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].

Core Insights - Cboe Global Markets reported record financial results for Q4 2025 and the full year, with net revenue of $671.1 million for the quarter, up 28% year-over-year, and $2.4 billion for the full year, up 17% [1][2] - The company achieved record adjusted diluted EPS of $3.06 for Q4 2025, a 46% increase, and $10.67 for the full year, a 24% increase [1][2] - Cboe's strategic realignment is aimed at enhancing growth and value creation in core businesses, with expectations for mid single-digit organic total net revenue growth in 2026 [1][3] Financial Performance - Q4 2025 total revenues less cost of revenues reached $671.1 million, a 28% increase from $524.5 million in Q4 2024 [2][6] - Total operating expenses for Q4 2025 were $267.3 million, up from $226.0 million in Q4 2024, primarily due to higher compensation and benefits [2][6] - Operating income for Q4 2025 was $403.8 million, reflecting a 35% increase compared to $298.5 million in Q4 2024 [2][6] Business Segment Performance - Options segment 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 [2][6] - North American Equities segment net revenue increased to $110.7 million, a 17% rise from $94.9 million in Q4 2024, despite a decrease in market share [2][6] - European and Asia Pacific segment net revenue grew by 24% to $69.9 million, supported by increased transaction and clearing fees [2][6] 2026 Guidance - Cboe expects adjusted operating expenses for 2026 to be in the range of $864 million to $879 million [3] - The company anticipates 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 for 2026 [3] - Capital expenditures for 2026 are projected to be between $73 million and $83 million [3]

Core Viewpoint - CBOE Global Markets is poised for a significant earnings report on February 6, 2026, with analysts projecting an EPS of $2.93 and revenue of $662.2 million, driven by year-over-year revenue growth [1][2]. Financial Performance - The anticipated increase in earnings is attributed to higher revenues for the quarter ending December 2025, which is critical for the company's stock price movement [2]. - CBOE's price-to-earnings (P/E) ratio stands at 28.86, indicating a positive investor outlook on future earnings potential [3]. - The price-to-sales ratio of 6.15 reflects the market's valuation of CBOE's revenue, suggesting strong investor confidence [3]. Market Valuation - The enterprise value to sales ratio is 6.17, and the enterprise value to operating cash flow ratio is 23.31, highlighting the market's valuation of CBOE's total worth relative to its sales and cash flow [4]. - An earnings yield of 3.47% provides insight into the return on investment for shareholders [4]. - The debt-to-equity ratio of 0.33 indicates a balanced financial structure with moderate debt levels compared to equity [4]. Financial Stability - CBOE's current ratio of 1.72 suggests a solid ability to cover short-term liabilities with short-term assets, indicating financial stability [5]. - The management's discussion during the earnings call will be crucial for assessing the sustainability of immediate price changes and future earnings projections [5].

Core Insights - Cboe Global Markets reported significant increases in trading volumes across various segments for January 2026 compared to the previous year and month, indicating strong market activity and growth [1][2]. Trading Volume Statistics - Multi-listed options reached an average daily trading volume (ADV) of 14,093 thousand contracts, a 7.2% increase year-over-year from January 2025 [3]. - Index options saw a notable rise to 5,477 thousand contracts, marking a 20.8% increase compared to January 2025 [3]. - Futures trading volume increased to 230 thousand contracts, up 4.6% from the previous year [3]. - U.S. equities on-exchange matched shares totaled 1,872 million, reflecting a 14.3% year-over-year growth [3]. - Off-exchange U.S. equities matched shares skyrocketed to 241 million, a remarkable 189.5% increase from January 2025 [3]. - Canadian equities matched shares reached 239,258 thousand, a 50.3% increase year-over-year [3]. - European equities matched shares totaled 15,218 million, up 33.2% from the previous year [3]. - Australian equities matched shares increased to 1,041 million, a 60.0% rise compared to January 2025 [3]. - Global FX trading set a new record with an aggregate monthly ADV of $67.2 billion, a 33.6% increase year-over-year [5]. Notable Achievements - Cboe Europe Periodic Auctions achieved a record monthly average daily notional value (ADNV) of €5.3 billion in January 2026 [4]. - A record 287 thousand S&P 500 Index (SPX) options contracts were traded during Cboe's Global Trading Hours session on January 20, surpassing the previous record set in April 2025 [6]. - Mini-SPX (XSP) options also set a monthly volume record in January with an ADV of 150 thousand contracts [6].

