Cboe Global Markets (CBOE) Q4 2025 Financial Results Summary
· Stocks · QuoteReporter
Cboe Global Markets (CBOE) Q4 2025 Financial Results Summary
Release Date: February 6, 2026
Cboe Global Markets, Inc. (CBOE) announced its financial results for the fourth quarter of 2025 and the full year, showcasing substantial growth across various metrics compared to the same period in 2024. Below is a summary of key highlights and financial performance.
Key Financial Highlights:
- Diluted Earnings Per Share (EPS):
- Q4 2025: $2.97, an increase of 60% from Q4 2024 ($1.86).
-
Full Year 2025: $10.42, up 45% compared to 2024.
-
Adjusted Diluted EPS:
- Q4 2025: $3.06, up 46% from Q4 2024 ($2.10).
-
Full Year 2025: $10.67, increased by 24% from 2024.
-
Net Revenue:
- Q4 2025: $671.1 million, a 28% rise from $524.5 million in Q4 2024.
-
Full Year 2025: $2.4 billion, marking a 17% increase compared to the previous year.
-
Operating Income:
- Q4 2025: $403.8 million, a 35% increase from Q4 2024 ($298.5 million).
-
Full Year 2025: $1.47 billion, up 34% year-on-year.
-
Operating Margin:
-
Q4 2025 margin: 60.2%, improved from 56.9% in Q4 2024.
-
Total Operating Expenses:
-
Q4 2025: $267.3 million, an 18% increase from Q4 2024 ($226.0 million).
-
Net Income Allocated to Common Stockholders:
- Q4 2025: $312.2 million, up 60% from Q4 2024 ($195.6 million).
Business Segment Performance:
- Options:
-
Net revenue: $433.1 million, an increase of 34% from Q4 2024 ($324.3 million).
-
North American Equities:
-
Net revenue: $110.7 million, up 17% from Q4 2024 ($94.9 million).
-
Europe and Asia Pacific:
-
Net revenue: $69.9 million, a 24% increase from Q4 2024 ($56.2 million).
-
Futures:
-
Net revenue: $33.7 million, increased by 12% from Q4 2024 ($30.2 million).
-
Global FX:
- Net revenue: $23.7 million, climbing 22% from Q4 2024 ($19.4 million).
Future Guidance for 2026:
- Organic Total Net Revenue Growth Target: Mid-single-digit.
- Data Vantage Organic Net Revenue Growth Target: Mid to high single-digit.
- Adjusted Operating Expenses Guidance: Expected range of $864 to $879 million.
Capital Management:
- Cboe declared cash dividends amounting to $75.8 million ($0.72 per share) in Q4 2025.
- No share repurchase activity occurred during the fourth quarter.
- As of December 31, 2025, Cboe had approximately $614.5 million remaining under existing share repurchase authorizations.
Effective Tax Rate:
- Q4 2025 effective tax rate: 30.6%, up from 29.7% in Q4 2024.
- Adjusted earnings effective tax rate: 28.9%, down from 29.5% in Q4 2024.
Conclusion:
Cboe Global Markets reported a strong performance in Q4 2025, reflecting solid growth across all key financial metrics and business segments. The company is positioning itself for continued growth into 2026 with established revenue targets and expense guidelines, alongside maintaining strong capital management practices.
