CBOE

Cboe Global MarketsBATS EXCHANGE · Financial Exchanges & Data · Financials

Previous close

335.53

Change

+21.28 / +6.77%

FinDog View

Bullish

52-Week Range ?

227.15 – 371.18

P/E (TTM) ?

24.1

Forward P/E ?

18.0

Based on consensus earnings for the next 12 months

Market Cap

$35.3B

+21.88%

S&P 500 −0.91% over same period

Volume / Avg Volume

2.5M / 1.2M

2.11× average

Latest earnings analysisFY2026 Q2Reported 2026-07-31

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.

Read the full analysis →

Revenue$1.44BYoY +145.70%

EPS (non-GAAP)$3.56Beatest. $3.55

Next-day move−4.00%

Price History

Closing price · USD1M 6M 1Y 5Y

Historical P/E

Close ÷ trailing four-quarter EPS · Period median 27.21M 6M 1Y 5Y

Recent Earnings

Click to read the FinDog analysis

Period	Reported	Revenue	EPS Actual / Est.	Next-Day Move	Analysis
FY2026 Q2 Quarter ended 2026-06	2026-07-31	$1.4B	3.56 / 3.55	−4.00%	Read analysis →
FY2026 Q1 Quarter ended 2026-03	2026-05-01	$1.3B	3.70 / 3.36	+3.65%	Pending
FY2025 Q4 Quarter ended 2025-12	2026-02-06	$4.7B	3.06 / 3.00	+2.75%	Pending
FY2025 Q3 Quarter ended 2025-09	2025-10-31	$1.1B	2.67 / 2.58	+0.52%	Pending
FY2025 Q2 Quarter ended 2025-06	2025-08-01	$1.2B	2.46 / —	+1.24%	Pending
FY2025 Q1 Quarter ended 2025-03	2025-05-02	$1.2B	2.50 / —	+2.33%	Pending

Next Earnings

Date and consensus from the earnings calendar; the analysis is generated automatically after the releaseEarnings Calendar →

Report date

2027-02-04

in 95 days · After hours

Consensus EPS

$3.49

Last quarter EPS $3.56

Avg. next-day move over the last 6 reports

±2.4%

Decision Panel

Trends · Valuation · Earnings reaction · Guidance credibility — all from company filings and market data

Valuation

P/E is at percentile 13 of its 5-year rangeCheap

5-year range 22.7 – 31.1 · Median 27.4

Last 4 quarters: $132M in buybacks + $318M in dividends, 1.27% of market cap combined

P/E (TTM)

24.1

P/B

5.8

P/S

6.5

Dividend Yield

1.22%

Earnings Reaction

Over the last 6 reports, the stock moved ±2.4% on average on the first trading day after, rising 5 times

Most recent −4.00%

Volatility & Correlation

1-year beta -0.48 · Correlation with S&P 500 -0.17Low beta

Annualized volatility 36% vs. 13% for the S&P 500

Insider Trading

View all →

Last 90 days · Open-market buys and sells by officers and directors · Amounts in USD millions

Buy 0 · $0.00MSell 1 · $0.26MNet selling $0.26M

08-12Froetscher Janet PDirectorSell$0.26M937 shares · Avg price 278.95

Multi-Quarter Financial Trends

View all quarters →

Last 12 quarters · As reported by the company

Quarter	Revenue ($B)	YoY	Gross Margin	Operating Income ($B)	Net Income ($B)	Free Cash Flow ($B)	EPS
FY2026 Q3	1.36	+19.0%	52.4%	0.53	0.43	0.82	4.08
FY2026 Q2	1.44	+22.9%	50.7%	0.48	0.35	-0.50	3.35
FY2026 Q1	1.27	+6.5%	57.3%	0.51	0.39	1.94	3.66
FY2025 Q4	1.20	+8.7%	55.7%	0.40	0.31	0.33	2.97
FY2025 Q3	1.14	+8.1%	53.0%	0.37	0.30	0.14	2.85
FY2025 Q2	1.17	+20.5%	50.0%	0.34	0.24	0.31	2.23
FY2025 Q1	1.20	+24.8%	47.3%	0.35	0.25	0.90	2.37
FY2024 Q4	1.11	+14.3%	47.4%	0.30	0.20	-0.73	1.85
FY2024 Q3	1.06	+16.2%	50.4%	0.31	0.22	-0.59	2.07
FY2024 Q2	0.97	+7.3%	52.8%	0.21	0.14	1.48	1.33
FY2024 Q1	0.96	−3.1%	52.5%	0.28	0.21	0.89	1.96
FY2023 Q4	0.97	−3.6%	51.5%	0.29	0.76	-0.21	1.98

