Results
News Release Page 1 of 15
Cboe Global Markets Reports Results for Third Quarter 2026
Third Quarter Highlights*
Record Diluted EPS for the Quarter of $4.08, Up 43 percent
Adjusted Diluted EPS 1 for the Quarter of $3.63, Up 36 percent
Net Revenue for the Quarter of $712.2 million, Up 18 percent
Increases 2026 Organic Total Net Revenue Growth Target 2 to 'high teens' from 'mid to high teens' and Cboe Data Vantage 3 Organic Net Revenue Growth Target 2 to 'mid teens' from 'low teens'
Decreases 2026 Adjusted Operating Expense Guidance 2 to $830 to $845 million from $838 to $853 million
CHICAGO, IL – October 30, 2026 – Cboe Global Markets, Inc. (Cboe: CBOE) today reported financial results for the third quarter of 2026.
“Our strong momentum continued in the third quarter as we took important steps to advance our growth strategy,” said Craig Donohue, Chief Executive Officer of Cboe Global Markets.
1“First, we extended our exclusive S&P license through 2051, providing certainty and continuity for our SPX and VIX franchises.
Second, building upon our history of innovation, we advanced our Cboe Predicts offering and our clearing capabilities through the quarter, and recently received the SEC approvals needed to list and clear our company-KPI event contracts, in anticipation of a November launch.
Together, these accomplishments strengthen our core business and enhance our ability to drive growth and create shareholder value.”
8“Cboe posted strong third quarter results, delivering net revenue growth of 18 percent year over year, diluted EPS rose 43 percent to a record $4.08, and adjusted diluted EPS¹ grew 36 percent to $3.63,” said Jill Griebenow, Cboe Global Markets Executive Vice President, Chief Financial Officer.
6“Net revenue in our Derivatives business rose 22 percent, driven by a 24 percent increase in index options average daily volume supported by record 0DTE activity.
3Cash and Spot Markets net revenue increased 12 percent, while Data Vantage delivered record quarterly net revenue, up 13 percent from a year ago.
7Given our strong year-to-date performance, we are increasing our 2026 total organic net revenue growth target 2 to ‘high teens’ from ‘mid to high teens’, increasing our Data Vantage organic net revenue growth target 2 to ‘mid teens’ from ‘low teens’, and lowering adjusted operating expense guidance to $830 to $845 million from $838 to $853 million.”
* All comparisons are third quarter 2026 compared to the same period in 2025.
(1) A full reconciliation of our non-GAAP results to our GAAP (“Generally Accepted Accounting Principles”) results is included in the attached tables.
See “Non-GAAP Information” in the accompanying financial tables.
(2) Specific quantifications of the amounts that would be required to reconcile the company’s organic and inorganic growth guidance, adjusted operating expenses guidance, and the effective tax rate on adjusted earnings guidance are not available.
Acquisitions are considered organic after 12 months of closing.
The company believes that there is uncertainty and unpredictability with respect to certain of its GAAP measures, primarily related to acquisition or divestiture related revenues and costs that would be required to reconcile to GAAP revenues less cost of revenues, and GAAP operating expenses, which preclude the company from providing accurate guidance on certain forward-looking GAAP to non-GAAP reconciliations.
The company believes that providing estimates of the amounts that would be required to reconcile the range of the company’s organic growth, adjusted operating expenses, and the effective tax rate on adjusted earnings would imply a degree of precision that would be confusing or misleading to investors for the reasons identified above.
2026 guidance includes the anticipated business-as-usual financial contribution from Cboe Canada, which Cboe announced divestiture plans for in October 2025.
2026 guidance will be updated as further actions are announced.
Given the third quarter sale completion for Cboe Australia, 2026 total 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.
(3) Cboe Data Vantage refers to the company's Cboe Data Vantage business (formerly known as Data and Access Solutions).
Cboe Data Vantage is subsequently referred to as Data Vantage throughout this press release.
- More -
News Release Page 2 of 15
Consolidated Third Quarter Results
Table 1 below presents selected unaudited condensed consolidated financial information for the company as reported and on an adjusted basis for the three months ended September 30, 2026 and 2025.
Total revenues less co st of revenues (referred to as “net revenue” 2 ) of $712.2 million increased 18 percent, compared to $605.5 million in the prior- year period, a result of increases across all net revenue 2 categories.
