CBOE Cboe Global Markets, Inc. Common Stock
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About Cboe Global Markets, Inc. Common Stock Company overview from Wikipedia
Cboe Global Markets, Inc. (formerly CBOE Holdings and Chicago Board Options Exchange) is an American financial exchange operator. In the U.S., it owns the largest exchange for trading in options, where it has a 30% market share, and the third-largest exchange for trading in equities (after the New York Stock Exchange and the Nasdaq), where it has a 10% market share. It operates the largest stock exchange in Europe, where it has a 25% market share. It is headquartered in Chicago, where it maintains an open outcry trading floor.
The company offers trading in options on both stock market indexes and individual stocks (52% of 2025 revenues), North American equities via its ownership of BZX, BYX, EDGX, and EDGA (35% of 2025 revenues), Europe and Asia Pacific equities (8% of 2025 revenues), futures contracts on the VIX (3% of 2025 revenues), and trading in foreign exchange markets (2% of 2025 revenues).
History
1969-1973: Background
In 1969, the vice chairman of the Chicago Board of Trade, Edmund "Eddie" O'Connor, developed the idea for an options exchange. At that time, options on stocks were traded in a New York-based, over-the-counter market which required a direct link between the buyer and seller and complex terms of sale. The options exchange that O'Connor imagined would use a central clearinghouse to facilitate and guarantee trades and contracts. The Chicago Board of Trade established a committee to evaluate the concept.
The options market idea faced resistance from officials at the United States Securities and Exchange Commission. The CBOT hired Joseph Sullivan to address regulator concerns and present the concept to the New York brokerage community. In October 1971, the SEC relented and approved the effort.
In February 1972, the Chicago Board Options Exchange was incorporated as an independent body with its own bylaws and governing board. Joseph Sullivan became the president of the organization.
1973: Launch
Founded by the Chicago Board of Trade in 1973 and member-owned for several decades, the Chicago Board Options Exchange was the first exchange to list standardized, exchange-traded stock options. Its first day of trading was on April 26, 1973, in celebration of the 125th birthday of the Chicago Board of Trade. Trading was conducted in the former CBOT smoking lounge. In its first full month of operation, 34,599 contracts were traded. By 1976, the monthly volume of trades had increased to 1.5 million.
1977-2009: New headquarters and VIX
Over the next decade, CBOE continued to operate from its location within the CBOT building. In 1984, CBOE moved to its next headquarters across the street at 400 S. LaSalle Street.
On January 19, 1993, CBOE introduced the CBOE Volatility Index (VIX), created by Robert E. Whaley, a finance professor at Vanderbilt University, to measure 30-day implied volatility of S&P 100 options. In 2003, the underlying benchmark for the VIX was changed to the S&P 500. The company launched tradable products using VIX as the underlying index, including futures contracts on the VIX, launched in 2004 after a survey of Goldman Sachs salespeople showed interest in the product.
2010-present: IPO and acquisitions
In June 2010, the company became a public company via an initial public offering.
In December 2011, CBOE Stock Exchange, which was owned by CBOE Holdings, acquired the National Stock Exchange. It ceased trading operations on May 30, 2014.
In August 2015, CBOE acquired the LiveVol trading analytics platforms, including Livevol Core, Livevol Pro, and Livevol X. Livevol X was sold to Sterling Trading Tech in March 2017.
In January 2016, CBOE purchased a majority stake in Vest Financial, an investment adviser specializing in options-centric products.
In March 2017, CBOE acquired BATS Global Markets, second-largest US stock exchange by shares traded, for approximately US$3.2 billion. Over the next few years, CBOE migrated its exchanges onto the BATS technology platform.
In October 2017, the company rebranded from CBOE Holdings to Cboe Global Markets.
In August 2018, the company delisted from the Nasdaq and listed its shares on its own exchange.
In September 2019, CBOE relocated its headquarters to the Old Chicago Main Post Office and began construction of a new trading floor in the Chicago Board of Trade building, which was the space the exchange originally occupied in the 1970s and 1980s. The new trading floor opened in June 2022.
In February 2020, Cboe acquired two data analytics firms, Hanweck and FT Options.
In May 2020, the company expanded into Canada via the acquisition of MATCHNow, which operated an alternative trading system (ATS).
In June 2020, CBOE acquired Trade Alert, a New York-based order flow analysis service provider.
In July 2020, Cboe acquired the remaining 80% of EuroCCP, a Dutch clearing house, that it did not already own.
Cboe acquired another ATS operator, BIDS Trading, in October 2020.
In June 2021, Cboe acquired Chi-X Asia Pacific, which owned exchanges in Japan and Australia.
In November 2021, Cboe acquired NEO, a Canadian stock exchange operator, which was rebranded as Cboe Canada.
In May 2022, Cboe acquired Eris Digital Holdings (ErisX), a US-based digital asset spot market, regulated futures contracts exchange, and regulated clearinghouse, which was renamed CBOE Digital. The company took a $460 million writedown on the investment shortly thereafter.
In September 2023, CEO Edward Tilly resigned after failing to disclose personal relationships with colleagues.
In September 2024, the company partnered with Globacap to create a U.S. trading platform for shares of closely held companies.
Fredric Tomczyk, CEO from 2023 to 2025, was succeeded by Craig Donohue in May 2025.
In August 2025, the company shut its operations in Japan.
In April 2026, the company agreed to sell its Canadian and Australian equities businesses to TMX Group for US$300 million.
In May 2026, the company laid off 20% of its staff.
In June 2026, in partnership with Charles Schwab Corporation, the company began work on yes-or-no options contracts tied to the performance of the S&P 500.
Legal and regulatory issues
Abusive short selling
In 2013, the company paid a $6 million penalty and implemented "major remedial measures" to settle charges that it failed to properly enforce rules to prevent abusive short selling.
Alleged patent infringement
In 2007, the International Securities Exchange (ISE) sued CBOE, alleging that the company infringed on ISE's patent for "Automated Exchange for Trading Derivative Securities". The judge sided with CBOE, and after ISE continued to litigate, in 2016, ISE was ordered to pay $6 million to CBOE for attorneys fees.
Complaint against former director
