Cboe Q2 2026: record net revenue of $731.6 million, EPS up 50%
Cboe's second quarter was a record on the top line: net revenue rose 25.0% to $731.6 million and diluted EPS rose 50.0% to $3.35, beating the $3.55 consensus. Read it as an options-volume story with a data business attached: Options alone supplied $473.9 million of net revenue. The blemish is cash flow, which turned negative, and the fact that headline revenue and net revenue are very different numbers.
1 · Expected vs. Actual
Free preview belowDiluted EPS rose 50.0% to $3.35 from $2.23, and adjusted diluted EPS rose 45.0% to $3.56, just above the $3.5456 consensus estimate. The $0.21 gap between GAAP and adjusted EPS comes mainly from $23.7 million of strategic realignment costs and $14.6 million of amortization of acquired intangibles. Operating income grew 40.4% to $476.0 million and the operating margin expanded to 65.1% from 57.7%.
Total revenues were $1,442.8 million, up 23.0% from $1,173.5 million, but the number management actually guides on is net revenue, which rose 25.0% to $731.6 million from $587.3 million. Cost of revenues consumed $711.2 million of the top line, mostly $453.7 million of liquidity payments and $153.9 million of regulatory fees. The segment table sums to $731.6 million, not $1,442.8 million, so the two revenue figures are not interchangeable.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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