EarningsQ2 2026 Earnings Report
MX:CBOE Q2 2026 EPS Results
Actual EPS$65.13
Consensus EPS$63.76
Beat/MissBeat by +$1.37
One Year Ago EPS$45.00
MX:CBOE Q2 2026 Revenue Results
Actual Revenue$26.40B
Expected Revenue$13.15B
Beat/MissBeat by +$13.25B
YoY Revenue Growth+22.95%
Earnings Announcement Details
QuarterQ2 2026
Date07/31/2026
TimeBefore Open
Conference CallFriday, July 31, 2026
MX:CBOE Upcoming Earnings
Cboe Global Markets's next earnings date is estimated for October 30, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:CBOE Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
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.Company Guidance
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.
Derivatives Business Outperformance
Derivatives net revenue rose 30% year-over-year to $413 million. Index options average daily volume increased 32% YoY to 6.2 million contracts, with SPX option volumes up ~40% YoY and several product ADV records (e.g., 5.1M SPX options ADV, 3.1M SPX 0DTE ADV).
Broad-Based Segment Growth
Year-over-year net revenue growth was positive across all five company segments: Cash & Spot markets net revenue +22% YoY; Data Vantage +15% YoY; Europe & APAC +20% YoY (18% constant currency); Global FX +17% YoY; North American equities delivered record net revenue with net transaction and clearing fees up 37%.
Volume and Product Adoption Tailwinds from Retail
Retail engagement strengthened (e.g., SPX 0DTE retail share estimated at 57% in June vs 53% in April/May). Mini-SPX ADV surged 37% from May to June and >80% YoY in Q2; overall options ADV climbed 26% with index options +32% and multi-list +24%.
Profitability and Margin Expansion
Adjusted operating EBITDA grew 37% to $528 million and adjusted operating EBITDA margin expanded by 6.4 percentage points to 72.2% in Q2, driven by revenue strength and expense discipline (adjusted operating expenses increased just 2% YoY to $217 million).
Data Vantage Momentum
Data Vantage net revenue increased 15% YoY, with ~84% of growth from new subscriptions/unit sales and 50% of sales from customers outside the U.S., signaling broad-based demand for proprietary data and connectivity.
Capital Allocation and Strong Balance Sheet
Returned $108 million to shareholders in Q2 (share repurchases $33 million and dividends $76 million). Adjusted cash of $2.3 billion and leverage ratio of 0.7x provide flexibility. Company expects to repay a $650 million debt tranche maturing Q1 2027 with cash on hand.
Upgraded 2026 Organic Revenue Outlook
Updated 2026 organic net revenue growth expectation raised to the mid-to-high teens (from prior low double-digit to mid-teens). Data Vantage organic guidance raised to the low teens.
Strategic Product Innovation and Clearing Build-Out
Launched Cboe Predicts (binary options on the Mini-S&P 500) in June and filed with the SEC to list company-specific KPI contracts (targeting ~23 names). Filed for temporary SEC registration as a covered clearing agency and became subject to Subpart C of CFTC regs to support clearing expansion and product innovation.
MX: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