Cboe Global Markets, Inc.

Previous wording

Cboe’s subsidiaries include the largest options exchange and the third largest equities exchange operator in the U.S. In addition, the Company operates Cboe Europe, one of the largest equities exchanges by value traded in Europe, and owns Cboe Clear Europe, a leading pan-European equities and derivatives clearinghouse, BIDS Holdings, which owns a leading block-trading ATS by volume in the U.S., and provides block-trading services with Cboe market operators in Europe, Canada, Australia, and Japan, Cboe Australia, an operator of trading venues in Australia, Cboe Japan, an operator of trading venues in Japan, Cboe Clear U.S., an operator of a regulated clearinghouse, and Cboe Canada, a recognized Canadian securities exchange. Cboe subsidiaries also serve collectively as a leading market globally for exchange-traded products (“ETPs”) listings and trading.

Current wording

Cboe’s subsidiaries include the largest options exchange and the third largest equities exchange operator in the U.S. In addition, the Company operates Cboe Europe, one of the largest equities exchanges by value traded in Europe, and owns Cboe Clear Europe, a leading pan-European equities and derivatives clearinghouse, BIDS Holdings, which owns a leading block-trading ATS by volume in the U.S., and provides block-trading services with Cboe market operators in Europe, Canada, and Japan, Cboe Australia, an operator of trading venues in Australia, Cboe Japan, an operator of trading venues in Japan, Cboe Clear U.S., an operator of a regulated clearinghouse, and Cboe Canada, a recognized Canadian securities exchange. Cboe subsidiaries also serve collectively as a leading market globally for exchange-traded products (“ETPs”) listings and trading.

Previous wording

On April 25, 2024, the Company announced plans to refocus the digital asset business to leverage its core strengths in derivatives, technology, and product innovation. Effective May 31, 2024, the Cboe Digital spot market (“Cboe Digital spot market”) is closed for all participant and trading purposes. The Company has brought Cboe Clear U.S. (formerly, Cboe Clear Digital) under unified leadership with the Global Head of Clearing, and expects to continue to facilitate the clearing of cash-settled margin Bitcoin and Ether futures contracts. The Company retained and presented Digital as a reportable segment through December 31, 2024. As of January 1, 2025, the Company prospectively reorganized the Digital operating segment results into the Futures reporting segment as the Company expects to transition its cash-settled margin Bitcoin and Ether futures contracts, currently available for trading on the Cboe Digital Exchange, to CFE during the second quarter of 2025, pending regulatory review. Comparative-period results have not been recast as the historic results of the Digital segment were not material, nor do they materially impact the financial results, trends, or forecasts of the Futures segment. As a result, for the three months ended March 31, 2025, operating results included within the Digital operating segment are presented within the Futures reporting segment. See Note 1 ("Organization and Basis of Presentation") and Note 14 (“Segment Reporting”) for more information.

Current wording

Digital) under unified leadership with the Global Head of Clearing and continues to facilitate the clearing of cash-settled margin Bitcoin and Ether futures contracts. The Company retained and presented Digital as a reportable segment through December 31, 2024. As of January 1, 2025, the Company prospectively reorganized the Digital operating segment results into the Futures reporting segment as the Company expected to transition its cash-settled margin Bitcoin and Ether futures contracts, formerly available for trading on the Cboe Digital Exchange to CFE, which was completed on June 9, 2025. Cboe Digital Exchange no longer lists or trades any products. Comparative-period results have not been recast as the historic results of the Digital segment were not material, nor do they materially impact the financial results, trends, or forecasts of the Futures segment. As a result, for the three and six months ended June 30, 2025, operating results included within the Digital operating segment are presented within the Futures reporting segment. See Note 1 (“Organization and Basis of Presentation”) and Note 14 (“Segment Reporting”) for more information.

