Cboe(US:CBOE)2025-10-31 12:16Financial Performance - Total revenues for the three months ended September 30, 2025, increased to $1,141.7 million, up from $1,055.7 million in the same period of 2024, representing a growth of 8.1%[22] - Net income for the three months ended September 30, 2025, was $300.8 million, compared to $218.5 million for the same period in 2024, reflecting a year-over-year increase of 37.6%[22] - Operating income for the nine months ended September 30, 2025, reached $1,063.3 million, a significant increase from $799.9 million in the same period of 2024, marking a growth of 32.9%[22] - Comprehensive income for the nine months ended September 30, 2025, was $859.5 million, compared to $595.6 million for the same period in 2024, reflecting a year-over-year increase of 44.4%[24] - Net income for the nine months ended September 30, 2025, was $786.5 million, a 38.5% increase from $568.4 million in the same period of 2024[32] Cash and Assets - Cash and cash equivalents as of September 30, 2025, were $1,496.7 million, up from $920.3 million at December 31, 2024, indicating a substantial increase of 62.6%[20] - Total assets increased to $9,068.6 million as of September 30, 2025, compared to $7,789.1 million at December 31, 2024, reflecting a growth of 16.4%[20] - The company’s total current assets increased to $3,742.0 million as of September 30, 2025, compared to $2,479.1 million at December 31, 2024, indicating a growth of 50.9%[20] - Total cash, cash equivalents, and restricted cash and cash equivalents at the end of the period was $3,170.0 million, compared to $2,802.2 million at the end of the previous year[32] Liabilities and Equity - Total liabilities as of September 30, 2025, were $4,183.7 million, up from $3,509.5 million at December 31, 2024, representing an increase of 19.2%[20] - As of September 30, 2025, total stockholders' equity increased to $4,884.9 million, up from $4,279.6 million at the end of 2024, reflecting a growth of approximately 14.1%[27] - The company’s retained earnings increased to $3,394.1 million as of September 30, 2025, compared to $2,815.9 million at December 31, 2024, a growth of 20.5%[20] Revenue Streams - Transaction and clearing fees for the three months ended September 30, 2025, amounted to $919.9 million, up from $725.9 million in the prior year, indicating a growth of about 26.7%[55] - Access and capacity fees increased to $103.9 million in Q3 2025 from $94.2 million in Q3 2024, reflecting a growth of approximately 10.0%[55] - Market data fees for the three months ended September 30, 2025, totaled $83.7 million, compared to $73.5 million in the same quarter of 2024, marking a year-over-year increase of about 13.5%[55] - For the nine months ended September 30, 2025, transaction and clearing fees totaled $2,620.2 million, compared to $2,142.0 million in the same period of 2024, reflecting an increase of 22.3%[58] Expenses and Costs - The cost of revenues for the three months ended September 30, 2025, was $536.2 million, compared to $523.7 million in the same period of 2024, a slight increase of 2.4%[169] - Depreciation and amortization expenses for the three months ended September 30, 2025, totaled $30.9 million, compared to $31.8 million in the same period of 2024, a decrease of 2.8%[169] - Other segment operating expenses for the three months ended September 30, 2025, were $204.3 million, compared to $192.8 million in the same period of 2024, an increase of 5.7%[169] Shareholder Returns - Cash dividends on common stock increased to $0.72 per share in the third quarter of 2025, up from $0.63 per share in the previous quarter, marking a 14.3% increase[27] - The aggregate cash dividend payout for the nine months ended September 30, 2025, is not specified but follows the trend of increased dividends[210] - The Company expects to continue paying dividends, subject to the discretion of its Board of Directors and various financial considerations[211] Regulatory and Compliance - Cboe Trading and BIDS Trading were required to maintain net capital of at least $0.1 million as of September 30, 2025, under SEC regulations[178] - Cboe Clear Europe must maintain a minimum amount of capital as per EMIR regulations to cover operational and market risks[181] - The company is in compliance with financial covenants, maintaining a minimum consolidated interest coverage ratio of not less than 4.00 to 1.00 as of September 30, 2025[110] Stock and Equity Transactions - The Company repurchased 21,063,700 shares of common stock at an average cost of $80.02 per share, totaling $1.7 billion since the inception of the share repurchase program[206] - The Company purchased 95,036 shares of common stock totaling $20.5 million to satisfy tax obligations upon the vesting of restricted stock during the nine months ended September 30, 2025[196] - The total unrecognized compensation costs related to restricted stock, RSUs, and PSUs as of September 30, 2025, amounted to $77.5 million, expected to be recognized over a weighted average period of 2.0 years[200]