Filing Flows › Cboe Global Markets (CBOE) › Q1 2025
Cboe Global Markets (CBOE) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 2, 2025
Cboe Global Markets (CBOE) reported revenue of $1.2B for the first quarter 2025 (Q1 2025), +25% from a year earlier and +8% from the quarter before. Operating margin was 29.6%, net earnings $251M (21.0% of revenue).
Cboe Global Markets, Q1 2025: revenue $1.2B (+25% year over year), operating margin 29.6%, net earnings $251M, operating cash flow $913M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.2B | +8% | +25% |
| Gross profit | $565M | +8% | +13% |
| Operating profit | $354M | +19% | +25% |
| Net earnings | $251M | +28% | +20% |
| Operating cash flow | $913M | — | +2% |
| Free cash flow | $898M | — | +1% |
What changed
Revenue was $1.2B in Q1 2025, up 25% year over year and up 8% from the previous quarter. Transaction and clearing fees was the largest line at 70% of revenue. Transaction and clearing fees added $0.11B year over year (up 16%), 48% of the total change. Other revenue declined 5%.
Gross margin was 47.3%, down 5.2 points from a year earlier. Operating profit was $0.35B, a 29.6% margin (up 0.1 points year over year). Of the extra revenue versus a year earlier, 30% reached operating profit, above the 30% margin then. Operating expenses fell 4% while revenue rose 25%. Net earnings were $0.25B, up 20% year over year. The effective tax rate was 28.4%.
Operating cash flow was $0.91B (up 2% year over year), 364% of net earnings. Non-cash charges added back $0.03B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.62B. Capital expenditures of $0.01B left free cash flow of $0.90B.
Questions
What was Cboe Global Markets' revenue in the first quarter 2025?
Cboe Global Markets (CBOE) reported revenue of $1.2B for the first quarter 2025 (Q1 2025), +25% from a year earlier and +8% from the quarter before.
Was Cboe Global Markets profitable in the first quarter 2025?
Operating profit was $354M (29.6% of revenue) and net earnings $251M.