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- **Revenue Records**: Q4 2025 net revenue $671M (+28% YoY), full-year $2.4B (+17% YoY), driven by derivatives (38% growth) and VIX options volume records.
- **Strategic Shifts**: Sold Cboe Canada/Australia, closed CEDX, and invested in prediction markets (Q2 2026 launch) and securities financing.
- **Financial Guidance**: 2026 net revenue growth mid-single digits, expenses $864-879M (+3.3%-5.1%), with $3M+ savings from realignment.
- **Market Expansion**: Russell 2000 options added to global trading hours, SPX 0DTE now 61% of index volumes, and APAC data sales up 45% YoY.

**【CEO Summary Section】**
- **Record Revenue Growth**: Q4 2025 net revenue reached $671 million (28% YoY), with adjusted EPS of $3.06 (46% YoY). Full-year revenue was $2.4 billion (17% YoY), driven by derivatives, cash markets, and Data Vantage.
- **Derivatives Strength**: Derivatives net revenue grew 38% YoY, with SPX 0DTE ADV up 66% and Mini-SPX 0DTE up 135%. VIX options volume set records, and Russell 2000 options saw 20% growth.
- **Strategic Realignment**: Initiated sales for Cboe Canada and Australia, ceased corporate listings, and closed Cboe Europe Derivatives Exchange (CEDX).
- **Leadership Transition**: Appointed Heidi Fischer as Head of Cash and Spot Markets and Scott Johnston as COO, adding 25+ years of industry experience.

**【CFO Financial Commentary】**
- **Financial Highlights**: Q4 2025 adjusted operating EBITDA was $465 million (40% YoY), with operating expenses at $221 million (8% YoY). Full-year operating EBITDA margin expanded to 69.2%.
- **2026 Guidance**: 
  - Total organic net revenue growth: mid-single digits.
  - Operating expenses: $864-879 million (3.3%-5.1% YoY growth).
  - CapEx: $73-83 million; D&A: $56-60 million.
- **Impact of Realignment**: 2026 guidance includes $3 million+ annualized savings from Japan equities and risk analytics optimizations, offset by continued contributions from Canada/Australia.

**【Q&A Key Highlights】**
- **Data Vantage Momentum**: 90% of Q4 growth from new sales, with 45% of new data sales from APAC. 2026 guidance assumes mid-single-digit growth despite recent high-single-digit trends.
- **Single Name 0DTE**: Launched Monday/Wednesday expirations for NVIDIA and Tesla, with 10%-30% of volume in multi-listed names. No cannibalization of SPX due to structural differences (cash-settled vs. physical shares).
- **Prediction Markets**: Targeting Q2 2026 launch of binary options tied to SPX spreads, with regulatory clarity supporting securities-based products.
- **Capital Allocation**: 2025 returned $350 million to shareholders via dividends and buybacks. 2026 focus on organic growth (e.g., securities financing) and strategic M&A opportunities.

Cboe Global Markets, Inc. (CBOE) Q4 2025 Earnings Call Transcript

- **Strategic Pivot**: Sold Australia/Canada businesses to focus on U.S. derivatives and data, with 14% net revenue growth in Q3.
- **0DTE Options Dominance**: SPX 0DTE ADV up 62% YoY, accounting for 61% of SPX volume.
- **Data Growth**: Data Vantage net revenue up 12%, 90% from new sales, with 85% of Global Cloud growth outside U.S.
- **AI & Innovation**: Investing in AI across operations, planning event/prediction markets, and launching Bitcoin/Ether Futures in 2026.

**【CEO Summary Section】**
- Announced strategic realignment, initiating sales process for Cboe Australia and Canada businesses, and discontinuing U.S. and European Corporate Listings efforts to focus on core derivatives and data businesses.
- Q3 2025 net revenue grew 14% YoY to $605.5 million, driven by 15% growth in Derivatives Markets and 12% in Data Vantage.
- Highlighted 0DTE options growth (62% YoY SPX ADV) and expansion of event and prediction markets as new growth areas.
- Appointed JJ Kinahan as Head of Retail Expansion, signaling focus on retail-oriented products like digital and crypto derivatives.

**【CFO Financial Commentary】**
- Adjusted diluted EPS increased 20% YoY to $2.67, with GAAP net income of $420 million.
- Operating expenses up 3% YoY to $210 million, driven by bonus accruals, but EBITDA margin expanded to 67.5%.
- Updated 2025 guidance: total organic net revenue growth in low double to mid-teens, Data Vantage growth in high single to low double digits.
- Business realignment expected to reduce 2025 net revenue by ~3% and operating expenses by 8-10%, with accretive impact on earnings.

