Cboe Global Markets (CBOE) Q4 2025 Earnings
Reported Feb 6, 2026 at 7:30 AM ET · SEC Source
Q4 25 EPS
$3.06
BEAT +3.76%
Est. $2.95
Q4 25 Revenue
$671.1M
BEAT +1.34%
Est. $662.2M
vs S&P Since Q4 25
-6.5%
TRAILING MARKET
CBOE +2.8% vs S&P +9.3%
Full Year 2025 Results
FY 25 EPS
$10.67
FY 25 Revenue
$2.43B
Market Reaction
Did CBOE Beat Earnings? Q4 2025 Results
Cboe Global Markets closed out the fourth quarter of 2025 on a strong note, posting adjusted diluted EPS of $3.06 against a consensus estimate of $2.95, a beat of 3.76%, while net revenue of $671.10 million topped expectations of $662.23 million by 1… Read more Cboe Global Markets closed out the fourth quarter of 2025 on a strong note, posting adjusted diluted EPS of $3.06 against a consensus estimate of $2.95, a beat of 3.76%, while net revenue of $671.10 million topped expectations of $662.23 million by 1.34% and climbed 8.7% from a year earlier. The primary engine behind the quarter's performance was a surge in derivatives activity, with Options segment net revenue jumping 34% to $433.10 million as total options average daily volume rose 24% and favorable mix toward higher-value index products lifted revenue per contract by 13%. North American Equities and the Europe and Asia Pacific segment also contributed meaningfully, adding to a picture of broad-based momentum. Cboe's strategic reshaping, including the winding down of corporate listings and select international equity businesses, remained a backdrop to the quarter's results. Looking ahead, management guided for mid single-digit organic total net revenue growth in 2026, with shares having already rallied roughly 32% over the prior 52 weeks as investors weigh the company's derivatives-focused positioning against a valuation some analysts consider modestly stretched.
Key Takeaways
- • Record index options ADV, up 35 percent year-over-year
- • Multi-listed options ADV increased 20 percent
- • Total options ADV rose 24 percent in Q4
- • Total options revenue per contract increased 13 percent driven by mix shift toward index options
- • European Equities ADNV up 17 percent driven by 16 percent increase in industry market volumes
- • Cboe Clear Europe net settlement volume up 22 percent
- • Global FX ADNV up 17 percent to $53.3 billion
- • Strong secular trends in derivatives and options trading
- • Higher accrued bonuses reflecting strong company performance
CBOE YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
CBOE Revenue by Segment
With YoY comparisons, source: SEC Filings
CBOE Revenue by Geography
Regional revenue distribution
“Cboe delivered an exceptional fourth quarter, marking the culmination of a year characterized by record growth – including 17 percent net revenue growth, 45 percent diluted EPS growth, and 24 percent adjusted diluted EPS growth. Our recent strategic realignment is enabling us to allocate more resources toward growth and value creation in our core businesses, while also better positioning Cboe to capitalize on emerging opportunities. We are starting 2026 with a very strong foundation – a focused growth strategy, a highly seasoned and impressive leadership team, and continued strong secular trends in our core businesses.”
— Craig Donohue, Q4 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% |