Cboe Global Markets recently announced impressive financial outcomes for the second quarter of 2025, highlighting significant growth in various sectors. The global foreign exchange (FX) net revenue reached a record high of $23.6 million, marking a 19% increase compared to the same quarter in the previous year. This growth was primarily attributed to an uptick in net transaction and clearing fees, which reflects increased trading activity.
The average daily notional volume (ADNV) traded on the Cboe FX platform grew to $55.9 billion, an increase of 17% year-over-year. Additionally, the net capture rate per million dollars traded improved to $2.81, which is a 5% rise from $2.69 reported in the second quarter of 2024.
Overall, Cboe experienced record net revenue across all business segments amounting to $587.3 million, which is a 14% increase from the corresponding quarter last year. Earnings per share (EPS) figures also showed substantial improvement, with diluted EPS reaching $2.23, up by 68%. This increase is largely due to the absence of a significant impairment charge that impacted results in 2024. The adjusted diluted EPS for the quarter was reported at $2.46, reflecting a 14% advancement from the previous year.
The company’s CEO expressed pride in these results, noting that the strong double-digit revenue growth driven by Derivatives, Data Vantage, and Cash and Spot Markets contributed to these outstanding outcomes. Year-to-date revenue growth stood at 13%, while adjusted diluted EPS saw a 15% increase compared to the first half of 2024. There is optimism about building on these exceptional first-half results for sustained long-term shareholder value.
As of June 30, 2025, the company’s cash and cash equivalents totaled $1,256.3 million, alongside adjusted cash figures of $1,238.2 million. However, total debt was reported at $1,442.0 million. In terms of shareholder returns, Cboe distributed cash dividends totaling $66.4 million—or $0.63 per share—during the second quarter and repurchased around 161,000 shares of common stock under its repurchase program for approximately $35.3 million, at an average price of $219.77 per share. There remains approximately $614.5 million available for further share repurchases as of the end of June 2025.
Overall, the strong financial results from Cboe in the second quarter emphasize a successful and proactive approach amidst a dynamic market environment, showcasing the resilience and growth potential of the company’s diversified operations.