US exchanges reported double-digit percentage growth in revenues over Q4 2025, with smaller exchanges growing at a more rapid rate than their larger counterparts.
Cboe reported the smallest net revenues of the cohort – US$671 million for Q4 – but led the pack in terms of growth, rising 28% YoY. North American equities were up 17% to US$110 million, while the European and APAC segment was up 24% YoY to US$69.9 million.
Craig Donohue, Cboe Global Markets CEO, noted, “North American equities made a solid contribution with net transaction and clearing fees revenues up 18% given strong equity volumes in each of our markets. Non-transaction fees were also up double-digits as our entire cash equity ecosystem benefited from the more active trading environment. ”
The bulk of Cboe’s revenue comes from options. The division’s revenues were up 34% YoY in Q4, reaching US$433 million.
Considering derivatives, Donahue added, “As concerns rise over the concentration risk in US equity markets, we’re seeing renewed interest in small-cap stocks for those looking to diversify their equity exposure away from large-cap tech.
“Looking ahead, we remain bullish on the outlook for our core derivatives franchise anchored around strong retail demand, continued international growth, and further product innovation. Beyond these secular drivers, rising geopolitical tensions and increasing economic uncertainty should remain a tailwind for our products as investors turn to options to help better manage risk and generate income.”
At Nasdaq, net revenues in Q4 reached US$1.4 billion – up 13% YoY, and contributing to the exchange’s full-year net revenues of US$5.3 billion.
In the market services division, which reported US$311 million in Q4, US equity derivatives revenues were up 10% YoY to US$117 million. US cash equities revenues rose 20% YoY to US$105 million.
Adena Friedman, chair and CEO, commented, “In the fourth quarter, our index options revenue more than doubled year-over-year for a second consecutive quarter.
“[There has been] a broadening out of the investor base, both in retail for the equities markets and in retail and institutional and the options markets. It is reflective of a structural shift in terms of the interest that investors have in public equities,” she added.
Despite seeing the highest revenues of the trio, ICE’s reported US$5.4 billion within the exchanges segment marked just a 9% YoY increase. Within this, cash equities and equity options revenues rose 8% to US$467.
During an earnings call, chief financial officer Warren Gardiner stated that the exchange is onboarding new customers in both futures and equities.
“Looking to 2026, we expect Exchange segment recurring revenues to grow in the mid-single-digit range, driven by continued growth in exchange data services and expansion in our listings franchise,” he stated.
One percentage point behind, CME Group,reported an 8% YoY increase in total revenue to US$1.6 billion. Within this, both clearing and transaction fee and market data and information service revenues increased 15% YoY.
Chairman and CEO Terry Duffy commented, “Last year, CME Group delivered the best year in our history and our fourth consecutive year of record revenue, adjusted operating income, adjusted net income and adjusted earnings per share. In a risk-always-on environment, client demand for our products and services generated record average daily volumes. In Q4, we achieved the second-highest quarterly revenue in our history as well as the highest Q4 volume on record.”
