Cboe Global Markets sees FY25 revenue up in the low double-digit to mid-teens

Cboe provided guidance for the FY25: Organic total net revenue growth is expected to be in the ‘low double-digit to mid-teens’ range in 2025, up from previous guidance calling for ‘high single-digit.’ Data Vantage organic net revenue growth1 is expected to be in the ‘high single-digit to low double-digit’ range in 2025, up from previous guidance of ‘mid to high single-digit. Adjusted operating expenses are expected to be $827M-$842M, down from previous guidance of $832M-$847M. The guidance excludes the expected amortization of acquired intangible assets of $70M; the company reflects the exclusion of this amount in its non-GAAP reconciliation. Depreciation and amortization expense is expected to be $50M-$54M, down from previous guidance of $53M-$57M, excluding the expected amortization of acquired intangible assets. Reaffirms the effective tax rate on adjusted earnings 28.5%-30.5%. Significant changes in trading volume, expenses, tax laws or rates, and other items could materially impact this expectation. Capital expenditures are expected to be $73M-$83M, down from previous guidance of $75M-$85M.