In 2024, William Carlson, founder of Belvedere Trading, filed a complaint with the Illinois Attorney Registration and Disciplinary Commission (ARDC) against Mark Francis Duffy, a former director at CBOE Global Markets. Carlson alleged that Duffy did not act on significant evidence of financial misconduct at Belvedere Trading while working as both the firm's legal counsel and a CBOE director. The complaint further suggested that Duffy's dual role may have hindered regulatory oversight and contributed to continued financial irregularities at the company. In June 2025, Carson publicly accused individuals associated with Belvedere and Cboe of participating in a $35 million equity fraud and cover-up scheme. In a police complaint and related filings, Carlson alleged that Duffy was made aware of the misconduct as early as 2011 but failed to act despite being compensated to review the case. Carlson also claimed that Belvedere Trading, a Cboe member firm, and several implicated individuals were Cboe members, raising concerns about potential conflicts of interest and lapses in Cboe's self-regulatory oversight.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | CBOE | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | 26.5 | · | · | · | |
| P/S (TTM) | 7.0 | · | · | · | |
| P/B (MRQ) | 6.3 | · | · | · | |
| EV / EBITDA (TTM) | 18.5 | · | · | · | |
| Price / FCF (TTM) | 19.0 | · | · | · | |
| Price / Cash Flow (TTM) | 18.1 | · | · | · | |
| EV / Revenue (TTM) | 6.8 | · | · | · | |
| EV / FCF (TTM) | 18.5 | · | · | · | |
| Price / Tangible Book (MRQ) | 8.0 | · | · | · | |
| PEG Ratio | ≈1.4 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | CBOE | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Gross Margin (TTM) | 54.1%5Y avg ≈47.8% | ≈47.8% | · | · | |
| Operating Margin (TTM) | 34.7%5Y avg ≈24.3% | ≈24.3% | · | · | |
| EBITDA Margin (TTM) | 37.1%5Y avg ≈28.1% | ≈28.1% | · | · | |
| Pretax Margin (TTM) | 37.4%5Y avg ≈24.0% | ≈24.0% | · | · | |
| Net Profit Margin (TTM) | 26.7%5Y avg ≈16.7% | ≈16.7% | · | · | |
| ROA (TTM) | 13.8%5Y avg ≈8.9% | ≈8.9% | · | · | |
| ROE (TTM) | 26.3%5Y avg ≈16.4% | ≈16.4% | · | · | |
| ROIC | 15.7%5Y avg ≈12.0% | ≈12.0% | · | · |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | CBOE | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity (MRQ) | 0.35Y avg ≈0.4 | ≈0.4 | · | · | |
| Current Ratio (MRQ) | 1.65Y avg ≈1.5 | ≈1.5 | · | · | |
| Quick Ratio (MRQ) | 0.85Y avg ≈0.8 | ≈0.8 | · | · | |
| Long-Term Debt / Equity (MRQ) | 0.15Y avg ≈0.4 | ≈0.4 | · | · |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | CBOE | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 15.1%5Y avg ≈6.8% | ≈6.8% | · | · | |
| Revenue CAGR 3Y | 6.0%5Y avg ≈4.9% | ≈4.9% | · | · | |
| Revenue CAGR 5Y | 6.6% | · | · | · | |
| EPS YoY | 44.5%5Y avg ≈46.2% | ≈46.2% | · | · | |
| Net Income YoY | 43.8%5Y avg ≈45.1% | ≈45.1% | · | · | |
| EPS CAGR 3Y | 68.2%5Y avg ≈33.5% | ≈33.5% | · | · | |
| EPS CAGR 5Y | 19.5% | · | · | · | |
| Net Income CAGR 3Y | 67.3%5Y avg ≈32.7% | ≈32.7% | · | · | |
| Net Income CAGR 5Y | 18.6% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | CBOE | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.65Y avg ≈0.5 | ≈0.5 | · | · | |
| Receivables Turnover | 11.35Y avg ≈10.9 | ≈10.9 | · | · | |
| Revenue / Employee | ≈$2.8M | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
| Ex-date | Amount | Currency | Yield |
|---|---|---|---|
| Aug 31, 2026 | $0.86 | USD | ≈0.77% |
| May 29, 2026 | $0.72 | USD | — |
| Feb 27, 2026 | $0.72 | USD | — |
| May 30, 2025 | $0.63 | USD | — |
| Feb 28, 2025 | $0.63 | USD | — |
| Nov 29, 2024 | $0.63 | USD | — |
| Aug 30, 2024 | $0.63 | USD | — |
| May 31, 2024 | $0.55 | USD | — |
| Feb 28, 2024 | $0.55 | USD | — |
| Nov 29, 2023 | $0.55 | USD | — |
| Aug 30, 2023 | $0.55 | USD | — |
| May 30, 2023 | $0.50 | USD | — |
| Feb 27, 2023 | $0.50 | USD | — |
| Nov 29, 2022 | $0.50 | USD | — |
| Aug 30, 2022 | $0.50 | USD | — |
| May 27, 2022 | $0.48 | USD | — |
| Feb 25, 2022 | $0.48 | USD | — |
| Nov 29, 2021 | $0.48 | USD | — |
| Aug 30, 2021 | $0.48 | USD | — |
| May 27, 2021 | $0.42 | USD | — |
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | $3.56 | $3.55 | 0.41% | |
| March 31, 2026 | $3.70 | $3.36 | 10.3% | |
| Dec. 31, 2025 | $3.06 | $3.00 | 2.1% | |
| Sept. 30, 2025 | $2.67 | $2.58 | 3.6% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.71B | $4.09B | $3.77B | $3.96B | $3.49B | $3.43B | $2.50B | $2.77B | $2.23B | $703M | $664M | $617M | |
| Cost of Revenue | $2.29B | $2.02B | $1.86B | $2.22B | $2.02B | $2.17B | $1.36B | $1.55B | $1.23B | $137M | $102M | · | |
| Gross Profit | $2.43B | $2.07B | $1.92B | $1.74B | $1.48B | $1.25B | $1.14B | $1.22B | $996M | $566M | $562M | · | |
| Operating Expenses | $962M | $974M | $860M | $1.25B | $670M | $592M | $600M | $618M | $624M | $268M | $242M | $303M | |
| Operating Income | $1.47B | $1.10B | $1.06B | $490M | $806M | $662M | $537M | $599M | $372M | $298M | $320M | $314M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | · | $43.0K | $0 | |
| Interest Income | $49M | $27M | $12M | $4M | $600.0K | $1M | $2M | $2M | $1M | · | · | · | |
| Other Non-op | $10M | $-19M | $600.0K | $-8M | $-3M | $36M | $100.0K | $10M | $4M | $14M | $4M | $-4M | |
| Pretax Income | $1.57B | $1.08B | $1.05B | $433M | $756M | $660M | $501M | $571M | $334M | $307M | $324M | $310M | |
| Income Tax | $467M | $319M | $286M | $198M | $227M | $192M | $131M | $146M | $-66M | $121M | $119M | $120M | |
| Net Income | $1.10B | $765M | $761M | $235M | $529M | $468M | $375M | $426M | $402M | $187M | $205M | $190M | |
| EPS (Basic) | $10.46 | $7.24 | $7.16 | $2.20 | $4.93 | $4.28 | $3.35 | $3.78 | $3.70 | $2.27 | $2.46 | $2.21 | |
| EPS (Diluted) | $10.42 | $7.21 | $7.13 | $2.19 | $4.92 | $4.27 | $3.34 | $3.76 | $3.69 | $2.27 | $2.46 | $2.21 | |
| Shares (Basic) | 104,700,000 | 105,100,000 | 105,800,000 | 106,300,000 | 107,000,000 | 109,100,000 | 111,400,000 | 111,800,000 | 107,200,000 | 81,400,000 | 83,100,000 | 85,406,000 | |
| Shares (Diluted) | 105,100,000 | 105,500,000 | 106,200,000 | 106,700,000 | 107,200,000 | 109,300,000 | 111,800,000 | 112,200,000 | 107,500,000 | 81,400,000 | 83,100,000 | 85,406,000 | |
| EBITDA | $1.59B | $1.23B | $1.22B | $656M | $973M | $821M | $714M | $803M | $564M | $298M | $320M | $314M |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.22B | $920M | $543M | $433M | $342M | $245M | $229M | $275M | $144M | $97M | $102M | $148M | |
| Short-term Investments | $36M | $110M | $58M | $92M | $37M | $92M | $71M | $36M | $47M | $0 | · | · | |
| Receivables | $391M | $445M | $337M | $370M | $327M | $337M | $235M | $287M | $217M | $77M | $63M | $58M | |
| Other Current Assets | $91M | $85M | $67M | $48M | $37M | $26M | $16M | $15M | $9M | $7M | $625.0K | $972.0K | |
| Current Assets | $4.42B | $2.48B | $1.98B | $1.56B | $1.53B | $1.57B | $608M | $684M | $435M | $235M | $204M | $244M | |
| PP&E (Net) | $133M | $118M | $109M | $108M | $105M | $83M | $47M | $72M | $74M | $56M | $60M | $67M | |
