Cboe Global Markets (CBOE)
Market Price (9/4/2026): $298.5 | Market Cap: $31.3 BilInvestor Relations Sector: Financials | Industry: Financial Exchanges & Data
Cboe Global Markets (CBOE)
Market Price (9/4/2026): $298.5Market Cap: $31.3 BilSector: FinancialsIndustry: Financial Exchanges & Data
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.3%, FCF Yield is 6.0% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 39%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 37% Low stock price volatilityVol 12M is 33% Megatrend and thematic driversMegatrends include Crypto & Blockchain, AI in Financial Services, and Fintech & Digital Payments. Themes include Cryptocurrency Exchanges, Show more. | Key risksCBOE key risks include [1] the potential for lower trading volumes in its flagship VIX products during periods of reduced market volatility. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.3%, FCF Yield is 6.0% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 39%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 37% |
| Low stock price volatilityVol 12M is 33% |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain, AI in Financial Services, and Fintech & Digital Payments. Themes include Cryptocurrency Exchanges, Show more. |
| Key risksCBOE key risks include [1] the potential for lower trading volumes in its flagship VIX products during periods of reduced market volatility. |
Qualitative Assessment
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Cboe Global Markets (CBOE) stock has lost about 10% since 5/31/2026 because of the following key factors:
1. Market Overvaluation and Subsequent Correction.
Despite Cboe Global Markets (CBOE) reporting strong fiscal Q2 2026 results on July 31, 2026, with an adjusted diluted EPS of $3.56 (up 45%) and record net revenue of $731.6 million (up 25%), analysts and valuation models indicated the stock was significantly overvalued. For instance, on August 31, 2026, the GF Value™ assessment noted CBOE shares were 31.7% overvalued, trading at $300.20 compared to an estimated intrinsic value of $227.98. This underlying overvaluation likely contributed to a downward price correction during the specified period.
2. Broad Macroeconomic Headwinds and Market Sentiment Shift.
The stock's decline was influenced by broader macroeconomic pressures and a shift in market sentiment. On September 1, 2026, global bond yields surged, and inflation concerns heightened, leading to a general downturn in stocks as investors anticipated central bank interest rate hikes. Furthermore, in June 2026, the S&P 500® Index experienced a 1.1% decline, and the Cboe Magnificent 10℠ Index (MGTN) fell 9.2%, signaling a market rotation away from certain growth sectors. These factors contributed to a less favorable environment for equities, including CBOE.
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Cboe Global Markets (CBOE) stock has lost about 10% since 5/31/2026 because of the following key factors:
1. Market Overvaluation and Subsequent Correction.
Despite Cboe Global Markets (CBOE) reporting strong fiscal Q2 2026 results on July 31, 2026, with an adjusted diluted EPS of $3.56 (up 45%) and record net revenue of $731.6 million (up 25%), analysts and valuation models indicated the stock was significantly overvalued. For instance, on August 31, 2026, the GF Value™ assessment noted CBOE shares were 31.7% overvalued, trading at $300.20 compared to an estimated intrinsic value of $227.98. This underlying overvaluation likely contributed to a downward price correction during the specified period.
2. Broad Macroeconomic Headwinds and Market Sentiment Shift.
The stock's decline was influenced by broader macroeconomic pressures and a shift in market sentiment. On September 1, 2026, global bond yields surged, and inflation concerns heightened, leading to a general downturn in stocks as investors anticipated central bank interest rate hikes. Furthermore, in June 2026, the S&P 500® Index experienced a 1.1% decline, and the Cboe Magnificent 10℠ Index (MGTN) fell 9.2%, signaling a market rotation away from certain growth sectors. These factors contributed to a less favorable environment for equities, including CBOE.
3. Analyst Concerns and "Hold" Consensus.
Throughout the period, Wall Street analysts largely maintained a "Hold" consensus rating for CBOE, reflecting underlying concerns. As of late August 2026, the average price target from analysts was approximately $315.30. Some firms, such as Goldman Sachs, maintained a "Sell" rating and adjusted their price target from $287 to $304 in early August 2026. Analysts also highlighted the firm's significant reliance on its options exchange, which accounts for approximately 60% of its revenue, as a potential vulnerability, alongside challenges in revenue generation despite efforts to manage expenses.
