Cboe Global Markets, Inc., through its subsidiaries, operates as an options exchange worldwide. It operates through six segments: Options, North American Equities, Europe and Asia Pacific, Futures, Global FX, and Digital. The Options segment trades in listed market indices. The North American Equities segment trades in listed U.S. and Canadian equities. This segment also offers exchange-traded products (ETP) transaction and listing services. The Europe and Asia Pacific segment provides pan-European listed equities and derivatives transaction services, ETPs, exchange-traded commodities, and international depository receipts, as well as ETP listings and clearing services. The Futures segment trades in futures. The Global FX segment provides institutional foreign exchange (FX) trading and non-deliverable forward FX transactions services. The Digital segment offers Cboe Digital, an operator of the United States based digital asset spot market and a regulated futures exchange; Cboe Clear Digital, a regulated clearinghouse; licensing of proprietary market data; and access and capacity services. The company has strategic relationships with S&P Dow Jones Indices, LLC; IHS Markit Ltd.; DJI Opco, LLC; Frank Russell Company; FTSE International Limited; and MSCI Inc. The company was formerly known as CBOE Holdings, Inc. and changed its name to Cboe Global Markets, Inc. in October 2017. Cboe Global Markets, Inc. was founded in 1973 and is headquartered in Chicago, Illinois.

Cboe Global Markets, Inc.

Below is Validea's guru fundamental report for CBOE GLOBAL MARKETS INC (CBOE). Of the 22 guru strategies we follow, CBOE rates highest using our Growth Investor model based on the published strategy of Martin Zweig. This strategy looks for growth stocks with persistent accelerating earnings and sales growth, reasonable valuations and low debt.
CBOE GLOBAL MARKETS INC (CBOE) is a large-cap growth stock in the Investment Services industry. The rating using this strategy is 69% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of CBOE GLOBAL MARKETS INC
More Information on Martin Zweig
About Martin Zweig: During the 15 years that it was monitored, Zweig's stock recommendation newsletter returned an average of 15.9 percent per year, during which time it was ranked number one based on risk-adjusted returns by Hulbert Financial Digest. Zweig has managed both mutual and hedge funds during his career, and he's put the fortune he's compiled to some interesting uses. He has owned what Forbes reported was the most expensive apartment in New York, a $70 million penthouse that sits atop Manhattan's Pierre Hotel, and he is a collector of all sorts of pop culture and historical memorabilia -- among his purchases are the gun used by Clint Eastwood in "Dirty Harry", a stock certificate signed by Commodore Vanderbilt, and even two old-fashioned gas pumps similar to those he'd seen at a nearby gas station while growing up in Cleveland, according to published reports.
Additional Research Links
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