| PP&E (Gross) | $350M | $310M | $324M | $368M | $343M | $229M | $166M | $243M | $223M | $216M | · | · | |
| Accum. Depreciation | $216M | $192M | $215M | $260M | $237M | $146M | $119M | $172M | $149M | $160M | $156M | $288M | |
| Goodwill | $3.15B | $3.12B | $3.14B | $3.12B | $3.03B | $2.90B | $2.68B | $2.69B | $2.71B | $26M | $8M | $0 | |
| Intangibles | $1.30B | $1.38B | $1.56B | $1.66B | $1.67B | $1.73B | $1.59B | $1.72B | $1.90B | $9M | $2M | $0 | |
| Other Non-current Assets | $160M | $183M | $206M | $182M | $126M | $76M | $52M | $63M | $60M | $73M | · | · | |
| Total Assets | $9.31B | $7.79B | $7.49B | $7.00B | $6.81B | $6.52B | $5.11B | $5.32B | $5.27B | $477M | $385M | $384M | |
| Accounts Payable | $16M | $18M | $25M | $28M | $20M | $28M | $21M | $13M | $43M | $6M | $2M | $3M | |
| Current Liabilities | $2.36B | $1.40B | $1.38B | $1.48B | $1.17B | $1.31B | $282M | $596M | $334M | $90M | $74M | $74M | |
| Capital Leases | $121M | $138M | $151M | $129M | $129M | $132M | $47M | · | · | · | · | · | |
| Deferred Tax | $185M | $187M | $218M | $223M | $373M | $378M | $400M | $437M | $488M | $0 | $5M | $14M | |
| Other Non-current Liabilities | $40M | $43M | $68M | $56M | $35M | $27M | $27M | $7M | $7M | $4M | $3M | $4M | |
| Total Liabilities | $4.17B | $3.51B | $3.50B | $3.53B | $3.21B | $3.17B | $1.76B | $2.07B | · | $146M | $125M | $134M | |
| Long-term Debt | $1.44B | $1.44B | $1.44B | $1.74B | $1.30B | $1.20B | $868M | $1.22B | $1.24B | · | · | · | |
| Total Debt | $1.44B | $1.44B | $1.44B | $1.74B | $1.30B | $1.20B | $868M | $1.22B | $1.24B | · | · | · | |
| Common Stock | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $900.0K | $927.0K | · | |
| Paid-in Capital | $1.57B | $1.51B | $1.48B | $1.46B | $1.51B | $2.71B | $2.69B | $2.66B | $2.62B | $139M | · | · | |
| Retained Earnings | $3.54B | $2.82B | $2.53B | $2.17B | $2.15B | $1.81B | $1.51B | $1.29B | $993M | $711M | $604M | $472M | |
| Treasury Stock | $2M | $1M | $10M | $131M | $107M | $1.25B | $887M | $720M | $558M | $532M | $468M | $332M | |
| AOCI | $30M | $-48M | $-9M | $-31M | $56M | $75M | $38M | $12M | $51M | $-800.0K | $-824.0K | $-689.0K | |
| Stockholders' Equity | $5.14B | $4.28B | $3.98B | $3.47B | $3.60B | $3.35B | $3.36B | $3.24B | $3.11B | $318M | $260M | $250M | |
| Liabilities + Equity | $9.31B | $7.79B | $7.49B | $7.00B | $6.81B | $6.52B | $5.11B | $5.32B | $5.27B | $477M | $385M | $384M | |
| Shares Outstanding | 104,647,739 | 104,686,478 | 105,527,815 | 105,951,199 | 106,646,498 | 107,299,933 | 110,656,892 | 111,601,976 | 112,741,217 | 81,285,307 | 82,088,549 | 84,114,475 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $122M | $133M | $158M | $167M | $167M | $158M | $177M | $204M | $192M | $44M | $46M | $40M | |
| Stock-based Comp | $50M | $42M | $41M | $31M | $27M | $22M | $22M | $35M | $53M | $14M | $12M | $16M | |
| Deferred Tax | $-8M | $-24M | $-15M | $-156M | $-19M | $-31M | $-37M | $-48M | $-238M | $-9M | $-8M | $-290.0K | |
| Amort. of Intangibles | $70M | $89M | $117M | $124M | $127M | $125M | $139M | $160M | $143M | $2M | $200.0K | · | |
| Restructuring | · | · | · | · | · | · | $11M | $15M | $24M | · | · | · | |
| Other Non-cash | $488M | $184M | $130M | $374M | $-107M | $841M | $97M | $-83M | $-34M | · | · | · | |
| Operating Cash Flow | $1.75B | $1.10B | $1.08B | $651M | $597M | $1.46B | $633M | $535M | $374M | $230M | $245M | $263M | |
| CapEx | $71M | $61M | $45M | $60M | $51M | $47M | $35M | $36M | $38M | $44M | $39M | · | |
| Investing Cash Flow | $450M | $-142M | $-55M | $-835M | $-353M | $-430M | $-16M | $-26M | $-1.44B | $-84M | $-79M | · | |
| Debt Issued | · | $0 | $0 | $664M | $110M | $494M | · | $300M | $1.94B | · | · | · | |
| Net Debt Issued | $0 | $0 | $-305M | $444M | $90M | $339M | $-350M | $-25M | $1.24B | · | · | · | |
| Stock Repurchased | $67M | $205M | $84M | $101M | $81M | $349M | $157M | $141M | · | $60M | $132M | $168M | |
| Net Stock Activity | $-67M | $-205M | $-84M | $-101M | $-81M | $-349M | $-157M | $-141M | · | $-60M | $-132M | $-168M | |
| Dividends Paid | $284M | $249M | $224M | $209M | $193M | $171M | $150M | $130M | $118M | $78M | $73M | · | |
| Financing Cash Flow | $-372M | $-495M | $-656M | $82M | $-200M | $-202M | $-663M | $-372M | $1.10B | $-150M | $-212M | · | |
| Net Change in Cash | $2.10B | $369M | $417M | $-112M | $35M | $828M | $-46M | $132M | $46M | $-5M | $-46M | · | |
| Taxes Paid | $392M | $362M | $286M | · | · | · | · | · | · | · | · | · | |
| Free Cash Flow | $1.68B | $1.04B | $1.03B | $591M | $546M | $1.41B | $598M | $498M | $337M | · | · | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 51.5% | 50.6% | 50.8% | 44.0% | 42.2% | 36.6% | 45.6% | 44.0% | 44.7% | · | · | · | |
| Operating Margin | 31.1% | 26.8% | 28.0% | 12.4% | 23.1% | 19.3% | 21.5% | 21.6% | 16.7% | 45.4% | 50.4% | 50.8% | |
| Net Margin | 23.3% | 18.7% | 20.2% | 5.9% | 15.1% | 13.7% | 15.0% | 15.4% | 18.0% | 28.4% | 32.3% | 30.7% | |
| Pretax Margin | 33.2% | 26.5% | 27.8% | 10.9% | 21.6% | 19.3% | 20.1% | 20.6% | 15.0% | 46.7% | 51.1% | 50.2% | |
| EBITDA Margin | 33.7% | 30.1% | 32.2% | 16.6% | 27.9% | 23.9% | 28.6% | 29.0% | 25.3% | 45.4% | 50.4% | 50.8% | |
| ROA | 12.9% | 10.0% | 10.5% | 3.4% | 7.9% | 8.1% | 7.2% | 8.1% | 14.0% | 43.4% | 53.3% | 46.0% | |
| ROE | 22.4% | 18.0% | 19.6% | 7.0% | 14.9% | 14.0% | 11.2% | 13.3% | 23.4% | 64.7% | 80.5% | 71.0% | |
| ROIC | 15.7% | 13.6% | 14.2% | 5.1% | 11.5% | 10.3% | 9.4% | 10.0% | 10.2% | 56.8% | 78.0% | 76.9% |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.9 | 1.8 | 1.4 | 1.1 | 1.3 | 1.2 | 2.2 | 1.1 | 1.3 | 2.6 | 2.8 | 3.3 | |
| Quick Ratio | 1.1 | 1.1 | 0.7 | 0.6 | 0.6 | 0.5 | 1.9 | 1.0 | 1.2 | 1.9 | 2.2 | 2.8 | |
| Debt / Equity | 0.3 | 0.3 | 0.4 | 0.5 | 0.4 | 0.4 | 0.3 | 0.4 | 0.4 | · | · | · | |
| LT Debt / Equity | 0.3 | 0.3 | 0.4 | 0.4 | 0.4 | 0.3 | 0.3 | 0.3 | 0.4 | · | · | · | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | · | 7440.2 | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.6 | 0.5 | 0.5 | 0.6 | 0.5 | 0.6 | 0.5 | 0.5 | 0.8 | 1.5 | 1.7 | 1.5 | |
| Receivables Turnover | 11.3 | 10.5 | 10.7 | 11.4 | 10.5 | 12.0 | 9.6 | 11.0 | 15.2 | 9.9 | 10.5 | 11.4 |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $49.10 | $40.88 | $37.76 | $32.71 | $33.80 | $31.21 | $30.32 | $29.04 | $27.59 | $3.91 | · | · | |
| Revenue / Share | $44.85 | $38.81 | $35.53 | $37.10 | $32.60 | $31.36 | $22.33 | $24.68 | $20.74 | $8.07 | $7.64 | $7.23 | |
| Cash Flow / Share | $16.68 | $10.43 | $10.13 | $6.10 | $5.57 | $13.35 | $5.66 | $4.77 | $3.48 | $2.82 | $2.95 | $3.08 | |
| Cash / Share | $21.18 | $8.79 | $5.15 | $4.08 | $3.21 | $2.29 | $2.07 | $2.46 | $1.27 | $1.20 | · | · | |
| Dividend / Share | $2.70 | $2.36 | $2.10 | $1.96 | $1.80 | $1.56 | $1.34 | $1.16 | $1.04 | $0.96 | $0.88 | $0.78 | |
| Dividend Paid / Share | $2.70 | $2.36 | $2.10 | $1.96 | $1.80 | $1.56 | $1.34 | $1.16 | · | · | · | · | |