Previous wording

Futures. The Futures segment includes transaction services provided by CFE, a fully electronic futures exchange, which includes offerings for trading of VIX futures and other futures products, the licensing of proprietary market data, as well as access and capacity services. As of January 1, 2025, the Futures segment prospectively includes all Digital operating activity, which includes Cboe Digital Exchange, a regulated futures exchange, and Cboe Clear U.S., a regulated clearinghouse, as well as revenue generated from the licensing of proprietary market data and from access and capacity services. The Company plans to transition the cash-settled margin Bitcoin and Ether futures contracts, currently available for trading on the Cboe Digital Exchange, to CFE in the second quarter of 2025, pending regulatory review.

Current wording

Futures. The Futures segment includes transaction services provided by CFE, a fully electronic futures exchange, which includes offerings for trading VIX futures and other futures products, the licensing of proprietary market data, as well as access and capacity services. As of January 1, 2025, the Futures segment prospectively includes all Digital operating activity, which includes Cboe Digital Exchange, a regulated futures exchange, and Cboe Clear U.S., a regulated clearinghouse, as well as revenue generated from the licensing of proprietary market data and from access and capacity services. The Company completed the migration of the Cboe Digital Exchange futures offerings to CFE on June 9, 2025. Cboe Digital Exchange no longer lists or trades any products.

Previous wording

Comparative-period results have been presented for historical purposes but have not been recast as the historic results of the Digital segment were not material, nor do they materially impact the financial results, trends, or forecasts of the Futures segment. As a result, for the three months ended March 31, 2025, operating results included within the Digital operating segment are presented within the Futures reporting segment. See Note 1 (“Organization and Basis of Presentation”) and Note 14 ("Segment Reporting") for more information.

Current wording

Comparative-period results have been presented for historical purposes but have not been recast as the historic results of the Digital segment were not material, nor do they materially impact the financial results, trends, or forecasts of the Futures segment. As a result, for the three and six months ended June 30, 2025, operating results included within the Digital operating segment are presented within the Futures reporting segment. See Note 1 (“Organization and Basis of Presentation”) and Note 14 (“Segment Reporting”) for more information.

Previous wording

•significant fluctuations in foreign currency translation rates or weakened value of currencies; and

Current wording

•significant fluctuations in foreign currency translation rates or weakened value of currencies;

Previous wording

A number of significant structural, political, monetary, and global conflicts continue to confront the global economy, and instability could continue, resulting in an increased or subdued level of inflation, market volatility, potential recession, supply chain constraints and costs, trading volumes, uncertainty, expenses, costs due to potential new tariffs or changes to existing tariffs, and costs and uncertainties related to CAT and the ability to collect on the promissory notes related to the funding of CAT, may have an adverse effect on our financial results.

Current wording

A number of significant structural, political, monetary issues, and global conflicts continue to confront the global economy, and instability could continue, resulting in an increased or subdued level of inflation, market volatility, potential recession, supply chain constraints and costs, trading volumes, uncertainty, expenses, costs due to potential new tariffs or changes to existing tariffs, may have an adverse effect on our financial results.

Previous wording

Liquidity payments are primarily correlated to the trading volume on our markets. As stated above, we record the liquidity rebates paid to market participants providing liquidity, in the case of Cboe Options, C2, BZX, EDGX, Cboe Europe Equities and Derivatives, Cboe Clear U.S., Cboe Digital Exchange, and CFE as cost of revenue. BYX offers an inverted pricing model where we rebate liquidity takers for executing against an order resting on our book, which is also recorded as a cost of revenues. Effective November 1, 2024, EDGA transitioned from an inverted fee model to a maker-taker fee model.

Current wording

Liquidity payments are primarily correlated to the trading volume on our markets. As stated above, we record the liquidity rebates paid to market participants providing liquidity, in the case of Cboe Options, C2, BZX, EDGX, Cboe Europe Equities and Derivatives, Cboe Clear U.S., Cboe Digital Exchange, and CFE as cost of revenue. BYX offers an inverted pricing model where we rebate liquidity takers for executing against an order resting on our book, which is also recorded as a cost of revenues. EDGA offers a maker-taker fee model, effective November 1, 2024, under which liquidity providers receive a rebate, while liquidity takers pay a fee, all within a pricing model that does not include volume-based tiers.

