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…
Earnings analysis · 10-Q
CBOE earnings analysis
Filed May 1, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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 last year, primarily driven by growth in the options segment and adjusted operating metrics. Management has increased the organic revenue growth outlook for 2026 to low double-digit growth, reflecting strong market demand.
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.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
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
- $3.66
- Operating margin
- 69.4%
What stood out
-
Record EPS Growth
Diluted EPS reached $3.66, up 54% from $2.37 in Q1 2025.
-
Revenue Growth
Total revenues increased by $77.8 million, or 7%, to $1.27 billion compared to Q1 2025.
-
Strong Operating Margin
Operating margin rose to 69.4%, up from 62.6% in the prior year.
-
Segment Performance
Options segments revenue surged 14% to $668.4 million, driven by a 18% increase in market average daily volume.
-
Significant Cash Flow Increase
Net cash flows from operations totaled $1.96 billion, up from $912.9 million in Q1 2025.
-
Improved Guidance
2026 organic revenue growth target revised to 'low double-digit to mid-teens' from 'mid single-digit'.
What to watch
-
Workforce Reductions
Management plans to reduce workforce by about 20% as part of a strategic realignment.
-
Market Share Decline in Options
Options market share decreased to 29.1%, down from 31.1% year-over-year.
-
Increased Competition
Intense competition in transaction fee pricing may pressure future revenues.
Management's outlook
2026 organic total net revenue growth guidance increased to 'low double-digit to mid-teens'.
Earlier filings 4
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,…
10-K · February 21, 2025
Cboe positions itself as a global derivatives and securities network focused on growing its core Global Derivatives business, expanding recurring revenues through Cboe Data Vantage, and extending product reach via new…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.