Cboe Global Markets Inc
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −2.07%.
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 1.34% 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.
- 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 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.”
Cboe Global Markets CEO, on the earnings call
Forward Guidance & Outlook
For fiscal year 2026, Cboe expects organic total net revenue growth in the 'mid single-digit' range and Data Vantage organic net revenue growth in the 'mid to high single-digit' range. Adjusted operating expenses are guided at $864 million to $879 million (excluding $63 million in expected amortization of acquired intangible assets). Depreciation and amortization is expected at $56 million to $60 million (excluding acquired intangible asset amortization). The effective tax rate on adjusted earnings is expected to be 27.5 to 29.5 percent. Capital expenditures are expected at $73 million to $83 million. Guidance includes anticipated impacts from discontinuing U.S. and European Corporate Listings, CEDX, and the Japanese equities business, along with planned cost reductions in ETP Listings and smaller Risk and Market Analytics businesses. Guidance also includes business-as-usual financial contributions from Cboe Canada and Cboe Australia, for which divestiture plans were announced in October 2025.
CBOE YoY Financials
CBOE Revenue by Segment
CBOE Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.