Core Insights - CBOE Global Markets reported strong Q1 2025 earnings, demonstrating resilience during market volatility [1] Company Overview - CBOE Global Markets operates as an options exchange and clearing corporation with a global presence and various adjacent business segments [1]

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Company Overview: CBOE Global - CBOE Global currently holds a Momentum Style Score of B, indicating potential as a solid momentum pick [3][12] - The company has a Zacks Rank of 2 (Buy), which historically outperforms the market when combined with a Style Score of A or B [4] Price Performance - CBOE shares have increased by 5.99% over the past week, outperforming the Zacks Securities and Exchanges industry, which rose by 5.31% [6] - Over the past month, CBOE's price change is 11.77%, slightly below the industry's performance of 12.5% [6] - In the last quarter, CBOE shares rose by 10.47%, and over the past year, they gained 26.69%, while the S&P 500 saw declines of -6.46% and gains of 11.69%, respectively [7] Trading Volume - CBOE's average 20-day trading volume is 1,001,255 shares, which serves as a bullish indicator when combined with rising stock prices [8] Earnings Outlook - In the past two months, 10 earnings estimates for CBOE have been revised upwards, with no downward revisions, increasing the consensus estimate from $8.99 to $9.51 [10] - For the next fiscal year, 9 estimates have moved higher, while 1 has been revised downwards [10]

CBOE：4月份，其旗下四家美国期权交易所的总交易量为3100万份合约。 ...

Core Insights - CBOE Global reported revenue of $565.2 million for Q1 2025, a 12.6% year-over-year increase, with EPS of $2.50 compared to $2.15 a year ago, exceeding Zacks Consensus Estimates [1] - The company achieved a revenue surprise of +1.54% and an EPS surprise of +5.93% compared to analyst expectations [1] Financial Performance Metrics - Average Revenue Per Contract for Futures was $1.74, slightly below the $1.76 estimate [4] - Average Daily Volume for Multi-listed options was 13.41 million, exceeding the 12.99 million estimate [4] - Access and capacity fees generated $97.80 million, surpassing the $96.55 million estimate, reflecting an 8.6% year-over-year increase [4] - Market data fees totaled $77.80 million, above the $75.92 million estimate, with an 8.1% year-over-year increase [4] - Other revenue was $25 million, below the $28.23 million estimate, representing a -5.3% change year-over-year [4] - Net transaction and clearing fees reached $832.60 million, exceeding the $788.83 million estimate, with a 15.9% year-over-year increase [4] - Regulatory fees surged to $161.80 million, significantly above the $90.18 million estimate, marking a 222.3% year-over-year increase [4] Stock Performance - CBOE shares returned -2% over the past month, compared to a -0.5% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential outperformance in the near term [3]

Core Viewpoint - CBOE Global (CBOE) reported quarterly earnings of $2.50 per share, exceeding the Zacks Consensus Estimate of $2.36 per share, and showing an increase from $2.15 per share a year ago [1][2] Financial Performance - The earnings surprise for the quarter was 5.93%, with the company having surpassed consensus EPS estimates three times over the last four quarters [2] - CBOE's revenues for the quarter were $565.2 million, surpassing the Zacks Consensus Estimate by 1.54%, and up from $502.1 million year-over-year [3] Stock Performance - CBOE shares have increased approximately 13.2% since the beginning of the year, contrasting with a -4.7% decline in the S&P 500 [4] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $2.34 on revenues of $559.87 million, and for the current fiscal year, it is $9.41 on revenues of $2.24 billion [8] - The Zacks Rank for CBOE is 2 (Buy), indicating expectations for the stock to outperform the market in the near future [7] Industry Context - The Securities and Exchanges industry, to which CBOE belongs, is currently ranked in the top 6% of over 250 Zacks industries, suggesting a favorable outlook for stocks within this sector [9]

