Core Insights - Cboe Global Markets reported significant increases in trading volumes across various segments for February 2026 compared to the previous year and the previous month, indicating strong market activity and growth in specific product categories [1] Trading Volume Highlights - Multi-listed options saw an average daily trading volume (ADV) of 13,476 thousand contracts in February 2026, a slight decrease of 0.6% from February 2025 and a 4.4% decrease from January 2026 [1] - Index options experienced a notable increase in ADV, reaching 5,973 thousand contracts, which is a 33.7% increase year-over-year and a 9.1% increase from January 2026 [1] - Futures trading volume rose significantly to 127,624 thousand contracts, marking a 114.7% increase compared to February 2025 and a 20.1% increase from January 2026 [1] - U.S. equities matched shares on-exchange increased to 1,961 million, a 17.2% increase from February 2025 and a 4.7% increase from January 2026 [1] - Off-exchange matched shares for U.S. equities reached 268 million, a 76.6% increase year-over-year and an 11.0% increase from January 2026 [1] - Canadian equities matched shares increased to 204,403 thousand, a 22.9% increase from February 2025, but a 14.6% decrease from January 2026 [1] - European equities saw a significant rise in trading volume, with a total monthly average daily notional value of €17.963 billion, a 30.9% increase from February 2025 [1] Notable Records - Cboe's proprietary index options achieved a record monthly ADV of 6.0 million contracts, driven by a record 3.0 million contracts for SPX zero-days-to-expiry (0DTE), which constituted 63% of all SPX trading [1] - BIDS Trading reported a record monthly ADV of 267.8 million matched shares for U.S. equities off-exchange [1] - Cboe Europe set a record for monthly ADNV at €18.0 billion, including record values in Cboe Periodic Auctions (€6.3 billion) and Cboe BIDS Europe (€969.0 million) [1]

Core Insights - Cboe Global Markets, Inc. (CBOE) reported fourth-quarter 2025 adjusted earnings of $3.06 per share, exceeding the Zacks Consensus Estimate by 4.4% and reflecting a 46% year-over-year increase [1][8] - The company achieved record total adjusted revenues of $671.1 million, up 28% year over year, surpassing the consensus mark by 6% [2] - CBOE's strong performance was driven by higher volumes across its derivatives platform and solid cash and spot markets, despite increased expenses [1][8] Operational Details - Options revenues rose 34% year over year to $433.1 million, fueled by growth in net transaction and clearing fees as well as access and capacity fees [2] - North American Equities revenues totaled $110.7 million, up 17% year over year, driven by higher net transaction and clearing fees, access and capacity fees, and market data fees [3] - Revenues from Europe and Asia Pacific increased 24% year over year to $69.9 million, reflecting growth in net transaction and clearing fees and non-transaction revenues [3] - Futures net revenues grew 12% year over year to $33.7 million, supported by a 13% increase in net transaction and clearing fees [3] - Global FX net revenues rose 22% year over year to $23.7 million, attributed to higher net transaction and clearing fees [4] Financial Performance - Adjusted operating expenses were $220.6 million, a 7.7% increase year over year, primarily due to higher compensation and benefits [4] - Adjusted operating income grew 41% year over year to $450.5 million, with an adjusted operating margin of 67.1%, expanding 610 basis points year over year [5][4] - Adjusted EBITDA margin was 69.2%, also expanding 600 basis points year over year [5] Full-Year Highlights - For the full year, adjusted earnings were $10.67 per share, up 24% from 2024, although slightly missing the consensus estimate by 1.1% [6] - Net revenues reached $2.4 billion, a 17.3% increase from 2024, beating the consensus estimate by 1.6% [6] - The adjusted EBITDA margin for the full year was 67.7%, expanding 250 basis points year over year [6] Financial Update - CBOE ended 2025 with cash and cash equivalents of $2.2 billion, more than doubling from the end of 2024 [7] - Total assets as of December 31, 2025, were $9.3 billion, a 19.5% increase from the previous year [9] - Long-term debt was $1.4 billion, a slight increase of 0.1% from the end of 2024 [9] - Total shareholders' equity rose to $5.1 billion, up 20% from December 31, 2024 [10] Share Repurchase and Dividend Update - In Q4, CBOE paid out cash dividends totaling $75.8 million, or 72 cents per share [11] - As of December 31, 2025, CBOE had $614.5 million remaining under its current share repurchase authorization [11] 2026 Guidance - CBOE expects total organic net revenue growth in the mid single-digit range for 2026 [12] - Data Vantage organic net revenue growth is anticipated to be in the mid to high single-digit range [12] - Projected adjusted operating expenses are expected to be between $864 million and $879 million [12] - Capital expenditures are forecasted to be in the range of $73 million to $83 million [12]

