EarningsQ3 2026 Earnings Report
MX:CBOE Q3 2026 EPS Results
Actual EPS$68.20
Consensus EPS$64.44
Beat/MissBeat by +$3.76
One Year Ago EPS$50.16
MX:CBOE Q3 2026 Revenue Results
Actual Revenue$25.53B
Expected Revenue$13.32B
Beat/MissBeat by +$12.21B
YoY Revenue Growth+19.02%
Earnings Announcement Details
QuarterQ3 2026
Date10/30/2026
TimeBefore Open
Conference CallFriday, October 30, 2026
MX:CBOE Upcoming Earnings
Cboe Global Markets's next earnings date is estimated for January 29, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:CBOE Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive, with record earnings, broad-based revenue growth, robust options and retail activity, raised 2026 revenue guidance, strong balance-sheet flexibility, and progress on long-term initiatives such as the S&P agreement, KPI contracts, clearing, and extended trading hours. The main negatives were muted VIX and futures activity, a $14 million CAT LLC reserve, the loss of future Cboe Australia revenue, technology-cost inflation, and the early-stage nature and regulatory complexity of KPI contracts. Highlights significantly outweighed lowlights.Company Guidance
Strong Third-Quarter Revenue and Earnings Growth
Net revenue increased 18% year-over-year to $712 million, while adjusted diluted EPS rose 36% to $3.63. GAAP diluted EPS reached a record $4.08, helped by a gain from the sale of Cboe Australia.
Broad-Based Business Performance
Double-digit net revenue growth continued across all major categories, with year-over-year net revenue growth in four of five company segments. Derivatives net revenue rose 22% to $402 million, cash and spot markets increased 12% to $131 million, and DataVantage grew 13%.
Improved Profitability and Expense Discipline
Adjusted operating expenses declined 3% year-over-year to $204 million. Adjusted operating EBITDA increased 28% to $522 million, and adjusted operating EBITDA margin expanded 5.8 percentage points to 73.3%.
Robust Options Growth
Options net revenue increased 23% year-over-year, driven by a 24% increase in net transaction and clearing fees. Total options average daily volume rose 14%, including 24% growth in index options and 10% growth in multi-listed options. Options revenue per contract increased 9%, supported by mix shift toward index options and a 3% increase in the index-options rate per contract.
Record SPX and 0DTE Activity
Index-options average daily volume increased 24% year-over-year to 6.1 million contracts. 0DTE activity represented a record 65% of overall SPX activity, while SPX 0DTE retail volume increased 46% year-over-year and institutional volume increased 20%. Retail investors represented an estimated 58% of record SPX 0DTE volume, up from 53% a year ago.
Growth in Mini-SPX, XSP, and Extended-Hours Trading
Mini-SPX averaged 251,000 contracts per day in the quarter. XSP total volume more than doubled year-over-year, grew almost 30% quarter-over-quarter, and was trending up another 16% in the fourth quarter. SPX overnight-session volume increased 117% year-over-year, while global trading hours volume reached nearly 250,000 contracts per day.
Strong Retail and International Engagement
Retail engagement strengthened across options products, with the pattern day trader rule repeal cited as a driver of XSP growth. The Asian trading session accounted for more than 30% of global trading hours volume, up from less than 20% a year ago, while global trading hours volume increased over 130%.
Expanded Single-Stock Options Trading Hours
Cboe launched extended trading hours for options on 24 single stocks and five ETFs, with pre-market trading beginning at 7:30 A.M. Eastern Time and a post-market session after the close. During the first week, Cboe captured 63% of morning volume and 91% of Curb volume.
Global FX Momentum
Global FX net revenue increased 23% year-over-year to $28 million, driven by a 22% increase in average daily notional value.
North American Equities Growth
North American equities net revenue increased 10% year-over-year to $114 million. Net transaction and clearing fees increased 16%, supported by improved net capture rates for U.S. on-exchange activity.
