Record Diluted EPS for the Quarter of $2.97, Up 60 percent; Record Diluted EPS for the Full Year of $10.42, Up 45 percent
Record Adjusted Diluted EPS1 for the Quarter of $3.06, Up 46 percent; Record Adjusted Diluted EPS1 for the Full Year of $10.67, Up 24 percent
Record Net Revenue for the Quarter of $671.1 million, Up 28 percent; Record Net Revenue for the Full Year of $2.4 billion, Up 17 percent
Establishing 2026 Organic Total Net Revenue Growth Target2 of 'mid single-digit' and Cboe Data Vantage3 Organic Net Revenue Growth Target2 of 'mid to high single-digit'
Establishing 2026 Adjusted Operating Expense Guidance2 of $864 to $879 million
CHICAGO, Feb. 6, 2026 /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE) today reported financial results for the fourth quarter of 2025 and full year.
"Cboe delivered an exceptional fourth quarter, marking the culmination of a year characterized by record growth, including 17 percent net revenue growth, 45 percent diluted EPS growth, and 24 percent adjusted diluted EPS1 growth," said Craig Donohue, Chief Executive Officer of Cboe Global Markets. "Our recent strategic realignment is enabling us to allocate more resources toward growth and value creation in our core businesses, while also better positioning Cboe to capitalize on emerging opportunities. We are starting 2026 with a very strong foundation, a focused growth strategy, a highly seasoned and impressive leadership team, and continued strong secular trends in our core businesses."
"Cboe produced another quarter of record net revenue, diluted EPS, and adjusted diluted EPS1 to conclude an extraordinary year," said Jill Griebenow, Cboe Global Markets Executive Vice President, Chief Financial Officer. "In our Derivatives business, record volumes across our index and multi-listed options products drove robust net revenue growth of 38 percent versus the fourth quarter of 2024. Cash and Spot Markets net revenue rose 27 percent, and Data Vantage net revenue increased 9 percent on a year-over-year basis. Moving forward, we anticipate 2026 total organic net revenue growth2 will be in the 'mid single-digit' range, and we anticipate 2026 Data Vantage organic net revenue growth2 will be in the 'mid to high single-digit' range. In addition, we are introducing our full year 2026 adjusted operating expense guidance2 range of $864 million to $879 million. We are pleased with the record results we achieved in 2025, and we remain focused on driving durable shareholder returns in the year ahead."
* All comparisons are fourth quarter 2025 or full year compared to the same period in 2024.
(1)
A full reconciliation of our non-GAAP results to our GAAP ("Generally Accepted Accounting Principles") results is included in the attached tables. See "Non-GAAP Information" in the accompanying financial tables.
(2)
Specific quantifications of the amounts that would be required to reconcile the company's organic net revenue growth guidance and adjusted operating expenses guidance are not available. The company believes that there is uncertainty and unpredictability with respect to certain of its GAAP measures, primarily related to acquisition-related revenues and costs that would be required to reconcile to GAAP revenues less cost of revenues, GAAP operating expenses and GAAP effective tax rate, which preclude the company from providing accurate guidance on certain forward-looking GAAP to non-GAAP reconciliations. The company believes that providing estimates of the amounts that would be required to reconcile the range of the company's organic net revenue growth guidance and adjusted operating expenses would imply a degree of precision that would be confusing or misleading to investors for the reasons identified above.
(3)
Cboe Data Vantage refers to the company's Cboe Data Vantage business (formerly known as Data and Access Solutions). Cboe Data Vantage is subsequently referred to as Data Vantage throughout this press release.
Consolidated Fourth Quarter Results
Table 1 below presents summary selected unaudited condensed consolidated financial information for the company as reported and on an adjusted basis for the three months ended December 31, 2025 and 2024.