| EPS (TTM) | $10.42 | $7.21 | $7.13 | $2.19 | $4.92 | $4.27 | $3.34 | $3.76 | $3.69 | $2.27 | $2.46 | $2.21 |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 15.1% | 8.5% | -4.7% | 13.3% | 2.0% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 6.0% | 5.4% | 3.3% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 6.6% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 44.5% | 1.1% | 225.6% | -55.5% | 15.2% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 68.2% | 13.6% | 18.6% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 19.5% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 43.8% | 0.46% | 224.0% | -55.6% | 13.0% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 67.3% | 13.1% | 17.6% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 18.6% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividends Paid CAGR 5Y | 10.8% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $4.71B | $4.09B | $3.77B | $3.96B | $3.49B | $3.43B | $2.50B | $2.77B | $2.23B | $703M | $664M | $617M | |
| Net Income TTM | $1.10B | $765M | $761M | $235M | $529M | $468M | $375M | $426M | $402M | $187M | $205M | $190M | |
| Payout Ratio | 25.9% | 32.6% | 29.3% | 89.1% | 36.5% | 36.4% | 40.0% | 30.6% | 29.4% | · | · | · | |
| Annual Payout | $284M | $249M | $224M | $209M | $193M | $171M | $150M | $130M | $118M | $78M | $73M | · |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.44B | $1.27B | $1.20B | $1.14B | $1.17B | $1.20B | $1.11B | $1.06B | $974M | $957M | $969M | $909M | $908M | $988M | $1.00B | $994M | |
| Cost of Revenue | $711M | $544M | $533M | $536M | $586M | $630M | $583M | $524M | $460M | $455M | $470M | $428M | $441M | $517M | $548M | $551M | |
| Gross Profit | $732M | $729M | $671M | $606M | $587M | $565M | $524M | $532M | $514M | $502M | $499M | $480M | $467M | $471M | $457M | $442M | |
| Operating Expenses | $256M | $223M | $267M | $235M | $248M | $211M | $226M | $225M | $304M | $220M | $205M | $209M | $222M | $224M | $207M | $206M | |
| Operating Income | $476M | $506M | $404M | $370M | $339M | $354M | $298M | $307M | $210M | $282M | $294M | $271M | $245M | $248M | $250M | $237M | |
| Interest Income | · | · | · | · | · | $8M | $7M | $11M | $5M | $4M | $4M | $4M | $3M | $2M | $1M | $800.0K | |
| Other Non-op | $900.0K | $6M | $1M | $6M | $-2M | $4M | $-13M | $2M | $-13M | $5M | $-2M | $500.0K | $2M | $100.0K | $-6M | $8M | |
| Pretax Income | $495M | $516M | $452M | $430M | $335M | $350M | $280M | $309M | $203M | $292M | $288M | $270M | $242M | $248M | $236M | $229M | |
| Income Tax | $142M | $130M | $138M | $129M | $100M | $100M | $83M | $90M | $63M | $83M | $76M | $62M | $74M | $75M | $76M | $79M | |
| Net Income | $353M | $386M | $314M | $301M | $235M | $251M | $196M | $218M | $140M | $210M | $212M | $208M | $168M | $173M | $160M | $150M | |
| EPS (Basic) | $3.36 | $3.67 | $2.99 | $2.86 | $2.23 | $2.38 | $1.86 | $2.08 | $1.33 | $1.97 | $1.99 | $1.96 | $1.58 | $1.63 | $1.51 | $1.41 | |
| EPS (Diluted) | $3.35 | $3.66 | $2.97 | $2.85 | $2.23 | $2.37 | $1.85 | $2.07 | $1.33 | $1.96 | $1.98 | $1.95 | $1.57 | $1.63 | $1.50 | $1.41 | |
| Shares (Basic) | 104,700,000 | 104,700,000 | · | 104,600,000 | 104,700,000 | 104,700,000 | · | 104,700,000 | 105,100,000 | 105,600,000 | · | 105,700,000 | 105,700,000 | 105,900,000 | · | 106,200,000 | |
| Shares (Diluted) | 104,900,000 | 105,000,000 | · | 104,900,000 | 105,000,000 | 105,100,000 | · | 105,100,000 | 105,400,000 | 106,100,000 | · | 106,100,000 | 106,100,000 | 106,200,000 | · | 106,400,000 | |
| EBITDA | $504M | $535M | · | $401M | $369M | $384M | · | $339M | $242M | $320M | · | $310M | $285M | $289M | · | $278M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.28B | $2.13B | $2.22B | $1.50B | $1.26B | $1.05B | $920M | $763M | $615M | $536M | · | $403M | $414M | $436M | · | $353M | |
| Short-term Investments | $114M | $36M | $36M | $34M | $208M | $106M | $110M | · | $84M | $59M | · | $34M | $104M | $80M | · | $27M | |
| Receivables | $571M | $515M | $391M | $437M | $444M | $493M | $445M | $376M | $373M | $370M | · | $359M | $364M | $393M | · | $380M | |
| Other Current Assets | $85M | $95M | $91M | $99M | $124M | $91M | $85M | $53M | $58M | $65M | · | $56M | $52M | $50M | · | $43M | |
| Current Assets | $5.93B | $6.22B | $4.42B | $3.74B | $3.74B | $3.36B | $2.48B | $3.32B | $3.90B | $2.68B | · | $2.28B | $1.74B | $2.46B | · | $1.90B | |
| PP&E (Net) | $137M | $137M | $133M | $126M | $128M | $119M | $118M | $109M | $115M | $106M | · | $106M | $116M | $112M | · | $106M | |
| PP&E (Gross) | $358M | $361M | $350M | $334M | $343M | $321M | $310M | $296M | $294M | $328M | · | $312M | $386M | $380M | · | $354M | |
| Accum. Depreciation | $221M | $223M | $216M | $208M | $216M | $202M | $192M | $188M | $178M | $222M | · | $207M | $270M | $268M | · | $248M | |
| Goodwill | $3.05B | $3.14B | $3.15B | $3.15B | $3.16B | $3.13B | $3.12B | $3.15B | $3.13B | $3.13B | $3.14B | $3.12B | $3.14B | $3.13B | $3.12B | $3.11B | |
| Intangibles | $1.18B | $1.27B | $1.30B | $1.33B | $1.36B | $1.37B | $1.38B | $1.42B | $1.42B | $1.53B | $1.56B | $1.57B | $1.61B | $1.64B | $1.66B | $1.67B | |
| Other Non-current Assets | $172M | $156M | $160M | $177M | $164M | $177M | $183M | $221M | $209M | $209M | · | $190M | $181M | $186M | · | $144M | |
| Total Assets | $10.61B | $11.07B | $9.31B | $9.07B | $9.05B | $8.67B | $7.79B | $8.71B | $9.26B | $8.15B | · | $7.73B | $7.20B | $7.90B | · | $7.30B | |
| Accounts Payable | $16M | $19M | $16M | $15M | $23M | $15M | $18M | $17M | $25M | $11M | · | $14M | $33M | $15M | · | $21M | |
| Current Liabilities | $3.79B | $4.49B | $2.36B | $2.18B | $2.39B | $2.10B | $1.40B | $2.39B | $3.16B | $2.01B | · | $1.85B | $1.47B | $2.30B | · | $1.55B | |
| Capital Leases | $112M | $115M | $121M | $127M | $134M | $138M | $138M | $144M | $126M | $144M | · | $129M | $124M | $127M | · | $132M | |
| Deferred Tax | $225M | $233M | $185M | $162M | $175M | $183M | $187M | $197M | $195M | $214M | · | $213M | $206M | $211M | · | $239M | |
| Other Non-current Liabilities | $43M | $40M | $40M | $38M | $33M | $31M | $43M | $45M | $43M | $66M | · | $65M | $57M | $60M | · | $33M | |
| Total Liabilities | $4.98B | $5.70B | $4.17B | $4.18B | $4.38B | $4.22B | $3.51B | $4.50B | $5.23B | $4.13B | · | $3.94B | $3.53B | $4.36B | · | $4.00B | |
| Long-term Debt | $1.44B | $1.44B | $1.44B | $1.44B | $1.44B | $1.44B | $1.44B | $1.44B | $1.44B | $1.44B | · | $1.51B | $1.60B | $1.74B | · | $1.86B | |
| Total Debt | $1.44B | $1.44B | · | $1.44B | $1.44B | $1.44B | · | $1.44B | $1.44B | $1.44B | · | $1.51B | $1.60B | $1.74B | · | $1.86B | |
| Common Stock | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | · | $1M | $1M | $1M | · | $1M | |
| Paid-in Capital | $1.60B | $1.58B | $1.57B | $1.56B | $1.54B | $1.53B | $1.51B | $1.52B | $1.51B | $1.50B | · | $1.51B | $1.48B | $1.47B | · | $1.53B | |
| Retained Earnings | $4.13B | $3.85B | $3.54B | $3.39B | $3.17B | $3.00B | $2.82B | $2.91B | $2.76B | $2.68B | · | $2.56B | $2.41B | $2.29B | · | $2.06B | |