Previous wording

Various rules require that U.S. options and equities trade executions occur at the National Best Bid and Offer displayed by any exchange. Linkage order routing consists of the cost incurred to provide a service whereby Cboe equities and options exchanges deliver orders to other execution venues when there is a potential for obtaining a better execution price or when instructed to directly route an order to another venue by the order provider. The service affords exchange order flow providers an opportunity to obtain the best available execution price and may also result in cost benefits to those clients. Such an offering improves our competitive position and provides an opportunity to attract orders which would otherwise bypass our exchanges. We utilize third-party brokers or our broker-dealer, Cboe Trading, to facilitate such delivery. Also included within routing and clearing are the Order Management System (“OMS”) and Execution Management System

Current wording

Various rules require that U.S. options and equities trade executions occur at the National Best Bid and Offer displayed by any exchange. Linkage order routing consists of the cost incurred to provide a service whereby Cboe equities and options exchanges deliver orders to other execution venues when there is a potential for obtaining a better execution price or when instructed to directly route an order to another venue by the order provider. The service affords exchange order flow providers an opportunity to obtain the best available execution price and may also result in cost benefits to those clients. Such an offering improves our competitive position and provides an opportunity to attract orders which would otherwise bypass our exchanges. We utilize third-party brokers or our broker-dealer, Cboe Trading, to facilitate such delivery. Also included within routing and clearing are the Order Management System (“OMS”) and Execution Management System (“EMS”) fees incurred for U.S. Equities Off-Exchange order execution, as well as settlement costs incurred for the settlement processes executed by Cboe Clear Europe and Cboe Clear U.S.

Previous wording

Income and expenses incurred through activities outside of our core operations are considered non-operating and are classified as other (expenses) income. These activities primarily include interest earned on the investing of excess cash, commitment fees and interest expense related to outstanding debt facilities, income and unrealized gains and losses related to investments held in a trust for the Company’s non-qualified retirement and benefit plans, including non-employee director deferred compensation, realized gains related to the Company’s previously held minority investments, income earned related to the Company’s minority investments, and equity earnings or losses from our investments in other business ventures.

Current wording

Income and expenses incurred through activities outside of our core operations are considered non-operating and are classified as other (expenses) income. These activities primarily include interest earned on the investing of excess cash, commitment fees and interest expense related to outstanding debt facilities, income and unrealized gains and losses related to investments held in a trust for the Company’s non-qualified retirement and benefit plans, including non-employee director deferred compensation, realized gains and losses related to the Company’s previously held minority investments, income earned related to the Company’s minority investments, and equity earnings or losses from our investments in other business ventures.

Previous wording

The following summarizes changes in financial performance for the three months ended March 31, 2025, compared to the three months ended March 31, 2024. “YTD” represents the three month periods ended March 31, 2025 and 2024, respectively:

Current wording

The following summarizes changes in financial performance for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024. “YTD” represents the six month periods ended June 30, 2025 and 2024, respectively:

Previous wording

(1)Adjusted operating income is defined as operating income before acquisition-related costs, amortization of acquired intangible assets, and costs related to the Cboe Digital wind down. Operating EBITDA is defined as operating income before depreciation and amortization. EBITDA is defined as income before interest, income taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA before acquisition-related costs, earnings on investments adjustments, gain on revaluation of Cboe Digital non-recourse notes and warrants, and costs related to the Cboe Digital wind down. Adjusted operating EBITDA is calculated by adding back to Operating EBITDA acquisition-related costs and costs related to the Cboe Digital wind down. Operating EBITDA, EBITDA, adjusted EBITDA, adjusted operating income, and adjusted operating EBITDA do not represent, and should not be considered as, alternatives to net income as determined in accordance with GAAP. We have presented operating EBITDA, EBITDA, adjusted EBITDA, adjusted operating income, and adjusted operating EBITDA because we consider them important supplemental measures of our performance and believe that they are frequently used by analysts, investors and other interested parties in the evaluation of companies. In addition, we use adjusted EBITDA as a measure of operating performance for preparation of our forecasts and evaluating our leverage ratio for the debt to earnings covenant included in our outstanding credit facility. Other companies may calculate operating EBITDA, EBITDA, adjusted EBITDA, adjusted operating income, and adjusted operating EBITDA differently than we do. Operating EBITDA, EBITDA, adjusted EBITDA, adjusted operating income, and adjusted operating EBITDA have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP.