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (unaudited)](index=7&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) The unaudited condensed consolidated financial statements for the quarter ended March 31, 2025, are presented [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets grew to $8.67 billion, driven by a significant rise in margin deposits and clearing funds Condensed Consolidated Balance Sheet Highlights (in millions) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$8,667.3** | **$7,789.1** | | Cash and cash equivalents | $1,047.2 | $920.3 | | Margin deposits, clearing funds | $1,623.0 | $845.5 | | Goodwill | $3,132.0 | $3,124.2 | | **Total Liabilities** | **$4,215.2** | **$3,509.5** | | Margin deposits, clearing funds | $1,623.0 | $845.5 | | Long-term debt | $1,441.5 | $1,441.0 | | **Total Stockholders' Equity** | **$4,452.1** | **$4,279.6** | [Condensed Consolidated Statements of Income](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Total revenues increased 25% year-over-year to $1.195 billion, resulting in a 20% rise in net income Q1 2025 vs. Q1 2024 Income Statement (in millions, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total revenues | $1,195.0 | $957.2 | | Revenues less cost of revenues | $565.2 | $502.1 | | Operating income | $353.9 | $282.4 | | Net income | $250.6 | $209.5 | | Diluted earnings per share | $2.37 | $1.96 | [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities was $912.9 million, with financing activities using $114.5 million Cash Flow Summary (in millions) | Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $912.9 | $895.6 | | Net cash used in investing activities | $(19.7) | $(13.3) | | Net cash used in financing activities | $(114.5) | $(168.6) | | **Increase in cash, cash equivalents, and restricted cash** | **$904.4** | **$688.7** | [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The company reorganized its reportable segments from six to five, effective January 1, 2025 - Effective January 1, 2025, the Company reorganized its reportable segments from six to five: Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX[36](index=36&type=chunk) - The former Digital segment's operating results are now prospectively included within the Futures reporting segment as of Q1 2025[37](index=37&type=chunk) Disaggregated Revenue by Type - Q1 2025 (in millions) | Revenue Type | Cash and Spot Markets | Data Vantage | Derivatives Markets | Total | | :--- | :--- | :--- | :--- | :--- | | Transaction and clearing fees | $341.0 | $— | $491.6 | $832.6 | | Access and capacity fees | $— | $97.8 | $— | $97.8 | | Market data fees | $15.7 | $54.0 | $8.1 | $77.8 | | Regulatory fees | $120.7 | $— | $41.1 | $161.8 | | **Total** | **$500.9** | **$152.5** | **$541.6** | **$1,195.0** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=46&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a 25% increase in total revenues driven by higher trading volumes and Section 31 fees Financial Summary - Q1 2025 vs Q1 2024 (in millions) | Metric | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | Total revenues | $1,195.0 | $957.2 | 25% | | Revenues less cost of revenues | $565.2 | $502.1 | 13% | | Operating income | $353.9 | $282.4 | 25% | | Net income | $250.6 | $209.5 | 20% | | Adjusted diluted EPS | $2.50 | $2.15 | 16% | - As of January 1, 2025, the company operates five reportable business segments: Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX[226](index=226&type=chunk)[228](index=228&type=chunk) [Results of Operations](index=61&type=section&id=Results%20of%20Operations) Total revenues grew 25% to $1.195 billion, while operating expenses fell 4% to $211.3 million - Total revenues increased by **$237.8 million (25%)**, primarily due to higher volumes and a significant increase in the Section 31 fee rate to **$27.80 per million**[282](index=282&type=chunk)[284](index=284&type=chunk)[286](index=286&type=chunk) - Total operating expenses decreased by **$8.4 million (4%)**, mainly due to a $7.0 million decline in depreciation and amortization expense[299](index=299&type=chunk)[302](index=302&type=chunk) [Segment Operating Results](index=68&type=section&id=Segment%20Operating%20Results) All five business segments reported growth in revenues less cost of revenues, led by the Options segment Revenues Less Cost of Revenues by Segment - Q1 2025 vs Q1 2024 (in millions) | Segment | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | Options | $352.4 | $307.4 | 15% | | North American Equities | $94.6 | $92.6 | 2% | | Europe and Asia Pacific | $64.1 | $54.1 | 18% | | Futures | $32.8 | $30.5 | 8% | | Global FX | $21.3 | $18.4 | 16% | | **Total** | **$565.2** | **$502.1** | **13%** | - The Options segment's growth was driven by a **17% increase in index options ADV** and a **25% increase in multi-listed options ADV**[330](index=330&type=chunk) - The Europe and Asia Pacific segment's performance was boosted by a **39% increase in Cboe European Equities matched ADNV** and a **40% increase in trades cleared**[336](index=336&type=chunk) [Liquidity and Capital Resources](index=73&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained a strong liquidity position while returning capital through dividends and share repurchases - During Q1 2025, the company paid cash dividends of $0.63 per share, totaling **$66.4 million**[189](index=189&type=chunk) - The company repurchased 144,753 shares for **$30.0 million** during the quarter, with **$649.8 million remaining** under its share repurchase authorization[185](index=185&type=chunk)[367](index=367&type=chunk)[368](index=368&type=chunk) - Total debt outstanding was **$1.44 billion** as of March 31, 2025, consisting entirely of fixed-rate Senior Notes[362](index=362&type=chunk)[363](index=363&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=70&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company is exposed to market risks including foreign currency fluctuations, credit risk, and interest rate risk - The company has significant exposure to foreign currency risk, where a **10% adverse fluctuation** would negatively impact revenues less cost of revenues by a combined **$6.1 million**[379](index=379&type=chunk) - Credit risk from trading is largely mitigated as central counterparties guarantee clearance and settlement for most transactions on its exchanges[384](index=384&type=chunk)[371](index=371&type=chunk) - Interest rate risk is limited as the company's **$1.44 billion in debt is all fixed-rate**[395](index=395&type=chunk) [Item 4. Controls and Procedures](index=73&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no material changes to internal controls - The CEO and CFO concluded that the company's disclosure controls and procedures are **effective** as of the end of the reporting period[398](index=398&type=chunk) - **No material changes** to internal control over financial reporting occurred during the first quarter of 2025[399](index=399&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=75&type=section&id=Item%201.%20Legal%20Proceedings) The company details ongoing legal challenges to SEC rules regarding equity access fees and order management systems - The company is legally challenging the SEC's Final Rules that reduce the equity access fee cap, which could materially impact its U.S. equities transaction revenue[402](index=402&type=chunk)[403](index=403&type=chunk)[404](index=404&type=chunk) - Cboe filed a Petition for Review challenging the SEC's disapproval of its proposed rule concerning exchange-affiliated Order and Execution Management Systems (OEMS)[405](index=405&type=chunk)[406](index=406&type=chunk) [Item 1A. Risk Factors](index=75&type=section&id=Item%201A.%20Risk%20Factors) Material risks are highlighted, with an emphasis on the complexities associated with the company's global operations - The company faces increased risks from its global operations, including **currency fluctuations, complex compliance requirements, and geopolitical conditions**[409](index=409&type=chunk) - Global trade policies, such as tariffs, could increase the cost of technology and services, potentially having a **material adverse impact** on business and results[412](index=412&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=76&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased $30.0 million of its common stock during the quarter under its share repurchase program Share Repurchases - Q1 2025 | Metric | Value | | :--- | :--- | | Total Shares Purchased | 144,753 | | Average Price Paid per Share | $207.04 | | Total Purchase Price | $30.0 million | | Remaining Authorization | $649.8 million | [Item 5. Other Information](index=77&type=section&id=Item%205.%20Other%20Information) Two executive officers adopted Rule 10b5-1(c) securities trading plans during the first quarter of 2025 - Executive Vice Presidents Christopher Isaacson and Catherine Clay adopted Rule 10b5-1 trading plans for the sale of company securities during the quarter[421](index=421&type=chunk)[422](index=422&type=chunk) [Item 6. Exhibits](index=78&type=section&id=Item%206.%20Exhibits) Exhibits filed with the Form 10-Q include a license agreement amendment, officer certifications, and XBRL data

