Cboe Global Markets (BSP:C1BO34) Operating Income: R$9,434 Mil (TTM As of Jun. 2026)

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BSP:C1BO34 Cboe Global Markets Inc BSP:C1BO34
23 GF Score
Price R$779.24
GF Value R$626.28
Valuation Significantly Overvalued
! 1 Warning Sign
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What is Cboe Global Markets Operating Income?

Cboe Global Markets BSP:C1BO34 23 Operating Income is R$9,434 Mil as of Jun. 2026. GuruFocus rates BSP:C1BO34 with a GF Score™ of 23/100 and a GF Value™ of R$626.28 (Significantly Overvalued). The stock has 1 warning sign investors should review.

Cboe Global Markets's Operating Income for the three months ended in Jun. 2026 was R$2,439 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Jun. 2026 was R$9,434 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Cboe Global Markets's Operating Income for the three months ended in Jun. 2026 was R$2,439 Mil. Cboe Global Markets's Revenue for the three months ended in Jun. 2026 was R$7,393 Mil. Therefore, Cboe Global Markets's Operating Margin % for the quarter that ended in Jun. 2026 was 32.99%.

Good Sign:

Cboe Global Markets Inc operating margin is expanding. Margin expansion is usually a good sign.

Cboe Global Markets's 5-Year average Growth Rate for Operating Margin % was 8.80% per year.

Operating Income or EBIT 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 15.79%. Cboe Global Markets's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2026 was 378.23%.


Cboe Global Markets  (BSP:C1BO34) Operating Income Explanation

1. Operating Income or EBIT 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 )
=9756.288 * ( 1 - 28.62% )/( (47144.845 + 41046.091)/ 2 )
=6964.0383744/44095.468
=15.79 %

where

Invested Capital(Q: Mar. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=57894.81 - 1700.143 - ( 11349.801 - max(0, 23499.731 - 32549.553+11349.801))
=47144.845

Invested Capital(Q: Jun. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=54363.114 - 2349.912 - ( 12250.186 - max(0, 19402.405 - 30369.516+12250.186))
=41046.091

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 )
=10410.12/( ( (1268.178 + max(1235.754, 0)) + (1221.073 + max(1779.599, 0)) )/ 2 )
=10410.12/( ( 2503.932 + 3000.672 )/ 2 )
=10410.12/2752.302
=378.23 %

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)
=(2691.152 + 0 + 18508.6) - (1700.143 + 87.857 + 18175.998)
=1235.754

Working Capital(Q: Jun. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(2923.811 + 0 + 14801.475) - (2349.912 + 66.613 + 13529.162)
=1779.599

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. Operating Income is also linked to Operating Margin %:

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

Operating Margin %=Operating Income (Q: Jun. 2026 )/Revenue (Q: Jun. 2026 )
=2439.072/7393.051
=32.99 %

* 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.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.


Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.


Cboe Global Markets Operating Income Related Terms


Cboe Global Markets Operating Income Historical Data

* Premium members only.

The historical data trend for Cboe Global Markets's Operating Income 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 Operating Income Chart

Cboe Global Markets Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 4,645.50 5,090.14 5,219.76 7,203.45 8,260.48

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
Operating Income 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 1,975.41 2,011.13 2,339.40 2,644.09 2,439.07
BSP:C1BO34
23GF Score
Cboe Global Markets Inc BSP:C1BO34
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Cboe Global Markets Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income 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 R$9,434 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 Operating Income →
What does a Operating Income of R$9,434 Mil mean?
Cboe Global Markets (BSP:C1BO34) has a Operating Income of R$9,434 Mil as of Jun. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Cboe Global Markets and its competitors.
Is Cboe Global Markets' Operating Income too high?
Cboe Global Markets' current Operating Income is R$9,434 Mil. Overall, Cboe Global Markets has a GF Score™ of 23/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Cboe Global Markets' Operating Income compare to MSCI and COIN?
Cboe Global Markets' Operating Income of R$9,434 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 Operating Income for a Capital Markets company?
A good Operating Income depends on the Capital Markets industry context. However, Operating Income 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 Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Cboe Global Markets and its competitors. Cboe Global Markets's current Operating Income is R$9,434 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 (BSP:C1BO34) is currently considered Significantly Overvalued. The stock's GF Value™ is R$626.28, compared to a current price of R$779.24 — trading 24.4% above its estimated fair value. The current Operating Income is R$9,434 Mil. Cboe Global Markets' overall GF Score™ is 23/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Cboe Global Markets (BSP:C1BO34), the current Operating Income is R$9,434 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 (BSP:C1BO34) Overvalued in 2026?

Based on GuruFocus' analysis, Cboe Global Markets stock appears to be overvalued. The current stock price of R$779.24 is trading 24.4% above its estimated GF Value™ of R$626.28. GuruFocus considers Cboe Global Markets to be Significantly Overvalued.

Key valuation signals for BSP:C1BO34:

  • Operating Income: R$9,434 Mil
  • GF Value™: R$626.28 vs. price of R$779.24 (24.4% above fair value)
  • GF Score™: 23/100 with 1 warning sign

No single metric tells the full story. See the BSP:C1BO34 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.
23GF Score

Get the complete analysis for BSP:C1BO34

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

R$779.24
Price
R$626.28
GF Value