| Treasury Stock | $109M | $75M | $2M | $95M | $90M | $54M | $1M | $243M | $217M | $125M | · | $223M | $222M | $214M | · | $201M | |
| AOCI | $5M | $11M | $30M | $25M | $42M | $-25M | $-48M | $18M | $-26M | $-23M | · | $-51M | $-2M | $-12M | · | $-104M | |
| Stockholders' Equity | $5.63B | $5.37B | $5.14B | $4.88B | $4.67B | $4.45B | $4.28B | $4.21B | $4.02B | $4.02B | $3.98B | $3.79B | $3.66B | $3.54B | $3.47B | $3.29B | |
| Liabilities + Equity | $10.61B | $11.07B | $9.31B | $9.07B | $9.05B | $8.67B | $7.79B | $8.71B | $9.26B | $8.15B | · | $7.73B | $7.20B | $7.90B | · | $7.30B | |
| Shares Outstanding | 104,554,843 | 104,673,700 | 104,647,739 | 104,636,261 | 104,589,930 | 104,738,813 | 104,686,478 | 104,677,388 | 104,788,542 | 105,341,315 | · | 105,555,989 | 105,516,820 | 105,574,173 | · | 106,082,175 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $28M | $30M | $31M | $31M | $30M | $30M | $32M | $32M | $32M | $37M | $38M | $39M | $40M | $41M | $45M | $41M | |
| Stock-based Comp | $16M | $13M | $12M | $13M | $13M | $12M | $10M | $10M | $10M | $12M | $6M | $9M | $9M | $17M | $8M | $7M | |
| Deferred Tax | $4M | $49M | $22M | $-11M | $-13M | $-6M | $400.0K | $-3M | $-20M | $-2M | $-8M | $10M | $-7M | $-11M | $-9M | $-4M | |
| Amort. of Intangibles | $15M | $17M | $17M | $17M | $17M | $18M | $20M | $21M | $21M | $26M | $28M | $28M | $29M | $31M | $33M | $31M | |
| Restructuring | $24M | · | · | · | $200.0K | · | · | · | · | · | · | · | · | · | · | · | |
| Other Non-cash | · | $1.48B | · | · | · | $626M | · | · | · | $639M | · | · | · | $810M | · | · | |
| Operating Cash Flow | $-503M | $1.96B | $352M | $154M | $334M | $913M | $-710M | $-578M | $1.49B | $896M | $-189M | $737M | $-503M | $1.03B | $-144M | $169M | |
| CapEx | $33M | $19M | $20M | $16M | $20M | $15M | $24M | $12M | $18M | $7M | $17M | $8M | $8M | $12M | $27M | $10M | |
| Investing Cash Flow | $-107M | $-18M | $419M | $168M | $-117M | $-20M | $-127M | $35M | $-37M | $-13M | $-38M | $26M | $-45M | $2M | $-90M | $28M | |
| Debt Issued | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | $0 | |
| Stock Repurchased | $34M | $41M | $0 | $0 | $37M | $30M | $500.0K | $26M | $101M | $77M | $6M | $0 | $8M | $70M | $15M | $0 | |
| Net Stock Activity | · | $-41M | · | · | · | $-30M | · | · | · | $-77M | · | · | · | $-70M | · | · | |
| Dividends Paid | $76M | $76M | $76M | $76M | $66M | $66M | $66M | $66M | $58M | $58M | $58M | $58M | $53M | $53M | $53M | $53M | |
| Financing Cash Flow | $-112M | $-140M | $-78M | $-76M | $-104M | $-114M | $-71M | $-78M | $-178M | $-169M | $-142M | $-165M | $-208M | $-141M | $-193M | $-161M | |
| Net Change in Cash | $-690M | $1.74B | $699M | $213M | $287M | $904M | $-1.04B | $-546M | $1.26B | $689M | $-335M | $595M | $-756M | $913M | $-407M | $22M | |
| Taxes Paid | $257M | $321M | $151M | $92M | $141M | $8M | $91M | $93M | $102M | $77M | $83M | $74M | $120M | $9M | · | · | |
| Free Cash Flow | · | $1.94B | · | · | · | $898M | · | · | · | $888M | · | · | · | $1.02B | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 50.7% | 57.3% | · | 53.0% | 50.0% | 47.3% | · | 50.4% | 52.8% | 52.5% | · | 52.9% | 51.4% | 47.7% | · | 44.5% | |
| Operating Margin | 33.0% | 39.7% | · | 32.4% | 28.9% | 29.6% | · | 29.1% | 21.6% | 29.5% | · | 29.8% | 27.0% | 25.1% | · | 23.8% | |
| Net Margin | 24.5% | 30.3% | · | 26.4% | 20.0% | 21.0% | · | 20.7% | 14.4% | 21.9% | · | 22.9% | 18.5% | 17.5% | · | 15.1% | |
| Pretax Margin | 34.3% | 40.5% | · | 37.7% | 28.5% | 29.3% | · | 29.3% | 20.8% | 30.5% | · | 29.7% | 26.6% | 25.1% | · | 23.1% | |
| EBITDA Margin | 34.9% | 42.0% | · | 35.1% | 31.4% | 32.1% | · | 32.1% | 24.8% | 33.4% | · | 34.1% | 31.4% | 29.3% | · | 28.0% | |
| ROA | 3.6% | 3.9% | · | 3.4% | 2.6% | 3.0% | · | 2.7% | 1.7% | 2.6% | · | 2.8% | 2.3% | 2.1% | · | 2.0% | |
| ROE | 6.9% | 7.8% | · | 6.6% | 5.4% | 5.9% | · | 5.5% | 3.6% | 5.5% | · | 5.9% | 4.9% | 4.9% | · | 4.4% | |
| ROIC | 4.8% | 5.5% | · | 4.1% | 3.9% | 4.3% | · | 3.9% | 2.7% | 3.7% | · | 3.9% | 3.2% | 3.3% | · | 3.0% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.6 | 1.4 | · | 1.7 | 1.6 | 1.6 | · | 1.4 | 1.2 | 1.3 | · | 1.2 | 1.2 | 1.1 | · | 1.2 | |
| Quick Ratio | 0.8 | 0.6 | · | 0.9 | 0.8 | 0.8 | · | 0.5 | 0.3 | 0.5 | · | 0.4 | 0.6 | 0.4 | · | 0.5 | |
| Debt / Equity | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.3 | · | 0.3 | 0.4 | 0.4 | · | 0.4 | 0.4 | 0.5 | · | 0.6 | |
| LT Debt / Equity | 0.1 | 0.1 | · | 0.3 | 0.3 | 0.3 | · | 0.3 | 0.4 | 0.4 | · | 0.4 | 0.4 | 0.4 | · | 0.6 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| Receivables Turnover | 2.8 | 2.5 | · | 2.8 | 2.9 | 2.8 | · | 2.9 | 2.6 | 2.5 | · | 2.5 | 2.4 | 2.6 | · | 2.8 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $53.81 | $51.34 | · | $46.68 | $44.60 | $42.51 | · | $40.20 | $38.38 | $38.20 | · | $35.89 | $34.73 | $33.52 | · | $31.05 | |
| Revenue / Share | $13.75 | $12.12 | · | $10.88 | $11.18 | $11.37 | · | $10.04 | $9.24 | $9.02 | · | $8.57 | $8.56 | $9.31 | · | $9.34 | |
| Cash Flow / Share | · | $18.67 | · | · | · | $8.69 | · | · | · | $8.44 | · | · | · | $9.71 | · | · | |
| Cash / Share | $21.77 | $20.39 | · | $14.30 | $12.01 | $10.00 | · | $7.29 | $5.87 | $5.09 | · | $3.82 | $3.92 | $4.13 | · | $3.33 | |
| Dividend / Share | $0.72 | $0.72 | $0.72 | $0.72 | $0.63 | $0.63 | $0.63 | $0.63 | $0.55 | $0.55 | $0.55 | $0.55 | $0.50 | $0.50 | $0.50 | $0.50 | |
| Dividend Paid / Share | · | · | · | · | · | · | · | · | · | · | · | $0.50 | $0.50 | $0.50 | · | $0.48 | |
| EPS (TTM) | $12.83 | $11.71 | · | $9.30 | $8.52 | $7.62 | · | $7.34 | $7.22 | $7.46 | · | $6.65 | $6.11 | $2.80 | · | $2.24 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $5.06B | $4.79B | · | $4.62B | $4.53B | $4.33B | · | $3.96B | $3.81B | $3.74B | · | $3.81B | $3.89B | $3.97B | · | $3.82B | |
| Net Income TTM | $1.35B | $1.24B | · | $983M | $901M | $806M | · | $780M | $770M | $798M | · | $709M | $651M | $299M | · | $241M | |
| Payout Ratio | · | 19.7% | · | · | · | 26.5% | · | · | · | 27.9% | · | · | · | 30.7% | · | · | |
| Annual Payout | $303M | $294M | · | $275M | $266M | $257M | · | $242M | $234M | $229M | · | $218M | $213M | $211M | · | $208M |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $4.71B | $4.09B | $3.77B | $3.96B | $3.49B |
| Gross Margin % | 51.5% | 50.6% | 50.8% | 44.0% | 42.2% |
| Operating Margin % | 31.1% | 26.8% | 28.0% | 12.4% | 23.1% |
| Net Income | $1.10B | $765M | $761M | $235M | $529M |
| Diluted EPS | $10.42 | $7.21 | $7.13 | $2.19 | $4.92 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Debt / Equity | 0.3 | 0.3 | 0.4 | 0.5 | 0.4 |
| Current Ratio | 1.9 | 1.8 | 1.4 | 1.1 | 1.3 |
| Quick Ratio | 1.1 | 1.1 | 0.7 | 0.6 | 0.6 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $1.68B | $1.04B | $1.03B | $591M | $546M |
