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CBOE Q2 2025 Earnings
Reported Aug 1, 2025 at 7:30 AM ET · SEC Source
Q2 25 EPS
$2.46
BEAT +1.11%
Est. $2.43
Q2 25 Revenue
$587.3M
BEAT +2.17%
Est. $574.9M
vs S&P Since Q2 25
-16.8%
TRAILING MARKET
CBOE +1.1% vs S&P +17.9%
Market Reaction
Did CBOE Beat Earnings? Q2 2025 Results
Cboe Global Markets posted a broad-based beat in the second quarter of 2025, with adjusted diluted EPS of $2.46 edging past the $2.43 consensus by 1.11% and record quarterly net revenue of $587.30 million topping estimates of $574.85 million by 2.17%… Read more Cboe Global Markets posted a broad-based beat in the second quarter of 2025, with adjusted diluted EPS of $2.46 edging past the $2.43 consensus by 1.11% and record quarterly net revenue of $587.30 million topping estimates of $574.85 million by 2.17%, up 14% year-over-year. The headline revenue figure, however, contrasts sharply with the GAAP-reported comparison, which reflects a -39.7% year-over-year change driven by accounting and non-recurring factors. The primary engine behind the outperformance was the Options segment, which generated record net revenue of $364.80 million, up 19%, as total options average daily volume climbed 20% and index options ADV rose 17%, with zero-days-to-expiry SPX options activity remaining a notable volume contributor. Europe and Asia Pacific also shone, delivering record net revenue of $70.40 million, up 30%, on a 43% surge in European Equities ADNV. Looking ahead, Cboe raised its 2025 organic net revenue growth target to high single digits while trimming its adjusted operating expense guidance to $832.00 million to $847.00 million, signaling confidence in sustained margin expansion.
Key Takeaways
- • 20% increase in total options ADV drove record Options net revenue
- • 22% increase in multi-listed options ADV and 17% increase in index options ADV
- • 43% increase in European Equities ADNV with market share rising to 25.1% from 22.5%
- • Data Vantage net revenue grew 11% on higher access and capacity fees and market data fees
- • Global FX ADNV increased 17% to $55.9 billion with higher net capture rate
- • Total options RPC increased 1% year-over-year
- • Strong double-digit net revenue growth across Derivatives, Data Vantage, and Cash and Spot Markets
CBOE YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
CBOE Revenue by Segment
With YoY comparisons, source: SEC Filings
CBOE Revenue by Geography
Regional revenue distribution
“In the second quarter, Cboe reported record quarterly net revenue of $587 million, diluted EPS of $2.23, and adjusted diluted EPS of $2.46. Strong double-digit net revenue growth across Derivatives, Data Vantage, and Cash and Spot Markets drove our outstanding results.”
— Craig Donohue, Q2 2025 Earnings Press Release
CBOE Earnings Trends
CBOE vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
CBOE EPS Trend
Earnings per share: estimate vs actual
CBOE Revenue Trend
Quarterly revenue: estimate vs actual
CBOE Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $3.37 | $3.70 | +9.66% | $728.9M | +2.86% |
| Q4 25 BEAT FY | $2.95 | $3.06 | +3.76% | $671.1M | +1.34% |
| FY Full Year | — | $10.67 | — | $2.43B | — |
| Q3 25 BEAT | $2.53 | $2.67 | +5.58% | $605.5M | +2.22% |
| Q2 25 BEAT | $2.43 | $2.46 | +1.11% | $587.3M | +2.17% |