CBOE earnings analysis
What we found in CBOE's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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'.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $3.66
- Operating margin
- 69.4%
- Segment
- Options: $668.4M
- Segment
- North American Equities: $415.7M
- Segment
- Europe and Asia Pacific: $119.4M
- Segment
- Futures: $38.9M
- Segment
- Global FX: $30.4M
What they said about what is next.
2026 organic total net revenue growth guidance increased to 'low double-digit to mid-teens'.
The filing reads better than the one before it.
What came before.
- 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,…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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