10-Q · May 1, 2026
Cboe Global Markets delivered a robust Q1 2026 performance, achieving $1.27 billion in revenue, a 7% increase year-over-year. The company reported record diluted EPS of $3.66, a 54% rise compared to the same quarter…
Earnings analysis · 10-Q
CBOE earnings analysis
Filed October 30, 2026 · Our reading of the company's report
The latest report
Cboe delivered a third-quarter beat, with $712.2 million of net revenue and $4.08 of diluted EPS, while Options net revenue grew 23% to $469.5 million. Liquidity improved to $2,761.2 million of cash, cash equivalents…
Read full summary
Cboe delivered a third-quarter beat, with $712.2 million of net revenue and $4.08 of diluted EPS, while Options net revenue grew 23% to $469.5 million. Liquidity improved to $2,761.2 million of cash, cash equivalents and investments, and debt was $1,444.3 million, entirely fixed-rate Senior Notes. The principal risks are foreign-exchange sensitivity, clearing-member and collateral exposures, and potential cross-default liquidity constraints; the filing reported no material formal changes to previously disclosed risk factors.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $4.08
- Segment
- Options: $469.5 million of net revenue, up 23% year over year
What stood out
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Revenue and EPS exceeded estimates
Third-quarter net revenue was $712.2 million and GAAP diluted EPS was $4.08, versus consensus estimates of $705.3 million and $3.43, respectively.
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Options remained the growth engine
Options net revenue reached $469.5 million, an increase of 23% year over year, making Options the principal disclosed growth driver.
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Liquidity position strengthened
Cash, cash equivalents and financial investments totaled $2,761.2 million as of September 30, 2026, up from $1,530.9 million a year earlier.
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Debt structure is largely fixed rate
The company had $1,444.3 million of outstanding debt, all in fixed-rate Senior Notes, with no borrowings under either the Revolving Credit Agreement or the Cboe Clear Europe Credit Facility.
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Clearing liquidity resources are substantial
Cboe Clear Europe held $3.0 billion of clearing-member margin deposits, default-fund and interoperability-fund assets, supported in part by a €1.2 billion committed revolving and swingline facility.
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Share repurchases continued
The company repurchased 210,667 shares during the quarter for $56.1 million at an average price of $266.17, with $480.7 million remaining under repurchase authorizations.
What to watch
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Foreign-exchange translation exposure
A 10% adverse foreign-exchange fluctuation would reduce revenue less cost of revenues by $4.9 million for euros, $2.1 million for British pounds and $0.9 million for Canadian dollars in the quarter; operating-expense impacts would be $1.7 million, $2.4 million and $0.6 million, respectively.
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Foreign-currency equity risk
As of September 30, 2026, foreign-currency net equity investments totaled $247.8 million in euros, $630.0 million in British pounds and $178.0 million in Canadian dollars; a 10% adverse move would reduce consolidated equity by $24.8 million, $63.0 million and $17.8 million, respectively.
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Clearing-member default risk
Cboe Clear Europe cannot assure that its safeguards will protect the $3.0 billion of clearing-member collateral and related funds from a sovereign-government, reverse-repurchase-counterparty or clearing-member default.
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Cross-default could constrain liquidity
The filing states that a default under the Revolving Credit Agreement or the Cboe Clear Europe facility could trigger cross-acceleration of other debt and limit liquidity, business and financing activities; the Cboe Clear Europe facility is €1.2 billion.
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International cash concentration
Cboe's cash and investments include $487.1 million held outside the United States, compared with $274.1 million a year earlier, increasing the amount exposed to foreign-market and currency considerations.
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No formal risk-factor update
The filing reports no material updates to the risk factors from the 2025 Form 10-K or the March 31 and June 30, 2026 Form 10-Qs; therefore, no new formal risk-factor change was identified.
Management's outlook
The 10-Q does not provide explicit numeric EPS or revenue guidance. Quantitative 2026 outlook changes were disclosed in the October 30, 2026 earnings release rather than this filing: organic total net revenue growth was raised to high teens from mid to high teens, Data Vantage growth to mid teens from low teens, and adjusted operating expense guidance was lowered to $830-$845 million from $838-$853 million.
Earlier filings 4
10-K · February 20, 2026
Cboe completed a strategic portfolio realignment in 2025 (initiating wind‑downs of its Japanese equities business, commencing sales processes for Cboe Australia and Cboe Canada, and subsequently initiating the wind‑down…
10-Q · October 31, 2025
Cboe reported strong Q3 results with total revenues of $1,141.7M and diluted EPS of $2.85, driven by a large increase in derivatives revenue and higher investment earnings. Gross profit (revenues less cost of revenues)…
10-Q · August 1, 2025
Cboe reported Q2 2025 revenue of $1,173.5M, up 20.5% year-over-year from $974.0M, with diluted EPS of $2.23 (vs $1.33 in Q2 2024). Revenue growth was broad-based across Cash & Spot, Data Vantage and Derivatives,…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.