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Cboe Global Markets Reports Remarkable Q3 2025 Financial Performance

On October 31, 2025, Cboe Global Markets, Inc. (Cboe CBOE) made headlines by reporting outstanding financial results for the third quarter of 2025. The company registered a record diluted earnings per share (EPS) of $2.85, marking a substantial 38% increase compared to the same period last year. Moreover, the adjusted diluted EPS reached $2.67, witnessing a 20% year-over-year growth. In terms of revenue, Cboe achieved a remarkable net revenue of $605.5 million for the quarter, which indicates a 14% increase from the previous year.

These impressive figures reflect the ongoing strength and dynamism within Cboe's operations, as it positions itself to capitalize on emerging growth opportunities. Year-to-date, Cboe has reported a total net revenue growth of 14% and an adjusted diluted EPS growth of 17%, emphasizing the company’s sustained momentum throughout 2025.

Strategic Portfolio Realignment

In parallel with these robust financial results, Cboe announced a strategic realignment of its business portfolio after undergoing an extensive internal review. This realignment is intended to refine the company’s focus on core strengths and the potential for future growth. Key strategic moves include:

• - A sales process initiation for Cboe Australia and Cboe Canada.
• - Discontinuation of U.S. and European corporate listings.
• - A reduction in costs related to the U.S. and European ETP listings businesses, Cboe Europe Derivatives, and various smaller Risk and Market Analytics operations.

Cboe’s CEO, Craig Donohue, expressed confidence that these strategic adjustments will better position the company to thrive in an ever-evolving market. He cited the strong results from the third quarter as evidence of the company’s capability to drive transformative growth and long-term value for its shareholders. This optimistic outlook was echoed by Chris Isaacson, Cboe’s COO, who mentioned that the equities businesses in Australia and Canada have consistently performed well and are set for future growth under new ownership.

Highlights of Q3 Financial Results

Delving deeper into the third-quarter results, Cboe recorded a significant increase in derivatives net revenue, which grew by 15% compared to Q3 2024. This growth was bolstered by several quarterly volume records across the options business. Furthermore, cash and spot markets net revenue rose by 14%, and Data Vantage net revenue increased by 12% year-over-year, further contributing to the overall success for the period.

As part of its commitment to operational efficiency, Cboe has also adjusted its guidance for organic total net revenue growth for 2025, increasing expectations to a range of low double-digit to mid-teens, up from previous expectations of high single-digit growth. Details regarding the adjustments showcased the company’s proactive approach to optimizing its operations while maintaining robust financial health.

Full-Year Guidance and Future Outlook

For the 2025 fiscal year, Cboe anticipates its organic total net revenue growth to be in the low double-digit to mid-teens range, a notable upgrade from earlier forecasts. The company is targeting its Data Vantage organic net revenue growth to be at a high single-digit to low double-digit level, also an increase from past predictions. Additionally, Cboe is lowering its adjusted operating expenses guidance for the full year to between $827 million to $842 million.

As of September 30, 2025, Cboe reported cash and cash equivalents amounting to approximately $1.5 billion and total debt of around $1.44 billion. The company remains committed to maximizing shareholder returns while strategically positioning itself to meet the challenges of an evolving financial landscape.

In conclusion, Cboe Global Markets has showcased significant achievements in its Q3 2025 results while simultaneously redefining its business strategy for sustainable growth. The strategic realignment appears to set a clear path toward enhancing operational efficiency and creating long-term value for stakeholders, while the optimistic financial outlook underscores Cboe's resilience amidst a competitive environment.