Cboe Global Markets (CBOE) 47th Annual Raymond James Institutional Investor Conference summary

Business performance and growth

• Net revenue reached $2.4 billion in 2025, up 17% year-over-year, with a 12% CAGR over the past 3–4 years, and all business segments contributing to growth.

• Adjusted operating EBITDA reached $1.6 billion (+25% y/y), with margin expansion to 68% in 2025, reflecting strong revenue growth on a relatively fixed cost base.

• Options segment led with $1.5 billion net revenue (+22% y/y), while Data Vantage and Cash/Spot segments also posted double-digit growth.

• Cash equities and global indices businesses saw double-digit net revenue growth, with European equities gaining market share and Cboe Europe Equities achieving a record 25% market share in 2025.

• 2025 adjusted operating expenses increased 5%, well below revenue growth, supporting margin expansion.

Product innovation and market trends

• 0DTE options have become a major growth driver, with 2025 ADV up 51% and representing nearly 60% of SPX activity.

• Options volumes reached record levels: 4.6 billion contracts traded, with SPX options ADV up 25% and ODTE SPX options ADV up 51%.

• Mini-SPX contracts are scaling rapidly, with plans to introduce a more retail-focused event-based contract.

• Multi-listed options ADV grew 24% to a record 13.5 million contracts in 2025.

• Expansion of trading hours and new expiries in single stock options are planned to meet global demand.

Strategic focus and global expansion

• Strategic rationalization led to exiting non-core markets (Australia, Japan, Canada) to focus on core businesses, with announced sales process for Cboe Canada and Cboe Australia in October 2025.

• Emphasis on globalization through regional leadership, broker onboarding in EMEA and APAC, and expanding access.

• Growth initiatives include securities financing transactions in Europe and event-based products leveraging existing liquidity.

• Focus on education and access, especially for retail investors, to drive broader options adoption.

• Continued investment in data businesses, event/prediction markets, tokenization, and clearing as new growth areas.