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Cboe Global Q3 Earnings Surpass Estimates, Revenues Rise Y/Y
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Key Takeaways
Cboe Global's Q3 adjusted EPS rose 20% year over year to $2.67, beating estimates by 5.5%.
Revenues hit a record $605.5M, driven by strong derivatives, Data Vantage, and cash markets.
CBOE expects organic total net revenue growth to be in the low double-digit to mid-teens range in 2025.
Cboe Global Markets, Inc. (CBOE - Free Report) reported third-quarter 2025 adjusted earnings of $2.67 per share, which beat the Zacks Consensus Estimate by 5.5%. The bottom line increased 20% year over year.
The quarterly results reflected higher volumes across the company’s derivatives platform, solid cash and spot markets performance, and strong Data Vantage growth.
Cboe Global Markets, Inc. Price, Consensus and EPS Surprise
Total adjusted revenues of CBOE were a record $605.5 million, up 14% year over year on the back of increases in derivatives markets, Data Vantage, and cash and spot markets’ net revenues. The top line beat the consensus mark by 2.1%.
Options revenues climbed 19% year over year to $380.8 million. The improvement was driven by growth in market data and access and capacity fees, and a rise in net transaction and clearing fees as a result of an increase in total options average daily volume.
Revenues of North American Equities totaled $103.5 million, up 6% year over year, reflecting higher access and capacity fees and market data fees. It was partially offset by lower net transaction and clearing fees.
Europe and Asia Pacific revenues increased 24% year over year to $69.1 million, reflecting growth in net transaction and clearing fees and non-transaction revenues.
Futures net revenues decreased 22% year over year to $29.6 million due to a decrease in net transaction and clearing fees.
Global FX net revenues rose 13% year over year to $22.5 million. The increase was due to higher net transaction and clearing fees.
Adjusted operating expenses were $210.2 million, which increased 3% year over year. The increase was primarily due to higher compensation and benefits and depreciation and amortization. Our estimate was $220.8 million.
Adjusted operating income grew 21% year over year to $395.3 million. Our estimate was $344 million.
Adjusted operating margin came in at 65.3%, which expanded 360 basis points (bps) year over year. Our estimate was 60.9%. Adjusted EBITDA margin of 68.6% expanded 430 bps year over year.
Financial Update
CBOE Global exited the third quarter with cash and cash equivalents of $1.5 billion, which increased 62.6% from the 2024-end level. As of Sept. 30, 2024, total assets of $9.1 billion rose 16.4% from the 2024-end figure.
CBOE’s long-term debt was $1.4 billion, which inched up 0.09% from the 2024-end level. Total shareholders’ equity was $4.9 billion, up 14.1% from the Dec. 31, 2024 figure.
Share Repurchase and Dividend Update
In the third quarter, CBOE Global paid out cash dividends worth $75.7 million or 72 cents per share.
As of Sept 30, 2025, CBOE had approximately $614.5 million of availability remaining under its existing share repurchase authorizations.
CBOE Updates 2025 Guidance
Cboe Global estimates organic total net revenue growth to be in the low double-digit to mid-teens range in 2025, up from earlier guidance of high single-digit.
Cboe Global estimates Data Vantage organic net revenue growth to be in the high single-digit to low double-digit range in 2025, up from the previous guidance of mid to high single-digit.
Adjusted operating expenses are anticipated to be in the range of $827-$842 million in 2025, down from earlier guidance of $832-$847 million. The guidance excludes the expected amortization of acquired intangible assets of $70 million.
Depreciation and amortization expense is expected to be in the range of $50-$54 million in 2025, down from previous guidance of $53-$57 million, excluding the expected amortization of acquired intangible assets.
Cboe Global reaffirms that the effective tax rate on adjusted earnings for 2025 is expected to be in the range of 28.5-30.5%.
Cboe Global projects capital expenditures to be in the range of $73-$83 million in 2025, down from the previous guidance of $75-$85 million.
