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Mar 31, 2025
Cboe Q1 2025 Earnings Report
Cboe delivered record Q1 2025 results with all major business segments contributing to a 13% increase in net revenue.
Key Takeaways
Cboe Global Markets posted a strong start to 2025 with record net revenue of $565.2 million and record adjusted EPS of $2.50. Robust performance in derivatives, equities, and FX drove the growth.
Achieved record net revenue of $565.2 million, up 13% YoY.
Reported diluted EPS of $2.37 and adjusted EPS of $2.50.
Options segment led with $352.4 million in revenue, up 15%.
Global FX and APAC segments also posted record revenues.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Cboe raised its 2025 organic revenue growth target and reaffirmed its other financial guidance, signaling confidence in sustained performance.
Positive Outlook
- Increased 2025 organic net revenue growth target to mid to high single digits.
- Reaffirmed Data Vantage growth target of mid to high single digits.
- Maintained adjusted operating expense guidance between $837–$852 million.
- Confirmed depreciation and amortization expense range of $55–$59 million.
- Reiterated capital expenditures target of $75–$85 million.
Challenges Ahead
- Options RPC declined 4% YoY due to product mix shift.
- U.S. Equities exchange market share fell to 10.5% from 12.8%.
- Canadian Equities market share dropped due to platform migration.
- Continued decline in net capture for U.S. Equities Exchange.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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