Cboe Global Markets Reports Results for Third Quarter 2024
07.08.2025 - 18:08:24(2)
A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables. See "Non-GAAP Information" in the accompanying financial tables.
About Cboe Global Markets
Cboe Global Markets (Cboe: CBOE), the world's leading derivatives and securities exchange network, delivers cutting-edge trading, clearing and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, and FX, across North America, Europe, and Asia Pacific. Above all, Cboe is committed to building a trusted, inclusive global marketplace that enables people to pursue a sustainable financial future. To learn more about the Exchange for the World Stage, visit www.cboe.com.
Cautionary Statements Regarding Forward-Looking Information
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. You can identify these statements by forward-looking words such as "may," "might," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," and the negative of these terms and other comparable terminology. All statements that reflect our expectations, assumptions or projections about the future other than statements of historical fact are forward-looking statements. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by the forward-looking statements.
We operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible to predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
Some factors that could cause actual results to differ include: the loss of our right to exclusively list and trade certain index options and futures products; economic, political and market conditions; compliance with legal and regulatory obligations; price competition and consolidation in our industry; decreases in trading or clearing volumes, market data fees or a shift in the mix of products traded on our exchanges; legislative or regulatory changes or changes in tax regimes; our ability to protect our systems and communication networks from security vulnerabilities and breaches; our ability to attract and retain skilled management and other personnel, increasing competition by foreign and domestic entities; our dependence on and exposure to risk from third parties; global expansion of operations; factors that impact the quality and integrity of our and other applicable indices; our ability to manage our growth and strategic acquisitions or alliances effectively; our ability to operate our business without violating the intellectual property rights of others and the costs associated with protecting our intellectual property rights; our ability to minimize the risks, including our credit, counterparty investment, and default risks, associated with operating a European clearinghouse; our ability to accommodate trading and clearing volume and transaction traffic, including significant increases, without failure or degradation of performance of our systems; misconduct by those who use our markets or our products or for whom we clear transactions; challenges to our use of open source software code; our ability to meet our compliance obligations, including managing potential conflicts between our regulatory responsibilities and our for-profit status; our ability to maintain BIDS Trading as an independently managed and operated trading venue, separate from and not integrated with our registered national securities exchanges; damage to our reputation; the ability of our compliance and risk management methods to effectively monitor and manage our risks; restrictions imposed by our debt obligations and our ability to make payments on or refinance our debt obligations; our ability to maintain an investment grade credit rating; impairment of our goodwill, long-lived assets, investments or intangible assets; the impacts of pandemics; the accuracy of our estimates and expectations; litigation risks and other liabilities; risks relating to digital assets, including winding down the Cboe Digital spot market and transitioning digital asset futures contracts to CFE, operating a digital assets futures clearinghouse, cybercrime, changes in digital asset regulation, and fluctuations in digital asset prices. More detailed information about factors that may affect our actual results to differ may be found in our filings with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2023 and other filings made from time to time with the SEC.
We do not undertake, and we expressly disclaim, any duty to update any forward-looking statement whether as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.
The condensed consolidated statements of income and balance sheets are unaudited and subject to revision.
Cboe Media Contacts:
Analyst Contact:
Angela Tu
Tim Cave
Kenneth Hill, CFA
(646) 856-8734
+44 (0) 7593 506 719
(312) 786-7559
CBOE-F
Trademarks:
Cboe®, Cboe Global Markets®, Cboe Volatility Index®, Cboe Clear®, Cboe Datashop®, BIDS Trading®, BZX®, BYX®, Cboe Clear®, EDGX®, EDGA®, MATCHNow®, and VIX® are registered trademarks of Cboe Global Markets, Inc. and its subsidiaries. All other trademarks and service marks are the property of their respective owners.
Cboe Global Markets, Inc.