CBOE Quantitative Stock Analysis - Martin Zweig

Key Points
Non-GAAP EPS of $2.46 beat expectations in Q2 2025, and Revenue (GAAP) reached an all-time high of $587.3 million in Q2 2025, surpassing estimates.
Options and Data Vantage segments delivered strong double-digit net revenue growth, but notable market share declines appeared in Options and North American Equities.
Management raised full-year organic net revenue growth guidance to the high single digits for FY2025 and lowered adjusted operating expense projections for FY2025.
Cboe Global Markets (NYSEMKT:CBOE), a leading operator of global exchanges and provider of financial market infrastructure solutions, reported its Q2 2025 earnings on August 1, 2025. The headline news was a record quarter for both revenue and earnings per share (EPS), as the company achieved non-GAAP EPS of $2.46, topping analyst expectations of $2.44 (non-GAAP). Revenue (GAAP) reached $587.3 million, beating GAAP revenue estimates of $575.1 million. Growth was strongest in its derivatives (mainly options trading), market data services, and global foreign exchange (FX) units. Despite these achievements, the company experienced a further slip in market share for the Options and North American Equities segments. Adjusted diluted EPS increased 14% compared to Q2 2024. Management assessed the quarter as both a financial and operational success, raising its growth expectations for the remainder of FY2025, and tightening expense guidance, even as strategic market and competitive shifts persist.
Metric
Q2 2025
Q2 2025 Estimate
Q2 2024
Y/Y Change
EPS (Non-GAAP)
$2.46
$2.44
$2.15
14 %
Revenue (Non-GAAP)
N/A
$575.1 million
$512.8 million
N/A
Operating Margin (Non-GAAP)
63.7 %
61.4 %
2.3 pp
Operating EBITDA (Non-GAAP)
$386.7 million
$326.3 million
19 %
Net Income Allocated to Common Stockholders (Non-GAAP)
$257.8 million
$226.2 million
14.0 %
Source: Analyst estimates provided by FactSet. Management expectations based on management's guidance, as provided in Q1 2025 earnings report.
Understanding Cboe Global Markets: The Business and Its Focus
Cboe operates marketplaces for trading a broad range of assets, including stocks, options, futures, and foreign currencies. It also develops proprietary financial products such as S&P 500 options and volatility index derivatives, alongside market data and analytics offerings. The business is split into six primary segments: Options, North American Equities, Europe and Asia Pacific (APAC), Futures, Global FX, and Digital.
The company's recent focus is on diversifying products and services, strengthening its market data and analytics platform (Data Vantage), and expanding internationally, particularly in Europe and Asia. Key success factors include product innovation, technological infrastructure upgrades—such as the Cboe Titanium trading platform—and close attention to regulatory developments due to operating in heavily regulated global markets.
Quarterly Highlights: Financial and Strategic Performance
The latest quarter saw broad-based growth but also notable shifts at the segment level. Options, the company’s largest business unit focused on derivatives trading, delivered strong revenue growth of 19% to $364.8 million (GAAP), supported by a 20% increase in average daily volumes (ADV). Proprietary products, such as SPX (S&P 500) and VIX (volatility index) options, contributed significantly to this growth. However, Cboe’s market share in listed options fell to 30.2%, compared to 31.2% a year earlier.—a sign of intensifying competition. Revenue per contract rose slightly by 1% to $0.300.
The North American Equities segment, which covers US and Canadian stock trading, achieved flat GAAP net revenue of $98.4 million amid a decline in market share. US equities market share dropped to 10.5% from 11.4% a year earlier, while Canadian Equities market share fell to 12.7% from 15.0% a year earlier. Fee-based revenues, such as access and capacity fees, supported the result; still, offsetting declines in transaction volume hint at persistent competitive pressure from alternative trading venues.
The Europe and Asia Pacific segment led with 30% revenue growth, reaching $70.4 million (GAAP). Market share gains in European equities trading rose to 25.1%, up from 22.5% a year earlier. However, in Japan, market share slipped further as Cboe confirmed an exit from its Japanese equities platform, with operations to wind down by August 29, 2025. Management stated this strategic retreat would have an immaterial financial impact on Cboe’s organic total net revenue growth and adjusted operating expense guidance for 2025, but estimated adjusted operating expense savings of $2 million to $4 million in 2025.
Futures revenue (GAAP) declined 14% to $30.1 million, driven by a similar drop in trading volumes (down 13%). The integration of Digital business lines into the Futures unit has not yet offset losses, and this segment continues to face headwinds from subdued client activity despite new product introductions. By contrast, the Global FX (foreign exchange trading) segment produced a 19% year-over-year increase in net revenue to $23.6 million, aided by both higher volumes and improved average fee capture. The Data Vantage business, which supplies market data, analytics, and technology services, achieved 11% net revenue growth and benefited from increased demand for proprietary and real-time data across regions.
The company’s fixed costs and disciplined expense management allowed the adjusted operating margin to expand by 2.3 percentage points year-over-year. Capital was returned to shareholders with $66.4 million in dividends and $35.3 million of share repurchases. The quarterly dividend was unchanged at $0.63 per share.
Company Products: From Derivatives to Data
The Options segment centers on financial derivatives—contracts that provide the right to buy or sell a security at a specified price. Proprietary index products like SPX (S&P 500 options) and VIX (volatility index options and futures) remain central to the business, with new product launches in areas such as Bitcoin-linked index options aiming to attract both retail and institutional demand. This segment now includes digital asset-linked products, beginning in Q1 2025 following the wind-down of the standalone Digital division. The Data Vantage business offers market data and analytics services to clients. These offerings include real-time quotes and advanced transaction analytics.
Cboe's FX (foreign exchange) division offers a platform for trading global currency pairs. North American and European Equities provide venues and technology for stock trading across the US, Canada, and European markets. Technology upgrades, such as the global rollout of the Cboe Titanium exchange platform, have helped standardize performance and reduce operational risks across all Cboe marketplaces.
Looking Ahead: Guidance and Investor Considerations
Management increased full-year 2025 organic net revenue growth guidance to "high single digits," compared to prior guidance of "mid to high single digits." (Guidance is for FY2025.) It maintained Data Vantage organic net revenue growth expectations at a "mid to high single digit" pace for 2025, reflecting continued confidence in proprietary market data and technology services. Expense management remains a focus, with adjusted operating expense guidance (non-GAAP) for 2025 lowered to $832 million to $847 million, down from earlier estimates of $837 million to $852 million. No changes were made to capital expenditure or tax rate projections.
Investors should monitor trends in segment market share, particularly within Options and North American Equities, given ongoing competitive challenges. The announced wind-down of the Japanese equities platform will yield minor cost savings and simplifies Cboe’s Asia strategy, but it illustrates the risks of international expansion. With continued product innovation in areas such as cryptocurrency derivatives and steady demand for data-driven solutions, Cboe’s diversification may help offset segment-specific pressures. The quarterly dividend was unchanged at $0.63 per share.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
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JesterAI is a Foolish AI, based on a variety of Large Language Models (LLMs) and proprietary Motley Fool systems. All articles published by JesterAI are reviewed by our editorial team, and The Motley Fool takes ultimate responsibility for the content of this article. JesterAI cannot own stocks and so it has no positions in any stocks mentioned. The Motley Fool recommends Cboe Global Markets. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Cboe (CBOE) Q2 Revenue Hits Record High

