Second Quarter 2026
Filed Jul 31, 2026Cboe Global Markets Reports Results for Second Quarter 2026
Record net revenue increased 25 percent, GAAP diluted EPS increased 50 percent, all reported business segments grew year over year, and the company increased its 2026 organic total net revenue growth target and Data Vantage organic net revenue growth target.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total Revenues Less Cost of RevenuesGAAP | $731.6 million | – | 25 % |
| Total Operating ExpensesGAAP | $255.6 million | – | 3 % |
| Total Operating Expensesnon-GAAP | $216.7 million | – | 2 % |
| Operating IncomeGAAP | $476.0 million | – | 40 % |
| Operating Incomenon-GAAP | $514.9 million | – | 38 % |
| Operating MarginGAAP | 65.1 % | – | 7.4 pp |
| Operating Marginnon-GAAP | 70.4 % | – | 6.7 pp |
| Net Income Allocated to Common StockholdersGAAP | $351.8 million | – | 50 % |
| Net Income Allocated to Common Stockholdersnon-GAAP | $373.6 million | – | 45 % |
| Net Income Allocated to Common Stockholders MarginGAAP | 48.1 % | – | 8.3 pp |
| Net Income Allocated to Common Stockholders Marginnon-GAAP | 51.1 % | – | 7.2 pp |
| Diluted Earnings Per ShareGAAP | $3.35 | – | 50 % |
| Diluted Earnings Per Sharenon-GAAP | $3.56 | – | 45 % |
| Operating EBITDAnon-GAAP | $504.1 million | – | 37 % |
| Operating EBITDAnon-GAAP | $528.4 million | – | 37 % |
| Operating EBITDA Marginnon-GAAP | 68.9 % | – | 6.1 pp |
| Operating EBITDA Marginnon-GAAP | 72.2 % | – | 6.4 pp |
| EBITDAnon-GAAP | $516.5 million | – | 42 % |
| EBITDAnon-GAAP | $531.4 million | – | 39 % |
| EBITDA Marginnon-GAAP | 70.6 % | – | 8.5 pp |
| EBITDA Marginnon-GAAP | 72.6 % | – | 7.5 pp |
| Effective tax rateGAAP | 28.6 percent | – | – |
| Effective tax rate on adjusted earningsnon-GAAP | 28.5 percent | – | a decrease of 1.3 percentage points |
| Cboe FX platform ADNV tradedother | $60.6 billion | – | up 8 percent |
| Net capture rate per one million dollars tradedother | $2.96 | – | up 6 percent |
| European Equities ADNV traded on Cboe European Equitiesother | €15.5 billion | – | up 13 percent |
| Cboe Clear Europe net settlement volumeother | 3,964.2 thousand shares | – | up 21 percent |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| OptionsRecord Options net revenue was driven by a 26 percent increase in total options average daily volume, a 6 percent increase in total options revenue per contract, market data fees that were 20 percent higher, and access and capacity fees that were 19 percent higher. Net transaction and clearing fees increased $107.5 million, or 33 percent. Index options ADV increased 32 percent and multi-listed options ADV increased 24 percent. Cboe’s Options exchanges had total market share of 30.0 percent, compared to 30.2 percent in the second quarter of 2025. | $473.9 million | – | 30 % |
| North American EquitiesGrowth reflected higher net transaction and clearing fees, access and capacity fees, and market data fees. Net transaction and clearing fees increased $10.2 million, or 37 percent, driven by stronger industry volumes and improved net capture rates for on-exchange U.S. Equities exchanges. Cboe’s U.S. Equities exchanges had market share of 9.4 percent, compared to 10.5 percent, while off-exchange market share was 18.8 percent, up from 14.9 percent. | $114.7 million | – | 17 % |
| Europe and Asia PacificGrowth reflected net transaction and clearing fees and non-transaction revenues. On a constant currency basis, net revenue was $83.0 million, up 18 percent on a year-over-year basis. European Equities average daily notional value was supported by stronger industry market volumes. | $84.8 million | – | 20 % |
| FuturesGrowth was driven by an increase in market data fees. Net transaction and clearing fees were flat when compared to the second quarter of 2025. | $30.6 million | – | 2 % |
| Global FXThe increase was due to higher net transaction and clearing fees. | $27.6 million | – | 17 % |
2026 fiscal year outlook
- RevenueOrganic total net revenue growth is expected to be in the 'mid to high teens' range.
- Operating expenses$838 to $853 million
- NoteOrganic net revenue growth from Data Vantage is expected to be in the ‘low teens’ range.
- Note2026 guidance includes the anticipated business-as-usual financial contribution from Cboe Canada.
- NoteGiven an expected third quarter sale completion for Cboe Australia, 2026 adjusted operating expenses guidance is being reduced by $11 million.
