Cboe Global Markets, Inc. · CBOE:CBOE
Cboe Global Markets — Q4 2025 Earnings Presentation
42 slides from Cboe Global Markets's earnings presentation, Feb 6, 2026
Slide 1: Fourth Quarter 2025 Earnings Presentation
Fourth Quarter 2025 Earnings Presentation February 6, 2026 © 2026 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: Quarterly Recap and Outlook
Quarterly Recap and Outlook 4
Slide 5: 4Q25: Record Net Revenue in Fourth Quarter
4Q25: Record Net Revenue1 in Fourth Quarter* Net revenue grew 28% Y/Y, a product of continued transaction and non-transaction growth ◆ Cboe total options ADV up Options Derivatives 24%, with a 35% increase +34% in index options ADV and a $671 million +38% 20% increase in multi- listed options ADV No
Slide 6: Reflecting on Full Year 2025 Results
Reflecting on Full Year 2025 Results Another Year of Records1… …Propelled Broad-Based Y/Y Net Revenue Growth1 ◆ 4.6bn total options contracts traded across Cboe's Options four exchanges, with a record ADV of 18.4mn Derivatives +22% +22% ◆ SPX options ADV up 25% to a record 3.9mn contracts N.A. Equit
Slide 7: Derivatives: SPX Volume Growth Across Environments and Customers
Derivatives: SPX Volume Growth Across Environments and Customers Strong Investor Engagement as SPX 0DTE Volumes Continued to Grow 4.5mn 65% 4.0mn COVID 24x5 Tue/Thu 60% Launch Launch 3.5mn 55% 3.0mn 50% 2.5mn 45% 2.0mn 40% 1.5mn 1.0mn 35% 0.5mn 30% SPX >0DTE ADV SPX 0DTE ADV Individual % of 0DTE Cus
Slide 8: Derivatives: Aligned with Cyclical and Secular Trends
Derivatives: Aligned with Cyclical and Secular Trends Cyclical Tailwinds Record Options Volumes in 4Q25 5.5 4.9 Macroeconomic and geopolitical environment Total Index Options 3.6 3.7 3.7 4.2 4.1 4.0 4.2 4.0 4.8 4.7 ◆ Record quarterly ADV of Shifting policy positions 5.5mn, +35% y/y Investor position
Slide 9: Cash and Spot: Solid Performance Across Products and Platforms
Cash and Spot: Solid Performance Across Products and Platforms U.S. Equities | European Equities & Clearing | Global FX ◆ U.S. Equities On-Exchange matched ADV ◆ European Equities ADNV traded on Cboe rose ◆ FX ADNV increased 17% to $53.3bn in 4Q25 increased 20% to 1.7bn in 4Q25 from 1.5bn 17% to €12
Slide 10: 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 11: Financial Overview and Guidance
Financial Overview and Guidance 11
Slide 12: 4Q25 Financial Summary
4Q25 Financial Summary $671.1 $2,429.1 $524.5 $2,072.4 $1,918.0 $671.1mn $499.0 $1,741.7 $457.1 Net Revenue +28% Y/Y 4Q22 4Q23 4Q24 4Q25 2022 2023 2024 2025 $464.7 $1,645.1 $464.7mn $292.0 $317.1 $331.2 69.2% $1,132.0 $1,208.9 $1,316.9 Adjusted Operating EBITDA¹ 67.7% 65.0% +40% Y/Y 63.9% 63.5% 63.1
Slide 13: 4Q25 Net Revenue by Segment and Key Drivers
4Q25 Net Revenue by Segment1 and Key Drivers Net Revenue Segment Net Rev. Growth Key Drivers in millions ◆ Higher net transaction and clearing fees $671.1 Options +34% ◆ Higher total options trading volume and RPC CBOE - C2 - EDGX - BZX +28% ◆ Increased access and capacity fees ◆ Higher net transact
Slide 14: Data Vantage Grew Net Revenue 9% in 4Q25
Data Vantage Grew Net Revenue 9% in 4Q25 Introduced 2026 Data Vantage organic net revenue growth rate target1 of ‘mid to high single-digit’2 ◆ 4Q25 Data Vantage net revenue of $159.5 million up 9% Data Vantage Gross Revenue in millions YoY organically3 ◆ Remain focused on growth opportunities $162.6
Slide 15: 4Q25 Adjusted Operating Expenses Up 8% Y/Y
