Cboe Global Reports Record Q1 Earnings, Beats Estimates

Cboe Global Markets reported record first-quarter results, with adjusted earnings per share of $2.50, surpassing analyst expectations, and net revenue of $565.2 million—a 13% year-over-year increase. This performance was driven by significant growth in its derivatives and options trading segments, which saw a 15% revenue rise due to increased trading volumes amid heightened market volatility and global economic uncertainty. The company managed to expand its operating margins to 68.1% through disciplined expense management, even as its European and Asia Pacific operations grew revenues by 18%. Cboe raised its full-year outlook, now expecting organic net revenue growth in the mid to high single digits for 2025, reflecting continued optimism in market activity and structural trends like retail options adoption. Leadership changes are forthcoming, with Craig Donohue set to become CEO, potentially steering further strategic evolution. Despite these gains, Cboe's stock performance has trailed some competitors, though the company remains well-positioned to benefit from ongoing market volatility.