Cboe Global Markets Inc
Q1 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +4.66%.
Did CBOE Beat Earnings? Q1 2026 Results
Cboe Global Markets delivered a strong first quarter for fiscal 2026, posting adjusted diluted EPS of $3.70 against a consensus estimate of $3.37, a beat of 9.66%, while net revenue of $728.90 million cleared expectations by 2.86%, though it reflected a 39.0% decline from the year-ago period. The standout driver was a record-setting Options segment, where net revenue climbed 33% year-over-year to $467.60 million on the back of a 29% surge in index options average daily volume, demonstrating the depth of demand for volatility products in an active market environment. Global FX and North American Equities also posted record segment results, reinforcing the broad-based nature of the quarter's strength. Management sharply raised its full-year 2026 organic net revenue growth target to "low double-digit to mid-teens" from "mid single-digit," while trimming adjusted operating expense guidance to $838-$853 million, partly reflecting savings from a strategic realignment that includes divestitures and an approximately 20% workforce reduction. Cboe also declared its 11th consecutive annual dividend increase, declaring a $0.72 quarterly dividend.
- 29% increase in index options ADV driving record Options net revenue
- 21% increase in multi-listed options revenue per contract
- 36% increase in Global FX ADNV
- 25% increase in European Equities industry market volumes
- Strong market activity driving 34% increase in Cash and Spot Markets net revenue
- Data Vantage business grew 19% year-over-year
- Lower effective tax rate of 25.2% vs 28.4% due to resolution of uncertain tax positions
“As I reflect on my first twelve months at Cboe, it is clear that the decisive steps we have taken are moving the company closer to realizing its full potential. Following a thorough strategic review and the adoption of a more rigorous financial and strategic framework in the second half of 2025, we announced a realignment to increase focus and investment in the core businesses that drive our earnings. We moved quickly to reorient the portfolio, winding down non‑core initiatives, optimizing resource allocation across the organization, and reaching a definitive agreement last week to sell Cboe Canada and Cboe Australia.”
Cboe Global Markets CEO, on the earnings call
Forward Guidance & Outlook
Cboe raised its 2026 organic total net revenue growth target to 'low double-digit to mid-teens' from 'mid single-digit'. Data Vantage organic net revenue growth target was raised to 'low double-digit' from 'mid to high single-digit'. Adjusted operating expense guidance was lowered to $838–$853 million from $864–$879 million, incorporating roughly $20–$25 million of expected savings from the strategic realignment. Depreciation and amortization expense reaffirmed at $56–$60 million (excluding acquired intangible asset amortization). Effective tax rate on adjusted earnings reaffirmed at 27.5–29.5%. Capital expenditures reaffirmed at $73–$83 million. The company announced plans to reduce its workforce by approximately 20% through strategic realignment actions.
CBOE YoY Financials
CBOE Revenue by Segment
CBOE Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.