Cboe Global Markets, Inc today reported financial results for the second quarter of 2024.
Total revenues less cost of revenues of $513.8 million increased 10%, compared to $467.1 million in the prior-year period, a result of increases in cash and spot markets, derivatives markets, and data and access solutions net revenue.
Global FX record net revenue of $19.8 million increased 11% from the year-ago period, primarily due to higher net transaction and clearing fees. ADNV traded on the Cboe FX platform was $47.7 billion for the quarter, up 12 percent compared to last year’s second quarter, and net capture rate per one million dollars traded was $2.69 for the quarter, up 1 percent compared to $2.66 in the second quarter of 2023.
Cboe FX market share was 20.2 percent for the quarter compared to 19.5 percent in last year’s second quarter.
Diluted EPS for the second quarter of 2024 decreased 15 percent to $1.33 compared to the second quarter of 2023. Adjusted diluted EPS of $2.15 increased 21 percent compared to 2023 second quarter results.
The company paid cash dividends of $58.2 million, or $0.55 per share, during the second quarter of 2024 and utilized $90.4 million to repurchase approximately 514 thousand shares of its common stock under its share repurchase program at an average price of $175.76 per share. As of June 30, 2024, the company had approximately $204.4 million of availability remaining under its existing share repurchase authorizations.
“Cboe reported another strong quarter with record net revenue of $514 million, diluted EPS of $1.33, and adjusted diluted EPS1 of $2.15, up a robust 21% from the second quarter of 2023,” said Fredric Tomczyk, Cboe Global Markets Chief Executive Officer. “The second quarter results illustrate the durability of the Cboe business model with year-to-date net revenue increasing by a strong 8% and adjusted diluted EPS1 coming in 17% higher as compared to first half 2023 levels. I am incredibly pleased with the progress we continue to make as we work through our strategic review, the early output of which is evidenced by our solid expense management trends, improved year-over-year EBITDA margins, and additive capital allocation actions with $90 million of share repurchases during the second quarter and a total of $180 million for the first half of the year. Each component of our exchange ecosystem performed well during the second quarter, and we are well positioned for the second half of the year.”
