Cboe Global Markets Reports Results for Second Quarter 2025
07.08.2025 - 18:08:38(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 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 the Exchange for the World Stage, 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 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
atu@cboe.com
tcave@cboe.com
khill@cboe.com
CBOE-F
Trademarks:
Cboe®, Cboe Global Markets®, CFE®, Cboe Volatility Index®, Cboe Clear®, Cboe Datashop®, BIDS Trading®, BZX®, BYX®, EDGX®, EDGA®, The Exchange for the World Stage®, 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
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 %
31.1 %
30.4 %
30.5 %
31.2 %
Multi-listed options
24.0 %
25.0 %
24.5 %
24.0 %
24.6 %
Total Options RPC:
$ 0.300
$ 0.287
$ 0.281
$ 0.298
$ 0.295
Multi-listed options
$ 0.068
$ 0.066
$ 0.064
$ 0.063
$ 0.062
Index options
$ 0.923
$ 0.908
$ 0.905
$ 0.892
$ 0.898
North American Equities
U.S. Equities - Exchange:
Total industry ADV (shares in billions)
18.4
15.7
13.6
11.5
11.8
Market share %
10.5 %
10.5 %
10.8 %
10.9 %
11.4 %
Net capture (per 100 touched shares)
$ 0.012
$ 0.014
$ 0.018
$ 0.024
$ 0.027
U.S. Equities - Off-Exchange:
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 %
17.1 %
16.5 %
17.6 %
17.8 %
Net capture (per 100 touched shares)
$ 0.082
$ 0.117
$ 0.126
$ 0.135
$ 0.136
Canadian Equities:
ADV (matched shares, in millions)
150.6
159.6
157.4
135.9
150.6
Total market share %
12.7 %
13.8 %
14.3 %
14.6 %
15.0 %
Net capture (per 10,000 shares, in Canadian Dollars)
$ 4.222
$ 4.250
$ 4.008
$ 4.240
$ 4.046
Europe and Asia Pacific
European Equities:
Total industry ADNV (Euros - in billions)
€ 54.5
€ 55.8
€ 42.3
€ 38.9
€ 42.6
Market share %
25.1 %
24.8 %
24.6 %
23.8 %
22.5 %
Net capture (per matched notional value (bps), in Euros)
€ 0.261
€ 0.252
€ 0.261
€ 0.257
€ 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)
€ 0.008
€ 0.008
€ 0.008
€ 0.008
€ 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)
€ 0.956
€ 0.951
€ 1.002
€ 1.026
€ 1.038
Australian Equities:
ADNV (AUD - in billions)
$ 1.0
$ 0.8
$ 0.8
$ 0.8
$ 0.8
Market share - Continuous
20.0 %
19.4 %
20.8 %
20.8 %
20.8 %
Net capture (per matched notional value (bps), in Australian Dollars)
$ 0.160
$ 0.156
$ 0.154
$ 0.156
$ 0.155
Japanese Equities:
ADNV (JPY - in billions)
¥ 213.7
¥ 323.8
¥ 263.8
¥ 323.3
¥ 315.2
Market share - Lit Continuous
3.6 %
5.4 %
4.9 %
5.4 %
5.5 %
Net capture (per matched notional value (bps), in Yen)
¥ 0.215
¥ 0.242
¥ 0.233
¥ 0.221
¥ 0.229
Futures
ADV (in thousands)
220.8
249.4
206.4
273.7
253.6
RPC
$ 1.673
$ 1.740
$ 1.765
$ 1.767
$ 1.757
Global FX
ADNV ($ - in billions)
$ 55.9
$ 51.9
$ 45.6
$ 48.3
$ 47.7
Net capture (per one million dollars traded)
$ 2.81
$ 2.77
$ 2.72
$ 2.66
$ 2.69
*In the second quarter of 2025, Digital futures products were transitioned to 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.
U.S. Equities - Exchange, "net capture per 100 touched shares" refers to transaction fees less liquidity payments and routing and clearing costs divided by the product of one-hundredth ADV of touched shares on BZX, BYX, EDGX and EDGA and the number of trading days. U.S. Equities – Off-Exchange data reflects BIDS Trading. For U.S. Equities – Off-Exchange, "net capture per 100 touched shares" refers to transaction fees less order and execution management system (OMS/EMS) fees and clearing costs divided by the product of one-hundredth ADV of touched shares on BIDS Trading and the number of trading days for the period.
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.
Asia Pacific data reflects data from Cboe Australia and Cboe Japan. Australian Equities, "net capture per matched notional value" refers to transaction fees less liquidity payments in Australian dollars divided by the product of ADNV in Australian dollars of shares matched on Cboe Australia and the number of Australian Equities trading days. Japanese Equities, "net capture per matched notional value" refers to transaction fees less liquidity payments in Japanese Yen divided by the product of ADNV in Japanese Yen of shares matched on Cboe Japan and the number of Japanese Equities trading days.
Global FX, "net capture per one million dollars traded" refers to transaction fees less liquidity payments, if any, divided by the Spot and SEF products of one-thousandth of ADNV traded on the Cboe FX Markets and the number of trading days, divided by two, which represents the buyer and seller that are both charged on the transaction.
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.
Cboe Global Markets, Inc. and Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)
Three and Six Months Ended June 30, 2025 and 2024
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
$ 487.6
$ 386.4
$ 988.5
$ 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 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
—
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
$ 233.9
$ 139.7
$ 483.3
$ 348.0
Net Income Per Share Allocated to Common Stockholders:
Basic earnings per share
$ 2.23
$ 1.33
$ 4.62
$ 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
Cboe Global Markets, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
June 30, 2025 and December 31, 2024
(in millions)
June 30,
2025
December 31,
2024
Assets
Current Assets:
Cash and cash equivalents
$ 1,256.3
$ 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 $30.2 at June 30, 2025 and $— at December 31, 2024)
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
$ 9,048.3
$ 7,789.1
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable and accrued liabilities
$ 467.3
$ 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
—
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
—
—
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
$ 9,048.3
$ 7,789.1
Table 3
Net Transaction and Clearing
Fees by Business Segment
Three Months Ended
June 30, 2025 and 2024
(in millions)
Consolidated
June 30,
Options
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