Cboe Global Markets Reports Results for Second Quarter 2025
Cboe Global Markets (CBOE) reported strong Q2 2025 financial results with record quarterly net revenue of $587.3 million, up 14% year-over-year. The company achieved diluted EPS of $2.23 (up 68%) and adjusted diluted EPS of $2.46 (up 14%).
Key performance highlights include 17% growth in Derivatives revenue, 11% growth in Data Vantage, and 11% increase in Cash and Spot Markets revenue. Options net revenue reached a record $364.8 million, driven by a 20% increase in total options average daily volume.
The company has increased its 2025 organic total net revenue growth guidance to high single digits and lowered its adjusted operating expense guidance to $832-847 million. Additionally, Cboe announced plans to wind down its Japanese equities business by August 29, 2025.
Cboe Global Markets (CBOE) ha riportato risultati finanziari solidi nel secondo trimestre 2025, con un fatturato netto trimestrale record di 587,3 milioni di dollari, in crescita del 14% rispetto all'anno precedente. L'azienda ha registrato un utile per azione diluito di 2,23 dollari (in aumento del 68%) e un utile per azione diluito rettificato di 2,46 dollari (in crescita del 14%).
I principali indicatori di performance includono una crescita del 17% nei ricavi da derivati, un incremento dell'11% in Data Vantage e un aumento dell'11% nei ricavi dei mercati cash e spot. I ricavi netti dalle opzioni hanno raggiunto un record di 364,8 milioni di dollari, trainati da un incremento del 20% nel volume medio giornaliero totale delle opzioni.
L'azienda ha rivisto al rialzo la previsione di crescita organica totale del fatturato netto per il 2025, puntando a una crescita a una cifra alta, e ha ridotto la stima delle spese operative rettificate a 832-847 milioni di dollari. Inoltre, Cboe ha annunciato l'intenzione di chiudere la propria attivit脿 di azioni giapponesi entro il 29 agosto 2025.
Cboe Global Markets (CBOE) report贸 s贸lidos resultados financieros en el segundo trimestre de 2025, con ingresos netos trimestrales r茅cord de
Los aspectos destacados del desempe帽o incluyen un crecimiento del 17% en ingresos por derivados, un crecimiento del 11% en Data Vantage y un aumento del 11% en ingresos de mercados al contado y spot. Los ingresos netos por opciones alcanzaron un r茅cord de 364,8 millones de d贸lares, impulsados por un aumento del 20% en el volumen diario promedio total de opciones.
La compa帽铆a ha aumentado su pron贸stico de crecimiento org谩nico total de ingresos netos para 2025 a un d铆gito alto y ha reducido su gu铆a de gastos operativos ajustados a 832-847 millones de d贸lares. Adem谩s, Cboe anunci贸 planes para cerrar su negocio de acciones japonesas antes del 29 de agosto de 2025.
Cboe Global Markets (CBOE)電� 2025雲� 2攵勱赴 臧曤牓頃� 鞛 鞁れ爜鞚� 氤搓碃頄堨溂氅�, 攵勱赴 靾滌垬鞚奠澊 5鞏� 8,730毵� 雼煬搿� 鞝勲厔 雽�牍� 14% 歃濌皜頃橂┌ 靷儊 斓滉碃旃橂ゼ 旮半頄堨姷雼堧嫟. 須岇偓電� 頋劃 欤茧嫻靾滌澊鞚�(EPS)鞚� 2.23雼煬(68% 歃濌皜), 臁办爼 頋劃 EPS電� 2.46雼煬(14% 歃濌皜)毳� 雼劚頄堨姷雼堧嫟.
欤检殧 靹标臣搿滊姅 韺岇儩靸來拡 靾橃澋 17% 歃濌皜, Data Vantage 11% 靹膘灔, 攴鸽Μ瓿� 順勱笀 氚� 鞀ろ専 鞁滌灔 靾橃澋 11% 歃濌皜臧� 韽暔霅╇媹雼�. 鞓奠厴 靾滌垬鞚奠潃 齑� 鞓奠厴 鞚柬弶攴� 瓯半灅霟夓澊 20% 歃濌皜頃橂┌ 靷儊 斓滊寑鞚� 3鞏� 6,480毵� 雼煬鞐� 雼枅鞀惦媹雼�.
須岇偓電� 2025雲� 鞙犼赴鞝� 齑� 靾滌垬鞚� 靹膘灔 鞝勲鞚� 雴掛潃 頃� 鞛愲靾橂 靸來枼 臁办爼頃橁碃, 臁办爼 鞓侅梾牍勳毄 臧�鞚措崢鞀るゼ 8鞏� 3,200毵寏8鞏� 4,700毵� 雼煬搿� 雮穭鞀惦媹雼�. 霕愴暅 Cboe電� 2025雲� 8鞗� 29鞚缄箤歆� 鞚茧掣 欤检嫕 靷梾鞚� 膦呺頃� 瓿勴殟鞚� 氚滍憸頄堨姷雼堧嫟.
Cboe Global Markets (CBOE) a publi茅 des r茅sultats financiers solides pour le deuxi猫me trimestre 2025, avec un chiffre d'affaires net trimestriel record de 587,3 millions de dollars, en hausse de 14 % par rapport 脿 l'ann茅e pr茅c茅dente. La soci茅t茅 a r茅alis茅 un BPA dilu茅 de 2,23 $ (en hausse de 68 %) et un BPA dilu茅 ajust茅 de 2,46 $ (en hausse de 14 %).
Les points forts de la performance incluent une croissance de 17 % des revenus des d茅riv茅s, une croissance de 11 % de Data Vantage et une augmentation de 11 % des revenus des march茅s au comptant et spot. Les revenus nets des options ont atteint un record de 364,8 millions de dollars, stimul茅s par une augmentation de 20 % du volume moyen quotidien total des options.
La soci茅t茅 a relev茅 ses pr茅visions de croissance organique totale des revenus nets pour 2025 脿 un chiffre 茅lev茅 et a abaiss茅 ses pr茅visions de d茅penses d'exploitation ajust茅es 脿 832-847 millions de dollars. De plus, Cboe a annonc茅 son intention de cesser ses activit茅s sur les actions japonaises d'ici le 29 ao没t 2025.
Cboe Global Markets (CBOE) meldete starke Finanzergebnisse f眉r das zweite Quartal 2025 mit einem Rekordquartalsumsatz von
Zu den wichtigsten Leistungskennzahlen z盲hlen ein 17%iges Wachstum bei den Derivateerl枚sen, ein 11%iges Wachstum bei Data Vantage und ein 11%iger Anstieg der Erl枚se aus Cash- und Spotm盲rkten. Die Nettoerl枚se aus Optionen erreichten mit 364,8 Millionen US-Dollar einen Rekord, angetrieben durch einen 20%igen Anstieg des durchschnittlichen t盲glichen Gesamtvolumens bei Optionen.
Das Unternehmen hat seine Prognose f眉r das organische Gesamtwachstum der Nettoums盲tze 2025 auf hohe einstellige Werte erh枚ht und seine Prognose f眉r die bereinigten Betriebsausgaben auf 832 bis 847 Millionen US-Dollar gesenkt. Zudem k眉ndigte Cboe Pl盲ne an, sein japanisches Aktiengesch盲ft bis zum 29. August 2025 einzustellen.
- Record quarterly net revenue of $587.3 million, up 14% year-over-year
- Options net revenue grew 19% to $364.8 million with 20% increase in total options ADV
- Europe and APAC revenue increased 30% to record $70.4 million
- Operating margin improved significantly to 57.7% from 40.9%
- Reduced 2025 operating expense guidance by $5 million
- Global FX revenue reached record $23.6 million, up 19%
- U.S. Equities market share declined to 10.5% from 11.4% year-over-year
- Futures net revenue decreased 14% to $30.1 million
- Japanese Equities ADNV decreased 32% compared to Q2 2024
- Decision to wind down Japanese equities business operations
Insights
Cboe reported robust Q2 2025 results with record revenue, strong derivatives growth, and raised full-year guidance amid market share challenges in some segments.