Peers

Largest by market cap in the sector · Latest quarterView Financials sector →

Ticker	Company	Market Cap	P/E	Revenue YoY	Gross Margin	1M	View
CBOE	Cboe Global Markets	$35.3B	24.1	+19.0%	52.4%	+21.88%	Bullish
BRK.B	Berkshire Hathaway	$1.16T	13.5	+14.2%	—	+8.94%	Neutral	Compare
JPM	JPMorgan Chase	$899B	13.6	+27.7%	—	+1.88%	Bullish	Compare
V	Visa Inc.	$749B	33.8	+17.1%	—	+15.10%	Bullish	Compare
MA	Mastercard	$560B	34.4	+14.0%	—	+15.69%	Bullish	Compare
BAC	Bank of America	$347B	10.8	+3.2%	—	−8.12%	Bullish	Compare
MS	Morgan Stanley	$288B	14.2	+27.1%	—	−2.01%	Bullish	Compare
GS	Goldman Sachs	$258B	11.8	+39.5%	—	−0.65%	Bullish	Compare
WFC	Wells Fargo	$247B	11.0	+2.0%	—	+4.18%	Bullish	Compare

Earnings Preview · Reports 10-30 Pre-market

Cboe Q3 preview: EPS seen at $3.50, volume trend in focus

Whether EPS meets the $3.50 consensus and extends last quarter's adjusted profit momentum
Whether net revenue keeps growing from last quarter's $1.44 billion
Free cash flow turned negative last quarter; watch for a rebound this quarter

No guidance available; consensus EPS is about $3.50, after last quarter's net revenue of $1.44 billion, up 22.9% year over year.

Over the past 6 reports, shares moved ±2.4% on average, rising 5 times; the last report saw a 4% drop.

Watch out for：If trading volumes fade or market share keeps slipping, revenue growth could miss expectations.

The View in One Line

Net revenue record +25%, options ~two-thirds, organic growth target raised to mid-high teens; but GAAP EPS missed and FCF negative, bullish.

Updated 2026-10-30

View History

09-17Neutral → Bullish
Record net revenue +25%, options ~2/3 of revenue, raised organic growth target to mid-to-high teens, bullish.

ETFs holding it

XLF Financial Select Sector SPDR Fund0.44%
RSP Invesco S&P 500 Equal Weight ETF0.21%
MTUM iShares MSCI USA Momentum Factor ETF0.18%
VIG Vanguard Dividend Appreciation ETF0.15%
VTV Vanguard Value ETF0.13%
QUAL iShares MSCI USA Quality Factor ETF0.12%
SPY SPDR S&P 500 ETF Trust0.05%
VOO Vanguard S&P 500 ETF0.05%

Weights estimated at latest prices

Key Events

09-29M&A / Contracts
Cboe Extends S&P Index License Agreement Through 2051
Cboe signed a master license agreement with S&P on Sept 28, 2026, extending S&P 500 and volatility index rights through Dec 31, 2051, with new per-contract fees from Jan 1, 2027.Source ↗
07-28Capital Actions
Cboe Signs $400 Million Revolving Credit Agreement
On July 24, 2026, Cboe entered into its third amended and restated credit agreement, obtaining a $400 million five-year revolving credit facility, which can be increased to $600 million.Source ↗
06-26Capital Actions
Cboe Renews European Clearing Credit Facility Through 2027
On June 23, 2026, Cboe signed an amendment extending the maturity of Cboe Clear Europe's €1.2 billion credit facility to June 25, 2027.Source ↗
05-18Governance
Cboe Annual Shareholder Meeting Completes Director Elections and Multiple Proposal Votes
Cboe held its annual shareholder meeting on May 14, 2026, electing all 12 directors, approving the executive compensation proposal, ratifying KPMG as auditor for fiscal 2026, and rejecting the shareholder written consent proposal.Source ↗
05-01Restructuring
Cboe Strategic Restructuring Cuts About 20% of Staff, Up to $46 Million in Charges
On May 1, 2026, Cboe announced a strategic restructuring, expecting about a 20% workforce reduction, pre-tax restructuring charges of about $36 million to $46 million, and estimated annual savings of $40 million to $50 million.Source ↗

Key Financial Trends

Quarterly Revenue ($B)1.4

Gross Margin52.4%

Free Cash Flow ($B)0.8