Cboe Reports Record Q1’25 Net Revenue of $565.2 Million, Up by 13%

Cboe Global Markets has reported record financial results for the first quarter of 2025, with net revenue rising 13 percent to $565.2 million and diluted earnings per share increasing 21 percent year-over-year to $2.37.

Adjusted diluted EPS reached $2.50, up 16 percent, driven by strong performance across derivatives, cash and spot markets, and the Data Vantage segment.

“The second quarter is off to a robust start…”

Fredric Tomczyk, Chief Executive Officer, commented, “In the first quarter, Cboe reported record quarterly net revenue of $565 million, record diluted EPS of $2.37, and record adjusted diluted EPS of $2.50, with strong results from each of our Derivatives, Cash and Spot Markets, and Data Vantage categories. Following a record 2024, net revenue grew 13 percent, diluted EPS increased 21 percent and adjusted diluted EPS increased 16 percent year-over-year in the first quarter of 2025 as investors utilized Cboe’s product suite to help navigate dynamic macroeconomic and geopolitical conditions. The second quarter is off to a robust start, and we look forward to continuing to execute on our strategic vision by providing clients with a diverse toolkit of products for any market environment.”

The company raised its 2025 organic total net revenue growth target to the mid to high single-digit range, up from mid-single digits previously. Guidance for adjusted operating expenses was reaffirmed between $837 and $852 million, and Data Vantage revenue growth remains targeted within the mid to high single digits.

“Record trading volumes across our multi-listed and proprietary options products”

Jill Griebenow, Chief Financial Officer, said, “The broad-based strength of our business model was on display during the first quarter, resulting in quarterly records for total net revenue and adjusted diluted EPS. Derivatives net revenue grew 16 percent as we saw record trading volumes across our multi-listed and proprietary options products. Cash and Spot Markets net revenue increased 10 percent, and Data Vantage recorded 8 percent net revenue growth. Moving forward, we are increasing our organic total net revenue growth guidance range to mid to high single digits from mid single digits, and we are reaffirming our Data Vantage organic net revenue growth range of mid to high single digits for 2025. In addition, we are reaffirming our full year adjusted operating expense guidance range of $837 to $852 million. We are pleased with the strong start to the year and remain focused on producing durable shareholder returns in the quarters ahead.”

Operating income rose 25 percent to $353.9 million. Adjusted operating income totaled $372.8 million, with an adjusted operating margin of 66.0 percent. Operating EBITDA reached $384.2 million, a 20 percent year-over-year increase.

By business segment, options net revenue rose 15 percent to $352.4 million, supported by a 23 percent increase in total options average daily volume. Futures revenue increased 8 percent, Global FX grew 16 percent, and the Europe and Asia Pacific region posted an 18 percent gain.

North American Equities revenue increased modestly by 2 percent, although market share declined to 10.5 percent, down from 12.8 percent in the same quarter last year. The firm attributed this decline to higher off-exchange activity and the platform migration in Canada.

Cash and cash equivalents totaled $1.05 billion at the end of the quarter. Cboe returned $96.4 million to shareholders through dividends and share repurchases. The company repurchased 145,000 shares during the quarter and has $649.8 million remaining under its current buyback authorization.

Cboe reaffirmed its full-year 2025 guidance for adjusted operating expenses, depreciation and amortization, and effective tax rate. The company expects capital expenditures between $75 and $85 million.