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Stock Movement Drivers
Fundamental Drivers
The -10.3% change in CBOE stock from 5/31/2026 to 9/3/2026 was primarily driven by a -18.1% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9032026 | Change |
|---|---|---|---|
| Stock Price ($) | 332.64 | 298.50 | -10.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,792 | 5,061 | 5.6% |
| Net Income Margin (%) | 25.8% | 26.7% | 3.7% |
| P/E Multiple | 28.2 | 23.1 | -18.1% |
| Shares Outstanding (Mil) | 105 | 105 | 0.0% |
| Cumulative Contribution | -10.3% |
Market Drivers
5/31/2026 to 9/3/2026| Return | Correlation | |
|---|---|---|
| CBOE | -10.3% | |
| Market (SPY) | 2.2% | -22.9% |
| Sector (XLF) | 13.5% | -12.4% |
Fundamental Drivers
The 0.1% change in CBOE stock from 2/28/2026 to 9/3/2026 was primarily driven by a 14.6% change in the company's Net Income Margin (%).| (LTM values as of) | 2282026 | 9032026 | Change |
|---|---|---|---|
| Stock Price ($) | 298.26 | 298.50 | 0.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,714 | 5,061 | 7.4% |
| Net Income Margin (%) | 23.3% | 26.7% | 14.6% |
| P/E Multiple | 28.4 | 23.1 | -18.6% |
| Shares Outstanding (Mil) | 105 | 105 | 0.0% |
| Cumulative Contribution | 0.1% |
Market Drivers
2/28/2026 to 9/3/2026| Return | Correlation | |
|---|---|---|
| CBOE | 0.1% | |
| Market (SPY) | 13.0% | -14.6% |
| Sector (XLF) | 14.4% | -5.3% |
Fundamental Drivers
The 27.8% change in CBOE stock from 8/31/2025 to 9/3/2026 was primarily driven by a 34.5% change in the company's Net Income Margin (%).| (LTM values as of) | 8312025 | 9032026 | Change |
|---|---|---|---|
| Stock Price ($) | 233.57 | 298.50 | 27.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,532 | 5,061 | 11.7% |
| Net Income Margin (%) | 19.9% | 26.7% | 34.5% |
| P/E Multiple | 27.2 | 23.1 | -14.9% |
| Shares Outstanding (Mil) | 105 | 105 | 0.0% |
| Cumulative Contribution | 27.8% |
Market Drivers
8/31/2025 to 9/3/2026| Return | Correlation | |
|---|---|---|
| CBOE | 27.8% | |
| Market (SPY) | 20.9% | -13.5% |
| Sector (XLF) | 9.8% | -1.2% |
Fundamental Drivers
The 106.3% change in CBOE stock from 8/31/2023 to 9/3/2026 was primarily driven by a 59.9% change in the company's Net Income Margin (%).| (LTM values as of) | 8312023 | 9032026 | Change |
|---|---|---|---|
| Stock Price ($) | 144.71 | 298.50 | 106.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,894 | 5,061 | 30.0% |
| Net Income Margin (%) | 16.7% | 26.7% | 59.9% |
| P/E Multiple | 23.5 | 23.1 | -1.7% |
| Shares Outstanding (Mil) | 106 | 105 | 1.0% |
| Cumulative Contribution | 106.3% |
Market Drivers
8/31/2023 to 9/3/2026| Return | Correlation | |
|---|---|---|
| CBOE | 106.3% | |
| Market (SPY) | 77.7% | -13.9% |
| Sector (XLF) | 78.0% | -0.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CBOE Return | 42% | -2% | 44% | 11% | 30% | 18% | 241% |
| Peers Return | 38% | -23% | 26% | 21% | 14% | -3% | 80% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| CBOE Win Rate | 58% | 33% | 75% | 50% | 75% | 56% | |
| Peers Win Rate | 62% | 37% | 62% | 55% | 65% | 44% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| CBOE Max Drawdown | -13% | -19% | -8% | -14% | -9% | -37% | |
| Peers Max Drawdown | -10% | -35% | -17% | -10% | -19% | -27% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CME, ICE, NDAQ, SPGI, MCO. See CBOE Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/3/2026 (YTD)
How Low Can It Go
| Event | CBOE | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -18.1% | -24.5% |
| % Gain to Breakeven | 22.0% | 32.4% |
| Time to Breakeven | 167 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -36.8% | -33.7% |
| % Gain to Breakeven | 58.3% | 50.9% |
| Time to Breakeven | 460 days | 140 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -19.7% | -15.4% |
| % Gain to Breakeven | 24.6% | 18.2% |
| Time to Breakeven | 884 days | 125 days |
In The Past
Cboe Global Markets's stock fell -2.3% during the 2025 US Tariff Shock. Such a loss loss requires a 2.4% gain to breakeven.
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| Event | CBOE | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -36.8% | -33.7% |
| % Gain to Breakeven | 58.3% | 50.9% |
| Time to Breakeven | 460 days | 140 days |
In The Past
Cboe Global Markets's stock fell -2.3% during the 2025 US Tariff Shock. Such a loss loss requires a 2.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Cboe Global Markets (CBOE)
Cboe Global Markets (CBOE) is a prominent global exchange operator that facilitates the trading of a wide range of financial products across various asset classes. Headquartered in Chicago and founded in 1973, the company provides essential infrastructure for financial markets worldwide, serving as a critical intermediary where participants can buy, sell, and list financial instruments.
The company's diverse offerings are segmented across multiple geographies. Cboe operates significant platforms for options trading, particularly for listed market indices. It also provides marketplaces for trading U.S. and Canadian equities, exchange-traded products (ETPs), and futures. Expanding its global reach, Cboe facilitates trading in equities, derivatives, and commodities across Europe and Asia Pacific, additionally offering ETP listings and clearing services in these regions.
Furthermore, Cboe features a dedicated Global FX segment, which provides institutional foreign exchange (FX) trading and non-deliverable forward FX transactions. This comprehensive suite of services positions Cboe Global Markets as a key partner for institutional investors, brokers, traders, and other financial market participants seeking access to liquid, transparent, and regulated markets for derivatives, equities, currencies, and various investment vehicles globally.
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The Nasdaq for global options, futures, and FX trading.
Like CME Group, but also operating major stock exchanges worldwide.
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- Options Trading: Facilitates the trading of listed options, including those on market indices.
- Equities Trading: Operates exchanges for trading U.S., Canadian, and pan-European listed equities.
- Futures Trading: Provides platforms for trading various futures contracts.
- Exchange-Traded Products (ETP) Trading: Offers transaction services for a wide range of exchange-traded products.
- Foreign Exchange (FX) Trading: Delivers institutional foreign exchange trading and non-deliverable forward FX transaction services.
- Listing Services: Provides services for listing exchange-traded products, equities, and other financial instruments.
- Clearing Services: Offers clearing services for various traded instruments, particularly in European and Asia Pacific markets.
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Cboe Global Markets (CBOE) operates as a global exchange. Its primary customers are not individual retail investors but rather a broad range of financial institutions and market participants who utilize its trading platforms and listing services. Due to the nature of an exchange business, Cboe serves a vast network of participants rather than having a few named "major customers" in the traditional sense.