Cboe Global Markets, Inc. CBOE reported second-quarter 2025 adjusted earnings of $2.46 per share, which beat the Zacks Consensus Estimate by 1.6%. The bottom line increased 14.4% year over year.
The quarterly results benefited from growth in market data, access and capacity fees, an increase in options average daily volume, higher net transaction, clearing fees and non-transaction revenues.
Cboe Global Markets, Inc. Price, Consensus and EPS Surprise
Operational Details
Total adjusted revenues of CBOE Global were a record $587.3 million, which improved 14% year over year on the back of an increase in derivatives markets, Data Vantage, and cash and spot markets net revenues. The top line beat the Zacks Consensus Estimate by 2.6%.
Options revenues climbed 19% year over year to $364.8 million. The improvement was driven by growth in market data and access and capacity fees and an increase in net transaction and clearing fees as a result of an increase in total options average daily volume.
Revenues of North American Equities totaled $98.4 million, which remained flat year over year, reflecting higher access and capacity fees and industry market data fees, offset by lower net transaction and clearing fees.
Europe and Asia Pacific revenues increased 30% year over year to $70.4 million, reflecting growth in net transaction and clearing fees and non-transaction revenues.
Futures net revenues decreased 14% year over year to $30.1 million due to 19% decrease in net transaction and clearing fees.
Global FX net revenues rose 19% year over year to $23.6 million, primarily due to higher net transaction and clearing fees.
Adjusted operating expenses were $213.3 million, which increased 8.2% year over year. This increase was primarily due to higher compensation and benefits, depreciation and amortization, and technology support services. It was partially offset by lower travel and promotional expenses and professional fees and outside services. Our estimate was $221.4 million.
Adjusted operating income grew 18.5% year over year to $374 million. Our estimate was $342.5 million.
Adjusted operating margin came in at 63.7%, which expanded 230 basis points (bps) year over year. Adjusted EBITDA margin of 65.1% contracted 120 bps year over year.
Financial Update
CBOE Global exited the second quarter with cash and cash equivalents of $1.26 billion, which increased 36.5% from the 2024-end level. As of June 30, 2025, total assets of $9 billion rose 16.2% from the 2024-end figure.
CBOE’s long-term debt was $1.4 billion, which inched up 0.06% from the 2024-end level. Total shareholders’ equity was $4.7 billion, up 9% from the Dec. 31, 2024, figure.
Share Repurchase and Dividend Update
In the second quarter, CBOE Global paid out cash dividends worth $66.4 million or 63 cents per share and bought back shares worth $35.3 million. As of June 30, 2025, CBOE had approximately $614.5 million left under its current share repurchase authorization.
2025 Guidance Updated
CBOE anticipates organic total net revenue growth to be in the high single-digit range, up from the previous guidance.
The company reaffirmed Data Vantage’s organic net revenue growth range of mid to high single digits.
The company expects adjusted operating expenses to be in the range of $832 million to $847 million, down from previous guidance of $837-$852 million. The guidance excludes the expected amortization of acquired intangible assets of $70 million.
CBOE estimates depreciation and amortization expense to be in the range of $53-$57 million in 2025, down from previous guidance of $55-$59 million, excluding the expected amortization of acquired intangible assets.
Cboe Global estimates depreciation and amortization expenses in the range of $43-$47 million, excluding the expected amortization of acquired intangible assets.
CBOE reaffirms the effective tax rate on adjusted earnings to be in the range of 28.5% to 30.5%.
CBOE reaffirms capital expenditures in 2025 to be in the range of $75-$85 million.
Zacks Rank
CBOE Global currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Securities and Exchanges
Intercontinental Exchange ICE reported second-quarter 2025 adjusted earnings per share of $1.81, which beat the Zacks Consensus Estimate by 2.3%. The bottom line increased 19.1% on a year-over-year basis. Intercontinental’s net revenues were a record $2.5 billion, up 9.8% year over year. The top line beat the Zacks Consensus Estimate by 0.7%.
Total operating expenses decreased 0.4% year over year to $1.3 billion. This can be primarily attributed to lower rent and occupancy and selling, general and administrative expenses. Our estimate was also $1.3 billion. Adjusted operating expenses were $983 million in the quarter, up 3.8% year over year. Our estimate was $1 billion. Adjusted operating income rose 13.9% year over year to $1.6 billion. Our estimate was $1.4 billion. Adjusted operating margin expanded 200 bps year over year to 61%.
Nasdaq NDAQ reported second-quarter 2025 adjusted earnings per share of 85 cents, which beat the Zacks Consensus Estimate by 6.3%. The bottom line improved 24% year over year. Nasdaq’s net revenues of $1.3 billion increased 13% year over year. Organic net revenue growth was 12%. The top line beat the Zacks Consensus Estimate by 2.4%.
Annualized Recurring Revenue (ARR) increased 10% year over year to $2.9 billion. Organic growth was 9%. Annualized SaaS revenues increased 13% and represented 37% of ARR. Capital Access Platforms' revenues, adjusted, were $527 million, up 9% year over year. The increase was primarily driven by higher revenues from all business lines. Our estimate was $517.6 million.
CME Group CME reported second-quarter 2025 operating income of $2.96 per share, which beat the Zacks Consensus Estimate by 1.7%. The bottom line improved 15.6% year over year. CME Group’s revenues of $1.7 billion increased 10.4% year over year. The year-over-year increase was primarily due to higher clearing and transaction fees (up 11% year over year) and market data and information services (up 13.2% year over year). The top line beat the Zacks Consensus Estimate by 0.5%.
Total expenses rose 5.8% year over year to $562.7 million, attributable to higher compensation and benefits, technology, professional fees and outside services and licensing and other fee agreements. It exceeded our estimate of $513.7 million. Operating income increased 12.9% from the prior-year quarter to $1.1 billion. Our estimate was $1.1 billion.
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Cboe Global Q2 Earnings Surpass Estimates on Higher Revenues

