9

Market data fees 37.2 32.8 10.8 2.5 0.4 83.7

Regulatory fees 10.8 1.0 11.8

Other revenue 2.0 2.3 17.8 0.3 22.4

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Services transferred at a point in time $ 494.9 $ 373.4 $ 76.0 $ 24.4 $ 21.2 $ 989.9

Services transferred over time 80.9 68.4 23.0 8.1 3.2 183.6

Services transferred at a point in time $ 531.8 $ 308.4 $ 70.2 $ 23.8 $ 19.9 $ 954.1

Services transferred over time 84.2 69.4 22.6 8.2 3.2 187.6

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Six Months Ended June 30, 2026

Transaction and clearing fees $ 1,160.6 $ 663.3 $ 132.7 $ 55.0 $ 50.6 $ 2,062.2

Access and capacity fees 107.5 79.0 24.3 11.6 6.4 228.8

Market data fees 86.8 66.5 23.7 5.7 0.9 183.6

Regulatory fees 52.7 122.3 175.0

Other revenue 3.9 4.6 56.5 1.0 66.0

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Note 3: ACQUISITIONS AND STRATEGIC REALIGNMENT 52 changes

Acquisition-related costs relate to acquisitions and other strategic opportunities. The Company did not incur acquisition-related costs during the three and six nine months ended June September 30, 2026. The Company incurred $ 42.8 thousand 0.2 million and $ 0.2 0.4 million of acquisition-related costs during the three and six nine months ended June September 30, 2025, primarily related to compensation and professional fees. and other expenses. These acquisition-related expenses are included in acquisition-related costs in the condensed consolidated statements of income.

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Cboe Canada businesses to TMX, a leading market operator, for approximately $ 300 million. The transaction is subject to customary closing conditions, including applicable regulatory approvals. The sales sale of Cboe Australia closed on July 31, 2026, and the sale of Cboe Canada are is expected to close separately, each after required approvals have been obtained. The Company expects is providing transition services support to TMX for the sale of former Cboe Australia to close in the third quarter of 2026. business for a limited time. Upon closing, the Company will also provide transition services support for the Cboe Canada business for a limited time.

In April 2026, management concluded that the Company s Cboe Australia and Cboe Canada businesses met the accounting requirements to be classified as held for sale, but did not meet the criteria for discontinued operations. The Company has estimated the fair value of the Cboe Australia and Cboe Canada businesses upon classification as held for sale and concluded fair value exceeds the carrying value of the assets and liabilities. Amortization and depreciation for the assets have ceased and a portion of the respective reporting units' goodwill has been reallocated based on the relative fair values of Cboe Australia and Cboe Canada, and the remaining businesses within the Europe and Asia Pacific and North American Equities segments, respectively. The income tax effects of this transaction the Cboe Canada sale are still being evaluated by the Company and a reasonable estimate of these effects cannot be made at this time.

During the three and nine months ended September 30, 2026, the Company recorded a gain of $ 71.5 million in gain on divestiture, net, inclusive of a reclassification of a $ 0.6 million loss of foreign currency translation adjustments, in the condensed consolidated statements of income related to the sale of Cboe Australia within the Europe and Asia Pacific segment.

The following table summarizes the components of assets and liabilities held for sale related to the definitive agreement to sell its Cboe Canada business on the condensed consolidated balance sheet as of June September 30, 2026 (in millions):

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Cash and cash equivalents $ 70.3 57.4

Accounts receivable, net 9.0 4.4

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Property and equipment, net 2.0 0.5

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Other current assets (includes restricted cash of $ 6.1 )

Operating lease right of use assets 5.7 0.5

Other current assets 0.5

Other assets, net 0.2

Total assets held for sale $ 261.0 169.6

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Other current liabilities 0.1

Accounts payable and accrued liabilities $ 12.1 4.0

Deferred revenue 0.8 0.4

Income tax payable 1.4 1.7

Deferred income taxes 12.4 4.2

Non-current operating lease liabilities 4.9 0.2

Total liabilities held for sale $ 31.7 10.5

(1) This balance primarily consists of goodwill allocated to the North American Equities and Europe and Asia Pacific segments in the amounts of $ 60.9 million and $ 30.7 million, respectively. segment.

(2) This balance primarily consists of intangible assets, net allocated to the North American Equities and Europe and Asia Pacific segments in the amounts of $ 44.7 million and $ 30.4 million, respectively. segment.

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The Company estimates remaining costs of $ 13.0 7.7 million in compensation and benefits to be incurred as a result of these actions. The following table summarizes the pre-tax expenses related to strategic realignment in the condensed consolidated statements of income by segment for the three and six nine months ended June September 30, 2026 and 2025 (in millions):

Three Months Ended June September 30,

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Compensation and benefits $ 14.0 $ 3.4 $ 2.0 $ 1.4 $ 0.6 $ 0.3 $ 21.7

Technology support services 0.1 0.1

Other expenses ( 0.7 ) 0.1 ( 0.6 )

Total strategic realignment costs $ 15.7 $ 3.8 $ 1.6 $ 1.5 $ 0.7 $ 0.4 $ 23.7

Compensation and benefits $ 5.9 $ 2.1 $ 2.8 $ 0.5 $ 0.2 $ 1.5 $ 13.0

Professional fees and outside services 1.7 0.4 0.6 0.2 0.1 0.2 0.1 2.5 1.0 2.1

Other expenses 0.2 0.2

Total strategic realignment costs $ 6.7 $ 2.3 $ 3.0 $ 0.6 $ 0.2 $ 2.5 $ 15.3

Three Months Ended June September 30,

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Compensation and benefits $ $ $ $ 0.2 $ $ $ 0.2