The major categories of customers Cboe serves are:
- Broker-Dealer Firms and Financial Institutions: These entities connect investors (both institutional and retail) to Cboe's markets, executing trades in options, equities, futures, and foreign exchange. They pay transaction fees, market data fees, and other service charges for accessing Cboe's platforms.
- Professional Trading Firms and Market Makers: These firms actively participate on Cboe's exchanges to provide liquidity and engage in proprietary trading across various asset classes. Their high trading volumes contribute significantly to Cboe's transaction-based revenues.
- Exchange-Traded Product (ETP) Issuers: Companies that create and offer exchange-traded products, such as ETPs, exchange-traded commodities, and international depository receipts, list these products on Cboe's exchanges and pay listing fees and associated service charges.
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- MSCI Inc. (MSCI)
- DJI Opco, LLC
- FTSE International Limited
- Frank Russell Company
- S&P Dow Jones Indices, LLC
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Craig Donohue
Chief Executive Officer and President
Craig Donohue became the Chief Executive Officer of Cboe Global Markets in May 2025, also assuming the title of President upon the departure of David Howson in August 2025. Prior to joining Cboe, Donohue served as Chairman of the Board of Directors at OCC (Options Clearing Corporation) from January 2024, after being Executive Chairman and CEO of OCC for three years starting in 2016. He initially joined OCC as Executive Chairman in January 2014. Before his time at OCC, Donohue was the Chief Executive Officer of CME Group from January 2004 until May 2012. During his tenure at CME Group, he spearheaded mergers and acquisitions totaling over $20 billion, including the significant merger with the Chicago Board of Trade in 2007 and the acquisition of both the New York Mercantile Exchange and the Commodity Exchange Inc. in 2008.
Jill Griebenow
Executive Vice President, Chief Financial Officer
Jill Griebenow is the Executive Vice President and Chief Financial Officer at Cboe Global Markets, a role she assumed effective July 10, 2023. In this position, she is responsible for all financial activities of the company, encompassing accounting, finance, tax, investor relations, treasury, and capital markets. Prior to her appointment as CFO, Griebenow served as the Senior Vice President, Chief Accounting Officer at Cboe since 2018. She also held the position of Chief Financial Officer of Cboe Europe. Griebenow began her career at Cboe in 2011 as a Financial Reporting Specialist. Before joining Cboe, she was a Senior Manager at Ernst & Young (EY), where her work focused on auditing public companies within the asset management and financial services sectors. She has over two decades of experience in the financial and public accounting industries.
Scott Johnston
Executive Vice President, Chief Operating Officer
Scott Johnston was appointed Executive Vice President, Chief Operating Officer of Cboe Global Markets, effective March 6, 2026. He assumed this role after Chris Isaacson retired.
Patrick Sexton
Executive Vice President, General Counsel and Corporate Secretary
Patrick Sexton has served as Executive Vice President, General Counsel and Corporate Secretary at Cboe Global Markets since March 1, 2018. Before this, he was the Deputy General Counsel of the company's subsidiary, Cboe Exchange, Inc., a position he held since July 2013. Sexton has accumulated extensive experience as legal, regulatory, and compliance counsel since joining Cboe in 1997. He played a key role in Cboe's demutualization in 2010 and the acquisition of Bats Global Markets in 2017.
Prashant Bhatia
Executive Vice President, Head of Enterprise Strategy & Corporate Development
Prashant Bhatia serves as the Executive Vice President, Head of Enterprise Strategy & Corporate Development at Cboe Global Markets. In this capacity, he collaborates with the executive leadership team to formulate and implement the company's enterprise business strategy, focusing on identifying opportunities for growth to enhance Cboe's market leadership. Bhatia brings over three decades of experience in the financial services industry, having previously held positions as a Finance Manager at Morgan Stanley & Co. and a Senior Associate at Coopers & Lybrand L.L.P.
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The key risks to Cboe Global Markets (CBOE) include intense market competition, the evolving regulatory landscape, and the potential loss of exclusive rights to its key proprietary products.
- Market Competition and Off-Exchange Trading: Cboe operates within a highly competitive financial exchange industry, facing rivalry from other established exchanges, emerging fintech firms, and the increasing prevalence of off-exchange trading. This intense competition can lead to a decline in market share, as seen in its U.S. Equities segment, and exert downward pressure on pricing and profitability. The existence of "copycat OTC options" further exemplifies this risk, as these off-exchange, privately-negotiated agreements can divert liquidity away from Cboe's listed markets.
- Regulatory Changes and Scrutiny: As an exchange operator, Cboe is subject to a complex and dynamic regulatory environment. Changes in regulations or increased scrutiny can significantly impact its business model and revenue streams. Specific concerns include potential regulatory caps on Zero-Days-to-Expiration (0DTE) options, which have been a significant driver of trading volumes, and the European Union's ban on Payment for Order Flow (PFOF) which could disrupt retail liquidity in its European operations. Additionally, Cboe's attempts to define what constitutes a "facility" of the exchange have triggered debate regarding regulatory oversight.
- Loss of Exclusive Rights to Key Proprietary Products: A substantial portion of Cboe's earnings is derived from its proprietary products, such as S&P 500 Index (SPX) options and Cboe Volatility Index (VIX) options. There is a specific risk that Cboe may not be able to maintain its exclusive trading rights for S&P 500 options. Its current agreement with S&P Global is in place through 2032, but renewal is not guaranteed, and S&P Global could potentially seek less favorable terms, which would negatively impact Cboe's future revenue.
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Addressable Market Sizes for Cboe Global Markets' Main Products and Services
-
Options Segment:
- Global listed options trading volume: 108.2 billion contracts in 2023.
- U.S. listed options trading volume: 15.2 billion contracts in 2025.
- U.S. index options average daily volume: 5 million contracts in 2025.