(RTTNews) - Cboe Global Markets, Inc. (CBOE), a provider of derivatives and securities exchange networks, on Friday announced that its net income allocated to stockholders increased in the second quarter compared with the previous year.
For the second quarter, net income allocated to stockholders increased to $233.9 million from $139.7 million in the previous year.
Earnings per share were $2.23 versus $1.33 last year.
Adjusted earnings increased to $257.8 million from $226.2 million in the prior year.
Adjusted earnings per share were $2.46 versus $2.15 last year.
Sixteen analysts, on average, had expected the company to report $2.43 per share. Analysts' estimates typically exclude special items.
Operating EBITDA increased to $369 million from $241.9 million in the previous year.
Adjusted EBITDA increased to $382.3 million from $340.7 million in the same period last year.
Operating income climbed to $339.1 million from 210.1 million in the prior year.
Revenue increased to $1.17 billion from $974 billion in the prior year.
Revenue less cost of revenues jumped 14% to $587.3 million from $513.8 million in the prior year.
Looking ahead, the full year 2025, the company reaffirmed the effective tax rate on adjusted earnings, expected to be in the range of 28.5 to 30.5 percent.
The company expected organic total net revenue growth in 2025 to be in the high single-digit range, an upward revision from its earlier guidance of mid to high single-digit growth.
Adjusted operating expenses for 2025 are now expected to range between $832 million and $847 million, lower than the previous guidance of $837 million to $852 million.
In the pre-market trading, Cboe Global Markets is 0.11% higher at $241.04 on the Chicago Board Options Exchange.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Cboe Global Markets Earnings Up In Q2; Reaffirms FY25 Outlook

