Cboe Global Markets Inc
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +3.54%.
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%, 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.
- 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
“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.”
Cboe Global Markets CEO, on the earnings call
Forward Guidance & Outlook
Cboe raised its 2025 organic total net revenue growth guidance to high single digits, up from mid to high single digits. Data Vantage organic net revenue growth guidance was reaffirmed at mid to high single digits. Adjusted operating expenses guidance was lowered to $832–$847 million from $837–$852 million. Depreciation and amortization expense guidance was reduced to $53–$57 million from $55–$59 million (excluding acquired intangible asset amortization of ~$70 million). The effective tax rate on adjusted earnings is expected at 28.5%–30.5%, and capital expenditures are expected at $75–$85 million. The wind down of Cboe Japan equities operations is expected to yield $10–$12 million in annualized adjusted operating expense savings.
CBOE YoY Financials
CBOE Revenue by Segment
CBOE Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.