Cboe Global Markets (CBOE) Q3 2025 10-Q Quarterly Report
Filed: Oct 31, 2025Period ending Sep 30, 2025
Financials
Security & Commodity Brokers, Dealers, Exchanges & ServicesSEC EDGAR Cboe Global Markets (CBOE) 10-Q quarterly report for Q3 2025, filed with SEC EDGAR on Oct 31, 2025 for the fiscal period ending Sep 30, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.
Cboe Global Markets Q3 2025 10-Q Analysis
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
Cboe Global Markets Q3 2025 Quarterly FinancialsXBRL
Revenue
$1.1B
▲ +8.1% YoY▼ -2.7% QoQ
Net Income
$301M
▲ +38.4% YoY▲ +27.9% QoQ
Gross Margin
53.0%
▲ +264bp YoY▲ +299bp QoQ
Operating Margin
32.4%
▲ +332bp YoY▲ +354bp QoQ
Net Margin
26.3%
▲ +575bp YoY▲ +631bp QoQ
ROE
6.2%
Total Assets
$9.1B
EPS (Diluted)
$2.85
▲ +37.7% YoY▲ +27.8% QoQ
Operating Cash Flow
$154M
▲ +126.6% YoY▼ -53.9% QoQ
Source: XBRL data from Cboe Global Markets Q3 2025 10-Q filing on SEC EDGAR. All figures in USD.
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