Cboe Global Markets management check
CBOE · Financials · Financial Exchanges & Data · CEO Donohue
Filings as of
3 good · 1 to watch · 1 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2021 grew to $289, against $176 for the peer group the company picked itself.
- Watch
Does pay follow performance?
Pay only loosely tracked returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.23 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- n/a
What does the CEO cost owners?
Not enough dataNo pay or net income figure for the latest year.
- n/a
Do they own the stock?
No recent CEO filingLight activity: no buys, $699k sold in six months. 2 of 2 sales ran on pre-arranged 10b5-1 plans.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -0.5% a year over the last three fiscal years. Stock-based pay was 1.1% of revenue in the latest year.
- Flag
Is leadership stable?
3 CEOs in the pay tableCEOs in the pay table: Tilly, Tomczyk, Donohue. 6 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Financials.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 100 | 49 | |
| Pay for performance | 61 | 83 | |
| CEO cost | — | — | 67 |
| Skin in the game | — | — | 51 |
| Dilution | 56 | 69 | |
| Stable leadership | 15 | 80 | |
| Clean books | 100 | 100 |
Closest peers
Others in Financial Exchanges & Data, by management score. Cboe Global Markets is 40th of 72 in its sector.
- 84SPGIS&P Global78
- 201ICEIntercontinental Exchange68
- 221CMECME Group67
- 222CBOECboe Global Markets67
- 230MCOMoody's Corporation66
- 234NDAQNasdaq, Inc.66
- 241MSCIMSCI65
- 366COINCoinbase57
- 404FDSFactSet53
Pay versus performance
From the proxy statement filed April 2, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Donohue, Tomczyk | $18.3m | $22.7m | $4.0m | $289 | $176 | — |
| 2024 | Tomczyk | $3.3m | $4.4m | $4.4m | $222 | $150 | — |
| 2023 | Tomczyk, Tilly | $9.4m | $9.4m | $3.3m | $201 | $125 | — |
| 2022 | Tilly | $11.9m | $14.5m | $4.1m | $139 | $102 | — |
| 2021 | Tilly | $10.6m | $16.1m | $3.2m | $142 | $130 | — |
The board says pay is tied most to adjusted EBITDA. Its other key measures: Adjusted EBITDA, Net Revenue, 3-Year Cumulative Adjusted Diluted EPS, 3-Year Relative TSR Compared to S&P 500.
Insiders and the CEO's stake
Light activity: no buys, $699k sold in six months. 2 of 2 sales ran on pre-arranged 10b5-1 plans.
- SoldJanet P FroetscherDirector · 10b5-1 plan$699kAug 12, 2026
Leadership and governance on file
- Jan 26, 2026Leadership change8-K 5.02
- Jul 17, 2025Leadership change8-K 5.02
- May 28, 2025Leadership change8-K 5.02
- May 7, 2025Leadership change8-K 5.02
- May 1, 2025Leadership change8-K 5.02
- Feb 9, 2024Leadership change8-K 5.02
- Sep 19, 2023Leadership change8-K 5.02
- Aug 18, 2023Leadership change8-K 5.02
- Jul 6, 2023Leadership change8-K 5.02
- Feb 14, 2023Leadership change8-K 5.02
- Nov 17, 2022Leadership change8-K 5.02
- Jun 15, 2022Leadership change8-K 5.02
Latest shareholder vote results: May 18, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $1.7bn returned to owners in buybacks and dividends, 54% of net income, and $190.8m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $3.5bn | $4.0bn | $3.8bn | $4.1bn | $4.7bn |
| Net income | $529.0m | — | $761.4m | $764.9m | $1.1bn |
| Stock-based pay | $26.6m | $30.7m | $41.3m | $41.8m | $50.4m |
| Buybacks | $81.3m | $100.9m | $83.9m | $204.8m | $66.7m |
| Dividends | $193.3m | $209.4m | $223.5m | $249.4m | $284.3m |
| Diluted shares | 107m | 107m | 106m | 106m | 105m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.