CBOE Stock Surges 6.5% With A 5-day Winning Spree On Record Earnings
Cboe Global Markets (CBOE) – a global exchange offering options, equities, futures, and FX trading – hit a 5-day winning streak, with cumulative gains over this period amounting to 6.5%. The company’s market cap has surged by about $1.8 Bil over the last 5 days and currently stands at $30 Bil.
The stock has YTD (year-to-date) return of 14.0% compared to 0.2% for S&P 500. This calls for a re-evaluation of the stock’s valuation to find out whether this is an opportunity or a trap.
What Triggered The Rally?
[1] Record Q4 2025 Earnings Report
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- Record Diluted EPS of $2.97, up 60%
- Record Net Revenue of $671.1 million, up 28%
- Impact: Delayed Positive Stock Reaction, Increased Investor Confidence
[2] Launch of 24-Hour Russell 2000 Options Trading
- Announcement of nearly 24×5 trading for RUT options
- Aimed at European and Asia Pacific investors
- Impact: Expanded Global Market Access, Positive Future Revenue Outlook
Opportunity or Trap?
Below is our take on valuation.
There are only a couple of things to fear in CBOE stock given its overall Strong operating performance and financial condition. But given its Very High valuation, the stock appears Relatively Expensive (For details, see Buy or Sell CBOE).
But here is the real interesting point.
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Returns vs S&P 500
The following table summarizes the return for CBOE stock vs. the S&P 500 index over different periods, including the current streak:
| Return Period | CBOE | S&P 500 |
|---|---|---|
| 1D | 0.3% | -0.3% |
| 5D (Current Streak) | 6.5% | -1.1% |
| 1M (21D) | 5.2% | 1.0% |
| 3M (63D) | 11.3% | 2.8% |
| YTD 2026 | 14.0% | 0.2% |
| 2025 | 30.0% | 16.4% |
| 2024 | 10.7% | 23.3% |
| 2023 | 44.4% | 24.2% |
However, big gains can follow sharp reversals – but how has CBOE behaved after prior drops? See CBOE Dip Buyer Analysis to learn more.
Gains and Losses Streaks: S&P 500 Constituents
There are currently 42 S&P constituents with 3 days or more of consecutive gains and 47 constituents with 3 days or more of consecutive losses.
| Consecutive Days | # of Gainers | # of Losers |
|---|---|---|
| 3D | 13 | 35 |
| 4D | 23 | 5 |
| 5D | 5 | 5 |
| 6D | 0 | 2 |
| 7D or more | 1 | 0 |
| Total >=3 D | 42 | 47 |
Key Financials for Cboe Global Markets (CBOE)
Last 2 Fiscal Years:
| Metric | FY2023 | FY2024 |
|---|---|---|
| Revenues | $3.8 Bil | $4.1 Bil |
| Operating Income | $1.1 Bil | $1.2 Bil |
| Net Income | $761.4 Mil | $764.9 Mil |
Last 2 Fiscal Quarters:
| Metric | 2025 FQ2 | 2025 FQ3 |
|---|---|---|
| Revenues | $1.2 Bil | $1.1 Bil |
| Operating Income | $356.2 Mil | $375.0 Mil |
| Net Income | $235.1 Mil | $300.8 Mil |
While CBOE stock looks attractive given its winning streak, investing in a single stock without detailed, thorough analysis can be risky. The Trefis High Quality (HQ) Portfolio, with a collection of 30 stocks, has a track record of comfortably outperforming its benchmark that includes all 3 — the S&P 500, S&P mid-cap, and Russell 2000 indices. Why is that? As a group, HQ Portfolio stocks provided better returns with less risk versus the benchmark index; less of a roller-coaster ride, as evident in HQ Portfolio performance metrics.