Core Insights - Cboe Global Markets reported significant increases in trading volumes across various segments for January 2026 compared to the previous year and month, indicating strong market activity and growth [1][2]. Trading Volume Statistics - Multi-listed options reached an average daily trading volume (ADV) of 14,093 thousand contracts, a 7.2% increase year-over-year from January 2025 [3]. - Index options saw a notable rise to 5,477 thousand contracts, marking a 20.8% increase compared to January 2025 [3]. - Futures trading volume increased to 230 thousand contracts, up 4.6% from the previous year [3]. - U.S. equities on-exchange matched shares totaled 1,872 million, reflecting a 14.3% year-over-year growth [3]. - Off-exchange U.S. equities matched shares skyrocketed to 241 million, a remarkable 189.5% increase from January 2025 [3]. - Canadian equities matched shares reached 239,258 thousand, a 50.3% increase year-over-year [3]. - European equities matched shares totaled 15,218 million, up 33.2% from the previous year [3]. - Australian equities matched shares increased to 1,041 million, a 60.0% rise compared to January 2025 [3]. - Global FX trading set a new record with an aggregate monthly ADV of $67.2 billion, a 33.6% increase year-over-year [5]. Notable Achievements - Cboe Europe Periodic Auctions achieved a record monthly average daily notional value (ADNV) of €5.3 billion in January 2026 [4]. - A record 287 thousand S&P 500 Index (SPX) options contracts were traded during Cboe's Global Trading Hours session on January 20, surpassing the previous record set in April 2025 [6]. - Mini-SPX (XSP) options also set a monthly volume record in January with an ADV of 150 thousand contracts [6].

Core Insights - Cboe Global Markets reported significant increases in trading volumes across various segments for November 2025 compared to November 2024, indicating strong market activity and growth in derivatives and securities trading [1] Trading Volume Highlights - Average Daily Trading Volume (ADV) for multi-listed options reached 14,429 thousand contracts, a 16.8% increase from November 2024 and a 9.2% decrease from October 2025 [1] - Index options ADV was 5,856 thousand contracts, marking a 41.4% increase year-over-year and a 6.3% increase from the previous month [1] - U.S. equities on-exchange matched shares totaled 1,802 million, up 12.5% from November 2024 but down 10.8% from October 2025 [1] - U.S. equities off-exchange matched shares surged to 202 million, a 115.0% increase compared to November 2024 [1] - Canadian equities matched shares were 186,073 thousand, reflecting a 17.0% increase year-over-year [1] - European equities in euros reached 12,772 million, a 13.4% increase from the previous year [1] - Global FX trading volume was $53,120 million, a 7.2% increase from November 2024 [1] Record Achievements - Cboe's proprietary index options suite set multiple volume records in November 2025, including an ADV record of 5.9 million contracts for proprietary index options and 4.6 million contracts for S&P 500 Index (SPX) options [1] - SPX zero-days-to-expiry (0DTE) options achieved an ADV record of 2.8 million contracts [1] - Cboe's global trading hours session saw an ADV record of 122 thousand contracts for SPX [1] - Mini-SPX (XSP) options also set an ADV record of 132 thousand contracts [1] - Global FX set a new Cboe SEF Non-Deliverable Forwards average daily notional value record of $3.5 billion [1]

Core Insights - Cboe Global Markets, Inc. (CBOE) reported third-quarter 2025 adjusted earnings of $2.67 per share, exceeding the Zacks Consensus Estimate by 5.5% and reflecting a 20% year-over-year increase [1][8] - The company achieved record total adjusted revenues of $605.5 million, a 14% year-over-year increase, driven by strong performance in derivatives markets, Data Vantage, and cash and spot markets [2][8] Operational Details - Options revenues increased by 19% year over year to $380.8 million, attributed to growth in market data, access and capacity fees, and higher net transaction and clearing fees due to increased average daily volume [2] - North American Equities revenues rose 6% year over year to $103.5 million, while Europe and Asia Pacific revenues surged 24% to $69.1 million [3] - Futures net revenues decreased by 22% year over year to $29.6 million, primarily due to lower net transaction and clearing fees [3] - Global FX net revenues increased by 13% year over year to $22.5 million, driven by higher net transaction and clearing fees [4] Financial Update - CBOE exited the third quarter with cash and cash equivalents of $1.5 billion, a 62.6% increase from the end of 2024 [6] - Total assets rose 16.4% year over year to $9.1 billion, while total shareholders' equity increased by 14.1% to $4.9 billion [6] Share Repurchase and Dividend Update - In Q3, CBOE paid out cash dividends totaling $75.7 million, or 72 cents per share, and had approximately $614.5 million remaining under its existing share repurchase authorizations [9] Guidance Update - CBOE expects organic total net revenue growth in the low double-digit to mid-teens range for 2025, an increase from previous guidance of high single-digit growth [10] - Adjusted operating expenses are anticipated to be between $827 million and $842 million for 2025, down from earlier guidance [11] - Capital expenditures are projected to be in the range of $73 million to $83 million for 2025, also a reduction from previous estimates [12]