Cboe Global Markets delivered record quarterly net revenue of
The Derivatives business was the standout performer, with Options net revenue jumping
The Data Vantage segment continued its growth trajectory with
On the downside, the Futures segment experienced a
Operating expenses decreased
Management has raised its 2025 organic revenue growth guidance to high single digits from mid-to-high single digits previously, while lowering its adjusted operating expense forecast to
Second Quarter Highlights*
- Diluted EPS for the Quarter of
$2.23 - Adjusted Diluted EPS鹿 for the Quarter of
$2.46 - Record Net Revenue for the Quarter of
$587.3 million - Increases 2025 Organic Total Net Revenue Growth Target2 to high single digits, from mid to high single digits; Reaffirms Cboe Data Vantage3 Organic Net Revenue Growth Target2 of mid to high single digits
- Decreases 2025 Adjusted Operating Expense Guidance2 to
$832 $847 million $837 $852 million
"In the second quarter,听Cboe reported record quarterly net revenue of
"Cboe achieved another quarter of record net revenue and strong adjusted earnings growth, highlighting the durability across our exchange ecosystem," said Jill Griebenow, Cboe Global Markets Executive Vice President, Chief Financial Officer. "Derivatives net revenue grew 17 percent, driven by robust volumes across our options business. Data Vantage produced 11 percent net revenue growth, and Cash and Spot Markets net revenue increased 11 percent on a year-over-year basis. Moving forward, we are increasing our organic total net revenue growth2 guidance range to high single digits from mid to high single digits, and we are reaffirming our Data Vantage organic net revenue growth2 range of mid to high single digits for 2025. In addition, we are lowering our full year adjusted operating听expense guidance2 range to
*All comparisons are second quarter 2025 compared to the same period in 2024. | |
(1) | A full reconciliation of our non-GAAP results to our GAAP ("Generally Accepted Accounting Principles") results is included in the attached tables. See "Non-GAAP Information" in the accompanying financial tables. |
(2) | Specific quantifications of the amounts that would be required to reconcile the company's organic net revenue growth guidance and adjusted operating expenses guidance are not available.听The company believes that there is uncertainty and unpredictability with respect to certain of its GAAP measures, primarily related to acquisition-related revenues and costs that would be required to reconcile to GAAP revenues less cost of revenues, GAAP operating expenses and GAAP effective tax rate, which preclude the company from providing accurate guidance on certain forward-looking GAAP to non-GAAP reconciliations. The company believes that providing estimates of the amounts that would be required to reconcile the range of the company's organic net revenue growth guidance and adjusted operating expenses would imply a degree of precision that would be confusing or misleading to investors for the reasons identified above. |
(3) | Cboe Data Vantage refers to the company's Cboe Data Vantage business (formerly known as Data and Access Solutions). Cboe Data Vantage is subsequently referred to as Data Vantage throughout this press release. |
Consolidated Second Quarter Results -Table 1
Table 1 below presents summary selected unaudited condensed consolidated financial information for the company as reported and on an adjusted basis for the three months ended June听30, 2025 and 2024.
Table 1 | ||||||
Consolidated Second Quarter听Results | 2Q25 | 2Q24 | Change | 2Q25 础诲箩耻蝉迟别诲鹿 | 2Q24 础诲箩耻蝉迟别诲鹿 | Change |
Total Revenues Less Cost of Revenues | $听听听听听听听听听听 587.3 | $听听听听听听听听听听 513.8 | 14听% | $听听听听听听听听听听 587.3 | $听听听听听听听听听听 512.8 | 15听% |
Total Operating Expenses | $听听听听听听听听听听 248.2 | $听听听听听听听听听听 303.7 | (18)听% | $听听听听听听听听听听 213.3 | $听听听听听听听听听听 197.1 | 8听% |
Operating Income | $听听听听听听听听听听 339.1 | $听听听听听听听听听听 210.1 | 61听% | $听听听听听听听听听听 374.0 | $听听听听听听听听听听 315.7 | 18听% |
Operating Margin % | 57.7听% | 40.9听% | 听听听听听听 16.8听 pp | 63.7听% | 61.4听% | 听听听听听 2.3听 pp |
Net Income Allocated to Common | $听听听听听听听听听听 233.9 | $听听听听听听听听听听 139.7 | 67听% | $听听听听听听听听听听 257.8 | $听听听听听听听听听听 226.2 | 14听% |
Diluted Earnings Per Share | $听听听听听听听听听听听听 2.23 | $听听听听听听听听听听听听 1.33 | 68听% | $听听听听听听听听听听听听 2.46 | $听听听听听听听听听听听听 2.15 | 14听% |
Operating 贰叠滨罢顿础鹿 | $听听听听听听听听听听 369.0 | $听听听听听听听听听听 241.9 | 53听% | $听听听听听听听听听听 386.7 | $听听听听听听听听听听 326.3 | 19听% |
Operating EBITDA Margin %鹿 | 62.8听% | 47.1听% | 听听听听听听 15.7听 pp | 65.8听% | 63.5听% | 听听听听听 2.3听 pp |
贰叠滨罢顿础鹿 | $听听听听听听听听听听 364.9 | $听听听听听听听听听听 242.3 | 51听% | $听听听听听听听听听听 382.3 | $听听听听听听听听听听 340.7 | 12听% |
EBITDA Margin %鹿 | 62.1听% | 47.2听% | 听听听听听听 14.9听 pp | 65.1听% | 66.3听% | 听听听听听听 (1.2)听 pp |
- Total revenues less cost of revenues (referred to as "net revenue"2) of
$587.3 million $513.8 million - Total operating expenses were
$248.2 million $303.7 million $55.5 million $213.3 million $197.1 million - The effective tax rate for the second quarter of 2025 was 29.7 percent as compared with 30.8 percent in the second quarter of 2024. The lower effective tax rate in 2025 is primarily due to the valuation allowance associated with the impairment of the听Globacap investment, which drove the higher effective tax rate in the second quarter of 2024. The effective tax rate on adjusted earnings1 was 29.8 percent, an increase of 0.3 percentage points when compared with 29.5 percent in last year's second quarter.
- Diluted EPS for the second quarter of 2025 increased 68 percent to
$2.23 $2.46
Business Segment Information:
Table 2 | |||
Total Revenues Less Cost of Revenues by Business Segment (in millions) | 2Q25 | 2Q24 | Change |
Options | $听听听听听听听听听听听听听听听听听 364.8 | $听听听听听听听听听听听听听听听听听 306.7 | 19听% |
North American Equities | 98.4 | 98.3 | 0听% |
70.4 | 54.3 | 30听% | |
Futures | 30.1 | 34.8 | (14)听% |
Global FX | 23.6 | 19.8 | 19听% |
顿颈驳颈迟补濒鲁 | 鈥� | (0.1) | * % |
Total | $听听听听听听听听听听听听听听听听听 587.3 | $听听听听听听听听听听听听听听听听听 513.8 | 14听% |
(1)A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables. See "Non-GAAP Information" in the accompanying financial tables. |
(2)See the attached tables on page 10 for "Net Revenue by Revenue Caption." |
(3)The Digital segment results are prospectively included in the Futures segment beginning in the first quarter of 2025. Digital results from 2024 have been retained in the former Digital segment for comparative purposes. |
*Not meaningful |
Discussion of Results by Business Segment1:
Options:
- Record Options net revenue of
$364.8 million $58.1 million - Net transaction and clearing fees2 increased
$53.9 million - Cboe's Options exchanges had total market share of 30.2 percent for the second quarter of 2025, down compared to 31.2 percent in the second quarter of 2024.
