REVENUE RECOGNITION (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregated Revenue Contract Types

The following table depicts the disaggregated revenue contract types listed above within each respective financial statement caption in the condensed consolidated statements of income (in millions):


	Cash and Spot Markets		Data Vantage		Derivatives Markets		Total
Three Months Ended June 30, 2026
Transaction and clearing fees	$	409.5	$	—	$	626.3	$	1,035.8
Access and capacity fees	—		115.6		—		115.6
Market data fees	16.3		65.1		10.4		91.8
Regulatory fees	122.0		—		42.6		164.6
Other revenue	32.5		0.9		1.6		35.0
	$	580.3	$	181.6	$	680.9	$	1,442.8


	Cash and Spot Markets		Data Vantage		Derivatives Markets		Total
Three Months Ended June 30, 2025
Transaction and clearing fees	$	375.1	$	—	$	492.6	$	867.7
Access and capacity fees	—		101.2		—		101.2
Market data fees	17.0		56.4		9.0		82.4
Regulatory fees	71.3		—		25.5		96.8
Other revenue	24.2		0.7		0.5		25.4
	$	487.6	$	158.3	$	527.6	$	1,173.5


	Cash and Spot Markets		Data Vantage		Derivatives Markets		Total
Six Months Ended June 30, 2026
Transaction and clearing fees	$	846.4	$	—	$	1,215.8	$	2,062.2
Access and capacity fees	—		228.8		—		228.8
Market data fees	32.0		132.2		19.4		183.6
Regulatory fees	122.3		—		52.7		175.0
Other revenue	61.8		1.9		2.3		66.0
	$	1,062.5	$	362.9	$	1,290.2	$	2,715.6


	Cash and Spot Markets		Data Vantage		Derivatives Markets		Total
Six Months Ended June 30, 2025
Transaction and clearing fees	$	716.1	$	—	$	984.2	$	1,700.3
Access and capacity fees	—		199.0		—		199.0
Market data fees	32.7		110.4		17.1		160.2
Regulatory fees	192.0		—		66.6		258.6
Other revenue	47.7		1.4		1.3		50.4
	$	988.5	$	310.8	$	1,069.2	$	2,368.5

Schedule of Disaggregation of Revenue According to Segment

The following table depicts the disaggregation of revenue according to segment (in millions):


	Options		North American Equities		Europe and Asia Pacific		Futures		Global FX		Total
Three Months Ended June 30, 2026
Transaction and clearing fees	$	601.4	$	321.3	$	64.1	$	24.7	$	24.3	$	1,035.8
Access and capacity fees	54.1		40.3		12.2		5.8		3.2		115.6
Market data fees	42.7		33.8		11.9		2.9		0.5		91.8
Regulatory fees	42.6		122.0		—		—		—		164.6
Other revenue	2.3		2.6		29.6		—		0.5		35.0
	$	743.1	$	520.0	$	117.8	$	33.4	$	28.5	$	1,442.8
Timing of revenue recognition
Services transferred at a point in time	$	646.3	$	445.9	$	93.7	$	24.7	$	24.8	$	1,235.4
Services transferred over time	96.8		74.1		24.1		8.7		3.7		207.4
	$	743.1	$	520.0	$	117.8	$	33.4	$	28.5	$	1,442.8

Three Months Ended June 30, 2025
Transaction and clearing fees	$	468.3	$	300.2	$	54.0	$	24.3	$	20.9	$	867.7
Access and capacity fees	45.3		35.6		11.9		5.7		2.7		101.2
Market data fees	35.6		32.8		11.1		2.4		0.5		82.4
Regulatory fees	25.4		71.3		—		0.1		—		96.8
Other revenue	1.2		1.9		22.0		—		0.3		25.4
	$	575.8	$	441.8	$	99.0	$	32.5	$	24.4	$	1,173.5
Timing of revenue recognition
Services transferred at a point in time	$	494.9	$	373.4	$	76.0	$	24.4	$	21.2	$	989.9
Services transferred over time	80.9		68.4		23.0		8.1		3.2		183.6
	$	575.8	$	441.8	$	99.0	$	32.5	$	24.4	$	1,173.5


	Options		North American Equities		Europe and Asia Pacific		Futures		Global FX		Total
Six Months Ended June 30, 2026
Transaction and clearing fees	$	1,160.6	$	663.3	$	132.7	$	55.0	$	50.6	$	2,062.2
Access and capacity fees	107.5		79.0		24.3		11.6		6.4		228.8
Market data fees	86.8		66.5		23.7		5.7		0.9		183.6
Regulatory fees	52.7		122.3		—		—		—		175.0
Other revenue	3.9		4.6		56.5		—		1.0		66.0
	$	1,411.5	$	935.7	$	237.2	$	72.3	$	58.9	$	2,715.6
Timing of revenue recognition
Services transferred at a point in time	$	1,217.2	$	790.2	$	189.2	$	55.0	$	51.6	$	2,303.2
Services transferred over time	194.3		145.5		48.0		17.3		7.3		412.4
	$	1,411.5	$	935.7	$	237.2	$	72.3	$	58.9	$	2,715.6

Six Months Ended June 30, 2025
Transaction and clearing fees	$	932.8	$	571.9	$	104.8	$	51.4	$	39.4	$	1,700.3
Access and capacity fees	89.3		70.1		22.8		11.3		5.5		199.0
Market data fees	69.2		63.8		21.4		4.9		0.9		160.2
Regulatory fees	66.5		192.0		—		0.1		—		258.6
Other revenue	2.6		4.1		43.1		0.1		0.5		50.4
	$	1,160.4	$	901.9	$	192.1	$	67.8	$	46.3	$	2,368.5
Timing of revenue recognition
Services transferred at a point in time	$	1,001.9	$	768.0	$	147.9	$	51.6	$	39.9	$	2,009.3
Services transferred over time	158.5		133.9		44.2		16.2		6.4		359.2
	$	1,160.4	$	901.9	$	192.1	$	67.8	$	46.3	$	2,368.5

Schedule of Revenue Recognized from Contract Liabilities and the Remaining Balance

The revenue recognized from contract liabilities and the remaining balance are shown below (in millions):


	Balance at December 31, 2025		Cash Additions		Revenue Recognized		Reclassified to liabilities held for sale (3)		Balance at June 30, 2026
Liquidity provider sliding scale (1)	$	2.4	$	4.8	$	(3.6)	$	—	$	3.6
Other, net (2)	4.5		15.5		(9.8)		(0.8)		9.4
Total deferred revenue	$	6.9	$	20.3	$	(13.4)	$	(0.8)	$	13.0

___________________________

(1)Liquidity providers are eligible to participate in the sliding scale program, which involves prepayment of transaction fees, and to receive reduced fees based on the achievement of certain volume thresholds within a calendar month. These transaction fees are amortized and recorded ratably as the transactions occur over the period.

(2)Other, net deferred revenue represents cash received for unsatisfied performance obligations of liability classified contract liabilities that have yet to be recognized as revenue in the condensed consolidated statements of income, which include but are not limited to: licensing fees, listing fees, adjustments related to ORF, membership fees, and data subscription fees.

(3)The decrease was a result of the Company's Cboe Canada and Cboe Australia businesses being classified as held for sale in connection with the pending sales of those businesses. See Note 3 ("Acquisitions and Strategic Realignment") for more information.