Cboe Holdings Stock Earnings Reports

Cboe reported a strong Q3 with record net revenue of $605.5M (up 14% YoY) and adjusted diluted EPS of $2.67 (up 20% YoY). Growth was broad-based: Derivatives (+15%) led by record SPX activity and dramatic 0DTE growth, Cash & Spot (+14%) led by Europe, and Data Vantage (+12%) driven largely by new unit sales and international uptake. Management completed a strategic portfolio review and announced a realignment: initiate sales processes for Cboe Australia and Cboe Canada, discontinue U.S. and European Corporate Listings efforts, reduce costs in certain ETP Listings, Cboe Europe Derivatives Exchange and smaller Risk/Market Analytics businesses, and complete prior wind-down of Japanese equities. Management expects the combined actions to be accretive to earnings, with an estimated ~3% reduction in net revenue and an 8–10% reduction in adjusted operating expenses (annualized run rate vs 2025 guidance baseline), and said the moves free up human and modest capital resources to double down on core growth areas: index & multi-list options, futures, US/European equities, FX, Data Vantage, plus emerging opportunities in event/prediction markets, retail expansion, digital/crypto products and extended trading hours. Financial position remains healthy (adjusted cash ~$1.5B, leverage ~1.0x), Moody's upgraded the rating to A2, and management raised full-year 2025 total organic net revenue growth guidance to low double-digit to mid-teens and narrowed/lowered expense and CapEx ranges. Management emphasized disciplined expense control while reserving flexibility to invest in selective, mostly low-capital growth initiatives.