In a landmark finish to the 2025 calendar year, Cboe Global Markets has reported a record 22% year-over-year increase in global FX net revenue for the fourth quarter. The segment generated $23.7 million in net revenue, driven by a surge in institutional trading activity and enhanced market volatility.
This performance capped an exceptional year for Cboe, which saw double-digit growth across every business segment and set the stage for an ambitious 2026 fiscal strategy.
Q4 2025: FX Segment Performance
The growth in the FX division was underpinned by significant increases in both trading volume and capture rates.
Trading Volume: The average daily notional value (ADNV) traded on the Cboe FX platform reached $53.3 billion for the quarter, a 17% increase compared to Q4 2024.
Revenue Capture: The net capture rate per million dollars traded improved to $2.95, up from $2.72 in the prior-year period.
Full-Year Momentum: For the entirety of 2025, the global FX business delivered an impressive 17% net revenue growth rate.
Broader Financial Highlights
The FX surge contributed to a broader record-breaking quarter for Cboe Global Markets.
| Financial Metric | Q4 2025 Result | YoY Change |
| Total Net Revenue | $671.1 Million | +28% |
| Adjusted Diluted EPS | $3.06 | +46% |
| Options Net Revenue | $433.1 Million | +34% |
| Cash & Spot Markets | $110.7 Million | +27% |
Strategic Realignment: CEO Craig Donohue attributed the results to a recent strategic realignment, which has allowed Cboe to focus resources on core strengths like derivatives and FX while capitalizing on secular growth trends.
Volatility as a Catalyst: Increased market uncertainty led to record volumes in proprietary products, including the VIX and S&P 500 Index (SPX) options, which saw their 10 highest average daily volume months occur in 2025 and early 2026.
2026 Fiscal Outlook
Cboe enters the new fiscal year with high momentum, already reporting a massive 33.6% YoY increase in Global FX ADNV for January 2026 ($67.2 billion).
Growth Targets: Management has set a 2026 organic total net revenue growth target in the “mid single-digit” range.
Data Vantage: The company expects its data services arm to grow in the “mid to high single-digit” range.
Investment Strategy: Adjusted operating expense guidance for 2026 is set between $864 million and $879 million, reflecting a focus on targeted investments in technology and global expansion.
“We are starting 2026 with a very strong foundation—a focused growth strategy, a seasoned leadership team, and continued strong secular trends in our core businesses.” — Craig Donohue, CEO of Cboe Global Markets
