Cboe Global Markets, Inc. FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$4.7B
Gross margin	51.5%
Operating income	$1.5B
Net income	$1.1B
Diluted EPS	$10.42
Cash & equivalents	$2.2B
Total assets	$9.3B
Long-term debt	$1.4B

Key takeaway

Cboe restructured its global footprint in 2025, winding down its Japanese equities business, initiating sales of its Australia and Canada operations, and discontinuing U.S./European corporate listings.

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Beneath the surface

The filing discloses a $46.7M asset impairment charge in 2025, likely tied to the Japan equities wind-down and other business exits, which reduced operating income without being separately highlighted in the headline figures.

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