North American (N.A.) Equities:
- Record N.A. Equities net revenue of
$98.4 million $0.1 million - Net transaction and clearing fees2 decreased
$7.8 million U.S. Equities exchanges versus the second quarter of 2024. - Cboe's
U.S. Equities exchanges had market share of 10.5 percent for the second quarter of 2025 compared to 11.4 percent in the second quarter of 2024 as a result of higher industry off-exchange market share. Cboe'sU.S. Equities off-exchange market share was 15.2 percent, down from 17.8 percent in the second quarter of 2024. Canadian Equities market share declined to 12.7 percent as compared to 15.0 percent in the second quarter of 2024.
- Record
Europe and APAC net revenue of$70.4 million $67.1 million $13.7 billion - For the second quarter of 2025, Cboe European Equities had 25.1 percent market share, up from 22.5 percent in the second quarter of 2024. Cboe Australia had 20.0 percent market share for the second quarter of 2025, down from 20.8 percent in the second quarter of 2024. Cboe Japan had 3.6 percent market share in the second quarter of 2025, down from 5.5 percent in the second quarter of 2024.
- Announced decision to wind down Cboe's Japanese equities business, including the operations of its Cboe Japan proprietary trading system and Cboe BIDS Japan block trading platform. Cboe expects to suspend operations for these businesses on August 29, 2025 and formally close the businesses subject to consultation with regulators. The company anticipates that the wind down of the Cboe Japan equities operations will have an immaterial impact on Cboe's organic total net revenue growth4 and adjusted operating expense4 guidance in 2025. Adjusted operating expense4 savings are estimated to be in the range of
$2 million $4 million $10 million $12 million
Futures:
- Futures net revenue of
$30.1 million $4.7 million - Net transaction and clearing fees2 decreased
$5.2 million
Global FX:
- Record Global听FX net revenue of
$23.6 million $55 one million dollars traded was$2.81 $2
(1) | The Digital segment results are prospectively included in the Futures segment beginning in the first quarter of 2025. Digital results from 2024 have been retained in the former Digital segment for comparative purposes. |
(2) | See the attached tables on page 10 for "Net Transaction and Clearing Fees by Business Segment." |
(3) | A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables. See "Non-GAAP Information" in the accompanying financial tables. |
(4) | Specific quantifications of the amounts that would be required to reconcile the company's organic net revenue growth guidance and adjusted operating expenses guidance are not available. The company believes that there is uncertainty and unpredictability with respect to certain of its GAAP measures, primarily related to acquisition-related revenues and costs that would be required to reconcile to GAAP revenues less cost of revenues, GAAP operating expenses and GAAP effective tax rate, which preclude the company from providing accurate guidance on certain forward-looking GAAP to non-GAAP reconciliations. The company believes that providing estimates of the amounts that would be required to reconcile the range of the company's organic net revenue growth guidance and adjusted operating expenses would imply a degree of precision that would be confusing or misleading to investors for the reasons identified above. |
2025 Fiscal Year Financial Guidance
Cboe provided guidance for the 2025 fiscal year as noted below.
- Organic total net revenue growth1 is expected to be in the high single digit range in 2025, up from previous guidance calling for mid to high single digits.
- Reaffirms Data Vantage organic net revenue growth1 range of mid to high single digits in 2025.
- Adjusted operating expenses1 are expected to be in the range of
$832 $847 million $837 $852 million $70 million - Depreciation and amortization expense is expected to be in the range of
$53 $57 million $55 $59 million - Reaffirms the effective tax rate on adjusted earnings1 for the full year 2025 is expected to be in the range of 28.5 to 30.5 percent. Significant changes in trading volume, expenses, tax laws or rates, and other items could materially impact this expectation.
- Reaffirms capital expenditures in 2025 are expected to be in the range of
$75 $85 million
(1) | Specific quantifications of the amounts that would be required to reconcile the company's organic and inorganic growth guidance, adjusted operating expenses guidance, annualized adjusted operating expenses guidance, and the effective tax rate on adjusted earnings guidance are not available. Acquisitions are considered organic after 12 months of closing.听The company believes that there is uncertainty and unpredictability with respect to certain of its GAAP measures, primarily related to acquisition-related revenues and costs that would be required to reconcile to GAAP revenues less cost of revenues, GAAP operating expenses and GAAP effective tax rate, which preclude the company from providing accurate guidance on certain forward-looking GAAP to non-GAAP reconciliations. The company believes that providing estimates of the amounts that would be required to reconcile the range of the company's organic growth, adjusted operating expenses, annualized adjusted operating expenses, and the effective tax rate on adjusted earnings would imply a degree of precision that would be confusing or misleading to investors for the reasons identified above. |
Capital Management
At June听30, 2025, the company had cash and cash equivalents of
The company paid cash dividends of
Earnings Conference Call
Executives of Cboe Global Markets will host a conference call to review its second-quarter financial results today, August听1, 2025, at 8:30听a.m. ET/7:30听a.m. CT. The conference call and any accompanying slides will be publicly available via live webcast from the Investor Relations section of the company's website at under Events听& Presentations. Participants may also listen via telephone by dialing (800) 715-9871 (toll-free) or (646) 307-1963 (toll) and using the Conference ID 6775785. Telephone participants should place calls 10 minutes prior to the start of the call. The webcast will be archived on the company's website for replay.
(2) | A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables. See "Non-GAAP Information" in the accompanying financial tables. |
About听Cboe Global Markets
Cboe Global Markets (Cboe: CBOE), the world's leading derivatives and securities exchange network, delivers cutting-edge trading, clearing and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, and FX, across
Cautionary Statements Regarding Forward-Looking Information
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. You can identify these statements by forward-looking words such as "may," "might," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," or "continue," and the negative of these terms and other comparable terminology. All statements that reflect our expectations, assumptions or projections about the future other than statements of historical fact are forward-looking statements. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by the forward-looking statements.
We operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible to predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
Some factors that could cause actual results to differ include: the loss of our right to exclusively list and trade certain index options and futures products; economic, political and market conditions; compliance with legal and regulatory obligations; price competition and consolidation in our industry; decreases in trading or clearing volumes, market data fees or a shift in the mix of products traded on our exchanges; legislative or regulatory changes or changes in tax regimes; our ability to protect our systems and communication networks from security vulnerabilities and breaches; our ability to attract and retain skilled management and other personnel, increasing competition by foreign and domestic entities; our dependence on and exposure to risk from third parties; factors that impact the quality and integrity of our and other applicable indices; our ability to manage our global operations, growth, and strategic acquisitions or alliances effectively; increases in the cost of the products and services we use; our ability to operate our business without violating the intellectual property rights of others and the costs associated with protecting our intellectual property rights; our ability to minimize the risks, including our credit, counterparty investment, and default risks, associated with operating our clearinghouses; our ability to accommodate trading and clearing volume and transaction traffic, including significant increases, without failure or degradation of performance of our systems; misconduct by those who use our markets or our products or for whom we clear transactions; challenges to our use of open source software code; our ability to meet our compliance obligations, including managing our business interests and our regulatory responsibilities; the loss of key customers or a significant reduction in trading or clearing volumes by key customers; our ability to maintain BIDS Trading as an independently managed and operated trading venue, separate from and not integrated with our registered national securities exchanges; damage to our reputation; the ability of our compliance and risk management methods to effectively monitor and manage our risks; restrictions imposed by our debt obligations and our ability to make payments on or refinance our debt obligations; our ability to maintain an investment grade credit rating; impairment of our goodwill, long-lived assets, investments or intangible assets; the accuracy of our estimates and expectations; and litigation risks and other liabilities. More detailed information about factors that may affect our actual results to differ may be found in our filings with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2024 and other filings made from time to time with the SEC.
We do not undertake, and we expressly disclaim, any duty to update any forward-looking statement whether as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.
The condensed consolidated statements of income and balance sheets are unaudited and subject to revision.
