Core Insights - Cboe Global Markets reported record revenue and earnings per share (EPS) for Q2 2025, achieving non-GAAP EPS of $2.46, exceeding analyst expectations of $2.44, and GAAP revenue of $587.3 million, surpassing estimates of $575.1 million [1][2] - The company experienced strong growth in derivatives, market data services, and global foreign exchange units, while facing a decline in market share in the Options and North American Equities segments [1][5][6] - Management raised growth expectations for the remainder of FY2025 and tightened expense guidance despite ongoing competitive pressures [1][12] Financial Performance - Non-GAAP EPS increased by 14% year-over-year from $2.15 in Q2 2024 [2] - GAAP revenue for the Options segment grew by 19% to $364.8 million, supported by a 20% increase in average daily volumes [5] - The North American Equities segment reported flat GAAP net revenue of $98.4 million, with market share declines in both US and Canadian equities [6] - The Europe and Asia Pacific segment achieved 30% revenue growth, reaching $70.4 million, with market share gains in European equities [7] - Futures revenue declined by 14% to $30.1 million, while Global FX revenue increased by 19% to $23.6 million [8] Strategic Focus - Cboe operates marketplaces for a variety of assets, including stocks, options, futures, and foreign currencies, and is focused on product innovation and international expansion [3][4] - The company is enhancing its market data and analytics platform, Data Vantage, and has integrated digital business lines into its Futures unit [4][8] - Management has increased full-year 2025 organic net revenue growth guidance to "high single digits" and adjusted operating expense guidance to $832 million to $847 million [12] Shareholder Returns - The company returned $66.4 million in dividends and $35.3 million in share repurchases during the quarter, maintaining a quarterly dividend of $0.63 per share [9][13]

Core Insights - Cboe Global Markets, Inc. (CBOE) reported second-quarter 2025 adjusted earnings of $2.46 per share, exceeding the Zacks Consensus Estimate by 1.6% and reflecting a year-over-year increase of 14.4% [1][9] - Total adjusted revenues reached a record $587.3 million, up 14% year over year, driven by growth in derivatives markets, Data Vantage, and cash and spot markets [2][9] Financial Performance - Options revenues increased by 19% year over year to $364.8 million, supported by higher market data, access and capacity fees, and increased net transaction and clearing fees due to a rise in total options average daily volume [3] - North American Equities revenues remained flat at $98.4 million year over year, with higher access and capacity fees offset by lower net transaction and clearing fees [3] - Europe and Asia Pacific revenues grew by 30% year over year to $70.4 million, driven by increased net transaction and clearing fees [4] - Futures net revenues decreased by 14% year over year to $30.1 million, primarily due to a 19% decline in net transaction and clearing fees [4] - Global FX net revenues rose by 19% year over year to $23.6 million, mainly due to higher net transaction and clearing fees [4] Operating Metrics - Adjusted operating expenses were $213.3 million, an increase of 8.2% year over year, mainly due to higher compensation, benefits, and technology support services [5] - Adjusted operating income grew by 18.5% year over year to $374 million, surpassing estimates [5] - Adjusted operating margin expanded to 63.7%, an increase of 230 basis points year over year [6] Financial Position - CBOE ended the second quarter with cash and cash equivalents of $1.26 billion, a 36.5% increase from the end of 2024 [7] - Total assets rose to $9 billion, up 16.2% from the end of 2024 [7] - Long-term debt was $1.4 billion, a slight increase of 0.06% from the end of 2024 [7] - Total shareholders' equity increased by 9% to $4.7 billion from December 31, 2024 [7] Shareholder Returns - CBOE paid out cash dividends of $66.4 million or 63 cents per share and repurchased shares worth $35.3 million in the second quarter [10] - Approximately $614.5 million remains under the current share repurchase authorization as of June 30, 2025 [10] Guidance - CBOE anticipates high single-digit organic revenue growth and has adjusted 2025 expense guidance downwards [11] - Adjusted operating expenses are expected to be in the range of $832 million to $847 million, lower than previous guidance [11] - The company reaffirms capital expenditures for 2025 to be in the range of $75 million to $85 million [13]

