Cboe reported strong financial performance with record-breaking revenue growth across its segments, cost management improvements, and positive developments in the derivatives and data businesses. However, challenges such as the closure of the Japan equities business and a decline in futures segment revenue were noted. Despite these challenges, the company's strategic focus and financial discipline suggest a positive outlook.

Company Guidance -

Q3 2025

During Cboe Global Markets' second quarter earnings call, the company reported a record net revenue of $587 million, marking a 14% year-over-year increase, with adjusted diluted EPS also growing by 14% to $2.46. This growth was driven by a 17% increase in derivatives market revenue, an 11% rise in Data Vantage, and an 11% boost in cash and spot markets. The options segment saw a 19% year-over-year growth in net revenue, supported by a 20% increase in total options ADV. Additionally, Cboe's Europe and Asia Pacific segment experienced a 30% year-over-year revenue increase. The company adjusted its full-year expense guidance to a range of $832 million to $847 million, reflecting disciplined expense management and strategic business decisions, such as closing its Japan equities business. It also raised its full-year organic net revenue growth guidance to high single digits. Cboe maintained a strong financial position with $1.2 billion in adjusted cash and a leverage ratio of 1.0x, having repurchased $35 million in shares and returned $66 million to shareholders in dividends during the quarter.

Record-Breaking Revenue and Growth

Cboe grew net revenue 14% year-over-year to a record $587 million and adjusted diluted EPS by 14% to $2.46, driven by robust volumes in derivatives, strong new sales growth in the Cboe Data Vantage business, and disciplined expense management.

Derivatives Franchise Success

The Derivatives franchise delivered a record quarter with organic net revenue increasing 17% year-over-year. Options volumes increased, with SPX options volumes jumping 21% year-over-year to a new record average daily volume of 3.7 million contracts.

Cash and Spot Markets Growth

Second quarter net revenue was up 11%, with the European cash equities business driving robust performance. The Europe and Asia Pacific segment delivered the strongest year-over-year percentage growth of any Cboe segment for the fourth quarter in a row, achieving a 30% increase.

Cboe Data Vantage Growth

Net revenue for the Data Vantage business improved by 11% year-over-year, driven by international demand and strong new subscription and unit sales.

Cost Management and Expense Guidance

Cboe lowered its full-year expense guidance range due to disciplined cost management and the decision to close the Japanese equities business, resulting in potential annual savings of $10 million to $12 million.

Cboe Global Markets (CBOE) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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CBOE Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 31, 2025	2025 (Q3)	2.37 / -	2.22	―	―	―
Aug 01, 2025	2025 (Q2)	2.44 / 2.46	2.15	14.42% (+0.31)
May 02, 2025	2025 (Q1)	2.37 / 2.50	2.15	16.28% (+0.35)
Feb 07, 2025	2024 (Q4)	2.13 / 2.10	2.06	1.94% (+0.04)
Nov 01, 2024	2024 (Q3)	2.19 / 2.22	2.06	7.77% (+0.16)
Aug 02, 2024	2024 (Q2)	2.10 / 2.15	1.78	20.79% (+0.37)
May 03, 2024	2024 (Q1)	2.04 / 2.15	1.9	13.16% (+0.25)
Feb 02, 2024	2023 (Q4)	2.04 / 2.06	1.8	14.44% (+0.26)
Nov 03, 2023	2023 (Q3)	1.86 / 2.06	1.74	18.39% (+0.32)
Aug 04, 2023	2023 (Q2)	1.77 / 1.78	1.67	6.59% (+0.11)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

CBOE Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 01, 2025	$241.04	$247.79	+2.80%
May 02, 2025	$220.60	$225.76	+2.34%
Feb 07, 2025	$205.80	$209.95	+2.02%
Nov 01, 2024	$211.72	$208.18	-1.67%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Cboe Global Markets Inc (CBOE) report earnings?

Cboe Global Markets Inc (CBOE) is schdueled to report earning on Oct 31, 2025, Before Open (Confirmed).

What is Cboe Global Markets Inc (CBOE) earnings time?

Cboe Global Markets Inc (CBOE) earnings time is at Oct 31, 2025, Before Open (Confirmed).

Where can I see when companies are reporting earnings?

You can see which companies are reporting today on our designated earnings calendar.

What companies are reporting earnings today?

You can see a list of the companies which are reporting today on TipRanks earnings calendar.

What is CBOE EPS forecast?

CBOE EPS forecast for the fiscal quarter 2025 (Q3) is 2.37.

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