$CBOE · Cboe Global Markets, Inc.
Cboe Global Markets filed its Q3 2026 10-Q, reporting total revenues of C$1.359B, up 19% YoY from C$1.142B. GAAP diluted EPS was C$4.08, including a C$71.5M net gain on divestiture. Adjusted diluted EPS rose 36% YoY to C$3.63. Organic net revenue grew 19% to C$709.3M, with derivatives markets contributing C$401.7M in net revenue. Adjusted operating margin expanded to 71.4% from 65.3%.
- Total revenues rose 19% YoY to C$1.359B in Q3 2026, with derivatives markets up 18% to C$664.9M.
- GAAP diluted EPS of C$4.08 includes a C$71.5M net gain on divestiture; adjusted diluted EPS was C$3.63, up 36% YoY.
- Organic net revenue grew 19% YoY to C$709.3M, with all three segments — cash/spot, Data Vantage, and derivatives — contributing.
- Adjusted operating margin expanded to 71.4% from 65.3% a year ago; adjusted EBITDA margin reached 73.3%.
- Cash and cash equivalents stood at C$2.66B at quarter-end, with C$166.2M in treasury stock repurchases.
Extended-hours trading shows CBOE at $323.90, up 3.07% vs the regular close of $314.25, indicating a positive initial reaction to the strong Q3 beat. The regular session had closed down 1.93% before the filing.
Cboe's 71.4% adjusted operating margin and 19% organic net revenue growth demonstrate exceptional operating leverage in an exchange sector already known for high margins.
Cboe's 19% organic net revenue growth and 71.4% adjusted operating margin reinforce its position as the highest-margin exchange operator, outpacing peers like ICE and Nasdaq on profitability metrics. The derivatives segment remains the dominant growth engine.
The filing flags risks around loss of exclusive rights to list and trade certain index options and futures products, including SPX and VIX, which are core revenue drivers. Regulatory changes and competitive pressure from new products and consolidation also pose threats to trading volumes and market data fees.