-
North American Equities Segment:
- U.S. stock market capitalization: $60.1 trillion as of February 2025.
- Canadian equities market capitalization: $2.75 trillion USD in 2023.
- Global Exchange-Traded Products (ETP) assets under management (AUM): $19.85 trillion at the end of December 2025.
-
Futures Segment:
- Global listed futures trading volume: 29.1 billion contracts in 2023.
- Global futures trading service market size: $5.2 billion in 2023, projected to reach $10.8 billion by 2032.
-
Europe and Asia Pacific Segment:
- European stock markets market capitalization: Approximately €22.71 trillion in 2025 (approximately $24.75 trillion USD, using an approximate conversion rate of 1 EUR = 1.09 USD).
- Asia Pacific public equity market capitalization: $34.4 trillion in 2024.
- Specific current European ETP AUM: Null
- Specific current Asia Pacific ETP AUM: Null
- Specific European or Asia Pacific derivatives market size (notional/volume): Null (global listed options and futures figures apply, see Options and Futures segments above).
-
Global FX Segment:
- Global daily foreign exchange (FX) turnover: Over $7.5 trillion per day in 2022.
- Global Over-The-Counter (OTC) FX derivatives notional outstanding: $155 trillion in June 2025.
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1. Expansion and Innovation in Derivatives Trading: Cboe anticipates continued growth in its Derivatives segment, particularly through proprietary index options such as SPX and VIX, and the increasing adoption of Zero-Days-to-Expiration (0DTE) options. This segment has shown significant revenue increases and strong trading volumes, with 0DTE options demonstrating a substantial rise in average daily volume.
2. Geographical Expansion and International Market Penetration: The company is actively pursuing a strategy of global expansion, focusing on increasing its footprint and market share in regions like Europe and Asia Pacific. Initiatives include expanding clearing services (e.g., into the German market via Cboe Clear Europe) and onboarding more brokers in the EMEA and APAC regions. The Europe and Asia Pacific segment has already shown record net revenue growth.
3. Growth of the Data Vantage Business: Cboe's Data Vantage segment, which encompasses market data, access solutions, indices, and risk and market analytics, is a consistent revenue driver. Growth in this area is largely fueled by strong demand for new units and new sales, indicating sustained interest in their comprehensive data offerings. Cboe targets mid-to-high single-digit organic net revenue growth for Data Vantage in 2026.
4. Strategic Product Innovation and Emerging Opportunities: Cboe is committed to enhancing its product suite and exploring new growth avenues. This includes continuously developing new derivatives offerings, such as S&P 500 Equal Weight Index (EWI) options, and actively exploring emerging opportunities in event and prediction markets, as well as digital asset derivatives like Bitcoin and Ether futures.
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Share Repurchases
- In August 2024, Cboe Global Markets authorized an additional $500 million for share repurchases, with $179.8 million remaining under existing authorizations as of July 31, 2024.
- In October 2023, the company authorized an additional $250 million for share repurchases, with approximately $139.8 million of availability remaining under existing authorizations as of June 30, 2023.
Share Issuance
- Cboe Global Markets has experienced a decline in shares outstanding over the last few years, with a 0.19% decline in 2025, a 0.85% decline in 2024, and a 0.47% decline in 2023, indicating net share repurchases.
Outbound Investments
- Cboe completed the acquisition of Eris Digital Holdings, LLC (ErisX) in May 2022, which provided the company with entry into digital asset spot and derivatives markets.
- In January 2021, Cboe completed its acquisition of BIDS Trading, a registered broker-dealer and operator of the largest block-trading ATS in the U.S., to expand its U.S. equities offerings.
- In 2020, Cboe acquired risk analytics provider Hanweck Associates and the portfolio management platform FT Options, which were subsequently integrated into its Risk and Market Analytics Group by April 2022.
Capital Expenditures
- Cboe Global Markets expects capital expenditures for fiscal year 2026 to be in the range of $73 million to $83 million.