Company Performance - CBOE Global reported quarterly earnings of $2.46 per share, exceeding the Zacks Consensus Estimate of $2.42 per share, and up from $2.15 per share a year ago [1] - The earnings surprise for this quarter was +1.65%, following a previous quarter surprise of +5.93% where actual earnings were $2.50 compared to an expected $2.36 [2] - The company achieved revenues of $587.3 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 2.63% and increasing from $513.8 million year-over-year [3] Market Performance - CBOE shares have increased approximately 23.4% since the beginning of the year, significantly outperforming the S&P 500's gain of 7.8% [4] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $2.29 on revenues of $558.16 million, and for the current fiscal year, it is $9.58 on revenues of $2.26 billion [8] - The Zacks Rank for CBOE is currently 3 (Hold), indicating expected performance in line with the market in the near future [7] Industry Context - The Securities and Exchanges industry, to which CBOE belongs, is currently ranked in the top 10% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [9]

Financial Data and Key Metrics Changes - Cboe reported a 14% year-over-year increase in net revenue, reaching a record $587 million, and adjusted diluted EPS also grew by 14% to $2.46 [8][21] - Adjusted operating expenses increased by 8% year-over-year to $213 million, while adjusted operating EBITDA grew by 19% to $387 million, resulting in an adjusted operating EBITDA margin expansion of 2.3 percentage points to 65.8% [21][22] Business Line Data and Key Metrics Changes - Derivatives markets net revenues increased by 17%, with options volumes rising due to heightened market volatility [9][21] - DataVantage business saw an 11% year-over-year revenue growth, driven by strong new subscription and unit sales [15][24] - Cash and spot markets net revenue grew by 11%, with European cash equities business showing robust performance and a 30% year-over-year increase [13][21] Market Data and Key Metrics Changes - The Europe and Asia Pacific segment achieved a 30% year-over-year growth, driven by a 39% increase in net transaction and clearing fees [13][21] - SPX options volumes increased by 21% year-over-year, with Mini SPX options average daily volume rising by 50% [9][11] Company Strategy and Development Direction - Cboe is focused on optimizing growth in core businesses while exploring organic and inorganic investment opportunities [32][38] - The decision to close the Japanese equities business reflects a strategy to redirect resources to higher potential return activities [14][26] - The company aims to leverage its advanced technology and differentiated product offerings to enhance its DataVantage business [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth potential of options as an asset class, supported by increasing retail participation and international expansion [12][32] - The company is committed to maintaining a flexible balance sheet and effectively allocating capital to produce sustainable shareholder value [28][32] Other Important Information - Cboe expects to record a pretax charge of approximately $5 million related to the wind down of its Japanese equities business [26] - The company repurchased $35 million in shares during the quarter, bringing year-to-date repurchases to $65 million [28] Q&A Session Questions and Answers Question: Key priorities for the new CEO - The new CEO emphasized optimizing growth in core businesses and exploring both organic and inorganic growth opportunities, with a focus on strategic and financial rationale [38][40] Question: Evaluation of business footprint - The CEO mentioned a rigorous evaluation of all business activities to ensure capital is allocated to the best growth opportunities, citing the closure of the Japan equities business as an example [42][43] Question: DataVantage revenue guidance - Management remains confident in the full-year guidance for DataVantage, highlighting strong new subscription sales and international demand as key drivers [46][49] Question: Long-term growth for index options volume - Management believes there is significant potential for growth in index options, particularly through partnerships with retail broker dealers and expansion in the Asia Pacific region [51][52] Question: Competitive environment for single stock zero DTE - Management sees single stock zero DTEs as complementary to index options, with retail traders likely to migrate to index options as their sophistication increases [55][56] Question: Strategic relationship with S&P Global - The CEO views the relationship with S&P Global as long-term and valuable, aiming for mutual growth and innovation [60][61] Question: Globalization strategy - The company is focused on importing flow from outside the U.S. into its markets, particularly through data and analytics initiatives [64][65] Question: Evolution of the securities exchange industry - The CEO noted that the retail trend is a long-term structural change, with a focus on remaining relevant and competitive in a dynamic environment [69][70]

