- Cboe’s adjusted earnings per share (EPS) for the third quarter of 2025 is $2.67, exceeding the estimated $2.53 and the previous year’s $2.22.
- The company’s net revenue reached $605.5 million, a 14% increase year-over-year, surpassing the estimated $593.1 million.
- Total revenue for the third quarter was $1.14 billion, an 8.1% rise from the previous year, slightly above the estimated $1.13 billion.
- Transaction and clearing fees saw a significant increase of 27% year-over-year, amounting to $919.9 million.
- Access and capacity fees increased by 10% year-over-year, totaling $103.9 million.
- Market data fees rose by 14% to $83.7 million, outperforming the estimated $80.4 million.
- Regulatory fees experienced a steep decline of 92% year-over-year, reaching $11.8 million, well below the estimate of $68 million.
- Adjusted EBITDA came in at $415.3 million, a 21% increase year-over-year, ahead of the estimated $388.7 million.
- Adjusted operating income reached $395.3 million, marking a 21% increase compared to the previous year and beating the estimate of $373.8 million.
- The adjusted operating margin improved to 65.3% from 61.7% year-over-year, above the estimated 63.3%.
- 2025 adjusted operating expense guidance was lowered to between $827 million and $842 million, from a previous range of $832 million to $847 million.
- Cboe increased its 2025 organic total net revenue growth target to “low double-digit to mid-teens” from “high single-digit.”
- The Cboe Data Vantage organic net revenue growth target was raised to “high single-digit to low double-digit” from “mid to high single-digit.”
- Derivatives, cash, and spot markets net revenue increased by 14% year-over-year, and Data Vantage net revenue grew by 12% over the same period.
- The stock analysts’ ratings include 4 buys, 14 holds, and 3 sells.
CBOE Global Markets on Smartkarma
On Smartkarma, top independent analysts have covered CBOE Global Markets in a recent research report titled “Primer: CBOE Global Markets (CBOE US) – Sep 2025.” The analysis highlights CBOE’s core strength in exclusive derivatives products such as the VIX and SPX suite, which drive significant transaction revenue and establish a wide economic moat for the company. Emphasizing global expansion, enhanced data services, and the exploration of new asset classes like digital assets, CBOE aims to diversify revenue streams and capitalize on evolving trends in global capital markets. Despite robust financial performance marked by consistent revenue, net income, and dividend growth, the company’s earnings remain susceptible to market volatility, trading volumes, intense competition, and regulatory challenges.
A look at CBOE Global Markets Smart Scores
| Factor | Score | Magnitude |
|---|---|---|
| Value | 2 | |
| Dividend | 2 | |
| Growth | 5 | |
| Resilience | 4 | |
| Momentum | 4 | |
| OVERALL SMART SCORE | 3.4 |
Smart Score is a compound score for the Company indicating its overall outlook. It is derived by taking an equally weighted average of underlying Factor scores computed by Smartkarma
When looking at the Smartkarma Smart Scores for CBOE Global Markets, the company seems to have a promising long-term outlook. With a strong score of 5 for growth, CBOE Global Markets is showing potential for expansion and development in the future. Additionally, the company scores well in resilience and momentum, with scores of 4 in both categories. This indicates that CBOE Global Markets has shown stability and positive performance trends, which bodes well for its future prospects.
CBOE Global Markets, Inc. is known for operating a marketplace focused on trading standardized options on equity securities. Recognized for its diverse range of options products on individual equities, market indexes, and exchange-traded funds, the company utilizes a hybrid trading model. Despite receiving moderate scores in value and dividend factors, CBOE Global Markets‘ strong performance in growth, resilience, and momentum suggests a favorable outlook for the company in the long term.
Disclaimer: This article by Smartkarma is general in nature and based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Note that our articles may not factor in the latest price-sensitive company announcements or qualitative material.
While all reasonable care has been taken in the preparation, Smartkarma makes no assurance about the accuracy of any generated data or content. All content is indicative only and should be independently checked for accuracy and confirmed before use. Smartkarma accepts no responsibility for any loss or damage caused as a result of any inaccuracy or error within the Lab online tools or generated data.
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