Cboe Global Markets Q2 2026: Options Surge Drives Beat and Raised Guidance
As seen on the 24/7 Wall St. homepage on July 31, 2026.
Options revenue surged 30% to fuel a rare beat on both lines, as index options average daily volume jumped 32% and pushed Cboe to raise full-year growth guidance to mid-to-high teens from low double-digit to mid teens.
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Cboe Global Markets reported Q2 2026 adjusted EPS of $3.56, coming in about 2% above the consensus estimate of $3.49. Revenue reached $731.6 million, topping expectations of $720.8 million by roughly 1.5%. The beat landed on both the top and bottom lines, something that has become a pattern for Cboe — the company has exceeded EPS estimates in six of the last eight quarters shown in its earnings history.
The engine behind the outperformance was options trading. Options revenue surged 30%, driven by a 32% jump in index options average daily volume. Index options are among Cboe's highest-margin products, so a volume spike of that magnitude flows quickly into earnings. The result was strong enough that management chose to raise full-year net revenue growth guidance, lifting the target range to mid-to-high teens from the prior outlook of low double-digit to mid teens.
The guidance revision is the detail most worth watching. Raising the top end of a full-year forecast after two quarters of data signals that Cboe's leadership sees the options volume strength as durable rather than a one-quarter anomaly. Investors will be focused on whether index options activity holds at elevated levels into the back half of the year or pulls back as market volatility conditions shift.
Mentioned: CBOE