Core Insights - Cboe Global Markets reported record financial results for Q3 2025, with net revenue of $605.5 million, diluted EPS of $2.85, and adjusted diluted EPS of $2.67, reflecting year-over-year growth of 14% and 20% respectively [2][13] - The company is undergoing a strategic realignment to focus on core strengths and growth opportunities, including the initiation of a sales process for Cboe Australia and Cboe Canada, and exiting U.S. and European Corporate Listings [3][8] Financial Performance - Total net revenue for Q3 2025 increased by 14% compared to Q3 2024, driven by strong performance in derivatives, cash and spot markets, and Data Vantage [2][19] - Adjusted operating expenses for Q3 2025 were $210.2 million, up from $204.0 million in Q3 2024, primarily due to increased compensation and benefits [16] - The effective tax rate for Q3 2025 was 30.1%, up from 29.3% in Q3 2024, influenced by the recognition of uncertain tax positions [17] Business Segment Performance - Options segment achieved record net revenue of $380.8 million, a 19% increase from Q3 2024, supported by a 26% rise in total options average daily volume [21] - North American Equities net revenue rose by 6% to $103.5 million, while European and Asia Pacific segment revenue increased by 24% to $69.1 million [19][32] - Futures segment revenue decreased by 22% to $29.6 million, attributed to a decline in net transaction and clearing fees [32] Strategic Initiatives - The company is increasing its 2025 organic total net revenue growth guidance to 'low double-digit to mid-teens' from 'high single-digit' [8][33] - Cboe is also lowering its full-year adjusted operating expense guidance to a range of $827 million to $842 million [8][33] - The strategic realignment aims to enhance the company's position in the derivatives market and capitalize on emerging opportunities [3][8] Market Position - Cboe's options exchanges held a market share of 30.9% in Q3 2025, up from 30.5% in the same period last year [21] - The company’s U.S. Equities exchanges experienced a decline in market share to 9.8% from 10.9% in Q3 2024, reflecting increased off-exchange trading [21][32] - Cboe's European Equities market share improved to 25.4% from 23.8% year-over-year [32]

Core Insights - Cboe Global Markets reported record-breaking options trading activity in September and Q3 2025, driven by strong investor engagement and growth in proprietary index products [3][4][12] Trading Volume Highlights - Total U.S. options volume reached an average daily volume (ADV) of 20.5 million contracts in September and 18.8 million in Q3, both setting new records [7] - Index options volume achieved a new quarterly ADV record of 4.9 million contracts, with an all-time high of 4.3 million SPX options contracts in September [7] - Mini-SPX options recorded a quarterly ADV of 119,000 contracts, indicating increased adoption among institutional and retail investors [7] Global Trading Performance - Cboe's international businesses experienced double-digit growth in equities and FX trading volumes across multiple regions [5] - European equities trading volume rose 16.5% year-over-year to €11.8 billion in matched notional value for September [8] - Canadian equities increased by 29.6% year-over-year, totaling nearly 193 billion matched shares [8] - Australian equities advanced 17.3% year-over-year to AUD 1.05 billion [8] - Global FX volumes increased by 9% year-over-year, totaling $52.4 billion in average daily volume [8] RPC and Net Revenue Capture Guidance - Preliminary guidance for Q3 2025 average revenue per contract (RPC) and net revenue capture was provided, reflecting three-month rolling averages [6] - RPC values are influenced by exchange fee structures, transaction mix, and volume-based discounts, serving as a measure of pricing efficiency [10] Market Context and Outlook - Strong market engagement and volatility supported record-breaking derivatives volumes, with the integration of digital futures contributing to growth momentum [11] - Cboe's global expansion and ongoing investment in technology, clearing, and data services are central to its diversified revenue model [12]

Core Insights - Cboe Global Markets reported significant increases in trading volumes across various segments for July 2025 compared to July 2024, indicating strong market activity and growth in multiple asset classes [1][5][9] Trading Volume Statistics - Average Daily Trading Volume (ADV) for multiply-listed options reached 12,215 thousand contracts, a 9.6% increase year-over-year from 11,145 thousand contracts in July 2024 [4] - Index options saw an 8.0% increase in ADV, totaling 4,469 thousand contracts compared to 4,140 thousand contracts in July 2024 [4] - U.S. equities on-exchange matched shares increased by 39.9% to 1,790 million shares from 1,280 million shares in July 2024 [4] - U.S. equities off-exchange matched shares surged by 84.8% to 141 million shares from 76 million shares in July 2024 [4] - European equities trading volume rose by 35.3% to €12,490 million from €9,229 million in July 2024 [4] - Cboe Europe Equities achieved record market shares of 26.6% for overall trading and 34.7% for continuous trading in July [5] Notable Records - Cboe's S&P 500 Index (SPX) options set a monthly volume record in zero-days-to-expiry (0DTE) trading, with an ADV of 2.2 million contracts [9] - SPX options recorded their third most active trading day on July 31, with 4.8 million contracts traded [9]

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]

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]