CBOE Global (CBOE) came out with quarterly earnings of $2.46 per share, beating the Zacks Consensus Estimate of $2.42 per share. This compares to earnings of $2.15 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +1.65%. A quarter ago, it was expected that this holding company for the Chicago Board Options Exchange would post earnings of $2.36 per share when it actually produced earnings of $2.5, delivering a surprise of +5.93%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
CBOE, which belongs to the Zacks Securities and Exchanges industry, posted revenues of $587.3 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 2.63%. This compares to year-ago revenues of $513.8 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
CBOE shares have added about 23.4% since the beginning of the year versus the S&P 500's gain of 7.8%.
What's Next for CBOE?
While CBOE has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for CBOE was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.29 on $558.16 million in revenues for the coming quarter and $9.58 on $2.26 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Securities and Exchanges is currently in the top 10% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
OTC Markets Group Inc. (OTCM), another stock in the same industry, has yet to report results for the quarter ended June 2025. The results are expected to be released on August 6.
This company is expected to post quarterly earnings of $0.62 per share in its upcoming report, which represents a year-over-year change of +10.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
OTC Markets Group Inc.'s revenues are expected to be $30.23 million, up 9.7% from the year-ago quarter.
Should You Invest in Cboe Global Markets, Inc. (CBOE)?
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Zacks Investment Research has been committed to providing investors with tools and independent research since 1978. For more than a quarter century, the Zacks Rank stock-rating system has more than doubled the S&P 500 with an average gain of +24.08% per year. (These returns cover a period from January 1, 1988 through May 6, 2024.)
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

CBOE Global (CBOE) Beats Q2 Earnings and Revenue Estimates

(RTTNews) - CBOE Global Markets, Inc. (CBOE) announced a profit for its second quarter that Increased from last year and beat the Street estimates.
The company's earnings came in at $233.9 million, or $2.23 per share. This compares with $139.7 million, or $1.33 per share, last year.
Excluding items, CBOE Global Markets, Inc. reported adjusted earnings of $257.8 million or $2.46 per share for the period.
Analysts on average had expected the company to earn $2.43 per share. Analysts' estimates typically exclude special items.
The company's revenue for the period rose 20.4% to $1.173 billion from $974.0 million last year.
CBOE Global Markets, Inc. earnings at a glance (GAAP) :
-Earnings: $233.9 Mln. vs. $139.7 Mln. last year. -EPS: $2.23 vs. $1.33 last year. -Revenue: $1.173 Bln vs. $974.0 Mln last year.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

CBOE Global Markets, Inc. Q2 Profit Increases, Beats Estimates

CBOE Global (CBOE) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2025. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.
The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on August 1. On the other hand, if they miss, the stock may move lower.
While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on theearnings call it's worth handicapping the probability of a positive EPS surprise.
Zacks Consensus Estimate
This holding company for the Chicago Board Options Exchange is expected to post quarterly earnings of $2.42 per share in its upcoming report, which represents a year-over-year change of +12.6%.
Revenues are expected to be $572.24 million, up 11.4% from the year-ago quarter.
Estimate Revisions Trend
The consensus EPS estimate for the quarter has been revised 0.66% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings Whisper
Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for CBOE?
For CBOE, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +0.66%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination indicates that CBOE will most likely beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?
Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that CBOE would post earnings of $2.36 per share when it actually produced earnings of $2.50, delivering a surprise of +5.93%.
Over the last four quarters, the company has beaten consensus EPS estimates three times.
Bottom Line
An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
CBOE appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Expected Results of an Industry Player
IntercontinentalExchange (ICE), another stock in the Zacks Securities and Exchanges industry, is expected to report earnings per share of $1.76 for the quarter ended June 2025. This estimate points to a year-over-year change of +15.8%. Revenues for the quarter are expected to be $2.52 billion, up 8.8% from the year-ago quarter.
The consensus EPS estimate for ICE has been revised 1.1% higher over the last 30 days to the current level. However, a higher Most Accurate Estimate has resulted in an Earnings ESP of +0.51%.
This Earnings ESP, combined with its Zacks Rank #3 (Hold), suggests that ICE will most likely beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates three times.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Should You Invest in Cboe Global Markets, Inc. (CBOE)?
Before you invest in Cboe Global Markets, Inc. (CBOE), want to know the best stocks to buy for the next 30 days? Check out Zacks Investment Research for our free report on the 7 best stocks to buy.
Zacks Investment Research has been committed to providing investors with tools and independent research since 1978. For more than a quarter century, the Zacks Rank stock-rating system has more than doubled the S&P 500 with an average gain of +24.08% per year. (These returns cover a period from January 1, 1988 through May 6, 2024.)
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