Core Insights - Cboe Global Markets, Inc. (CBOE) is anticipated to show improvements in both revenue and earnings for the fourth quarter of 2025, with revenue expected to reach $633.29 million, reflecting a 20.7% year-over-year growth [2] - The earnings consensus estimate stands at $2.93 per share, indicating a 39.5% increase compared to the previous year, with a 12.6% upward revision in the last 30 days [3] Financial Performance Expectations - The fourth-quarter performance is likely to be bolstered by growth in index options, higher transaction and clearing fees, and increased access and capacity fees [6] - Revenue from derivatives markets is expected to rise due to improved trading volumes on Cboe options exchanges [6] - Cboe Data Vantage revenues are projected to benefit from increased access and capacity fees as well as proprietary market data fees [7] Fee Structure and Revenue Drivers - Higher regulatory fees and transaction and clearing fees are anticipated to positively impact Cash and Spot Markets [7] - An increase in logical port fees in various segments is expected to support access and capacity fees, driven by customer demand [8] - The Options segment is likely to see improved performance due to a rise in net transaction and clearing fees, influenced by higher index options and multi-listed options volumes [9] Overall Revenue Growth Factors - CBOE's Q4 results are expected to benefit from increased transaction, clearing, regulatory, and market data fees [10] - Continued share buybacks are anticipated to support earnings in the upcoming quarter [12] - The company is expected to experience solid growth in proprietary products, including VIX futures and SPX options [12]

Key Takeaways Cboe is exploring an options-based product with all-or-none payouts. The push targets retail traders, and comes amid broader interest in prediction markets and event contracts. U.S. regulators are also moving on the category, with the Commodity Futures Trading Commission planning to draft new rules for “event contracts.” Cboe Global Markets is exploring a regulated options product that would deliver an “all-or-none” payout, according to a source familiar with the matter, as the excha ...

A major derivatives exchange, Cboe Global Markets, is considering a revival of all-or-nothing binary options to retail investors in order to rival the fast-growing prediction markets, as reported by the Wall Street Journal. The report said that Cboe is in preliminary discussions with retail brokerages to renew the fixed-return options contracts, which would allow single investors to make simple yes-or-no trades on the financial performance. The exchange is also negotiating with market makers that could ...

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In "long context," investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.While many investors like to look for momentum i ...

Cboe Global Markets正与零售经纪商洽谈，拟为散户重新推出"二元期权"，与预测市场展开竞争。Cboe 表示，与经纪商的谈判仍处于早期阶段。该交易所也在与将执行这些交易的做市商讨论其新合约计划， 其中可能包括经过改造的二元期权（有时也称固定回报合约）。交易员利用二元期权对某一特定事件进 行是/否押注。这些衍生品与预测市场合约非常相似，要么支付固定的现金结算金，要么分文不值。例 如，与标普500指数收于7000点挂钩的二元看涨期权到期时，若该指数的结算价达到或高于这一水平， 那么期权持有人将获得一笔固定报酬。然而，如果标普500指数收盘低于该点位，持有人将损失全部初 始押注。此举将使Cboe与预测市场展开直接竞争。过去一年，随著散户对高风险交易越来越习以为 常，并对自身预测从"超级碗"(Super Bowl)结果、股市走向到"金球奖"(Golden Globes)得主等各类新闻事 件的能力越来越有信心，Kalshi和Polymarket等平台的人气飙升。 来源：滚动播报 ...

Group 1 - The Wall Street derivatives exchange is looking to leverage the growing interest in yes-or-no betting markets while maintaining a focus on financial markets [1] - The initiative reflects a broader trend in the financial industry towards incorporating more diverse betting options [1] - The exchange aims to attract a new demographic of traders who are interested in binary options [1] Group 2 - The move is part of a strategy to enhance trading volumes and market engagement [1] - The exchange is positioning itself to capitalize on the popularity of these types of wagers without deviating from its core financial offerings [1] - This approach may lead to increased competition among exchanges as they adapt to changing market preferences [1]