- Actual capital expenditures were $74 million in 2025, $61 million in 2024, and $45 million in 2023.
Peer Outperformance in Financial Exchanges & Data
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Investment Banking & Brokerage | 13 | 10.4% | 128.8% | 144.3% | IBKR 492% · SNEX 242% · HOOD 188% |
| Reinsurance | 6 | 23.1% | 85.5% | 131.0% | SPNT 163% · RGA 142% · MTG 132% |
| Diversified Banks | 12 | 42.0% | 132.3% | 121.2% | CM 158% · JPM 157% · RY 146% |
| Life & Health Insurance | 20 | 16.7% | 57.4% | 98.7% | JXN 510% · UNM 325% · FG 227% |
| Multi-Sector Holdings | 6 | 3.6% | 42.8% | 80.0% | JONE 362% · JEF 82% · BRK-B 80% |
| Property & Casualty Insurance | 42 | 13.3% | 76.7% | 68.5% | ASIC 2735900% · HRTG 448% · UVE 304% |
| Regional Banks | 264 | 27.5% | 81.6% | 66.2% | GCBC 368% · ESQ 363% · NBN 294% |
| Multi-line Insurance | 9 | 13.8% | 78.1% | 57.0% | GNW 184% · L 104% · SLF 93% |
| Consumer Finance | 30 | 10.9% | 79.5% | 38.3% | ENVA 601% · EZPW 383% · FCFS 170% |
| Insurance Brokers | 16 | -11.2% | 2.8% | 27.1% | LIFE 587% · AJG 92% · ARX 88% |
| Asset Management & Custody Banks | 83 | -9.7% | 16.8% | 20.4% | WT 331% · SII 303% · VCTR 290% |
| Financial Exchanges & Data ← | 15 | 2.5% | 23.2% | 19.7% | VIRT 213% · CBOE 152% · CME 78% |
| Diversified Financial Services | 4 | -0.7% | -1.0% | 15.1% | FRHC 158% · EQH 95% · TMS -65% |
| Commercial & Residential Mortgage Finance | 12 | -34.2% | 15.7% | 6.5% | FNMA 487% · FMCC 469% · ESNT 65% |
| Specialized Finance | 3 | 15.8% | 45.5% | -10.3% | EFC 34% · CACC -10% · HASI -15% |
| Mortgage REITs | 33 | -9.9% | 9.6% | -13.8% | NREF 55% · RITM 51% · DX 39% |
| Transaction & Payment Processing Services | 15 | 5.4% | 1.7% | -39.0% | MA 77% · V 75% · CPAY 60% |
| Diversified Capital Markets | 21 | -17.8% | 0.3% | -44.3% | BTCS 660% · OPY 203% · LPLA 146% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 290.27 |
| Mkt Cap | 90.3 |
| Rev LTM | 8,456 |
| Op Inc LTM | 4,086 |
| FCF LTM | 3,590 |
| FCF 3Y Avg | 3,206 |
| CFO LTM | 3,814 |
| CFO 3Y Avg | 3,412 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.7% |
| Rev Chg 3Y Avg | 11.1% |
| Rev Chg Q | 12.9% |
| QoQ Delta Rev Chg LTM | 3.2% |
| Op Inc Chg LTM | 18.7% |
| Op Inc Chg 3Y Avg | 19.2% |
| Op Mgn LTM | 41.4% |
| Op Mgn 3Y Avg | 39.1% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 39.7% |
| CFO/Rev 3Y Avg | 38.1% |
| FCF/Rev LTM | 35.5% |
| FCF/Rev 3Y Avg | 34.6% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Options | 2,434 | 2,003 | 1,940 | 1,823 | 1,505 |
| North American Equities | 1,672 | 1,547 | 1,353 | 1,682 | 1,570 |
| Europe and Asia Pacific | 379 | 324 | 281 | 265 | 240 |
| Futures | 136 | 141 | 129 | 120 | 121 |
| Global FX | 94 | 80 | 75 | 69 | 58 |
| Corporate Items and Eliminations | 0 | 0 | 0 | 0 | 0 |
| Digital | 0 | -0 | -4 | 0 | 0 |
| Total | 4,714 | 4,094 | 3,774 | 3,958 | 3,495 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Options | 1,113 | 878 | 851 | 740 | 538 |
| North American Equities | 188 | 169 | 118 | 147 | 156 |
| Futures | 74 | 99 | 86 | 55 | 66 |
| Europe and Asia Pacific | 54 | 42 | 33 | 38 | 56 |
| Global FX | 46 | 33 | 25 | 9 | 3 |
| Digital | 0 | -112 | -47 | -491 | 0 |
| Corporate Items and Eliminations | -8 | -10 | -8 | -8 | -13 |
| Total | 1,467 | 1,098 | 1,058 | 490 | 806 |
| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Options | 739 | 581 | 576 | 480 |
| North American Equities | 164 | 149 | 105 | 126 |
| Futures | 63 | 70 | 53 | 13 |
| Corporate Items and Eliminations | 54 | -14 | 18 | -45 |
| Global FX | 46 | 33 | 24 | 9 |
| Europe and Asia Pacific | 33 | 25 | 20 | 23 |
| Digital | 0 | -79 | -34 | -371 |
| Total | 1,100 | 765 | 761 | 235 |
Price Behavior
| Market Price | $298.50 | |
| Market Cap ($ Bil) | 31.3 | |
| First Trading Date | 06/15/2010 | |
| Distance from 52W High | -18.2% | |
| 50 Days | 200 Days | |
| DMA Price | $282.45 | $283.66 |
| DMA Trend | up | down |
| Distance from DMA | 5.7% | 5.2% |
| 3M | 1YR | |
| Volatility | 43.6% | 33.2% |
| Downside Capture | -79.18 | -51.13 |
| Upside Capture | -50.10 | -11.11 |
| Correlation (SPY) | -23.9% | -13.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -1.44 | -1.42 | -0.81 | -0.43 | -0.33 | -0.23 |
| Up Beta | -2.68 | -2.67 | -1.13 | -0.66 | -0.62 | -0.28 |
| Down Beta | -3.44 | -1.37 | 0.08 | 0.03 | -0.28 | -0.22 |
| Up Capture | -61% | -6% | -100% | -30% | -4% | -1% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 10 | 26 | 34 | 66 | 136 | 403 |