4Q25 Adjusted Operating Expenses1 Up 8% Y/Y, Driven by Compensation and Benefits Adjusted Operating Expenses¹ 4Q25 4Q24 % Change 2025 2024 % Change (in millions) ◆ 4Q25 adjusted Compensation and benefits $124.8 $111.4 12% $494.1 $460.3 7% operating expense1 Depreciation and amortization 14.2 11.5 23
Slide 16: 2026 Guidance
2026 Guidance 2026 Full-Year Guidance1 2026 Guidance as of 2025 Actual ($ in millions) February 6, 2026 Data Vantage3 organic net revenue growth rate Mid to High Single-Digit 10%2 Total organic net revenue growth rate Mid Single-Digit 17%2 Adjusted operating expenses4 $864 to 879 $836.52 implied gro
Slide 17: Efficient Allocation of Capital to Create Long-Term Shareholder Value
Efficient Allocation of Capital to Create Long-Term Shareholder Value Mar. 31, Jun. 30, Sep. 30, Dec. 31, Debt Outstanding ($ in millions) 2025 2025 2025 2025 Preserving balance sheet flexibility remains a 3.650% Senior Notes (10Y; Due 2027) $650 $650 $650 $650 priority 1.625% Senior Notes (10Y; Due
Slide 18: Closing Remarks
Choe Closing Remarks
Slide 19: Leadership Reinforcing Core Growth and the Strategic Direction
Leadership Reinforcing Core Growth and the Strategic Direction Sharpened Strategic Focus on Core Growth… 1 Rationalization of 2 Organic Growth Through 3 Focus on Capitalizing on Our Business Portfolio Core Business Optimization Emerging Industry Trends Optimize return on invested capital Focus on dr
Slide 20: Appendix
Choe Appendix
Slide 21: Options 4Q25 Net Revenue Up 34%
Options 4Q25 Net Revenue Up 34%, Reflecting Higher Net Transaction and Clearing Fees1 Options Selected Revenue Data 4Q25 4Q24 Change 2025 2024 Change ($ in millions) Net Revenue $433.1 $324.3 34% $1,531.1 $1,259.3 22% ◆ Higher net transaction and Net transaction and clearing fees¹ $394.4 $282.0 40%
Slide 22: North American Equities 4Q25 Net Revenue Up 17%
North American (N.A.) Equities 4Q25 Net Revenue Up 17%, Driven by Higher Net Transaction and Clearing Fees N.A. Equities Selected Revenue Data 4Q25 4Q24 Change 2025 2024 Change ($ in millions) Net Revenue $110.7 $94.9 17% $407.2 $383.8 6% ◆ Net transaction and Net transaction and clearing fees¹ $34.
Slide 23: Europe and APAC 4Q25 Net Revenue Up 24%
Europe and APAC 4Q25 Net Revenue Up 24%, Reflecting Transaction and Non-Transaction Revenue Growth Europe and APAC Selected Revenue Data 4Q25 4Q24 Change 2025 2024 Change ($ in millions) Net Revenue $69.9 $56.2 24% $273.5 $220.2 24% ◆ Net transaction and clearing Net transaction and clearing fees¹ $
Slide 24: Futures 4Q25 Net Revenue Up 12%
Futures 4Q25 Net Revenue Up 12%, Reflecting Increase in ADV1 Futures Selected Revenue Data 4Q25 4Q24 Change 2025 2024 Change ($ in millions) Net revenue $33.7 $30.2 12% $126.2 $133.5 -5% ◆ Higher volumes drove an Net transaction and clearing fees2 $26.3 $23.2 13% $97.3 $105.8 -8% increase in net tra
Slide 25: Global FX 4Q25 Net Revenue Up 22%
Global FX 4Q25 Net Revenue Up 22%, Driven by Higher Net Transaction and Clearing Fees1 FX Selected Revenue Data 4Q25 4Q24 Change 2025 2024 Change ($ in millions) Net revenue $23.7 $19.4 22% $91.1 $77.6 17% ◆ Net transaction and Net transaction and clearing fees1 $20.4 $16.2 26% 78.0 64.9 20% clearin
Slide 26: 4Q25 and Full Year Financial Overview
4Q25 and Full Year Financial Overview Adjusted Financial Results1 4Q25 4Q24 Change 2025 2024 Change ($ in millions, except per share) Net Revenue2 $671.1 $524.5 28% $2,429.1 $2,072.4 17% Adjusted Operating Expenses $220.6 $204.8 8% $836.5 $798.8 5% Adjusted Operating Income $450.5 $319.7 41% $1,592.
