Cboe Global Markets (CBOE)
BATS:CBOE
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Cboe Global Markets
(BATS:CBOE)
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Rating:78Outperform
Price Target:
$414.00
â–²(38.03% Upside)
Action:Reiterated
Date:05/19/26
Score is driven primarily by strong financial performance (high margins/ROE and improving leverage) and solid technical uptrend. Valuation is fair with a low dividend yield, and the latest earnings call was positive but tempered by slower-growth guidance and strategic/competitive uncertainties; overbought technical readings add near-term risk.
Positive Factors
High Profitability & Margins
Cboe's durable margin profile reflects structural advantages of exchange economics: low incremental cost per contract, high fixed‑cost leverage, and strong pricing power for data and clearing. Sustained mid‑30s operating margin lets the firm fund innovation, return capital, and absorb cyclical volume swings without immediate margin erosion.
Negative Factors
Guidance Deceleration
Management's mid‑single‑digit growth target signals a meaningful moderation from 2025's double‑digit expansion. Slower top‑line momentum narrows room for margin expansion and lengthens the payback period on investments in new products and international expansion, raising execution requirements to sustain ROE.
Read all positive and negative factors
Positive Factors
Negative Factors
High Profitability & Margins
Cboe's durable margin profile reflects structural advantages of exchange economics: low incremental cost per contract, high fixed‑cost leverage, and strong pricing power for data and clearing. Sustained mid‑30s operating margin lets the firm fund innovation, return capital, and absorb cyclical volume swings without immediate margin erosion.
Read all positive factors
Cboe Global Markets (CBOE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$36.83B
Dividend Yield1.06%
Average Volume (3M)924.11K
Price to Earnings (P/E)19.1
Beta (1Y)0.01
Revenue Growth10.61%
EPS Growth53.46%
CountryUS
Employees1,685
SectorFinancial
Sector Strength70
IndustryFinancial - Data & Stock Exchanges
Share Statistics
EPS (TTM)11.74
Shares Outstanding104,653,786
10 Day Avg. Volume972,960
30 Day Avg. Volume924,110
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 Cap1.00
Enterprise Value/Revenue7.68
Enterprise Value/Gross Profit14.71
Enterprise Value/Ebitda19.69
Forecast
1Y Price Target
$326.45Price Target Upside8.84% Upside
Rating ConsensusHold
Number of Analyst Covering13
EPS Forecast (FY)13.3
Revenue Forecast (FY)$2.78B
Cboe Global Markets Business Overview & Revenue Model
Company Description
Cboe Global Markets, Inc., through its subsidiaries, operates as an options exchange worldwide. It operates through five segments: Options, North American Equities, Futures, Europe and Asia Pacific, and Global FX. The Options segment trades in lis...
How the Company Makes Money
Cboe primarily makes money by operating exchanges and selling associated services to broker-dealers, proprietary trading firms, asset managers, market makers, and data vendors. Key revenue streams generally include: (1) Transaction fees: Fees char...
Cboe Global Markets Earnings Call Summary
Earnings Call Date:Feb 06, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 31, 2026
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.Positive Updates
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.
Negative Updates
FedEx (Cboe Europe derivatives exchange) wind-down
Management decided to close FedEx in January 2026 after determining it was unlikely to meet targeted revenue and profitability metrics in Europe. The financial impact is expected to be largely realized in 2026 (included in guidance) and represents a failed initiative in that market.
Read all updates
Q4-2025 Updates
Positive
Negative
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.
