Compared to Estimates, CBOE (CBOE) Q3 Earnings: A Look at Key Metrics

Core Insights - CBOE Global reported a revenue of $605.5 million for the quarter ended September 2025, reflecting a year-over-year increase of 13.8% and surpassing the Zacks Consensus Estimate by 2.14% [1] - The earnings per share (EPS) for the quarter was $2.67, up from $2.22 in the same quarter last year, resulting in an EPS surprise of 5.53% over the consensus estimate of $2.53 [1] Financial Performance Metrics - Average Daily Volume for Index options was 4.86 million, slightly above the analyst estimate of 4.8 million [4] - Average Revenue Per Contract for Futures was $1.75, slightly below the estimate of $1.76 [4] - Average Daily Volume for Options was 18.78 million, exceeding the estimate of 18.12 million [4] - Average Daily Volume for Multi-listed options was 13.91 million, above the estimate of 13.32 million [4] - Total revenues from Access and capacity fees were $103.9 million, surpassing the estimate of $101.69 million [4] - Market data fees totaled $83.7 million, exceeding the average estimate of $81.17 million [4] - Net transaction and clearing fees generated $446.6 million, representing a 14.3% year-over-year increase and exceeding the estimate of $435.53 million [4] - Futures transaction and clearing fees were $23.8 million, below the estimate of $29.67 million, reflecting a year-over-year decline of 24.9% [4] - Global FX transaction and clearing fees were $19.6 million, above the estimate of $18.8 million, marking a year-over-year increase of 12.6% [4] - Total regulatory fees were $11.8 million, significantly below the estimate of $115.14 million [4] - Total transaction and clearing fees reached $919.9 million, exceeding the estimate of $785.52 million [4] - Net transaction and clearing fees for Global FX were $19.1 million, slightly above the estimate of $18.53 million [4] Stock Performance - CBOE shares have returned -1.9% over the past month, while the Zacks S&P 500 composite has increased by 2.1% [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3]