CBOE
Cboe Global Markets, Inc.248.99
+2.24+0.91%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q2 prediction markets launch targeted
Q&A surfaced a Q2 target for securities-based prediction market contracts on indices, tying into SPX zero DTE volumes with minimal 2026 revenue baked into mid-single-digit organic growth guide. Management dismissed single-name zero DTE cannibalizing SPX, stressing product differences and additivity amid early NVDA/TSLA uptake. International brokers like Robinhood and APAC names fueled SPX growth, with Korea/Taiwan ramps and 45% overseas DataVantage sales. Guidance holds mid-high single digits for DataVantage despite momentum, prioritizing organic bets over buybacks. Q&A adds launch timelines and geo color. Investors watch prediction rollout execution.
Key Stats
Market Cap
26.06BP/E (TTM)
26.74Basic EPS (TTM)
9.31Dividend Yield
0.01%Recent Filings
10-K
FY2025 results
Cboe Global Markets delivered FY2025 results reflecting strategic realignment, with total revenues up 15% to $4.7B and operating income surging 34% to $1.5B, driven by robust options volumes—index ADV +21% y/y, multi-listed +24% y/y—while U.S. equities matched shares rose 26% and European equities ADNV climbed 31%. Q4 momentum shone through accelerated options growth and margin expansion to 60.4%, fueled by SPX and VIX products, yet tempered by portfolio optimization including Japan wind-down and sales processes for Australia/Canada. Liquidity stayed strong at $2.2B cash, supporting $65M buybacks and $284M dividends; no annual guidance disclosed. Regulatory shifts risk quarterly volume erosion.
8-K
Cboe smashes Q4 records
Cboe Global Markets crushed Q4 2025 with record net revenue of $671.1 million, up 28%, and diluted EPS of $2.97, soaring 60%. Options revenue rocketed 34% on 24% higher ADV; full-year net revenue hit $2.4 billion. Guidance calls for mid single-digit organic revenue growth in 2026. Expenses climbed on impairments, yet margins expanded sharply.
8-K
CBOE COO retires, successor named
Cboe Global Markets' COO Christopher Isaacson retires March 6, 2026, after notifying on January 26; he'll consult through year-end for $541,666 fee while retaining pro rata RSUs/PSUs at target. Scott Johnston, ex-Akuna Capital COO, joins February 17 to succeed him with $550,000 salary, $2.735M LTI target, $1M sign-on equity. Smooth transition planned. No disagreements noted.
8-K
Record Q3; portfolio realignment
Cboe posted record Q3 net revenue of $605.5M, up 14%, with diluted EPS at $2.85, up 38%. It launched a sales process for Cboe Australia and Canada, axed U.S./European corporate listings, and cut costs in select units to hone derivatives focus. Actions trim annualized net revenue 3% but slash adjusted opEx 8-10%. Guidance lifts to low double-digits to mid-teens organic growth.
10-Q
Q3 FY2025 results
Cboe Global Markets posted Q3 revenue of $1.1B, up 8% y/y, with derivatives markets surging 19% on 31% higher multi-listed options ADV and 15% index options growth, while Data Vantage climbed 11% on access fees. Operating income hit $370M (derived, up 20% y/y), diluted EPS $2.85 (up 38% y/y, reconciles to 104.9M shares). Cash swelled to $1.5B on $1.4B operating cash flow, steady $1.4B debt (3.65%/1.625%/3% notes to 2027-2032), $400M revolver available. Japan equities wound down with $21.6M impairments. Yet competition pressures U.S. equities pricing.
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