Executive Summary

Record quarter: net revenue $605.5m (+14% y/y), adjusted EPS $2.67 (+20% y/y), operating margin expanded 340 bps to 61.2% on GAAP and 360 bps to 65.3% on adjusted basis . Derivatives (+15% y/y) and Data Vantage (+12% y/y) led growth; Cash & Spot +14% y/y .
Estimates beat: Adjusted EPS $2.67 vs S&P Global consensus $2.53*; net revenue $605.5m vs S&P Global revenue consensus $592.4m*; adjusted operating EBITDA $409.0m vs S&P Global EBITDA consensus $386.5m* (see Estimates Context) . Values retrieved from S&P Global.
Guidance raised/lowered: 2025 organic total net revenue growth raised to “low double-digit to mid-teens”; Data Vantage growth raised to “high single-digit to low double-digit”; adjusted opex lowered to $827–$842m; capex and D&A also lowered; tax-rate guidance reaffirmed .
Strategic realignment: Begin sale processes for Cboe Australia and Cboe Canada; exit U.S. and European corporate listings; trim costs in ETP listings, Cboe Europe Derivatives, and smaller analytics businesses; expected annualized ~3% revenue reduction but ~8–10% adjusted opex reduction (baseline: 2025 guidance) . Narrative catalyst centers on refocus to core derivatives, expense discipline, and higher-growth adjacencies (retail, data, product innovation) .

What Went Well and What Went Wrong

What Went Well

Options franchise momentum: Options net revenue +19% y/y to $380.8m on total options ADV +26%, with index options ADV +15% and multi‑listed options ADV +31% . “Cboe produced a third consecutive quarter of record net revenue to drive record diluted EPS and adjusted diluted EPS” — CFO Jill Griebenow .
Data Vantage durability: Net revenue +12% y/y; nearly 90% of growth driven by new unit and new sales (not pricing) per prepared remarks on the call script .
Broader raise/lower: Company raised 2025 organic net revenue growth and Data Vantage growth ranges and lowered adjusted opex, D&A (ex-acquired intangibles), and capex — signaling operational leverage and disciplined spend .

What Went Wrong

Futures softness: Futures net revenue fell 22% y/y on ADV –27% and lower transaction/clearing fees .
Mix pressure on options RPC: Total options RPC declined 6% y/y as index options represented a lower share of total options volume (mix shift) .
U.S. equities share/capture: U.S. on-exchange equities market share declined to 9.8% (from 10.9% y/y) amid higher industry off‑exchange share; off-exchange net capture also trended lower vs earlier quarters .

Financial Results

Headline metrics vs prior periods and S&P Global consensus

Metric	Q3 2024	Q2 2025	Q3 2025	S&P Consensus*
Net Revenue (Revenues less cost of rev.) ($m)	532.0	587.3	605.5	592.4*
Diluted EPS ($)	2.07	2.23	2.85	—
Adjusted Diluted EPS ($)	2.22	2.46	2.67	2.53*
Operating Margin (%)	57.8%	57.7%	61.2%	—
Adjusted Operating Margin (%)	61.7%	63.7%	65.3%	—
Operating Expenses ($m)	224.6	248.2	235.2	—
Adjusted Operating Expenses ($m)	204.0	213.3	210.2	—
Operating EBITDA ($m)	339.2	369.0	401.2	—
Adjusted Operating EBITDA ($m)	339.1	386.7	409.0	386.5*

Q3 beats: Adjusted EPS beat by ~$0.14 vs $2.53*; Net revenue beat by ~$13.1m vs $592.4m*; Adjusted operating EBITDA beat by ~$22.5m vs $386.5m*. Values retrieved from S&P Global.