Cboe Media Contacts: | Analyst Contact: | |||
Angela Tu | Tim Cave | Kenneth Hill, CFA | ||
(646) 856-8734 | +44 (0) 7593 506 719 | (312) 786-7559 | ||
CBOE-F
Trademarks:
Cboe庐, Cboe Global Markets庐, CFE庐, Cboe Volatility Index庐, Cboe Clear庐, Cboe Datashop庐, BIDS Trading庐, BZX庐, BYX庐, EDGX庐, EDGA庐, The Exchange for the World Stage庐, and VIX庐 are registered trademarks and Cboe Data VantageSM is a service mark of Cboe Global Markets, Inc. and its subsidiaries. All other trademarks and service marks are the property of their respective owners.
听
Cboe Global Markets, Inc. | |||||||||
2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 | 2Q 2024 | |||||
Options | |||||||||
Total industry ADV (in thousands) | 57,203 | 58,444 | 51,635 | 48,733 | 46,129 | ||||
Total Company Options ADV (in thousands): | 17,301 | 18,183 | 15,673 | 14,882 | 14,384 | ||||
Multi-listed options | 12,615 | 13,412 | 11,633 | 10,655 | 10,367 | ||||
Index options | 4,686 | 4,771 | 4,040 | 4,227 | 4,017 | ||||
Total Options market share | 30.2听% | 31.1听% | 30.4听% | 30.5听% | 31.2听% | ||||
Multi-listed options | 24.0听% | 25.0听% | 24.5听% | 24.0听% | 24.6听% | ||||
Total Options RPC: | $听听听听听听听听听听听听听听 0.300 | $听听听听听听听听听听听听听听 0.287 | $听听听听听听听听听听听听听听 0.281 | $听听听听听听听听听听听听听听 0.298 | $听听听听听听听听听听听听听听 0.295 | ||||
Multi-listed options | $听听听听听听听听听听听听听听听 0.068 | $听听听听听听听听听听听听听听听 0.066 | $听听听听听听听听听听听听听听听 0.064 | $听听听听听听听听听听听听听听听 0.063 | $听听听听听听听听听听听听听听听 0.062 | ||||
Index options | $听听听听听听听听听听听听听听听 0.923 | $听听听听听听听听听听听听听听听 0.908 | $听听听听听听听听听听听听听听听 0.905 | $听听听听听听听听听听听听听听听 0.892 | $听听听听听听听听听听听听听听听 0.898 | ||||
North American Equities | |||||||||
Total industry ADV (shares in billions) | 18.4 | 15.7 | 13.6 | 11.5 | 11.8 | ||||
Market share % | 10.5听% | 10.5听% | 10.8听% | 10.9听% | 11.4听% | ||||
Net capture (per 100 touched shares) | $听听听听听听听听听听听听听听听 0.012 | $听听听听听听听听听听听听听听听 0.014 | $听听听听听听听听听听听听听听听 0.018 | $听听听听听听听听听听听听听听听 0.024 | $听听听听听听听听听听听听听听听 0.027 | ||||
ADV (touched shares, in millions) | 125.5 | 90.6 | 80.0 | 79.3 | 74.7 | ||||
Off-Exchange ATS Block Market Share % (reported on a one-month lag) | 15.2听% | 17.1听% | 16.5听% | 17.6听% | 17.8听% | ||||
Net capture (per 100 touched shares) | $听听听听听听听听听听听听听听听 0.082 | $听听听听听听听听听听听听听听听 0.117 | $听听听听听听听听听听听听听听听 0.126 | $听听听听听听听听听听听听听听听 0.135 | $听听听听听听听听听听听听听听听 0.136 | ||||
Canadian Equities: | |||||||||
ADV (matched shares, in millions) | 150.6 | 159.6 | 157.4 | 135.9 | 150.6 | ||||
Total market share % | 12.7听% | 13.8听% | 14.3听% | 14.6听% | 15.0听% | ||||
Net capture (per 10,000 shares, in Canadian Dollars) | $听听听听听听听听听听听听听听听 4.222 | $听听听听听听听听听听听听听听听 4.250 | $听听听听听听听听听听听听听听听 4.008 | $听听听听听听听听听听听听听听听 4.240 | $听听听听听听听听听听听听听听听 4.046 | ||||
European Equities: | |||||||||
Total industry ADNV (Euros听- in billions) | 鈧� 54.5 | 鈧� 55.8 | 鈧� 42.3 | 鈧� 38.9 | 鈧� 42.6 | ||||
Market share % | 25.1听% | 24.8听% | 24.6听% | 23.8听% | 22.5听% | ||||
Net capture (per matched notional value (bps), in Euros) | 鈧� 0.261 | 鈧� 0.252 | 鈧� 0.261 | 鈧� 0.257 | 鈧� 0.251 | ||||
Cboe Clear Europe: | |||||||||
Trades cleared (in thousands) | 400,935.8 | 412,072.2 | 328,976.1 | 306,882.5 | 299,019.3 | ||||
Fee per trade cleared (in Euros) | 鈧� 0.008 | 鈧� 0.008 | 鈧� 0.008 | 鈧� 0.008 | 鈧� 0.008 | ||||
Net settlement volume (shares in thousands) | 3,289.3 | 3,200.7 | 2,962.6 | 2,947.6 | 2,764.0 | ||||
Net fee per settlement (in Euros) | 鈧� 0.956 | 鈧� 0.951 | 鈧� 1.002 | 鈧� 1.026 | 鈧� 1.038 | ||||
Australian Equities: | |||||||||
ADNV (AUD - in billions) | $听听听听听听听听听听听听听听听听听听听听 1.0 | $听听听听听听听听听听听听听听听听听听听听 0.8 | $听听听听听听听听听听听听听听听听听听听听 0.8 | $听听听听听听听听听听听听听听听听听听听听 0.8 | $听听听听听听听听听听听听听听听听听听听听 0.8 | ||||
Market share - Continuous | 20.0听% | 19.4听% | 20.8听% | 20.8听% | 20.8听% | ||||
Net capture (per matched notional value (bps), in Australian Dollars) | $听听听听听听听听听听听听听听听 0.160 | $听听听听听听听听听听听听听听听 0.156 | $听听听听听听听听听听听听听听听 0.154 | $听听听听听听听听听听听听听听听 0.156 | $听听听听听听听听听听听听听听听 0.155 | ||||
Japanese Equities: | |||||||||
ADNV (JPY - in billions) | 楼听听听听听听听听听听听听听听听听 213.7 | 楼听听听听听听听听听听听听听听听听 323.8 | 楼听听听听听听听听听听听听听听听听 263.8 | 楼听听听听听听听听听听听听听听听听 323.3 | 楼听听听听听听听听听听听听听听听听 315.2 | ||||
Market share - Lit Continuous | 3.6听% | 5.4听% | 4.9听% | 5.4听% | 5.5听% | ||||
Net capture (per matched notional value (bps), in Yen) | 楼听听听听听听听听听听听听听听听 0.215听听听听 | 楼听听听听听听听听听听听听听听听 0.242听听听听 | 楼听听听听听听听听听听听听听听听 0.233听听听听 | 楼听听听听听听听听听听听听听听听 0.221听听听听 | 楼听听听听听听听听听听听听听听听 0.229听听听听 | ||||
Futures | |||||||||
ADV (in thousands) | 220.8 | 249.4 | 206.4 | 273.7 | 253.6 | ||||
RPC | $听听听听听听听听听听听听听听听 1.673 | $听听听听听听听听听听听听听听听 1.740 | $听听听听听听听听听听听听听听听 1.765 | $听听听听听听听听听听听听听听听 1.767 | $听听听听听听听听听听听听听听听 1.757 | ||||
Global FX | |||||||||
ADNV ($ - in billions) | $听听听听听听听听听听听听听听听听听听 55.9 | $听听听听听听听听听听听听听听听听听听 51.9 | $听听听听听听听听听听听听听听听听听听 45.6 | $听听听听听听听听听听听听听听听听听听 48.3 | $听听听听听听听听听听听听听听听听听听 47.7 | ||||
Net capture (per | $听听听听听听听听听听听听听听听听听听 2.81 | $听听听听听听听听听听听听听听听听听听 2.77 | $听听听听听听听听听听听听听听听听听听 2.72 | $听听听听听听听听听听听听听听听听听听 2.66 | $听听听听听听听听听听听听听听听听听听 2.69 | ||||
*In the second quarter of 2025, Digital futures products were transitioned to听Cboe Futures Exchange. Futures metrics prior to the second quarter of 2025 exclude Digital futures products. |
ADV = average daily volume; ADNV = average daily notional value.