CBOE Global (CBOE) Earnings Expected to Grow: What to Know Ahead of Next Week's Release

Nasdaq NDAQ reported second-quarter 2025 adjusted earnings per share of 85 cents, which beat the Zacks Consensus Estimate by 6.3%. The bottom line improved 24% year over year.
Shares gained 1% in the pre-market trading session to reflect the outperformance.
The improvement was mainly driven by higher revenues across three divisions and organic growth, partially offset by higher expenses.
Performance in Detail
Nasdaq’s net revenues of $1.3 billion increased 13% year over year. Organic net revenue growth was 12%. The top line beat the Zacks Consensus Estimate by 2.4%.
Nasdaq, Inc. Price, Consensus and EPS Surprise
Annualized Recurring Revenue (ARR) increased 10% year over year to $2.9 billion. Organic growth was 9%.
Annualized SaaS revenues increased 13% and represented 37% of ARR.
Capital Access Platforms' revenues, adjusted, were $527 million, up 9% year over year. The increase was primarily driven by higher revenues from all business lines. Our estimate was $517.6 million,
Financial Technology revenues, adjusted, were $464 million, up 10%, also driven by higher revenues from all business lines. Our estimate was $457.5 million.
Revenues at the Solutions business increased 10% year over year to $991 million, reflecting strong growth from Index and Financial Technology.
Market Services' net revenues increased 21% year over year to $306 million. Our estimate was $271.9 million.
Adjusted operating expenses were $585 million, up 8% from the year-ago period or 7% growth on an organic basis. The organic increase for the quarter reflected increased investments in technology and people to drive innovation and long-term growth, partially offset by the benefit of synergies. Our estimate for operating expenses was $579.2 million.
Adjusted operating income of $721 million was up 16% year over year. Our estimate was $675.8 million.
The company’s operating margin of 55% expanded 200 basis points year over year.
The Nasdaq stock market welcomed 194 new company listings, including 79 initial public offerings. The number of listed companies was 4,238 at the end of the quarter.
Financial Update
Nasdaq had cash and cash equivalents of $927 million as of June 30, 2025, which increased 49% from the end of 2024.
Long-term debt was $8.7 billion as of June 30, 2025, a decrease of 4.4% from the end of 2024.
Nasdaq generated $746 million in cash flow from operations in the reported quarter.
Capital Deployment
Nasdaq returned $155 million to shareholders in the second quarter of 2025 through dividends and $100 million through repurchases of common stock. Nasdaq also repurchased $400 million of senior unsecured notes in the quarter.
The board of directors approved a dividend of 27 cents per share. The dividend will be paid out on Sept. 26, 2025, to shareholders of record at the close of business on Sept. 12, 2025.
As of June 30, 2025, $1.5 billion remained under the board-authorized share repurchase program.
2025 Guidance
Nasdaq expects 2025 non-GAAP operating expenses to be in the range of $2,295-$2,335 million compared with $2,265-$2,325 million guided earlier.
Nasdaq forecasts 2025 non-GAAP tax rate to be in the range of 22.5-24.5%.
Zacks Rank
NDAQ currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Peer Release
CME Group CME reported second-quarter 2025 operating income of $2.96 per share, which beat the Zacks Consensus Estimate by 1.7%. The bottom line improved 15.6% year over year. CME Group’s revenues of $1.7 billion increased 10.4% year over year. The year-over-year increase was primarily due to higher clearing and transaction fees (up 11% year over year) and market data and information services (up 13.2% year over year). The top line beat the Zacks Consensus Estimate by 0.5%.
Operating income increased 12.9% from the prior-year quarter to $1.1 billion. Our estimate was $1.1 billion. Given heightened economic uncertainty, average daily volume (“ADV”) was a record 30.2 million contracts, up 16% year over year. ADV increased across all product lines. The total average rate per contract was 69 cents.
Upcoming Releases
Intercontinental Exchange ICE will report second-quarter 2025 results on July 31, before market open. The Zacks Consensus Estimate for second-quarter earnings per share is pegged at $1.76, suggesting an increase of 17.8% from the year-ago quarter’s reported figure.
ICE’s earnings beat estimates in each of the last four quarters.
Cboe Global Markets CBOE will report second-quarter 2025 results on Aug. 1 before market open. The Zacks Consensus Estimate for second-quarter earnings per share is pegged at $2.43, suggesting an increase of 13% from the year-ago quarter’s reported figure.
CBOE’s earnings beat estimates in three of the last four quarters and missed in one.
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NDAQ Beats Q2 Earnings & Revenue Estimates, Tweaks Expense View