Current wording

(1)Adjusted operating income is defined as operating income before acquisition-related costs, amortization of acquired intangible assets, Cboe Digital syndication wind down, change in contingent consideration, executive compensation adjustment, costs related to Cboe Digital wind down, and impairment of intangible assets. Operating EBITDA is defined as operating income before depreciation and amortization. EBITDA is defined as income before interest, net, income taxes, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA before acquisition-related costs, executive compensation adjustment, change in contingent consideration, costs related to Cboe Digital wind down, earnings on investments adjustments, gain on Cboe Digital non-recourse notes and warrants wind down, Cboe Digital syndication wind down, gain on sale of property held for sale, impairment of intangible assets, and impairment of investment. Adjusted operating EBITDA is calculated by adding back to Operating EBITDA acquisition-related costs, Cboe Digital syndication wind down, change in contingent consideration, executive compensation adjustment, costs related to Cboe Digital wind down, and impairment of intangible assets. Operating EBITDA, EBITDA, adjusted EBITDA, adjusted operating income, and adjusted operating EBITDA do not represent, and should not be considered as, alternatives to net income as determined in accordance with GAAP. We have presented operating EBITDA, EBITDA, adjusted EBITDA, adjusted operating income, and adjusted operating EBITDA because we consider them important supplemental measures of our performance and believe that they are frequently used by analysts, investors, and other interested parties in the evaluation of companies. In addition, we use adjusted EBITDA as a measure of operating performance for preparation of our forecasts and evaluating our leverage ratio for the debt to earnings covenant included in our outstanding credit facility. Other companies may calculate operating EBITDA, EBITDA, adjusted EBITDA, adjusted operating income, and adjusted operating EBITDA differently than we do. Operating EBITDA, EBITDA, adjusted EBITDA, adjusted operating income, and adjusted operating EBITDA have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP.

Previous wording

(7)Adjusted earnings is defined as net income adjusted for acquisition-related costs, amortization of acquired intangible assets, earnings on investments adjustments, gain on revaluation of Cboe Digital non-recourse notes and warrants, costs related to the Cboe Digital wind down, certain tax reserve changes, and net income or loss allocated to participating securities, net of the income tax effects of these adjustments. Adjusted earnings does not represent, and should not be considered as, an alternative to net income or loss, as determined in accordance with GAAP. We have presented adjusted earnings because we consider it an important supplemental measure of our performance and we use it as the basis for monitoring our own core operating financial performance relative to other operators of exchanges. We also believe that it is frequently used by analysts, investors and other interested parties in the evaluation of companies. We believe that investors may find this non-GAAP measure useful in evaluating our performance compared to that of peer companies in our industry. Other companies may calculate adjusted earnings differently than we do. Adjusted earnings has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP.

Current wording

(7)Adjusted earnings is defined as net income adjusted for amortization of acquired intangible assets, acquisition-related costs, executive compensation adjustment, costs related to Cboe Digital wind down, earnings on investments adjustments, gain on revaluation of Cboe Digital non-recourse notes and warrants wind down, Cboe Digital syndication wind down, gain on sale of property held for sale, impairment of intangible assets, impairment of investment, the tax effect of adjustments, certain tax reserve changes, valuation allowances, and net income or loss allocated to participating securities, net of the income tax effects of these adjustments. Adjusted earnings does not represent, and should not be considered as, an alternative to net income or loss, as determined in accordance with GAAP. We have presented adjusted earnings because we consider it an important supplemental measure of our performance and we use it as the basis for monitoring our own core operating financial performance relative to other operators of exchanges. We also believe that it is frequently used by analysts, investors, and other interested parties in the evaluation of companies. We believe that investors may find this non-GAAP measure useful in evaluating our performance compared to that of peer companies in our industry. Other companies may calculate adjusted earnings differently than we do. Adjusted earnings has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP.