| Down Capture | -29% | -236% | -100% | -76% | -72% | -142% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 11 | 16 | 30 | 61 | 115 | 346 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CBOE | |
|---|---|---|---|---|
| CBOE | 28.2% | 33.2% | 0.78 | - |
| Sector ETF (XLF) | 10.8% | 14.6% | 0.48 | -1.1% |
| Equity (SPY) | 21.2% | 12.8% | 1.23 | -13.7% |
| Gold (GLD) | 25.1% | 29.1% | 0.77 | -8.4% |
| Commodities (DBC) | 42.9% | 20.4% | 1.64 | 11.3% |
| Real Estate (VNQ) | 10.7% | 13.6% | 0.50 | 15.8% |
| Bitcoin (BTCUSD) | -31.0% | 43.5% | -0.73 | 1.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CBOE | |
|---|---|---|---|---|
| CBOE | 20.7% | 24.5% | 0.74 | - |
| Sector ETF (XLF) | 10.6% | 18.4% | 0.44 | 16.2% |
| Equity (SPY) | 13.1% | 17.2% | 0.58 | 10.6% |
| Gold (GLD) | 19.6% | 18.8% | 0.85 | 0.1% |
| Commodities (DBC) | 11.0% | 19.5% | 0.44 | 6.4% |
| Real Estate (VNQ) | 2.0% | 18.9% | 0.00 | 20.9% |
| Bitcoin (BTCUSD) | 10.5% | 52.6% | 0.38 | 7.5% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CBOE | |
|---|---|---|---|---|
| CBOE | 17.4% | 26.1% | 0.64 | - |
| Sector ETF (XLF) | 13.7% | 22.1% | 0.56 | 34.5% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 29.7% |
| Gold (GLD) | 12.5% | 16.3% | 0.63 | 1.7% |
| Commodities (DBC) | 8.0% | 18.1% | 0.36 | 12.4% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 33.5% |
| Bitcoin (BTCUSD) | 63.1% | 66.1% | 1.03 | 7.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/31/2026 | 4.6% | -2.5% | 4.7% |
| 5/1/2026 | 9.0% | 12.8% | 0.5% |
| 2/6/2026 | -0.7% | -1.7% | 9.0% |
| 10/31/2025 | 3.7% | 6.7% | 7.7% |
| 8/1/2025 | 2.8% | 3.5% | -1.8% |
| 5/2/2025 | 2.3% | 3.1% | 4.8% |
| 2/7/2025 | 2.0% | 0.6% | 6.1% |
| 11/1/2024 | -1.7% | -6.5% | -0.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 17 | 16 | 18 |
| # Negative | 7 | 8 | 6 |
| Median Positive | 2.8% | 4.2% | 6.9% |
| Median Negative | -1.7% | -3.3% | -1.5% |
| Max Positive | 9.0% | 12.8% | 15.8% |
| Max Negative | -5.8% | -7.5% | -4.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/31/2026 | 4.6% | -2.5% | 4.7% |
| 5/1/2026 | 9.0% | 12.8% | 0.5% |
| 2/6/2026 | -0.7% | -1.7% | 9.0% |
| 10/31/2025 | 3.7% | 6.7% | 7.7% |
| 8/1/2025 | 2.8% | 3.5% | -1.8% |
| 5/2/2025 | 2.3% | 3.1% | 4.8% |
| 2/7/2025 | 2.0% | 0.6% | 6.1% |
| 11/1/2024 | -1.7% | -6.5% | -0.5% |
| 8/2/2024 | 4.3% | 9.9% | 10.9% |
| 5/3/2024 | 3.2% | 5.1% | 0.8% |
| 2/2/2024 | -1.1% | -0.3% | 2.8% |
| 11/3/2023 | 4.1% | 8.3% | 12.0% |
| 8/4/2023 | 4.0% | 6.0% | 7.8% |
| 5/5/2023 | -0.4% | 1.4% | -1.1% |
| 2/3/2023 | 2.8% | 4.0% | 4.1% |
| 11/4/2022 | 2.7% | -3.2% | 2.3% |
| 7/29/2022 | -1.8% | -5.2% | -4.2% |
| 4/29/2022 | -2.0% | -3.5% | -2.5% |
| 2/4/2022 | 3.1% | 3.8% | 0.2% |
| 10/29/2021 | 0.6% | 1.0% | -0.8% |
| 7/30/2021 | 2.2% | 4.4% | 8.2% |
| 4/30/2021 | 1.0% | 3.8% | 8.1% |
| 2/5/2021 | -5.8% | -7.5% | 11.3% |
| 10/30/2020 | 2.6% | 4.8% | 15.8% |
| SUMMARY STATS | |||
| # Positive | 17 | 16 | 18 |
| # Negative | 7 | 8 | 6 |
| Median Positive | 2.8% | 4.2% | 6.9% |
| Median Negative | -1.7% | -3.3% | -1.5% |
| Max Positive | 9.0% | 12.8% | 15.8% |
| Max Negative | -5.8% | -7.5% | -4.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/31/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/31/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 07/29/2022 | 10-Q |
| 03/31/2022 | 04/29/2022 | 10-Q |
| 12/31/2021 | 02/18/2022 | 10-K |
| 09/30/2021 | 10/29/2021 | 10-Q |
| 06/30/2021 | 07/30/2021 | 10-Q |
| 03/31/2021 | 04/30/2021 | 10-Q |
| 12/31/2020 | 02/19/2021 | 10-K |
| 09/30/2020 | 10/30/2020 | 10-Q |
| 06/30/2020 | 07/31/2020 | 10-Q |
| 03/31/2020 | 05/01/2020 | 10-Q |
| 12/31/2019 | 02/21/2020 | 10-K |
| 09/30/2019 | 11/01/2019 | 10-Q |
Recent Forward Guidance
Updated 8/1/2026Latest: Q2 2026 Earnings Reported 7/31/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Depreciation and Amortization | Reported | 54.00 Mil | 56.00 Mil | 58.00 Mil | Lowered | Guidance: 58.00 Mil for 2026 | ||
| 2026 Organic Total Net Revenue Growth | Reported | 15.0% | 17.0% | 4.5% | Raised | Guidance: 12.5% for 2026 | ||
| 2026 Data Vantage Organic Net Revenue Growth | Reported | 11.0% | 12.0% | 2.0% | Raised | Guidance: 10.0% for 2026 | ||
| 2026 Adjusted Operating Expenses | Reported | 838.00 Mil | 845.50 Mil | 853.00 Mil | 0 | Affirmed | Guidance: 845.50 Mil for 2026 | |
| 2026 Effective Tax Rate | Reported | 27.5% | 28.5% | 29.5% | 0 | 0 | Affirmed | Guidance: 28.5% for 2026 |
| 2026 Capital Expenditures | Reported | 98.00 Mil | 103.00 Mil | 108.00 Mil | Raised | Guidance: 78.00 Mil for 2026 | ||