CME Group CME reported second-quarter 2025 operating income of $2.96 per share, which beat the Zacks Consensus Estimate by 1.7%. The bottom line improved 15.6% year over year.
Quarterly results benefited from improving revenues, driven by higher clearing and transaction fees as well as market data and information services fees. Increased volatility drove volumes.
Performance in Detail
CME Group’s revenues of $1.7 billion increased 10.4% year over year. The year-over-year increase was primarily due to higher clearing and transaction fees (up 11% year over year) and market data and information services (up 13.2% year over year). The top line beat the Zacks Consensus Estimate by 0.5%.
CME Group Inc. Price, Consensus and EPS Surprise
Total expenses rose 5.8% year over year to $562.7 million, attributable to higher compensation and benefits, technology, professional fees and outside services and licensing and other fee agreements. It exceeded our estimate of $513.7 million.
Operating income increased 12.9% from the prior-year quarter to $1.1 billion. Our estimate was $1.1 billion.
Given heightened economic uncertainty, average daily volume (“ADV”) was a record 30.2 million contracts, up 16% year over year. ADV increased across all product lines. The total average rate per contract was 69 cents.
Financial Update
As of June 30, 2025, CME Group had $1.5 billion of cash and marketable securities, down 30.1% from the 2024-end level.
As of June 30, 2025, long-term debt was $3.4 billion, up 27.7% from 2024-end.
As of June 30, 2025, CME had shareholders' equity worth $27.7 billion, up 4.7% from the end of 2024.
Capital Deployment
CME Group declared dividends of $3 billion in the first half of 2025. It has returned over $29.1 billion to shareholders in the form of dividends since the implementation of its variable dividend policy in early 2012.
Zacks Rank
CME currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Nasdaq NDAQ will report second-quarter 2025 results on July 24, before market open. The Zacks Consensus Estimate for second-quarter earnings per share is pegged at 80 cents, suggesting an increase of 15.9% from the year-ago quarter’s reported figure.
NDAQ’s earnings beat estimates in each of the last four quarters.
Intercontinental Exchange ICE will report second-quarter 2025 results on July 31, before market open. The Zacks Consensus Estimate for second-quarter earnings per share is pegged at $1.76, suggesting an increase of 17.8% from the year-ago quarter’s reported figure.
ICE’s earnings beat estimates in each of the last four quarters.
Cboe Global Markets CBOE will report second-quarter 2025 results on Aug. 1 before market open. The Zacks Consensus Estimate for second-quarter earnings per share is pegged at $2.43, suggesting an increase of 13% from the year-ago quarter’s reported figure.
CBOE’s earnings beat estimates in three of the last four quarters and missed in one.
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CME Q2 Earnings, Revenues Beat Estimates on Higher Trading Volume