Read all positive updates
Company Guidance
For 2026 Cboe guided DataVantage organic net revenue growth of mid‑ to high‑single digits and total organic net revenue growth of mid‑single digits, set adjusted operating expenses at $864 million to $879 million (implying ~3.3%–5.1% growth), forecast CapEx of $73 million–$83 million, depreciation & amortization of $56 million–$60 million, and an adjusted effective tax rate of 27.5%–29.5% (midpoint ~80 bps below 2025); they expect net interest income to be a $3 million–$4 million positive contributor, contemplate a small 2026 revenue contribution from new prediction/event contracts, have a roughly 3% net‑revenue headwind contemplated from strategic realignment actions (with Canada and Australia still included in the guide and FedEx wind‑down impacts largely realized in 2026), and enter the year with $2.2 billion of adjusted cash and a 0.9x leverage ratio while retaining flexibility for opportunistic buybacks and dividends.Cboe Global Markets Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
82
Very Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.79B | 4.71B | 4.09B | 3.77B | 3.96B | 3.49B |
| Gross Profit | 2.50B | 2.31B | 2.07B | 1.92B | 1.74B | 1.48B |
| EBITDA | 1.87B | 1.64B | 1.27B | 1.27B | 659.70M | 971.50M |
| Net Income | 1.24B | 1.10B | 764.90M | 761.40M | 235.00M | 529.00M |
Balance Sheet | ||||||
| Total Assets | 11.07B | 9.31B | 7.79B | 7.49B | 7.00B | 6.81B |
| Cash, Cash Equivalents and Short-Term Investments | 2.17B | 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 | 5.70B | 4.17B | 3.51B | 3.50B | 3.53B | 3.21B |
| Stockholders Equity | 5.37B | 5.14B | 4.28B | 3.98B | 3.47B | 3.60B |
Cash Flow | ||||||
| Free Cash Flow | 975.40M | 1.15B | 963.70M | 748.00M | 808.80M | 545.80M |
| Operating Cash Flow | 1.05B | 1.22B | 1.02B | 793.00M | 868.60M | 596.80M |
| Investing Cash Flow | 452.20M | 450.20M | -141.80M | -55.10M | -835.10M | -352.70M |
| Financing Cash Flow | -397.30M | -371.60M | -495.00M | -656.10M | 81.70M | -200.30M |
Cboe Global Markets Technical Analysis
Positive
299.94
Price Trends
312.04
Positive
293.76
Positive
269.11
Positive
Market Momentum
15.00
Positive
63.59
Neutral
50.66
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 299.94 is below the 20-day moving average (MA) of 342.25, below the 50-day MA of 312.04, and above the 200-day MA of 269.11, indicating a bullish trend. The MACD of 15.00 indicates Positive momentum. The RSI at 63.59 is Neutral, neither overbought nor oversold. The STOCH value of 50.66 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | $36.83B | 19.07 | 24.63% | 1.06% | 10.61% | 53.46% | |
78 Outperform | $104.83B | 22.98 | 15.25% | 3.92% | 7.54% | 18.50% | |
77 Outperform | $85.67B | 15.78 | 13.57% | 1.19% | 14.25% | 42.14% | |
77 Outperform | $42.39B | 24.33 | -64.13% | 1.24% | 10.86% | 20.25% | |
75 Outperform | $51.13B | 23.18 | 15.91% | 1.07% | 5.79% | 50.79% | |
73 Outperform | $123.06B | 22.66 | 14.80% | 0.73% | 8.54% | 24.07% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
CBOE
Cboe Global Markets
357.35
128.33
56.03%
CME
CME Group
291.23
17.63
6.44%
ICE
Intercontinental Exchange
152.97
-21.10
-12.12%
SPGI
S&P Global
417.60
-88.41
-17.47%
MSCI
MSCI
588.55
37.57
6.82%
NDAQ
Nasdaq
91.01
10.21
12.64%
Cboe Global Markets Corporate Events
Executive/Board ChangesShareholder Meetings
Cboe Shareholders Back Board, Pay Plans at 2026 Meeting
Positive
May 18, 2026
Cboe Global Markets, Inc. held its 2026 Annual Meeting of Stockholders on May 14, 2026, where shareholders elected the full slate of director nominees, including Chair Craig S. Donohue and several other incumbent and new board members, with strong...
Business Operations and StrategyFinancial Disclosures
Cboe Global Markets Announces Major Restructuring and Cost Cuts
Positive
May 1, 2026
On May 1, 2026, Cboe Global Markets, Inc., a major operator of cash and spot markets, derivatives exchanges, and market data services under its Cboe Data Vantage unit, reported record first-quarter 2026 financial results, including a 29% rise in n...
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.