Financial Data and Key Metrics Changes - Cboe reported a 14% year-over-year increase in net revenue, reaching a record $587 million, and adjusted diluted EPS also rose by 14% to $2.46 [6][20] - Adjusted operating expenses increased by 8% year-over-year to $213 million, while adjusted operating EBITDA grew by 19% to $387 million, resulting in an adjusted operating EBITDA margin expansion of 2.3 percentage points to 65.8% [20][24] Business Line Data and Key Metrics Changes - Derivatives markets net revenues grew by 17%, with options volumes increasing significantly due to heightened market volatility [7][20] - The Options segment achieved a record net revenue growth of 19% year-over-year, with a 20% increase in total Options average daily volume [21] - DataVantage business net revenue improved by 11% year-over-year, driven by strong new subscription and unit sales [14][23] Market Data and Key Metrics Changes - The European cash equities business drove an 11% increase in cash and spot markets net revenue, with Europe and Asia Pacific segments achieving a 30% year-over-year growth [12][22] - Net transaction and clearing fees in the Europe and APAC segment rose by 39% year-over-year, reflecting strong industry volumes [12][22] Company Strategy and Development Direction - The company is focused on optimizing growth in core businesses while exploring organic and inorganic investment opportunities [31][32] - Cboe's decision to close its Japan equities business reflects a strategy to redirect resources to higher potential return activities [13][26] - The management emphasizes the importance of capital allocation and is committed to assessing the business portfolio for long-term shareholder returns [32][78] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth potential of options as an asset class, driven by continued uncertainty in monetary and trade policy [11][31] - The company remains committed to enhancing its product offerings and expanding its global presence, particularly in the Asia Pacific region [15][66] Other Important Information - Cboe expects to record a pretax charge of approximately $5 million related to the wind down of its Japanese equities business, which will be excluded from adjusted operating expenses [26] - The company repurchased $35 million in shares during the quarter, with year-to-date repurchases totaling $65 million [28] Q&A Session Summary Question: Key priorities for the new CEO - The new CEO emphasized optimizing growth in core businesses and exploring compelling inorganic growth opportunities, while maintaining a flexible balance sheet [38][39] Question: Evaluation of business footprint - The CEO indicated that the company is rigorously evaluating all business operations to ensure capital is allocated to the best growth opportunities [42] Question: DataVantage revenue guidance - Management remains confident in the full-year guidance for DataVantage, noting strong momentum in new subscription sales and international demand [46][49] Question: Long-term growth for index options volume - The management highlighted the sustainability of zero DTE volumes and the potential for growth through retail broker partnerships and international expansion [51][53] Question: Competitive environment for single stock zero DTE - Management sees single stock zero DTEs as complementary to index options, with retail traders likely to migrate to index options as their sophistication increases [55][56] Question: Relationship with S&P Global - The CEO reaffirmed the long-term partnership with S&P Global and the importance of mutual growth and innovation [60][63] Question: Globalization strategy - The company is focused on importing flow from outside the U.S. into its markets, leveraging data as a key driver for growth [66] Question: Industry evolution and retail engagement - Management views the growth in retail engagement as a long-term trend and is committed to remaining relevant in a dynamic environment [71][73]

© 2025 Cboe Exchange, Inc. All rights reserved. SECOND QUARTER 2025 EARNINGS PRESENTATION August 1, 2025 Agenda | Business Review | Craig Donohue | | --- | --- | | | Chief Executive Officer | | Financial Review | Jill Griebenow | | | Executive Vice President, Chief Financial Officer | | Questions & Answers | Craig Donohue | | | Jill Griebenow | | | Dave Howson | | | Executive Vice President, Global President | | | Chris Isaacson | | | Executive Vice President, Chief Operating Officer | | | Cathy Clay | | | ...

