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ACQUISITIONS AND STRATEGIC REALIGNMENT
 6 Months Ended
Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
ACQUISITIONS AND STRATEGIC REALIGNMENT ACQUISITIONS AND STRATEGIC REALIGNMENT
Acquisitions
Acquisition-related costs relate to acquisitions and other strategic opportunities. The Company did not incur acquisition-related costs during the three and six months ended June 30, 2026. The Company incurred $42.8 thousand and $0.2 million of acquisition-related costs during the three and six months ended June 30, 2025, primarily related to compensation, professional fees, and other expenses. These acquisition-related expenses are included in acquisition-related costs in the condensed consolidated statements of income.
Strategic Realignment - Assets and Liabilities Held for Sale
In October 2025, the Company announced the decision to market Cboe Australia and Cboe Canada for sale. On April 20, 2026, the Company’s Executive Committee of the Board of Directors approved the sale of Cboe Australia and Cboe Canada to a single buyer. On April 22, 2026, the Company announced a definitive agreement to sell its Cboe Australia and
Cboe Canada businesses to TMX, a leading market operator, for approximately $300 million. The transaction is subject to customary closing conditions, including applicable regulatory approvals. The sales of Cboe Australia and Cboe Canada are expected to close separately, each after required approvals have been obtained. The Company expects the sale of Cboe Australia to close in the third quarter of 2026. Upon closing, the Company will provide transition services support for a limited time.
In April 2026, management concluded that the Company’s Cboe Australia and Cboe Canada businesses met the accounting requirements to be classified as held for sale, but did not meet the criteria for discontinued operations. The Company has estimated the fair value of the Cboe Australia and Cboe Canada businesses upon classification as held for sale and concluded fair value exceeds the carrying value of the assets and liabilities. Amortization and depreciation for the assets have ceased and a portion of the respective reporting units' goodwill has been reallocated based on the relative fair values of Cboe Australia and Cboe Canada, and the remaining businesses within the Europe and Asia Pacific and North American Equities segments, respectively. The income tax effects of this transaction are still being evaluated by the Company and a reasonable estimate of these effects cannot be made at this time.
The following table summarizes the components of assets and liabilities held for sale on the condensed consolidated balance sheet as of June 30, 2026 (in millions):
June 30, 2026
Assets held for sale:
Cash and cash equivalents$70.3 
Accounts receivable, net9.0 
Income taxes receivable0.2 
Investments0.2 
Property and equipment, net2.0 
Goodwill(1)
91.6 
Intangible assets, net(2)
75.1 
Operating lease right of use assets5.7 
Other current assets (includes restricted cash of $6.1)
6.9 
Total assets held for sale$261.0 
Liabilities held for sale:
Accounts payable and accrued liabilities$12.1 
Deferred revenue0.8 
Income tax payable1.4 
Other current liabilities0.1 
Deferred income taxes12.4 
Non-current operating lease liabilities4.9 
Total liabilities held for sale$31.7 
___________________________
(1)This balance primarily consists of goodwill allocated to the North American Equities and Europe and Asia Pacific segments in the amounts of $60.9 million and $30.7 million, respectively.
(2)This balance primarily consists of intangible assets, net allocated to the North American Equities and Europe and Asia Pacific segments in the amounts of $44.7 million and $30.4 million, respectively.

Strategic Realignment - Exit Costs

On May 1, 2026, the Company announced additional actions related to its strategic realignment, which has been ongoing since 2025 and is expected to be substantially completed by the end of 2026. In connection with the various programs and actions, including, but not limited to, the wind downs of Cboe Digital, Cboe Japan, and CEDX, and optimizing
resource allocation across the organization, the Company recorded charges primarily for severance, relocation, other post-employment benefits, professional fees, contract services terminations, and certain other costs.
The Company estimates remaining costs of $13.0 million in compensation and benefits to be incurred as a result of these actions. The following table summarizes the pre-tax expenses related to strategic realignment in the condensed consolidated statements of income by segment for the three and six months ended June 30, 2026 and 2025 (in millions):
Three Months Ended June 30,
2026
OptionsNorth American EquitiesEurope and Asia PacificFuturesGlobal FXCorporate Items and EliminationsTotal
Compensation and benefits$14.0 $3.4 $2.0 $1.4 $0.6 $0.3 $21.7 
Technology support services— — 0.1 — — — 0.1 
Professional fees and outside services1.7 0.4 0.2 0.1 0.1 — 2.5 
Other expenses— — (0.7)— — 0.1 (0.6)
Total strategic realignment costs$15.7 $3.8 $1.6 $1.5 $0.7 $0.4 $23.7 
Three Months Ended June 30,
2025
OptionsNorth American EquitiesEurope and Asia PacificFuturesGlobal FXCorporate Items and EliminationsTotal
Compensation and benefits$— $— $— $0.2 $— $— $0.2 
Total strategic realignment costs$— $— $— $0.2 $— $— $0.2 
Six months ended June 30,
2026
OptionsNorth American EquitiesEurope and Asia PacificFuturesGlobal FXCorporate Items and EliminationsTotal
Compensation and benefits$13.9 $3.7 $3.3 $1.4 $0.6 $0.4 $23.3 
Technology support services— — 1.9 — — — 1.9 
Professional fees and outside services1.7 0.4 0.5 0.1 0.1 1.2 4.0 
Other expenses— — (0.6)0.1 — 0.1 (0.4)
Total strategic realignment costs$15.6 $4.1 $5.1 $1.6 $0.7 $1.7 $28.8 
Six months ended June 30,
2025
OptionsNorth American EquitiesEurope and Asia PacificFuturesGlobal FXCorporate Items and EliminationsTotal
Compensation and benefits$— $— $— $0.5 $— $— $0.5 
Total strategic realignment costs$— $— $— $0.5 $— $— $0.5