Total strategic realignment costs $ $ $ $ 0.2 $ $ $ 0.2

Six months ended June 30,

Compensation and benefits $ $ $ 2.4 $ 0.1 $ $ $ 2.5

Total strategic realignment costs $ $ $ 2.4 $ 0.1 $ $ $ 2.5

Nine Months Ended September 30,

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Compensation and benefits $ 13.9 $ 3.7 $ 3.3 $ 1.4 $ 0.6 $ 0.4 $ 23.3

Compensation and benefits $ 19.8 $ 5.8 $ 6.1 $ 1.9 $ 0.8 $ 1.9 $ 36.3

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Professional fees and outside services 1.7 0.4 0.5 0.1 0.1 1.2 4.0

Total strategic realignment costs $ 15.6 $ 4.1 $ 5.1 $ 1.6 $ 0.7 $ 1.7 $ 28.8

Six months ended June 30,

Professional fees and outside services 2.3 0.6 0.7 0.2 0.1 2.2 6.1

Other expenses 0.2 ( 0.6 ) 0.1 0.1 ( 0.4 0.2 )

Total strategic realignment costs $ 22.3 $ 6.4 $ 8.1 $ 2.2 $ 0.9 $ 4.2 $ 44.1

Nine Months Ended September 30,

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Compensation and benefits $ $ $ $ 0.5 $ $ $ 0.5

Total strategic realignment costs $ $ $ $ 0.5 $ $ $ 0.5

Compensation and benefits $ $ $ 2.4 $ 0.6 $ $ $ 3.0

Total strategic realignment costs $ $ $ 2.4 $ 0.6 $ $ $ 3.0

Note 4: INVESTMENTS 10 changes

As of June September 30, 2026 and December 31, 2025, the Company s investments were comprised of the following (in millions):

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Investment in 7Ridge Investments 3 LP $ 1.5 $ 1.5

Total equity method investments 1.5 1.5

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Total investments $ 40.6 $ 32.4

Total investments $ 39.1 $ 32.4

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The Company s interest in the 7Ridge Fund is equal to the carrying value of the investment as of June 30, 2026, or $ 1.5 million, inclusive of the Company s share of 7Ridge Fund s profit or loss. The carrying value of the investment is included in investments within the condensed consolidated balance sheets. The Company s maximum loss exposure, in the unlikely event that all of the VIE s assets become worthless, is limited to the carrying value of the Company s investment.

The Company s investment in 7Ridge Investments 3 LP ( 7Ridge Fund ), as a limited partner, represents represented a nonconsolidated variable interest entity ( VIE ). The Company has determined that consolidation of the VIE is was not required as the Company is was not the primary beneficiary of the 7Ridge Fund, as it does did not have a controlling financial interest and lacks lacked the ability to unilaterally remove the general partner, 7Ridge Investments 3 GP Limited, direct material strategic decisions, or dissolve the entity (i.e., the Company does did not have unilateral substantive kick-out or liquidation rights).

In November 2025, Trading Technologies International, Inc. ( Trading Technologies ), which was wholly-owned by the 7Ridge Fund, was sold to a third party. In July 2026, the Company recorded a $ 1.9 million gain within earnings on investments, net in the condensed consolidated statements of income for the three and nine months ended September 30, 2026 related to the final distribution from the Company's investment in the 7Ridge Fund.

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During the period ended June 30, 2026, other equity investments totaling $ 0.2 million were reclassified as assets held for sale as a result of the Company's definitive agreement to sell Cboe Australia and Cboe Canada.

In the second quarter of 2026, the Company's minority equity ownership interest in Eris Innovations Holdings, LLC ( Eris Innovations ) increased by $ 9.5 million as a result of Eris Innovations' latest investment round, which the Company did not participate in. The Company recognized a $ 9.5 million gain within earnings (loss) on investments, net in the condensed consolidated statements of income for the three and six months ended June 30, 2026.

Note 5: PROPERTY AND EQUIPMENT, NET 8 changes

Property and equipment, net consisted of the following as of June September 30, 2026 and December 31, 2025 (in millions):

Construction in progress $ 6.0 8.2 $ 1.6

Furniture, equipment, and leasehold improvements 351.5 369.4 347.9

Total property and equipment 357.5 377.6 349.5

Less accumulated depreciation ( 220.8 231.9 ) ( 216.4 )

Property and equipment, net $ 136.7 145.7 $ 133.1

Depreciation expense using the straight-line method was $ 11.2 11.4 million and $ 10.2 11.4 million for the three months ended June September 30, 2026 and 2025, respectively, and $ 21.7 33.1 million and $ 19.6 31.0 million for the six nine months ended June September 30, 2026 and 2025, respectively.

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During the period ended June 30, 2026, property and equipment, net totaling $ 2.0 million was reclassified as assets held for sale as a result of the Company's definitive agreement to sell Cboe Australia and Cboe Canada.

