CBOE Global Markets reported record financial results for the fourth quarter and full year of 2025. Strong derivatives activity led to increased revenue and earnings across our core markets.
Last year, Centroid Solutions integrated its platform with Cboe Global Markets. This integration gives broker clients direct access to real-time pricing for stocks, options, indices and derivatives in the US and European markets through a single connection.
Around the same time, Australia's securities regulator ASIC approved the listing of companies by Cboe, allowing initial public offerings and dual listings of foreign companies, ending the ASX's de facto monopoly on new listings.
The company does not disclose its retail trade share and does not operate a CFD business. Individual investors access Cboe listed products through the securities platform. Exchange-traded options have become increasingly popular among active retail traders in recent years.
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Cboe's fourth-quarter net revenue was $671 million, up 28% from the year-ago period. Diluted earnings per share increased 60% to $2.97. Full-year sales reached $2.4 billion, an increase of 17% from 2024.
Short-term contracts accelerate CBOE activities
The exchange's options division was the main driver of growth. The division's revenue rose 34% in the fourth quarter. Trading volumes in equity and index options, including short-term contracts, continued to support trading and clearing fees.
Institutional investors such as hedge funds, asset managers and proprietary trading companies remain central to Cboe's business. Structurally increasing options trading volume indicates widespread market engagement. Short-term contracts are gaining traction among both professional traders and active retail investors, especially during times of heightened volatility.
Strong institutional investor flows drive market forecasts
CBOE projected organic revenue growth in 2026 to be in the mid-single digits. Exchanges are expected to continue expanding as the derivatives market remains active. We enter the new year supported by strong institutional investor flows and broad market participation.
