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Cboe Global Markets
(BATS:CBOE)
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Rating:74Outperform
Price Target:
$341.00
â–²(10.42% Upside)
Action:Reiterated
Date:09/30/26
The score is driven primarily by strong financial performance (high margins, improving leverage, and robust free cash flow) and a positive earnings outlook with upgraded organic revenue guidance. These strengths are meaningfully offset by weak current technicals (downtrend and negative momentum) and only moderate valuation support.
Positive Factors
Options franchise and product adoption
Strong growth in derivatives revenue and index-options volumes reinforces Cboe’s core market position and network effects. Continued adoption across SPX, 0DTE, and Mini-SPX products can support durable transaction revenue and deepen the ecosystem around its leading options franchise.
Negative Factors
Regional business dispositions reduce revenue
Selling regional businesses creates a lasting reduction in the reported revenue base and removes associated data and transaction contributions. The transition may also require post-close support costs, making growth comparisons and operating execution more difficult over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Options franchise and product adoption
Strong growth in derivatives revenue and index-options volumes reinforces Cboe’s core market position and network effects. Continued adoption across SPX, 0DTE, and Mini-SPX products can support durable transaction revenue and deepen the ecosystem around its leading options franchise.
Read all positive factors
Cboe Global Markets Key Performance Indicators (KPIs)
Any
Revenue by Segment
Allocates revenue across Cboe’s business units (e.g., options, equities, listings, market data, clearing). Highlights which segments are growing or lagging, indicates diversification or dependency on a single line of business, and points to strategic opportunities or risks tied to specific markets.
Allocates revenue across Cboe’s business units (e.g., options, equities, listings, market data, clearing). Highlights which segments are growing or lagging, indicates diversification or dependency on a single line of business, and points to strategic opportunities or risks tied to specific markets.
Data provided by:
The Fly
The FlyCboe Global Markets (CBOE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$31.06B
Dividend Yield1.03%
Average Volume (3M)1.13M
Price to Earnings (P/E)22.7
Beta (1Y)0.17
Revenue Growth11.68%
EPS Growth50.39%
CountryUS
Employees1,661
SectorFinancial
Sector Strength70
IndustryFinancial - Data & Stock Exchanges
Share Statistics
EPS (TTM)12.87
Shares Outstanding104,431,020
10 Day Avg. Volume1,546,254
30 Day Avg. Volume1,134,817
Financial Highlights & Ratios
PEG Ratio0.54
Price to Book (P/B)5.11
Price to Sales (P/S)5.57
P/FCF Ratio22.79
Enterprise Value/Market Cap0.79
Enterprise Value/Revenue4.87
Enterprise Value/Gross Profit9.32
Enterprise Value/Ebitda12.05
Forecast
1Y Price Target
$327.64Price Target Upside6.09% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering14
EPS Forecast (FY)14.06
Revenue Forecast (FY)$2.88B
Cboe Global Markets Business Overview & Revenue Model
Company Description
Cboe Global Markets, Inc. functions as a global operator of various financial exchanges, primarily renowned for its options trading platforms, all managed through its numerous subsidiaries. The company organizes its expansive business activities i...
How the Company Makes Money
Cboe primarily earns revenue by operating regulated exchanges and charging fees tied to trading activity and the distribution of market information. Key revenue streams include: (1) Transaction fees: Cboe charges fees when market participants exec...
Cboe Global Markets Earnings Call Summary
Earnings Call Date:Jul 31, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 30, 2026
Earnings Call Sentiment Positive
The call emphasized strong, broad-based growth—record net revenue, substantial EPS and EBITDA expansion, margin improvement, robust options and data demand, and an upgraded organic revenue outlook—while acknowledging manageable near-term headwinds such as regulatory uncertainty around new KPI products, the sale of regional businesses reducing near-term revenue, elevated CapEx and transitional costs, and a muted futures performance. Overall, the positives (record results, strong cash position, margin expansion, product innovation, and guidance upgrade) substantially outweigh the challenges, which are largely execution/regulatory or transitional in nature.Positive Updates
Record Net Revenue and Strong EPS Growth
Net revenue grew 25% year-over-year to a record $732 million in Q2 2026. Adjusted diluted EPS increased 45% year-over-year to $3.56.
Negative Updates
Regulatory Uncertainty for New KPI/Event Products
Company filed KPI company-specific event contracts with the SEC and is in the comment/approval process; timing and final approval remain uncertain and the products have not been assumed in 2026 guidance.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Net Revenue and Strong EPS Growth
Net revenue grew 25% year-over-year to a record $732 million in Q2 2026. Adjusted diluted EPS increased 45% year-over-year to $3.56.
