Cboe Global Markets Reports Record Q4 2025 Earnings and Strategic Realignment
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 06 2026
0mins
Should l Buy CBOE?
Source: seekingalpha
- Record Financial Performance: Cboe achieved a net revenue of $671 million in Q4 2025, marking a 28% year-over-year increase, with adjusted EPS rising 46% to $3.06, reflecting strong performance in derivatives and cash markets, thereby reinforcing the company's leadership in the financial sector.
- Strategic Realignment Focus: CEO Craig Donohue emphasized a shift in focus away from certain areas to concentrate resources on core businesses and emerging opportunities, aiming to enhance overall operational efficiency and market competitiveness through optimized resource allocation.
- Future Outlook and Guidance: Cboe anticipates mid- to high single-digit organic net revenue growth for Data Vantage in 2026, with adjusted operating expense guidance set between $864 million and $879 million, reflecting the company's confidence in future growth and its responsiveness to market changes.
- Leadership Changes: Cboe announced the appointments of new COO Scott Johnston and head of Cash and Spot Markets Heidi Fischer, indicating a continued strengthening of leadership to support future strategic execution and market expansion.
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Analyst Views on CBOE
Wall Street analysts forecast CBOE stock price to rise
13 Analyst Rating
3 Buy
8 Hold
2 Sell
Hold
Current: 270.600
Low
230.00
Averages
274.55
High
310.00
Current: 270.600
Low
230.00
Averages
274.55
High
310.00
About CBOE
Cboe Global Markets, Inc. is a provider of derivatives and securities exchange networks, and delivers trading, clearing and investment solutions to customers. The Company operates through six segments. The Options segment includes options on market indices (index options), as well as on the stocks of individual corporations (equity options). The North American Equities segment includes United States equities and ETP transaction services. The Europe and Asia Pacific segments include the pan-European listed equities and derivatives transaction services, ETPs, exchange-traded commodities, and international depository receipts. The Futures segment includes transaction services provided by Cboe Futures Exchange, LLC (CFE), an electronic futures exchange that offers trading of VIX futures and other futures products. The Global FX segment includes institutional FX trading services. The Digital segment includes a regulated futures exchange (Cboe Digital Exchange) and a regulated clearinghouse.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Strategic Realignment Focus: CEO Craig Donohue emphasized a shift in focus away from certain areas to concentrate resources on core businesses and emerging opportunities, aiming to enhance overall operational efficiency and market competitiveness through optimized resource allocation.
- Future Outlook and Guidance: Cboe anticipates mid- to high single-digit organic net revenue growth for Data Vantage in 2026, with adjusted operating expense guidance set between $864 million and $879 million, reflecting the company's confidence in future growth and its responsiveness to market changes.
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See More
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Dividend Announcements: Companies are preparing to announce their dividends for the first quarter of 2026, which could impact investor sentiment and market performance.
See More
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- Dividend Payment Schedule: This dividend is set for Q1 2026, indicating the company's ongoing commitment to returning value to shareholders.
See More
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- Buyback Program Implementation: On February 12, 2026, OSB Group repurchased 84,783 ordinary shares through Citigroup Global Markets Limited, demonstrating the company's confidence in its stock value, which is expected to enhance investor trust.
- Transaction Details Disclosure: The repurchased shares were acquired at prices ranging from 587.00 to 603.00 pence, with a volume-weighted average price of 596.46 pence, reflecting the company's agility in responding to market fluctuations.
- Equity Structure Adjustment: Following the buyback, OSB Group's total ordinary shares will decrease to 353,664,738, and the cancellation of shares is likely to enhance earnings per share, potentially benefiting shareholder returns.
- Compliance Adherence: This transaction complies with EU Regulation No. 596/2014, ensuring transparency and regulatory adherence, further solidifying the company's reputation in the market.
See More
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- Record Financial Performance: Cboe achieved a net revenue of $671 million in Q4 2025, marking a 28% year-over-year increase, with adjusted EPS rising 46% to $3.06, reflecting strong performance in derivatives and cash markets, thereby reinforcing the company's leadership in the financial sector.
- Strategic Realignment Focus: CEO Craig Donohue emphasized a shift in focus away from certain areas to concentrate resources on core businesses and emerging opportunities, aiming to enhance overall operational efficiency and market competitiveness through optimized resource allocation.
- Future Outlook and Guidance: Cboe anticipates mid- to high single-digit organic net revenue growth for Data Vantage in 2026, with adjusted operating expense guidance set between $864 million and $879 million, reflecting the company's confidence in future growth and its responsiveness to market changes.
- Leadership Changes: Cboe announced the appointments of new COO Scott Johnston and head of Cash and Spot Markets Heidi Fischer, indicating a continued strengthening of leadership to support future strategic execution and market expansion.
See More
Base Carbon Announces Special Shareholder Meeting Results
- Auditor Appointment: At the Special Shareholder Meeting, shareholders overwhelmingly supported the appointment of BDO Canada LLP as auditors for the 2025 fiscal year with 99.983% of votes in favor, reflecting strong confidence in the company's financial transparency.
- Option Extension Approval: Shareholders approved the extension of certain outstanding stock options' expiry dates from 2025 to 2027 with 97.347% support, aimed at enhancing employee incentives and stabilizing management.
- Voting Exclusion Circumstances: Certain shareholders were excluded from voting on the option extension due to potential benefits, ensuring the fairness and transparency of the voting process, which demonstrates the company's cautious approach to governance.
- Market Positioning: Base Carbon, as a financier in the global voluntary carbon markets, aims to be the preferred partner for carbon projects by providing capital and management resources, thereby solidifying its market position in the evolving environmental industry.
See More
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- Strong Performance: Cboe Global Markets reported Q4 2025 net revenue of $671.1 million, exceeding the market expectation of $662.2 million and reflecting a 28% year-over-year growth, showcasing the robust potential of its derivatives business.
- Earnings Beat: The adjusted EPS of $3.06 surpassed the analyst estimate of $2.95 and significantly increased from $2.10 a year ago, indicating a marked improvement in the company's profitability.
- Cost Management: Adjusted operating expenses rose 8% year-over-year to $220.6 million, yet remained below the Visible Alpha estimate of $221.3 million, demonstrating effective cost control measures by the company.
- Future Outlook: Cboe anticipates mid-single-digit growth in total net revenue for FY26, with capital expenditures projected between $73 million and $83 million, reflecting the company's confidence in future growth and commitment to ongoing investments.
See More
