A compelling and diversified product portfolio helps drive the revenues of Zacks Securities and Exchanges industry players. A rise in trading volumes, product expansion through prudent acquisitions and the increased adoption of a greater number of crypto assets are expected to benefit S&P Global (SPGI) , Intercontinental Exchange (ICE) , CME Group (CME) , Nasdaq Inc. (NDAQ) and Cboe Global Markets (CBOE) . Increased focus on accelerating their non-trading revenue base, which comprises market technology, lis ...

Markets have seen a surge in volatility in recent months, fueled by uncertain trade policies and heightened ‌geopolitical tensions, leading ‌traders to take more bets and hedge their positions. Exchanges across Wall Street, including CME ‌Group, Cboe's total options market share, however, fell to 29.2% sequentially from 30.9%. The company provides trading platforms for equities and derivatives, including products linked to its flagship VIX volatility index, often referred to as the market's "fear gauge."L ...

Key Takeaways CBOE posted Q4 adjusted EPS of $3.06, up 46% year over year, driven by record revenues and higher volumes. CBOE saw options, equities, futures and FX revenues rise, lifting adjusted operating margin by 610 bps. CBOE ended 2025 with doubled cash levels, issued mid single-digit organic revenue growth guidance for 2026. Cboe Global Markets, Inc. (CBOE) reported fourth-quarter 2025 adjusted earnings of $3.06 per share, which beat the Zacks Consensus Estimate by 4.4%. The bottom line increased 46% ...

CME Group, Cboe Report As Prediction Markets Tempt Exchanges | Investor's Business DailyMARKET OUTLOOK: [Investing Pro Says 'Optimism Pays' In Today's Economy]---Cboe Global Markets (CBOE) stock pared losses Friday morning after the exchange operator announced better-than-expected fourth-quarter results. The company's adjusted earnings jumped 46% to $3.06 per share, as net revenue rose 28% to $671.1 million. Analysts polled by FactSet expected earnings of $2.94 a share on revenue of $659.5 million. Chicago- ...

CBOE Global (CBOE) came out with quarterly earnings of $3.06 per share, beating the Zacks Consensus Estimate of $2.93 per share. This compares to earnings of $2.1 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +4.52%. A quarter ago, it was expected that this holding company for the Chicago Board Options Exchange would post earnings of $2.53 per share when it actually produced earnings of $2.67, delivering a surprise of +5.53% ...

