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- **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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

CBOE

CBOE fundamentals

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