Cboe Global Markets (CBOE) Is Up 5.6% After Another Record Year For Options Trading Volumes

• Cboe Global Markets recently reported that 2025 marked its sixth consecutive year of record options trading activity, with 4.6 billion contracts changing hands across its four U.S. options exchanges and strong increases in S&P 500, VIX, and short‑dated options volumes, alongside growth in international equities and global FX platforms.
• Beyond headline volumes, Cboe’s push into zero‑days‑to‑expiry index options, extended trading hours, and new products such as Magnificent 10 Index derivatives and digital asset futures highlights how product innovation is reshaping the mix and breadth of its global trading franchise.
• We’ll now examine how record options volumes and expanding derivatives innovation might influence Cboe Global Markets’ existing investment narrative and risk balance.

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Cboe Global Markets Investment Narrative Recap

To own Cboe Global Markets, you need to believe its role at the center of options and volatility trading remains durable, even as products and competitors evolve. The latest record options volumes reinforce the short term catalyst around growing derivatives activity, while also sharpening the key risk that Cboe’s dependence on its S&P 500 index options franchise and related partnerships remains a concentration point. Overall, this volume update does not materially change that core risk reward balance.

Among recent developments, the planned extension of Russell 2000 Index options trading to nearly 24×5 hours stands out in this context. It connects directly to the same derivatives growth story underpinning the latest record volumes, but also implies continued investment in technology and global reach, which can pressure costs if new usage does not scale as expected. How investors weigh these expanding product sets against concentration and execution risks will shape their view of Cboe’s story.

Yet behind the record options volumes, investors should also be aware of how concentrated Cboe remains in its S&P index options and related agreements…

Read the full narrative on Cboe Global Markets (it’s free!)

Cboe Global Markets’ narrative projects $2.6 billion revenue and $1.1 billion earnings by 2028. This implies a 16.9% yearly revenue decline and an earnings increase of about $200 million from $896.3 million today.

Uncover how Cboe Global Markets’ forecasts yield a $267.77 fair value, in line with its current price.

Exploring Other Perspectives

Seven members of the Simply Wall St Community currently see Cboe’s fair value anywhere from about US$41.96 up to roughly US$267.77, reflecting very different expectations. Against that backdrop, Cboe’s record 4.6 billion options contracts in 2025 gives you a concrete data point to test your own view on how durable its derivatives led growth and concentration risks might be.

Explore 7 other fair value estimates on Cboe Global Markets – why the stock might be worth as much as $267.77!

Build Your Own Cboe Global Markets Narrative

Disagree with existing narratives? Create your own in under 3 minutes – extraordinary investment returns rarely come from following the herd.

• A great starting point for your Cboe Global Markets research is our analysis highlighting 2 key rewards that could impact your investment decision.
• Our free Cboe Global Markets research report provides a comprehensive fundamental analysis summarized in a single visual – the Snowflake – making it easy to evaluate Cboe Global Markets’ overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data
and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your
financial situation. We aim to bring you long-term focused analysis driven by fundamental data.
Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.
Simply Wall St has no position in any stocks mentioned.

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