Cboe Q3 FY2026: net revenue up 17.6%, EPS $4.08, guidance raised
Cboe's third quarter was a genuine beat: net revenue rose 17.6% to $712.2 million, adjusted diluted EPS of $3.63 topped the $3.5041 consensus by $0.13, and management raised its 2026 organic growth target while cutting its expense range. The engine is index options, and part of the gain is a product-mix story. Read net revenue ($712.2 million), not the $1.36 billion total revenue line, to see the actual growth rate.
1 · Expected vs. Actual
Free preview belowDiluted EPS of $4.08 rose 43%, but the gap to adjusted EPS is $0.45 per share: a $71.5 million gain on the Cboe Australia sale and $16.7 million of realignment costs pulled in opposite directions. Adjusted diluted EPS of $3.63 rose 36% and beat the $3.5041 consensus by $0.13, a 3.6% beat. The adjusted figure is the cleaner read on the quarter.
Net revenue, the company's own top line, rose 17.6% to $712.2 million from $605.5 million, with increases in every revenue category. Total revenues of $1,358.8 million grew 19.0%, but $143.9 million of that is regulatory fees collected and passed through at the same cost. The filing carries both figures ($1,358.8 million and $712.2 million) because they measure different things; net revenue is the one that reflects the business.
Log in to read 35 analyses a week for free
Create a free account to read 35 full earnings analyses each week — all five steps: expected vs. actual, guidance tracker, money flow, balance sheet and risks. Members get unlimited access.
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 2026-11-02
Answers are based on the earnings release and the analysis above. Free accounts get 3 questions a week; members get 30 a day.