Cboe Global Markets, Inc. today reported financial results for the first quarter of 2025.
Record Global FX net revenue of $21.3 million increased 16% as compared to the first quarter of 2024. The increase was due to higher net transaction and clearing fees.
ADNV traded on the Cboe FX platform was $51.9 billion for the quarter, up 15% compared to last year’s first quarter, and net capture rate per one million dollars traded was $2.77 for the first quarter of 2025, up 6% compared to $2.62 in the first quarter of 2024.
Total revenues less cost of revenues (referred to as “net revenue”) of $565.2 million increased 13%, compared to $502.1 million in the prior-year period, a result of increases in derivatives markets, cash and spot markets, and Data Vantage net revenue.
Total operating expenses were $211.3 million versus $219.7 million in the first quarter of 2024, a decrease of $8.4 million. This decrease was primarily due to lower depreciation and amortization, other expenses, and travel and promotional expenses, partially offset by an increase in technology support services and compensation and benefits.
Diluted EPS for the first quarter of 2025 increased 21 percent to $2.37 compared to the first quarter of 2024. Adjusted diluted EPS of $2.50 increased 16 percent compared to 2024 first quarter results.
“The broad-based strength of our business model was on display during the first quarter, resulting in quarterly records for total net revenue and adjusted diluted EPS,” said Jill Griebenow, Cboe Global Markets Executive Vice President, Chief Financial Officer.
“Derivatives net revenue grew 16 percent as we saw record trading volumes across our multi-listed and proprietary options products. Cash and Spot Markets net revenue increased 10 percent, and Data Vantage recorded 8 percent net revenue growth. Moving forward, we are increasing our organic total net revenue growth guidance range to mid to high single digits from mid single digits, and we are reaffirming our Data Vantage organic net revenue growth range of mid to high single digits for 2025. In addition, we are reaffirming our full year adjusted operating expense guidance range of $837 to $852 million. We are pleased with the strong start to the year and remain focused on producing durable shareholder returns in the quarters ahead.”