RPC, average revenue per contract, for options and futures represents total net transaction fees recognized for the period divided by total contracts traded during the period.
Touched volume represents the total number of shares of equity securities and ETFs internally matched on our exchanges or routed to and executed on an external market center.
Matched volume represents the total number of shares of equity securities and ETFs executed on our exchanges.
Canadian Equities, "net capture per 10,000 shares" refers to transaction fees divided by the product of one-ten thousandth ADV of shares for Cboe Canada and the number of trading days. Total market share represents Cboe Canada volume divided by the total volume of the Canadian Equities market.
European Equities, "net capture per matched notional value" refers to transaction fees less liquidity payments in Euros divided by the product of ADNV in Euros of shares matched on Cboe Europe Equities and the number of trading days. "Trades cleared" refers to the total number of non-interoperable trades cleared, "Fee per trade cleared" refers to clearing fees divided by number of non-interoperable trades cleared, "Net settlement volume" refers to the total number of settlements executed after netting, and "Net fee per settlement" refers to settlement fees less direct costs incurred to settle divided by the number of settlements executed after netting.
Global FX, "net capture per
Average transaction fees per contract can be affected by various factors, including exchange fee rates, volume-based discounts, and transaction mix by contract type and product type.
听
Cboe Global Markets, Inc. and Subsidiaries | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
(in millions, except per share amounts) | 2025 | 2024 | 2025 | 2024 | |||
Revenues: | |||||||
Cash and spot markets | $听听听听听听听听听听听听听听听听听听听听听听听 487.6 | $听听听听听听听听听听听听听听听听听听听听听听听 386.4 | $听听听听听听听听听听听听听听听听听听听听听听听 988.5 | $听听听听听听听听听听听听听听听听听听听听听听听 767.3 | |||
Data Vantage | 158.3 | 142.1 | 310.8 | 282.3 | |||
Derivatives markets | 527.6 | 445.5 | 1,069.2 | 881.6 | |||
Total Revenues | 1,173.5 | 974.0 | 2,368.5 | 1,931.2 | |||
Cost of Revenues: | |||||||
Liquidity payments | 418.0 | 307.0 | 812.8 | 645.8 | |||
Routing and clearing | 20.7 | 16.6 | 40.3 | 32.6 | |||
Section听31 fees | 85.3 | 77.7 | 238.4 | 119.8 | |||
Royalty fees and other cost of revenues | 62.2 | 58.9 | 124.5 | 117.1 | |||
Total Cost of Revenues | 586.2 | 460.2 | 1,216.0 | 915.3 | |||
Revenues Less Cost of Revenues | 587.3 | 513.8 | 1,152.5 | 1,015.9 | |||
Operating Expenses: | |||||||
Compensation and benefits | 127.9 | 116.1 | 244.1 | 231.4 | |||
Depreciation and amortization | 29.9 | 31.8 | 60.2 | 69.1 | |||
Technology support services | 26.7 | 24.6 | 52.3 | 48.8 | |||
Professional fees and outside services | 24.8 | 25.8 | 45.6 | 47.3 | |||
Travel and promotional expenses | 8.2 | 9.3 | 14.6 | 16.8 | |||
Facilities costs | 7.0 | 6.1 | 13.2 | 12.6 | |||
Acquisition-related costs | 鈥� | 0.6 | 0.2 | 1.2 | |||
Impairment of intangible assets | 17.1 | 81.0 | 17.1 | 81.0 | |||
Other expenses | 6.6 | 8.4 | 12.2 | 15.2 | |||
Total Operating Expenses | 248.2 | 303.7 | 459.5 | 523.4 | |||
Operating Income | 339.1 | 210.1 | 693.0 | 492.5 | |||
Non-operating (Expenses) Income: | |||||||
Interest expense | (12.9) | (12.8) | (25.7) | (25.8) | |||
Interest income | 11.3 | 4.6 | 19.7 | 8.7 | |||
(Loss) earnings on investments, net | (1.1) | 14.2 | (4.4) | 28.2 | |||
Other (expense) income, net | (1.8) | (13.1) | 2.2 | (8.5) | |||
Total Non-operating (Expenses) Income | (4.5) | (7.1) | (8.2) | 2.6 | |||
Income Before Income Tax Provision | 334.6 | 203.0 | 684.8 | 495.1 | |||
Income tax provision | 99.5 | 62.6 | 199.1 | 145.2 | |||
Net Income | 235.1 | 140.4 | 485.7 | 349.9 | |||
Net income allocated to participating securities | (1.2) | (0.7) | (2.4) | (1.9) | |||
Net Income Allocated to Common Stockholders | $听听听听听听听听听听听听听听听听听听听听听听 233.9 | $听听听听听听听听听听听听听听听听听听听听听听 139.7 | $听听听听听听听听听听听听听听听听听听听听听听 483.3 | $听听听听听听听听听听听听听听听听听听听听听听 348.0 | |||
Net Income Per Share Allocated to Common Stockholders: | |||||||
Basic earnings per share | $听听听听听听听听听听听听听听听听听听听听听听听听听 2.23 | $听听听听听听听听听听听听听听听听听听听听听听听听听 1.33 | $听听听听听听听听听听听听听听听听听听听听听听听听听 4.62 | $听听听听听听听听听听听听听听听听听听听听听听听听听 3.30 | |||
Diluted earnings per share | 2.23 | 1.33 | 4.60 | 3.29 | |||
Weighted average shares used in computing income per share: | |||||||
Basic | 104.7 | 105.1 | 104.7 | 105.4 | |||
Diluted | 105.0 | 105.4 | 105.0 | 105.8 | |||
听
Cboe Global Markets, Inc. and Subsidiaries | |||
(in millions) | June 30, | December 31, | |
Assets | |||
Current Assets: | |||
Cash and cash equivalents | $听听听听听听听听听听听听听听听听听听听听听听听听听听听 1,256.3 | $听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听 920.3 | |
Financial investments | 207.6 | 110.3 | |
Accounts receivable, net | 444.3 | 444.6 | |
Margin deposits, clearing funds, and interoperability funds | 1,670.4 | 845.5 | |
Income taxes receivable | 40.6 | 73.8 | |
Other current assets (includes restricted cash of | 123.7 | 84.6 | |
Total Current Assets | 3,742.9 | 2,479.1 | |
Investments | 379.6 | 383.7 | |
Property and equipment, net | 127.9 | 118.0 | |
Operating lease right of use assets | 122.2 | 124.5 | |
Goodwill | 3,155.9 | 3,124.2 | |
Intangible assets, net | 1,356.2 | 1,376.9 | |
Other assets, net | 163.6 | 182.7 | |
Total Assets | $听听听听听听听听听听听听听听听听听听听听听听听听听听 9,048.3 | $听听听听听听听听听听听听听听听听听听听听听听听听听听 7,789.1 | |
Liabilities and Stockholders' Equity | |||
Current Liabilities: | |||
Accounts payable and accrued liabilities | $听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听 467.3 | $听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听 359.7 | |
Section 31 fees payable | 238.4 | 182.0 | |
Deferred revenue | 10.5 | 6.4 | |
Margin deposits, clearing funds, and interoperability funds | 1,670.4 | 845.5 | |
Income taxes payable | 鈥� | 1.6 | |
Total Current Liabilities | 2,386.6 | 1,395.2 | |
