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Cboe Global Markets
(BATS:CBOE)
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Rating:82Outperform
Price Target:
$345.00
â–²(21.02% Upside)
Action:Reiterated
Date:08/04/26
The score is driven primarily by strong financial performance (high profitability, improving leverage, and robust free cash flow) and a favorable earnings-call setup (record results and upgraded 2026 growth outlook). Technicals are supportive with a clear uptrend and positive momentum. Valuation is the main constraint, with a premium P/E and modest dividend yield, while management highlighted execution/regulatory and investment-spend risks.
Positive Factors
Cash generation
Sustained, high free cash flow near reported earnings provides durable financial flexibility. Strong FCF supports reinvestment in core infrastructure, product development, shareholder returns and the planned repayment of near‑term maturities without depending on market issuance.
Negative Factors
Cyclical revenue trends
A business model tied to transaction volumes and volatility produces lumpy top‑line results across cycles. This unpredictability can complicate multi‑period planning, capital allocation and makes sustained revenue growth dependent on persistent market activity rather than solely on fixed recurring streams.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Sustained, high free cash flow near reported earnings provides durable financial flexibility. Strong FCF supports reinvestment in core infrastructure, product development, shareholder returns and the planned repayment of near‑term maturities without depending on market issuance.
Read all positive factors
Cboe Global Markets Key Performance Indicators (KPIs)
Cboe Global Markets (CBOE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$32.47B
Dividend Yield0.93%
Average Volume (3M)1.52M
Price to Earnings (P/E)24.1
Beta (1Y)0.15
Revenue Growth11.68%
EPS Growth50.39%
CountryUS
Employees1,661
SectorFinancial
Sector Strength70
IndustryFinancial - Data & Stock Exchanges
Share Statistics
EPS (TTM)12.87
Shares Outstanding104,653,786
10 Day Avg. Volume1,039,750
30 Day Avg. Volume1,520,773
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$316.59Price Target Upside11.06% Upside
Rating ConsensusHold
Number of Analyst Covering14
EPS Forecast (FY)14
Revenue Forecast (FY)$2.87B
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 charging fees tied to trading activity on its exchanges and by selling market data and access services. (1) Transaction-based fees: The largest driver is typically fees assessed per contract or per share for trades ex...
Cboe Global Markets Earnings Call Summary
Earnings Call Date:Jul 31, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 30, 2026
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.Positive Updates
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.
Negative Updates
Regulatory Uncertainty for New KPI/Event Products
Company filed KPI company-specific event contracts with the SEC and is in the comment/approval process; timing and final approval remain uncertain and the products have not been assumed in 2026 guidance.
Read all updates
Q2-2026 Updates
Positive
Negative
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.
Read all positive updates
Company Guidance
Cboe updated 2026 guidance calling for total organic net revenue growth in the mid‑to‑high teens (ex‑Australia), with Data Vantage organic net revenue now expected in the low teens (and, after factoring an estimated ~$17M of Data Vantage and ~$20M total net revenue contributed by Cboe Australia through July and assuming a Q3 sale, to finish in the low double‑digit range); adjusted operating expense guidance remains $838M–$853M, with $40M–$50M of annualized savings targeted from the strategic realignment (of which $20M–$25M are expected to hit in 2026); CapEx guidance was raised to $98M–$108M (from $73M–$83M), depreciation & amortization guided to $54M–$58M (from $56M–$60M), an adjusted effective tax rate of 27.5%–29.5%, and NI net of interest expected to contribute $8M–$9M in Q3; the company also reiterated balance sheet strength with adjusted cash of $2.3B, 0.7x leverage, a $650M debt tranche maturing Q1’27 expected to be repaid with cash, and noted no material 2026 upside yet assumed from new KPI/event products in the guidance.Cboe Global Markets Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
84
Very Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.06B | 4.71B | 4.09B | 3.77B | 3.96B | 3.49B |
| Gross Profit | 2.65B | 2.31B | 2.07B | 1.92B | 1.74B | 1.48B |
| EBITDA | 2.05B | 1.74B | 1.27B | 1.27B | 659.70M | 971.50M |
| Net Income | 1.35B | 1.10B | 764.90M | 761.40M | 235.00M | 529.00M |
Balance Sheet | ||||||
| Total Assets | 10.61B | 9.31B | 7.79B | 7.49B | 7.00B | 6.81B |
| Cash, Cash Equivalents and Short-Term Investments | 2.39B | 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 | 4.98B | 4.17B | 3.51B | 3.50B | 3.53B | 3.21B |
| Stockholders Equity | 5.63B | 5.14B | 4.28B | 3.98B | 3.47B | 3.60B |
Cash Flow | ||||||
| Free Cash Flow | 22.20M | 1.15B | 963.70M | 748.00M | 808.80M | 545.80M |
| Operating Cash Flow | 110.50M | 1.22B | 1.02B | 793.00M | 868.60M | 596.80M |
| Investing Cash Flow | 462.20M | 450.20M | -141.80M | -55.10M | -835.10M | -352.70M |
| Financing Cash Flow | -405.10M | -371.60M | -495.00M | -656.10M | 81.70M | -200.30M |
Cboe Global Markets Technical Analysis
Positive
285.07
Price Trends
281.73
Positive
295.89
Negative
278.65
Positive
Market Momentum
6.68
Negative
52.24
Neutral
64.86
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 285.07 is above the 20-day moving average (MA) of 283.64, above the 50-day MA of 281.73, and above the 200-day MA of 278.65, indicating a bullish trend. The MACD of 6.68 indicates Negative momentum. The RSI at 52.24 is Neutral, neither overbought nor oversold. The STOCH value of 64.86 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 |
|---|---|---|---|---|---|---|---|
82 Outperform | $32.47B | 24.10 | 25.75% | 1.01% | 11.68% | 50.39% | |
79 Outperform | $96.29B | 22.60 | 15.53% | 4.41% | 5.10% | 14.78% | |
79 Outperform | $121.44B | 25.07 | 14.80% | 0.86% | 9.67% | 26.18% | |
77 Outperform | $52.65B | 27.14 | 16.31% | 1.22% | 7.35% | 31.93% | |
76 Outperform | $85.60B | 21.45 | 13.81% | 1.37% | 12.60% | 35.84% | |
68 Neutral | $41.60B | 31.48 | -54.14% | 1.40% | 11.62% | 21.00% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
CBOE
Cboe Global Markets
288.42
42.21
17.14%
CME
CME Group
262.63
-11.32
-4.13%
ICE
Intercontinental Exchange
149.20
-35.83
-19.37%
SPGI
S&P Global
412.53
-115.58
-21.89%
MSCI
MSCI
571.47
21.42
3.89%
NDAQ
Nasdaq
93.62
-1.52
-1.59%
Cboe Global Markets Corporate Events
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Cboe Global Markets Secures New Five-Year Credit Facility
Positive
Jul 28, 2026
On July 24, 2026, Cboe Global Markets, Inc. entered into a Third Amended and Restated Credit Agreement establishing a senior unsecured $400 million five-year revolving credit facility, with the option to increase total commitments to $600 million ...
Business Operations and StrategyPrivate Placements and Financing
Cboe Global Extends and Updates European Credit Facility
Positive
Jun 26, 2026
On June 23, 2026, Cboe Global Markets, Inc., as guarantor, entered into an amendment and restatement agreement, effective June 26, 2026, with its clearing subsidiary Cboe Clear Europe N.V. and a syndicate of banks to revise Cboe Clear Europe’...
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...
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.