Segment net revenue (Q3 2025 vs Q3 2024)

Segment Net Revenue ($m)	Q3 2024	Q3 2025
Options	320.9	380.8
North American Equities	98.0	103.5
Europe & APAC	55.6	69.1
Futures	38.0	29.6
Global FX	20.0	22.5
Total Net Revenue	532.0	605.5

KPIs (operating drivers)

KPI	Q1 2025	Q2 2025	Q3 2025
Total Options ADV (000s)	18,183	17,301	18,775
Index Options ADV (000s)	4,771	4,686	4,864
Total Options Market Share (%)	31.1	30.2	30.9
Total Options RPC ($)	0.287	0.300	0.281
U.S. Equities – Exchange Market Share (%)	10.5	10.5	9.8
U.S. Equities – Off-Exchange ATS Block Share (%)	17.7	15.2	16.6
U.S. Off-Exchange Net Capture ($/100 touched shrs)	0.117	0.082	0.064
European Equities Market Share (%)	24.8	25.1	25.4
Futures ADV (000s)	249.4	220.8	200.7
Futures RPC ($)	1.740	1.673	1.745
Global FX ADNV ($bn)	51.9	55.9	49.9
Global FX Net Capture ($/mm)	2.77	2.81	2.89

Non‑GAAP adjustments in Q3 included: amortization of acquired intangibles ($17.2m), impairment of assets ($4.5m), executive compensation adjustment ($0.6m), wind‑down related costs ($2.5m), and a negative adjustment reflecting investment gains (–$51.0m), among other items .

Guidance Changes

Metric	Period	Previous Guidance (Q2’25)	Current Guidance (Q3’25)	Change
Organic Total Net Revenue Growth	FY2025	High single-digit	Low double‑digit to mid‑teens	Raised
Data Vantage Organic Net Revenue Growth	FY2025	Mid to high single‑digit	High single‑digit to low double‑digit	Raised
Adjusted Operating Expenses ($m)	FY2025	$832–$847	$827–$842	Lowered
Depreciation & Amortization excl. acquired intangibles ($m)	FY2025	$53–$57	$50–$54	Lowered
Effective Tax Rate on Adjusted Earnings (%)	FY2025	28.5–30.5 (reaffirmed)	28.5–30.5 (reaffirmed)	Maintained
Capital Expenditures ($m)	FY2025	$75–$85	$73–$83	Lowered
Dividend per share	Q4 2025	Prior payout $0.63 paid in Q2	Declared $0.72 for Q4’25	Raised

Strategic actions (expected annualized impact vs 2025 guided ranges): ~3% reduction in net revenue and ~8–10% reduction in adjusted opex inclusive of Japan wind‑down .

Earnings Call Themes & Trends

Topic	Q1 2025 (Q‑2)	Q2 2025 (Q‑1)	Q3 2025 (Current)	Trend
Options momentum & 0DTE	Broad strength; SPX +13% ADV; XSP +61%; VIX options +33%; 0DTE adoption rising	Options net revenue +19%; total options ADV +20%; SPX demand strong; Japan wind‑down announced	Record options: ADV +26% y/y; SPX/XSP quarterly records; 0DTE growth tied to product design and market structure	Improving
Data Vantage	Organic growth >8% with new products (dedicated cores, time stamping)	+11% y/y; reaffirmed growth range	+12% y/y; ~90% growth from new sales; growth range raised	Improving
Multi‑listed options competition	Focused execution; market share leadership maintained	U.S. on‑exchange share 10.5%; multi‑listed RPC +10 bps y/y	Management highlighting renewed ML focus; competitive adds to team; industry moving to ~20 exchanges in early 2026	Mixed
International strategy	Expansion in APAC; onboarding clients in Korea/Taiwan; international data sales +	Wind‑down Cboe Japan; Europe share 25.1%	Portfolio realignment: begin sale of Australia/Canada; maintain Europe leadership (25.4% share)	Refocus
Futures	Q1 growth +8%	–14% y/y on lower ADV	–22% y/y on lower ADV; RPC stable	Deteriorating
Retail/alt products	—	—	New SVP to lead retail expansion and alt products (event, prediction, crypto derivatives, tokenized)	Emerging
Regulatory/tax	—	—	Adjusted ETR guidance reaffirmed; actual adjusted ETR 30.4% (up y/y on uncertain tax positions)	Stable

