Cboe Global Markets (CBOE)
BATS:CBOE
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Earnings Data
Report Date
Jul 31, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
3.29Last Year’s EPS
2.46Same Quarter Last Year
Based on 13 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlights exceptionally strong operational and financial performance: record net revenue, record adjusted EPS, sizable EBITDA growth and margin expansion, broad-based strength across derivatives, cash/spot markets, FX and DataVantage, plus clear strategic moves to sharpen focus and return capital. Lowlights include planned workforce reductions (~20%), a modest anticipated ~3% revenue reduction from exits, some one-time DataVantage revenues, phased timing of cost-saving benefits (limited incremental savings in 2026), and regulatory/competitive uncertainties around event contracts and future franchise dynamics. On balance the positive performance, robust margins, strong balance sheet and clearly articulated strategy materially outweigh the execution and timing risks described.Company Guidance
Record Net Revenue
Net revenue reached a record $729 million in Q1, up 29% year-over-year, driven by broad-based strength across core businesses.
Record Adjusted EPS and EBITDA Expansion
Adjusted diluted EPS was a record $3.70, up 48% year-over-year. Adjusted operating EBITDA was $541 million, up 41% year-over-year, and adjusted operating EBITDA margin expanded 6.1 percentage points to 74.2%.
Derivatives Strength and SPX Leadership
Derivatives net revenue rose 32% year-over-year. Index options net transaction and clearing fees increased 35%. SPX options set a quarterly record with average daily volume of 4.9 million contracts (+34% YoY) and a monthly ADV record of 5.4 million contracts in March. Total options ADV was up 10% and index options volume rose 29%.
Cash & Spot Markets Outperformance
Cash and spot markets net revenue grew 34% year-over-year with Europe & APAC up 32% (net transaction & clearing fees +43%) and North American Equities net transaction & clearing fees +40%, contributing to records in several European trading services and multiple top trading days in March.
FX and Futures Momentum
Global FX delivered the strongest segment growth at +38% year-over-year (average daily notional value +36% and net capture +4%). Futures net revenue increased 9% with total ADV up 14%, supported by stronger VIX activity.
DataVantage Growth Driven by New Sales
Cboe DataVantage net revenue rose 19% year-over-year, with ~85% of growth driven by new units and new sales (including one-time historic dataset sales tied to recent product launches); management now expects DataVantage organic net revenue growth in the low double-digit range for 2026.
Strategic Realignment and Cost Savings
Management reached definitive agreements to sell Cboe Canada and Cboe Australia and announced additional realignment actions. Once fully implemented, strategic realignment is expected to deliver approximately $100 million–$120 million of annualized expense savings (now targeting a 12%–14% annualized reduction in adjusted operating expenses vs 2025).
Strong Capital Position and Shareholder Returns
Returned $121 million to shareholders in Q1 (including $76 million dividend), repurchased $45 million of shares in the quarter, held adjusted cash of $2.1 billion and a leverage ratio of 0.8x, enabling opportunistic buybacks and reinvestment.
Execution on New Product Initiatives
Announced the plan to launch securities-based event contracts (leveraging Mini‑SPX infrastructure) and signaled longer-term ambitions in event/prediction markets, tokenization, and expanded clearing capabilities, aiming to leverage Cboe’s market design, surveillance and distribution strengths.
CBOE Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
CBOE Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
May 01, 2026 | $299.46 | $326.28 | +8.95% |
Feb 06, 2026 | $274.03 | $272.12 | -0.70% |
Oct 31, 2025 | $235.07 | $243.84 | +3.73% |
Aug 01, 2025 | $238.54 | $245.22 | +2.80% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Cboe Global Markets (CBOE) report earnings?
Cboe Global Markets (CBOE) is schdueled to report earning on Jul 31, 2026, Before Open (Confirmed).
What is Cboe Global Markets (CBOE) earnings time?
Cboe Global Markets (CBOE) earnings time is at Jul 31, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is CBOE EPS forecast?
CBOE EPS forecast for the fiscal quarter 2026 (Q2) is 3.29.