Q2 2025 Cboe Global Markets Inc Earnings Call Transcript
Key Points
- Cboe Global Markets Inc (CBOE) achieved a record net revenue of $587 million, marking a 14% year-over-year increase.
- The Derivatives franchise delivered a record quarter with organic net revenue increasing 17% year over year.
- SPX options volumes jumped 21% year over year, with SPX 0DTE options making up a record 57% of overall SPX options volume.
- The Data Vantage business saw an 11% increase in net revenue, driven by strong new subscription and unit sales.
- Cboe's Europe and Asia-Pacific segment delivered a 30% year-over-year increase in net revenue, driven by strong performance in European cash equities.
- The Futures segment experienced a 14% decrease in net revenue due to lower volumes.
- Cboe announced the closure of its Japan equities business, reflecting a strategic shift but also indicating challenges in that market.
- Retail traders pulled back during periods of heightened volatility, impacting certain trading volumes.
- Adjusted operating expenses increased by 8% year over year, driven by higher compensation and benefits, and technology support services expenses.
- The company anticipates a pretax charge of approximately $5 million in the third quarter of 2025 related to the closure of its Japanese equities business.
Thank you for standing by. My name is Tina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Cboe Global Markets second-quarter earnings call. (Operator Instructions)
It is now my pleasure to turn the call over to Ken Hill, Head of Investor Relations. You may begin your conference.
Good morning, and thank you for joining us for our second-quarter earnings conference call. On the call today, Craig Donohue, our CEO, will discuss our performance for the quarter and provide an update on our strategic initiatives.
Dave Howson, our Global President, will provide some comments as he hands his responsibilities to Chris Isaacson, our Chief Operating Officer; and Cathy Clay, our Global Head of Derivatives, who will join us for Q&A.
We will conclude our prepared remarks with Jill Griebenow, our Chief Financial Officer, who will provide an overview of our financial results for the quarter as well as discuss our 2025
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