Will Record 2025 Earnings And Portfolio Exits Change Cboe Global Markets’ (CBOE) Narrative?

• Cboe Global Markets, Inc. recently reported its fourth-quarter and full-year 2025 results, with revenue rising to US$1,204 million for the quarter and US$4.71 billion for the year, alongside higher net income and earnings per share versus 2024.
• Alongside these record figures, Cboe outlined a refocused global footprint, including winding down its European derivatives platform and pursuing divestitures in Canada and Australia.
• Next, we’ll examine how these record earnings and portfolio reshaping could influence Cboe’s existing investment narrative and risk-reward profile.

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Cboe Global Markets Investment Narrative Recap

To own Cboe, you generally need to believe in the durability of its options, data and electronic trading franchises, even as the business mix shifts. The latest record 2025 results support that existing narrative, but the refocus away from certain international derivatives markets slightly heightens execution risk around Cboe’s global diversification, while the near term catalyst still centers on how effectively it can grow its higher margin data and index businesses.

The most relevant update here is Cboe’s confirmation that it completed a long running US$1,685.45 million buyback program, retiring about 21.93% of its shares since 2011. This capital return, alongside rising earnings, tightens the link between operational performance and per share outcomes, which matters if investors are focused on near term catalysts like product expansion and data revenue growth rather than footprint retrenchment.

Yet investors should also be aware that Cboe’s heavy reliance on its S&P index options franchise means…

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 requires a 16.9% yearly revenue decline and an earnings increase of about $200 million from $896.3 million.

Uncover how Cboe Global Markets’ forecasts yield a $273.00 fair value, in line with its current price.

Exploring Other Perspectives

Seven members of the Simply Wall St Community value Cboe anywhere between US$41.96 and US$273 per share, highlighting very different expectations. When you set those views against Cboe’s concentration in S&P index options, it underlines why many investors want to compare multiple perspectives before deciding how resilient the current earnings profile really is.

Explore 7 other fair value estimates on Cboe Global Markets – why the stock might be worth as much as $273.00!

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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