Cboe Global Markets reported third‑quarter 2025 results, with net revenue of $605.5 million, up 14 percent year‑over‑year from $587.3 million in Q2 2025. Diluted earnings per share were $2.85, a 38 percent increase from $2.07 in Q3 2024, while adjusted diluted EPS rose 20 percent to $2.67. Operating income reached $370.3 million, a 20 percent jump from the prior year.
The options segment generated $380.8 million in revenue, up 19 percent from $320.9 million in Q3 2024, driven by strong performance in proprietary index options and multi‑listed options. The futures segment reported $29.6 million, a 22 percent decline from $38.0 million in Q3 2024, as management reallocated resources toward higher‑margin products such as data analytics services and advanced derivatives offerings.
Cboe updated its 2025 guidance, raising the organic net revenue growth range to low double‑digit to mid‑teens and lowering the adjusted operating expense guidance to $827 million–$842 million from the previous $832 million–$847 million range. Management cited improved cost control and a focus on higher‑margin products as reasons for the expense reduction.
The company also outlined a strategic realignment that will initiate a sales process for Cboe Australia and Canada, exit U.S. and European corporate listings, and implement cost reductions in U.S. and European ETP listings, futures, and risk‑and‑market‑analytics businesses. The moves aim to sharpen focus on core derivatives and data businesses and free capital for higher‑return opportunities.
Management highlighted strong demand for data services and increased average daily volume in options, while noting competitive pressure in futures and regulatory changes as headwinds. The company remains confident in its growth trajectory and expects continued momentum in its core derivatives and data offerings.
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