Read all positive updates
Company Guidance
Cboe updated 2026 guidance calling for total organic net revenue growth in the mid‑to‑high teens (ex‑Australia), with Data Vantage organic net revenue now expected in the low teens (and, after factoring an estimated ~$17M of Data Vantage and ~$20M total net revenue contributed by Cboe Australia through July and assuming a Q3 sale, to finish in the low double‑digit range); adjusted operating expense guidance remains $838M–$853M, with $40M–$50M of annualized savings targeted from the strategic realignment (of which $20M–$25M are expected to hit in 2026); CapEx guidance was raised to $98M–$108M (from $73M–$83M), depreciation & amortization guided to $54M–$58M (from $56M–$60M), an adjusted effective tax rate of 27.5%–29.5%, and NI net of interest expected to contribute $8M–$9M in Q3; the company also reiterated balance sheet strength with adjusted cash of $2.3B, 0.7x leverage, a $650M debt tranche maturing Q1’27 expected to be repaid with cash, and noted no material 2026 upside yet assumed from new KPI/event products in the guidance.Cboe Global Markets Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
84
Very Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.06B | 4.71B | 4.09B | 3.77B | 3.96B | 3.49B |
| Gross Profit | 2.65B | 2.31B | 2.07B | 1.92B | 1.74B | 1.48B |
| EBITDA | 2.05B | 1.74B | 1.27B | 1.27B | 659.70M | 971.50M |
| Net Income | 1.35B | 1.10B | 764.90M | 761.40M | 235.00M | 529.00M |
Balance Sheet | ||||||
| Total Assets | 10.61B | 9.31B | 7.79B | 7.49B | 7.00B | 6.81B |
| Cash, Cash Equivalents and Short-Term Investments | 2.39B | 2.25B | 1.03B | 600.70M | 524.40M | 379.00M |
| Total Debt | 1.56B | 1.68B | 1.60B | 1.61B | 1.87B | 1.43B |
| Total Liabilities | 4.98B | 4.17B | 3.51B | 3.50B | 3.53B | 3.21B |
| Stockholders Equity | 5.63B | 5.14B | 4.28B | 3.98B | 3.47B | 3.60B |
Cash Flow | ||||||
| Free Cash Flow | 22.20M | 1.15B | 963.70M | 748.00M | 808.80M | 545.80M |
| Operating Cash Flow | 110.50M | 1.22B | 1.02B | 793.00M | 868.60M | 596.80M |
| Investing Cash Flow | 462.20M | 450.20M | -141.80M | -55.10M | -835.10M | -352.70M |
| Financing Cash Flow | -405.10M | -371.60M | -495.00M | -656.10M | 81.70M | -200.30M |
Cboe Global Markets Technical Analysis
Positive
308.82
Price Trends
286.21
Positive
284.20
Positive
287.28
Positive
Market Momentum
2.71
Negative
56.37
Neutral
74.01
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CBOE, the sentiment is Positive. The current price of 308.82 is above the 20-day moving average (MA) of 275.33, above the 50-day MA of 286.21, and above the 200-day MA of 287.28, indicating a bullish trend. The MACD of 2.71 indicates Negative momentum. The RSI at 56.37 is Neutral, neither overbought nor oversold. The STOCH value of 74.01 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CBOE.
Cboe Global Markets Risk Analysis
Cboe Global Markets disclosed 36 risk factors in its most recent earnings report. Cboe Global Markets reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Cboe Global Markets Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $99.69B | 23.46 | 15.53% | 4.06% | 5.10% | 14.78% | |
79 Outperform | $121.51B | 24.95 | 15.47% | 0.94% | 9.67% | 26.18% | |
77 Outperform | $52.71B | 26.94 | 16.31% | 1.24% | 7.35% | 31.93% | |
76 Outperform | $88.37B | 22.00 | 13.81% | 1.30% | 12.60% | 35.84% | |
74 Outperform | $31.06B | 22.71 | 25.75% | 1.03% | 11.68% | 50.39% | |
69 Neutral | $41.29B | 30.85 | -54.14% | 1.42% | 11.62% | 21.00% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
CBOE
Cboe Global Markets
292.25
52.95
22.12%
CME
CME Group
278.03
19.90
7.71%
ICE
Intercontinental Exchange
156.42
1.03
0.66%
SPGI
S&P Global
409.99
-42.72
-9.44%
MSCI
MSCI
560.82
19.20
3.54%
NDAQ
Nasdaq
93.48
5.03
5.68%
Cboe Global Markets Corporate Events
Business Operations and StrategyFinancial Disclosures
Cboe Global Markets Extends S&P Index Licensing Pact
Positive
Sep 29, 2026
On September 28, 2026, Cboe Exchange, Inc., a subsidiary of Cboe Global Markets, entered into a new Master License Agreement with SP Opco, LLC and affiliates that extends and updates their long-standing index and trademark licensing relationship t...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Cboe Global Markets Secures New Five-Year Credit Facility
Positive
Jul 28, 2026
On July 24, 2026, Cboe Global Markets, Inc. entered into a Third Amended and Restated Credit Agreement establishing a senior unsecured $400 million five-year revolving credit facility, with the option to increase total commitments to $600 million ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.