Cboe earnings beat forecasts as options trading lifts its revenue outlook
Earnings results
- EPS beat +6.1%
Actual: $3.63 · Cons.: $3.42 (adjusted diluted EPS)
- Revenue beat +0.7%
Actual: $0.7122B · Cons.: $0.7073B (net revenue: revenues less cost of revenues)
- Guidance
Raised 2026 organic net revenue growth target to high teens from mid-to-high teens; cut adjusted expense guidance to $830–$845 million from $838–$853 million
Earnings and the stock move
Cboe’s earnings beat was supported by more index-options trading, a higher-value contract mix and lower adjusted expenses. Its higher revenue-growth outlook and lower expense range improve the prospective profit picture if activity remains strong. The extended S&P license supports established products, while the planned November event-contract launch offers a new opportunity with regulatory and adoption risks. GAAP profit also benefited from the Australia sale, so adjusted earnings provide a useful separate comparison.
Q3 2026 ended September 30 earnings recap
Cboe rose 6.5% during trading on October 30, 2026 after an earnings beat and a higher revenue-growth outlook, backed by stronger options trading.
- Adjusted EPS, or profit per share, reached $3.63 versus $3.42 expected. GAAP EPS was $4.08 and included a gain from selling Cboe Australia.
- Net revenue rose 18% to $712.2 million, above the $707.3 million forecast. This is revenue after transaction-related costs; Cboe earns fees from trading, clearing, data and market access.
- Index options average daily volume rose 24%. More contracts and a richer product mix helped the Options segment grow net revenue 23% to $469.5 million.
- Cboe raised its full-year organic net revenue growth target to the high teens from the mid-to-high teens. The comparison excludes Cboe Australia following its sale.
- The company lowered adjusted operating expense guidance to $830–$845 million from $838–$853 million. Stronger revenue and cost control can help more revenue become profit.
- The exclusive S&P index license was extended through 2051, supporting continuity for its flagship options products. Cboe also expects to launch newly approved company-performance event contracts in November.
Watch whether options activity and data demand remain strong as new products launch. Lower trading volumes, competition and regulation remain risks; the charts end at the October 29 close, before earnings.
Financials and technicals
Charts through Oct 29, 2026. The session move above may reflect later news.
Technical setup and risks
The completed October 29 charts show a retreat from the recent $340–$342 high area before earnings. The new advance is recovering toward that area. A close above it would strengthen the recovery, while a fall below the prior $309–$315 low area would weaken it. These are approximate historical reference zones.
AI-assisted research with source and calculation checks. Prices may be delayed. Technical charts use the stated completed session, which can precede the quoted intraday move. Educational information; investing involves risk.