Cboe Global Markets Inc
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +0.27%.
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 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.
- 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%
“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.”
Cboe Global Markets CEO, on the earnings call
Forward Guidance & Outlook
Cboe raised its 2025 organic total net revenue growth guidance to 'low double-digit to mid-teens' from 'high single-digit.' Data Vantage organic net revenue growth guidance was increased to 'high single-digit to low double-digit' from 'mid to high single-digit.' Adjusted operating expenses guidance was lowered to $827-$842 million from $832-$847 million. Depreciation and amortization guidance was trimmed to $50-$54 million from $53-$57 million. Capital expenditures guidance was reduced to $73-$83 million from $75-$85 million. The effective tax rate on adjusted earnings is reaffirmed at 28.5-30.5%. The strategic realignment (including sales of Cboe Australia and Canada, exit of corporate listings, and cost reductions) is expected to have an immaterial impact on 2025 guidance but will result in annualized run-rate reductions of roughly 3% in net revenue and approximately 8-10% in adjusted operating expenses.
CBOE YoY Financials
CBOE Revenue by Segment
CBOE Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.