Financial Performance - Cboe reported record net revenue of $671.1 million for Q4 2025, an increase of 28% compared to $524.5 million in Q4 2024[7]. - Diluted EPS for Q4 2025 reached $2.97, up 60% from $1.86 in Q4 2024; adjusted diluted EPS was $3.06, up 46%[5][9]. - Total revenues for the three months ended December 31, 2025, were $1,204.0 million, an increase of 8.8% compared to $1,107.6 million in 2024[37]. - Net income for the same period was $312.2 million, up 59.8% from $195.6 million in 2024[37]. - Operating income for the three months ended December 31, 2025, was $403.8 million, a 35.4% increase from $298.5 million in 2024[37]. - Basic earnings per share for the three months ended December 31, 2025, were $2.98, compared to $1.87 in 2024, representing a 59.6% increase[37]. - Adjusted diluted earnings per share for the twelve months ended December 31, 2025, was $10.67, compared to $8.61 for the same period in 2024, reflecting a 24.0% growth[43]. - Adjusted operating income for Q4 2025 was $450.5 million, an increase of 40.9% from $319.7 million in Q4 2024[43]. - Adjusted operating margin for the twelve months ended December 31, 2025, was 65.6%, compared to 61.4% in 2024, indicating a 4.2 percentage point improvement[43]. - Operating EBITDA for Q4 2025 was $403.8 million, with an operating EBITDA margin of 67.1%[45]. - Adjusted Operating EBITDA for the twelve months ended December 31, 2025, reached $1,645.1 million, compared to $1,316.9 million in 2024, reflecting a 25% growth[46]. Revenue Segments - Cboe's Derivatives business saw a net revenue growth of 38% year-over-year, while Cash and Spot Markets net revenue rose 27%[3]. - The cash and spot markets generated revenues of $431.3 million, while derivatives markets contributed $610.1 million, reflecting growth in both segments[37]. - Record Options net revenue was $433.1 million, up 34% from $324.3 million in Q4 2024, driven by a 24% increase in total options average daily volume[13]. - North American Equities net revenue increased 17% to $110.7 million, reflecting higher net transaction and clearing fees[13]. - Europe and Asia Pacific net revenue for Q4 2025 was $69.9 million, up from $56.2 million in Q4 2024, marking a 24.5% increase[47]. Expenses and Costs - The company's total operating expenses were $267.3 million in Q4 2025, an increase of 18% from $226.0 million in Q4 2024[9]. - Total cost of revenues decreased to $532.9 million from $583.1 million year-over-year, resulting in a gross profit increase[37]. - Adjusted operating expenses in 2026 are expected to be in the range of $864 to $879 million, excluding the expected amortization of acquired intangible assets of $63 million[18]. - Depreciation and amortization expense for 2026 is expected to be in the range of $56 to $60 million, excluding the expected amortization of acquired intangible assets[18]. Tax and Financial Position - Cboe's effective tax rate for Q4 2025 was 30.6%, up from 29.7% in Q4 2024, primarily due to remeasuring deferred tax assets and liabilities[9]. - The effective tax rate on adjusted earnings for the full year 2026 is expected to be in the range of 27.5 to 29.5 percent[18]. - The effective tax rate on adjusted earnings for the twelve months ended December 31, 2025, was 29.3%[43]. - The company had cash and cash equivalents of $2,216.5 million and total debt of $1,442.9 million as of December 31, 2025[15]. - Cash and cash equivalents increased significantly to $2,216.5 million from $920.3 million year-over-year, indicating strong liquidity[38]. - Total assets rose to $9,305.3 million, up from $7,789.1 million in 2024, reflecting growth in the company's financial position[38]. Market Share and Growth Expectations - Cboe's market share in U.S. Equities decreased to 9.4% in Q4 2025 from 10.8% in Q4 2024[13]. - Cboe anticipates total organic net revenue growth in the 'mid single-digit' range for 2026, with Data Vantage organic net revenue growth expected in the 'mid to high single-digit' range[3][5]. - Organic total net revenue growth is expected to be in the 'mid single-digit' range in 2026[18]. - Organic net revenue growth from Data Vantage is expected to be in the 'mid to high single-digit' range in 2026[18]. - Total industry ADV for options in Q4 2025 was 66,608 thousand, compared to 51,635 thousand in Q4 2024, reflecting a significant increase[27]. - Total Company Options ADV in Q4 2025 was 19,419 thousand, up from 15,673 thousand in Q4 2024[27]. - Total Options market share in Q4 2025 was 29.2%, compared to 30.4% in Q4 2024[27]. Impairments and Adjustments - The company incurred impairment of assets amounting to $25.1 million in Q4 2025, compared to no impairment in Q4 2024[46]. - Impairment of assets for the twelve months ended December 31, 2025, was $46.7 million, compared to $81.0 million in 2024[43]. - Acquisition-related costs for the twelve months ended December 31, 2025, totaled $0.3 million, down from $1.3 million in 2024[43]. - Total non-GAAP adjustments for Q4 2025 amounted to $1.6 million, while for the twelve months, it was $28.7 million[43].

capture per 100 touched shares" refers to transaction fees less liquidity payments and routing and clearing costs divided by the product of one-hundredth ADV of touched shares on BZX, BYX, EDGX and EDGA and the number of trading days. U.S. Equities – Off-Exchange data reflects BIDS Trading. For U.S. Equities – Off- Exchange, "net capture per 100 touched shares" refers to transaction fees less order and execution management system (OMS/EMS) fees and clearing costs divided by the product of one-hundredth ADV ...

CBOE Global Markets, Inc. (CBOE:CBOE) is a leading provider of market infrastructure and tradable products, including options, futures, and equities. As a key player in the financial markets, CBOE competes with other major exchanges like the New York Stock Exchange and Nasdaq. The company is set to release its quarterly earnings on February 6, 2026, with analysts estimating an earnings per share (EPS) of $2.93 and projected revenue of $662.2 million.The anticipated year-over-year increase in earnings for CB ...

CHICAGO, Feb. 4, 2026 /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today reported January monthly trading volume statistics across its global business lines. The data sheet "Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report" contains an overview of certain January trading statistics and market share by business segment, volume in select index products, and RPC/net capture, which is reported on a one-month lag, acro ...

Key Takeaways CBOE's Q4 results are expected to gain from higher transaction, clearing, regulatory, and market data fees. Options and derivatives revenue are likely to rise on higher index options and multi-listed options volumes. Data Vantage access and capacity fees grew, while continued share buybacks are expected to support earnings. Cboe Global Markets, Inc. (CBOE) is expected to register an improvement in its top and bottom lines when it reports fourth-quarter 2025 results on Feb. 6, before the openin ...