Cboe Global Markets (CBOE) Company Report

Cboe delivered record Q4 net revenue of $671 M (+28% YoY) and adjusted diluted EPS of $3.06 (+46%), capping a full-year net revenue of $2.4 B (+17%) and EPS of $10.67 (+24%).
In Q4 2025, the Derivatives segment grew net revenue 38% YoY, with SPX options ADV at a record 4.3 M contracts and 0DTE strategies comprising over 61% of SPX volume; Cash & Spot Markets revenue rose 27%, and Data Vantage net revenue increased 9%.
2026 guidance includes total organic net revenue growth in the mid-single-digit range (Data Vantage mid-to-high single digits), adjusted operating expenses of $864 M–$879 M (+3.3%–5.1%), CapEx $73 M–$83 M, and D&A $56 M–$60 M.
Announced strategic realignment: initiated sales processes for Cboe Canada and Australia, decided to wind down CEDX, and introduced leadership changes with Heidi Fischer as Cash & Spot Markets head and Scott Johnston as COO (Chris Isaacson to serve as advisor).

8 hours ago

Transcript

Cboe Global Markets reports record Q4 2025 results

CBOE

Earnings

Guidance Update

Management Change

Cboe posted Q4 net revenue of $671 million (+28% YoY) and adjusted diluted EPS of $3.06 (+46% YoY).
For FY 2025, net revenue reached $2.4 billion (+17% YoY) and adjusted diluted EPS was $10.67 (+24% YoY).
In Q4, Derivatives net revenue grew 38%, Cash & Spot Markets 27%, and Data Vantage 9%, driven by strong multi-list and index options volumes.
Cboe began divesting its Canada and Australia units, is winding down CEDEX, and appointed a new COO and head of Cash & Spot Markets.
2026 guidance calls for mid-single-digit total organic net revenue growth, Data Vantage mid-to-high single digit growth, and adjusted operating expenses of $864–879 million.

9 hours ago

Transcript

Cboe Global Markets reports Q4 2025 results

CBOE

Earnings

Guidance Update

Cboe delivered record Q4 net revenue of $671 million (up 28% YoY) and adjusted diluted EPS of $3.06 (up 46%), and for the full year achieved $2.4 billion in net revenue (up 17%) with EPS of $10.67 (up 24%).
Derivatives net revenue grew 38% YoY in Q4, driven by record multi-list and proprietary SPX options volumes; SPX zero-DTE ADV rose 66% to a record 4.3 million contracts, representing 61% of SPX volumes.
Cash & spot markets net revenue increased 27% YoY, led by Europe & APAC (+24%) and global FX (+22%), while Data Vantage revenue rose 9% on robust unit sales and pricing gains.
For FY2026, the company forecasts mid-single-digit organic net revenue growth (with Data Vantage in the mid-to-high single-digit range) and guides adjusted operating expenses of $864 million–$879 million.
Cboe has initiated the sale of its Canada and Australia businesses and plans to wind down CEDEX, with these impacts incorporated into the 2026 guidance.

9 hours ago

Transcript

Cboe Global Markets reports Q4 2025 results

CBOE

Earnings

Dividends

Share Buyback

Cboe delivered $671.1 million in Q4 net revenue, up 28% Y/Y, and $3.06 adjusted EPS, up 46% Y/Y.
By segment, Derivatives Markets generated $386.0 million (+38% Y/Y), Data Vantage $159.5 million (+9%), and Cash & Spot $125.6 million (+27%).
Trading metrics hit records: total options ADV rose 24% to a record 18.4 million, total index options ADV reached 5.5 million (+35% Y/Y), and SPX options ADV climbed to 4.3 million (+39% Y/Y) in the quarter.
Returned $75.8 million in dividends ( $0.72 per share), held $2.217 billion in adjusted cash, and maintained a 0.9x debt/EBITDA ratio at year-end.