Institutional owners (13F) 1,081 filers · $26.0B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 131 (-30 vs prior Q) | 107 (+39 vs prior Q) | 410 (+21 vs prior Q) | 346 (+39 vs prior Q) | +2.8M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD GROUP INC | $3,251,877,939 | 12,955,689 | 12.50% | Shares |
| BlackRock, Inc. | $2,474,798,941 | 10,198,207 | 9.52% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $1,658,666,437 | 6,835,070 | 6.38% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $1,275,896,009 | 5,257,741 | 4.91% | Shares |
| STATE STREET CORP | $1,224,655,995 | 5,046,590 | 4.71% | Shares |
| ALLIANCEBERNSTEIN L.P. | $1,143,300,569 | 4,067,672 | 4.40% | Shares |
| FMR LLC | $1,045,209,443 | 4,307,122 | 4.02% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $755,224,846 | 3,096,888 | 2.90% | Shares |
| MORGAN STANLEY | $689,924,255 | 2,843,052 | 2.65% | Shares |
| Invesco Ltd. | $518,254,322 | 2,135,634 | 1.99% | Shares |
| DEUTSCHE BANK AG\ | $491,464,505 | 2,025,238 | 1.89% | Shares |
| JANUS HENDERSON GROUP PLC | $373,515,172 | 1,328,924 | 1.44% | Shares |
| NORGES BANK | $341,922,030 | 1,409,000 | 1.31% | Shares |
| NORTHERN TRUST CORP | $316,979,193 | 1,306,215 | 1.22% | Shares |
| GOLDMAN SACHS GROUP INC | $306,634,043 | 1,263,584 | 1.18% | Shares |
| FIRST TRUST ADVISORS LP | $267,147,893 | 1,100,869 | 1.03% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $263,031,491 | 935,822 | 1.01% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $249,077,944 | 1,026,406 | 0.96% | Shares |
| Robeco Institutional Asset Management B.V. | $234,954,785 | 853,481 | 0.90% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $226,541,157 | 958,621 | 0.87% | Shares |
| NORDEA INVESTMENT MANAGEMENT AB | $199,268,991 | 830,876 | 0.77% | Shares |
| UBS Group AG | $194,138,426 | 800,010 | 0.75% | Shares |
| Legal & General Group Plc | $175,869,732 | 724,754 | 0.68% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $164,388,879 | 677,679 | 0.63% | Shares |
| BANK OF AMERICA CORP /DE/ | $162,794,342 | 670,847 | 0.63% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $158,390,709 | 652,700 | 0.61% | Put option |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $153,639,473 | 633,121 | 0.59% | Shares |
| CITADEL ADVISORS LLC | $153,347,299 | 631,917 | 0.59% | Shares |
| Amundi | $152,592,352 | 628,806 | 0.59% | Shares |
| Clark Capital Management Group, Inc. | $150,084,451 | 618,471 | 0.58% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $142,607,938 | 587,662 | 0.55% | Shares |
| JANE STREET GROUP, LLC | $133,881,039 | 551,700 | 0.51% | Call option |
| JANE STREET GROUP, LLC | $131,797,232 | 543,113 | 0.51% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $119,625,635 | 492,956 | 0.46% | Shares |
| Bank of New York Mellon Corp | $117,351,275 | 483,583 | 0.45% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $107,745,480 | 444,000 | 0.41% | Call option |
| Caisse de depot et placement du Quebec | $104,155,420 | 429,206 | 0.40% | Shares |
| HORIZON KINETICS ASSET MANAGEMENT LLC | $100,619,170 | 414,634 | 0.39% | Shares |
| TWO SIGMA INVESTMENTS, LP | $96,091,981 | 395,978 | 0.37% | Shares |
| Nuveen, LLC | $92,757,281 | 382,237 | 0.36% | Shares |
| JPMORGAN CHASE & CO | $92,132,369 | 397,962 | 0.35% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $90,570,000 | 373,221 | 0.35% | Shares |
| TD Asset Management Inc | $89,803,916 | 370,066 | 0.35% | Shares |
| ROYAL BANK OF CANADA | $88,937,000 | 366,497 | 0.34% | Shares |
| Qube Research & Technologies Ltd | $88,504,904 | 364,713 | 0.34% | Shares |
| HSBC HOLDINGS PLC | $87,340,781 | 360,583 | 0.34% | Shares |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $86,522,359 | 356,593 | 0.33% | Shares |
| Vinva Investment Management Ltd | $85,368,497 | 367,745 | 0.33% | Shares |
| MARSHALL WACE, LLP | $81,706,747 | 336,699 | 0.31% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $80,475,681 | 331,626 | 0.31% | Shares |
Company insiders 62 insiders · 28 officers · 36 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Craig S Donohue | CEO | Feb. 19, 2026 A | 2,604 | 0 | 0 | $0 |
| Edward T Tilly | CHAIRMAN AND CEO | July 10, 2023 S | 177,983 | 0 | 0 | $0 |
| Jill Griebenow | EVP, CFO | Feb. 19, 2026 A | 17,081 | 0 | 0 | $0 |
| Brian N Schell | EXECUTIVE VP, CFO & TREASURER | Feb. 19, 2023 A | 9,577 | 0 | 0 | $0 |
| Alan J Dean | Former EVP, CFO & Treasurer | Dec. 31, 2017 M | 75,052 | 0 | 0 | $0 |
| Christopher R Concannon | President and COO | Jan. 13, 2019 F | 128,761 | 0 | 0 | $0 |
| Edward L Provost | Former President & COO | Feb. 28, 2017 M | 91,747 | 0 | 0 | $0 |
| Edward J Joyce | Former President and COO | Dec. 1, 2011 F | 114,908 | 0 | 0 | $0 |
| Christopher A Isaacson | EVP, COO | Feb. 19, 2026 M | 50,059 | 0 | 0 | $0 |
| Boudewijn Duinstra | EVP, CHIEF RISK OFFICER | Aug. 19, 2026 A | · | 0 | 0 | $0 |
| Heidi Fischer | EVP, Equities and Spot Markets | Aug. 19, 2026 A | · | 0 | 0 | $0 |
| Allen Wilkinson | SVP, CHIEF ACCOUNTING OFFICER | May 19, 2026 A | 410 | 0 | 1 | $-72,612 |
| Robert A Hocking | EVP, Global Head of Derivs. | Feb. 19, 2026 A | 514 | 0 | 0 | $0 |
| Prashant Bhatia | EVP, Strategy & Corp Dev | Feb. 19, 2026 A | 95 | 0 | 0 | $0 |
| Timothy Lipscomb | EVP, Chief Technology Officer | Feb. 19, 2026 A | 2,638 | 0 | 0 | $0 |
| Stephanie Foley | EVP, CHRO | Feb. 19, 2026 A | 3,868 | 0 | 0 | $0 |
| John P Sexton | EVP, GC AND CORP SEC | Feb. 19, 2026 A | 29,575 | 0 | 0 | $0 |
| Catherine R Clay | EVP, GLOBAL DERIVATIVES | July 15, 2025 A | 2,183 | 0 | 0 | $0 |
| Adam Inzirillo | EVP, DATA VANTAGE | Feb. 19, 2025 A | 1,993 | 0 | 0 | $0 |
| Dave Howson | EVP, GLOBAL PRESIDENT | Feb. 19, 2025 A | 8,025 | 0 | 0 | $0 |
| John Deters | EVP, CORPORATE STRATEGY | Feb. 19, 2023 A | 13,228 | 0 | 0 | $0 |
| Bryan Harkins | EVP, President BIDS Trading | May 13, 2021 A | 32,411 | 0 | 0 | $0 |
| Mark S Hemsley | Executive VP, President Europe | Dec. 15, 2019 F | 84,046 | 0 | 0 | $0 |
| Andrew Lowenthal | EVP, Co-Head of Markets | Feb. 19, 2019 A | 13,617 | 0 | 0 | $0 |
| Joanne Moffic-Silver | Former EVP, GC, and Corp Sec | Feb. 28, 2018 M | 82,561 | 0 | 0 | $0 |
| David S Reynolds | Chief Accounting Officer | Feb. 19, 2018 A | 5,376 | 0 | 0 | $0 |
| Gerald T O'Connell | Former Executive VP and CIO | Feb. 28, 2017 M | 71,893 | 0 | 0 | $0 |
| Richard G Dufour | Executive VP | June 14, 2013 F | 87,169 | 0 | 0 | $0 |
| Fredric J Tomczyk | Director | Oct. 12, 2026 M | 35,631 | 0 | 0 | $0 |
| Janet P Froetscher | Director | Aug. 12, 2026 S | 12,870 | 0 | 2 | $-699,320 |
| Erin Mansfield | Director | May 14, 2026 A | 2,441 | 0 | 0 | $0 |
| Cecilia Mao | Director | May 14, 2026 A | 2,441 | 0 | 0 | $0 |
| Jennifer J Mcpeek | Director | May 14, 2026 A | 6,368 | 0 | 0 | $0 |
| Jill R Goodman | Director | May 14, 2026 A | 12,448 | 0 | 0 | $0 |
| Edward J. Fitzpatrick | Director | May 14, 2026 A | 13,451 | 0 | 1 | $-1,128,329 |
| Ivan K Fong | Director | May 14, 2026 A | 7,441 | 0 | 0 | $0 |
| William M Farrow III | Director | May 14, 2026 A | 12,735 | 0 | 0 | $0 |
| Jamie Parisi | Director | May 14, 2026 A | 9,969 | 0 | 0 | $0 |
