| Stage | CBOE | % of rev | CME | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $1.4B | 100.00% | $1.7B | 100.00% | CME ×1.28 |
| Gross profit | $712M | 52.41% | $1.5B | 86.51% | CME +34.1pp |
| Operating income | $534M | 39.32% | $1.1B | 65.70% | CME +26.4pp |
| Pre-tax income | $555M | 40.81% | $1.4B | 77.98% | CME +37.2pp |
| Net income | $428M | 31.51% | $1.0B | 59.68% | CME +28.2pp |
| Stage | CBOE | CME | Gap · A − B |
|---|---|---|---|
| Revenue | $1.4B100.00% | $1.7B100.00% | CME ×1.28 |
| Gross profit | 52.41%$712M | 86.51%$1.5B | CME +34.1pp |
| Operating income | 39.32%$534M | 65.70%$1.1B | CME +26.4pp |
| Pre-tax income | 40.81%$555M | 77.98%$1.4B | CME +37.2pp |
| Net income |
| 31.51%$428M |
| 59.68%$1.0B |
| CME +28.2pp |
CBOE 10-KFeb 20 '26
“We hold exclusive licenses to list securities index options on the S&P 500 Index, the Russell 2000 Index, and other indices granted to us by the owners of such indices, and additionally hold exclusive rights to our proprietary VIX Index methodology that provides the basis for VIX options and futures.”
CME 10-KFeb 26 '26
“Through our joint venture with S&P Global, S&P Dow Jones Indices LLC, we have a long-term, ownership-linked, exclusive license to list futures and options based on the S&P 500 Index and certain other S&P indices.”