The couple's divorce case was closed on Monday, according to court records, E! News reported.
The news comes just a month-and-a-half after the 33-year-old Holmes shocked Hollywood and Cruise by filing for divorce and seeking sole custody of daughter Suri.
The former couple, however, worked out a settlement in a matter of days.
Cruise is said to be happy to have a quick settlement and move forward.
"Tom is very happy and relieved that he is moving forward. His priority is being a good father and this settlement will make sure that continues."
Cruise and Holmes began dating in April 2005. They married in November 2006 in a lavish ceremony in Italy.
