Cboe Global Markets reported record financial results for the fourth quarter and full year 2025. Strong derivatives activity lifted revenue and earnings across its core markets.
Last year, Centroid Solutions integrated its platform with Cboe Global Markets. The integration gives broker clients direct access to real-time pricing for equities, options, indices, and derivatives from U.S. and European markets through a single connection.
In the same period, Australia’s securities regulator, ASIC, approved Cboe to list companies, allowing initial public offerings and dual-listed foreign firms, ending ASX’s de facto monopoly on new listings.
The company does not disclose retail trading share, nor does it operate a CFD business. Retail investors access Cboe-listed products through brokerage platforms. Listed options have become increasingly popular among active individual traders in recent years.
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For the fourth quarter, Cboe posted net revenue of $671 million, up 28% year-over-year. Diluted earnings per share rose 60% to $2.97. Full-year revenue reached $2.4 billion, up 17% from 2024.
Short-Dated Contracts Boost Cboe Activity
The exchange’s options segment was the main driver of growth. Revenue in the segment climbed 34% in the fourth quarter. Higher volumes in equity and index options, including short-dated contracts, continued to support transaction and clearing fees.
Institutional participants such as hedge funds, asset managers, and proprietary trading firms remain central to Cboe’s business. Structurally elevated options volumes indicate broad market engagement. Shorter-term contracts have gained traction among both professional traders and active retail investors, particularly during periods of heightened volatility.
Strong Institutional Flows Drive Market Forecast
Cboe guided for mid-single-digit organic revenue growth in 2026. The exchange expects continued expansion as derivatives markets remain active. It enters the new year supported by strong institutional flows and broad market participation.