Total operating expenses were $249.4 million versus $235.2 million in the third quarter of 2025, an increase of $14.2 million.
4This increase was primarily due to a $14.0 million incremental reserve recorded related to the company's notes receivable in connection with the funding of the Consolidated Audit Trail.
Adjusted operating expenses 1 of $204.0 million were down $6.2 million compared to $210.2 million in the third quarter of 2025.
This decrease was primarily due to a decrease in salaries and wages in connection with the company's previously announced strategic realignment and a decrease in travel and promotional expenses when compared to the third quarter of 2025.
The effective tax rate for the third quarter of 2026 was 22.8 percent as compared with 30.1 percent in the third quarter of 2025.
The lower effective tax rate in 2026 is primarily due to the non-taxable gain on divestiture related to the sale of Cboe Australia.
The effective tax rate on adjusted earnings 1 was 27.6 percent, a decrease of 2.8 percentage points when compared with 30.4 percent in last year’s third quarter.
The change was primarily due to changes in filing positions with state and local taxing authorities.
Diluted EPS for the third quarter of 2026 increased 43 percent to $4.08 compared to the third quarter of 2025.
Adjusted diluted EPS 1 of $3.63 increased 36 percent compared to 2025 third quarter results.
Business Segment Information:
(1) A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables.
See “Non-GAAP Information” in the accompanying financial tables.
(2) See the attached tables on page 10 for “Net Revenue by Revenue Category.”
*Not meaningful
- More -
News Release Page 3 of 15
Discussion of Results by Business Segment:
Options:
Options net revenue of $469.5 million was up $88.7 million, or 23 percent, from the third quarter of 2025.
Net transaction and clearing fees 1 increased primarily as a result of a 14 percent increase in total options average daily volume (“ADV”), coupled with a 9 percent increase in total options revenue per contract (“RPC”) versus the third quarter of 2025.
Access and capacity fees were 25 percent higher and market data fees were 14 percent higher as compared to the third quarter of 2025.
Net transaction and clearing fees 1 increased $82.5 million, or 24 percent, reflecting a 24 percent increase in index options ADV and a 10 percent increase in multi-listed options ADV.
Total options RPC increased 9 percent compared to the third quarter of 2025.
The increase in total options RPC was due to a product mix shift, with index options representing a higher percentage of total options volume, paired with a 3 percent increase in index options RPC.
Cboe’s Options exchanges had total market share of 30.5 percent for the third quarter of 2026, down compared to 30.9 percent in the third quarter of 2025.
North American (N.A.) Equities:
N.A. Equities net revenue of $113.5 million increased $10.0 million, or 10 percent, from the third quarter of 2025, reflecting higher net transaction and clearing fees 1 and access and capacity fees.
Net transaction and clearing fees 1 increased $4.9 million, or 16 percent, compared to the third quarter of 2025.
The increase was driven by improved net capture rates for on-exchange U.S. Equities exchanges versus the third quarter of 2025.
Cboe’s U.S. Equities exchanges had market share of 8.9 percent for the third quarter of 2026, down compared to 9.8 percent in the third quarter of 2025.
Cboe’s U.S. Equities off-exchange market share was 21.3 percent, up from 17.9 percent in the third quarter of 2025.
Europe and Asia Pacific (APAC):
Europe and APAC net revenue of $73.3 million increased $4.2 million, or 6 percent, from the third quarter of 2025, reflecting growth in net transaction and clearing fees 1 .
On a constant currency basis 2 , net revenue was $74.1 million, up 7 percent on a year-over-year basis.
European Equities average daily notional value (“ADNV”) traded on Cboe European Equities was €12.4 billion, up 6 percent compared to the third quarter of 2025 driven by stronger industry market volumes.
Cboe Clear Europe net settlement volume reached 4,231.4 thousand shares, up 19 percent from the third quarter of 2025.
For the third quarter of 2026, Cboe European Equities had 23.0 percent market share, down from 25.4 percent in the third quarter of 2025.
Futures:
Futures net revenue of $28.2 million decreased $1.4 million, or 5 percent, from the third quarter of 2025 driven by a decrease in net transaction and clearing fees 1 .
5Net transaction and clearing fees 1 decreased by $1.9 million, reflecting a 7 percent decrease in ADV when compared to the third quarter of 2025.
