$CBOE · Cboe Global Markets, Inc.
Cboe Global Markets reported Q3 2026 results with net revenue of $712.2M (+18% YoY), GAAP diluted EPS of $4.08 (+43% YoY), and adjusted diluted EPS of $3.63 (+36% YoY). The quarter included a $71.5M gain on the sale of Cboe Australia. Management raised its 2026 organic total net revenue growth target to 'high teens' and lowered adjusted operating expense guidance to $830M–$845M.
- Net revenue of $712.2M, up 18% YoY from $605.5M, driven by growth across all segments.
- Diluted EPS hit a record $4.08 (GAAP), up 43% YoY; adjusted diluted EPS of $3.63, up 36% YoY.
- Options net revenue surged 23% to $469.5M on 24% higher index options ADV and record 0DTE activity.
- 2026 organic total net revenue growth target raised to 'high teens' from 'mid to high teens'.
- 2026 adjusted operating expense guidance lowered to $830M–$845M from $838M–$853M.
Extended-hours trading shows shares at $317.88, up 1.15% vs the regular-session close of $314.25, indicating a positive initial reaction to the beat-and-raise quarter. The $71.5M gain on the Cboe Australia divestiture and dual guidance raise (revenue up, expenses down) are likely fueling the after-hours bid.
A beat-and-raise quarter with record EPS, dual guidance improvement (revenue up, expenses down), and a new product catalyst in SEC-approved event contracts makes this a high-signal release for the $32.8B exchange operator.
Cboe's results underscore the exchange sector's leverage to volatility-driven derivatives volumes. The extended S&P license through 2051 and SEC approval for company-KPI event contracts position Cboe to deepen its moat in proprietary index products against peers like CME and ICE.
Options market share slipped to 30.5% from 30.9% YoY; U.S. Equities on-exchange share fell to 8.9% from 9.8%. The $14.0M reserve for notes receivable tied to Consolidated Audit Trail funding is a one-time drag worth monitoring.