Short answer
Cboe Global Markets (CBOE) filed its Q3 2025 10-Q quarterly report on Oct 31, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $1.1B (up 8.1% year over year) with net income of $301M.
Q3 2025 key financials · XBRL
- Revenue
- $1.1B
- +8.1% YoY · −2.7% QoQ
- Net income
- $301M
- +38.4% YoY · +27.9% QoQ
- Operating margin
- 32.4%
- Gross margin
- 53.0%
- EPS (diluted)
- $2.85
- +37.7% YoY · +27.8% QoQ
Source: XBRL data from the Cboe Global Markets (CBOE) Q3 2025 10-Q on SEC EDGAR. USD.
Cboe Global Markets Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $1.142B Q3 2025, up 8% YoY from $1.056B; 9-month revenue $3.510B, up 18% YoY from $2.987B
- Operating margin 61.2% Q3 2025 vs 57.8% Q3 2024; 9-month margin 60.5% vs 51.7% YoY
- Best segment: Options revenue +21% Q3 YoY ($616M vs $510M) with margin 72.1% vs 68.9%; worst: Futures revenue down 20% Q3 ($32M vs $40M) margin 56.8% vs 77.4% YoY
- Cash and equivalents increased to $1.497B Sept 30, 2025 vs $920M Dec 31, 2024; operating cash flow $1.401B YTD 2025, down from $1.811B YTD 2024
- Management notes headwind from wind down of Japanese equities business, SEC Section 31 fee rate dropping to $0 May 2025 reducing regulatory fee revenue, expects sufficient liquidity for operations and potential acquisitions
Risk Factors
- New risk: Substantial executive turnover in 2025, including CEO starting May 7 and EVP of Global Derivatives starting October 1, risking business disruption
- Updated operational risk: Challenges retaining technology personnel amid substantial competition, impacting systems reliability and profitability
- Regulatory/legal risk: Potential litigation from negative perceptions of human capital management programs affecting employee retention
- Market risk: Increased difficulty recruiting qualified employees during return to office plan implementation, risking business continuity
- Financial risk: Potential increased costs from recruiting, training replacements for departed key personnel affecting profitability
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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