Cboe Global Markets (CBOE) Stock Skyrockets After Q2 2025 Net Income Hits $233.9M—Wall Street Cheers

Cboe just flexed its financial muscle—and traders are eating it up. The exchange giant’s Q2 2025 net income surged to $233.9 million, sending its stock on a bull run. Here’s the breakdown.

The Numbers Don’t Lie (But Bankers Might)

No creative accounting here—just cold, hard profit. Cboe’s latest earnings report reads like a love letter to shareholders, with institutional money piling in faster than a meme-stock frenzy.

Why This Matters Beyond the Balance Sheet

Market infrastructure plays like CBOE are the unsung heroes of finance—until they print numbers like these. Suddenly, everyone remembers who operates the casino.

One cynical footnote? These gains arrived despite Wall Street’s latest ‘crisis of the week.’ Maybe volatility really is the best business model.

TLDR

• Cboe posts strong Q2 earnings, raises full-year growth outlook
• Cboe Q2 profit surges 67%, driven by trading and fee-based growth
• Strong options volume boosts Cboe’s revenue and stock price
• Cboe ups 2025 outlook, trims expenses, exits Japan equities
• Cboe beats EPS estimates, signals continued global momentum

Cboe Global Markets, Inc. reported a sharp rise in quarterly profit and revenue, boosting its full-year growth outlook.

Cboe Global Markets, Inc. (CBOE)

The company’s second-quarter net income reached $233.9 million, up from $139.7 million a year earlier. Earnings growth and higher revenue drove the stock higher, with shares closing at $247.59 and edging up in after-hours trading.

Strong Quarterly Earnings Performance

Earnings per share climbed to $2.23 from $1.33, while adjusted earnings per share ROSE to $2.46 from $2.15. Net revenue increased 14 percent to $587.3 million, supported by strong performances in derivatives, Data Vantage, and cash and spot markets. Operating income grew to $339.1 million from $210.1 million as operating EBITDA surged to $369 million from $241.9 million.

Adjusted EBITDA increased to $382.3 million from $340.7 million, reflecting higher trading activity and growth in fee-based services. Derivatives net revenue jumped 17% due to a 20% increase in options trading volume. Data Vantage revenue advanced 11 percent, and cash and spot markets revenue also grew 11% year over year.

North American equities net revenue reached $98.4 million, supported by higher access and market data fees despite lower transaction fees. Due to higher off-exchange volumes, market share in U.S. equities exchanges fell to 10.5% from 11.4%. Canadian equities market share also declined, while European equities market share rose to 25.1% from 22.5%.

Revised Guidance for 2025

Cboe raised its 2025 organic total net revenue growth forecast to the high single-digit range from the mid-single-digit range earlier. The company reaffirmed its Data Vantage organic revenue growth outlook at mid- to high single digits. Adjusted operating expense guidance was lowered to between $832 million and $847 million, down from the previous range of $837 million to $852 million.

Depreciation and amortization expenses are now expected at $53 million to $57 million, excluding the amortization of acquired intangible assets. The effective tax rate on adjusted earnings for the year remains projected between 28.5% and 30.5%. Capital expenditures for 2025 are expected to range from $75 million to $85 million.

Cboe announced plans to wind down its Japanese equities business by the end of August, citing limited market share. The closure is expected to save between $2 million and $4 million in 2025 and $10 million to $12 million annually thereafter. Management indicated the MOVE will have minimal impact on overall revenue growth or expense guidance.

Market Reaction

Cboe’s stock rose 2.72% on Friday, reflecting confidence in its growth trajectory and operational efficiency. The record net revenue and improved margins supported the share price, which also saw a slight after-hours uptick. Pre-market trading showed shares at $241.04, 0.1% higher on the Chicago Board Options Exchange.

The company’s performance exceeded analyst expectations, with adjusted earnings per share beating the consensus estimate of $2.43. Higher trading volumes, robust fee generation, and disciplined expense management positioned Cboe for continued momentum. The positive financial results reinforced its standing as a leading global exchange operator.