10-QPeriod: Q3 FY2025

Cboe Global Markets, Inc. Quarterly Report for Q3 Ended Sep 30, 2025

Filed October 31, 2025For Securities:CBOE

Summary

Cboe Global Markets, Inc. reported strong financial performance for the nine months ended September 30, 2025, with total revenues increasing by 18% to $3.51 billion and net income growing by 38% to $786.5 million. This growth was primarily driven by robust performance in the Derivatives Markets and Cash and Spot Markets segments, fueled by higher transaction and clearing fees due to increased trading volumes across their options and equities exchanges. The company also saw significant growth in its Data Vantage segment, indicating strong demand for its market data products. Operationally, Cboe has streamlined its reporting segments to five core areas: Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX, with Digital segment results now included in Futures. The company also announced strategic divestitures of its Canadian and Australian equities businesses subsequent to the quarter, aiming to sharpen focus on core strengths. Despite these strategic shifts and ongoing investments, Cboe maintained a strong liquidity position and continued to return capital to shareholders through dividends.

Financial Highlights

51 data points
Beta

Revenue

$1.14B

53.0% Gross Margin

Net Income

$300.80M

26.3% Net Margin

EPS (Diluted)

$2.85

Total Assets

$9.07B

Cash & Equivalents

$1.50B

Free Cash Flow

$137.90M

Financial Statements
Beta
Revenue$1.14B
Cost of Revenue$536.20M
Gross Profit$605.50M
Operating Expenses$235.20M
Operating Income$370.30M
Interest Expense$13.30M
Net Income$300.80M
EPS (Basic)$2.86
EPS (Diluted)$2.85
Shares Outstanding (Basic)104.60M
Shares Outstanding (Diluted)104.90M

Key Highlights

  • 1Total revenues increased 18% year-over-year to $3.51 billion for the nine months ended September 30, 2025.
  • 2Net income saw a substantial increase of 38% year-over-year, reaching $786.5 million for the nine months ended September 30, 2025.
  • 3The Derivatives Markets segment was a key growth driver, with revenues up 20% year-over-year, driven by increased options volumes.
  • 4Data Vantage revenue increased 11% year-over-year, reflecting strong demand for market data products.
  • 5Operating expenses decreased by 7% year-over-year, primarily due to the absence of significant impairment charges recorded in the prior year.
  • 6The company declared and paid a quarterly cash dividend of $0.72 per share for the three months ended September 30, 2025.
  • 7Cboe announced subsequent to the quarter its intention to sell its Canadian and Australian equities businesses to focus on core strengths.

Frequently Asked Questions

Cboe's revenue growth was primarily driven by increased transaction and clearing fees across its Derivatives Markets and Cash and Spot Markets segments, stemming from higher trading volumes. The Data Vantage segment also contributed positively with increased access and capacity fees and proprietary market data fees.

Total operating expenses decreased by 7% year-over-year. This reduction was mainly due to the absence of significant impairment charges that were recorded in the prior year, partially offset by increases in compensation and benefits.

Cboe's expectation is to continue paying dividends, as demonstrated by the declaration and payment of a $0.72 per share dividend for the quarter. The company also has an active share repurchase program, with $614.5 million in remaining authorization as of September 30, 2025.

Subsequent to the end of the third quarter, Cboe announced it is initiating a sales process for its Canadian and Australian equities businesses to sharpen its strategic focus on core strengths and emerging growth opportunities. The company also completed the migration of its digital asset futures to Cboe Futures Exchange and winded down its Japanese equities business during the period.