Cboe Global Markets, Inc. · CBOE:CBOE
Cboe Global Markets — Q3 2025 Earnings Presentation
41 slides from Cboe Global Markets's earnings presentation, Oct 31, 2025
Slide 1: Third Quarter 2025 Earnings Presentation
Third Quarter 2025 Earnings Presentation October 31, 2025 © 2025 Cboe Exchange, Inc. All rights reserved.
Slide 2: Agenda
Agenda Business Review Craig Donohue Chief Executive Officer Financial Review Jill Griebenow Executive Vice President, Chief Financial Officer Questions & Answers Craig Donohue Jill Griebenow Chris Isaacson Executive Vice President, Chief Operating Officer Prashant Bhatia Executive Vice President, H
Slide 3: Disclosures
Disclosures Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. You can identify these statements by forward-looking words such as “may,” “might,”
Slide 4: Strategic Update
Strategic Update Choe | :
Slide 5: Framing the Strategic Direction
Framing the Strategic Direction Ongoing Actions Execution of Our Strategic Realignment Disciplined Capital Allocation 1. Initiate a sales process for Cboe Australia and Cboe Canada ◆ Allocate our resources (capital, talent, technology) to drive growth 2. Discontinue U.S. and European Corporate Listi
Slide 6: Quarterly Recap and Outlook
Quarterly Recap and Outlook 6
Slide 7: 3Q25: Record Net Revenue in Third Quarter
3Q25: Record Net Revenue in Third Quarter* Net revenues grew 14% Y/Y, a product of continued transaction and non-transaction growth ◆ Cboe total options ADV up Options Derivatives 26%, with a 15% increase +19% in index options ADV and a $605.5 million +15% 1 31% increase in multi- listed options ADV
Slide 8: Derivatives: SPX Volume Growth Across Environments and Customers
Derivatives: SPX Volume Growth Across Environments and Customers Engagement Remained Resilient as SPX 0DTE Volumes Continued to Grow 4.0mn 65% 3.5mn 24x5 Tue/Thu 60% COVID Launch Launch 3.0mn 55% 2.5mn 50% 2.0mn 45% 1.5mn 40% 1.0mn 35% 0.5mn 30% SPX >0DTE ADV SPX 0DTE ADV Individual % of 0DTE Custom
Slide 9: Derivatives: Aligned with Cyclical and Secular Trends
Derivatives: Aligned with Cyclical and Secular Trends Cyclical Tailwinds Record Options Volumes in 3Q25 4.8 4.7 4.9 4.2 4.1 4.0 4.2 4.0 Macroeconomic and geopolitical environment Total Index Options 3.6 3.7 3.7 ◆ Record quarterly ADV of Shifting policy positions 4.9mn, +15% y/y Investor positioning
Slide 10: Continued Progress in Global Cash Equities
Continued Progress in Global Cash Equities North America | Europe | Asia Pacific ◆ U.S. Equities On-Exchange ◆ Cboe Europe maintained Europe’s ◆ Cboe Australia ADNV increased matched ADV increased 36% to leading market share during 18%2 to $1.0bn in 3Q25 as 1.7bn in 3Q25 from 1.3bn in 3Q24 continuou
Slide 11: Cboe Data Vantage: Driving Durable Growth
Cboe Data Vantage: Driving Durable Growth Priorities Across the Data Vantage Portfolio Data Distribution ◆ Delivering content, platform, and distribution globally to execute on growth opportunities ◆ Powered by Cboe’s market-leading position in multiple asset classes around the globe Analytics ◆ Com
Slide 12: Financial Overview and Guidance
Financial Overview and Guidance 12
Slide 13: 3Q25 Financial Summary
3Q25 Financial Summary $605.5 $1,758.0 $532.0 $1,547.9 $480.5 $605.5mn $1,419.0 $442.4 $1,284.6 Net Revenue +14% Y/Y 3Q22 3Q23 3Q24 3Q25 2022 YTD 2023 YTD 2024 YTD 2025 YTD 2 $409.0 $1,180.4 $409.0mn $280.2 $310.8 $339.1 $840.0 $891.8 $985.7 Adjusted Operating EBITDA¹ 67.5% 67.1% 65.4% +21% Y/Y 63.3
Slide 14: 3Q25 Net Revenue by Segment and Key Drivers
3Q25 Net Revenue by Segment1 and Key Drivers Net Revenue Segment Net Rev. Growth Key Drivers in millions $605.5 ◆ Higher net transaction and clearing fees +14% Options +19% ◆ Higher total options trading volume CBOE - C2 - EDGX - BZX ◆ Increased market data fees $532.0 ◆ Higher access and capacity a
Slide 15: Data Vantage Grew Net Revenues 12% in 3Q25
