Cboe Global Markets, Inc. reported record fourth‑quarter 2025 results, with net revenue of $671.1 million and adjusted diluted earnings per share of $3.06, beating consensus estimates of $2.95 and $636.57 million, respectively.
Revenue grew 28% year‑over‑year, driven by a 38% increase in the derivatives segment and a 27% rise in cash and spot markets. The Data Vantage business added 9% revenue, while the multi‑listed options market saw record volumes, especially in zero‑day‑to‑expiration contracts. Compared with Q4 2024, net revenue rose from $524.5 million, and full‑year 2024 revenue was $2.1 billion.
Operating margin expanded to 67.1% from 61.0% in Q4 2024, and adjusted EBITDA margin grew to 69.2% from 63.2%. The margin lift reflects a higher mix of high‑margin derivatives and data services, coupled with disciplined cost control that offset an 8% year‑over‑year increase in adjusted operating expenses to $220.6 million.
Management reiterated 2026 guidance, projecting mid‑single‑digit organic net revenue growth and adjusted operating expenses of $864–$879 million. The company also confirmed a $75.8 million dividend and maintained a $614.5 million share‑repurchase authorization, underscoring its commitment to shareholder returns.
CEO Craig Donohue said the company’s “remarkable” 2025 performance was built on a strategic realignment that sharpened focus on core high‑margin businesses and positioned Cboe to capitalize on emerging opportunities such as event‑prediction markets slated for launch in Q2 2026. CFO Jill Griebenow highlighted the durability of the Data Vantage business and the company’s disciplined cost management.
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