Cboe Reports Q3 2024 Results: $532M Net Revenue, 9% Increase in Global FX Revenue to $20M

Cboe Global Markets, the world's leading derivatives and securities exchange network, has reported its financial results for the third quarter of 2024 (Q3 2024), with net revenue increasing by 11% to $532.0 million compared to $480.5 million in the prior year period. The growth was driven by increases in derivatives markets, cash and spot markets, and data and access solutions net revenue.

Total operating expenses were $224.6 million versus $209.3 million in Q3 2023, an increase of $15.3 million. This increase was primarily due to higher compensation and benefits and travel and promotional expenses, partially offset by a decline in professional fees and outside services. Adjusted operating expenses of $204.0 million increased 13% compared to $180.3 million in Q3 2023. 

Diluted Earnings per share (EPS) for Q3 2024 increased 6% to $2.07 compared to Q3 2023. Adjusted diluted EPS of $2.22 increased by 8% compared to Q3 2023’s results.

In terms of results by business segments, options record net revenue of $320.9 million was up $30.1 million, or 10%, from Q3 2023. Futures net revenue of $38.0 million increased $5.6 million, or 17%, from Q3 2023 due to an increase in net transaction and clearing fees.

Global FX record net revenue of $20.0 million increased 9%, primarily due to higher net transaction and clearing fees. Average daily notional value (ADNV) traded on the Cboe FX platform was $48.3 billion for the quarter, up 9% compared to last year's third quarter. Cboe FX market share was 19.1% for the quarter compared to 20.2% in last year's third quarter.

As of September 30, 2024, the company had cash and cash equivalents of $763.2 million and adjusted cash of $763.7 million. Total debt as of September 30, 2024 was $1,440.6 million.