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Cboe Global Markets Inc (CBOE)
BATS:CBOE
Earnings Data
Report Date
May 01, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
2.9Last Year’s EPS
2.5Same Quarter Last Year
Based on 8 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a predominantly positive message: Cboe reported record revenue, earnings, and margins with broad-based strength across derivatives, cash/spot, FX and solid DataVantage momentum driven by new sales and product innovation. The company also has a strong balance sheet and returned meaningful capital to shareholders while repositioning leadership and refocusing on core businesses. Notable negatives include the FedEx wind-down, active divestitures (Canada, Australia) that create outcome uncertainty, a 2026 revenue growth target that moderates vs 2025, and rising competition/structural issues in the multi-list options space. Overall, the positive operational and financial performance and clear strategic focus outweigh the outlined challenges.Company Guidance
Record quarterly and annual financials
Q4 net revenue of $671 million, up 28% year-over-year; Q4 adjusted diluted EPS of $3.06, up 46% YoY (both records). Full-year net revenue of $2.4 billion, up 17% YoY, and full-year adjusted diluted EPS of $10.67, up 24% YoY.
Strong profitability and margin expansion
Adjusted operating EBITDA of $465 million in Q4, up 40% YoY; adjusted operating EBITDA margin expanded 6.1 percentage points to 69.2%. Adjusted operating expenses were disciplined at $221 million (up 8% YoY).
Derivatives franchise outperformance
Derivatives net revenue increased 38% YoY in Q4. Multi-list options net transaction and clearing fees rose 41%; index options net transaction and clearing fees rose 40%. Proprietary SPX options ADV increased 39% to a record 4.3 million contracts, and SPX zero DTE ADV rose 66% YoY with zero DTE comprising over 61% of SPX volumes (up from 51% a year ago).
Robust VIX and small-cap activity
VIX futures and options volume rose 15% in the quarter; VIX options averaged a record 862,000 contracts/day in 2025. Russell 2000 index options volume jumped 20% in Q4 to the highest level in nearly ten years.
Cash & spot markets strength
Cash and spot net revenue grew 27% YoY in Q4. Europe & APAC segment net revenue increased 24% YoY (Europe net transaction and clearing fees +33%). North American equities net revenue rose 17% with net and clearing fees up 18%. Global FX net revenue was up 22% YoY in Q4.
DataVantage durable growth and product expansion
DataVantage net revenue increased 9% YoY in Q4 and 10% for the full year; roughly 90% of Q4 growth came from new unit/new sales (not pricing). New product rollouts include dedicated cores, time stamping, one-minute open-close data, and an options-like dataset with noted demand in APAC.
Capital returns and strong balance sheet
Returned $76 million in Q4 via a $0.72/share dividend; total dividends in 2025 were $284 million and total capital returned (dividends + repurchases) was $350 million. Adjusted cash position of $2.2 billion and leverage ratio of 0.9x provide flexibility for investment or opportunistic buybacks.
Strategic refocus and leadership enhancement
Company is reallocating resources to core businesses and emerging opportunities, initiated sales processes for Cboe Australia and Cboe Canada, ceased some non-core operations, and announced senior hires (Heidi Fisher and Scott Johnston) to strengthen core business leadership.
Product innovation and market expansion
Plans to launch event/prediction market products (targeting a Q2 launch for binary-style securities-based contracts), extended global trading hours momentum (GTH volume +34% YoY in the quarter), and continued broker onboarding (including Robinhood and APAC brokers) driving international flows.
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 |
|---|---|---|---|
Feb 06, 2026 | $275.28 | $273.36 | -0.70% |
Oct 31, 2025 | $236.15 | $244.95 | +3.73% |
Aug 01, 2025 | $239.63 | $246.34 | +2.80% |
May 02, 2025 | $219.31 | $224.44 | +2.34% |
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 Inc (CBOE) report earnings?
Cboe Global Markets Inc (CBOE) is schdueled to report earning on May 01, 2026, Before Open (Confirmed).
What is Cboe Global Markets Inc (CBOE) earnings time?
Cboe Global Markets Inc (CBOE) earnings time is at May 01, 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 (Q1) is 2.9.