Global FX:
Global FX net revenue of $27.7 million increased $5.2 million, or 23 percent, from the third quarter of 2025.
The increase was due to higher net transaction and clearing fees 1 .
ADNV traded on the Cboe FX platform was $61.1 billion for the quarter, up 22 percent compared to last year’s third quarter, and net capture rate per one million dollars traded was $2.91 for the third quarter of 2026, up 1 percent compared to $2.89 in the third quarter of 2025.
(1) See the attached tables on page 10 for “Net Transaction and Clearing Fees by Business Segment.”
(2) A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables.
See “Non-GAAP Information” in the accompanying financial tables.
- More -
News Release Page 4 of 15
2026 Fiscal Year Financial Guidance 1
Cboe provided guidance for the 2026 fiscal year as noted below.
Organic total net revenue growth 2 is expected to be in the 'high teens' range, up from prior guidance of 'mid to high teens' in 2026.
Organic net revenue growth 2 from Data Vantage is expected to be in the ‘mid teens’ range, up from prior guidance of 'low teens' in 2026.
Adjusted operating expenses 2 in 2026 are expected to be in the range of $830 to $845 million, down from prior guidance of $838 to $853 million.
The guidance excludes the expected amortization of acquired intangible assets of $59 million; the company adjusts for this amount in its non-GAAP reconciliation.
Reaffirms depreciation and amortization expense for 2026 is expected to be in the range of $54 to $58 million, excluding the expected amortization of acquired intangible assets.
Reaffirms the effective tax rate on adjusted earnings 2 for the full year 2026 is expected to be in the range of 27.5 to 29.5 percent.
Significant changes in trading volume, expenses, tax laws or rates, and other items could materially impact this expectation.
Reaffirms capital expenditures for 2026 are expected to be in the range of $98 to $108 million.
(1) 2026 guidance includes the anticipated impacts from discontinuing U.S. and European Corporate Listings, CEDX, and Cboe’s Japanese equities business, as well as the planned cost reductions in U.S. and European ETP Listings businesses and several of Cboe's smaller Risk and Market Analytics businesses, as announced in 2025 and early 2026, as well as anticipated realignment costs.
(2) Specific quantifications of the amounts that would be required to reconcile the company’s organic and inorganic growth guidance, adjusted operating expenses guidance, and the effective tax rate on adjusted earnings guidance are not available.
Acquisitions are considered organic after 12 months of closing.
The company believes that there is uncertainty and unpredictability with respect to certain of its GAAP measures, primarily related to acquisition or divestiture related revenues and costs that would be required to reconcile to GAAP revenues less cost of revenues, and GAAP operating expenses, which preclude the company from providing accurate guidance on certain forward-looking GAAP to non-GAAP reconciliations.
The company believes that providing estimates of the amounts that would be required to reconcile the range of the company’s organic growth, adjusted operating expenses, and the effective tax rate on adjusted earnings would imply a degree of precision that would be confusing or misleading to investors for the reasons identified above.
2026 guidance includes the anticipated business-as-usual financial contribution from Cboe Canada, which Cboe announced divestiture plans for in October 2025.
2026 guidance will be updated as further actions are announced.
Given the third quarter sale completion for Cboe Australia, 2026 total 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.
Capital Management
At September 30, 2026, the company had cash and cash equivalents of $2,662.6 million and adjusted cash 3 of $2,720.5 million.
Total debt as of September 30, 2026 was $1,444.3 million.
The company paid cash dividends of $90.2 million, or $0.86 per share, during the third quarter of 2026 and utilized $56.1 million to repurchase approximately 211 thousand shares of its common stock under its share repurchase program at an average price of $266.17 per share.
As of September 30, 2026, the company had approximately $480.7 million of availability remaining under its existing share repurchase authorizations.
2As announced on October 22, 2026, the company's Board of Directors increased its share repurchase authorization by $550 million.
This new authorization will be in addition to any unused amount remaining under the company's existing share repurchase authorizations.
As of October 28, 2026, the company had approximately $1.0 billion authorized and available for repurchase.
Telephone participants should place calls 10 minutes prior to the start of the call.
(3) A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables.
See “Non-GAAP Information” in the accompanying financial tables.
News Release Page 5 of 15
Cboe Global Markets, Inc. is a leading global markets operator with a long history of innovation in equity derivatives.
