What is Cboe Global Markets's gross profit margin?

What guidance did Cboe Global Markets's management provide for the next earnings period?

What does Cboe Global Markets do and what are its main business segments?

What were the key takeaways from Cboe Global Markets’s earnings call?

Did Cboe Global Markets beat or miss consensus estimates last quarter?

What factors drove the changes in Cboe Global Markets's revenue and profit?

What were the key takeaways from Cboe Global Markets's earnings call?

What is the market's earnings forecast for Cboe Global Markets next quarter?

- **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.

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