Total Revenue

+25%

Total revenue increased from $957.2M to $1,195.0M in Q1 2025, driven by robust growth across all revenue segments. This improvement builds on previous period gains, where fee rate increases and higher trading volumes began to drive revenue, and now the cumulative effect—particularly from higher Options, Equities, and Cash & Spot Markets revenues—has accelerated overall growth. " "

Options Revenue

+22%

Options revenue climbed from $477.4M to $584.6M, largely due to a significant rise in average daily volumes (ADV) and enhanced pricing mechanisms compared to Q1 2024. The gains reflect a sustained upward trend from prior period improvements in multi-listed and index options ADV, which have now resulted in stronger net transaction and clearing fees. " "

North American Equities

+32%

North American Equities revenue increased from $349.6M to $460.1M, driven by higher access and capacity fees, improved proprietary market data revenue, and increased client activity. This acceleration over the previous period indicates that earlier challenges around market share were overcome by improvements in fee structures and increased trading volumes in U.S. equities. " "

Cash and Spot Markets

+32%

Cash and Spot Markets revenue rose from $380.9M to $500.9M, primarily due to a steep increase in regulatory fees and a strong performance in transaction and clearing fees. Compared to Q1 2024, much higher Section 31 fee rates and increased trading activity on both U.S. and European exchanges have played a critical role, building on prior period trends where volume increases were already evident. " "

Derivatives Markets Revenue

+24%

Derivatives Markets revenue advanced from $436.1M to $541.6M as a result of higher trading volumes and increased fee rates, notably in regulatory fees that had started to elevate in previous periods. The cumulative effect of enhanced transaction and clearing fees, improved index and futures trading activity, and renewed pricing adjustments has driven this 24% increase. " "

Operating Income

+25%

Operating income improved from $282.4M to $353.9M, reflecting not only higher revenues but also better cost management and margin expansion. The growth builds on earlier period trends where increased revenue less cost of revenues was partly offset by rising expenses; in Q1 2025, optimized expenses (such as lower depreciation and promotional fees) helped push operating income higher. " "

Net Income & Basic EPS

+20%; EPS from 1.97 to 2.38

Net income increased from $209.5M to $250.6M with basic EPS rising accordingly, underpinned by stronger revenue performance and improved operating margins. This reflects an overall operational efficiency where prior period challenges of rising operating expenses and tax provisions have been mitigated by more robust revenue growth across all segments. " "

Total Organic Net Revenue Growth

FY 2025

mid-single-digit range "

mid- to high single digits "

raised

Data Advantage Organic Net Revenue Growth

FY 2025

mid- to high single-digit range " "

mid- to high single digits "

no change

Adjusted Operating Expenses

FY 2025

$837 million to $852 million "

$837 million to $852 million "

no change

Capital Expenditures (CapEx)

FY 2025

$75 million to $85 million "

$75 million to $85 million "

no change

Depreciation and Amortization

FY 2025

$55 million to $59 million "

$55 million to $59 million "

no change

Effective Tax Rate

FY 2025

28.5% to 30.5% "

28.5% to 30.5% "

no change

Interest Expense (Net of Interest Income)

Q2 2025

no prior guidance

$2 million to $3 million "

no prior guidance

Leadership Transition

Q4 2024 discussions detailed the CEO succession plan with Frederic Tomczyk outlining a thoughtful and disciplined process, including the use of a search firm and planned advisory roles. " " There was no mention in Q2 2024.

Q1 2025 clearly announced the appointment of Craig Donohue as CEO with a defined transition process and an advisory role for Tomczyk, emphasizing decades of global experience. " " " "

More decisive and detailed, with a clear leadership handoff reinforcing organizational stability, shifting from planning to execution.

Global Expansion

Q4 2024 emphasized expanding presence in Asia Pacific, Europe and Canada through local broker onboarding, educational tools, and regulatory moves. " " " Q2 2024 focused on leveraging exchange technology to penetrate markets including Asia Pacific and Europe and highlighted local sales initiatives. " " "

Q1 2025 further strengthened international initiatives – new client onboarding in Korea and Taiwan, strong demand for data in Asia Pacific, and continued investments in local sales teams and digital marketing. " " " " "

Consistently prioritized, with an increased emphasis on Asia Pacific growth and deeper investment in local sales; sentiment remains positive and expansion-oriented.