Slide 27: Net Revenue Detail
Net Revenue Detail Net Revenue1 4Q25 4Q24 % Change 2025 2024 % Change ◆ Cash and Spot Markets (in millions) driven by supportive industry Cash and Spot Markets $125.6 $98.9 27% $465.2 $403.2 15% volumes Data Vantage $159.5 $145.9 9% $622.9 $565.7 10% ◆ Data Vantage benefited from Derivatives Markets
Slide 28: 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 29: 0DTE Continued to Enhance SPX Volume Growth
0DTE Continued to Enhance SPX Volume Growth SPX ADV by Expiration in millions of contracts 5.0 4.6 75% 4.5 4.3 4.4 4.1 Thursday 3.9 4.0 Tuesday expiration 3.8 3.8 expiration introduced May 3.7 3.6 65% introduced April 11, 2022 3.5 3.5 3.5 3.5 3.5 18, 2022 3.2 3.3 3.2 3.2 3.3 3.2 3.1 3.1 3.2 61% 60%
Slide 30: 4Q25 Net Revenue by Revenue Caption
4Q25 Net Revenue by Revenue Caption For the Three Months Ended Cash and Spot Markets Data Vantage Derivatives Markets Total December 31 (in millions) 2025 2024 2025 2024 2025 2024 2025 2024 Transaction and clearing fees $390.0 $318.6 $— $— $587.4 $444.0 $977.4 $762.6 Access and capacity fees — — 105
Slide 31: 2025 Net Revenue by Revenue Caption
2025 Net Revenue by Revenue Caption For the Twelve Months Ended Cash and Spot Markets Data Vantage Derivatives Markets Total December 31 (in millions) 2025 2024 2025 2024 2025 2024 2025 2024 Transaction and clearing fees $1,483.1 $1,196.3 $— $— $2,114.5 $1,708.3 $3,597.6 $2,904.6 Access and capacity
Slide 32: Net Transaction and Clearing Fees by Segment – Quarterly
Net Transaction and Clearing Fees by Segment – Quarterly For the Three Months Ended Options N.A. Equities Europe and APAC Futures Global FX Digital1 Total March 31 (in millions) 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Transaction and clearing fees $464.5 $389.8 $271.7 $
Slide 33: Net Transaction and Clearing Fees by Segment – Full Year
Net Transaction and Clearing Fees by Segment – Full Year For the Twelve Months Ended Options N.A. Equities Europe and APAC Futures Global FX Digital1 Total December 31 (in millions) 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Transaction and clearing fees $2,011.5 $1,599.0
Slide 34: Non-GAAP Information
Choe Non-GAAP Information
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 Revenue to Net Revenue in Constant Currency1 Net Revenue (in millions) Three Months Ended Three Months Ended Twelve Months Ended Twelve Months Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Europe and Asia Pacific net rev
Slide 37: Non-GAAP Information
Non-GAAP Information Reconciliation of GAAP Net Revenues to Organic Net Revenues by Revenue Caption Cash and Spot Data Vantage Derivatives Markets Total For the Three Months Ended Markets Y/Y Y/Y Y/Y Y/Y December 31 (in millions) Change Change Change Change 2025 2024 2025 2024 2025 2024 2025 2024 Ne
Slide 38: Non-GAAP Information
Non-GAAP Information (in millions, except per share amounts) 1Q24 2Q24 3Q24 4Q24 2024 1Q25 2Q25 3Q25 4Q25 2025 (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
Slide 39: 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 Reconciliation of Net Income Allocated to Common Stockholders to Non-GAAP from the Company’s Cboe Digital and Cboe Canad
Slide 40: 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 41: Non-GAAP Information
Non-GAAP Information Debt to Adjusted EBITDA1 – Trailing Twelve Months (in millions) 1Q25 2Q25 3Q25 4Q25 TTM Net income allocated to common stockholders $249.4 $233.9 $299.3 $312.2 $1,094.8 Interest expense, net 4.4 1.6 (1.0) (2.1) 2.9 Income tax provision 99.6 99.5 129.3 138.2 466.6 Depreciation an
Slide 42: Thank You
Thank You © 2026 Cboe Exchange, Inc. All rights reserved. 42