Financial Performance - Total revenues for the second quarter of 2025 reached $1,173.5 million, a 20.5% increase from $974.0 million in the same period of 2024[22] - Net income for the second quarter of 2025 was $235.1 million, compared to $140.4 million in the second quarter of 2024, reflecting a 67.5% year-over-year growth[24] - Operating income for the first half of 2025 was $693.0 million, up 40.7% from $492.5 million in the first half of 2024[22] - The company reported a comprehensive income of $302.3 million for the second quarter of 2025, compared to $137.2 million in the same quarter of 2024[24] - Basic earnings per share for the second quarter of 2025 were $2.23, an increase from $1.33 in the second quarter of 2024[22] - Net income for the six months ended June 30, 2025, was $485.7 million, compared to $349.9 million for the same period in 2024, representing a 39% increase[28] - For the six months ended June 30, 2025, total revenues reached $2,368.5 million, compared to $1,931.2 million for the same period in 2024, reflecting a year-over-year growth of about 22.7%[48] Cash and Assets - Cash and cash equivalents increased to $1,256.3 million as of June 30, 2025, compared to $920.3 million at the end of 2024, representing a 36.5% increase[20] - Total assets grew to $9,048.3 million as of June 30, 2025, up from $7,789.1 million at December 31, 2024, indicating a 16.2% increase[20] - Total stockholders' equity increased to $4,665.1 million as of June 30, 2025, compared to $4,279.6 million at December 31, 2024, marking a 9.0% growth[20] - The company’s goodwill stood at $3,155.9 million as of June 30, 2025, slightly up from $3,124.2 million at the end of 2024[20] Liabilities and Debt - Total current liabilities increased to $2,386.6 million as of June 30, 2025, compared to $1,395.2 million at December 31, 2024, reflecting a 70.9% rise[20] - The company's total debt as of June 30, 2025, was $1,442.0 million, slightly up from $1,441.0 million as of December 31, 2024[85] - As of June 30, 2025, total accounts payable and accrued liabilities increased to $467.3 million from $359.7 million as of December 31, 2024, representing a 30% increase[84] Revenue Streams - Transaction and clearing fees accounted for $867.7 million in Q2 2025, up from $697.6 million in Q2 2024, reflecting a growth of about 24.4%[48] - Access and capacity fees increased to $101.2 million in Q2 2025 from $90.5 million in Q2 2024, marking an increase of approximately 11.8%[48] - Market data fees rose to $82.4 million in Q2 2025, compared to $73.7 million in Q2 2024, indicating a growth of around 11.3%[48] - Regulatory fees totaled $96.8 million in Q2 2025, up from $85.9 million in Q2 2024, which is an increase of approximately 12.0%[48] Stock and Dividends - Cash dividends on common stock were $0.63 per share, totaling $66.4 million in cash outflow[26] - Cash dividends on common stock increased to $132.8 million in 2025 from $116.7 million in 2024, a rise of 14%[28] - The share repurchase program has repurchased 21,063,700 shares at an average cost of $80.02 per share, totaling $1.7 billion since inception[184] - During Q2 2025, the Company repurchased 160,564 shares at an average price of $219.77, totaling $35.3 million[184] Operating Expenses - The cost of revenues for the three months ended June 30, 2025, was $586.2 million, compared to $460.2 million in the same period of 2024, which is an increase of about 27.3%[148] - The company reported depreciation and amortization expenses of $29.9 million for the three months ended June 30, 2025, compared to $31.8 million in the same period of 2024, showing a decrease of about 5.9%[148] - Stock-based compensation increased to $12.4 million in the latest quarter, up from $11.7 million[26] Regulatory and Compliance - The Company is currently undergoing audit examinations by various taxing jurisdictions, with potential adjustments that may result in additional tax payments[193] - The SEC approved a revised funding model for the CAT, which will assess fees based on executed equivalent shares of transactions in eligible securities[66] - Cboe Australia is required to maintain a cash reserve equal to at least six months of projected operating expenses to comply with regulatory requirements[166] Strategic Changes - The company plans to refocus its digital asset business to leverage core strengths in derivatives, technology, and product innovation, closing the Cboe Digital spot market effective May 31, 2024[37] - Cboe Digital Exchange no longer lists or trades any products as of June 9, 2025, with results from the Digital segment now included in the Futures reporting segment[37] - The Company operates five reportable business segments as of January 1, 2025, down from six, reflecting a strategic reorganization[36] Future Projections - The Company expects to adopt ASU 2024-03 for the annual financial statements for the year ending December 31, 2027, and is currently assessing its impact on consolidated financial statement disclosures[44] - The estimated future amortization expense is projected to be $34.5 million for the remainder of 2025[81]