Long-term debt | 1,442.0 | 1,441.0 | |
Non-current unrecognized tax benefits | 212.6 | 305.0 | |
Deferred income taxes | 175.1 | 186.8 | |
Non-current operating lease liabilities | 133.8 | 138.4 | |
Other non-current liabilities | 33.1 | 43.1 | |
Total Liabilities | 4,383.2 | 3,509.5 | |
Stockholders' Equity: | |||
Preferred stock | 鈥� | 鈥� | |
Common stock | 1.0 | 1.0 | |
Treasury stock, at cost | (90.5) | (1.4) | |
Additional paid-in capital | 1,543.3 | 1,512.5 | |
Retained earnings | 3,168.9 | 2,815.9 | |
Accumulated other comprehensive income (loss), net | 42.4 | (48.4) | |
Total Stockholders' Equity | 4,665.1 | 4,279.6 | |
Total Liabilities and Stockholders' Equity | $听听听听听听听听听听听听听听听听听听听听听听听听听听 9,048.3 | $听听听听听听听听听听听听听听听听听听听听听听听听听听 7,789.1 | |
听
Table 3 | |||||||||||||||||||||
Net Transaction and Clearing | Consolidated | Options | N.A. Equities |
| Futures | Global FX | Digital1 | ||||||||||||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||||||
Transaction and clearing fees | $听 867.7 | $听 697.6 | $听 468.3 | $听 385.9 | $听 300.2 | $听 227.2 | $听听听 鈥� | $听听 0.4 | |||||||||||||
Liquidity payments | (418.0) | (307.0) | (142.7) | (114.2) | (262.3) | (184.4) | (11.6) | (7.9) | (1.4) | 鈥� | 鈥� | 鈥� | 鈥� | (0.5) | |||||||
Routing and clearing | (20.7) | (16.6) | (4.0) | (4.0) | (10.4) | (7.5) | (5.8) | (4.6) | 鈥� | 鈥� | (0.5) | (0.5) | 鈥� | 鈥� | |||||||
Net transaction and clearing fees | $听 429.0 | $听 374.0 | $听 321.6 | $听 267.7 | $听听听 鈥� | ||||||||||||||||
听
Table 4 | ||||||||
Net Revenue by Revenue Caption Three Months Ended June 30, 2025 and 2024 (in millions) | Cash and Spot Markets | Data Vantage | Derivatives Markets | Total | ||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
Transaction and clearing fees | $听听听听听听听 375.1 | $听听听听听听听 283.6 | $听听听听听听听听听听听听 鈥� | $听听听听听听听听听听听听 鈥� | $听听听听听听听 492.6 | $听听听听听听听 414.0 | $听听听听听听听 867.7 | $听听听听听听听 697.6 |
Access and capacity fees | 鈥� | 鈥� | 101.2 | 90.5 | 鈥� | 鈥� | 101.2 | 90.5 |
Market data fees | 17.0 | 14.6 | 56.4 | 50.9 | 9.0 | 8.2 | 82.4 | 73.7 |
Regulatory fees | 71.3 | 63.2 | 鈥� | 鈥� | 25.5 | 22.7 | 96.8 | 85.9 |
Other revenue | 24.2 | 25.0 | 0.7 | 0.7 | 0.5 | 0.6 | 25.4 | 26.3 |
Total revenues | $听听听听听听 487.6 | $听听听听听听 386.4 | $听听听听听听 158.3 | $听听听听听听 142.1 | $听听听听听听 527.6 | $听听听听听听 445.5 | $听听听听 1,173.5 | $听听听听听听 974.0 |
Liquidity payments | $听听听听听听听 273.1 | $听听听听听听听 192.0 | $听听听听听听听听听听听听 鈥� | $听听听听听听听听听听听听 鈥� | $听听听听听听听 144.9 | $听听听听听听听 115.0 | $听听听听听听听 418.0 | $听听听听听听听 307.0 |
Routing and clearing fees | 16.7 | 12.6 | 鈥� | 鈥� | 4.0 | 4.0 | 20.7 | 16.6 |
Section 31 fees | 70.7 | 63.1 | 鈥� | 鈥� | 14.6 | 14.6 | 85.3 | 77.7 |
Royalty fees and other cost of revenues | 11.5 | 15.0 | 3.2 | 2.5 | 47.5 | 41.4 | 62.2 | 58.9 |
Total cost of revenues | $听听听听听听 372.0 | $听听听听听听 282.7 | $听听听听听听听听听听 3.2 | $听听听听听听听听听听 2.5 | $听听听听听听 211.0 | $听听听听听听 175.0 | $听听听听听听 586.2 | $听听听听听听 460.2 |
Revenues less cost of revenues (net | $听听听听听听 115.6 | $听听听听听听 103.7 | $听听听听听听 155.1 | $听听听听听听 139.6 | $听听听听听听 316.6 | $听听听听听听 270.5 | $听听听听听听 587.3 | $听听听听听听 513.8 |
(1) | The Digital segment results are prospectively included in the Futures segment beginning in the first quarter of 2025. Digital results from 2024 have been retained in the former Digital segment for comparative purposes. |
Non-GAAP Information
In addition to disclosing results determined in accordance with GAAP, Cboe Global Markets has disclosed certain non-GAAP measures of operating performance. These measures are not in accordance with, or a substitute for, GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. The non-GAAP measures provided in this press release include adjusted revenue less cost of revenue, adjusted operating expenses, adjusted operating income, adjusted operating margin, adjusted net income allocated to common stockholders, adjusted diluted earnings per share, effective tax rate on adjusted earnings, operating EBITDA, operating EBITDA margin, adjusted operating EBITDA, adjusted operating EBITDA margin, EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, adjusted cash, and net revenues in constant currency.
Management believes that the non-GAAP financial measures presented in this press release provide additional and comparative information to assess trends in our core operations and a means to evaluate period-to-period comparisons. Non-GAAP financial measures disclosed by management are provided as additional information to investors in order to provide them with an alternative method for assessing our financial condition and operating results.
Amortization expense of acquired intangible assets: We amortize intangible assets acquired in connection with various acquisitions. Amortization of intangible assets is inconsistent in amount and frequency, and is significantly affected by the timing and size of our acquisitions. As such, if intangible asset amortization is included in performance measures, it is more difficult to assess the day-to-day operating performance of the businesses, the relative operating performance of the businesses between periods and the earnings power of the company. Therefore, we believe performance measures excluding intangible asset amortization expense provide investors with an additional basis for comparison across accounting periods.
Acquisition-related costs: From time to time, we have pursued acquisitions, which have resulted in expenses which would not otherwise have been incurred in the normal course of the company's business operations. These expenses include compensation and benefits, integration costs, as well as legal, due diligence, impairment charges, and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing, and complexity of the transaction. Accordingly, we exclude these costs for purposes of calculating non-GAAP measures which provide an additional analysis of Cboe's ongoing operating performance or comparisons in Cboe's performance between periods.