Data Vantage Grew Net Revenues 12% in 3Q25 Increased 2025 organic net revenue growth rate target1 for Data Vantage business to ‘high single-digit to low double-digit’ from ‘mid to high single-digit’ in 3Q252 ◆ 3Q25 Data Vantage net revenue of $158.9 million up 12% YoY organically3 Data Vantage Gross
Slide 16: 3Q25 Adjusted Operating Expenses Up 3% Y/Y
3Q25 Adjusted Operating Expenses1 Up 3% Y/Y, Driven by Compensation and Benefits Adjusted Operating Expenses1 3Q25 3Q24 Change ($ in millions) ◆ 3Q25 adjusted operating expense Compensation and benefits $126.1 $118.3 7% increase primarily driven by an $8 Depreciation and amortization 13.7 11.1 23% m
Slide 17: 2025 Guidance
2025 Guidance 2025 Full-Year Guidance 1 2025 Guidance as of 2025 Guidance as of 2025 Guidance as of 2025 Guidance as of 2024 Actual ($ in millions) October 31, 2025 August 1, 2025 May 2, 2025 February 7, 2025 3 High Single-Digit to 2 Data Vantage organic net revenue growth rate Mid to High Single-Di
Slide 18: Efficient Allocation of Capital to Create Long-Term Shareholder Value
Efficient Allocation of Capital to Create Long-Term Shareholder Value Dec. 31, Mar. 31, Jun. 30, Sep. 30, Debt Outstanding ($ in millions) Preserving balance sheet flexibility remains a 2024 2025 2025 2025 priority 3.650% Senior Notes (10Y; Due 2027) $650 $650 $650 $650 1.625% Senior Notes (10Y; Due
Slide 19: Closing Remarks
Closing Remarks Choe |
Slide 20: Framing the Strategic Direction
Framing the Strategic Direction Ongoing Actions Execution of Our Strategic Realignment Disciplined Capital Allocation 1. Initiate a sales process for Cboe Australia and Cboe Canada ◆ Allocate our resources (capital, talent, technology) to drive growth 2. Discontinue U.S. and European Corporate Listi
Slide 21: Executive Transitions
Executive Transitions Prashant Bhatia JJ Kinahan Rob Hocking EVP, Head of Enterprise Strategy & Corporate SVP, Head of Retail Expansion & Alternative EVP, Global Head of Derivatives Development Investment Products • Over 30 years of financial services experience, • Over 25 years of experience in glo
Slide 22: Appendix
Appendix Choe |
Slide 23: Options 3Q25 Net Revenue Up 19%
Options 3Q25 Net Revenue Up 19%, Reflecting Higher Net Transaction and Clearing Fees1 Options Selected Revenue Data 3Q25 3Q24 Change ($ in millions) Net revenue $380.8 $320.9 19% ◆ Higher net transaction and clearing fees1 Net transaction and clearing fees1 $337.1 $284.2 19% from stronger total opti
Slide 24: North American Equities 3Q25 Net Revenue Up 6%
North American (N.A.) Equities 3Q25 Net Revenue Up 6%, Driven by Higher Non-Transaction Revenue N.A. Equities Selected Revenue Data 3Q25 3Q24 Change ($ in millions) Net revenue $103.5 $98.0 6% ◆ Access and capacity fees were up 10% Net transaction and clearing fees1 $30.9 $31.9 (3)% Access and capac
Slide 25: Europe and APAC 3Q25 Net Revenue Up 24%
Europe and APAC 3Q25 Net Revenue Up 24%, Reflecting Transaction and Non-Transaction Revenue Growth Europe and APAC Selected Revenue Data 3Q25 3Q24 Change ($ in millions) Net revenue $69.1 $55.6 24% Net transaction and clearing fees1 $37.1 $27.5 35% ◆ Net transaction and clearing fees1 were up 35% 26
Slide 26: Futures 3Q25 Net Revenue Down 22%
Futures 3Q25 Net Revenue Down 22%, Reflecting Decrease in ADV1 Futures Selected Revenue Data 3Q25 3Q24 Change ($ in millions) ◆ Lower volumes drove a decrease in net Net revenue $29.6 $38.0 (22)% $22.4 $31.0 (28)% transaction and clearing fees2 Net transaction and clearing fees2 Access and capacity
Slide 27: Global FX 3Q25 Net Revenue Up 13%
Global FX 3Q25 Net Revenue Up 13%, Driven by Higher Net Transaction and Clearing Fees1 FX Selected Revenue Data 3Q25 3Q24 Change ($ in millions) ◆ Net transaction and clearing fees1 were up Net revenue $22.5 $20.0 13% $19.1 $16.9 13% 13% Net transaction and clearing fees1 Non-transaction revenue $3.
