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Compared to Estimates, CBOE (CBOE) Q3 Earnings: A Look at Key Metrics

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For the quarter ended September 2025, CBOE Global (CBOE - Free Report) reported revenue of $605.5 million, up 13.8% over the same period last year. EPS came in at $2.67, compared to $2.22 in the year-ago quarter.

The reported revenue represents a surprise of +2.14% over the Zacks Consensus Estimate of $592.84 million. With the consensus EPS estimate being $2.53, the EPS surprise was +5.53%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how CBOE performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
  • Average Daily Volume by Product - Options - Index options: 4.86 million versus the seven-analyst average estimate of 4.8 million.
  • Average Revenue Per Contract by Product - Futures: $1.75 versus the seven-analyst average estimate of $1.76.
  • Average Daily Volume by Product - Options: 18.78 million compared to the 18.12 million average estimate based on seven analysts.
  • Average Daily Volume by Product - Options - Multi-listed options: 13.91 million compared to the 13.32 million average estimate based on seven analysts.
  • Revenues- Access and capacity fees- Total: $103.9 million compared to the $101.69 million average estimate based on six analysts.
  • Revenues- Market data fees- Total: $83.7 million versus the six-analyst average estimate of $81.17 million.
  • Revenues- Net transaction and clearing fees: $446.6 million compared to the $435.53 million average estimate based on five analysts. The reported number represents a change of +14.3% year over year.
  • Revenues- Futures- Transaction and clearing fees: $23.8 million compared to the $29.67 million average estimate based on three analysts. The reported number represents a change of -24.9% year over year.
  • Revenues- Global FX- Transaction and Clearing Fees: $19.6 million compared to the $18.8 million average estimate based on three analysts. The reported number represents a change of +12.6% year over year.
  • Revenues- Regulatory fees- Total: $11.8 million versus $115.14 million estimated by three analysts on average.
  • Revenues- Transaction and clearing fees- Total: $919.9 million compared to the $785.52 million average estimate based on three analysts.
  • Revenues- Net transaction and clearing fees- Global FX: $19.1 million compared to the $18.53 million average estimate based on three analysts.

View all Key Company Metrics for CBOE here>>>

Shares of CBOE have returned -1.9% over the past month versus the Zacks S&P 500 composite's +2.1% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.

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