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Cboe Global Markets

Cboe Global Markets (CBOE) Q2 2026 Earnings

Reported Jul 31, 2026 at 7:30 AM ET · SEC Source

Q2 26 EPS

$3.56

BEAT +2.01%

Est. $3.49

Q2 26 Revenue

$731.6M

BEAT +1.49%

Est. $720.8M

vs S&P Since Q2 26

-6.2%

TRAILING MARKET

CBOE -2.8% vs S&P +3.3%

Market Reaction

Did CBOE Beat Earnings? Q2 2026 Results

Cboe Global Markets delivered a clean beat across both top and bottom lines in the second quarter of 2026, extending its streak of consensus EPS beats to four consecutive quarters as adjusted diluted earnings per share of $3.56 cleared the $3.49 esti… Read more Cboe Global Markets delivered a clean beat across both top and bottom lines in the second quarter of 2026, extending its streak of consensus EPS beats to four consecutive quarters as adjusted diluted earnings per share of $3.56 cleared the $3.49 estimate by 2.01%. Net revenue of $731.60 million edged past the $720.84 million consensus by 1.49%, though the year-over-year comparison reflected a sharp 37.7% decline against the prior-year period. The primary engine behind the quarter's strength was the Options segment, which posted net revenue of $473.90 million, up 30%, as a 26% surge in total options average daily volume and a 6% improvement in revenue per contract combined to drive outsized gains across index products. The adjusted operating margin expanded meaningfully to 70.4% from 63.7% a year ago, underscoring disciplined expense management. With momentum building, management raised its 2026 organic net revenue growth outlook to "mid to high teens," a notable step up from prior guidance, while an expanded credit facility reinforces the company's financial flexibility heading into the back half of the year.

Key Takeaways

  • • 26 percent increase in total options ADV with 6 percent increase in options RPC
  • • 32 percent increase in index options ADV driving Options segment record
  • • Product mix shift toward higher-RPC index options
  • • Stronger industry volumes and improved net capture rates in U.S. Equities
  • • U.S. Equities off-exchange market share expansion to 18.8 percent from 14.9 percent
  • • European Equities ADNV up 13 percent on stronger industry market volumes
  • • Cboe Clear Europe net settlement volume up 21 percent
  • • Global FX ADNV up 8 percent with net capture rate up 6 percent

CBOE Forward Guidance & Outlook

Cboe raised its 2026 organic total net revenue growth target to 'mid to high teens' from prior guidance of 'low double-digit to mid teens.' Data Vantage organic net revenue growth target was increased to 'low teens' from 'low double-digit.' Adjusted operating expenses guidance of $838 to $853 million was reaffirmed (reduced by $11 million for expected Q3 Cboe Australia sale). Depreciation and amortization is expected at $54 to $58 million (down from $56 to $60 million). Capital expenditures guidance was raised to $98 to $108 million from $73 to $83 million. Effective tax rate on adjusted earnings expected at 27.5 to 29.5 percent. Guidance excludes the impact of Cboe Australia and includes anticipated business-as-usual contributions from Cboe Canada pending its divestiture.

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CBOE YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

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CBOE Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q2 26
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CBOE Revenue by Geography

Regional revenue distribution

“Our strong second quarter results reflect the progress we're making as we execute our growth strategy. We're investing in opportunities that will define Cboe's future. Whether it's expanding event contracts, growing Cboe Clear U.S., or advancing around-the-clock access to our markets, we're executing with speed and discipline to create durable growth and value for our shareholders.”

— Craig Donohue, Q2 2026 Earnings Press Release

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