**【Q&A Highlights】**
- **Global Strategy**: Shifted focus to U.S. and European markets, with Europe and APAC net revenue up 24% YoY, while winding down non-core businesses.
- **Data Vantage Growth**: 90% of Q3 growth from new sales, with international expansion (85% of Cboe Global Cloud growth outside U.S.).
- **AI Investment**: Deployed AI across operations, with potential new products leveraging unique data sets (e.g., SPX options trends).
- **Prediction Markets**: Planning to launch financial/economic contracts, with infrastructure to support 24x5 trading and retail adoption.
- **Cost Management**: 2025 operating expenses guided to $827-842 million, reflecting disciplined spending and 8% YoY decline in non-core businesses.

Cboe Global Markets, Inc. (CBOE) Q3 2025 Earnings Call Transcript

- **Record Q2 Performance**: Net revenue up 14% YoY to $587 million, driven by 20% growth in options volumes and 11% expansion in Data Vantage.
- **Strategic Shifts**: Closure of Japan equities business to focus on high-margin derivatives and data, with $10-12 million annual savings.
- **Global Growth**: 45% of Data Vantage new sales outside the U.S., 85% of Cboe Global Cloud sales from international clients.
- **0DTE Resilience**: SPX 0DTE ADV hit 2.2 million in June, accounting for 57% of SPX options volume.
- **Profitability Expansion**: Operating EBITDA margin rose to 65.8%, up 2.3 percentage points YoY.

**【CEO Summary Section】**
- **Record Q2 Revenue**: Net revenue grew 14% YoY to $587 million, driven by strong performance across Derivatives, Cash & Spot, and Data Vantage businesses.
- **Derivatives Growth**: Options volumes surged 20% YoY, with SPX 0DTE ADV hitting a record 2.2 million contracts in June. SPX options ADV reached 3.7 million, up 21% YoY.
- **Strategic Shifts**: Announced closure of Japan equities business to focus on high-return activities like derivatives and data. Expected annualized savings of $10-12 million post-closure.
- **Global Expansion**: 45% of Data Vantage new sales occur outside the U.S., with 85% of Cboe Global Cloud sales from international clients.
- **M&A Approach**: Emphasized disciplined capital allocation, prioritizing core growth while remaining open to strategic M&A opportunities.

**【CFO Financial Commentary】**
- **Profitability**: Adjusted diluted EPS rose 14% YoY to $2.46. Adjusted operating EBITDA margin expanded to 65.8%, up 2.3 percentage points YoY.
- **Segment Performance**: 
  - **Derivatives**: Net revenue up 17% YoY, with multi-listed options fees growing 32%.
  - **Cash & Spot**: Europe & APAC segment revenue up 30% YoY, driven by 39% growth in transaction fees.
  - **Data Vantage**: Net revenue up 11% YoY, with 75% of growth from new subscriptions.
- **Expense Management**: Operating expenses rose 8% YoY to $213 million, but guided to lower full-year range ($832-847 million) due to cost discipline.
- **2025 Guidance**: 
  - Total organic net revenue growth raised to high single digits (from mid- to high single digits).
  - Data Vantage growth maintained at mid- to high single digits.
  - Depreciation & amortization lowered to $53-57 million.

**【Q&A Key Highlights】**
- **M&A Strategy**: CEO Craig Donohue emphasized focus on core growth but remained open to M&A opportunities with strong strategic and financial rationale.
- **Data Vantage Growth**: CFO highlighted 45% of new sales outside the U.S. and 85% of Cboe Global Cloud sales from international clients, supporting mid- to high single-digit growth guidance.
- **0DTE Sustainability**: Executives noted 0DTE volumes are resilient through volatility cycles, with 57% of SPX options volume in Q2 from 0DTE contracts.
- **Japan Business Closure**: Expected $5 million pretax charge in Q3, with adjusted operating expenses reducing by $2-4 million in 2025 and $10-12 million annually thereafter.
- **Regulatory Changes**: OCC margin model changes expected to have minimal impact (1% capital requirement increase vs. initial 5% estimate).


Cboe Global Markets (CBOE)-1 Aug 25-2025 Q2 Earnings call transcript

- **Record Q1 Growth**: 13% net revenue rise to $565M, driven by 16% derivatives growth and 8% Data Vantage expansion.
- **0DTE Dominance**: 0DTE options now 55% of SPX volume, up from 46% YoY, reflecting retail adoption.
- **Global Expansion**: 55% of Data Vantage sales outside U.S., with 47% YoY growth in new recurring ACV.
- **CEO Transition**: Smooth handover to Craig Donohue, with focus on innovation and global markets.
- **Capital Flexibility**: $1B+ cash, $35M Q1 buybacks, prioritizing returns over deleveraging.

