Cboe Global Markets Reports 20% Revenue Growth to $1.173 Billion in Q2 2025

Cboe Global Markets, Inc. reported significant financial growth in its latest quarterly results, with total revenues reaching $1.173 billion for the three months ended June 30, 2025, a 20% increase from $974 million in the same period last year. For the first half of 2025, revenues totaled $2.369 billion, up 23% from $1.931 billion in the prior year. The increase was primarily driven by higher transaction and clearing fees across its cash and spot markets, as well as derivatives markets, reflecting increased trading volumes on its exchanges. Net income for the second quarter was $235.1 million, compared to $140.4 million in the previous year, marking a 67% increase.

The company also noted a substantial rise in operating income, which increased by 61% to $339.1 million for the second quarter, up from $210.1 million a year earlier. This growth in profitability was attributed to a combination of increased revenues and a reduction in total operating expenses, which fell by 18% to $248.2 million, largely due to a significant impairment charge recorded in the previous year. The operating margin improved to 57.7%, compared to 40.9% in the same quarter of 2024.

Cboe's strategic developments included the reorganization of its business segments, reducing the number from six to five as of January 1, 2025. This restructuring reflects a focus on its core strengths in options, equities, futures, and foreign exchange. The company also announced the closure of its Cboe Digital spot market in May 2024, transitioning its digital asset operations to its Futures segment, which was completed in June 2025. This move is expected to streamline operations and enhance efficiency.

Operationally, Cboe reported a 45% increase in total touched shares on its U.S. equity exchanges and a 43% increase in matched average daily notional value (ADNV) on its European equities exchanges. The company’s market share in options trading was reported at 30.2%, slightly down from 31.2% a year prior. As of June 30, 2025, Cboe had 104.6 million shares outstanding, with a cash and cash equivalents balance of $1.256 billion, up from $920.3 million at the end of 2024.

Looking ahead, Cboe expressed optimism about its growth trajectory, driven by increased trading volumes and the successful integration of its digital asset operations into its futures segment. However, the company acknowledged potential risks, including regulatory changes and market competition, which could impact its performance. The management remains committed to leveraging its technological capabilities and expanding its product offerings to sustain growth in the evolving financial landscape.