Cboe Global Markets (CBOE) Q3 2025 Earnings
Reported Oct 31, 2025 at 7:30 AM ET · SEC Source
Q3 25 EPS
$2.67
BEAT +5.58%
Est. $2.53
Q3 25 Revenue
$605.5M
BEAT +2.22%
Est. $592.4M
vs S&P Since Q3 25
+2.2%
BEATING MARKET
CBOE +12.9% vs S&P +10.6%
Market Reaction
Did CBOE Beat Earnings? Q3 2025 Results
Cboe Global Markets delivered a strong third-quarter beat on both top and bottom lines, posting adjusted diluted EPS of $2.67 against a consensus estimate of $2.53, a 5.58% beat, while net revenue of $605.50 million cleared the $592.36 million estima… Read more Cboe Global Markets delivered a strong third-quarter beat on both top and bottom lines, posting adjusted diluted EPS of $2.67 against a consensus estimate of $2.53, a 5.58% beat, while net revenue of $605.50 million cleared the $592.36 million estimate by 2.22%. The primary engine behind the results was a record Options segment performance, where net revenue climbed 19% year-over-year to $380.80 million, fueled by a 26% surge in total options average daily volume as multi-listed options activity jumped 31%. Europe and APAC also contributed meaningfully, with combined net revenue rising 24%. The quarter was not without strategic noise, however, as Cboe simultaneously announced plans to divest its Australian and Canadian exchange businesses and exit corporate listings efforts, moves management expects will trim annualized net revenue by roughly 3% while cutting adjusted operating expenses by approximately 8-10%. Reflecting the underlying momentum, the company lifted its full-year organic net revenue growth guidance to "low double-digit to mid-teens," prompting at least one analyst firm to upgrade the stock to a strong-buy rating.
Key Takeaways
- • 26% increase in total options ADV drove record Options net revenue
- • 31% increase in multi-listed options ADV
- • 15% increase in index options ADV
- • 14% growth in Cash and Spot Markets net revenue
- • 12% growth in Data Vantage net revenue
- • 26% increase in European Equities ADNV
- • Higher access and capacity fees and market data fees across segments
- • Total options market share increased to 30.9% from 30.5%
CBOE YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
CBOE Revenue by Segment
With YoY comparisons, source: SEC Filings
CBOE Revenue by Geography
Regional revenue distribution
“This strategic realignment of our business portfolio and human capital ensures Cboe is well positioned to succeed in a dynamic and evolving market and supports our long-term vision to be a global derivatives leader. With strong momentum, as demonstrated from our results this year, and a clear direction, we're confident in our ability to drive transformative growth and long-term value for shareholders.”
— Craig Donohue, Q3 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% |