Key Performance Statistics by Business Segment
3Q 2024
2Q 2024
1Q 2024
4Q 2023
3Q 2023
Options
Total industry ADV (in thousands)
48,733
46,129
47,452
44,410
43,411
Total Company Options ADV (in thousands)
14,882
14,384
14,833
14,896
14,592
Multi-listed options
10,655
10,367
10,744
10,725
10,848
Index options
4,227
4,017
4,089
4,172
3,743
Total Options market share
30.5 %
31.2 %
31.3 %
33.5 %
33.6 %
Multi-listed options
24.0 %
24.6 %
24.8 %
26.7 %
27.4 %
Total Options RPC:
$ 0.298
$ 0.295
$ 0.299
$ 0.297
$ 0.270
Multi-listed options
$ 0.063
$ 0.062
$ 0.064
$ 0.060
$ 0.055
Index options
$ 0.892
$ 0.898
$ 0.915
$ 0.908
$ 0.894
North American Equities
U.S. Equities - Exchange:
Total industry ADV (shares in billions)
11.5
11.8
11.8
11.2
10.4
Market share %
10.9 %
11.4 %
12.8 %
13.0 %
12.7 %
Net capture (per 100 touched shares)
$ 0.024
$ 0.027
$ 0.019
$ 0.013
$ 0.022
U.S. Equities - Off-Exchange:
ADV (touched shares, in millions)
79.3
74.7
82.0
76.1
73.8
Off-Exchange ATS Block Market Share % (reported on a one-month lag)
17.7 %
17.8 %
17.6 %
18.4 %
19.9 %
Net capture (per 100 touched shares)
$ 0.135
$ 0.136
$ 0.132
$ 0.137
$ 0.125
Canadian Equities:
ADV (matched shares, in millions)
135.9
150.6
146.3
141.8
127.5
Total market share %
14.6 %
15.0 %
15.3 %
15.3 %
15.2 %
Net capture (per 10,000 shares, in Canadian Dollars)
$ 4.240
$ 4.046
$ 3.997
$ 3.905
$ 3.976
Europe and Asia Pacific
European Equities:
Total industry ADNV (Euros - in billions)
€ 38.9
€ 42.6
€ 41.8
€ 37.7
€ 34.3
Market share %
23.8 %
22.5 %
23.7 %
23.9 %
23.2 %
Net capture (per matched notional value (bps), in Euros)
€ 0.257
€ 0.251
€ 0.249
€ 0.233
€ 0.232
Cboe Clear Europe:
Trades cleared (in thousands)
306,882.5
299,019.3
294,325.7
281,938.1
255,152.3
Fee per trade cleared (in Euros)
€ 0.008
€ 0.008
€ 0.008
€ 0.010
€ 0.010
Net settlement volume (shares in thousands)
2,947.6
2,764.0
2,524.6
2,511.6
2,469.5
Net fee per settlement (in Euros)
€ 1.026
€ 1.038
€ 1.072
€ 0.899
€ 0.927
Australian Equities:
ADNV (AUD - in billions)
$ 0.8
$ 0.8
$ 0.8
$ 0.7
$ 0.7
Market share - Continuous
20.8 %
20.8 %
20.4 %
20.3 %
17.9 %
Net capture (per matched notional value (bps), in Australian Dollars)
$ 0.156
$ 0.155
$ 0.156
$ 0.157
$ 0.155
Japanese Equities:
ADNV (JPY - in billions)
¥ 323.3
¥ 315.2
¥ 315.9
¥ 190.2
¥ 148.7
Market share - Lit Continuous
5.4 %
5.5 %
5.0 %
4.0 %
3.3 %
Net capture (per matched notional value (bps), in Yen)
¥ 0.220
¥ 0.229
¥ 0.227
¥ 0.252
¥ 0.257
Futures
ADV (in thousands)
273.7
253.6
220.0
233.4
230.0
RPC
$ 1.767
$ 1.757
$ 1.749
$ 1.729
$ 1.753
Global FX
Spot market share %
19.1 %
20.2 %
20.3 %
21.3 %
20.2 %
ADNV ($ - in billions)
$ 48.3
$ 47.7
$ 45.3
$ 47.0
$ 44.4
Net capture (per one million dollars traded)
$ 2.66
$ 2.69
$ 2.62
$ 2.60
$ 2.64
ADV = average daily volume; ADNV = average daily notional value.