Slide 28: 3Q25 Financial Overview
3Q25 Financial Overview Adjusted Financial Results1 3Q25 3Q24 Change ($ in millions, except per share) Net Revenue2 $605.5 $532.0 14% Adjusted Operating Expenses $210.2 $204.0 3% Adjusted Operating Income $395.3 $328.0 21% Adjusted Operating Margin 65.3 % 61.7 % 3.6 pts Adjusted Operating EBITDA $40
Slide 29: Net Revenue Detail
Net Revenue Detail Net Revenue1 3Q25 3Q24 Change ◆ Cash and Spot Markets driven by ($ in millions) supportive industry volumes Cash and Spot Markets $117.3 $103.3 14% ◆ Data Vantage benefited from new Data Vantage $158.9 $142.5 12% unit and product sales Derivatives Markets $329.3 $286.2 15% ◆ Deriv
Slide 30: Focused on Growing the Proprietary Index Suite
Focused on Growing the Proprietary Index Suite Index customers at Cboe typically use the toolkit of Cboe proprietary products interchangeably or in tandem, depending on market conditions ◆ Plan to further penetrate existing markets with an emphasis on education, targeting key market segments and geo
Slide 31: Options: 0DTE Continued to Enhance SPX Volume Growth
Options: 0DTE Continued to Enhance SPX Volume Growth SPX ADV by Expiration in millions of contracts 4.5 4.3 Thursday expiration 3.9 65% 4.0 introduced May 3.8 3.8 Tuesday 3.7 3.6 expiration 11, 2022 3.5 3.5 3.5 3.5 62% 3.5 introduced April 61%60%62% 18, 2022 3.2 3.3 3.2 3.2 3.3 3.2 3.2 60% 3.1 3.1 3
Slide 32: 3Q25 Net Revenue by Revenue Caption
3Q25 Net Revenue by Revenue Caption For the Three Months Ended Cash and Spot Markets Data Vantage Derivatives Markets Total September 30 (in millions) 2025 2024 2025 2024 2025 2024 2025 2024 Transaction and clearing fees $377.0 $288.9 $— $— $542.9 $437.0 $919.9 $725.9 Access and capacity fees — — 10
Slide 33: Net Transaction and Clearing Fees by Segment
Net Transaction and Clearing Fees by Segment For the Three Months Ended Options N.A. Equities Europe and APAC Futures Global FX Digital1 Total December 31 (in millions) 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 Transaction and clearing fees $418.0 $419.0 $260.6 $240.0 $41
Slide 34: Non-GAAP Information
Non-GAAP Information Choe | «
Slide 35: Non-GAAP Information
Non-GAAP Information In addition to disclosing results determined in accordance with GAAP, Cboe Global Markets has disclosed certain non-GAAP measures of operating performance. These measures are not in accordance with, or a substitute for, GAAP, and may be different from or inconsistent with non-GA
Slide 36: Non-GAAP Information
Non-GAAP Information Reconciliation of GAAP Net Revenues to Net Revenues in Constant Currency1 Net Revenue (in millions) Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Europe and Asia Pacific net r
Slide 37: Non-GAAP Information
Non-GAAP Information (in millions, except per share amounts) 1Q24 2Q24 3Q24 4Q24 2024 1Q25 2Q25 3Q25 (1) This amount includes acquisition-related costs primarily from the Company’s Cboe Digital, Cboe Canada, and Reconciliation of Net Income Allocated to Common Stockholders to Non-GAAP Cboe Asia Paci
Slide 38: Non-GAAP Information
Non-GAAP Information (in millions, except per share amounts) 1Q22 2Q22 3Q22 4Q22 2022 1Q23 2Q23 3Q23 4Q23 2023 (1) This amount includes ongoing acquisition related costs primarily from the Reconciliation of Net Income Allocated to Common Stockholders to Non-GAAP Company’s Cboe Digital and Cboe Canad
Slide 39: Non-GAAP Information
Non-GAAP Information EBITDA Reconciliations EBITDA (earnings before interest, income taxes, depreciation and amortization) and Adjusted EBITDA are widely used non-GAAP financial measures of operating performance. These metrics are presented as supplemental information that the company believes are u
Slide 40: Non-GAAP Information
Non-GAAP Information Debt to Adjusted EBITDA – Trailing Twelve Months1 (in millions) 4Q24 1Q25 2Q25 3Q25 TTM Net income allocated to common stockholders $195.6 $249.4 $233.9 $299.3 $978.2 Interest (income) expense, net 5.7 4.4 1.6 (1.0) 10.7 Income tax provision 83.2 99.6 99.5 129.3 411.6 Depreciati
Slide 41: Thank You
Thank You © 2025 Cboe Exchange, Inc. All rights reserved. 41