The tables below show the reconciliation of each financial measure from GAAP to non-GAAP. The non-GAAP financial measures exclude the impact of those items detailed below and are referred to as adjusted financial measures.听
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Reconciliation of GAAP and Non-GAAP Information | ||||||||
Table 5 | Three Months Ended | Six Months Ended | ||||||
(in millions, except percentages and per share amounts) | 2025 | 2024 | 2025 | 2024 | ||||
Reconciliation of Net Income Allocated to Common Stockholders to | ||||||||
Net income allocated to common stockholders | $听听听听听听听听听听听 233.9 | $听听听听听听听听听听听 139.7 | $听听听听听听听听听听听 483.3 | $听听听听听听听听听听听 348.0 | ||||
Non-GAAP adjustments | ||||||||
Acquisition-related costs (1) | 鈥� | 0.6 | 0.2 | 1.2 | ||||
Amortization of acquired intangible assets (2) | 17.2 | 21.2 | 35.6 | 47.4 | ||||
Gain on Cboe Digital non-recourse notes and warrants wind down (3) | 鈥� | (1.0) | 鈥� | (1.4) | ||||
Cboe Digital syndication wind down (4) | 鈥� | (1.0) | 鈥� | (1.0) | ||||
Change in contingent consideration (5) | 鈥� | 3.0 | 鈥� | 3.0 | ||||
Impairment of intangible assets (6) | 17.1 | 81.0 | 17.1 | 81.0 | ||||
Impairment of investment (7) | 鈥� | 16.0 | 鈥� | 16.0 | ||||
Executive compensation adjustment (8) | 0.4 | 鈥� | 0.4 | 鈥� | ||||
Gain on sale of property held for sale (9) | 鈥� | (1.0) | 鈥� | (1.0) | ||||
Costs related to Cboe Digital wind down (10) | 0.2 | 0.8 | 0.5 | 0.8 | ||||
Earnings on investments adjustments (11) | (0.3) | 鈥� | (0.7) | 鈥� | ||||
Total Non-GAAP adjustments | 34.6 | 119.6 | 53.1 | 146.0 | ||||
Income tax expense related to the items above | (9.5) | (32.7) | (14.2) | (39.6) | ||||
Tax reserves (12) | 鈥� | (4.0) | 鈥� | (4.0) | ||||
Deferred tax re-measurements (13) | (1.0) | 鈥� | (1.0) | 鈥� | ||||
Valuation allowances (14) | 鈥� | 4.1 | 鈥� | 4.1 | ||||
Net income allocated to participating securities听- effect on reconciling | (0.2) | (0.5) | (0.3) | (0.6) | ||||
Adjusted earnings | $听听听听听听听听听听听 257.8 | $听听听听听听听听听听听 226.2 | $听听听听听听听听听听听 520.9 | $听听听听听听听听听听听 453.9 | ||||
Reconciliation of Diluted EPS to Non-GAAP | ||||||||
Diluted earnings per common share | $听听听听听听听听听听听听听 2.23 | $听听听听听听听听听听听听听 1.33 | $听听听听听听听听听听听听听 4.60 | $听听听听听听听听听听听听听 3.29 | ||||
Per share impact of non-GAAP adjustments noted above | 0.23 | 0.82 | 0.36 | 1.01 | ||||
Adjusted diluted earnings per common share | $听听听听听听听听听听听听听 2.46 | $听听听听听听听听听听听听听 2.15 | $听听听听听听听听听听听听听 4.96 | $听听听听听听听听听听听听听 4.30 | ||||
Reconciliation of Operating Margin to Non-GAAP | ||||||||
Revenue less cost of revenue | $听听听听听听听听听听听 587.3 | $听听听听听听听听听听听 513.8 | $听听听听听听听听听 1,152.5 | $听听听听听听听听听 1,015.9 | ||||
Non-GAAP adjustments noted above | 鈥� | (1.0) | 鈥� | (1.0) | ||||
Adjusted revenue less cost of revenue | $听听听听听听听听听听听 587.3 | $听听听听听听听听听听听 512.8 | $听听听听听听听听听 1,152.5 | $听听听听听听听听听 1,014.9 | ||||
Operating expenses (15) | $听听听听听听听听听听听 248.2 | $听听听听听听听听听听听 303.7 | $听听听听听听听听听听听 459.5 | $听听听听听听听听听听听 523.4 | ||||
Non-GAAP adjustments noted above | 34.9 | 106.6 | 53.8 | 133.4 | ||||
Adjusted operating expenses | $听听听听听听听听听听听 213.3 | $听听听听听听听听听听听 197.1 | $听听听听听听听听听听听 405.7 | $听听听听听听听听听听听 390.0 | ||||
Operating income | $听听听听听听听听听听听 339.1 | $听听听听听听听听听听听 210.1 | $听听听听听听听听听听听 693.0 | $听听听听听听听听听听听 492.5 | ||||
Non-GAAP adjustments noted above | 34.9 | 105.6 | 53.8 | 132.4 | ||||
Adjusted operating income | $听听听听听听听听听听听 374.0 | $听听听听听听听听听听听 315.7 | $听听听听听听听听听听听 746.8 | $听听听听听听听听听听听 624.9 | ||||
Adjusted operating margin (16) | 63.7听% | 61.4听% | 64.8听% | 61.5听% | ||||
Reconciliation of Income Tax Rate to Non-GAAP | ||||||||
Income before income taxes | $听听听听听听听听听听听 334.6 | $听听听听听听听听听听听 203.0 | $听听听听听听听听听听听 684.8 | $听听听听听听听听听听听 495.1 | ||||
Non-GAAP adjustments noted above | 34.6 | 119.6 | 53.1 | 146.0 | ||||
Adjusted income before income taxes | $听听听听听听听听听听听 369.2 | $听听听听听听听听听听听 322.6 | $听听听听听听听听听听听 737.9 | $听听听听听听听听听听听 641.1 | ||||
Income tax expense | $听听听听听听听听听听听听听 99.5 | $听听听听听听听听听听听听听 62.6 | $听听听听听听听听听听听 199.1 | $听听听听听听听听听听听 145.2 | ||||
Non-GAAP adjustments noted above | 10.5 | 32.6 | 15.2 | 39.5 | ||||
Adjusted income tax expense | $听听听听听听听听听听听 110.0 | $听听听听听听听听听听听听听 95.2 | $听听听听听听听听听听听 214.3 | $听听听听听听听听听听听 184.7 | ||||
Adjusted income tax rate | 29.8听% | 29.5听% | 29.0听% | 28.8听% | ||||
(1) | This amount includes acquisition-related costs primarily from the Company's听Cboe Digital, Cboe Canada, and Cboe Asia Pacific acquisitions, which is included in acquisition-related costs on the condensed consolidated statements of income. |
(2) | This amount represents the amortization of acquired intangible assets related to the Company's acquisitions, which is included in depreciation and amortization on the condensed consolidated statements of income. |
(3) | This amount represents the revaluation and gain associated with the wind down of the Cboe Digital non-recourse notes and warrants, which is included in other (expense) income, net on the condensed consolidated statements of income. |
(4) | This amount represents the contra-revenue that was reversed as a result of the Cboe Digital syndication wind down, which is included in transaction and clearing fees on the condensed consolidated statements of income. |
(5) | This amount represents the loss related to contingent consideration liabilities achieved related to the acquisition of Cboe Asia Pacific, which is included in other expenses on the condensed consolidated statements of income. |
(6) | This amount represents the impairment of customer relationships intangible assets related to Cboe Japan in 2025, as well as the impairment of intangible assets related to the Cboe Digital wind down in 2024, which are included in impairment of intangible assets on the condensed consolidated statements of income. |
(7) | This amount represents the impairment related to the Company's minority investment in Globacap Technology Limited, which is included in other (expense) income, net on the condensed consolidated statements of income. |
(8) | This amount represents the CEO sign-on long-term equity awards with a grant date value of |
(9) | This amount represents the gain on the sale of the Company's former headquarters, which is included in other (expense) income, net on the condensed consolidated statements of income. |
(10) | This amount represents certain wind down costs related to Cboe Digital, which are included in compensation and benefits on the condensed consolidated statements of income. |
(11) | This amount represents the gains associated with the partial sale of PYTH token intangible assets and from the Company's minority investment in American Financial Exchange, LLC, which are included in (loss) earnings on investments, net on the condensed consolidated statements of income. |
(12) | This amount represents the tax reserves related to Section 199 matters. |
(13) | This amount represents remeasurements of deferred tax assets and liabilities at prevailing effective tax rates. |
(14) | This amount represents the valuation allowance related to the impairment of the Company's minority investment in Globacap Technology Limited. |
(15) | The company sponsors deferred compensation plans held in a trust. The expenses or income related to the deferred compensation plans are included in "Compensation and benefits" ( |
(16) | Adjusted operating margin represents adjusted operating income divided by revenues less cost of revenues. |
EBITDA Reconciliations
EBITDA (earnings before interest, income taxes, depreciation and amortization) and Adjusted EBITDA are widely used non-GAAP financial measures of operating performance. These metrics are presented as supplemental information that the company believes are useful to investors to evaluate the company's results because they exclude certain items that are not directly related to the company's core operating performance. Operating EBITDA is calculated by adding back to operating income depreciation and amortization. Adjusted Operating EBITDA is calculated by adding back to Operating EBITDA acquisition-related costs, change in contingent consideration, impairment of intangible assets, executive compensation adjustment, Cboe Digital syndication wind down, and costs related to the Cboe Digital wind down. Operating EBITDA margin represents Operating EBITDA divided by revenues less cost of revenues. Adjusted Operating EBITDA margin represents Adjusted Operating EBITDA divided by revenues less cost of revenues. EBITDA is calculated by adding back to net income interest expense, net, income tax expense, depreciation and amortization. EBITDA margin represents EBITDA divided by revenues less cost of revenues. Adjusted EBITDA is calculated by adding back to EBITDA acquisition-related costs, change in contingent consideration, impairment of intangible assets, impairment of investment, executive compensation adjustment, costs related to Cboe Digital wind down, gain on sale of property held for sale, earnings on investments adjustments, gain on Cboe Digital non-recourse notes and warrants wind down, and Cboe Digital syndication wind down. Adjusted EBITDA margin represents Adjusted EBITDA divided by revenues less cost of revenues. Operating EBITDA, Adjusted Operating EBITDA, EBITDA, and Adjusted EBITDA should not be considered as substitutes either for net income, as an indicator of the company's operating performance, or for cash flow, as a measure of the company's liquidity. In addition, because Operating EBITDA, Adjusted Operating EBITDA, EBITDA, and Adjusted EBITDA may not be calculated identically by all companies, the presentation here may not be comparable to other similarly titled measures of other companies.
