Summary
Cboe Global Markets, Inc. (CBOE) reported strong financial performance for the year ended December 31, 2025, with total revenues increasing by 15% to $4.71 billion and net income growing by 44% to $1.1 billion. This growth was primarily driven by robust performance in its Derivatives Markets segment, which saw a 21% revenue increase, and solid contributions from its Cash and Spot Markets and Data Vantage segments. The company also demonstrated effective cost management, leading to a significant increase in operating income. During 2025, Cboe executed a strategic realignment, initiating wind-downs of certain businesses and divesting others to focus on core strengths and growth opportunities. This strategic review included the wind-down of Japanese equities, initiation of sales processes for Australian and Canadian businesses, and cost reductions in ETP Listings and other smaller analytics businesses. The company also successfully completed key technology migrations, including the transition of Digital Exchange futures to CFE, and unveiled its new exchange technology platform, Cboe Titanium. Looking ahead, Cboe remains focused on optimizing its core businesses, capitalizing on emerging industry trends, and maintaining a disciplined capital allocation strategy. Despite facing a competitive landscape and evolving regulatory environment, the company's strong revenue growth, improved profitability, and strategic portfolio adjustments position it well for continued success. Investors should monitor the ongoing integration of acquired businesses, the competitive dynamics in key markets, and the impact of regulatory changes, particularly in the U.S. equity market structure.
Financial Highlights
55 data points| Revenue | $4.71B |
| Cost of Revenue | $2.29B |
| Gross Profit | $2.43B |
| Operating Expenses | $962.00M |
| Operating Income | $1.47B |
| Interest Expense | $52.30M |
| Net Income | $1.10B |
| EPS (Basic) | $10.46 |
| EPS (Diluted) | $10.42 |
| Shares Outstanding (Basic) | 104.70M |
| Shares Outstanding (Diluted) | 105.10M |
Key Highlights
- 1Total revenues increased 15% to $4.71 billion in 2025, driven by strong performance across all segments.
- 2Net income surged 44% to $1.1 billion, reflecting revenue growth and effective cost management.
- 3The Derivatives Markets segment was a key growth driver, with revenues increasing 21%, supported by strong options volumes.
- 4Cboe completed a comprehensive strategic review, initiating wind-downs and sales processes for non-core businesses to focus on core strengths.
- 5Successful completion of key technology migrations, including the transition of Digital Exchange futures to CFE.
- 6The company successfully managed operating expenses, resulting in a 34% increase in operating income.
- 7Cboe's stock performance significantly outperformed the S&P 500 and its peer group over the five-year period ending December 31, 2025.