12 hours ago

Presentation

Cboe Global Markets reports Q4 2025 and full-year results

CBOE

Earnings

Guidance Update

Cboe delivered record net revenue of $671.1 million, up 28%, and diluted EPS of $2.97, up 60% year-over-year for Q4 2025; full-year net revenue was $2.4 billion, up 17%, with diluted EPS of $10.42, up 45%.
Across segments, Q4 net revenue growth was 38% in Derivatives, 27% in Cash & Spot Markets, and 9% in Data Vantage, driven by record options volumes and increased average daily volume in index and multi-listed products.
For 2026, Cboe targets mid single-digit organic net revenue growth, mid to high single-digit Data Vantage growth, and adjusted operating expenses of $864–879 million.
At December 31, 2025, Cboe held $2.22 billion in cash, paid $75.8 million in dividends ($0.72 per share), and had $614.5 million of remaining share repurchase capacity.

12 hours ago

8-K

Cboe Global Markets reports Q4 and full year 2025 results

CBOE

Earnings

Guidance Update

Record diluted EPS of $2.97 for Q4 (up 60%) and $10.42 for the full year (up 45%)
Record adjusted diluted EPS of $3.06 for Q4 (up 46%) and $10.67 for the full year (up 24%)
Record net revenue of $671.1 million for Q4 (up 28%) and $2.4 billion for the full year (up 17%)
Segment highlights: Derivatives net revenue +38% YoY; Cash & Spot +27%; Data Vantage +9% in Q4
2026 outlook: mid single-digit organic total net revenue growth, mid-to-high single-digit Data Vantage growth, and adjusted operating expenses guidance of $864–$879 million

12 hours ago

Press Release

Cboe Global Markets reports January 2026 trading volumes

CBOE

Multi-listed options ADV reached 14,093k contracts (+7.2% YoY), index options ADV was 5,477k contracts (+20.8% YoY), and futures ADV hit 230k contracts (+4.6% YoY).
Equities trading saw U.S. on-exchange matched volume of 1,872 mn shares (+14.3% YoY), Canadian equities at 239,258 k shares (+50.3% YoY), and European equities notional ADV of €15,218 mn (+33.2% YoY).
Global FX set a record monthly ADNV of $67.2 bn, driven by spot ADNV of $63.3 bn and SEF NDF ADNV of $3.9 bn.
Cboe achieved record volumes in SPX options with 287k contracts in a single GTH session and a monthly ADV record for mini-SPX options at 150k contracts.
Cboe Europe Periodic Auctions posted a record ADNV of €5.3 bn for January.

2 days ago

Press Release

Cboe explores relaunch of binary options and targets European retail flow

CBOE

Product Launch

New Projects/Investments

Legal Proceedings

Cboe Global Markets is exploring a relaunch of binary “all-or-nothing” fixed-return options for retail investors, designing a yes-or-no contract that pays a fixed cash amount at expiry.
The move seeks to compete with prediction-market platforms like Kalshi and Polymarket, which posted over $17 billion in trading volume in January 2026.
Any new binary contracts would face a lengthy legal and regulatory review, amid state-level enforcement actions and debate over whether they constitute gambling or regulated derivatives.
Separately, Cboe is pushing to shift more European retail equity trading onto exchanges to boost broker revenues, enhance transparency and capture additional order flow.

5 days ago

WSJ

Cboe partner IPC Systems to distribute Vsense FPGA trading solutions globally

CBOE

Product Launch

IPC Systems has been appointed exclusive global distributor and white-label reseller of Vsense’s FPGA-based low-latency trading solutions, covering Vlite, Vpass and Vpal products.
The deal enables IPC to bypass software overhead for extreme speed in high-frequency trading and strengthens its competitive position in the Asia-Pacific market.
Combining Vsense’s FPGA technology with IPC’s global service and regional exchange integrations will deliver next-generation risk management, data normalization and trading connectivity.
Vsense, founded in 2021 and accredited by major exchanges including CME, CBOE and HKEX, will leverage IPC’s network to scale its hardware-accelerated infrastructure worldwide.

Jan 21, 2026, 10:12 PM

Press Release

Verano upsizes revolving credit facility to $100 million and extends maturity

CBOE

Debt Issuance

Verano increased its existing revolving credit facility commitment from $75 million to $100 million and extended the maturity date to February 28, 2029.
The facility remains secured by existing real estate with no additional collateral required for the upsized commitment.
As of Jan 15, 2026, $50 million has been drawn, leaving $50 million undrawn, at a floating rate of SOFR + 6% (4% floor) with no required amortization.
Repayments may be made in $2.5 million increments (with an interest-only make-whole if repaid within six months) and allow proportional release of real estate collateral if debt ≤ 80% of appraised value.