- NoteTotal organic net revenue growth guidance and Data Vantage organic net revenue growth guidance excludes the 2025 and 2026 impact of Cboe Australia in its organic guidance calculation.
What drove it
- All reported business segments increased net revenue year over year.
- Options growth reflected higher options ADV, higher revenue per contract, market data fees, and access and capacity fees.
- North American Equities growth reflected stronger industry volumes and improved net capture rates for on-exchange U.S. Equities exchanges.
- Europe and APAC growth reflected net transaction and clearing fees and non-transaction revenues.
- Global FX growth reflected higher net transaction and clearing fees.
- The lower effective tax rate was primarily due to reduced interest related to the resolution of uncertain tax positions with state and local taxing authorities.
Concerns
- Cboe’s Options exchanges market share was 30.0 percent, compared to 30.2 percent in the second quarter of 2025.
- Cboe’s U.S. Equities exchanges market share was 9.4 percent, compared to 10.5 percent in the second quarter of 2025.
- Cboe European Equities market share was 24.4 percent, down from 25.1 percent in the second quarter of 2025.
- GAAP operating expenses increased primarily because of severance expense related to the previously announced strategic realignment and higher accrued bonuses.
- Futures net revenue increased 2 percent and net transaction and clearing fees were flat compared with the second quarter of 2025.
What to watch
- Execution against the increased organic total net revenue growth target of 'mid to high teens'.
- Execution against the increased Data Vantage organic net revenue growth target of ‘low teens’.
- Adjusted operating expenses guidance of $838 to $853 million.
- The expected third quarter sale completion for Cboe Australia and resulting guidance updates.
- Options, U.S. Equities, and European Equities market-share trends.
Analysis
Cboe reported record net revenue of $731.6 million, up 25 percent from $587.3 million in the second quarter of 2025. GAAP operating income increased 40 percent to $476.0 million and GAAP net income allocated to common stockholders increased 50 percent to $351.8 million. GAAP diluted EPS rose 50 percent to $3.35, while adjusted diluted EPS rose 45 percent to $3.56.
The revenue performance was broad based. Options was the largest contributor, with record net revenue of $473.9 million and 30 percent growth, supported by higher options ADV, revenue per contract, market data fees, and access and capacity fees. North American Equities grew 17 percent, Europe and APAC grew 20 percent, Global FX grew 17 percent, and Futures grew 2 percent. Europe and APAC also reported constant-currency net revenue of $83.0 million, up 18 percent.
Profitability expanded substantially. GAAP operating margin was 65.1 percent compared with 57.7 percent, and adjusted operating margin was 70.4 percent compared with 63.7 percent. GAAP operating expenses increased 3 percent to $255.6 million, with severance related to the strategic realignment and higher accrued bonuses cited as primary factors. Adjusted operating expenses increased 2 percent to $216.7 million, as higher bonuses and travel and promotional expenses were partly offset by lower professional fees.
The effective tax rate was 28.6 percent, compared with 29.7 percent, primarily due to reduced interest related to the resolution of uncertain tax positions with state and local taxing authorities. Operational volume indicators were also positive: European Equities ADNV traded was €15.5 billion, Cboe Clear Europe net settlement volume was 3,964.2 thousand shares, and Global FX platform ADNV traded was $60.6 billion. Market-share measures warrant attention, as reported market share declined in Options, U.S. Equities exchanges, and European Equities, although U.S. Equities off-exchange market share increased.
Management increased its 2026 organic total net revenue growth target to 'mid to high teens' from 'low double-digit to mid teens' and increased its Data Vantage organic net revenue growth target to ‘low teens’ from 'low double-digit'. It reaffirmed adjusted operating expense guidance of $838 to $853 million. Guidance reflects anticipated business-as-usual financial contribution from Cboe Canada and excludes the 2025 and 2026 impact of Cboe Australia in the stated organic-growth calculations; adjusted operating expense guidance is being reduced by $11 million given an expected third quarter sale completion for Cboe Australia.
Management, verbatim
Our strong second quarter results reflect the progress we’re making as we execute our growth strategy.”
Craig Donohue, Chief Executive Officer of Cboe Global Markets
Cboe delivered another quarter of record revenue results, producing 25 percent net revenue growth on a year-over-year basis, 50 percent diluted EPS growth, and 45 percent adjusted diluted EPS¹ growth,
Jill Griebenow, Cboe Global Markets Executive Vice President, Chief Financial Officer
Not in the filing
stated, not guessed- Gross margin
- Operating cash flow
- Free cash flow
- Cash balance
- Debt balance
- Capital returns, including share repurchases and dividends
- Prior-quarter comparisons for reported metrics
- Detailed balance sheet and cash flow statement tables
- Complete continuation of the fiscal 2026 guidance section beyond the provided filing-text excerpt
- Prior outlook section from the previous earnings release
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.