Here’s the extracted information from the press release, formatted in Markdown as you requested:
Condensed Consolidated Statements of Income (Unaudited)
(in millions, except per share amounts)
| Revenues: | 2025 | 2024 |
|---|---|---|
| Cash and spot markets | $431.3 | $468.6 |
| Data Vantage | $162.6 | $148.7 |
| Derivatives markets | $610.1 | $490.3 |
| Total Revenues | $1,204.0 | $1,107.6 |
| Cost of Revenues: | ||
| Liquidity payments | $443.6 | $365.7 |
| Routing and clearing | $20.1 | $18.3 |
| Regulatory fees cost of revenues | $0.3 | $142.1 |
| Royalty fees and other cost of revenues | $68.9 | $57.0 |
| Total Cost of Revenues | $532.9 | $583.1 |
| Revenues Less Cost of Revenues | $671.1 | $524.5 |
| Operating Expenses: | ||
| Compensation and benefits | $127.5 | $111.9 |
| Depreciation and amortization | $31.3 | $32.1 |
| Technology support services | $28.7 | $28.5 |
| Professional fees and outside services | $24.3 | $25.6 |
| Travel and promotional expenses | $15.5 | $16.4 |
| Facilities costs | $6.6 | $6.1 |
| Acquisition-related costs | -$0.1 | $0.1 |
| Impairment of assets | $25.1 | $— |
| Other expenses | $8.4 | $5.3 |
| Total Operating Expenses | $267.3 | $226.0 |
| Operating Income | $403.8 | $298.5 |
| Non-operating Income (Expenses): | ||
| Interest expense | -$13.3 | -$12.9 |
| Interest income | $15.4 | $7.2 |
| Earnings (loss) on investments, net | $44.5 | -$0.2 |
| Other income (expense), net | $1.3 | -$12.9 |
| Total Non-operating Income (Expenses) | $47.9 | -$18.8 |
| Income Before Income Tax Provision | $451.7 | $279.7 |
| Income tax provision | $138.2 | $83.2 |
| Net Income | $313.5 | $196.5 |
| Net Income Allocated to Common Stockholders | $312.2 | $195.6 |
| Stockholders | ||
| Net Income Per Share Allocated to Common Stockholders: | ||
| Basic earnings per share | $2.98 | $1.87 |
| Diluted earnings per share | $2.97 | $1.86 |
| Weighted average shares used in computing income per share: | ||
| Basic | 104.7 | 104.8 |
| Diluted | 105.0 | 105.1 |
Condensed Consolidated Balance Sheets (Unaudited)
(in millions)
| Assets | December 31, 2025 | December 31, 2024 |
|---|---|---|
| Current assets: | ||
| Cash and cash equivalents | $2,216.5 | $920.3 |
| Financial investments | $36.1 | $110.3 |
| Accounts receivable, net | $391.4 | $444.6 |
| Margin deposits, clearing funds, and interoperability funds | $1,618.2 | $845.5 |
| Income taxes receivable | $67.9 | $73.8 |
| Other current assets (includes restricted cash of $34.1 at December 31, 2025 and $— at December 31, 2024) | $91.3 | $84.6 |
| Total current assets | $4,421.4 | $2,479.1 |
| Investments | $32.4 | $383.7 |
| Property and equipment, net | $133.1 | $118.0 |
| Operating lease right of use assets | $111.0 | $124.5 |
| Goodwill | $3,150.5 | $3,124.2 |
| Intangible assets, net | $1,297.2 | $1,376.9 |
| Other assets, net | $159.7 | $182.7 |
| Total assets | $9,305.3 | $7,789.1 |
| Liabilities and Stockholders’ Equity | ||
| Current liabilities: | ||
| Accounts payable and accrued liabilities | $686.9 | $359.7 |
| Section 31 fees payable | $0.2 | $182.0 |
| Deferred revenue | $6.9 | $6.4 |
| Margin deposits, clearing funds, and interoperability funds | $1,618.2 | $845.5 |
| Income taxes payable | $50.1 | $1.6 |
| Total current liabilities | $2,362.3 | $1,395.2 |
| Long-term debt | $1,442.9 | $1,441.0 |
| Non-current unrecognized tax benefits | $15.8 | $305.0 |
| Deferred income taxes | $185.3 | $186.8 |
| Non-current operating lease liabilities | $120.9 | $138.4 |
| Other non-current liabilities | $39.8 | $43.1 |
| Total liabilities | $4,167.0 | $3,509.5 |
| Stockholders’ equity: | ||
| Preferred stock | $— | $— |
| Common stock | $1.0 | $1.0 |
| Treasury stock, at cost | -$1.5 | -$1.4 |
| Additional paid-in capital | $1,565.1 | $1,512.5 |
| Retained earnings | $3,543.6 | $2,815.9 |
| Accumulated other comprehensive income (loss), net | $30.1 | -$48.4 |
| Total stockholders’ equity | $5,138.3 | $4,279.6 |
| Total liabilities and stockholders’ equity | $9,305.3 | $7,789.1 |