Table 1
Consolidated Fourth Quarter Results($ in millions except per share amounts and percentages)
4Q25
4Q24
Change
4Q25 Adjusted¹
4Q24 Adjusted¹
Change
Total Revenues Less Cost of Revenues
$ 671.1
$ 524.5
28 %
$ 671.1
$ 524.5
28 %
Total Operating Expenses
$ 267.3
$ 226.0
18 %
$ 220.6
$ 204.8
8 %
Operating Income
$ 403.8
$ 298.5
35 %
$ 450.5
$ 319.7
41 %
Operating Margin %
60.2 %
56.9 %
3.3 pp
67.1 %
61.0 %
6.1 pp
Net Income Allocated to CommonStockholders
$ 312.2
$ 195.6
60 %
$ 321.0
$ 221.2
45 %
Net Income Allocated to Common Stockholders Margin %
46.5 %
37.3 %
9.2 pp
47.8 %
42.2 %
5.6 pp
Diluted Earnings Per Share
$ 2.97
$ 1.86
60 %
$ 3.06
$ 2.10
46 %
Operating EBITDA1
$ 435.1
$ 330.6
32 %
$ 464.7
$ 331.2
40 %
Operating EBITDA Margin %1
64.8 %
63.0 %
1.8 pp
69.2 %
63.1 %
6.1 pp
EBITDA1
$ 479.6
$ 316.6
51 %
$ 464.1
$ 331.6
40 %
EBITDA Margin %1
71.5 %
60.4 %
11.1 pp
69.2 %
63.2 %
6.0 pp
Total revenues less cost of revenues (referred to as "net revenue"2) of $671.1 million increased 28 percent, compared to $524.5 million in the prior-year period, a result of increases across all net revenue2 captions.
Total operating expenses were $267.3 million versus $226.0 million in the fourth quarter of 2024, an increase of $41.3 million. This increase was primarily due to the impairment of assets and higher compensation and benefits, driven by an increase in accrued bonuses as a result of strong company performance in the fourth quarter of 2025. Adjusted operating expenses1 of $220.6 were up $15.8 million compared to $204.8 million in the fourth quarter of 2024. This increase was primarily due to higher compensation and benefits, driven by an increase in accrued bonuses as a result of strong company performance.
The effective tax rate for the fourth quarter of 2025 was 30.6 percent as compared with 29.7 percent in the fourth quarter of 2024. The higher effective tax rate in 2025 is primarily related to remeasuring deferred tax assets and liabilities due to changes in state and local filing positions. The effective tax rate on adjusted earnings1 was 28.9 percent, down 0.6 percentage points when compared with 29.5 percent in last year's fourth quarter. The change was primarily due to benefits recognized by filing 2024 tax returns.
Diluted EPS for the fourth quarter of 2025 increased 60 percent to $2.97 compared to the fourth quarter of 2024. Adjusted diluted EPS1 of $3.06 increased 46 percent compared to 2024 fourth quarter results.
Business Segment Information
Table 2
Total Revenues Less Cost of Revenues by Business Segment (in millions)
4Q25
4Q24
Change
Options
$ 433.1
$ 324.3
34 %
North American Equities
110.7
94.9
17 %
Europe and Asia Pacific
69.9
56.2
24 %
Futures
33.7
30.2
12 %
Global FX
23.7
19.4
22 %
Digital3
—
(0.5)
*
Total
$ 671.1
$ 524.5
28 %
(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 $433.1 million was up $108.8 million, or 34 percent, from the fourth quarter of 2024. Net transaction and clearing fees2 increased primarily as a result of a 24 percent increase in total options average daily volume ("ADV") versus the fourth quarter of 2024. Access and capacity fees increased 13 percent as compared to the fourth quarter of 2024.
Net transaction and clearing fees2 increased $112.4 million, or 40 percent, reflecting a 35 percent increase in index options ADV and a 20 percent increase in multi-listed options ADV. Total options revenue per contract ("RPC") increased 13 percent compared to the fourth quarter of 2024. The increase in total options RPC was primarily due to a mix shift, with index options representing a higher percentage of total options volume, and a 17 percent increase in multi-listed options RPC.
Cboe's Options exchanges had total market share of 29.2 percent for the fourth quarter of 2025 compared to 30.4 percent in the fourth quarter of 2024.
North American (N.A.) Equities:
Record N.A. Equities net revenue of $110.7 million increased $15.8 million, or 17 percent, from the fourth quarter of 2024, reflecting higher net transaction and clearing fees2, access and capacity fees, and market data fees.
Net transaction and clearing fees2 increased by $5.4 million, or 18 percent, compared to the fourth quarter of 2024. The increase was driven by stronger industry volumes, partially offset by lower market share in on-exchange U.S. Equities as compared to the fourth quarter of 2024.
