Jun 2026 (Q2 FY26) — Jul 31, 2026
Cboe Q2 FY26 — Record Revenue and EPS Driven by Derivatives and Data Vantage Growth
Read the full callCboe (CBOE) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Cboe earnings: last reported Fri, 31 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,443 | +22.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 33.0 | +4.1 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 353 | +50.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
6 of 15 judged targets kept · 28 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Launch prediction market products | Launch in the second quarter | Dec 2025 | In June, we launched Cboe Predicts, our binary options on the Mini S&P 500 Index. | Achieved |
| CapEx | $73 million to $83 million | Dec 2025 | Our CapEx guidance increases to $98 million to $108 million from $73 million to $83 million as we made incremental investment in our clearing infrastructure and opportunistically pulled forward hardware purchases for future service to lock in lower costs ahead of rising inflationary pressure in this space. | Revised Down |
| Adjusted operating expenses | $864 million to $879 million | Dec 2025 | Our adjusted operating expense guidance holds at $838 million to $853 million for 2026, despite several moving pieces. | On Track |
9 of Cboe Global Markets, Inc.'s 43 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 40 more targets are in the full ledger.
Claimed
- Net revenue grew 25% year-over-year to a record $732 million.
- Adjusted diluted EPS increased 45% year-over-year to $3.56.
- Derivatives net revenue increased 30% year-over-year to $413 million.
- Index options ADV increased 32% year-over-year to 6.2 million contracts.
- Adjusted operating EBITDA grew 37% to $528 million, with margin expanding 6.4 percentage points to 72.2%.
Qualified
- CapEx guidance increased to $98 million-$108 million from $73 million-$83 million due to incremental investment in clearing infrastructure and pulled-forward hardware purchases.
Price
$306.47 −2.70% · −$8.51
Performance +27.9% 1Y
1Y: $239.62 on 17 Oct 2025 → $306.47. High $366.7 (13 May 2026), low $231.51 (29 Jun 2026).
- Previous close
- $314.98
- 52-week range
- $231.51 – $366.7
- One year
- +29.26%
Overview
- Symbol
- CBOE
- Sector
- Financials
- Industry
- Security & Commodity Brokers, Dealers, Exchanges & Services
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
6 of 15 judged targets kept · 28 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Launch prediction market products | Launch in the second quarter | Dec 2025 | In June, we launched Cboe Predicts, our binary options on the Mini S&P 500 Index. | Achieved |
| CapEx | $73 million to $83 million | Dec 2025 | Our CapEx guidance increases to $98 million to $108 million from $73 million to $83 million as we made incremental investment in our clearing infrastructure and opportunistically pulled forward hardware purchases for future service to lock in lower costs ahead of rising inflationary pressure in this space. | Revised Down |
| Adjusted operating expenses | $864 million to $879 million | Dec 2025 | Our adjusted operating expense guidance holds at $838 million to $853 million for 2026, despite several moving pieces. | On Track |
Claimed
- Net revenue grew 25% year-over-year to a record $732 million.
- Adjusted diluted EPS increased 45% year-over-year to $3.56.
- Derivatives net revenue increased 30% year-over-year to $413 million.
- Index options ADV increased 32% year-over-year to 6.2 million contracts.
- Adjusted operating EBITDA grew 37% to $528 million, with margin expanding 6.4 percentage points to 72.2%.
Qualified
- CapEx guidance increased to $98 million-$108 million from $73 million-$83 million due to incremental investment in clearing infrastructure and pulled-forward hardware purchases.