Management Commentary

“This strategic realignment of our business portfolio and human capital ensures Cboe is well positioned to succeed in a dynamic and evolving market and supports our long-term vision to be a global derivatives leader.” — CEO Craig Donohue .
“Adjusted operating EBITDA of $409 million grew 21% and adjusted operating EBITDA margin expanded by 3.8 percentage points to 67.5% versus the third quarter of 2024.” — CFO Jill Griebenow .
“Nearly 90% of the growth across our market data and access businesses was driven by new unit and new sales as opposed to pricing.” — Prepared remarks (earnings script) .
On retail expansion: Cboe appointed JJ Kinahan to lead a new vertical focused on event-based trading, prediction markets, crypto derivatives, and tokenized instruments .

Q&A Highlights

Multi‑listed options competitiveness: Management emphasized deeper focus/investment and key hires to enhance positioning in a highly competitive multi-listed landscape (industry moving toward ~20 exchanges in 2026) .
Trading hours expansion: Cboe filed to add pre‑open (7:30–9:25 ET) and post‑close (4:00–4:15 ET) U.S. equity options sessions, starting with ~25 large, liquid names — a step toward broader 24x5 access .
Global footprint: Realignment shifts emphasis toward U.S./Europe with commitment to European leadership; expected financial impact of actions implies divested units around break‑even on profitability (revenue –3%, opex –8–10% run‑rate) .
New markets: Management outlined building toward prediction markets and digital assets (financial/economic contracts first), with potential inorganic steps to scale .

Estimates Context

Adjusted EPS: $2.67 actual vs $2.53 S&P Global consensus mean* (beat ~$0.14). Values retrieved from S&P Global.
Revenue: Cboe’s reported net revenue (revenue less cost of revenue) was $605.5m; S&P Global Revenue Consensus Mean is $592.4m* for Q3’25, which aligns with the industry practice of modeling Cboe on net revenue, implying a ~$13.1m beat. Values retrieved from S&P Global. Actual net revenue from company materials: $605.5m .
EBITDA: Adjusted operating EBITDA $409.0m vs S&P Global EBITDA Consensus Mean $386.5m* (beat ~$22.5m). Values retrieved from S&P Global. Company actual: $409.0m .
Note: Cboe also reports Total Revenues ($1,141.7m) and “Revenues less cost of revenues” (Net Revenue, $605.5m); Street models typically compare on Net Revenue for Cboe .

Key Takeaways for Investors

Core derivatives engine is accelerating: record options volumes, expanding adjusted margins, and raised organic growth guidance support positive estimate revisions and multiple support .
Expense discipline as an earnings lever: lowered adjusted opex, D&A, and capex guidance point to continued operating leverage into Q4 and FY25 exit rates .
Strategic portfolio pruning: exiting/lowering exposure to lower‑return or non-core units (Canada, Australia, Japan, certain listings/derivatives initiatives) should streamline focus and improve profitability mix (~8–10% opex run‑rate reduction) .
Watch futures: continued weakness in futures ADV offset by stable RPC; recovery or product refresh/launches (e.g., Magnificent 10/continuous futures per Nov releases) could alter trajectory .
U.S. equities headwinds: lower on‑exchange share and net capture warrant monitoring; initiatives in pre/post trading hours and retail-focused products may help offset over time .
Data Vantage quality of growth: majority from new units/sales (not price) plus raised growth range enhances durability and visibility of non‑transaction revenues .
Near‑term catalysts: execution on divestitures, further product launches, potential approval of expanded trading hours, and quarterly volumes/RPC prints (monthly updates) .

Appendix: Primary Sources Read

8‑K 2.02 and press release: Q3’25 results and strategic realignment .
Prior quarters: Q2’25 8‑K/PR ; Q1’25 8‑K/PR .
Other Q3’25 releases: dividend declaration ($0.72) ; September volumes & RPC guide ; leadership appointments ; retail market expansion hire .
Earnings call: Prepared remarks (earnings script PDF) and transcript coverage .

Footnote: Asterisked consensus figures are Values retrieved from S&P Global.

Cboe Global Markets, Inc. (CBOE)·Q3 2025 Earnings Summary