Company Overview

Cboe Global Markets, Inc., founded in 1973 and headquartered in Chicago, Illinois, is a leading provider of market infrastructure and tradable products, delivering cutting-edge trading, clearing, and investment solutions to market participants globally. The company was formerly known as CBOE Holdings, Inc. and officially changed its name to Cboe Global Markets, Inc. in October 2017.

As one of the world's premier exchange networks, Cboe Global Markets, Inc., through its subsidiaries, operates as a global leader in options, equities, futures, and foreign exchange trading. Its diverse operations are structured across six key segments: Options, North American Equities, Europe and Asia Pacific, Futures, Global FX, and Digital.

Business Segments

Cboe Global Markets operates across distinct business segments, each catering to specific market needs:

Options Trading

This is Cboe's flagship business, offering comprehensive index options and equity options trading. The segment is particularly renowned for its VIX products and S&P 500 index options, which are among the most actively traded derivatives worldwide.

North American Equities

This segment facilitates the trading of listed U.S. and Canadian equities. It also provides exchange-traded product (ETP) transaction and listing services. Cboe operates multiple equity exchanges, including BZX, BYX, EDGX, and EDGA, contributing to efficient equity trading.

Europe and Asia Pacific

Serving a global clientele, this segment offers pan-European listed equities and derivatives transaction services. It also handles ETPs, exchange-traded commodities, international depository receipts, and ETP listings and clearing services across these key regions.

Additional Segments

- Futures: This segment offers and trades in futures and other related financial products, expanding Cboe's derivatives offering.

- Global FX: Cboe provides institutional foreign exchange (FX) trading and non-deliverable forward FX transaction services, catering to the vast global currency markets.

- Digital: This segment encompasses Cboe Digital, an operator of a U.S.-based digital asset spot market and a regulated futures exchange. It also includes Cboe Clear Digital, a regulated clearinghouse, licensing of proprietary market data, and access and capacity services for digital assets.

Recent Financial Performance

Cboe Global Markets has demonstrated strong financial results, driven by robust trading volumes and strategic growth initiatives.

Q2 2025 Results

Cboe Global Markets, Inc. reported record financial results for the second quarter of 2025:

- Record Net Revenue: $587 million, representing a 14% increase year-over-year.

- Earnings Per Share: Diluted EPS of $2.23 (up 68%) and Adjusted Diluted EPS of $2.46 (up 14%).

- Options Net Revenue: Reached a record $364.8 million, primarily driven by a 20% increase in total options average daily volume.

Full Year 2024 Performance

The company capped the full year 2024 with significant achievements:

- Record Net Revenue: $2.1 billion, an 8% growth year-over-year.

- Earnings Per Share: Diluted EPS of $7.21 and record Adjusted Diluted EPS of $8.61 (up 10% year-over-year).

- Overall, Cboe Global Markets's revenue for 2024 was $4.09 billion, an increase of 8.51% compared to the previous year. Earnings saw an increase of 0.46% to $761.00 million.

Strategic Initiatives and Market Position

Cboe continues to solidify its position as a leading global exchange operator through strategic investments and market leadership.

Data and Analytics Business

Cboe's Data Vantage business, which includes market data, analytics, and indices, shows consistent growth. It recorded an 11% year-over-year organic increase in net revenue, reaching $155.1 million for the second quarter of 2025.

ETF Listing Leadership

As the second-largest ETF listing venue in the U.S., Cboe has successfully attracted new listings. In 2025 year-to-date, it has welcomed 185 new U.S. ETFs. Notably, derivative-based ETFs constitute over 40% of all new U.S. ETF listings industry-wide this year. The company now hosts over 115 unique issuers and has expanded its presence in cryptocurrency ETFs, listing more than 40 such products.

Dividend Growth

Demonstrating financial strength and commitment to shareholders, the Board of Directors declared a quarterly cash dividend of $0.72 per share for Q3 2025, marking a 14% increase from the previous quarter's $0.63 per share. This growth signifies Cboe's 15th consecutive year of dividend increases.

Strategic Partnerships

Cboe maintains valuable strategic relationships with key industry players, including S&P Dow Jones Indices, LLC; Frank Russell Company; FTSE International Limited; and MSCI Inc., enhancing its product offerings and market reach.

Recent Developments

Leadership Appointment

Prashant Bhatia was appointed as Executive Vice President, Head of Enterprise Strategy & Corporate Development, effective September 2, 2025. His role will focus on developing and executing Cboe's enterprise business strategy, driving growth opportunities and strengthening market position.

Business Optimization

Cboe announced its decision to wind down its Japanese equities business. This strategic move is expected to have an immaterial impact on its financial guidance for 2025.

2025 Guidance

Cboe has revised its 2025 outlook upwards:

- Organic Total Net Revenue Growth: Increased target to high single digits.

- Data Vantage Organic Net Revenue Growth: Target reaffirmed at mid to high single digits.

- Adjusted Operating Expense: Full-year guidance lowered to between $832 million and $847 million.

Cboe Global Markets continues to enhance its position as a premier global exchange operator by leveraging its expertise in derivatives, equities, and data services. The company's consistent dividend growth, robust financial performance, and strategic market positioning underscore its significance in the global financial infrastructure landscape.