Progress in Europe and Asia Pacific Clearing
Europe and Asia Pacific net revenue increased 6% year-over-year, or 7% on a constant-currency basis. Net clearing fees increased 31% as investments in Cboe Clear Europe continued to gain traction.
DataVantage Expansion
DataVantage net revenue increased 13% year-over-year, or approximately 16% excluding Cboe Australia. All four DataVantage functions grew, led by access, followed by market data, analytics, and indices. Access and capacity fees increased 16% and accounted for approximately 82% of year-over-year growth. More than 80% of market-data growth came from new subscriptions or new license sales, with the majority of year-to-date sales coming from outside the U.S.
Long-Term S&P Dow Jones Indices Agreement
Cboe signed a 25-year extension of its exclusive licensing agreement with S&P Dow Jones Indices, extending the relationship through 2051. The agreement preserves Cboe's exclusive rights to offer SPX options and other S&P options products, including Mini-SPX, VIX, and S&P binary options. Management stated that the agreement has no impact on 2026 net revenue and that the 2027 royalty-term change is expected to have a de minimis impact on 2027 net revenue growth.
Expansion of Cboe Predicts and KPI Contracts
Cboe received SEC approval to offer securities-based KPI contracts on 23 companies and approval to temporarily clear them through Cboe Clear U.S. The company anticipated a November launch, with Robinhood as launch partner and support from Interactive Brokers and Schwab. Management described a longer-term roadmap that could include more companies, metrics, strikes, ranges, and potentially option-style payouts.
Clearing-Capability Expansion
Cboe Clear U.S. received temporary SEC registration to clear securities, expanding its authority beyond futures and swaps. It also received CFTC approval to clear a broad range of margined futures products and continues to clear digital-asset derivatives under its DCO registration. Cboe stated that Cboe Clear U.S. has strengthened its risk management and resilience and elected to become a Subpart C DCO.
Cash-Equities Trading-Hours Roadmap
Cboe remains ready to extend cash-equities trading to 23x5 in December, pending industry readiness, and continues to explore tokenized solutions on a path toward 24/7 trading.
Raised 2026 Revenue Guidance
Cboe raised its 2026 organic net revenue growth outlook to the high teens from the prior mid-to-high teens guidance. DataVantage organic net revenue growth guidance was raised to the mid-teens from the prior low-teens range. The company expects total net revenue growth to remain in the high teens after factoring in the loss of future Cboe Australia revenue.
Capital Allocation Flexibility
Cboe reported adjusted cash of $2.7 billion and a leverage ratio of 0.7x. The company returned $146 million to shareholders in the third quarter, up 35% from the second quarter, including $56 million of share repurchases and a $90 million dividend payment of $0.86 per share. A $550 million increase in share-repurchase authorization brought total capacity to approximately $1 billion, and the company expects to repay $650 million of senior notes maturing in the first quarter of 2027 with cash on hand.
Strategic Realignment Savings
Cboe maintained guidance for $20 million to $25 million of 2026 savings from its strategic realignment and remained on track for an annualized run rate of $40 million to $50 million.
Positive Fourth-Quarter Non-Operating Contributions
The company expects net interest income net of expense to contribute $12 million to $13 million positively in the fourth quarter, given higher cash balances and higher market interest rates. It also anticipates a $2 million positive quarterly impact to non-operating income from the transition services agreement with TMX.
Continued Investment in Growth Areas and Talent
Cboe stated that it is continuing to invest in opportunities including KPI contracts, clearing, extended market hours, new datasets, analytics, index products, and international distribution. Catherine Grover will join as Executive Vice President and Chief Human Resources Officer on November 16 to support talent attraction, development, and retention.
Options Education and Potential AI Enablement
Cboe reported strong growth in its new education portal and continued expansion of Options Institute initiatives, including locally sourced international-language curricula. Management said Cboe's defined-risk, short-dated products and data portfolio could support future AI-driven trading strategies, while noting that the company is still learning how investors are using AI.
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