Q4 Earnings: CBOE Beats, AutoNation Holds Up, RXO Struggles

As the financial landscape continues to evolve, the latest earnings reports from Cboe Global Markets (CBOE), AutoNation (AN), and RXO provide a snapshot of the current market dynamics across different sectors. Each company has faced unique challenges and opportunities, reflecting broader economic trends and sector-specific factors.

Cboe Global Markets reported a robust performance for the fourth quarter of 2025, with significant growth in both revenue and earnings per share. The company’s strategic realignment and focus on emerging opportunities have positioned it well for future growth.

In contrast, AutoNation experienced a slight decline in revenue, attributed to lower vehicle sales, yet managed to exceed earnings expectations.

Meanwhile, RXO faced a challenging quarter with a net loss, impacted by market tightening and restructuring costs, but showed promising developments in its sales pipeline and managed transportation business.

CBOE Surges, AutoNation Stays Resilient, RXO Faces Freight Headwinds

Cboe Global Markets concluded the fourth quarter of 2025 with record net revenue of $671.1 million, a 28% increase compared to the previous year. The company’s adjusted diluted earnings per share (EPS) reached $3.06, surpassing expectations by $0.21.

This impressive performance was driven by strong growth in the derivatives business, particularly in index and multi-listed options products, which saw a 38% increase in net revenue. Cboe’s strategic focus on its core businesses and emerging opportunities has been pivotal in achieving these results.

AutoNation, on the other hand, reported a revenue decline of 4% for the fourth quarter, totaling $6.9 billion. Despite the revenue dip, the company’s adjusted EPS of $5.08 exceeded expectations by $0.17.

The decline in revenue was primarily due to lower unit sales of new and used vehicles, although this was partially offset by growth in after-sales revenue. AutoNation’s focus on expanding its portfolio and improving profitability in its finance division has contributed to its resilient earnings performance.

RXO’s fourth-quarter results reflected the challenges in the transportation sector, with a reported net loss of $46 million. The company’s revenue came in at $1.5 billion, slightly above expectations, but the EPS of -$0.07 missed the anticipated figure by $0.03.

RXO faced a tightening freight market, which impacted its brokerage gross margin. However, the company reported significant growth in its sales pipeline and managed transportation business, securing over $200 million in freight under management.

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What’s Next: 2026 Forecasts and Strategic Priorities

Looking ahead, Cboe Global Markets has set ambitious guidance for 2026, with organic total net revenue growth expected in the mid-single-digit range. The company also anticipates adjusted operating expenses to be between $864 million and $879 million.

Cboe’s focus on strategic realignment and capitalizing on secular trends in its core businesses is expected to drive sustainable growth and shareholder returns.

AutoNation’s guidance reflects its commitment to maintaining strong financial performance and strategic growth. The company plans to continue its share repurchase program, with $968 million remaining under its current authorization.

AutoNation’s expansion through acquisitions and its focus on enhancing its finance division are expected to support its growth objectives. The company also highlights the flexibility of its cost structure and cash flow generation capabilities as key components of its strategy.

RXO’s outlook for the first quarter of 2026 indicates expectations of adjusted EBITDA between $5 million and $12 million. The company anticipates a decline in brokerage volume by 5% to 10% year-over-year, with gross margins expected to be between 11% and 13%.

RXO’s strategic focus on leveraging its technology and expanding its managed transportation services positions it for long-term growth, despite current market challenges. The company’s new $450 million asset-based lending facility provides additional financial flexibility to navigate market cycles.

Disclaimer: The author does not hold or have a position in any securities discussed in the article. All stock prices were quoted at the time of writing.