Note 6: CREDIT LOSSES 7 changes

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On September 6, 2023, the SEC issued an order approving an amendment to the CAT Plan to implement a revised funding model ( CAT Funding Model ) for CATLLC to fund the CAT. The CAT Funding Model contemplated two categories of CAT fees calculated based on the executed equivalent shares of transactions in eligible securities: (i) CAT fees assessed by CATLLC to Industry Members who are CAT Executing Brokers (the brokers responsible for executing each side of the transaction) to recover a portion of historical CAT costs previously funded by monies loaned to CATLLC by the Plan Participants; and (ii) CAT fees assessed by CATLLC to CAT Executing Brokers and Plan Participants to fund prospective CAT costs. On October 17, 2023, Citadel Securities, LLC, and the American Securities Association filed a petition for review of the CAT Funding Model in the U.S. Court of Appeals for the 11th Circuit ( 11th Circuit ). The 11th Circuit vacated the CAT Funding Model order in July 2025. After the CAT Funding Model order was vacated and the 11th Circuit's order became effective at the end of November 2025, CATLLC could no longer collect the fees that it previously collected. However, on September 5, 2025, CATLLC filed with the SEC a proposed amendment to the CAT Plan to implement a revised funding model for CATLLC to fund the CAT ( Revised CAT Funding Model ). The SEC approved this proposal for the Revised CAT Funding Model on March 16, 2026, on a 2-year temporary basis ending March 31, 2028. The Plan Participants submitted rule filings to the SEC on behalf of CATLLC to begin collecting fees from Industry Members beginning with transaction transactions occurring as of May 1, 2026 to recoup historical costs and to cover prospective costs pursuant to the Revised CAT Funding Model. On March 25, 24, 2026, Citadel Securities, LLC and the American Securities Association filed a petition for review of the Revised CAT Funding Model in the 11th Circuit. If the Revised CAT Funding Model is vacated and there is no funding mechanism for CATLLC, the Plan Participants may incur additional significant costs related to the historical, current, and future funding of the implementation and operation of the CAT, and/or it may result in them not being able to collect on the promissory notes related to the funding of the implementation and operation of the CAT. On March 27, 2026, the SEC approved an amendment to the CAT Plan to implement certain cost savings measures, and the Company plans to continue to explore potential ways to reduce the costs of operating the CAT while maintaining core regulatory functions.

The allowance for notes receivable credit losses associated with the CAT is calculated using a methodology that is primarily based on the structure of the notes and various potential outcomes under the CAT Funding Model. During the three months ended September 30, 2026, the Company recorded an incremental reserve for credit losses of $ 14.0 million on its notes receivable from CATLLC, reflecting a change in the Company's assessment of the probability that CATLLC will recover certain historical costs. See Note 21 ( Commitments, Contingencies, and Guarantees ) for more information.

The following represents the changes in allowance for credit losses during the six nine months ended June September 30, 2026 (in millions):

2 unchanged paragraphs

Current period benefit of expected credit losses ( 0.7 ) ( 0.7 )

Current period provision (benefit) of expected credit losses 14.0 ( 0.6 ) 13.4

2 unchanged paragraphs

Balance at June 30, 2026 $ 30.1 $ 5.4 $ 35.5

Balance at September 30, 2026 $ 44.1 $ 5.5 $ 49.6

Note 7: OTHER ASSETS, NET 11 changes

Other assets, net consisted of the following as of June September 30, 2026 and December 31, 2025 (in millions):

Software development work in progress $ 36.1 39.2 $ 12.0

Data processing software 138.4 138.5 137.0

Less accumulated depreciation and amortization ( 106.1 107.9 ) ( 101.9 )

Data processing software, net 68.4 69.8 47.1

Long-term notes receivable, net (1) 94.8 76.6 102.1

Other assets (2) 8.8 11.3 10.5

Other assets, net $ 172.0 157.7 $ 159.7

(1) This balance primarily consists of the long-term notes receivable related to the CAT, net of allowance. Through the second third quarter of 2026, the Company reclassified $ 7.3 11.5 million of long-term notes receivable to other current assets within the condensed consolidated balance sheets, and recorded an incremental reserve related to the Company's notes receivable in connection with the funding of the Consolidated Audit Trail of $ 14.0 million to other expenses within the condensed consolidated statements of income. See Note 6 ("Credit Losses") for more information.

1 unchanged paragraph

Amortization expense related to data processing software was $ 2.3 2.2 million and $ 2.5 2.3 million for the three months ended June September 30, 2026 and 2025, respectively, and $ 4.6 6.8 million and $ 5.0 7.3 million for the six nine months ended June September 30, 2026 and 2025, respectively.

On July 23, 2025, the Company announced its decision to wind down Cboe's Japanese equities business, including the operations of its Cboe Japan proprietary trading system and Cboe BIDS Japan block trading platform. The Company suspended operations for these businesses on August 29, 2025, and formally closed these businesses following regulatory approval on March 23, 2026 to discontinue its Financial Instruments Business registration. As a result, the Company recorded an impairment charge of $ 2.7 million related to data processing software in the condensed consolidated statements of income for the three and nine months ended September 30, 2025.

1 unchanged paragraph

Note 8: GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD 24 changes

5 unchanged paragraphs

Changes in foreign currency exchange rates ( 5.7 5.5 ) ( 5.6 5.2 ) ( 11.3 10.7 )

Balance as of June September 30, 2026 $ 306.0 $ 1,931.5 1,931.7 $ 542.7 543.1 $ 267.4 $ 3,047.6 3,048.2 (1) The decrease in the North American Equities and Europe and Asia Pacific segments was a result of the Company's Cboe Canada Australia and Cboe Australia Canada businesses being classified as held for sale in connection with the definitive agreement to sell completed and pending sales of those businesses, respectively. See Note 3 ("Acquisitions and Strategic Realignment") for more information.

5 unchanged paragraphs

Amortization ( 2.9 ) ( 17.7 ) ( 6.5 ) ( 4.2 ) ( 31.3 )

Sales ( 0.1 ) ( 0.1 )

Amortization ( 4.3 ) ( 25.6 ) ( 9.2 ) ( 6.3 ) ( 45.4 )

Reclassified to assets held for sale (1) ( 44.7 ) ( 30.4 ) ( 75.1 )

Changes in foreign currency exchange rates ( 1.6 1.7 ) ( 4.8 4.6 ) ( 6.4 6.3 )

Impairment of assets ( 1.4 ) ( 1.4 )

Remeasurement to fair value ( 0.4 0.1 ) ( 0.4 0.1 )

Balance as of June September 30, 2026 $ 117.0 114.2 $ 760.2 752.4 $ 276.4 273.9 $ 30.4 28.3 $ 1,184.0 1,168.8 (1) The decrease in the North American Equities and Europe and Asia Pacific segments was a result of the Company's Cboe Canada Australia and Cboe Australia Canada businesses being classified as held for sale in connection with the definitive agreement to sell completed and pending sales of those businesses, respectively. See Note 3 ("Acquisitions and Strategic Realignment") for more information.

