Cboe Global Markets, Inc. (CBOE) Stock: Record Earnings Beat Cap Strong 2025, 2026 Growth Outlook Set

TLDR

• Cboe delivered record Q4 and full-year 2025 revenue and earnings
• Derivatives volumes drove strong growth across index and multi-listed options
• Adjusted EPS beat Wall Street estimates for the quarter
• Management set mid single-digit organic revenue growth targets for 2026
• Long-term returns continue to outperform the S&P 500

Cboe Global Markets, Inc. ($CBOE) capped off 2025 with record quarterly and full-year financial results, highlighting the strength of its derivatives-led business model. The stock closed at $275.28, up 1.50%, before slipping in premarket trading after the earnings release.

Cboe Global Markets, Inc., CBOE
Despite the short-term move, the results underscored a year of exceptional growth across revenue, earnings, and trading activity.

Record Quarter And Full-Year Performance

Cboe reported fourth-quarter diluted earnings per share of $2.97, a 60% increase from the prior year. Adjusted diluted EPS came in at $3.06, topping analyst expectations and marking a 46% year-over-year gain. Net revenue for the quarter reached a record $671.1 million, up 28%.

For the full year, diluted EPS climbed 45% to a record $10.42, while adjusted diluted EPS rose 24% to $10.67. Annual net revenue totaled $2.4 billion, reflecting 17% growth and reinforcing Cboe’s position as one of the fastest-growing exchange operators globally.

Chief Executive Officer Craig Donohue described 2025 as a defining year, citing strategic realignment and focused investment across core businesses as key drivers of performance.

Derivatives Business Drives Momentum

Cboe’s derivatives segment remained the engine of growth. Net revenue in derivatives surged 38% year over year in the fourth quarter, supported by record trading volumes. Total options average daily volume rose 24%, with index options volumes jumping 35% and multi-listed options up 20%.

Heightened market volatility and increased use of options for hedging and income strategies fueled activity. Management emphasized that secular trends supporting derivatives adoption remain intact as both institutional and retail participation continue to expand.

Cash, Spot Markets, And Data Vantage Growth

Beyond derivatives, Cboe delivered solid gains across other segments. Cash and Spot Markets net revenue increased 27% year over year in the fourth quarter, reflecting healthy equity and ETF trading activity.

Data Vantage, Cboe’s market data and analytics business, posted 9% revenue growth during the quarter. While slower than derivatives, the segment remains a stable, recurring revenue contributor. Management expects Data Vantage organic net revenue growth to land in the mid to high single-digit range in 2026, supported by demand for real-time data and analytics.

Earnings Beat And Market Reaction

Cboe reported fourth-quarter adjusted earnings of $3.06 per share, comfortably above Wall Street estimates near $2.85. Revenue also exceeded expectations, coming in well ahead of consensus forecasts.

Despite the beat, shares edged slightly lower in premarket trading, suggesting investors may be recalibrating expectations after a strong multi-year run. In 2025, Cboe shares significantly outperformed broader markets, setting a high bar for continued upside.

2026 Outlook And Expense Guidance

Looking ahead, Cboe established a 2026 organic total net revenue growth target in the mid single-digit range. The company also introduced adjusted operating expense guidance of $864 million to $879 million for the year, signaling disciplined cost management while investing for growth.

Chief Financial Officer Jill Griebenow highlighted the balance between expanding growth initiatives and maintaining operating leverage, noting that the company remains focused on delivering durable shareholder returns.

Long-Term Shareholder Returns Stand Out

Cboe’s performance over longer timeframes continues to stand out. As of early February 2026, the stock posted a year-to-date gain of 9.67%, far ahead of the S&P 500. One-year, three-year, and five-year returns of 32.94%, 128.75%, and 227.78% reflect sustained value creation.

With strong cash generation, diversified revenue streams, and exposure to structural growth in derivatives and data, Cboe enters 2026 with momentum. While near-term stock moves may fluctuate, the company’s record-setting 2025 results reinforce its role as a core beneficiary of evolving global market structure.

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