Cboe Global Markets (CBOE)
BATS:CBOE
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Cboe Global Markets
(BATS:CBOE)
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Rating:71Outperform
Price Target:
$305.00
â–²(1.69% Upside)
Action:Reiterated
Date:06/03/26
The score is driven primarily by strong financial performance (high margins/ROE, improving leverage, solid cash generation) and a constructive earnings outlook with lowered expense guidance and targeted cost savings. These positives are tempered by weak near-term technicals (oversold readings and price below key moving averages) and a valuation that is reasonable but not clearly cheap with a modest dividend yield.
Positive Factors
High Profitability
Sustained, industry-leading margins and a high ROE reflect durable pricing power of exchange and data franchises. High operating leverage on recurring fee streams supports reinvestment, margin resilience through cycles, and the capacity to absorb some volume volatility while funding growth initiatives.
Negative Factors
Uneven Revenue Growth
Material sensitivity to market volumes and volatility produces irregular top-line trends. Historical down years highlight cyclicality risk that can compress fee-related revenue and test margin durability; management must sustain diversification (data, listings, global flows) to smooth long‑term growth.
Read all positive and negative factors
Positive Factors
Negative Factors
High Profitability
Sustained, industry-leading margins and a high ROE reflect durable pricing power of exchange and data franchises. High operating leverage on recurring fee streams supports reinvestment, margin resilience through cycles, and the capacity to absorb some volume volatility while funding growth initiatives.
Read all positive factors
Cboe Global Markets Key Performance Indicators (KPIs)
Cboe Global Markets (CBOE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$30.97B
Dividend Yield1.06%
Average Volume (3M)1.35M
Price to Earnings (P/E)25.0
Beta (1Y)0.09
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. Volume2,205,281
30 Day Avg. Volume1,351,334
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 Cap1.11
Enterprise Value/Revenue7.16
Enterprise Value/Gross Profit13.72
Enterprise Value/Ebitda18.36
Forecast
1Y Price Target
$320.20Price Target Upside6.75% Upside
Rating ConsensusHold
Number of Analyst Covering14
EPS Forecast (FY)13.41
Revenue Forecast (FY)$2.80B
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 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:May 01, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 31, 2026
Earnings Call Sentiment Positive
The call highlights exceptionally strong operational and financial performance: record net revenue, record adjusted EPS, sizable EBITDA growth and margin expansion, broad-based strength across derivatives, cash/spot markets, FX and DataVantage, plus clear strategic moves to sharpen focus and return capital. Lowlights include planned workforce reductions (~20%), a modest anticipated ~3% revenue reduction from exits, some one-time DataVantage revenues, phased timing of cost-saving benefits (limited incremental savings in 2026), and regulatory/competitive uncertainties around event contracts and future franchise dynamics. On balance the positive performance, robust margins, strong balance sheet and clearly articulated strategy materially outweigh the execution and timing risks described.Positive Updates
Record Net Revenue
Net revenue reached a record $729 million in Q1, up 29% year-over-year, driven by broad-based strength across core businesses.
Negative Updates
Workforce Reduction and Transition Risks
Strategic realignment actions, including sales and wind downs, are expected to reduce the workforce by approximately 20%, creating execution, integration and near-term human capital risks associated with transition and a move back to in-person work.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Net Revenue
Net revenue reached a record $729 million in Q1, up 29% year-over-year, driven by broad-based strength across core businesses.
Read all positive updates
Company Guidance
For 2026, Cboe guided to DataVantage organic net revenue growth in the low double‑digit range and total organic net revenue growth in the low double‑digit to mid‑teens range; it lowered full‑year adjusted operating expense guidance to $838–$853 million (from $864–$879 million), with CapEx unchanged at $73–$83 million and depreciation & amortization at $56–$60 million, and an adjusted effective tax rate of 27.5%–29.5%. Management expects net interest (income less expense) to be a $3.5–$4.5 million positive contributor in Q2 2026. As part of its strategic realignment, Cboe now targets an approximate 12%–14% annualized reduction in adjusted operating expenses (roughly $100–$120 million of savings), with $40–$50 million of that tied to incremental actions and $20–$25 million of incremental savings expected to be realized in 2026. The pending sales of Cboe Canada and Cboe Australia are estimated to represent ~$60–$70 million of annualized net revenue and ~$40–$50 million of expenses that would exit the company once closed (about a ~3% annualized net‑revenue headwind vs. 2025). Capital deployment remains opportunistic: $45 million of buybacks in Q1, a $0.72/share Q1 dividend (total Q1 returns $121 million), adjusted cash of ~$2.1 billion and leverage of ~0.8x.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
Neutral
299.94
Price Trends
317.61
Negative
299.53
Negative
272.72
Positive
Market Momentum
-11.04
Positive
40.47
Neutral
50.68
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CBOE, the sentiment is Neutral. The current price of 299.94 is below the 20-day moving average (MA) of 321.41, below the 50-day MA of 317.61, and above the 200-day MA of 272.72, indicating a neutral trend. The MACD of -11.04 indicates Positive momentum. The RSI at 40.47 is Neutral, neither overbought nor oversold. The STOCH value of 50.68 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 | $95.00B | 22.83 | 15.25% | 3.92% | 7.54% | 18.50% | |
77 Outperform | $78.59B | 20.33 | 13.57% | 1.19% | 14.25% | 42.14% | |
77 Outperform | $43.27B | 33.28 | -64.13% | 1.24% | 10.86% | 20.25% | |
75 Outperform | $49.06B | 26.36 | 15.91% | 1.07% | 5.79% | 50.79% | |
73 Outperform | $122.35B | 26.07 | 14.80% | 0.73% | 8.54% | 24.07% | |
71 Outperform | $30.97B | 25.00 | 24.63% | 1.06% | 10.61% | 53.46% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
CBOE
Cboe Global Markets
294.91
72.75
32.74%
CME
CME Group
269.53
12.04
4.68%
ICE
Intercontinental Exchange
140.53
-37.66
-21.13%
SPGI
S&P Global
418.91
-81.89
-16.35%
MSCI
MSCI
599.12
59.29
10.98%
NDAQ
Nasdaq
88.98
3.38
3.95%
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.