Previous wording

The following is a reconciliation of operating income to adjusted operating income (in millions) for the three months ended March 31, 2025 and 2024, respectively:

Current wording

The following is a reconciliation of operating income to adjusted operating income (in millions) for the three and six months ended June 30, 2025 and 2024, respectively:

Previous wording

The following is a reconciliation of operating income to operating EBITDA and adjusted operating EBITDA (in millions) for the three months ended March 31, 2025 and 2024, respectively:

Current wording

The following is a reconciliation of operating income to operating EBITDA and adjusted operating EBITDA (in millions) for the three and six months ended June 30, 2025 and 2024, respectively:

Previous wording

The following is a reconciliation of net income allocated to common stockholders to EBITDA and adjusted EBITDA (in millions) for the three months ended March 31, 2025 and 2024, respectively:

Current wording

The following is a reconciliation of net income (loss) allocated to common stockholders to EBITDA and adjusted EBITDA (in millions) for the three months ended June 30, 2025 and 2024, respectively:

Previous wording

The following summarizes changes in certain operational and financial metrics for the three months ended March 31, 2025, compared to the three months ended March 31, 2024 (continued from previous page):

Current wording

The following summarizes changes in certain operational and financial metrics for the six months ended June 30, 2025, compared to the six months ended June 30, 2024 (continued from previous page):

Previous wording

The following table includes operational and financial metrics for our Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX segments. The following summarizes changes in certain operational and financial metrics for the three months ended March 31, 2025 compared to the three months ended March 31, 2024:

Current wording

The following table includes operational and financial metrics for our Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX segments. The following summarizes changes in certain operational and financial metrics for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024:

Previous wording

Note, the Digital segment is not included as results were not material for the three months ended March 31, 2024. The Digital segment results are prospectively located in the Futures segment beginning in the first quarter of 2025.

Current wording

Note, the Digital segment is not included as results were not material for the three and six month periods ended June 30, 2024. In the second quarter of 2025, Digital futures products were transitioned to Cboe Futures Exchange. Futures metrics prior to the second quarter of 2025 exclude Digital futures products.

Previous wording

Total revenues for the three months ended March 31, 2025 increased $237.8 million, or 25%, compared to the same period in 2024 primarily due to increases in cash and spot markets and derivatives markets revenue, driven by an increase in transaction and clearing fees, as a result of increased volumes traded on the Cboe options, Cboe U.S. equities, and Cboe European equities exchanges, coupled with an increase in the Section 31 fee rate following a rate change in May 2024.

Current wording

Total revenues for the three months ended June 30, 2025 increased $199.5 million, or 20%, compared to the same period in 2024 primarily due to increases in cash and spot markets and derivatives markets revenue, driven by an increase in transaction and clearing fees as a result of increased volumes traded on the Cboe options, Cboe U.S. equities, and Cboe European equities exchanges. Total revenues for the six months ended June 30, 2025 increased $437.3 million, or 23%, compared to the same period in 2024 primarily due to increases in derivatives markets and cash and spot markets revenue, driven by an increase in transaction and clearing fees as a result of increased volumes traded on the Cboe options, Cboe U.S. equities, and Cboe European equities exchanges, coupled with an increase in the Section 31 fee rate following a rate change in May 2024, which remained in effect until May 2025.

