Cboe Global Markets (BATS:CBOE) Announces Earnings Results

Cboe Global Markets (BATS:CBOE) released its earnings results on Friday. The company reported $3.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.93 by $0.13, Zacks reports. Cboe Global Markets had a return on equity of 20.05% and a net margin of 5.77%.

Here are the key takeaways from Cboe Global Markets’ conference call:

• Record results: Cboe reported Q4 net revenue of $671M (+28% YoY) and adjusted diluted EPS of $3.06 (+46%), capping a FY 2025 with record net revenue of $2.4B and adjusted EPS of $10.67.
• Derivatives outperformance: Derivatives net revenue rose 38% in Q4 as SPX activity exploded (zero‑DTE accounted for >61% of SPX volume, SPX ADV hit a record 4.3M contracts) while VIX and Russell 2000 options also saw meaningful volume gains.
• Strong capital position and shareholder returns: Cboe enters 2026 with adjusted cash of $2.2B and 0.9x leverage, returning $350M to shareholders in 2025 via dividends and buybacks and signaling continued capacity for repurchases or M&A.
• 2026 outlook: Management guided to mid‑single‑digit total organic net revenue growth and mid‑to‑high‑single‑digit Data Vantage growth, with adjusted operating expenses of $864–$879M, reflecting modest inflation and room for targeted investments.
• Strategic realignment underway: Cboe is pursuing sales of Cboe Canada and Cboe Australia, has ceased some listings and small businesses, and has decided to wind down CEDEX — actions that are already reflected in the 2026 guidance and reallocate focus/capital to core businesses and emerging opportunities (e.g., prediction markets).

Cboe Global Markets Trading Up 41.2%

Shares of CBOE opened at $273.02 on Friday. Cboe Global Markets has a 12 month low of $181.32 and a 12 month high of $243.71. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.21 and a quick ratio of 1.21. The stock has a market cap of $28.96 billion, a PE ratio of 140.73 and a beta of 0.61. The stock’s 50-day moving average is $259.82 and its two-hundred day moving average is $249.58.

Cboe Global Markets Company Profile

Cboe Global Markets, Inc, through its subsidiaries, operates as an options exchange worldwide. It operates through six segments: Options, North American Equities, Europe and Asia Pacific, Futures, Global FX, and Digital. The Options segment trades in listed market indices. The North American Equities segment trades in listed U.S. and Canadian equities. This segment also offers exchange-traded products (ETP) transaction and listing services. The Europe and Asia Pacific segment provides pan-European listed equities and derivatives transaction services, ETPs, exchange-traded commodities, and international depository receipts, as well as ETP listings and clearing services.