RPC, average revenue per contract, for options and futures represents total net transaction fees recognized for the period divided by total contracts traded during the period.
Touched volume represents the total number of shares of equity securities and ETFs internally matched on our exchanges or routed to and executed on an external market center.
Matched volume represents the total number of shares of equity securities and ETFs executed on our exchanges.
U.S. Equities - Exchange, "net capture per 100 touched shares" refers to transaction fees less liquidity payments and routing and clearing costs divided by the product of one-hundredth ADV of touched shares on BZX, BYX, EDGX and EDGA and the number of trading days. U.S. Equities – Off-Exchange data reflects BIDS Trading. For U.S. Equities – Off-Exchange, "net capture per 100 touched shares" refers to transaction fees less order and execution management system (OMS/EMS) fees and clearing costs divided by the product of one-hundredth ADV of touched shares on BIDS Trading and the number of trading days for the period.
Canadian Equities, "net capture per 10,000 shares" refers to transaction fees divided by the product of one-ten thousandth ADV of shares for MATCHNow and Cboe Canada and the number of trading days. Total market share represents MATCHNow and Cboe Canada volume divided by the total volume of the Canadian Equities market. As of January 1, 2024, the Cboe Canada and MATCHNow entities have been amalgamated into Cboe Canada Inc.
European Equities, "net capture per matched notional value" refers to transaction fees less liquidity payments in Euros divided by the product of ADNV in Euros of shares matched on Cboe Europe Equities and the number of trading days. "Trades cleared" refers to the total number of non-interoperable trades cleared, "Fee per trade cleared" refers to clearing fees divided by number of non-interoperable trades cleared, "Net settlement volume" refers to the total number of settlements executed after netting, and "Net fee per settlement" refers to settlement fees less direct costs incurred to settle divided by the number of settlements executed after netting.
Asia Pacific data reflects data from Cboe Australia and Cboe Japan. Australian Equities, "net capture per matched notional value" refers to transaction fees less liquidity payments in Australian dollars divided by the product of ADNV in Australian dollars of shares matched on Cboe Australia and the number of Australian Equities trading days. Japanese Equities, "net capture per matched notional value" refers to transaction fees less liquidity payments in Japanese Yen divided by the product of ADNV in Japanese Yen of shares matched on Cboe Japan and the number of Japanese Equities trading days.
Global FX, "net capture per one million dollars traded" refers to transaction fees less liquidity payments, if any, divided by the Spot and SEF products of one-thousandth of ADNV traded on the Cboe FX Markets and the number of trading days, divided by two, which represents the buyer and seller that are both charged on the transaction. Market Share represents Cboe FX volume divided by the total volume of publicly reporting spot FX venues (Cboe FX, EBS, Refinitiv, and Euronext FX).
Average transaction fees per contract can be affected by various factors, including exchange fee rates, volume-based discounts and transaction mix by contract type and product type.