Retail Options Trading and 0 DTE

Q4 2024 highlighted the successful Robinhood partnership and robust retail adoption of SPX, VIX, and XSP options with increasing attention to shorter-duration products. " " " Q2 2024 mentioned the upcoming index options launch on Robinhood and noted a positive mix shift among retail brokerages. " "

Q1 2025 reported record growth in 0 DTE options (29% YoY, 55% share of SPX volume) alongside disciplined retail trading behavior and expanded usage across the full options toolkit on platforms like Robinhood. " " " "

Showing sustained momentum and innovation, with retail adoption and short-term options trading growing robustly; the focus has shifted toward capturing rapid growth and engaging retail investors even more.

Regulatory Challenges and Extended Trading Hours

Q4 2024 stressed regulatory hurdles—such as SEC approvals and consolidated tape readiness—for a 24x5 trading schedule, while Q2 2024 discussed jurisdictional approvals and obstacles for crypto ETF options and other products. " " " " "

Q1 2025 did not explicitly address regulatory challenges but highlighted record index option volume during extended global trading hours, suggesting operational progress beyond earlier regulatory concerns. "

Shift from a regulatory hurdle to operational achievements, indicating that earlier challenges are being resolved and emphasis is moving toward leveraging extended trading hours for growth.

Competitive Pressure

Q4 2024 indirectly touched on pricing adjustments and retail education strategies in a competitive landscape, while Q2 2024 underlined Cboe’s competitive advantages with a $16 trillion AUM benchmark and its comprehensive volatility toolkit. " " "

Q1 2025 explicitly addressed competitive pressures—including competitors launching similar products—while reaffirming Cboe’s deep liquidity, diverse strategy offerings, and robust ecosystem as key competitive differentiators. "

Greater market awareness combined with confidence, as competitive pressures are acknowledged but offset by strong innovation, liquidity, and a well-established ecosystem.

Data Business and Cloud Services

Q4 2024 reported 7–8% organic net revenue growth in its Data Advantage business with significant contributions from international sales and advancements in Cboe Global Cloud. " " " Q2 2024 discussed modest growth driven by delayed sales cycles and highlighted strategic cloud-enabled initiatives. " "

Q1 2025 celebrated over 8% organic net revenue growth, a 47% increase in annual contract value, and noted that 55% of new data sales were international, underpinned by strong cloud distribution capabilities. " " " " "

Consistent and upward trending, with cloud services increasingly integral to driving international data sales and overall revenue growth.

Expense Pressure and Margin Management

Q4 2024 noted a 7% increase in adjusted operating expenses due to higher travel, promotional, and technology costs with steady margin stabilization, while Q2 2024 emphasized disciplined cost management and margin expansion despite modest expense increases. " " " "

Q1 2025 reported flat operating expenses with a 20% year-over-year growth in adjusted operating EBITDA and an expanded margin, alongside reaffirmed guidance for full-year expenses. " " "

Strong cost discipline maintained, with margins improving through effective expense management even as targeted investments continue; sentiment remains focused on sustainable efficiency.

Volatility Options Demand and Hedging Tools

Q4 2024 detailed record SPX and VIX options volumes along with growing use of 0 DTE options and emphasized the utility of the S&P volatility toolkit during uncertain market periods. " " " " Q2 2024 provided detailed evidence of growing VIX options volume, significant hedging activity, and plans for new product innovations such as options on VIX futures. " " "

Q1 2025 reported record volumes in SPX and VIX options, a 29% YoY increase in 0 DTE trading (comprising 55% of overall SPX volume), and notable institutional engagement with innovative hedging tools including new Bitcoin index options. " " " " " "

Persistent and robust, with innovation and product expansion keeping volatility options and hedging tools highly attractive for managing market risks, driven by enduring geopolitical and macroeconomic uncertainties.