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Cboe Global Markets
Cboe Global Markets (CBOE) investor relations material
Cboe Global Markets Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary6 Feb, 2026
Executive summary
Achieved record net revenue of $671.1M in Q4, up 28% year-over-year, and $2.43B for the full year, up 17%, with strong growth across derivatives, data, and cash/spot markets.
Adjusted diluted EPS reached $3.06 in Q4, up 46% year-over-year, and $10.67 for the year, up 24%.
Strategic realignment underway, including sales processes for Australia and Canada businesses, closure of CEDX, and divestiture of certain business lines.
Leadership transition with new COO and head of Cash and Spot Markets, strengthening management team.
Record diluted EPS of $2.97 for Q4 2025, up 60% year-over-year, and $10.42 for the full year, up 45%.
Financial highlights
Derivatives net revenue grew 38% year-over-year in Q4; multi-list options revenue up 41%, index options up 40%.
Cash and Spot Markets net revenue up 27% year-over-year, with strong growth in Europe, APAC, and Global FX.
Data Vantage net revenue up 9% year-over-year in Q4, with 90% of growth from new sales and new product launches.
Adjusted operating EBITDA of $465M in Q4, up 40%, with margin expanding to 69.2%.
Q4 net income allocated to common stockholders was $312.2M, up 60% year-over-year; adjusted net income was $321.0M, up 45%.
Outlook and guidance
2026 organic net revenue growth expected in the mid-single digits; Data Vantage organic growth in mid to high single digits.
Adjusted operating expense guidance for 2026: $864M–$879M, up 3.3%–5.1%.
CapEx guidance for 2026: $73M–$83M; depreciation and amortization: $56M–$60M.
Effective tax rate expected at 27.5%–29.5% for 2026.
Small revenue contribution from new event prediction contracts expected in 2026, with ramp-up over time.
Explain market share declines in Options, NA Equities
Impact of divestitures on 2026 expense guidance
How do RPC/capture rates offset market share loss
Prediction market product differentiation strategy?
Single name 0DTE impact on index options
Strategic realignment impact on 2026 guidance?
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Next Cboe Global Markets earnings date
Q1 20261 May, 2026
Cboe Global Markets
Next Cboe Global Markets earnings date
Q1 20261 May, 2026
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Frequently asked questions
Cboe Global Markets operates as an options exchange in the United States. The company provides trading platforms and services for the purchase and sale of options contracts on various market indexes; and futures contracts on the CBOE Volatility Index, as well as it facilitates the trading of shares of ETFs. Cboe Global Markets, Inc. was founded in 1973 and is headquartered in Chicago, Illinois.
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