Cboe's U.S. Equities exchanges had market share of 9.4 percent for the fourth quarter of 2025 compared to 10.8 percent in the fourth quarter of 2024. Cboe's U.S. Equities off-exchange market share was 17.0 percent, up 0.5 percentage points from 16.5 percent in the fourth quarter of 2024. Canadian Equities market share decreased to 12.7 percent as compared to 14.3 percent in the fourth quarter of 2024.
Europe and Asia Pacific (APAC):
Europe and APAC net revenue of $69.9 million increased $13.7 million, or 24 percent, from the fourth quarter of 2024, reflecting growth in net transaction and clearing fees2 and non-transaction revenues. On a constant currency basis3, net revenues were $65.8 million, up 17 percent compared to the fourth quarter of 2024. European Equities average daily notional value ("ADNV") traded on Cboe European Equities was €12.2 billion, up 17 percent compared to the fourth quarter of 2024 given a 16 percent increase in industry market volumes. Cboe Clear Europe net settlement volume reached 3,603.7 thousand shares, up 22 percent from the fourth quarter of 2024. Australian Equities ADNV was 28 percent higher than the fourth quarter of 2024.
For the fourth quarter of 2025, Cboe European Equities had 24.8 percent market share, up compared to 24.6 percent in the fourth quarter of 2024. Cboe Australia had 20.6 percent market share for the fourth quarter of 2025, down from 20.8 percent in the fourth quarter of 2024.
Futures:
Futures net revenue of $33.7 million increased $3.5 million, or 12 percent, from the fourth quarter of 2024 driven by a 13 percent increase in net transaction and clearing fees2.
Net transaction and clearing fees2 increased $3.1 million, reflecting a 16 percent increase in ADV during the quarter.
Global FX:
Record Global FX net revenue of $23.7 million increased $4.3 million, or 22 percent, from the fourth quarter of 2024. The increase was due to higher net transaction and clearing fees2. ADNV traded on the Cboe FX platform was $53.3 billion for the quarter, up 17 percent compared to last year's fourth quarter, and net capture rate per one million dollars traded was $2.95 for the quarter, up 8 percent compared to $2.72 in the fourth quarter of 2024.
(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.
2026 Fiscal Year Financial Guidance1
Cboe provided guidance for the 2026 fiscal year as noted below.
Organic total net revenue growth2 is expected to be in the 'mid single-digit' range in 2026.
Organic net revenue growth2 from Data Vantage is expected to be in the 'mid to high single-digit' range in 2026.
Adjusted operating expenses2 in 2026 are expected to be in the range of $864 to $879 million. The guidance excludes the expected amortization of acquired intangible assets of $63 million; the company adjusts for this amount in its non-GAAP reconciliation.
Depreciation and amortization expense for 2026 is expected to be in the range of $56 to $60 million, excluding the expected amortization of acquired intangible assets.
The effective tax rate on adjusted earnings2 for the full year 2026 is expected to be in the range of 27.5 to 29.5 percent. Significant changes in trading volume, expenses, tax laws or rates, and other items could materially impact this expectation.
Capital expenditures for 2026 are expected to be in the range of $73 to $83 million.
(1)
2026 guidance includes the anticipated impacts from discontinuing U.S. and European Corporate Listings, CEDX, and Cboe's Japanese equities business, as well as the planned cost reductions in U.S. and European ETP Listings businesses and several of Cboe's smaller Risk and Market Analytics businesses, as announced in 2025 and early 2026. 2026 guidance also includes the anticipated business-as-usual financial contribution from Cboe Canada and Cboe Australia, which Cboe announced divestiture plans for in October 2025. 2026 guidance will be updated as further actions are announced.
(2)
Specific quantifications of the amounts that would be required to reconcile the company's organic and inorganic growth guidance, 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. 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, 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 December 31, 2025, the company had cash and cash equivalents of $2,216.5 million and adjusted cash3 of $2,216.8 million. Total debt as of December 31, 2025 was $1,442.9 million.
The company paid cash dividends of $75.8 million, or $0.72 per share, and there were no share repurchases in the fourth quarter of 2025. As of December 31, 2025, the company had approximately $614.5 million of availability remaining under its existing share repurchase authorizations.
