Cboe Global Markets (CBOE) Research

Forward Estimates

EPS Estimates

Current Qtr

$3.34

$3.06$3.56

vs $2.46+35.7%

11 analysts

Next Qtr

$3.33

$3.10$3.67

vs $2.67+24.7%

11 analysts

Current Yr

$13.75

$13.10$14.61

vs $10.67+28.8%

12 analysts

Next Yr

$14.72

$13.90$15.99

vs $13.75+7.0%

12 analysts

Revenue Estimates

Current Qtr

$696.91M

$659.10M$723.00M

vs $587.30M+18.7%

8 analysts

Next Qtr

$691.34M

$667.51M$743.34M

vs $605.50M+14.2%

8 analysts

Current Yr

$2.81B

$2.71B$2.94B

vs $2.43B+15.5%

10 analysts

Next Yr

$2.91B

$2.62B$3.06B

vs $2.81B+3.6%

10 analysts

SEC filings →

View all 10-K, 10-Q, and 8-K filings for CBOE on EDGAR.

CBOE filing events and research context
Filed	Item	Context
May 1, 2026	mda_quarterly	Cboe Global Markets reported strong first-quarter 2026 results, with total revenue rising 7% to $1.27 billion and operating income surging 43% to $505.6 million. Performance was primarily driven by the Options segment, where index options average daily volume (ADV) grew 29%, bolstered by the company’s proprietary SPX and VIX products. The company also benefited from a 20% increase in matched shares in North American Equities and a 36% rise in Global FX average daily notional value. Strategic restructuring remains a key theme. Cboe initiated the wind-down of its European derivatives platform (CEDX) in early 2026 and reached a definitive agreement to sell its Cboe Australia and Cboe Canada businesses to TMX Group for approximately $300 million. These moves reflect a shift toward core, high-growth derivatives markets. Financially, the company saw a significant reduction in cost of revenues, largely due to the elimination of Section 31 regulatory fees. Operating expenses rose 6% to $223.3 million, primarily due to increased compensation and benefits. Cboe maintains a solid liquidity position with $2.5 billion in available capital, supporting ongoing share repurchases and operational needs, though management noted potential risks regarding the upcoming maturity of its 3.650% Senior Notes in January 2027.
Feb 20, 2026	business	Cboe Global Markets operates a diversified exchange network across North America, Europe, and Asia Pacific, focusing on derivatives, equities, and FX. The company derives significant revenue from proprietary volatility products, most notably SPX options—for which it holds exclusive U.S. rights through 2032—and VIX options and futures. Its operations are divided into five segments: Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX, all supported by the Cboe Titanium technology platform and Cboe Data Vantage information services. In 2025, Cboe initiated a strategic realignment to optimize return on invested capital, winding down its Japanese equities and Cboe Europe Derivatives (CEDX) businesses and initiating sales processes for its Australian and Canadian operations. Key financial risks include intense competition from other national securities exchanges and alternative trading systems (ATSs), alongside significant regulatory headwinds. Specifically, the SEC’s Rule 605 and Tick Size/Access Fee Cap proposals may increase compliance costs and adversely impact trading volumes. In Europe, the company must navigate MiFIR and MiFID II transparency rules and the EMIR 3.0 framework. Cboe also provides critical infrastructure through Cboe Clear Europe, a central counterparty providing clearing services for European equities and derivatives.
Feb 20, 2026	mda	Cboe faces currency translation risk across its European, Canadian, and Asia Pacific operations, with primary equity exposures in British pounds ($596.3 million), Euros ($222.5 million), and Canadian dollars ($214.7 million). While central counterparties—including the NSCC, OCC, and ASX Clear—mitigate most trade-related credit risk, Cboe Trading maintains exposure to routing and clearing firms such as Morgan Stanley, Goldman Sachs, and Wedbush. Cboe FX avoids direct counterparty risk through bilateral trading but remains susceptible to prime broker credit volatility. Clearing operations introduce further risk; Cboe Clear Europe manages $1.6 billion in member deposits and utilizes a €1.2 billion credit facility to mitigate liquidity and market risks. Cboe Clear U.S. focuses on margined products using USD collateral. Financial stability is supported by $2.2 billion in cash and investments and $1.4 billion in fixed-rate Senior Notes, minimizing interest rate sensitivity. However, liquidity risk exists via cross-acceleration and cross-default provisions linking the company's Revolving Credit Agreement and the Cboe Clear Europe Credit Facility.