2 unchanged paragraphs

In the second quarter of 2026, the Company announced its decision to wind down its Trade Alert and FT Options operations. As a result, the Company recorded an impairment charge of $ 1.4 million to long-lived intangible assets for the three and nine months ended September 30, 2026 within the Options reporting unit.

For the three and six nine months ended June September 30, 2026 and 2025, amortization expense was $ 14.6 14.1 million and $ 17.2 million, respectively, and $ 31.3 45.4 million and $ 35.6 52.8 million, respectively. The estimated future amortization expense is $ 28.2 14.0 million for the remainder of 2026, $ 51.3 50.9 million for 2027, $ 45.9 45.5 million for 2028, $ 41.4 41.0 million for 2029, and $ 36.3 36.2 million for 2030.

Intangible assets have been allocated to specific reporting units for purposes of impairment testing - Options, North American Equities, Europe and Asia Pacific, and Global FX. No intangible assets have been allocated to the Futures segment. Indefinite-lived intangibles impairment testing is performed annually in the fiscal fourth quarter or more frequently if conditions exist that indicate that the asset may be impaired. The following tables present the categories of intangible assets by segment as of June September 30, 2026 and December 31, 2025 (in millions, except as stated):

June September 30, 2026 Weighted

Trading registrations and licenses $ 95.5 $ 572.7 572.8 $ 211.4 211.6 $ Indefinite

Customer relationships 46.6 359.9 170.3 170.5 140.0 11

Market data customer relationships 53.6 322.0 63.9 64.4 6 5

Technology 27.9 40.3 35.1 22.5 6 5

Trademarks and tradenames 12.9 8.7 7.6 2.5 1.2 4

1 unchanged paragraph

Accumulated amortization ( 119.5 ) ( 542.7 ) ( 206.8 ) ( 197.7 )

Accumulated amortization ( 118.1 ) ( 550.6 ) ( 209.7 ) ( 199.8 )

8 unchanged paragraphs

In October 2022, the Company, through its wholly-owned subsidiary Cboe Netherlands Services Company B.V., entered into a Data Provider Agreement with Pyth Data Association ( Pyth ) to create a data feed and begin publishing limited derived equities market data for certain symbols from EDGA on the Pyth Network, a decentralized financial market data distribution platform for aggregated data. In exchange, Pyth granted Cboe Netherlands Services Company B.V. 16,666,666 restricted PYTH tokens which unlock annually over a four-year period in equal tranches; the first tranche of PYTH tokens unlocked in May 2024 and the final tranche will unlock in May 2027. The PYTH tokens, which are included within intangible assets, net in the condensed consolidated balance sheets and digital assets held within the categories of intangible assets by segment tables above, are carried at fair value with remeasurements in fair value recognized within loss earnings on investments, net on the condensed consolidated statements of income.

The Company has earned additional PYTH tokens by continuing to provide data to the Pyth Network through various Pyth Reward Programs that have run since May 2023. During the three and six months ended June Through September 30, 2026, the Company did not sell any earned approximately 1,690,000 additional PYTH tokens but did remeasure via the tokens to fair value, resulting Pyth Reward Programs. In a $ 0.4 million loss within earnings (loss) on investments, net on the condensed consolidated statements of income. During August 2026, the three and six months Company ended June 30, 2025, its contribution of market data to the Company sold 3.0 million and 4.2 million Pyth tokens, respectively, and recognized a $ 0.3 million Network and $ 0.6 million gain, respectively, within earnings (loss) on investments, net on the condensed consolidated statements of income. Through June 30, 2026, the Company earned approximately 1,590,000 does not expect to earn additional PYTH tokens via under the Pyth Reward Programs after the period ended September 30, 2026. The Company recorded additional intangible assets and immaterial revenue based on the token's fair value when earned.

During the three and nine months ended September 30, 2026, the Company recognized a $ 0.2 million gain and $ 0.1 million loss, respectively, within earnings on investments, net on the condensed consolidated statements of income. During the three and nine months ended September 30, 2025, the Company recognized a $ 0.4 million and $ 1.0 million gain, respectively, within earnings on investments, net on the condensed consolidated statements of income.

Note 9: ACCOUNTS PAYABLE AND ACCRUED LIABILITIES 12 changes

Accrued liabilities 64.6 56.6

Rebates payable 120.7 85.2

During the period ended June 30, 2026, accounts payable and accrued liabilities totaling $ 12.1 million were reclassified as liabilities held for sale as a result of the Company's definitive agreement to sell Cboe Australia and Cboe Canada.

