Cboe Reports Q4 Revenue Up 28% to $671.1M, EPS Soars 46% to $3.06
Cboe Global Markets posted record Q4 net revenue of $671.1 million, up 28% year-over-year, driven by a 34% jump in options revenues to $433.1 million and 17–24% growth across equity and EMEA segments. Adjusted EPS rose 46% to $3.06 while operating margin expanded 610 basis points to 67.1%.
1. Record Q4 Financial Results
Cboe Global Markets delivered record net revenue of $671.1 million in the fourth quarter, marking a 28% year-over-year increase. Adjusted EPS climbed 46% to $3.06, beating consensus estimates by 4.4%.
2. Segment Performance
Options revenues surged 34% to $433.1 million, fueled by higher transaction, clearing, access and capacity fees. North American equities revenue rose 17% to $110.7 million, while Europe and Asia Pacific revenues increased 24% to $69.9 million. Futures net revenue grew 12% to $33.7 million and FX climbed 22% to $23.7 million.
3. Margin Expansion and Expense Overview
Adjusted operating expenses increased 7.7% to $220.6 million, primarily due to higher compensation. As a result, adjusted operating income rose 41% to $450.5 million and operating margin expanded 610 basis points to 67.1%, with EBITDA margin up 600 basis points to 69.2%.
4. Balance Sheet and 2026 Outlook
Cboe exited 2025 with $2.2 billion in cash, doubling year-end levels, and total assets of $9.3 billion. The company projects mid single-digit organic net revenue growth for 2026, with Data Vantage growth in the mid to high single-digit range and adjusted expenses of $864–879 million.