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Arphra AIPlain-English read on Cboe Global Markets, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $3.49B | $3.96B | $3.77B | $4.09B | $4.71B | $2.8B | $2.91B | $3.08B | $3.26B |
| Cost of revenue | $2.02B | $2.22B | $1.86B | $2.02B | $2.41B | $1.37B | $1.47B | $1.52B | $1.6B |
| Gross profit | $1.48B | $1.74B | $1.92B | $2.07B | $2.31B | $1.38B | $1.46B | $1.52B | $1.6B |
| Gross margin | +42.24% | +44.00% | +50.83% | +50.61% | +48.93% | +49.25% | +50.04% | +49.48% | +48.98% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $381.9M | $475.7M | $555.4M | $603M | $91.5M | $286.11M | $313.29M | $317.66M | $347.85M |
| Total operating expenses | $670.2M | $1.25B | $860.1M | $974M | $792.6M | $587.38M | $618.19M | $644.06M | $670.87M |
| Operating income | $805.9M | $489.6M | $1.06B | $1.1B | $1.51B | $804.59M | $841.2M | $918.48M | $955.96M |
| Operating margin | +23.06% | +12.37% | +28.03% | +26.83% | +32.12% | +28.76% | +28.86% | +29.85% | +29.29% |
| EBITDA | $971.5M | $659.7M | $1.27B | $1.27B | $1.64B | $911.87M | $991.66M | $999.94M | $1.08B |
| EBIT | $804.1M | $492.9M | $1.11B | $1.14B | $1.51B | $828.5M | $873.96M | $918.09M | $955.88M |
| Below the line | |||||||||
| Interest expense | $48M | $60M | $62.4M | $51.5M | $0 | $27.15M | $28.9M | $30.74M | $30.95M |
| Interest income | $600K | $3.6M | $12M | $27.3M | $49.4M | $18.81M | $19.24M | $20.5M | $22.25M |
| Other income / expense | -$49.8M | -$56.7M | -$10.3M | -$14.6M | $52.5M | — | — | — | — |
| Pre-tax income | $756.1M | $432.9M | $1.05B | $1.08B | $1.57B | $799.64M | $851.93M | $903.02M | $962.81M |
| Income tax expense | $227.1M | $197.9M | $286.2M | $318.9M | $466.6M | $230.83M | $241.5M | $260.49M | $272.52M |
| Earnings | |||||||||
| Net income | $529M | $235M | $761.4M | $764.9M | $1.1B | $592.6M | $599.75M | $628.88M | $689.07M |
| Net income · continuing ops | $529M | $235M | $761.4M | $764.9M | $1.1B | $594.33M | $591.88M | $647.87M | $671.98M |
| Net margin | +15.14% | +5.94% | +20.18% | +18.68% | +23.33% | +21.18% | +20.58% | +20.44% | +21.11% |
| EPS · basic | $4.93 | $2.21 | $7.16 | $7.24 | $10.46 | $13.39 | $14.28 | $15.37 | $17.10 |
| EPS · diluted | $4.92 | $2.20 | $7.13 | $7.21 | $10.42 | $13.31 | $14.10 | $15.22 | $17.13 |
| EPS · low estimate | — | — | — | — | — | $12.17 | $12.18 | $13.11 | $15.41 |
| EPS · high estimate | — | — | — | — | — | $14.60 | $16.23 | $16.03 | $18.77 |
| Shares · basic | 107M | 106.3M | 105.8M | 105.1M | 104.7M | 104.97M | 104.24M | 103.96M | 104.69M |
| Shares · diluted | 107.2M | 106.7M | 106.2M | 105.5M | 105.1M | 104.2M | 106.04M | 105.06M | 104.16M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 9 | 9 | 5 | 2 |
| Analysts (EPS) | — | — | — | — | — | 8 | 9 | 4 | 2 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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