**【CEO Opening Remarks】**
- Q1 2025 net revenue reached $565 million, up 13% YoY, driven by record derivatives volumes, strong cash markets, and Data Vantage growth.
- Derivatives net revenue rose 16% to $309 million, with SPX options ADV up 30% YoY to 3.6 million contracts.
- 0DTE options accounted for 55% of SPX volume, up from 46% in Q1 2024, reflecting retail adoption.
- Global expansion highlights: 8% YoY growth in Data Vantage, with 55% of new data sales outside the U.S.
- CEO transition to Craig Donohue on May 7, with Fred Tomczyk transitioning to advisory role.

**【Dave Howson - Business Line Review】**
- Derivatives: Record SPX and VIX volumes, with XSP mini-SPX product up 61% YoY.
- Cash & Spot: 10% YoY growth, Europe/APEC segment up 18% YoY (22% on constant currency).
- Data Vantage: 8% YoY growth, with new recurring ACV up 47% YoY.
- Cboe Titanium platform processed 1 trillion orders on April 7, demonstrating resilience.

**【CFO Financial Update】**
- Adjusted EPS: $2.50 (16% YoY growth).
- Operating EBITDA: $385 million (20% YoY growth), margin 68.1%.
- Full-year guidance: Organic net revenue growth mid to high single digits, expenses $837-852 million.
- Share buybacks: $35 million in Q1, $5 million in April, with $1 billion+ cash on hand.

**【Q&A Highlights】**
- **Retail Strategy**: 0DTE options remain key growth driver, with disciplined retail engagement during volatility spikes.
- **Asia Expansion**: 55% of Data Vantage sales outside U.S., onboarding new clients in Korea/Taiwan.
- **CEO Transition**: Smooth handover planned, with focus on inorganic growth opportunities.
- **Capital Allocation**: Prioritize share buybacks over deleveraging, given 1.0x leverage ratio and 2.8% avg debt rate.
- **Innovation**: Launching Bitcoin index futures, exploring crypto ETFs, and expanding global data access.


Cboe Global Markets (CBOE)-2 May 25-2025 Q1 Earnings call transcript

- **2024 Record Year**: 8% net revenue growth to $2.1B, 10% EPS growth to $8.61, fueled by derivatives and data business.
- **Derivatives Strength**: SPX options ADV +7% to 3.1M, VIX options +12% to 830K, 0DTE now 50% of SPX volume.
- **2025 Outlook**: Mid-single-digit revenue growth, 4.8-6.7% expense growth, balanced with $880M cash and 1.1x leverage.
- **Key Initiatives**: AI-driven tech (Cboe Titanium), retail expansion (Robinhood), and APAC market share gains.
- **Risks**: Geopolitical volatility, regulatory changes, and tech migration execution.


**【CEO Summary Section】**
- **Record 2024 Performance**: Net revenue grew 8% to $2.1 billion, driven by derivatives, cash markets, and Data Vantage. Adjusted EPS rose 10% to $8.61.
- **Derivatives Dominance**: Options volume hit 3.8 billion contracts, with SPX and VIX options ADV at record highs. 0DTE options now 50% of SPX volume.
- **Strategic Focus**: Emphasizing retail adoption (e.g., Robinhood partnership), global expansion (APAC markets), and AI-driven innovation (Cboe Titanium platform).
- **2025 Outlook**: Mid-single-digit organic revenue growth, balanced with disciplined expense management.

**【CFO Financial Commentary】**
- **Q4 2024 Results**: Net revenue $524.5M (+5% YoY), adjusted EPS $2.10 (+2% YoY). Adjusted EBITDA $332M (+3% YoY).
- **Segment Growth**: Cash/spot (+14%), Data Vantage (+8%), Derivatives (+1%).
- **Expense Management**: Adjusted OpEx $205M (+7% YoY), driven by travel and tech support. 2025 OpEx guidance: $837M-$852M (+4.8% to +6.7%).
- **Balance Sheet**: $880M cash, 1.1x leverage. 2024 capex $75M-$85M, targeting tech and office move.

**【Q&A Highlights】**
- **Data Vantage Guidance**: 2025 organic growth mid to high-single digits (vs. 2024's 7%).
- **Robinhood Impact**: Early volumes additive, with 40% of new sales outside U.S. in 2024.
- **AI Strategy**: Investing in internal AI tools for product development and efficiency.
- **Succession Plan**: CEO succession process underway, with internal/external candidates.
- **SPX Growth**: 2025 volumes supported by geopolitical uncertainty, 0DTE adoption, and global access expansion.


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