Previous wording

The following summarizes changes in revenues for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 (in millions, except percentages):

Current wording

The following summarizes changes in revenues for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024 (in millions, except percentages):

Previous wording

Cash and spot markets revenue increased for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to increases in regulatory fees and transaction and clearing fees. Regulatory fees increased primarily due to a 248% increase in the Section 31 fee rate, from an average rate of $8.00 per million dollars of covered sales for the three months ended March 31, 2024 to an average rate of $27.80 per million dollars of covered sales for the three months ended March 31, 2025. Transaction and clearing fees increased primarily due to an 11% increase in total touched shares on Cboe U.S. equities exchanges and a 39% increase in matched ADNV on Cboe European equities exchanges.

Current wording

Cash and spot markets revenue increased for the six months ended June 30, 2025 compared to the same period in 2024 primarily due to increases in transaction and clearing fees and regulatory fees. Transaction and clearing fees increased primarily due to a 27% increase in total touched shares on the Cboe U.S. equity exchanges and a 41% increase in Cboe European equities exchanges matched ADNV. Regulatory fees increased primarily due to a 66% increase in the Section 31 fee rate, from an average rate of $12.35 per million dollars of covered sales for the six months ended June 30, 2024 to an average rate of $20.52 per million dollars of covered sales for the six months ended June 30, 2025.

Previous wording

Data Vantage revenue increased for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to increases in access and capacity fees and proprietary market data fees. Access and capacity fees increased primarily due to increased logical port fees in the North American Equities, Options, and Europe and Asia Pacific segments, driven by increased customer demand. Proprietary market data fees increased primarily due to increases in proprietary market data fees in the Options, North American Equities, and Europe and Asia Pacific segments.

Current wording

Data Vantage revenue increased for the three and six months ended June 30, 2025 compared to the same periods in 2024 primarily due to increases in access and capacity fees and proprietary market data fees. Access and capacity fees increased primarily due to increases in logical port fees in the North American Equities, Options, and Europe and Asia Pacific segments, driven by increased customer demand, led by the dedicated cores charges in the North American Equities segment. Proprietary market data fees increased primarily due to increases in proprietary market data fees in the Options and Europe and Asia Pacific segments.

Previous wording

Derivatives markets revenue increased for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to increases in transaction and clearing fees and regulatory fees. Transaction and clearing fees increased primarily due to a 25% increase in multi-listed options ADV and a 17% increase in index options ADV. Regulatory fees increased primarily due to a 248% increase in the Section 31 fee rate, from an average rate of $8.00 per million dollars of covered sales for the three months ended March 31, 2024 to an average rate of $27.80 per million dollars of covered sales for the three months ended March 31, 2025.

Current wording

Derivatives markets revenue increased for the six months ended June 30, 2025 compared to the same period in 2024 primarily due to increases in transaction and clearing fees and regulatory fees. Transaction and clearing fees increased primarily due to a 23% increase in multi-listed options ADV and a 17% increase in index options ADV. Regulatory fees increased primarily due to a 66% increase in the Section 31 fee rate, from an average rate of $12.35 per million dollars of covered sales for the six months ended June 30, 2024 to an average rate of $20.52 per million dollars of covered sales for the six months ended June 30, 2025.

Previous wording

The following tables reconcile the disaggregated cost of revenues captions presented on the condensed consolidated statements of income to the net revenue captions presented on the condensed consolidated statements of income for the three months ended March 31, 2025 and 2024, respectively (in millions):

Current wording

The following tables reconcile the disaggregated cost of revenues captions presented on the condensed consolidated statements of income to the net revenue captions presented on the condensed consolidated statements of income for the three and six months ended June 30, 2025 and 2024, respectively (in millions):

Previous wording

Total cost of revenues increased for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to increased cash and spot markets and derivatives markets cost of revenues as a result of an increase in the Section 31 fee rate, coupled with an increase in liquidity payments on the Cboe options and Cboe U.S. equities exchanges as a result of volume increases in multi-listed options and U.S. equities.

Current wording

Total cost of revenues increased for the six months ended June 30, 2025 compared to the same period in 2024 primarily due to increased cash and spot markets and derivatives markets cost of revenues as a result of an increase in liquidity payments on the Cboe U.S. equity and Cboe options exchanges as a result of volume increases in U.S. equities and multi-listed options, coupled with an increase in the average Section 31 fee rate.