Cboe Global Markets, Inc. and Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)
Three and Nine Months Ended September 30, 2024 and 2023
Three Months Ended September 30,
Nine Months Ended September 30,
(in millions, except per share amounts)
2024
2023
2024
2023
Revenues:
Cash and spot markets
$ 434.1
$ 335.1
$ 1,201.4
$ 1,083.4
Data and access solutions
145.6
137.0
427.9
401.7
Derivatives markets
476.0
436.7
1,357.6
1,319.7
Total Revenues
1,055.7
908.8
2,986.9
2,804.8
Cost of Revenues:
Liquidity payments
317.6
323.7
963.4
1,032.9
Routing and clearing
17.4
17.8
50.0
62.6
Section 31 fees
129.5
36.1
249.3
145.5
Royalty fees and other cost of revenues
59.2
50.7
176.3
144.8
Total Cost of Revenues
523.7
428.3
1,439.0
1,385.8
Revenues Less Cost of Revenues
532.0
480.5
1,547.9
1,419.0
Operating Expenses:
Compensation and benefits
119.1
96.1
350.5
313.0
Depreciation and amortization
31.8
38.8
100.9
120.0
Technology support services
25.5
25.0
74.3
75.5
Professional fees and outside services
21.9
24.4
69.2
68.7
Travel and promotional expenses
12.6
8.9
29.4
28.6
Facilities costs
5.9
6.2
18.5
20.0
Acquisition-related costs
—
0.8
1.2
7.9
Impairment of intangible assets
—
—
81.0
—
Other expenses
7.8
9.1
23.0
21.4
Total Operating Expenses
224.6
209.3
748.0
655.1
Operating Income
307.4
271.2
799.9
763.9
Non-operating (Expenses) Income:
Interest expense
(12.8)
(15.4)
(38.6)
(49.2)
Interest income
11.4
3.5
20.1
8.3
Earnings on investments
1.0
10.3
29.2
34.9
Other income (expense), net
2.0
0.5
(6.5)
2.2
Total Non-operating Income (Expenses)
1.6
(1.1)
4.2
(3.8)
Income Before Income Tax Provision
309.0
270.1
804.1
760.1
Income tax provision
90.5
61.9
235.7
210.7
Net Income
218.5
208.2
568.4
549.4
Net income allocated to participating securities
(1.1)
(1.1)
(3.0)
(2.7)
Net Income Allocated to Common Stockholders
$ 217.4
$ 207.1
$ 565.4
$ 546.7
Net Income Per Share Allocated to Common Stockholders:
Basic earnings per share
$ 2.08
$ 1.96
$ 5.38
$ 5.17
Diluted earnings per share
2.07
1.95
5.36
5.15
Weighted average shares used in computing income per share:
Basic
104.7
105.7
105.2
105.8
Diluted
105.1
106.1
105.6
106.2
Cboe Global Markets, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
September 30, 2024 and December 31, 2023
September 30,
December 31,
(in millions)
2024
2023
Assets
Current Assets:
Cash and cash equivalents
$ 763.2
$ 543.2
Financial investments
39.4
57.5
Accounts receivable, net
376.2
337.3
Margin deposits, clearing funds, and interoperability funds
2,039.0
848.8
Digital assets - safeguarded assets
—
51.3
Income taxes receivable
47.1
74.5
Other current assets
53.1
66.7
Total Current Assets
3,318.0
1,979.3
Investments
$ 358.1
$ 345.3
Property and equipment, net
108.7
109.2
Property held for sale
—
8.7
Operating lease right of use assets
130.7
136.6
Goodwill
3,150.5
3,140.6
Intangible assets, net
1,424.7
1,561.5
Other assets, net
220.8
206.3
Total Assets
8,711.5
7,487.5
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable and accrued liabilities
$ 304.7
$ 412.7
Section 31 fees payable
40.1
51.9
Deferred revenue
6.0
5.9
Margin deposits, clearing funds, and interoperability funds
2,039.0
848.8
Digital assets - safeguarded liabilities
—
51.3
Income taxes payable
—
1.0
Current portion of contingent consideration liabilities
—
11.8
Total Current Liabilities
2,389.8
1,383.4
Long-term debt
$ 1,440.6
$ 1,439.2
Non-current unrecognized tax benefits
286.9
243.8
Deferred income taxes
196.9
217.8
Non-current operating lease liabilities
143.9
150.8
Other non-current liabilities
45.1
67.5
Total Liabilities
4,503.2
3,502.5
Stockholders' Equity:
Preferred stock
$ —
$ —
Common stock
1.1
1.1
Treasury stock at cost
(242.9)
(10.5)
Additional paid-in capital
1,521.7
1,478.6
Retained earnings
2,910.6
2,525.2
Accumulated other comprehensive income (loss), net
17.8
(9.4)
Total Stockholders' Equity
4,208.3
3,985.0
Total Liabilities and Stockholders' Equity
8,711.5
7,487.5
Table 3
Net Transaction and Clearing
Fees by Business Segment
Three Months Ended September
30, 2024 and 2023
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