Cboe Global Markets ( (CBOE) ) has released its Q2 earnings. Here is a breakdown of the information Cboe Global Markets presented to its investors.
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Cboe Global Markets, Inc., a leading derivatives and securities exchange network, provides trading, clearing, and investment solutions across various asset classes globally, including equities, derivatives, and FX. In its second quarter of 2025 earnings report, Cboe Global Markets announced a record net revenue of $587.3 million, marking a 14% increase from the previous year. The company’s diluted earnings per share (EPS) rose by 68% to $2.23, primarily due to the absence of a non-recurring impairment of intangible assets that occurred in 2024. Adjusted diluted EPS also saw a 14% increase, reaching $2.46.
Key financial metrics highlighted in the report include a 17% growth in derivatives net revenue, driven by robust options trading volumes, and an 11% increase in both Data Vantage and Cash and Spot Markets net revenue. The company also reported a decrease in total operating expenses to $248.2 million, down from $303.7 million in the previous year, largely due to the prior year’s impairment charges. Cboe’s effective tax rate for the quarter was slightly lower at 29.7% compared to 30.8% in 2024.
In terms of strategic announcements, Cboe has increased its 2025 organic total net revenue growth target to high single digits and reaffirmed its Data Vantage organic net revenue growth target of mid to high single digits. The company also lowered its full-year adjusted operating expense guidance to between $832 million and $847 million. Additionally, Cboe announced its decision to wind down its Japanese equities business, which is expected to have an immaterial impact on its financial guidance for 2025.
Looking ahead, Cboe Global Markets remains optimistic about its financial priorities and market positioning. The company plans to continue leveraging its strong performance in the first half of the year to deliver long-term value for shareholders and maintain its leadership in the global exchange ecosystem.