Cboe Global Markets (CBOE) Q4 2025 earnings summary

Executive summary

• Achieved record net revenue of $671.1M in Q4, up 28% year-over-year, and $2.43B for the full year, up 17%, with strong growth across derivatives, data, and cash/spot markets.

• Adjusted diluted EPS reached $3.06 in Q4, up 46% year-over-year, and $10.67 for the year, up 24%.

• Strategic realignment underway, including sales processes for Australia and Canada businesses, closure of CEDX, and divestiture of certain business lines.

• Leadership transition with new COO and head of Cash and Spot Markets, strengthening management team.

• Record diluted EPS of $2.97 for Q4 2025, up 60% year-over-year, and $10.42 for the full year, up 45%.

Financial highlights

• Derivatives net revenue grew 38% year-over-year in Q4; multi-list options revenue up 41%, index options up 40%.

• Cash and Spot Markets net revenue up 27% year-over-year, with strong growth in Europe, APAC, and Global FX.

• Data Vantage net revenue up 9% year-over-year in Q4, with 90% of growth from new sales and new product launches.

• Adjusted operating EBITDA of $465M in Q4, up 40%, with margin expanding to 69.2%.

• Q4 net income allocated to common stockholders was $312.2M, up 60% year-over-year; adjusted net income was $321.0M, up 45%.

Outlook and guidance

• 2026 organic net revenue growth expected in the mid-single digits; Data Vantage organic growth in mid to high single digits.

• Adjusted operating expense guidance for 2026: $864M–$879M, up 3.3%–5.1%.

• CapEx guidance for 2026: $73M–$83M; depreciation and amortization: $56M–$60M.

• Effective tax rate expected at 27.5%–29.5% for 2026.

• Small revenue contribution from new event prediction contracts expected in 2026, with ramp-up over time.