Since launching the world's first listed options exchange in 1973, Cboe has pioneered landmark products, including the introduction of S&P 500 ® index options and the creation of the VIX ® Index, the world's leading gauge of market volatility, reshaping how investors manage risk and access opportunity.
Today, Cboe operates derivatives, equities, and FX markets, providing trading, clearing, and investment solutions for customers worldwide.
To learn more about Cb oe, visit www.cboe.com.
Cautionary Statements Regarding Forward-Looking Information
You can identify these statements by forward-looking words such as “may,” “might,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” or “continue,” and the negative of these terms and other comparable terminology.
These statements are only predictions based on our current expectations and projections about future events.
We operate in a very competitive and rapidly changing environment.
Some factors that could cause actual results to differ include: the loss of our right to exclusively list and trade certain index options and futures products; economic, political and market conditions; compliance with legal and regulatory obligations; price and new products and services competition and consolidation in our industry; decreases in trading or clearing volumes, market data fees, or a shift in the mix of products traded on our exchanges; legislative or regulatory changes or changes in tax regimes; our ability to protect our systems and communication networks from security vulnerabilities and breaches; our ability to attract and retain skilled management and other personnel; increasing competition by foreign and domestic entities; our business and operational dependence on and exposure to risk from third parties; factors that impact the quality and integrity of our and other applicable indices; our ability to manage our global operations, growth, and strategic acquisitions, wind-downs, divestitures or alliances effectively; increases in the cost of the products and services we use; our ability to operate our business without violating the intellectual property rights of others and the costs associated with protecting our intellectual property rights; our ability to minimize the risks, including our credit, liquidity, market, investment, counterparty, and default risks, associated with operating our clearinghouses; our ability to accommodate trading and clearing volume and transaction traffic, including significant increases, without failure or degradation of performance of our systems; misconduct by those who use our markets or our products or for whom we clear transactions; challenges to our use of open source software code; our ability to meet our compliance obligations, including managing our business interests and our regulatory responsibilities; the loss of key customers or a significant reduction in trading or clearing volumes by key customers; damage to our reputation; the ability of our compliance and risk management methods to effectively monitor and manage our risks; restrictions imposed by our debt obligations and our ability to make payments on or refinance our debt obligations; our ability to maintain an investment grade credit rating; impairment of our goodwill, long-lived assets, investments, or intangible assets; the accuracy of our estimates and expectations; and litigation risks and other liabilities.
More detailed information about factors that may cause our actual results to differ may be found in our filings with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2025 and other filings made from time to time with the SEC.
The condensed consolidated statements of income and balance sheets are unaudited and subject to revision.
Angela TuTim CaveKenneth Hill, CFA
CBOE-F
Trademarks:
Cboe ® , Cboe Global Markets ® , Cboe Volatility Index ® , Cboe Clear ® , Cboe Datashop ® , BIDS Trading ® , BZX ® , BYX ® , EDGX ® , EDGA ® , and VIX ® are registered trademarks and Cboe Plus SM , Cboe Predicts SM , and Cboe Data Vantage SM are service marks of Cboe Global Markets, Inc. and its subsidiaries.
All other trademarks and service marks are the property of their respective owners.
- More -
News Release Page 6 of 15
Cboe Global Markets, Inc.
Key Performance Statistics by Business Segment
- More -
News Release Page 7 of 15
ADV = average daily volume; ADNV = average daily notional value.
RPC, average revenue per contract, for options and futures, represents total net transaction fees recognized for the period divided by total contracts traded during the period.
Touched volume represents the total number of shares of equity securities and ETFs internally matched on our exchanges or routed to and executed on an external market center.
Matched volume represents the total number of shares of equity securities and ETFs executed on our exchanges.
U.S. Equities - Exchange, “net capture per 100 touched shares” refers to transaction fees less liquidity payments and routing and clearing costs divided by the product of one-hundredth ADV of touched shares on BZX, BYX, EDGX and EDGA and the number of trading days.
U.S. Equities - Off-Exchange data reflects BIDS Trading.
For U.S. Equities - Off-Exchange, “net capture per 100 touched shares” refers to transaction fees less order and execution management system (OMS/EMS) fees and clearing costs divided by the product of one-hundredth ADV of touched shares on BIDS Trading and the number of trading days for the period.
17 boilerplate lines (safe-harbor disclaimer, contacts, call details) are set aside.