Cboe Global Markets

(1)2026 guidance includes the anticipated impacts from discontinuing U.S. and European Corporate Listings, CEDX, and Cboe’s Japanese equities business, as well as the planned cost reductions in U.S. and European ETP Listings businesses and several of Cboe's smaller Risk and Market Analytics businesses, as announced in 2025 and early 2026, as well as anticipated realignment costs.

(2)Specific quantifications of the amounts that would be required to reconcile the company’s organic and inorganic growth guidance, adjusted operating expenses guidance, and the effective tax rate on adjusted earnings guidance are not available. Acquisitions are considered organic after 12 months of closing. The company believes that there is uncertainty and unpredictability with respect to certain of its GAAP measures, primarily related to acquisition-related revenues and costs that would be required to reconcile to GAAP revenues less cost of revenues, and GAAP operating expenses, which preclude the company from providing accurate guidance on certain forward-looking GAAP to non-GAAP reconciliations. The company believes that providing estimates of the amounts that would be required to reconcile the range of the company’s organic growth, adjusted operating expenses, and the effective tax rate on adjusted earnings would imply a degree of precision that would be confusing or misleading to investors for the reasons identified above. 2026 guidance includes the anticipated business-as-usual financial contribution from Cboe Canada, which Cboe announced divestiture plans for in October 2025. 2026 guidance will be updated as further actions are announced. Given an expected third quarter sale completion for Cboe Australia, 2026 adjusted operating expenses guidance is being reduced by $11 million, and the total organic net revenue growth guidance and Data Vantage organic net revenue growth guidance excludes the 2025 and 2026 impact of Cboe Australia in its organic guidance calculation.

(In millions)

| | | | | | | | | | | | | | | | | |
| | 2025 | | 2024 | | 2023
| Net income | $ | 1,100.0 | | | $ | 764.9 | | | $ | 761.4 |
| Other comprehensive income (loss): | | | | |
| Foreign currency translation adjustments | 78.3 | | | (43.0) | | | 24.6 |
| Unrealized holding gains (losses) on financial investments | — | | | 5.0 | | | (2.8) |
| Post-retirement benefit obligations, net of income tax | 0.2 | | | 0.3 | | | (0.2) |
| Realized gains on available-for-sale financial investments | — | | | (1.3) | | | — |
| Comprehensive income | 1,178.5 | | | 725.9 | | | 783.0 |
| Net income allocated to participating securities | (5.2) | | | (3.9) | | | (3.9) |
| Comprehensive income allocated to common stockholders, net of income tax | $ | 1,173.3 | | | $ | 722.0 | | | $ | 779.1 |

See accompanying notes to consolidated financial statements.

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Cboe Global Markets, Inc. and Subsidiaries

Consolidated Statements of Changes in Stockholders’ Equity

Years Ended December 31, 2025, 2024, and 2023

(In millions)

A limited number of customers comprise a material portion of our revenues, and the loss of key customers or a significant reduction in trading or clearing volumes by key customers could adversely affect our operating results.

We generate a substantial portion of our revenues from a limited number of customers, which tend to be market makers, liquidity providers, proprietary traders, and global banks. For example, in 2025, our top ten customers accounted for approximately 57% of our revenues. This revenue was spread across various global regions and business segments and our customers are not subject to agreements that prohibit them from reducing or ceasing their transactions with us with little

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or no warning and without penalty. In addition, from time to time, certain customers may represent a significant portion of the open interest in various of our individual products or business segments, and a substantial decrease in their trading activity could have a negative impact on the liquidity of the particular product or business segment. The loss of, or a significant reduction in trading or clearing volumes by, one or more of our key customers could result in a decrease in our transaction and clearing fees, reduce the revenue we generate from sales of market data and negatively impact the liquidity of certain of our products, which could result in a material impact on our business, financial condition, and operating results.

As of December 31, 2025, Cboe Clear U.S. does not expect a material loss concerning credit risk on any clearing member or settlement bank.

As of December 31, 2025, Cboe Clear U.S. does not expect a material loss concerning credit risk on any clearing member or settlement bank.

•Liquidity Risk – Liquidity risk is the risk Cboe Clear Europe may not be able to meet its payment obligations in the right currency, in the right place and at the right time. To help mitigate this risk, Cboe Clear Europe monitors its liquidity requirements closely and maintains funds and assets in a manner which attempts to minimize the risk of loss or delay in the access by the clearinghouse to such funds and assets.