Cboe Global Markets (LTS:0HQN) EBIT: $1,945 Mil (TTM As of Jun. 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

LTS:0HQN Cboe Global Markets Inc LTS:0HQN
92 GF Score
Price $296.11
GF Value $237.99
Valuation Modestly Overvalued
! 1 Warning Sign
View Full Analysis

What is Cboe Global Markets EBIT?

Cboe Global Markets LTS:0HQN +1.22% 92 EBIT is $1,945 Mil as of Jun. 2026. GuruFocus rates LTS:0HQN with a GF Score™ of 92/100 and a GF Value™ of $237.99 (Modestly Overvalued). The stock has 1 warning sign investors should review.

Cboe Global Markets's earnings before interest and taxes (EBIT) for the three months ended in Jun. 2026 was $508 Mil. Its earnings before interest and taxes (EBIT) for the trailing twelve months (TTM) ended in Jun. 2026 was $1,945 Mil.

EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Cboe Global Markets's annualized ROC % for the quarter that ended in Jun. 2026 was 15.97%. Cboe Global Markets's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2026 was 381.74%.

EBIT is also linked to Joel Greenblatt's definition of earnings yield. Cboe Global Markets's Earnings Yield (Joel Greenblatt) % for the quarter that ended in Jun. 2026 was 6.46%.


Cboe Global Markets  (LTS:0HQN) EBIT Explanation

1. EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Cboe Global Markets's annualized ROC % for the quarter that ended in Jun. 2026 is calculated as:

ROC % (Q: Jun. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Mar. 2026 ) + Invested Capital (Q: Jun. 2026 ))/ count )
=1904 * ( 1 - 28.62% )/( (9015 + 8010.4)/ 2 )
=1359.0752/8512.7
=15.97 %

where

Note: The Operating Income data used here is four times the quarterly (Jun. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Cboe Global Markets's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Jun. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Mar. 2026  Q: Jun. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=2031.6/( ( (242.5 + max(236.3, 0)) + (238.3 + max(347.3, 0)) )/ 2 )
=2031.6/( ( 478.8 + 585.6 )/ 2 )
=2031.6/532.2
=381.74 %

where Working Capital is:

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(514.6 + 0 + 3539.2) - (325.1 + 16.8 + 3475.6)
=236.3

Working Capital(Q: Jun. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(570.6 + 0 + 2888.6) - (458.6 + 13 + 2640.3)
=347.3

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Jun. 2026) EBIT data.

3. It is also linked to Joel Greenblatt's definition of Earnings Yield:

Cboe Global Markets's Earnings Yield (Joel Greenblatt) % for today is calculated as:

Earnings Yield (Joel Greenblatt) %=EBIT (TTM)/Enterprise Value (Q: Jun. 2026 )
=1945.1/30115.802
=6.46 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.


Cboe Global Markets EBIT Related Terms


Cboe Global Markets EBIT Historical Data

* Premium members only.

The historical data trend for Cboe Global Markets's EBIT can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Cboe Global Markets EBIT Chart

Cboe Global Markets Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
EBIT
Get a 7-Day Free Trial Premium Member Only Premium Member Only 804.10 492.90 1,110.00 1,135.30 1,618.90

Cboe Global Markets Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
EBIT Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 347.50 443.40 465.00 528.80 507.90

LTS:0HQN vs MSCI, COIN, TRU: EBIT Comparison

For the Financial Data & Stock Exchanges subindustry, Cboe Global Markets's EV-to-EBIT, along with its competitors' market caps and EV-to-EBIT data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Cboe Global Markets EV-to-EBIT vs Capital Markets Industry

For the Capital Markets industry and Financial Services sector, Cboe Global Markets's EV-to-EBIT distribution charts can be found below:

* The bar in red indicates where Cboe Global Markets's EV-to-EBIT falls into.


LTS:0HQN
92GF Score
Cboe Global Markets Inc LTS:0HQN
EBIT is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Cboe Global Markets EBIT Calculation

EBIT, sometimes also called Earnings Before Interest and Taxes, is a measure of a firm's profit that includes all expenses except interest and income tax expenses. It is the difference between operating revenues and operating expenses. When a firm does not have non-operating income, then Operating Income is sometimes used as a synonym for EBIT and operating profit.

EBIT for the trailing twelve months (TTM) ended in Jun. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $1,945 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about EBIT →
What does a EBIT of $1,945 Mil mean?
Cboe Global Markets (LTS:0HQN) has a EBIT of $1,945 Mil as of Jun. 2026. Earnings before interest and taxes is the difference between operating revenue and operating expenses. View historical data on Cboe Global Markets.
Is Cboe Global Markets' EBIT too high?
Cboe Global Markets' current EBIT is $1,945 Mil. Overall, Cboe Global Markets has a GF Score™ of 92/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Cboe Global Markets' EBIT compare to MSCI and COIN?
Cboe Global Markets' EBIT of $1,945 Mil can be compared against companies in the Capital Markets industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good EBIT for a Capital Markets company?
A good EBIT depends on the Capital Markets industry context. However, EBIT should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high EBIT mean?
A high EBIT can signal that a stock is expensive relative to its fundamentals. Earnings before interest and taxes is the difference between operating revenue and operating expenses. View historical data on Cboe Global Markets. Cboe Global Markets's current EBIT is $1,945 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Cboe Global Markets stock overvalued right now?
Based on GuruFocus' analysis, Cboe Global Markets (LTS:0HQN) is currently considered Modestly Overvalued. The stock's GF Value™ is $237.99, compared to a current price of $296.11 — trading 24.4% above its estimated fair value. The current EBIT is $1,945 Mil. Cboe Global Markets' overall GF Score™ is 92/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EBIT calculated?
EBIT is calculated from a company's financial statements. For Cboe Global Markets (LTS:0HQN), the current EBIT is $1,945 Mil as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Cboe Global Markets (LTS:0HQN) Overvalued in 2026?

Based on GuruFocus' analysis, Cboe Global Markets stock appears to be overvalued. The current stock price of $296.11 is trading 24.4% above its estimated GF Value™ of $237.99. GuruFocus considers Cboe Global Markets to be Modestly Overvalued.

Key valuation signals for LTS:0HQN:

  • EBIT: $1,945 Mil
  • GF Value™: $237.99 vs. price of $296.11 (24.4% above fair value)
  • GF Score™: 92/100 with 1 warning sign

No single metric tells the full story. See the LTS:0HQN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Cboe Global Markets Business Description

Address 433 West Van Buren Street, Chicago, IL, USA, 60607
Founded in 1973, Cboe controls the largest option exchange in the US, which provides around 60% of the firm's revenue. The company is best known for its proprietary S&P 500 and VIX index options, which it offers through an exclusive contract with S&P Global. The firm moved into US and European equities through the $3.4 billion acquisition of BATS in 2017. Cboe has continued to look to expand internationally, using acquisitions to build a presence in both Canada and Australia.
92GF Score

Get the complete analysis for LTS:0HQN

EBIT is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$296.11
Price
$237.99
GF Value