Cboe Global Markets Surpasses Q3 Forecasts, Raises 2024 Revenue Outlook

CHICAGO - Cboe Global Markets (NYSE: CBOE) reported third-quarter results that exceeded expectations and raised its full-year revenue growth forecast for 2024. The exchange operator announced adjusted earnings per share of $2.22, surpassing analysts' expectations of $2.20. Revenue reached $532 million, an 11% increase compared to the same period last year, also exceeding the consensus estimate of $530.69 million.

Cboe Global Markets CEO Fredric Tomczyk stated, "In the third quarter, Cboe reported a strong diluted earnings per share of $2.07, record net revenue of $532.0 million, and record adjusted diluted earnings per share of $2.22. These results underscore our continued solid progress in sharpening our strategic focus."

The company recorded broad-based growth across its segments. Compared to the same quarter last year, Derivatives net revenue rose 13%, Cash and Spot Markets increased by 12%, and Data and Access Solutions grew by 6%.

Looking ahead, Cboe raised its organic total net revenue growth forecast for 2024 from a previous range of 6-8% to 7-9%. Additionally, it adjusted its guidance range for adjusted operating expenses from a previous level of $795-805 million to $798-808 million.

Jill Griebenow, Executive Vice President and Chief Financial Officer of Cboe Global Markets, remarked, "Given the trends we have observed year-to-date and our expectations for the fourth quarter, we are increasing our organic total net revenue growth range for 2024 from our prior guidance of 6-8% to 7-9%."

The company reiterated its expectation of 7-10% organic net revenue growth from the Data and Access Solutions segment in 2024.