Cboe Global Markets, Inc. Earnings Recaps
Q3 2026
Nov 1, 2026
Cboe’s shares rose 6.8% after earnings, as 18% revenue growth and 36% adjusted EPS growth were supported by broad-based gains and record SPX options activity. The main caveat was softer VIX options volume amid a stable volatility environment.
Key takeaways
- Net revenue increased 18% year over year to $712 million; adjusted diluted EPS rose 36% to $3.63.
- Derivatives net revenue grew 22% to $402 million. Index options ADV increased 24% to 6.1 million contracts, while SPX 0DTE activity reached a record 65% of overall SPX activity.
- Retail SPX 0DTE volume rose 46% year over year, versus 20% growth for institutional volume; retail represented an estimated 58% of SPX 0DTE volume.
- VIX options ADV increased just 3% year over year, which management attributed to a stable 14–20 VIX range. The company said volatility had picked up early in the fourth quarter.
- Cboe extended its exclusive S&P Dow Jones Indices licensing agreement through 2051.
Q2 2026
Aug 4, 2026
Cboe shares rose 4.6% following a quarter that delivered record net revenue and strong earnings growth, driven primarily by exceptional volume gains in derivatives and a bullish outlook on expanding event and prediction market products.
Key takeaways
- Net revenue grew 25% year-over-year to a record $732 million, led by all five company segments.
- Adjusted diluted EPS increased 45% year-over-year to $3.56, reflecting operational leverage across the business.
- Derivatives net revenue hit $413 million, up 30%, with index options average daily volume up 32% to 6.2 million contracts.
- Notable product-level volume records include SPX options (+40% YoY), SPX 0DTE (+11% MoM in June), and Mini-SPX (+80% YoY).
- The company launched Cboe Predicts, targeting simple outcome-based products, and filed to list contracts tied to company performance metrics, positioning for growth beyond traditional options.