| Roderick A Palmore | Director | May 14, 2026 A | 27,730 | 0 | 0 | $0 |
| Alexander Matturri JR | Director | Feb. 18, 2026 S | 4,761 | 0 | 1 | $-428,040 |
| RATTERMAN JOSEPH P | Director | Dec. 12, 2023 G | 20,515 | 0 | 0 | $0 |
| Jill E. Sommers | Director | May 12, 2022 A | 6,550 | 0 | 0 | $0 |
| Eugene S Sunshine | Director | May 12, 2022 A | 24,611 | 0 | 0 | $0 |
| Michael L Richter | Director | March 8, 2021 S | 22,171 | 0 | 0 | $0 |
| Carole E Stone | Director | Aug. 5, 2019 S | 13,819 | 0 | 0 | $0 |
| Frank E. English Jr. | Director | May 16, 2019 A | 4,373 | 0 | 0 | $0 |
| James R Boris | Director | Dec. 7, 2017 G | 10,161 | 0 | 0 | $0 |
| Christopher Mitchell | Director | Nov. 29, 2017 S | 0 | 0 | 0 | $0 |
| Samuel K Skinner | Director | May 18, 2017 A | 18,061 | 0 | 0 | $0 |
| William J Brodsky | Director | Nov. 14, 2016 G | 213,735 | 0 | 0 | $0 |
| Susan M Phillips | Director | May 19, 2016 A | 16,876 | 0 | 0 | $0 |
| Eden R Martin | Director | May 19, 2016 A | 16,876 | 0 | 0 | $0 |
| Duane R Kullberg | Director | May 23, 2013 A | 12,483 | 0 | 0 | $0 |
| Mark F Duffy | Director | March 14, 2013 S | 38,032 | 0 | 0 | $0 |
| Benjamin R Londergan | Director | Feb. 15, 2013 S | 16,538 | 0 | 0 | $0 |
| Paul Kepes | Director | June 14, 2012 A | 10,632 | 0 | 0 | $0 |
| Stuart J Kipnes | Director | Nov. 24, 2010 D | 35,000 | 0 | 0 | $0 |
| Bradley G Griffith | Director | Nov. 24, 2010 D | 35,000 | 0 | 0 | $0 |
| Robert J Birnbaum | Director | June 18, 2010 P | 7,847 | 0 | 0 | $0 |
| William R Power | Director | June 18, 2010 P | 7,847 | 0 | 0 | $0 |
| Howard L Stone | Director | June 18, 2010 P | 7,847 | 0 | 0 | $0 |
| David Fisher | Director | June 18, 2010 J | 40,000 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 148 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| PFI · Invesco Exchange-Traded Fund Trust | 3.03% | 4,545 SH | Oct. 23, 2026 | Daily |
| SAWG · ETF Series Solutions | 2.49% | 231 NS | July 31, 2026 | N-PORT |
| NUMV · Nushares ETF Trust | 1.58% | 22,553 NS | July 31, 2026 | N-PORT |
| UPSD · ETF Series Solutions | 1.57% | 5,906 NS | July 31, 2026 | N-PORT |
| RSPF · Invesco Exchange-Traded Fund Trust | 1.48% | 14,722 SH | Oct. 23, 2026 | Daily |
| SRHQ · Elevation Series Trust | 1.22% | 8,312 NS | July 31, 2026 | N-PORT |
| SPGP · Invesco Exchange-Traded Fund Trust | 1.20% | 77,536 SH | Oct. 23, 2026 | Daily |
| NULV · Nushares ETF Trust | 1.00% | 70,758 NS | July 31, 2026 | N-PORT |
| ESMV · iShares Trust | 0.92% | 249 SH | Sept. 11, 2026 | Daily |
| MMLG · First Trust Exchange-Traded Fund VI… | 0.87% | 2,698 NS | Aug. 31, 2026 | N-PORT |
| HUSV · First Trust Exchange-Traded Fund III | 0.85% | 2,024 NS | July 31, 2026 | N-PORT |
| FXO · First Trust Exchange-Traded AlphaDE… | 0.77% | 27,910 NS | July 31, 2026 | N-PORT |
| PDP · Invesco Exchange-Traded Fund Trust | 0.75% | 32,603 SH | Oct. 23, 2026 | Daily |
| SDVD · First Trust Exchange-Traded Fund IV | 0.70% | 20,584 NS | July 31, 2026 | N-PORT |
| USMV · iShares Trust | 0.58% | 482,016 SH | Sept. 11, 2026 | Daily |
| AFLG · First Trust Exchange-Traded Fund VI… | 0.57% | 14,431 NS | Aug. 31, 2026 | N-PORT |
| FDLO · FIDELITY COVINGTON TRUST | 0.51% | 23,404 NS | July 31, 2026 | N-PORT |
| DEUS · DBX ETF Trust | 0.47% | 4,709 NS | Aug. 31, 2026 | N-PORT |
| IYF · iShares Trust | 0.45% | 68,510 SH | Sept. 11, 2026 | Daily |
| ROUS · Lattice Strategies Trust | 0.45% | 10,168 NS | July 31, 2026 | N-PORT |
| VOE · VANGUARD INDEX FUNDS | 0.44% | 672,264 SH | Aug. 19, 2026 | Daily |
| NULC · Nushares ETF Trust | 0.44% | 993 NS | July 31, 2026 | N-PORT |
| IYG · iShares Trust | 0.41% | 31,543 SH | Sept. 11, 2026 | Daily |
| ACWV · iShares, Inc. | 0.38% | 43,826 SH | Sept. 11, 2026 | Daily |
| SPHQ · Invesco Exchange-Traded Fund Trust | 0.36% | 206,938 SH | Oct. 23, 2026 | Daily |
| FNCL · FIDELITY COVINGTON TRUST | 0.36% | 27,565 NS | July 31, 2026 | N-PORT |
| LGDX · Tidal Trust III | 0.35% | 1,599 NS | July 31, 2026 | N-PORT |
| HDUS · Lattice Strategies Trust | 0.34% | 2,225 NS | July 31, 2026 | N-PORT |
| FTLS · First Trust Exchange-Traded Fund III | 0.33% | 26,286 NS | July 31, 2026 | N-PORT |
| REVS · Columbia ETF Trust I | 0.33% | 3,513 NS | July 31, 2026 | N-PORT |
| JMOM · J.P. Morgan Exchange-Traded Fund Tr… | 0.30% | 24,539 NS | July 31, 2026 | N-PORT |
| VFH · VANGUARD WORLD FUND | 0.30% | 170,617 SH | Aug. 19, 2026 | Daily |
| IWS · iShares Trust | 0.30% | 157,257 SH | Sept. 11, 2026 | Daily |
| JQUA · J.P. Morgan Exchange-Traded Fund Tr… | 0.29% | 77,015 NS | July 31, 2026 | N-PORT |
| SUSA · iShares Trust | 0.28% | 39,116 SH | Sept. 11, 2026 | Daily |
| OMFL · Invesco Exchange-Traded Self-Indexe… | 0.27% | 39,783 SH | Oct. 23, 2026 | Daily |
| FAS · Direxion Shares ETF Trust | 0.27% | 20,622 NS | July 31, 2026 | N-PORT |
| FFLG · FIDELITY COVINGTON TRUST | 0.26% | 5,014 NS | July 31, 2026 | N-PORT |
| VO · VANGUARD INDEX FUNDS | 0.25% | 2,267,911 SH | Aug. 19, 2026 | Daily |
| ACVF · ETF Opportunities Trust | 0.25% | 1,224 NS | July 31, 2026 | N-PORT |
| EVUS · iShares Trust | 0.24% | 3,235 SH | Sept. 11, 2026 | Daily |
| FYEE · Fidelity Greenwood Street Trust | 0.22% | 1,582 NS | July 31, 2026 | N-PORT |
| FFLC · FIDELITY COVINGTON TRUST | 0.22% | 8,636 NS | July 31, 2026 | N-PORT |
| IWR · iShares Trust | 0.22% | 426,645 SH | Sept. 11, 2026 | Daily |
| RSP · Invesco Exchange-Traded Fund Trust | 0.22% | 672,515 SH | Oct. 23, 2026 | Daily |
| EUSA · iShares, Inc. | 0.20% | 13,650 SH | Sept. 11, 2026 | Daily |
| FBUF · Fidelity Greenwood Street Trust | 0.19% | 148 NS | July 31, 2026 | N-PORT |
| FFSM · FIDELITY COVINGTON TRUST | 0.19% | 9,216 NS | July 31, 2026 | N-PORT |
| IXG · iShares Trust | 0.19% | 4,535 SH | Sept. 11, 2026 | Daily |
| LCOW · Pacer Funds Trust | 0.17% | 143 NS | July 31, 2026 | N-PORT |
| XOEF · iShares Trust | 0.17% | 131 SH | Sept. 11, 2026 | Daily |
| ESUM · Strategy Shares | 0.17% | 979 NS | July 31, 2026 | N-PORT |
| RECS · Columbia ETF Trust I | 0.16% | 30,984 NS | July 31, 2026 | N-PORT |
| PALC · Pacer Funds Trust | 0.16% | 1,081 NS | July 31, 2026 | N-PORT |
| BSCR · Invesco Exchange-Traded Self-Indexe… | 0.15% | 6,753,000 | Oct. 23, 2026 | Daily |
| SIZE · iShares Trust | 0.15% | 2,219 SH | Sept. 11, 2026 | Daily |
| ESGU · iShares Trust | 0.14% | 84,457 SH | Sept. 11, 2026 | Daily |
| DFVX · Dimensional ETF Trust | 0.13% | 2,226 NS | July 31, 2026 | N-PORT |
| MTUM · iShares Trust | 0.13% | 109,359 SH | Sept. 11, 2026 | Daily |
| QARP · DBX ETF Trust | 0.13% | 331 NS | Aug. 31, 2026 | N-PORT |
| SNPG · DBX ETF Trust | 0.13% | 60 NS | Aug. 31, 2026 | N-PORT |
| PFM · Invesco Exchange-Traded Fund Trust | 0.12% | 2,969 SH | Oct. 23, 2026 | Daily |
| VFQY · VANGUARD WELLINGTON FUND | 0.12% | 2,291 SH | Aug. 19, 2026 | Daily |
| USXF · iShares Trust | 0.12% | 6,102 SH | Sept. 11, 2026 | Daily |
| BSCU · Invesco Exchange-Traded Self-Indexe… | 0.12% | 3,788,000 | Oct. 23, 2026 | Daily |
