Filing Flows › Cboe Global Markets (CBOE) › Q3 2025
Cboe Global Markets (CBOE) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 31, 2025
Cboe Global Markets (CBOE) reported revenue of $1.1B for the third quarter 2025 (Q3 2025), +8% from a year earlier and -3% from the quarter before. Operating margin was 32.4%, net earnings $301M (26.3% of revenue).
Cboe Global Markets, Q3 2025: revenue $1.1B (+8% year over year), operating margin 32.4%, net earnings $301M, operating cash flow $154M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.1B | -3% | +8% |
| Gross profit | $606M | +3% | +14% |
| Operating profit | $370M | +9% | +20% |
| Net earnings | $301M | +28% | +38% |
| Operating cash flow | $154M | -54% | — |
| Free cash flow | $138M | -56% | — |
What changed
Revenue was $1.1B in Q3 2025, up 8% year over year and down 3% from the previous quarter. Transaction and clearing fees was the largest line at 81% of revenue. Transaction and clearing fees added $0.19B year over year (up 27%), 226% of the total change. Regulatory fees declined 92%.
Gross margin was 53.0%, up 2.6 points from a year earlier. Operating profit was $0.37B, a 32.4% margin (up 3.3 points year over year). Of the extra revenue versus a year earlier, 73% reached operating profit, above the 29% margin then. Operating expenses grew 5% against revenue growth of 8%. Net earnings were $0.30B, up 38% year over year. The effective tax rate was 30.1%.
Operating cash flow was $0.15B, 51% 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 used $0.19B. Capital expenditures of $0.02B left free cash flow of $0.14B.
Questions
What was Cboe Global Markets' revenue in the third quarter 2025?
Cboe Global Markets (CBOE) reported revenue of $1.1B for the third quarter 2025 (Q3 2025), +8% from a year earlier and -3% from the quarter before.
Was Cboe Global Markets profitable in the third quarter 2025?
Operating profit was $370M (32.4% of revenue) and net earnings $301M.