Nasdaq, Inc. (NDAQ - Free Report) reported third-quarter 2025 adjusted earnings per share of 88 cents, which beat the Zacks Consensus Estimate by 4.8%. The bottom line improved 18.9% year over year. The improvement was mainly driven by higher revenues across three divisions and organic growth, partially offset by higher expenses. Nasdaq’s net revenues of $1.3 billion increased 15% year over year.
Organic net revenue growth was 11%. The top line beat the Zacks Consensus Estimate by 1.7%. Annualized Recurring Revenue (ARR) increased 10% year over year to $3 billion. Organic growth was 9%. Annualized SaaS revenues increased 12% and represented 38% of ARR.
CME Group Inc. (CME - Free Report) reported third-quarter 2025 adjusted earnings per share of $2.68, which beat the Zacks Consensus Estimate by 1.9%. The bottom line remains unchanged year over year. CME Group’s revenues of $1.5 billion decreased 2.9% year over year. The top line matched the Zacks Consensus Estimate.
Total expenses rose 0.8% year over year to $565 million. It exceeded our estimate of $505.6 million. Operating income decreased 5% from the prior-year quarter to $972.6 million. Our estimate was $1 billion. Average daily volume (ADV) was a record 25.3 million contracts, down 10.4% year over year. ADV decreased across Energy, Foreign exchange, Equity indexes, and Interest rates product lines. The total average rate per contract was 70.2 cents.
Intercontinental Exchange Inc. (ICE - Free Report) reported third-quarter 2025 adjusted earnings per share of $1.71, which beat the Zacks Consensus Estimate by 5.6%. The bottom line increased 10.3% on a year-over-year basis. Intercontinental’s net revenues were a record $2.4 billion, up 2.6% year over year. The top line, however, missed the Zacks Consensus Estimate by 0.1%.
Total operating expenses decreased 0.7% year over year to $1.2 billion. This can be primarily attributed to lower rent and occupancy, and selling, general and administrative expenses. Our estimate was also $1.2 billion. Adjusted operating expenses were $981 million in the quarter, up 2.2% year over year. Our estimate was $981.1 million. Adjusted operating income rose 1.9% year over year to $1.4 billion. Our estimate was also $1.4 billion.
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Cboe Global Q3 Earnings Surpass Estimates, Revenues Rise Y/Y
Key Takeaways
Cboe Global Markets, Inc. (CBOE - Free Report) reported third-quarter 2025 adjusted earnings of $2.67 per share, which beat the Zacks Consensus Estimate by 5.5%. The bottom line increased 20% year over year.
The quarterly results reflected higher volumes across the company’s derivatives platform, solid cash and spot markets performance, and strong Data Vantage growth.
Cboe Global Markets, Inc. Price, Consensus and EPS Surprise
Cboe Global Markets, Inc. price-consensus-eps-surprise-chart | Cboe Global Markets, Inc. Quote
Operational Details
Total adjusted revenues of CBOE were a record $605.5 million, up 14% year over year on the back of increases in derivatives markets, Data Vantage, and cash and spot markets’ net revenues. The top line beat the consensus mark by 2.1%.
Options revenues climbed 19% year over year to $380.8 million. The improvement was driven by growth in market data and access and capacity fees, and a rise in net transaction and clearing fees as a result of an increase in total options average daily volume.
Revenues of North American Equities totaled $103.5 million, up 6% year over year, reflecting higher access and capacity fees and market data fees. It was partially offset by lower net transaction and clearing fees.
Europe and Asia Pacific revenues increased 24% year over year to $69.1 million, reflecting growth in net transaction and clearing fees and non-transaction revenues.
Futures net revenues decreased 22% year over year to $29.6 million due to a decrease in net transaction and clearing fees.
Global FX net revenues rose 13% year over year to $22.5 million. The increase was due to higher net transaction and clearing fees.
Adjusted operating expenses were $210.2 million, which increased 3% year over year. The increase was primarily due to higher compensation and benefits and depreciation and amortization. Our estimate was $220.8 million.
Adjusted operating income grew 21% year over year to $395.3 million. Our estimate was $344 million.
Adjusted operating margin came in at 65.3%, which expanded 360 basis points (bps) year over year. Our estimate was 60.9%.
