01—Abstract
Summary
Summary of the 10-Q filed October 31, 2025. Cited figures are marked; the original filing is the authoritative source.
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 billiona 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.
02—Key points
Key Highlights
- Total revenues increased 18% year-over-year to $3.51 billion for the nine months ended September 30, 2025.
- Net income saw a substantial increase of 38% year-over-year, reaching $786.5 million for the nine months ended September 30, 2025.
- The Derivatives Markets segment was a key growth driver, with revenues up 20% year-over-year, driven by increased options volumes.
- Data Vantage revenue increased 11% year-over-year, reflecting strong demand for market data products.
- Operating expenses decreased by 7% year-over-year, primarily due to the absence of significant impairment charges recorded in the prior year.
- The company declared and paid a quarterly cash dividend of $0.72 per share for the three months ended September 30, 2025.
- Cboe announced subsequent to the quarter its intention to sell its Canadian and Australian equities businesses to focus on core strengths.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q3 FY2025, Cboe Global Markets, Inc. kept $0.26.
- Revenue$1.14B100.0%
- Cost of revenue−$536.2M47.0%
- Gross profit$605.5M53.0%
- Operating costs−$235.2M20.6%
- Operating income$370.3M32.4%
- Interest, other & tax−$69.5M6.1%
- Net income$300.8M26.3%
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed October 31, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Revenue | $1.14B$1.06B | +8.1% |
| Cost of Revenue | $536.20M$523.70M | +2.4% |
| Gross Profit | $605.50M$532.00M | +13.8% |
| Operating Expenses | $235.20M$224.60M | +4.7% |
| Operating Income | $370.30M$307.40M | +20.5% |
| Interest Expense | $13.30M$12.80M | +3.9% |
| Net Income | $300.80M$218.50M | +37.7% |
| EPS (Basic) | $2.86$2.08 | +37.5% |
| EPS (Diluted) | $2.85$2.07 | +37.7% |
| Shares Outstanding (Basic) | 104.60M104.70M | −0.1% |
| Shares Outstanding (Diluted) | 104.90M105.10M | −0.2% |
05—Questions
Frequently Asked Questions
What were the main drivers of Cboe's revenue growth in the first nine months of 2025?
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.
How did Cboe manage its operating expenses in the first nine months of 2025?
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.
What is the company's outlook on returning capital to shareholders?
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.
Are there any significant strategic changes or divestitures impacting Cboe's business?
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.
06—Continue