Table 6 (in millions, except percentages) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||
Reconciliation of Operating Income to Operating EBITDA and Adjusted | 2025 | 2024 | 2025 | 2024 | ||||
Operating income | $听听听听听听听听听 339.1 | $听听听听听听听听听 210.1 | $听听听听听听听听 693.0 | $听听听听听听听听 492.5 | ||||
Depreciation and amortization | 29.9 | 31.8 | 60.2 | 69.1 | ||||
Operating EBITDA | $听听听听听听听听听 369.0 | $听听听听听听听听听 241.9 | $听听听听听听听听 753.2 | $听听听听听听听听 561.6 | ||||
Operating EBITDA Margin | 62.8听% | 47.1听% | 65.4听% | 55.3听% | ||||
Non-GAAP adjustments not included in above line items | ||||||||
Acquisition-related costs | $听听听听听听听听听听听听听听 鈥� | $听听听听听听听听听听听听听 0.6 | $听听听听听听听听听听听听 0.2 | $听听听听听听听听听听听听 1.2 | ||||
Change in contingent consideration | 鈥� | 3.0 | 鈥� | 3.0 | ||||
Impairment of intangible assets | 17.1 | 81.0 | 17.1 | 81.0 | ||||
Executive compensation adjustment | 0.4 | 鈥� | 0.4 | 鈥� | ||||
Cboe Digital syndication wind down | 鈥� | (1.0) | 鈥� | (1.0) | ||||
Costs related to Cboe Digital wind down | 0.2 | 0.8 | 0.5 | 0.8 | ||||
Adjusted Operating EBITDA | $听听听听听听听听听 386.7 | $听听听听听听听听听 326.3 | $听听听听听听听听 771.4 | $听听听听听听听听 646.6 | ||||
Adjusted Operating EBITDA Margin | 65.8听% | 63.5听% | 66.9听% | 63.6听% | ||||
Reconciliation of Net Income Allocated to Common Stockholders to | 2025 | 2024 | 2025 | 2024 | ||||
Net income allocated to common stockholders | $听听听听听听听听听 233.9 | $听听听听听听听听听 139.7 | $听听听听听听听听 483.3 | $听听听听听听听听 348.0 | ||||
Interest expense, net | 1.6 | 8.2 | 6.0 | 17.1 | ||||
Income tax provision | 99.5 | 62.6 | 199.1 | 145.2 | ||||
Depreciation and amortization | 29.9 | 31.8 | 60.2 | 69.1 | ||||
EBITDA | $听听听听听听听听听 364.9 | $听听听听听听听听听 242.3 | $听听听听听听听听 748.6 | $听听听听听听听听 579.4 | ||||
EBITDA Margin | 62.1听% | 47.2听% | 65.0听% | 57.0听% | ||||
Non-GAAP adjustments not included in above line items | ||||||||
Acquisition-related costs | $听听听听听听听听听听听听听听 鈥� | $听听听听听听听听听听听听听 0.6 | $听听听听听听听听听听听听 0.2 | $听听听听听听听听听听听听 1.2 | ||||
Change in contingent consideration | 鈥� | 3.0 | 鈥� | 3.0 | ||||
Impairment of intangible assets | 17.1 | 81.0 | 17.1 | 81.0 | ||||
Impairment of investment | 鈥� | 16.0 | 鈥� | 16.0 | ||||
Executive compensation adjustment | 0.4 | 鈥� | 0.4 | 鈥� | ||||
Costs related to Cboe Digital wind down | 0.2 | 0.8 | 0.5 | 0.8 | ||||
Gain on sale of property held for sale | 鈥� | (1.0) | 鈥� | (1.0) | ||||
Earnings on investments adjustments | (0.3) | 鈥� | (0.7) | 鈥� | ||||
Gain on Cboe Digital non-recourse notes and warrants wind down | 鈥� | (1.0) | 鈥� | (1.4) | ||||
Cboe Digital syndication wind down | 鈥� | (1.0) | 鈥� | (1.0) | ||||
Adjusted EBITDA | $听听听听听听听听听 382.3 | $听听听听听听听听听 340.7 | $听听听听听听听听 766.1 | $听听听听听听听听 678.0 | ||||
Adjusted EBITDA Margin | 65.1听% | 66.3听% | 66.5听% | 66.7听% | ||||
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Table 7 (in millions) | June 30, | December 31, | ||
Reconciliation of Cash and Cash Equivalents to Adjusted Cash | 2025 | 2024 | ||
Cash and cash equivalents | $听听听听听听听听听听 1,256.3 | $听听听听听听听听听听听听听 920.3 | ||
Financial investments | 207.6 | 110.3 | ||
Less deferred compensation plan assets | (31.0) | (40.3) | ||
Less cash collected for Section 31 Fees | (194.7) | (110.8) | ||
Adjusted Cash | $听听听听听听听听听听 1,238.2 | $听听听听听听听听听听听听听 879.5 |
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Table 8 (in millions) | ||||||||
Reconciliation of GAAP Net Revenues to Net Revenues in Constant | ||||||||
Three Months Ended | Six Months Ended | |||||||
2025 | 2024 | 2025 | 2024 | |||||
$听听听听听听听听听听听听听听 70.4 | $听听听听听听听听听听听听听听 54.3 | $听听听听听听听听听听听听 134.5 | $听听听听听听听听听听听听 108.4 | |||||
Constant currency adjustment | (3.3) | 鈥� | (1.5) | 鈥� | ||||
$听听听听听听听听听听听听听听 67.1 | $听听听听听听听听听听听听听听 54.3 | $听听听听听听听听听听听听 133.0 | $听听听听听听听听听听听听 108.4 | |||||
(1) | Net revenues in constant currency is calculated by converting the current period GAAP net revenues in local currency using the foreign currency exchange rates that were in effect during the previous comparable period. |
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