Exhibit 99.1 News Release Page 1 of 15 Cboe Global Markets Reports Results for Second Quarter 2025 Second Quarter Highlights* CHICAGO, IL – August 1, 2025 - Cboe Global Markets, Inc. (Cboe: CBOE) today reported financial results for the second quarter of 2025. "In the second quarter, Cboe reported record quarterly net revenue of $587 million, diluted EPS of $2.23, and adjusted diluted EPS of $2.46. Strong double-digit net revenue growth across Derivatives, Data Vantage, and Cash and Spot Markets drove our o ...

Financial Performance - Cboe Global Markets reported record quarterly net revenue of $587 million, a 14% increase year-over-year from $513.8 million in Q2 2024 [2][9] - Diluted EPS for Q2 2025 was $2.23, up 68% compared to $1.33 in Q2 2024, while adjusted diluted EPS increased 14% to $2.46 [8][9] - Total operating expenses decreased to $248.2 million from $303.7 million in Q2 2024, primarily due to the prior year's impairment of intangible assets [9] Business Segment Performance - Derivatives net revenue grew 17%, driven by strong volumes in the options business, with options revenue reaching $364.8 million, up 19% from the previous year [7][15] - Data Vantage reported an 11% increase in net revenue, while Cash and Spot Markets also saw an 11% rise [2][9] - Futures net revenue decreased by 14% to $30.1 million, attributed to a decline in net transaction and clearing fees [12][15] Guidance and Outlook - The company raised its organic total net revenue growth guidance for 2025 to high single digits from mid to high single digits [2][16] - Adjusted operating expense guidance for 2025 was lowered to a range of $832 million to $847 million, down from $837 million to $852 million [2][16] - The effective tax rate for adjusted earnings is expected to be between 28.5% and 30.5% for the full year 2025 [16] Capital Management - As of June 30, 2025, Cboe had cash and cash equivalents of $1,256.3 million and total debt of $1,442.0 million [18] - The company paid cash dividends of $66.4 million during Q2 2025 and repurchased approximately 161,000 shares at an average price of $219.77 per share [19]

Core Insights - Cboe Global Markets, Inc. (CBOE) is anticipated to show improvements in both revenue and earnings for Q2 2025, with revenue expected at $572.24 million, reflecting an 11.3% year-over-year growth [2] - The earnings consensus estimate is $2.42 per share, indicating a 12.5% increase from the previous year, with a slight upward revision of 0.8% in the last 30 days [3] Revenue and Earnings Estimates - The Zacks Consensus Estimate for CBOE's second-quarter revenues is $572.24 million, which is an 11.3% increase from the prior year [2] - The earnings estimate for the quarter is $2.42 per share, representing a year-over-year increase of 12.5% [3] Earnings Prediction Model - The earnings prediction model indicates a likely earnings beat for Cboe Global, supported by a positive Earnings ESP of +0.66% and a Zacks Rank of 3 (Hold) [4][5] Factors Influencing Q2 Results - Growth in index options, higher transaction and clearing fees, and increased access and capacity fees are expected to positively impact CBOE's Q2 performance [6] - Increased revenues from cash and spot markets, as well as derivatives markets, are anticipated due to higher transaction volumes on Cboe exchanges [7] Fee Structure and Revenue Breakdown - The company expects higher revenues from proprietary market data fees, with estimates of $81.1 million for market data revenues and $96.6 million for access and capacity fees [9] - Increased transaction and clearing fees are projected to benefit both cash and spot markets as well as the derivatives business [8] Product Performance - Cboe Global is expected to benefit from strong performance in proprietary products, including VIX futures and SPX options, along with growth in multi-listed options trading [12] - Continued share buybacks are anticipated to support the bottom line for the quarter [12]