The full ledger
Open Cboe Global Markets, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 43 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 1, 2026
Cboe Q1 FY26 — Record Revenue and EPS Driven by Derivatives and Strategic Realignment
Read the full callEvery analysed call
Cboe earnings calls (CBOE)
Financials
What the filings say
Net profit, year on year: +50% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,056 | 1,108 | 1,195 | 1,174 | 1,142 | 1,204 | 1,273 | 1,443 |
| Operating profit | 307 | 299 | 354 | 339 | 370 | 404 | 506 | 476 |
| Operating margin | 29.1% | 26.9% | 29.6% | 28.9% | 32.4% | 33.5% | 39.7% | 33.0% |
| Interest | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 |
| Profit before tax | 309 | 280 | 350 | 335 | 430 | 452 | 516 | 495 |
| Tax rate | 29.3% | 29.8% | 28.4% | 29.7% | 30.1% | 30.6% | 25.2% | 28.6% |
| Net profit | 219 | 197 | 251 | 235 | 301 | 314 | 386 | 353 |
| EPS ($ per share) | 2.08 | — | 2.38 | 2.23 | 2.86 | — | 3.67 | 3.36 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Reserves | 1,288 | 1,513 | 1,810 | 2,146 | 2,171 | 2,525 | 2,816 | 3,544 |
| Total liabilities | 2,071 | 1,758 | 3,168 | 3,210 | 3,534 | 3,503 | 3,510 | 4,167 |
| Fixed assets | 72 | 47 | 83 | 105 | 108 | 109 | 118 | 133 |
| Investments | 36 | 71 | 92 | 37 | 92 | 58 | 110 | 36 |
| Total assets | 5,321 | 5,114 | 6,517 | 6,815 | 6,999 | 7,488 | 7,789 | 9,305 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 535 | 633 | 1,459 | 597 | 651 | 1,076 | 1,101 | 1,753 |
| Cash from investing | -26 | -16 | -430 | -353 | -835 | -55 | -142 | 450 |
| Cash from financing | -372 | -663 | -202 | -200 | 82 | -656 | -495 | -372 |
| Net cash flow | 132 | -46 | 828 | 35 | -112 | 417 | 369 | 2,103 |
| Capital expenditure | -36 | -35 | -47 | -51 | -60 | -45 | -61 | -71 |
| Free cash flow | 498 | 598 | 1,411 | 546 | 591 | 1,031 | 1,040 | 1,682 |
CBOE revenue by segment
North American Equities grew from 33% to 36% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Options | — | — | — | — | 54% | — | 53% | 52% | — |
| North American Equities | 38% | 40% | 39% | 38% | 33% | 33% | 33% | 36% | +17.7% |
| Europe and Asia Pacific | 8% | 7% | 8% | 8% | 8% | 8% | 9% | 8% | +19.0% |
| Futures | 4% | 3% | 3% | 3% | 3% | 3% | 3% | 2% | +2.8% |
| Global FX | 2% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | +16.8% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
113 filings between Feb 12, 2026 and Oct 12, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$2.33M
5 sales by 4 insiders
40% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 31
- Award — granted as compensation
- 28
- Option exercise — converted options into shares
- 49
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Fitzpatrick Edward J. | — | $1.13M | Feb 18, 2026 |
| Froetscher Janet P | — | $699.3K | Aug 12, 2026 |
| Matturri Alexander JR | — | $428.0K | Feb 18, 2026 |
| Wilkinson Allen | — | $72.6K | Feb 23, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 12, 2026 | Tomczyk Fredric J Director | Tax withheld | 14,818 | $4.41M |
| Oct 12, 2026 | Tomczyk Fredric J Director | Option exercise | 14,818 | $4.41M |
| Aug 12, 2026 | Froetscher Janet P Director | Sale 10b5-1 plan | 937 | $261.4K |
| Jul 1, 2026 | Tomczyk Fredric J Director | Tax withheld | 337 | $83.5K |
| May 18, 2026 | Froetscher Janet P Director | Sale 10b5-1 plan | 1,223 | $437.9K |
| May 14, 2026 | Mao Cecilia Director | Award | 530 | $0 |