Prior: Q1 2026 Earnings Reported 5/1/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Depreciation and Amortization Expense | Reported | 56.00 Mil | 58.00 Mil | 60.00 Mil | 0 | Affirmed | Guidance: 58.00 Mil for 2026 | |
| 2026 Organic Total Net Revenue Growth | Reported | 10.0% | 12.5% | 15.0% | 150.0% | 7.5% | Raised | Guidance: 5.0% for 2026 |
| 2026 Data Vantage Organic Net Revenue Growth | Reported | 10.0% | 42.9% | 3.0% | Raised | Guidance: 7.0% for 2026 | ||
| 2026 Adjusted Operating Expenses | Reported | 838.00 Mil | 845.50 Mil | 853.00 Mil | -3.0% | Lowered | Guidance: 871.50 Mil for 2026 | |
| 2026 Effective Tax Rate on Adjusted Earnings | Reported | 27.5% | 28.5% | 29.5% | 0 | 0 | Affirmed | Guidance: 28.5% for 2026 |
| 2026 Capital Expenditures | Reported | 73.00 Mil | 78.00 Mil | 83.00 Mil | 0 | Affirmed | Guidance: 78.00 Mil for 2026 | |
Q4 2025 Earnings Reported 2/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Depreciation and Amortization Expense | Reported | 56.00 Mil | 58.00 Mil | 60.00 Mil | 11.5% | Higher New | Guidance: 52.00 Mil for 2025 | |
| 2026 Organic Total Net Revenue Growth | Reported | 5.0% | -60.0% | -7.5% | Lower New | Guidance: 12.5% for 2025 | ||
| 2026 Data Vantage Organic Net Revenue Growth | Reported | 7.0% | -26.3% | -2.5% | Lower New | Guidance: 9.5% for 2025 | ||
| 2026 Adjusted Operating Expenses | Reported | 864.00 Mil | 871.50 Mil | 879.00 Mil | 4.4% | Higher New | Guidance: 834.50 Mil for 2025 | |
| 2026 Effective Tax Rate on Adjusted Earnings | Reported | 27.5% | 28.5% | 29.5% | -1.0% | Lower New | Guidance: 29.5% for 2025 | |
| 2026 Capital Expenditures | Reported | 73.00 Mil | 78.00 Mil | 83.00 Mil | 0 | Same New | Guidance: 78.00 Mil for 2025 | |
Q3 2025 Earnings Reported 10/31/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Depreciation and Amortization Expense | Reported | 50.00 Mil | 52.00 Mil | 54.00 Mil | -5.5% | Lowered | Guidance: 55.00 Mil for 2025 | |
| 2025 Organic Total Net Revenue Growth | Reported | 10.0% | 12.5% | 47.1% | 4.0% | Raised | Guidance: 8.5% for 2025 | |
| 2025 Data Vantage Organic Net Revenue Growth | Reported | 7.0% | 9.5% | 26.7% | 2.0% | Raised | Guidance: 7.5% for 2025 | |
| 2025 Adjusted Operating Expenses | Reported | 827.00 Mil | 834.50 Mil | 842.00 Mil | -0.6% | Lowered | Guidance: 839.50 Mil for 2025 | |
| 2025 Effective Tax Rate on Adjusted Earnings | Reported | 28.5% | 29.5% | 30.5% | 0 | Affirmed | Guidance: 29.5% for 2025 | |
| 2025 Capital Expenditures | Reported | 73.00 Mil | 78.00 Mil | 83.00 Mil | -2.5% | Lowered | Guidance: 80.00 Mil for 2025 | |
Insider Activity
Updated 8/21/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Froetscher, Janet P | Direct | Sell | 8142026 | 278.95 | 937 | 261,376 | 3,590,086 | Form | |
| 2 | Froetscher, Janet P | Direct | Sell | 5202026 | 358.09 | 1,223 | 437,944 | 4,944,149 | Form | |
| 3 | Wilkinson, Allen | SVP, CHIEF ACCOUNTING OFFICER | Direct | Sell | 2252026 | 292.79 | 248 | 72,612 | 120,044 | Form |
| 4 | Matturri, Alexander JR | Direct | Sell | 2202026 | 285.36 | 1,500 | 428,040 | 1,358,599 | Form | |
| 5 | Fitzpatrick, Edward J | Direct | Sell | 2202026 | 285.87 | 3,947 | 1,128,329 | 3,693,726 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Froetscher, Janet P | Direct | Sell | 8142026 | 278.95 | 937 | 261,376 | 3,590,086 | Form | |
| 2 | Froetscher, Janet P | Direct | Sell | 5202026 | 358.09 | 1,223 | 437,944 | 4,944,149 | Form | |
| 3 | Wilkinson, Allen | SVP, CHIEF ACCOUNTING OFFICER | Direct | Sell | 2252026 | 292.79 | 248 | 72,612 | 120,044 | Form |
| 4 | Matturri, Alexander JR | Direct | Sell | 2202026 | 285.36 | 1,500 | 428,040 | 1,358,599 | Form | |
| 5 | Fitzpatrick, Edward J | Direct | Sell | 2202026 | 285.87 | 3,947 | 1,128,329 | 3,693,726 | Form | |
| 6 | Isaacson, Christopher A | EVP, COO | Direct | Sell | 9042025 | 236.66 | 5,000 | 1,183,300 | 8,893,683 | Form |
Investor Activity (13F)
Updated Sep 4, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
CBOE Trade Sentinel
High Conviction
CONVICTION RATIONALE
Conviction is high as Cboe is capitalizing on a powerful, secular rise in derivatives trading with its exclusive, high-margin products. Growth in its core index options is accelerating, with volume up 32% in the latest quarter. This is driving significant operating leverage, with margins at a five-year peak, and management has raised its full-year 2026 revenue growth outlook.
