Cboe Global Markets delivered an unusually strong third quarter, with net revenue rising 18% to $712.2 million and adjusted diluted earnings per share increasing 36% to $3.63. Adjusted operating margin reached 71.4%. The combination of faster revenue growth and operating leverage explains why the quarter strengthened the quality case, while also raising expectations for what follows.
The Options business remained the economic engine. Its net revenue reached $469.5 million, up 23%, while Data Vantage produced $182.6 million and grew 13%. Those results show the value of combining transaction activity with data, access, and capacity revenue. They also leave the durability question tied closely to activity levels and product mix.
Strategic visibility improved when the exclusive S&P 500 index options relationship was extended through 2051. Updated royalty economics begin in 2027, however, and the detailed margin bridge is not yet available. Management expects the effect on 2027 net revenue growth to be de minimis when considered alongside organic growth, pricing, and execution. Later disclosures will test that expectation.
The risk picture remains concentrated. The ten largest customers accounted for about 57% of 2025 revenue, and total options market share eased to 30.5% from 30.9%. Those measures capture different parts of the business, but both make participant behavior and competitive pressure important evidence for the next update.
The October 30 session closed at $335.53, up 6.77% after the results. That repricing indicates that much of the quarter’s strength was recognized immediately. The central issue is now whether index activity, Data Vantage growth, and expense discipline can sustain the premium valuation as the royalty reset approaches.
The full Cboe Global Markets premium review examines the fundamentals, franchise risks, and evidence that later reports need to clarify.
Market analysis, not personalized investment advice.