Filed

Item

Context

May 1, 2026

mda_quarterly

Cboe Global Markets reported strong first-quarter 2026 results, with total revenue rising 7% to $1.27 billion and operating income surging 43% to $505.6 million. Performance was primarily driven by the Options segment, where index options average daily volume (ADV) grew 29%, bolstered by the company’s proprietary SPX and VIX products. The company also benefited from a 20% increase in matched shares in North American Equities and a 36% rise in Global FX average daily notional value. Strategic restructuring remains a key theme. Cboe initiated the wind-down of its European derivatives platform (CEDX) in early 2026 and reached a definitive agreement to sell its Cboe Australia and Cboe Canada businesses to TMX Group for approximately $300 million. These moves reflect a shift toward core, high-growth derivatives markets. Financially, the company saw a significant reduction in cost of revenues, largely due to the elimination of Section 31 regulatory fees. Operating expenses rose 6% to $223.3 million, primarily due to increased compensation and benefits. Cboe maintains a solid liquidity position with $2.5 billion in available capital, supporting ongoing share repurchases and operational needs, though management noted potential risks regarding the upcoming maturity of its 3.650% Senior Notes in January 2027.

Feb 20, 2026

business

Cboe Global Markets operates a diversified exchange network across North America, Europe, and Asia Pacific, focusing on derivatives, equities, and FX. The company derives significant revenue from proprietary volatility products, most notably SPX options—for which it holds exclusive U.S. rights through 2032—and VIX options and futures. Its operations are divided into five segments: Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX, all supported by the Cboe Titanium technology platform and Cboe Data Vantage information services. In 2025, Cboe initiated a strategic realignment to optimize return on invested capital, winding down its Japanese equities and Cboe Europe Derivatives (CEDX) businesses and initiating sales processes for its Australian and Canadian operations. Key financial risks include intense competition from other national securities exchanges and alternative trading systems (ATSs), alongside significant regulatory headwinds. Specifically, the SEC’s Rule 605 and Tick Size/Access Fee Cap proposals may increase compliance costs and adversely impact trading volumes. In Europe, the company must navigate MiFIR and MiFID II transparency rules and the EMIR 3.0 framework. Cboe also provides critical infrastructure through Cboe Clear Europe, a central counterparty providing clearing services for European equities and derivatives.

Feb 20, 2026

mda

Cboe faces currency translation risk across its European, Canadian, and Asia Pacific operations, with primary equity exposures in British pounds ($596.3 million), Euros ($222.5 million), and Canadian dollars ($214.7 million). While central counterparties—including the NSCC, OCC, and ASX Clear—mitigate most trade-related credit risk, Cboe Trading maintains exposure to routing and clearing firms such as Morgan Stanley, Goldman Sachs, and Wedbush. Cboe FX avoids direct counterparty risk through bilateral trading but remains susceptible to prime broker credit volatility. Clearing operations introduce further risk; Cboe Clear Europe manages $1.6 billion in member deposits and utilizes a €1.2 billion credit facility to mitigate liquidity and market risks. Cboe Clear U.S. focuses on margined products using USD collateral. Financial stability is supported by $2.2 billion in cash and investments and $1.4 billion in fixed-rate Senior Notes, minimizing interest rate sensitivity. However, liquidity risk exists via cross-acceleration and cross-default provisions linking the company's Revolving Credit Agreement and the Cboe Clear Europe Credit Facility.

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CBOE filing events and research context

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