Item 2.02: Results of Operations and Financial Condition - Cboe Global Markets reported its financial results for the quarter ended September 30, 2025 The company issued a press release dated October 31, 2025, which is attached as Exhibit 99.1 and incorporated into the filing The filing notes that the information in Item 2.02 is not to be considered "filed" for purposes of Section 18 of the…

Our analysis rates this filing CAUTIOUS. The elevated concern level reflects strategic repositioning and market segment exits, which introduce uncertainty despite strong financial performance. The company is actively managing portfolio risks through targeted divestments and focusing on core…

Concern level: HIGH (6.5/10). Key factors: Strategic business portfolio realignment with exit from multiple market segments; Geographic market contraction in U.S. and European Corporate Listings; Estimated 3% reduction in net revenue despite strong earnings performance.

Notable risk changes: Initiated sales process for Cboe Australia and Cboe Canada; Estimated 3% reduction in net revenue and 8-10% reduction in operating expenses; Increased organic net revenue growth guidance from 'high single-digit' to 'low double-digit to mid-teens'.

EPS beat consensus by 38%.

The model predicts CBOE will outperform the S&P 500 by about 0.0% over 30 days (model confidence 50%). This is model analysis for research, not investment advice.