Cboe Global Markets Achieves Record Net Revenue for Q1 2023

Cboe Global Markets, the world's leading derivatives and securities exchange network, has released its financial results for the first quarter of 2023, disclosing record net revenue and record adjusted earnings during the period.

Net revenue for Q1 2023 went up 13% from Q1 2022’s $418.1 million to $471.4 million, with adjusted diluted EPS reaching $1.90, up 10% on a yearly basis.

Operating income for the quarter came in at $247.9 million, growing from the last same period’s $239.7 million. Operating margin fell from 57.3% to 52.6%. Net income allocated to common stockholders surged 58% year-over-year to $172.6 million. EBITDA reached $303.9 million, 10% higher over Q1 2022. Total operating expenses increased 25% to $223.5 million.

Besides, the quarterly net revenue from Options segment was $280.7 million, up 28% from Q1 2022’s $219.2 million. Global FX net revenue rose 8% on a yearly basis to $18.5 million, largely attributed to higher net transaction fees. Futures net revenue declined slightly to $31.1 million.

"Cboe built on its strong performance in 2022 by reporting record net revenue and record adjusted earnings in the first quarter of 2023. I am pleased with the steady progress we made on our key initiatives while continuing to deliver on our financial objectives," said Brian N. Schell, Cboe Global Markets Executive Vice President, Chief Financial Officer and Treasurer.

Last month, Fazzaco reported that Cboe Global Markets delivered multiple volume records across its global business lines for March and Q1 2023.​