Filing Flows › Cboe Global Markets (CBOE) › Q2 2025
Cboe Global Markets (CBOE) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 1, 2025
Cboe Global Markets (CBOE) reported revenue of $1.2B for the second quarter 2025 (Q2 2025), +20% from a year earlier and -2% from the quarter before. Operating margin was 28.9%, net earnings $235M (20.0% of revenue).
Cboe Global Markets, Q2 2025: revenue $1.2B (+20% year over year), operating margin 28.9%, net earnings $235M, operating cash flow $334M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.2B | -2% | +20% |
| Gross profit | $587M | +4% | +14% |
| Operating profit | $339M | -4% | +61% |
| Net earnings | $235M | -6% | +67% |
| Operating cash flow | $334M | -63% | -78% |
| Free cash flow | $313M | -65% | -79% |
What changed
Revenue was $1.2B in Q2 2025, up 20% year over year and down 2% from the previous quarter. Transaction and clearing fees was the largest line at 74% of revenue. Transaction and clearing fees added $0.17B year over year (up 24%), 85% of the total change. Other revenue declined 3%.
Gross margin was 50.0%, down 2.7 points from a year earlier. Operating profit was $0.34B, a 28.9% margin (up 7.3 points year over year). Of the extra revenue versus a year earlier, 65% reached operating profit, above the 22% margin then. Operating expenses fell 18% while revenue rose 20%. Net earnings were $0.24B, up 67% year over year. The effective tax rate was 29.7%.
Operating cash flow was $0.33B (down 78% year over year), 142% 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 $0.06B. Capital expenditures of $0.02B left free cash flow of $0.31B.
Questions
What was Cboe Global Markets' revenue in the second quarter 2025?
Cboe Global Markets (CBOE) reported revenue of $1.2B for the second quarter 2025 (Q2 2025), +20% from a year earlier and -2% from the quarter before.
Was Cboe Global Markets profitable in the second quarter 2025?
Operating profit was $339M (28.9% of revenue) and net earnings $235M.