| May 14, 2026 | Froetscher Janet P Director | Award | 530 | $0 |
| May 14, 2026 | Fong Ivan K Director | Award | 530 | $0 |
| May 14, 2026 | Goodman Jill R Director | Award | 530 | $0 |
| May 14, 2026 | Tomczyk Fredric J Director | Award | 530 | $0 |
| May 14, 2026 | PALMORE RODERICK A Director | Award | 530 | $0 |
| May 14, 2026 | Mansfield Erin Director | Award | 530 | $0 |
| May 14, 2026 | Farrow William M III Director | Award | 530 | $0 |
| May 14, 2026 | Fitzpatrick Edward J. Director | Award | 530 | $0 |
| May 14, 2026 | Parisi James E. Director | Award | 530 | $0 |
| May 14, 2026 | McPeek Jennifer J Director | Award | 530 | $0 |
| Feb 23, 2026 | Wilkinson Allen SVP, CHIEF ACCOUNTING OFFICER | Sale | 248 | $72.6K |
| Feb 19, 2026 | Isaacson Christopher A EVP, COO | Tax withheld | 139 | $39.8K |
| Feb 19, 2026 | Isaacson Christopher A EVP, COO | Option exercise | 313 | $89.6K |
| Feb 19, 2026 | Isaacson Christopher A EVP, COO | Tax withheld | 660 | $188.9K |
| Feb 19, 2026 | Isaacson Christopher A EVP, COO | Tax withheld | 743 | $212.6K |
| Feb 19, 2026 | Foley Stephanie EVP, CHRO | Tax withheld | 222 | $63.5K |
| Feb 19, 2026 | Foley Stephanie EVP, CHRO | Option exercise | 594 | $170.0K |
| Feb 19, 2026 | Foley Stephanie EVP, CHRO | Tax withheld | 177 | $50.7K |
| Feb 19, 2026 | Isaacson Christopher A EVP, COO | Option exercise | 1,674 | $479.0K |
| Feb 19, 2026 | Isaacson Christopher A EVP, COO | Option exercise | 1,486 | $425.2K |
| Feb 19, 2026 | Isaacson Christopher A EVP, COO | Tax withheld | 1,104 | $315.9K |
| Feb 19, 2026 | Isaacson Christopher A EVP, COO | Option exercise | 2,488 | $712.0K |
| Feb 19, 2026 | Griebenow Jill EVP, CFO | Tax withheld | 732 | $209.5K |
| Feb 19, 2026 | Sexton John P EVP, GC AND CORP SEC | Option exercise | 84 | $24.0K |
| Feb 19, 2026 | Tomczyk Fredric J Director | Tax withheld | 6,427 | $1.84M |
| Feb 19, 2026 | Griebenow Jill EVP, CFO | Tax withheld | 290 | $83.0K |
| Feb 19, 2026 | Griebenow Jill EVP, CFO | Tax withheld | 192 | $54.9K |
| Feb 19, 2026 | Tomczyk Fredric J Director | Option exercise | 10,965 | $3.14M |
| Feb 19, 2026 | DONOHUE CRAIG S CEO | Tax withheld | 2,079 | $594.9K |
| Feb 19, 2026 | Griebenow Jill EVP, CFO | Option exercise | 432 | $123.6K |
| Feb 19, 2026 | Sexton John P EVP, GC AND CORP SEC | Tax withheld | 390 | $111.6K |
| Feb 19, 2026 | Sexton John P EVP, GC AND CORP SEC | Option exercise | 880 | $251.8K |
| Feb 19, 2026 | Sexton John P EVP, GC AND CORP SEC | Tax withheld | 400 | $114.5K |
| Feb 19, 2026 | Griebenow Jill EVP, CFO | Option exercise | 653 | $186.9K |
| Feb 19, 2026 | DONOHUE CRAIG S CEO | Option exercise | 4,683 | $1.34M |
| Feb 19, 2026 | Griebenow Jill EVP, CFO | Option exercise | 1,652 | $472.8K |
| Feb 19, 2026 | Sexton John P EVP, GC AND CORP SEC | Option exercise | 902 | $258.1K |
| Feb 19, 2026 | Griebenow Jill EVP, CFO | Option exercise | 1,863 | $533.1K |
| Feb 19, 2026 | Griebenow Jill EVP, CFO | Tax withheld | 826 | $236.4K |
| Feb 19, 2026 | Foley Stephanie EVP, CHRO | Option exercise | 447 | $127.9K |
| Feb 19, 2026 | Sexton John P EVP, GC AND CORP SEC | Tax withheld | 433 | $123.9K |
| Feb 19, 2026 | Sexton John P EVP, GC AND CORP SEC | Option exercise | 976 | $279.3K |
| Feb 19, 2026 | Sexton John P EVP, GC AND CORP SEC | Tax withheld | 38 | $10.9K |
| Feb 19, 2026 | Wilkinson Allen SVP, CHIEF ACCOUNTING OFFICER | Tax withheld | 133 | $38.1K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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