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]

Core Insights - The Q1 2025 earnings cycle is progressing rapidly, with many S&P 500 companies already reporting results, and more reports expected in the coming weeks [1][13] Eaton - Eaton reported record Q1 adjusted EPS of $2.72, reflecting a 13% year-over-year increase [2] - The company achieved record Q1 sales of $6.4 billion, up 7% year-over-year, and record segment margins of 23.9%, an 80 basis points increase year-over-year [2] - Organic sales growth reached 9%, exceeding previous guidance [2] - Backlog growth in the Electrical segment improved by 6% year-over-year, while the Aerospace backlog surged by 16% [3] Cboe Global Markets - Cboe Global Markets posted record adjusted EPS of $2.37, a 21% increase year-over-year, and record net revenue of $562.5 million, up 13% year-over-year [4] - The company reported record Options net revenue of $352.4 million, a 15% year-over-year increase, and Global FX net revenue of $21.3 million, climbing 16% year-over-year [5] - Cboe raised its 2025 organic revenue growth guidance, indicating a positive outlook [4] Upwork - Upwork achieved record Q1 revenue of $193 million, with net income of $37.7 million, also a quarterly record [10] - The company increased its FY25 adjusted EBITDA guidance and reiterated its sales outlook [10] - Upwork's CEO highlighted the positive impact of AI investments on customer productivity and engagement, contributing to market share expansion and ongoing profitability [10] - The stock experienced a significant rise, with shares up 30% over the last month, outperforming the S&P 500 [10]

Core Insights - CBOE Global reported revenue of $565.2 million for Q1 2025, a 12.6% year-over-year increase, with EPS of $2.50 compared to $2.15 a year ago, exceeding Zacks Consensus Estimates [1] - The company achieved a revenue surprise of +1.54% and an EPS surprise of +5.93% compared to analyst expectations [1] Financial Performance Metrics - Average Revenue Per Contract for Futures was $1.74, slightly below the $1.76 estimate [4] - Average Daily Volume for Multi-listed options was 13.41 million, exceeding the 12.99 million estimate [4] - Access and capacity fees generated $97.80 million, surpassing the $96.55 million estimate, reflecting an 8.6% year-over-year increase [4] - Market data fees totaled $77.80 million, above the $75.92 million estimate, with an 8.1% year-over-year increase [4] - Other revenue was $25 million, below the $28.23 million estimate, representing a -5.3% change year-over-year [4] - Net transaction and clearing fees reached $832.60 million, exceeding the $788.83 million estimate, with a 15.9% year-over-year increase [4] - Regulatory fees surged to $161.80 million, significantly above the $90.18 million estimate, marking a 222.3% year-over-year increase [4] Stock Performance - CBOE shares returned -2% over the past month, compared to a -0.5% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential outperformance in the near term [3]