Cboe Global Markets, Inc. Q3 2026 Earnings Recap

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.