Accounts payable and accrued liabilities consisted of the following as of June September 30, 2026 and December 31, 2025 (in millions):

Compensation and benefit-related liabilities $ 66.3 82.3 $ 109.7

Accrued liabilities 60.3 56.6

Current operating lease liabilities 25.0 25.8 26.9

Rebates payable 104.1 85.2

Marketing fee payable 28.0 26.3 16.1

Current unrecognized tax benefits 3.3 3.4 317.3

Accounts payable 16.3 11.3 16.1

Total accounts payable and accrued liabilities $ 389.1 377.7 $ 686.9

Note 10: DEBT 29 changes

The Company s debt consisted of the following as of June September 30, 2026 and December 31, 2025 (in millions):

5 unchanged paragraphs

Total debt $ 1,443.8 1,444.3 $ 1,442.9

3 unchanged paragraphs

On March 16, 2022, the Company issued $ 300 million aggregate principal amount of 3.000 % Senior Notes due 2032 ( 3.000 % Senior Notes and, together with the 1.625 % Senior Notes and the 3.650 % Senior Notes, the Senior Notes ). The form and terms of the 3.000 % Senior Notes were established pursuant to an Officer s Certificate, dated as of March 16, 2022, supplementing the Indenture. The Company used the net proceeds from the 3.000 % Senior Notes, together with cash on hand, and the proceeds of additional borrowings, to partially fund its acquisition of Cboe Digital. The 3.000 % Senior

2022, supplementing the Indenture. The Company used the net proceeds from the 3.000 % Senior Notes, together with cash on hand, and the proceeds of additional borrowings, to partially fund its acquisition of Cboe Digital. The 3.000 % Senior Notes mature on March 16, 2032 and bear interest at the rate of 3.000 % per annum, payable semi-annually in arrears on March 16 and September 16 of each year, commencing September 16, 2022.

2 unchanged paragraphs

Under the Indenture, the Company may issue debt securities, which includes the Senior Notes, at any time and from time to time, in one or more series without limitation on the aggregate principal amount. The Indenture governing the Senior Notes contains customary restrictions, including a limitation that restricts the Company s ability and the ability of certain of the Company s subsidiaries to create or incur secured debt. Such Indenture also limits certain sale and leaseback transactions and contains customary events of default. At June September 30, 2026, the Company was in compliance with these covenants.

1 unchanged paragraph

On February 25, 2022, the Company entered into a Second Amended and Restated Credit Agreement (the Revolving Credit Agreement ), which amended and restated the prior revolving credit agreement.

provided that the consolidated leverage ratio may, subject to certain triggering events set forth in the Revolving Credit Agreement, be increased to 4.25 to 1.00 on one occasion and 4.00 to 1.00 on another occasion, in each case, for four consecutive fiscal quarters; provided that, prior to the exercise of the second such financial covenant step-up, the maximum consolidated leverage ratio shall have returned to a level of 3.50 to 1.00 for at least two consecutive fiscal quarters. At June 30, 2026, the Company was in compliance with these covenants and did not exercise the financial covenant step-up.

On July 24, 2026, the Company entered into a Third Amended and Restated Credit Agreement (the Revolving Credit Agreement ) with Bank of America, N.A., as administrative agent (in such capacity, the Administrative Agent ) and as swingline lender, and the lenders party thereto, which amended and restated the prior revolving credit agreement. See Note 23 ("Subsequent Events") for more information.

The Revolving Credit Agreement provides for a senior unsecured $ 400 million five-year revolving credit facility (the Revolving Credit Facility ) that includes a $ 25 million swingline sub-facility. The Company may also, subject to the agreement of the applicable lenders, increase the commitments under the Revolving Credit Facility by up to $ 200 million, for a total of $ 600 million. Subject to specified conditions, the Company may designate one or more of its subsidiaries as additional borrowers under the Revolving Credit Agreement provided that the Company guarantees all borrowings and other obligations of any such subsidiaries under the Revolving Credit Agreement. As of June September 30, 2026, no subsidiaries were designated as additional borrowers.

Funds borrowed under the Revolving Credit Agreement may be used to fund working capital and for other general corporate purposes, including the repayment of indebtedness and the making of any acquisitions the Company may pursue in the ordinary course of its business. As of June September 30, 2026, no borrowings were outstanding under the Revolving Credit Agreement. Accordingly, at June September 30, 2026, $ 400 million of borrowing capacity was available for the purposes permitted by the Revolving Credit Agreement.

Loans under the Revolving Credit Agreement will bear interest, at the Company s option, at either (i) the Relevant Rate (defined herein) plus a margin (based on the Company s public debt ratings) ranging from 0.75 percent per annum to 1.25 percent per annum or (ii) a daily fluctuating rate based on the Administrative Agent s prime rate (subject to certain minimums based upon the federal funds effective rate or Term SOFR), which is subject to a 1 percent floor, plus a margin (based on the Company s public debt ratings) ranging from zero percent per annum to 0.25 percent per annum. Relevant Rate means with respect to any committed borrowing or swingline borrowing denominated in (a) Dollars, Term SOFR, plus a spread adjustment of 0.10 percent per annum, (b) Sterling, SONIA plus a spread adjustment of 0.0326 percent per annum and (c) Euros, EURIBOR, as applicable, provided that each Relevant Rate is subject to a zero percent floor. Swingline loans bear interest at the daily fluctuating rate described in clause (ii) above, plus a margin (based on the Company's public debt ratings) ranging from zero percent per annum to 0.25 percent per annum.

Subject to certain conditions stated in the Revolving Credit Agreement, the Company and any subsidiaries designated as additional borrowers may borrow, prepay and reborrow amounts under the Revolving Credit Facility at any time during the term of the Revolving Credit Agreement. The Revolving Credit Agreement will terminate and all amounts owing thereunder will be due and payable on February 25, 2027, July 24, 2031, unless the commitments are terminated earlier, either at the request of the Company or, if an event of default occurs, by the lenders (or automatically in the case of certain bankruptcy-related events). The Revolving Credit Agreement contains customary representations, warranties, and affirmative and negative covenants for facilities of its type, including financial covenants, events of default and indemnification provisions in favor of the lenders. The negative covenants include restrictions regarding the incurrence of liens, the incurrence of indebtedness by the Company s subsidiaries, and fundamental changes, subject to certain exceptions in each case. The financial covenants require the Company to meet a quarterly financial test with respect to a minimum consolidated interest coverage ratio of not less than 4.00 to 1.00 and a maximum consolidated leverage ratio of not greater than 3.50 to 1.00; provided that the consolidated leverage ratio may, subject to certain triggering events set forth in the Revolving Credit Agreement, be increased to 4.25 to 1.00 on one occasion and 4.00 to 1.00 on another occasion, in each case, for four consecutive fiscal quarters; provided that, prior to the exercise of the second such financial covenant step-up, the maximum consolidated leverage ratio shall have returned to a level of 3.50 to 1.00 for at least two consecutive fiscal quarters. At September 30, 2026, the Company was in compliance with these covenants and did not exercise the financial covenant step-up.