Adjusted EBITDA margin of 68.6% expanded 430 bps year over year.
Financial Update
CBOE Global exited the third quarter with cash and cash equivalents of $1.5 billion, which increased 62.6% from the 2024-end level.
As of Sept. 30, 2024, total assets of $9.1 billion rose 16.4% from the 2024-end figure.
CBOE’s long-term debt was $1.4 billion, which inched up 0.09% from the 2024-end level. Total shareholders’ equity was $4.9 billion, up 14.1% from the Dec. 31, 2024 figure.
Share Repurchase and Dividend Update
In the third quarter, CBOE Global paid out cash dividends worth $75.7 million or 72 cents per share.
As of Sept 30, 2025, CBOE had approximately $614.5 million of availability remaining under its existing share repurchase authorizations.
CBOE Updates 2025 Guidance
Cboe Global estimates organic total net revenue growth to be in the low double-digit to mid-teens range in 2025, up from earlier guidance of high single-digit.
Cboe Global estimates Data Vantage organic net revenue growth to be in the high single-digit to low double-digit range in 2025, up from the previous guidance of mid to high single-digit.
Adjusted operating expenses are anticipated to be in the range of $827-$842 million in 2025, down from earlier guidance of $832-$847 million. The guidance excludes the expected amortization of acquired intangible assets of $70 million.
Depreciation and amortization expense is expected to be in the range of $50-$54 million in 2025, down from previous guidance of $53-$57 million, excluding the expected amortization of acquired intangible assets.
Cboe Global reaffirms that the effective tax rate on adjusted earnings for 2025 is expected to be in the range of 28.5-30.5%.
Cboe Global projects capital expenditures to be in the range of $73-$83 million in 2025, down from the previous guidance of $75-$85 million.
Zacks Rank
CBOE currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Industry Players
Nasdaq, Inc. (NDAQ - Free Report) reported third-quarter 2025 adjusted earnings per share of 88 cents, which beat the Zacks Consensus Estimate by 4.8%. The bottom line improved 18.9% year over year. The improvement was mainly driven by higher revenues across three divisions and organic growth, partially offset by higher expenses. Nasdaq’s net revenues of $1.3 billion increased 15% year over year.
Organic net revenue growth was 11%. The top line beat the Zacks Consensus Estimate by 1.7%. Annualized Recurring Revenue (ARR) increased 10% year over year to $3 billion. Organic growth was 9%. Annualized SaaS revenues increased 12% and represented 38% of ARR.
CME Group Inc. (CME - Free Report) reported third-quarter 2025 adjusted earnings per share of $2.68, which beat the Zacks Consensus Estimate by 1.9%. The bottom line remains unchanged year over year. CME Group’s revenues of $1.5 billion decreased 2.9% year over year. The top line matched the Zacks Consensus Estimate.
Total expenses rose 0.8% year over year to $565 million. It exceeded our estimate of $505.6 million. Operating income decreased 5% from the prior-year quarter to $972.6 million. Our estimate was $1 billion. Average daily volume (ADV) was a record 25.3 million contracts, down 10.4% year over year. ADV decreased across Energy, Foreign exchange, Equity indexes, and Interest rates product lines. The total average rate per contract was 70.2 cents.
Intercontinental Exchange Inc. (ICE - Free Report) reported third-quarter 2025 adjusted earnings per share of $1.71, which beat the Zacks Consensus Estimate by 5.6%. The bottom line increased 10.3% on a year-over-year basis. Intercontinental’s net revenues were a record $2.4 billion, up 2.6% year over year. The top line, however, missed the Zacks Consensus Estimate by 0.1%.
Total operating expenses decreased 0.7% year over year to $1.2 billion. This can be primarily attributed to lower rent and occupancy, and selling, general and administrative expenses. Our estimate was also $1.2 billion. Adjusted operating expenses were $981 million in the quarter, up 2.2% year over year. Our estimate was $981.1 million. Adjusted operating income rose 1.9% year over year to $1.4 billion. Our estimate was also $1.4 billion.