Cboe Global Markets Reports Results for Fourth Quarter 2025 and Full Year

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]