Previous wording

The following summarizes changes in the disaggregated cost of revenues for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 (in millions, except percentages):

Current wording

The following summarizes changes in the disaggregated cost of revenues for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024 (in millions, except percentages):

Previous wording

Liquidity payments increased for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to an increase in liquidity payments on the Cboe options exchanges as a result of a 25% increase in multi-listed options ADV, coupled with an increase on the Cboe U.S. equities exchanges as a result of an 11% increase in total touched shares.

Current wording

Liquidity payments increased for the three months ended June 30, 2025 compared to the same period in 2024 primarily due to an increase in liquidity payments on the Cboe U.S. equity exchanges as a result of a 45% increase in total touched shares, coupled with an increase on the Cboe options exchanges as a result of a 22% increase in multi-listed options ADV. Liquidity payments increased for the six months ended June 30, 2025 compared to the same period in 2024 primarily due to an increase in liquidity payments on the Cboe U.S. equity exchanges as a result of a 27% increase in total touched shares, coupled with an increase on the Cboe options exchanges as a result of a 23% increase in multi-listed options ADV.

Previous wording

Routing and clearing fees increased for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to an increase in routed trades on the Cboe U.S. equities exchanges.

Current wording

Routing and clearing fees increased for the three and six months ended June 30, 2025 compared to the same periods in 2024 primarily due to an increase in routed trades on the Cboe U.S. equity exchanges.

Previous wording

Royalty fees and other cost of revenues increased for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to an increase in trading volumes of licensed products in the Options segment, partially offset by a decrease in operating interest expense attributable to Cboe Clear Europe as a result of the changing interest rate environment.

Current wording

Royalty fees and other cost of revenues increased for the three and six months ended June 30, 2025 compared to the same periods in 2024 primarily due to an increase in trading volumes of licensed products in the Options segment, partially offset by a decrease in operating interest expense attributable to Cboe Clear Europe as a result of the changing interest rate environment and changes in the business.

Previous wording

Revenues less cost of revenues increased $63.1 million, or 13%, for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to an increase in derivatives markets revenues less cost of revenues, driven by an increase in volumes traded on the Cboe options and Cboe European equities exchanges, coupled with an increase in access and capacity fees and proprietary market data across segments.

Current wording

Revenues less cost of revenues increased $73.5 million, or 14%, and $136.6 million, or 13%, for the three and six months ended June 30, 2025, respectively, compared to the same periods in 2024 primarily due to an increase in derivatives markets revenues less cost of revenues driven by an increase in volumes traded on the Cboe options exchanges, coupled with an increase in Data Vantage revenues less cost of revenues as a result of increased access and capacity fees and proprietary market data across segments and an increase in cash and spot markets revenues less cost of revenues driven by an increase in volumes traded on the Cboe European equities exchanges.

Previous wording

The following summarizes the components of revenues less cost of revenues for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 (in millions, except percentages):

Current wording

The following summarizes the components of revenues less cost of revenues for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024 (in millions, except percentages):

Previous wording

Cash and spot markets revenues less cost of revenues increased for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to increases in transaction and clearing fees less liquidity payments and routing and clearing costs (“net transaction and clearing fees”) in the Europe and Asia Pacific and Global FX segments. Net transaction and clearing fees increased primarily due to a 39% increase in Cboe European equities matched ADNV, a 15% increase in Global FX ADNV, and a 40% increase in trades cleared by Cboe Clear Europe.

Current wording

Cash and spot markets revenues less cost of revenues increased for the three months ended June 30, 2025 compared to the same period in 2024 primarily due to increases in transaction and clearing fees less liquidity payments and routing and clearing costs (“net transaction and clearing fees”) in the Europe and Asia Pacific and Global FX segments. Net transaction and clearing fees increased primarily due to a 43% increase in Cboe European equities matched ADNV, a 17% increase in Global FX ADNV, and a 19% increase in Cboe Clear Europe net settlement volumes, partially offset by a decrease in net transaction and clearing fees in the North American Equities segment primarily due to a 53% decrease in net capture.