7 unchanged paragraphs

As of June September 30, 2026, no borrowings were outstanding under the Facility. Accordingly, at June September 30, 2026, 1.2 billion of borrowing capacity was available for the purposes permitted by the Facility. At June September 30, 2026, the Company and Cboe Clear Europe were in compliance with applicable covenants.

1 unchanged paragraph

The future expected repayments related to the Senior Notes as of June September 30, 2026 are as follows (in millions):

1 unchanged paragraph

Debt issuance costs ( 3.8 3.5 )

Unamortized discounts on notes ( 2.4 2.2 )

Total debt outstanding $ 1,443.8 1,444.3

1 unchanged paragraph

June 30, Six Months Ended

Components of interest (income) expense, net recognized in the condensed consolidated statements of income for the three and six nine months ended June September 30, 2026 and 2025 are as follows (in millions):

September 30, Nine Months Ended

1 unchanged paragraph

Contractual interest $ 12.6 $ 12.3 $ 25.3 $ 24.5

Interest expense $ 13.2 $ 12.9 $ 26.5 $ 25.7

Interest income ( 18.2 ) ( 11.3 ) ( 35.9 ) ( 19.7 )

Interest (income) expense, net $ ( 5.0 ) $ 1.6 $ ( 9.4 ) $ 6.0

Contractual interest $ 12.5 $ 12.7 $ 37.8 $ 37.2

Amortization of debt discount and issuance costs 0.6 0.6 1.2 1.2 1.8 1.8

Interest expense $ 13.1 $ 13.3 $ 39.6 $ 39.0

Interest income ( 22.7 ) ( 14.3 ) ( 58.6 ) ( 34.0 )

Interest (income) expense, net $ ( 9.6 ) $ ( 1.0 ) $ ( 19.0 ) $ 5.0

Note 11: ACCUMULATED OTHER COMPREHENSIVE INCOME, NET 2 changes

4 unchanged paragraphs

Other comprehensive loss ( 25.4 25.3 ) ( 25.4 25.3 )

Balance at June September 30, 2026 $ 4.3 4.4 $ 0.4 $ 4.7 4.8

Note 12: CLEARING OPERATIONS 12 changes

1 unchanged paragraph

Cboe Clear Europe only assumes the guarantor role if it has an equal and offsetting claim against a clearing member. Cboe Clear Europe, with respect to SFT services, utilizes The Bank of New York Mellon Corporation and J.P. Morgan as Tri-

Cboe Clear Europe is a European equities central counterparty that provides post-trade services to stock exchanges, multilateral trading facilities ( MTFs ), Over-The-Counter ( OTC ) equities trades, and equity derivatives exchanges (until February 20, 2026). Cboe Clear Europe clears equities from nineteen several European markets, and through the Depository Trust Company ( DTC ) in the U.S., as well as Depositary Receipts, ETFs, and equity-like instruments. Cboe Clear Europe also offers clearing services in respect of European SFTs and for non-U.S. clearing members, U.S. SFTs in cash equities, fixed income instruments, and ETFs, acting as the central counterparty to both securities lenders and borrowers for SFTs. In addition, until February 20, 2026, Cboe Clear Europe cleared equity derivatives in ten several European markets, including derivatives on index futures, index options, and single stock options.

Party Cboe Clear Europe only assumes the guarantor role if it has an equal and offsetting claim against a clearing member. Cboe Clear Europe, with respect to SFT services, utilizes The Bank of New York Mellon Corporation and J.P. Morgan as Tri-Party Collateral Agents for non-cash collateral, central and correspondent banks for the exchange of cash collateral, while Pirum Systems Limited serves as the transmitter of transactions and post-trade lifecycle events on behalf of clearing members. For the period ended June September 30, 2026, there have been no events of default for which a liability is required to be recognized in accordance with GAAP.

2 unchanged paragraphs

Margin deposits, which are predominantly in the form of cash and cash equivalents, bonds, are deposits made by each clearing member to Cboe Clear Europe to cover the credit risk of its failure to fulfill its obligations in the trade. Cboe Clear Europe maintains and manages all cash and non-cash deposits related to margin deposits. Substantially all risks and rewards of cash and cash equivalents margin deposit ownership, including net interest income, belong to Cboe Clear Europe and are recorded in cash and spot markets on the condensed consolidated statements of income. In the event of a default, Cboe Clear Europe can access the defaulting participant s member's margin deposits to cover the defaulting member's losses. For more information, see Default and Liquidity Waterfalls below.

The default fund mutualizes the risk of default among all clearing members. The default fund is available to cover potential losses in the event that the margin deposits and the default fund deposits of a defaulting clearing member are inadequate to fulfill that clearing member's outstanding financial obligations. In the event of a default, Cboe Clear Europe is generally required to liquidate the defaulting clearing member's open positions. To the extent that the positions remain open, Cboe Clear Europe is required to assume the defaulting clearing member's obligations related to the open positions. Clearing members are required to make contributions to the default fund that are proportional to their risk exposure in the form of cash or non-cash contributions, which generally consist of cash and highly liquid securities.