| VIG · VANGUARD SPECIALIZED FUNDS | 0.11% | 591,241 SH | Aug. 19, 2026 | Daily |
| PFIG · Invesco Exchange-Traded Fund Trust … | 0.11% | 160,000 | Oct. 20, 2026 | Daily |
| QUAL · iShares Trust | 0.11% | 174,330 SH | Sept. 11, 2026 | Daily |
| VEGN · ETF Series Solutions | 0.11% | 616 NS | July 31, 2026 | N-PORT |
| DYNF · BlackRock ETF Trust | 0.11% | 153,244 SH | Sept. 11, 2026 | Daily |
| IQSU · New York Life Investments ETF Trust | 0.10% | 1,095 NS | July 31, 2026 | N-PORT |
| HAPI · Harbor ETF Trust | 0.10% | 1,629 NS | July 31, 2026 | N-PORT |
| USSG · DBX ETF Trust | 0.09% | 1,799 NS | Aug. 31, 2026 | N-PORT |
| VTV · VANGUARD INDEX FUNDS | 0.09% | 993,871 SH | Aug. 19, 2026 | Daily |
| SUSL · iShares Trust | 0.09% | 3,652 SH | Sept. 11, 2026 | Daily |
| FHEQ · Fidelity Greenwood Street Trust | 0.09% | 2,599 NS | July 31, 2026 | N-PORT |
| DSI · iShares Trust | 0.09% | 16,030 SH | Sept. 11, 2026 | Daily |
| GLBL · Pacer Funds Trust | 0.08% | 3 NS | July 31, 2026 | N-PORT |
| IWD · iShares Trust | 0.08% | 235,264 SH | Sept. 11, 2026 | Daily |
| ESLG · Strategy Shares | 0.08% | 61 NS | July 31, 2026 | N-PORT |
| AQLT · iShares Trust | 0.08% | 912 SH | Sept. 11, 2026 | Daily |
| MPLY · Strategy Shares | 0.08% | 41 NS | July 31, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.08% | 5,816 NS | July 31, 2026 | N-PORT |
| SNPE · DBX ETF Trust | 0.08% | 7,707 NS | Aug. 31, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.08% | 1,379 NS | July 31, 2026 | N-PORT |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.07% | 1,827 SH | Oct. 23, 2026 | Daily |
| EGLE · Global X Funds | 0.07% | 5 NS | July 31, 2026 | N-PORT |
| VFMO · VANGUARD WELLINGTON FUND | 0.07% | 5,847 SH | Aug. 19, 2026 | Daily |
| VONV · VANGUARD SCOTTSDALE FUNDS | 0.07% | 63,224 SH | Aug. 19, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.07% | 107,994 NS | July 31, 2026 | N-PORT |
| APUE · Trust for Professional Managers | 0.06% | 4,900 NS | Aug. 31, 2026 | N-PORT |
| CATH · Global X Funds | 0.06% | 2,443 NS | July 31, 2026 | N-PORT |
| QVML · Invesco Exchange-Traded Fund Trust … | 0.06% | 3,015 SH | Oct. 23, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.06% | 22,645 NS | July 31, 2026 | N-PORT |
| USCL · iShares Trust | 0.06% | 5,539 SH | Sept. 11, 2026 | Daily |
| XYLD · Global X Funds | 0.06% | 5,770 NS | July 31, 2026 | N-PORT |
| CHRI · Global X Funds | 0.05% | 14 NS | July 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.05% | 5,693 NS | July 31, 2026 | N-PORT |
| TOPC · iShares Trust | 0.05% | 60 SH | Sept. 11, 2026 | Daily |
| PBP · Invesco Exchange-Traded Fund Trust | 0.05% | 627 SH | Oct. 23, 2026 | Daily |
| PBUS · Invesco Exchange-Traded Fund Trust … | 0.05% | 16,781 SH | Oct. 23, 2026 | Daily |
| CRBN · iShares Trust | 0.05% | 2,104 SH | Sept. 11, 2026 | Daily |
| PTLC · Pacer Funds Trust | 0.05% | 5,316 NS | July 31, 2026 | N-PORT |
| XVV · iShares Trust | 0.05% | 1,169 SH | Sept. 11, 2026 | Daily |
| TOV · EA Series Trust | 0.05% | 426 NS | July 31, 2026 | N-PORT |
| BKLC · BNY Mellon ETF Trust | 0.05% | 8,752 NS | July 31, 2026 | N-PORT |
| IVE · iShares Trust | 0.05% | 84,889 SH | Sept. 11, 2026 | Daily |
| VOXP · Advisors Series Trust | 0.05% | 9 NS | July 31, 2026 | N-PORT |
| XRMI · Global X Funds | 0.05% | 77 NS | July 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.05% | 31,763 NS | July 31, 2026 | N-PORT |
| IUSV · iShares Trust | 0.05% | 44,824 SH | Sept. 11, 2026 | Daily |
| IVV · iShares Trust | 0.05% | 1,341,576 SH | Sept. 11, 2026 | Daily |
| SPUU · Direxion Shares ETF Trust | 0.05% | 395 NS | July 31, 2026 | N-PORT |
| XYLG · Global X Funds | 0.05% | 95 NS | July 31, 2026 | N-PORT |
| QDPL · Pacer Funds Trust | 0.05% | 2,522 NS | July 31, 2026 | N-PORT |
| XTR · Global X Funds | 0.05% | 7 NS | July 31, 2026 | N-PORT |
| PHDG · Invesco Actively Managed Exchange-T… | 0.04% | 83 SH | Oct. 23, 2026 | Daily |
| IWB · iShares Trust | 0.04% | 73,399 SH | Sept. 11, 2026 | Daily |
| XCLR · Global X Funds | 0.04% | 5 NS | July 31, 2026 | N-PORT |
| IVW · iShares Trust | 0.04% | 113,151 SH | Sept. 11, 2026 | Daily |
| IYY · iShares Trust | 0.04% | 4,447 SH | Sept. 11, 2026 | Daily |
| SPXD · DBX ETF Trust | 0.04% | 10 NS | Aug. 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.04% | 134,804 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.04% | 28,184 SH | Sept. 11, 2026 | Daily |
| HCMT · Direxion Shares ETF Trust | 0.04% | 730 NS | July 31, 2026 | N-PORT |
| VOO · VANGUARD INDEX FUNDS | 0.04% | 2,718,477 SH | Aug. 19, 2026 | Daily |
| VV · VANGUARD INDEX FUNDS | 0.04% | 122,224 SH | Aug. 19, 2026 | Daily |
| VOOG · VANGUARD ADMIRAL FUNDS | 0.04% | 39,687 SH | Aug. 19, 2026 | Daily |
| VOOV · VANGUARD ADMIRAL FUNDS | 0.04% | 11,852 SH | Aug. 19, 2026 | Daily |
| VONE · VANGUARD SCOTTSDALE FUNDS | 0.04% | 17,290 SH | Aug. 19, 2026 | Daily |
| ESGV · VANGUARD WORLD FUND | 0.04% | 23,677 SH | Aug. 19, 2026 | Daily |
| IUSG · iShares Trust | 0.04% | 45,558 SH | Sept. 11, 2026 | Daily |
| SPXL · Direxion Shares ETF Trust | 0.04% | 8,180 NS | July 31, 2026 | N-PORT |
| KOKU · DBX ETF Trust | 0.04% | 1,007 NS | Aug. 31, 2026 | N-PORT |
| TOK · iShares Trust | 0.04% | 302 SH | Sept. 11, 2026 | Daily |
| URTH · iShares, Inc. | 0.03% | 9,487 SH | Sept. 11, 2026 | Daily |
| IUS · Invesco Exchange-Traded Self-Indexe… | 0.03% | 989 SH | Oct. 23, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.03% | 3,322,402 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.03% | 8,810 SH | Aug. 19, 2026 | Daily |
| ACWI · iShares Trust | 0.03% | 33,337 SH | Sept. 11, 2026 | Daily |
| RWL · Invesco Exchange-Traded Fund Trust … | 0.03% | 8,787 SH | Oct. 23, 2026 | Daily |
| PRF · Invesco Exchange-Traded Fund Trust | 0.02% | 6,689 SH | Oct. 23, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.02% | 87,190 SH | Aug. 19, 2026 | Daily |
| BND · VANGUARD BOND INDEX FUNDS | · | · | July 15, 2026 | Daily |
| VCSH · VANGUARD SCOTTSDALE FUNDS | · | · | July 15, 2026 | Daily |
| VCIT · VANGUARD SCOTTSDALE FUNDS | · | · | July 15, 2026 | Daily |
| BNDW · VANGUARD SCOTTSDALE FUNDS | · | · | July 30, 2026 | Daily |
| IAI · iShares Trust | · | 128,981 SH | Sept. 11, 2026 | Daily |
CBOE Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
12-Month Price Target
15 analysts · 2026-10-23Mean target $322.33 -5.3%
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| CBOE | · | · | 15.1% | 23.3% | 22.4% | 51.5% |
| MCO | · | 37.4 | 8.9% | 31.9% | 64.5% | · |
| NDAQ | $55.35B | 31.4 | 11.7% | 21.6% | 15.3% | 63.5% |
| COIN | $60.57B | 50.8 | 9.4% | 17.5% | 9.4% | · |
| MSCI | $42.21B | 36.6 | 9.8% | 38.4% | -67.9% | · |
| TW | $25.32B | 28.4 | 18.9% | 39.6% | 13.2% | · |
| FDS | $11.05B | 21.5 | 6.7% | 21.5% | 25.8% | · |
| MORN | $8.64B | 24.5 | 7.5% | 15.3% | 26.4% | · |
| MKTX | $6.48B | 27.3 | 3.6% | 29.1% | 19.5% | · |
| MIAX | $3.80B | -44.4 | 19.7% | -5.1% | -10.8% | 31.6% |
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