News Release Page 1 of 15 Cboe Global Markets Reports Results for First Quarter 2025 First Quarter Highlights* CHICAGO, IL – May 2, 2025 - Cboe Global Markets, Inc. (Cboe: CBOE) today reported financial results for the first quarter of 2025. "In the first quarter, Cboe reported record quarterly net revenue of $565 million, record diluted EPS of $2.37, and record adjusted diluted EPS of $2.50, with strong results from each of our Derivatives, Cash and Spot Markets, and Data Vantage categories," said Fredric ...

Group 1 - British Land Company PLC Sponsored ADR (BTLCY) is currently outperforming its peers in the Finance sector with a year-to-date return of 16.8% compared to the sector average of 1.4% [4] - The Zacks Rank for BTLCY is 2 (Buy), indicating a positive outlook based on earnings estimates and revisions [3] - The Zacks Consensus Estimate for BTLCY's full-year earnings has increased by 1.8% over the past three months, reflecting improving analyst sentiment [4] Group 2 - BTLCY belongs to the Real Estate - Operations industry, which has an average year-to-date loss of 5.7%, further highlighting BTLCY's strong performance [6] - The Finance sector, which includes BTLCY, is ranked 3 in the Zacks Sector Rank, indicating a strong overall performance among its constituents [2] - Another stock in the Finance sector, CBOE Global, has also shown strong performance with a year-to-date return of 11.1% and a Zacks Rank of 2 (Buy) [5][7]

Wall Street analysts expect CBOE Global (CBOE) to post quarterly earnings of $2.36 per share in its upcoming report, which indicates a year-over-year increase of 9.8%. Revenues are expected to be $556.64 million, up 10.9% from the year-ago quarter.Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted upward by 6.5% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.Before a company reveals its e ...

Core Viewpoint - Cboe Global Markets has launched Cboe FTSE Bitcoin Index futures, expanding its digital asset derivatives offerings to meet growing customer demand for crypto-based products [1][3][7] Group 1: Product Details - The new XBTF futures are cash-settled contracts, simplifying the trading process by eliminating the need for physical delivery of bitcoin at expiration [2][7] - XBTF futures are exclusively listed on Cboe Futures Exchange and are designed to provide market participants with tools to express views on bitcoin or manage associated risks [2][3] - The XBTF Index, which these futures are based on, represents 1/10th the value of the FTSE Bitcoin Index and is developed in collaboration with Digital Asset Research [4][7] Group 2: Market Context - The launch of XBTF futures follows Cboe's introduction of cash-settled options on the Cboe Bitcoin U.S. ETF Index, creating a complementary suite of bitcoin-related index derivatives [3][4] - Cboe aims to build a comprehensive ecosystem for efficient and flexible access to bitcoin exposure and risk management, reflecting the increasing institutional interest in digital assets [3][4] Group 3: Industry Support - Barak Capital and Prime Trading, LLC have expressed support for the new XBTF futures, highlighting the importance of efficient and stable markets for digital assets [4][4] - These firms will act as liquidity providers, contributing to the overall market stability and trading experience for Cboe's customers [4][4]