2 unchanged paragraphs

Cboe Clear Europe is able to invest the cash collateral received in the form of interoperability fund deposits from clearing members in certain investments, typically securities issued by pre-approved sovereign issuers and reverse repurchase agreements with overnight maturities. When investments are made in accordance with Cboe Clear Europe s investment policy, Cboe Clear Europe receives the amount of investment earnings and pays clearing members those earnings minus a set basis point cost of collateral. As Cboe Clear Europe is able to direct the investment of the cash interoperability fund deposits received from the clearing members within the program parameters and receives an economic benefit from those investments, these amounts are included in the margin deposits, default fund, and interoperability fund captions categories in the condensed consolidated balance sheets and the related interest income and expense are recorded in other revenue and other cost of revenue, respectively, on the condensed consolidated statements of income.

8 unchanged paragraphs

Cboe Clear U.S. performs a guarantee function whereby Cboe Clear U.S. helps to ensure that the obligations of the transactions it clears are fulfilled. Cboe Clear U.S. attempts to mitigate this risk by performing internal compliance and due diligence procedures as well as implementing internal risk controls. Cboe Clear U.S.'s due diligence procedures include, among other things: review of the corporate information and financial position of clearing members, and risk management reviews, including monitoring of Cboe Clear U.S.'s risk exposure thresholds. Clearing members are required to deposit collateral and default fund contributions, in the form of cash, for futures products to help cover the credit risk in the case of a failure to fulfill its obligations. As of June September 30, 2026, Cboe Clear U.S. held $ 25.0 million as a clearinghouse contribution to default financial resources, to be utilized in the event a clearing member is declared in default. The clearinghouse corporate contribution is considered restricted cash and is included in other current assets on the condensed consolidated balance sheet. As of June September 30, 2026, Cboe Clear U.S. does not expect a material loss concerning credit risk presented by any clearing member.

4 unchanged paragraphs

The details of the margin deposits, default fund, and interoperability fund as of June September 30, 2026 and December 31, 2025, are as follows (in millions):

1 unchanged paragraph

Cboe Clear Europe central bank account $ 167.1 $ 16.9 $ 61.6 $ 245.6

Cboe Clear Europe central bank account $ 137.8 $ 22.0 $ 92.0 $ 251.8

2 unchanged paragraphs

Total cash margin deposits, default fund, and interoperability fund $ 1,691.0 $ 296.4 $ 554.9 $ 2,542.3

Total cash margin deposits, default fund, and interoperability fund $ 2,140.0 $ 300.2 $ 552.4 $ 2,992.6

11 unchanged paragraphs

Note 13: FAIR VALUE MEASUREMENT 28 changes

5 unchanged paragraphs

The Company has included a tabular disclosure for financial assets and liabilities that are measured at fair value on a recurring basis in the condensed consolidated balance sheets as of June September 30, 2026 and December 31, 2025, respectively.

1 unchanged paragraph

The following tables present the Company s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of June September 30, 2026 and December 31, 2025 (in millions):

1 unchanged paragraph

U.S. and UK Treasury securities (1) $ 1,452.4 1,827.9 $ 1,452.4 1,827.9 $ $

Money market funds (1) 264.8 264.8 249.3 249.3

U.S. Treasury securities (2) 74.5 74.5 0.5 0.5

2 unchanged paragraphs

Mutual funds 33.8 33.8

Money market funds 6.2 6.2

Total assets $ 1,832.1 $ 1,831.7 $ 0.4 $

Mutual funds 34.9 34.9

Money market funds 5.8 5.8

Total assets $ 2,118.8 $ 2,118.4 $ 0.4 $

12 unchanged paragraphs

Cash equivalents consist of cash investments of highly liquid U.S. and UK Treasury securities with less than 90 day maturities and money market funds. These securities are valued by obtaining feeds from a number of live data sources, including active market makers and inter-dealer brokers, and therefore categorized as Level 1.

1 unchanged paragraph

Financial investments consist of highly liquid U.S. Treasury securities with greater than 90 day maturities and marketable securities held in a trust for the Company s non-qualified retirement and benefit plans, also referred to as deferred compensation plan assets. The deferred compensation plan assets have an equal and offsetting deferred compensation plan liability based on the value of the deferred compensation plan assets. These securities are valued by obtaining feeds from a number of live data sources, including active market makers and inter-dealer brokers and therefore categorized as Level 1. No material adjustments were made to the carrying value of financial investments for the period ended June September 30, 2026. See Note 15 ( Employee Benefit Plans ) for more information.

7 unchanged paragraphs

The following tables present the Company s fair value hierarchy for certain assets and liabilities held by the Company as of June September 30, 2026 and December 31, 2025 (in millions):

1 unchanged paragraph

U.S. and UK Treasury securities (1) $ 1,452.4 1,827.9 $ 1,452.4 1,827.9 $ $

Money market funds (1) 264.8 264.8 249.3 249.3

U.S. Treasury securities (2) 74.5 74.5 0.5 0.5

Deferred compensation plan assets (2) 40.0 40.0 40.7 40.7

1 unchanged paragraph

Total assets $ 1,832.1 $ 1,831.7 $ 0.4 $

Debt (5) 1,361.6 1,361.6

Total liabilities $ 1,401.6 $ 40.0 $ 1,361.6 $

Total assets $ 2,118.8 $ 2,118.4 $ 0.4 $

Deferred compensation plan liabilities (4) $ 40.0 40.7 $ 40.0 40.7 $ $

Debt (5) 1,336.3 1,336.3

Total liabilities $ 1,377.0 $ 40.7 $ 1,336.3 $

14 unchanged paragraphs

Certain financial assets and liabilities, including cash and cash equivalents, income tax receivable, margin deposits, default fund, and interoperability fund, other assets, and Section 31 fees payable, and notes receivable are not measured at fair value on a recurring basis, but the carrying values approximate fair value due to their liquid or short-term nature. Notes receivable are measured at amortized cost and are not measured at fair value on a recurring basis due to the factors discussed in Note 6 ("Credit Losses").