Previous wording

Data Vantage revenues less cost of revenues increased for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to increases in access and capacity fees and proprietary market data fees. Access and capacity fees increased primarily due to increased logical port fees in the North American Equities, Options, and Europe and Asia Pacific segments, driven by increased customer demand. Proprietary market data fees increased primarily due to increases in proprietary market data fees in the Options, North American Equities, and Europe and Asia Pacific segments.

Current wording

Data Vantage revenues less cost of revenues increased for the three and six months ended June 30, 2025 compared to the same periods in 2024 primarily due to increases in access and capacity fees and proprietary market data fees. Access and capacity fees increased primarily due to increases in logical port fees and physical port fees in the North American Equities, Options, and Europe and Asia Pacific segments, driven by increased customer demand, led by the dedicated cores charges in the North American Equities segment. Proprietary market data fees increased primarily due to increases in proprietary market data fees in the Options and Europe and Asia Pacific segments.

Previous wording

Total operating expenses for the three months ended March 31, 2025 compared to the same period in 2024 decreased $8.4 million, or 4%, primarily due to a decrease in depreciation and amortization.

Current wording

Total operating expenses for the three and six months ended June 30, 2025 compared to the same periods in 2024 decreased $55.5 million, or 18%, and $63.9 million, or 12%, respectively, primarily due to the impairment of intangible assets charge recorded to the Digital segment in the second quarter of 2024, partially offset by the impairment of intangible assets charge recorded in the second quarter of 2025 related to Cboe Japan.

Previous wording

The following summarizes changes in operating expenses for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 (in millions, except percentages):

Current wording

The following summarizes changes in operating expenses for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024 (in millions, except percentages):

Previous wording

Compensation and benefits increased for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to a $2.3 million increase in salaries and wages primarily due to merit and headcount increases and a $1.7 million increase in severance expenses, partially offset by a $2.6 million increase in capitalized wages as a result of an increase in internally developed software.

Current wording

Compensation and benefits increased for the three months ended June 30, 2025 compared to the same period in 2024 primarily due to a $4.7 million increase in accrued bonuses as a result of strong Company performance, a $4.1 million increase in benefits, and a $3.1 million increase in salaries and wages primarily due to merit increases.

Previous wording

Depreciation and amortization decreased for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to declines in amortization under the discounted cash flow method for the intangibles acquired in the Merger and monthly amortization for developed and existing technology ending or written down to zero in 2024.

Current wording

Depreciation and amortization decreased for the three and six months ended June 30, 2025 compared to the same periods in 2024 primarily due to declines in amortization under the discounted cash flow method for the intangibles acquired in the Merger and monthly amortization for developed and existing technology ending or written down to zero in the fourth quarter of 2024.

Previous wording

Technology support services increased for the three months ended March 31, 2025 compared to the same period in 2024 due to increases in market data support, secondary data center hosting, and cloud services, partially offset by a decrease in primary data center hosting.

Current wording

Technology support services increased for the three and six months ended June 30, 2025 compared to the same periods in 2024 due to increases in cloud services, data center hosting, market data, software maintenance, and hardware maintenance, partially offset by a decrease in purchased hardware.

Previous wording

Professional fees and outside services decreased for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to decreases in legal fees, contract services, and consulting fees, partially offset by increases in regulatory costs related to CAT expenses.

Current wording

Professional fees and outside services decreased for the three and six months ended June 30, 2025 compared to the same periods in 2024 primarily due to decreases in consulting fees, contract services, legal fees, and tax services, partially offset by increases in regulatory costs related to CAT expenses.

Previous wording

Travel and promotional expenses decreased for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to decreases in marketing and advertising expenses.

Current wording

Travel and promotional expenses decreased for the three and six months ended June 30, 2025 compared to the same periods in 2024 primarily due to decreases in marketing and advertising expenses related to the timing of the spend in the prior year versus the current year.