Nasdaq, Inc. NDAQ is expected to register an improvement in its top and bottom lines when it reports second-quarter 2025 results on July 24, before the opening bell.
The Zacks Consensus Estimate for NDAQ’s second-quarter revenues is pegged at $1.28 billion, indicating 10% growth from the year-ago reported figure.
The consensus estimate for earnings is pegged at 80 cents per share. The Zacks Consensus Estimate for NDAQ’s second-quarter earnings has moved down 1.3% in the past 30 days. The estimate suggests a year-over-year increase of 15.9%.
What Our Quantitative Model States
Our proven model predicts an earnings beat for Nasdaq this time around. This is because the stock has the right combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold).
Earnings ESP: Nasdaq has an Earnings ESP of +0.47% at present. This is because the Most Accurate Estimate of 81 cents is pegged higher than the Zacks Consensus Estimate of 80 cents. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Nasdaq, Inc. Price and EPS Surprise
Zacks Rank: Nasdaq currently carries a Zacks Rank #2.
Factors to Consider
Continued organic revenue growth, new sales, an increase in Financial Crime Management Technology revenues and are likely to have aided Nasdaq’s second-quarter performance.
Non-trading revenues are likely to have benefited from improved results in Capital Access Platforms, Financial Technology and Market Services businesses.
Higher subscription revenues from new sales and price increases to existing clients, and revenues from new clients, are likely to have aided the Financial Crime Management Technology business.
Higher subscription revenues in trade management services and market technology businesses as well as higher market technology and Calypso professional services revenues are likely to have aided the Capital Markets Technology business. We expect Capital Markets Technology revenues to increase 13.7% to $293.2 million.
Higher sales, increased usage and pricing in data business, higher average AUM in exchange-traded products linked to Nasdaq indices and growth in trading volume on futures contracts linked to the Nasdaq-100 Index are expected to have aided performance at the Capital Access Platforms division. An increase in analytics revenues, largely driven by eVestment, is also likely to have benefited this division.
An increase in professional & contract services expenses, as well as technology and communication infrastructure, marketing and advertising, depreciation and amortization and regulatory, merger and strategic initiatives is expected to have increased total expenses for the to-be-reported quarter. We expect non-GAAP operating expenses to increase 7.5% year over year.
Nevertheless, share buybacks in the to-be-reported quarter are anticipated to have provided a boost to the bottom line.
Q2 Volumes
Nasdaq reported impressive volumes for the second quarter of 2025. The U.S. equity options volume increased 23.3% year over year to 957 million contracts. European options and futures volume increased 3.3% year over year to 15.6 million contracts.
Revenues per contract for the U.S. equity options remain unchanged year over year at 12 cents, while the same for European options and futures increased 14.5% to 55 cents.
Under its cash equities, Nasdaq’s U.S. matched equity volume in the first quarter grossed 158.2 billion shares, up 32.6% from the prior-year quarter’s level. European equity volume increased 18% year over year to $243 billion.
In the second quarter, there were 4,472 listed companies on the Nasdaq compared with 4,557 in the year-ago period. Total listings increased 3.5% year over year to 5,386.
We expect data and listing services revenues to increase 1.5% to $189.7 million in the to-be-reported quarter.
Other Stocks to Consider
Cboe Global Markets, Inc. CBOE has an Earnings ESP of +0.42% and a Zacks Rank #3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for first-quarter 2025 earnings is pegged at $2.43 per share, indicating a year-over-year increase of 13%.
CBOE’s earnings beat estimates in three of the last four quarters while missing in one.
Intercontinental Exchange Inc. ICE has an Earnings ESP of +0.57% and a Zacks Rank #3 at present. The Zacks Consensus Estimate for second-quarter 2025 earnings is pegged at $1.76, indicating a year-over-year increase of 15.7%.
ICE’s earnings beat estimates in three of the last four reported quarters while meeting the same in one.
MarketAxess Holdings Inc. MKTX has an Earnings ESP of +0.95% and carries a Zacks Rank of 3 at present. The Zacks Consensus Estimate for second-quarter 2025 earnings is pegged at $1.94, implying an increase of 12.7% from the year-ago reported figure.
MKTX’s beat estimates in each of the last four reported quarters.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Indicator	TTM Median
P/E	30.68 13.37
Price/Sales	5.70 1.92
P/B	5.41 1.10
P/FCF	22.43 10.25

Indicator	TTM Median
ROE	18.41 10.06
ROA	8.98 1.13
ROI	13.65 6.38
Net Worth	23.34 0.99
Quick Ratio	0.00 1.40
Current Ratio	1.78 0.96

Indicator	TTM Median
Net Profit Margin	18.58 15.86
Operating Margin	26.81 21.72
Gross Margin	50.60 68.17
Return on tangible equity	0.00 12.03

Indicator	TTM Median
EPS	2.50 0.60
EPS Forecast	2.36 0.61
Revenue	1.11B 85.50M
Gross Profit	524.00M —
EBITDA	327.00M —

Cboe Global Markets, Inc.

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