1 unchanged paragraph

At June September 30, 2026 and December 31, 2025, the fair values of the Company s debt obligations were as follows (in millions):

June September 30, 2026 December 31, 2025

3 unchanged paragraphs

Note 14: SEGMENT REPORTING 119 changes

3 unchanged paragraphs

Options. The Options segment includes options on market indices ( index options ), which include our proprietary SPX and VIX options, as well as on the stocks of individual corporations ( equity options ) and on ETPs such as exchange-traded funds ( ETFs ) and exchange-traded notes ( ETNs ), which are multi-listed options and listed on a non-exclusive basis. These options are eligible to trade, as applicable, on Cboe Options, C2, BZX, EDGX, and/or other U.S. national securities exchanges. Cboe Options is the Company s primary options market and offers trading in listed options through a single system that integrates electronic trading and traditional open outcry trading on the Cboe Options trading floor in Chicago. On June 23, 2026, the Company launched the first products in its new prediction markets suite, Cboe Predicts, a securities-based product that is listed on Cboe Options and centrally cleared by OCC. C2 Options, BZX Options, and EDGX Options are all-electronic options exchanges, and typically operate with different market models and fee structures than Cboe Options. The Options segment also includes applicable market data fees fee revenues generated from the consolidated tape plans, the licensing of proprietary options market data, index licensing, routing services, and access and capacity services.

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Europe and Asia Pacific. The Europe and Asia Pacific segment includes the pan-European derivatives transaction services, ETPs, including exchange traded funds, exchange traded notes, and exchange traded commodities, and international depositary receipts that are hosted on MTFs operated by Cboe Europe Equities (Cboe Europe and Cboe NL equities exchanges) and formerly CEDX. It also includes the ETP listings business on RMs and clearing activities of Cboe Clear Europe, as well as the equities services of Cboe Australia, an operator of a trading venue in Australia until July 31, 2026, following the sale of Cboe Australia. Cboe Europe operates lit and dark books, a periodic auctions book, a closing cross book, and two BIDS order books, a Large-in-Scale ( LIS ) trading negotiation facility and a volume-weighted average price ( VWAP ) trajectory crossing facility. Cboe NL, based in Amsterdam, operates similar business functionality to that offered by Cboe Europe (with the exception of Trajectory Crossing), and provides for trading only in European Economic Area ( EEA ) symbols. In February 2026, Cboe completed the wind down of CEDX, its pan-European derivatives platform that offered futures and options based on Cboe Europe equity indices, FLEX options, and single stock options. Prior to the wind down, CEDX contributed derivatives transaction services to this segment. Cboe Clear Europe offers the clearing of equity and equity-like instruments for Cboe-operated and other regulated trading venues and clearing SFTs. Prior to the CEDX wind down, Cboe Clear Europe also provided clearing services for derivative transactions executed on CEDX. This segment also includes Cboe Europe, Cboe NL, and formerly Cboe Australia revenue generated from the licensing of proprietary market data and from access and capacity services.

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Three Months Ended June September 30,

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Revenues $ 743.1 $ 520.0 $ 117.8 $ 33.4 $ 28.5 $ $ 1,442.8

Cost of revenues 269.2 405.3 33.0 2.8 0.9 711.2

Revenues less cost of revenues 473.9 114.7 84.8 30.6 27.6 731.6

Depreciation and amortization 8.6 10.2 6.1 0.7 2.4 0.1 28.1

Other segment operating expenses (a) 124.3 38.4 37.1 13.8 9.7 4.2 227.5

Operating income (loss) $ 341.0 $ 66.1 $ 41.6 $ 16.1 $ 15.5 $ ( 4.3 ) $ 476.0

Revenues $ 733.4 $ 462.2 $ 103.4 $ 30.9 $ 28.9 $ $ 1,358.8

Cost of revenues 263.9 348.7 30.1 2.7 1.2 646.6

Revenues less cost of revenues 469.5 113.5 73.3 28.2 27.7 712.2

Depreciation and amortization 8.5 9.9 6.0 0.6 2.5 0.2 27.7

Other segment operating expenses (a) 125.1 43.0 32.6 5.9 9.2 5.9 221.7

Gain on divestiture, net 71.5 71.5

Operating income (loss) $ 335.9 $ 60.6 $ 106.2 $ 21.7 $ 16.0 $ ( 6.1 ) $ 534.3

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Interest income (b) 0.9 1.1 0.5 15.7 18.2

Income before income tax provision 341.0 67.5 40.3 16.6 15.5 13.8 494.7

Income tax provision (c) 1.2 1.4 139.0 141.6

Net income (loss) (d) $ 341.0 $ 66.3 $ 38.9 $ 16.6 $ 15.5 $ ( 125.2 ) $ 353.1

Interest expense (b) $ $ $ ( 2.3 2.2 ) $ $ $ ( 10.9 ) $ ( 13.2 13.1 )

Interest income (b) 0.1 1.1 1.2 0.5 0.1 19.7 22.7

Earnings on investments, net (b) 12.8 12.8 0.2 1.4 1.6

Other income (expense), net (b) 0.5 ( 0.1 ( 0.5 0.9 0.2 ) 9.1 9.0

Income before income tax provision 336.1 61.9 105.0 22.2 16.1 13.2 554.5

Income tax provision (c) 1.3 0.3 124.7 126.3

Net income (loss) (d) $ 336.1 $ 60.6 $ 104.7 $ 22.2 $ 16.1 $ ( 111.5 ) $ 428.2

Three Months Ended June September 30,

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