tapebrief

CBOE · Q2 2025 Earnings

Bullish

Cboe Global Markets

Reported August 1, 2025

30-second summary

Cboe delivered $587M of net revenue (+14% YoY) with adjusted operating margin of 63.7%, driven by 19% growth in Options and 30% growth in Europe/APAC. Management raised the FY2025 organic net revenue growth target to high single digits (from mid-to-high) and cut the FY adjusted opex range by $5M at both ends. Data Vantage grew ~11% on a net revenue basis, in line with the reaffirmed mid-to-high single digit FY target. Separately, Cboe announced the wind-down of its Japanese equities business (suspension expected August 29, 2025), with estimated FY25 opex savings of $2–4M and $10–12M on a normalized annual basis.

Headline numbers

EPS

Q2 FY2025

$2.46

Revenue

Q2 FY2025

$0.59B

+14.0% YoY

Operating margin

Q2 FY2025

57.7%

Key financials

Q2 FY2025
MetricQ2 FY2025YoY
Revenue$0.59B+14.0%
EPS$2.46—
Operating margin57.7%—

Guidance

Prior quarter data unavailable — comparison not possible.

Segment performance

Q2 FY2025
SegmentQ2 FY2025YoY
Options$0.365B+19.0%
North American Equities$0.098B—
Futures$0.03B-14.0%
Global FX$0.024B+19.0%
Data Vantage$0.158B+11.4%
Cash and Spot Markets$0.116B+11.4%

Other KPIs

Q2 FY2025
SegmentQ2 FY2025YoY
Europe and Asia Pacific$0.07B+30.0%
Options ADV (Total Company)17,301 thousand contracts—
Options Market Share30.2%—
Options RPC (Revenue Per Contract)$0.300—
U.S. Equities Exchange Market Share10.5%—
Global FX ADNV$55.9 billion—
Global FX Net Capture Rate$2.81 per $1M traded—
Adjusted Operating Margin63.7%—
Adjusted EBITDA Margin65.1%—

Management tone

No earnings call transcript was available for this quarter; tone analysis is deferred until the call is processed or until next quarter provides a comparable baseline.

What to watch into next quarter

Whether Options ADV holds above 17M contracts and RPC stays at or above $0.300 — the combination is what drove the FY guide raise.

Futures revenue trajectory after the -14% YoY print; one more down quarter starts to look structural rather than a comp issue.

Data Vantage net revenue growth versus the mid-to-high single digit FY target — ~11% this quarter leaves room for deceleration before the guide is at risk, but any slip below ~7% would force a guide revision.

Europe/APAC sustainability at +30% — this is the highest-growth geography and a key part of the diversification thesis, though the Cboe Japan wind-down (suspension August 29, 2025) removes a small drag and is worth tracking for run-rate impact ($10–12M normalized annual opex savings).

Whether the lowered opex guide ($832–847M) holds through Q3, given Cboe historically lets opex drift higher with revenue beats.

Sources

  1. Cboe Global Markets Q2 2025 earnings press release (SEC 8-K exhibit 99.1), August 1, 2025: https://www.sec.gov/Archives/edgar/data/1374310/000162828025037143/cboe-20250801xex991.htm

Get the next brief, free.

We publish analyst-grade earnings briefs the same day or morning after every call — headline numbers, segment KPIs, Q&A highlights, and tone analysis. Free during beta.

This is not investment advice.