Earnings Conference Call
Executives of Cboe Global Markets will host a conference call to review its fourth quarter financial results today, February 6, 2026, at 8:30 a.m. ET/7:30 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 www.cboe.com under Events & 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.
(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.
About 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 North America, Europe, and Asia Pacific. Above all, Cboe is committed to building a trusted, inclusive global marketplace that enables people to pursue a sustainable financial future. To learn more about Cboe, visit www.cboe.com.
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 acquisition, wind-downs, divestitures 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, liquidity, market, investment, counterparty, 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; 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
[email protected]
[email protected]
[email protected]
CBOE-F
Trademarks:
Cboe®, Cboe Global Markets®, Cboe Volatility Index®, Cboe Clear®, Cboe Datashop®, BIDS Trading®, BZX®, BYX®, Cboe Clear®, EDGX®, EDGA®, MATCHNow®, and VIX® 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.
Cboe Global Markets, Inc.
Key Performance Statistics by Business Segment
4Q 2025
3Q 2025
2Q 2025
1Q 2025
4Q 2024
Options
Total industry ADV (in thousands)
66,608
60,798
57,203
58,444
51,635
Total Company Options ADV (in thousands):
19,419
18,775
17,301
18,183
15,673
Multi-listed options
13,965
13,911
12,615
13,412
11,633
Index options
5,454
4,864
4,686
4,771
4,040
Total Options market share:
29.2 %
30.9 %
30.2 %
31.1 %
30.4 %
Multi-listed options
22.9 %
24.9 %
24.0 %
25.0 %
24.5 %
Total Options RPC:
$ 0.317
$ 0.281
$ 0.300
$ 0.287
$ 0.281
Multi-listed options
$ 0.075
$ 0.055
$ 0.068
$ 0.066
$ 0.064
Index options
$ 0.938
$ 0.926
$ 0.923
$ 0.908
$ 0.905
North American Equities
U.S. Equities - Exchange:
Total industry ADV (shares in billions)
18.6
17.6
18.4
15.7
13.6
Market share %
9.4 %
9.8 %
10.5 %
10.5 %
10.8 %
Net capture (per 100 touched shares)
$ 0.018
$ 0.015
$ 0.012
$ 0.014
$ 0.018
U.S. Equities - Off-Exchange:
ADV (touched shares, in millions)
197.0
202.3
125.5
90.6
80.0
Off-Exchange ATS Block Market Share %
17.0 %
17.9 %
14.9 %
17.1 %
16.5 %
Net capture (per 100 touched shares)
$ 0.064
$ 0.064
$ 0.082
$ 0.117
$ 0.126
Canadian Equities:
ADV (matched shares, in millions)
195.9
163.8
150.6
159.6
157.4
Total market share %
12.7 %
12.5 %
12.7 %
13.8 %
14.3 %
Net capture (per 10,000 shares, in Canadian Dollars)
$ 3.962
$ 4.142
$ 4.222
$ 4.250
$ 4.008
Europe and Asia Pacific
European Equities:
Total industry ADNV (Euros - in billions)
€ 49.1
€ 46.1
€ 54.5
€ 55.8
€ 42.3
Market share %
24.8 %
25.4 %
25.1 %
24.8 %
24.6 %
Net capture (per matched notional value (bps), in Euros)
€ 0.278
€ 0.288
€ 0.261
€ 0.252
€ 0.261
Cboe Clear Europe:
Trades cleared (in thousands)
322,339.2
329,293.1
400,935.8
412,072.2
328,976.1
Fee per trade cleared (in Euros)
€ 0.010
€ 0.010
€ 0.008
€ 0.008
€ 0.008
Net settlement volume (shares in thousands)
3,603.7
3,541.9
3,289.3
3,200.7
2,962.6
Net fee per settlement (in Euros)
€ 1.113
€ 1.015
€ 0.956
€ 0.951
€ 1.002
Australian Equities:
ADNV (Australian dollars - in billions)
$ 1.0
$ 1.0
$ 1.0
$ 0.8
$ 0.8
Market share - Continuous
20.6 %
20.6 %
20.0 %
19.4 %
20.8 %
Net capture (per matched notional value (bps), in Australian Dollars)
$ 0.207
$ 0.206
$ 0.160
$ 0.156