STOCK ARCHETYPE
Hybrid Transactional & RecurringRevenue = (Index Options ADV * Index RPC) + (Multi-List Options ADV * Multi-List RPC) + (Data & Access Subscriptions * Price) Growth in Average Daily Volume (ADV) of proprietary, exclusively-licensed index options (SPX, VIX), which carry significantly higher margins than other products.
INVESTMENT THESIS
Evidence suggests Cboe is successfully monetizing accelerating demand for its proprietary index options, driving high-margin growth.
- Index options average daily volume grew 32% YoY to 6.2 million contracts in Q2 2026.
- Options revenue per contract rose 6% YoY in 2026.
- Raised 2026 organic net revenue growth guidance to the 'mid-to-high teens' range.
- TTM operating margin reached a five-year peak of 35.3%, up 6.3 percentage points YoY.
- Data Vantage recurring revenue grew 15% YoY, providing a stable base.
PRIMARY RISK
The core 0DTE-driven growth could saturate while new products fail to gain traction, and upcoming market structure rules could pressure the equities segment.
- New SEC rules on Tick Size and Access Fees are expected in November 2026.
- Competition in multi-listed options is intensifying, with two new exchanges expected in 2026.
- Accounts receivable grew 33.5% YoY, outpacing revenue growth of 22.9% in Q2.
- The options market prices unusually high uncertainty, at the 92nd percentile of its range.
| KPI | Status | Rationale |
|---|---|---|
| Index Options Average Daily Volume (ADV) | 6.2 million contracts per day in Q2 2026 - Accelerating | The growth trajectory for index options remains robust, driven by strong retail engagement, particularly in 0DTE products. Management noted that the repeal of the pattern day trader rule provided an immediate tailwind in June, boosting volumes and the retail share of trading. This suggests structural growth drivers are intact, even with some quarter-to-quarter volatility in the growth rate. |
| Data Vantage Net Revenue Growth | 15% year-over-year growth in Q2 2026 - Stable | The Data Vantage segment continues to show strong, durable growth. The company emphasized that growth was broad-based and driven by new subscriptions and unit sales, not just price increases. International demand was also a key contributor, with 50% of the quarter's sales coming from customers outside the U.S. |
| SPX 0DTE ADV as a % of SPX Volume | 57% retail share of 0DTE volume in June 2026 (Q2 2026) | This indicates the penetration and growth of ultra-short-dated options, a key secular trend. The high and growing retail share highlights the company's successful expansion into this investor segment. |
Proprietary Growth vs. Commodity Competition
BULL VIEW
The powerful growth in high-margin, exclusive index options (ADV +32%) will continue to drive overall results, making competitive pressures in other segments secondary.
CORE TENSION
Can accelerating, high-margin index options growth (+32% ADV) continue to offset intense competition in commoditized markets, where two new exchanges are launching?
PREVAILING SENTIMENT
The latest evidence favors the bull view. Cboe raised its full-year revenue guidance, indicating the high-margin growth engine is more than offsetting other pressures.
BEAR VIEW
Intensifying competition in equities and multi-list options, plus new regulations, will erode profits faster than the high-margin segments can grow, especially if 0DTE adoption slows.
| Timeline | Event & Metric To Watch |
|---|---|
August 2026 | SEC Rule 605 Implementation Watch: Implementation of SEC Rule 605, which relates to disclosure of order execution information, is expected. |
second half of September, early October | Company KPI Product Launch Watch: Launch of company-specific KPI event contracts is targeted, pending regulatory approval. |
10/19/2026 - 10/28/2026 | Peer Earnings Signal Volume Trends Watch: Commentary from CME or ICE on derivatives market share, pricing pressure, or a slowdown in retail activity. |
10/19/2026 | Nasdaq Earnings Report Watch: Peer Nasdaq (NDAQ) is scheduled to report quarterly earnings. |
10/20/2026 | Moodys and CME Earnings Watch: Peers Moodys (MCO) and CME (CME) are scheduled to report quarterly earnings. |
10/28/2026 | SPGI and ICE Earnings Watch: Peers S&P Global (SPGI) and Intercontinental Exchange (ICE) are scheduled to report quarterly earnings. |
10/29/2026 | Divestiture Execution and Guidance Watch: Details on transition service costs, any change to full-year guidance, and the accounting for discontinued operations. |
10/29/2026 | Company Earnings Report Watch: Cboe Global Markets is scheduled to report its next quarterly earnings. |
November 2026 | Equity Market Structure Rule Impact Watch: Company commentary or pre-emptive fee schedule changes in the North American Equities segment ahead of the deadline. |
November 2026 | SEC Tick Size Rule Implementation Watch: Implementation of SEC proposals regarding Tick Size and Access Fee Caps is expected. |
| Date | Event | Stock Impact |
|---|---|---|
2026-07-31 | Q2 Earnings and Guidance Raise Details: Cboe reported 2026 results with record net revenue. The company raised its 2026 guidance for Organic Total Net Revenue Growth. | +0.4% $296.52 -> $297.83 |
2026-06-23 | Cboe Predicts Product Launch Details: The company launched the first products in its new prediction markets suite, Cboe Predicts, including binary option contracts based on the Mini-S&P 500 Index (XSP). | -2.5% $255.98 -> $249.59 |
2026-05-01 | Q1 2026 Earnings Beat Details: The company reported first-quarter 2026 earnings, resulting in a two-day stock reaction of +13.0% versus 0.0% for the S&P 500. | +12.9% $299.46 -> $338.20 |
2026-04-22 | Australia and Canada Divestiture Details: The company announced a definitive agreement to sell its Cboe Australia and Cboe Canada businesses to TMX Group for. | +0.3% $298.62 -> $299.49 |
2026-03-31 | CNBC Collaboration Announced Details: Cboe and CNBC announced a multi-year collaboration to deliver daily live market coverage from Cboe's Chicago trading floor, which began on April 6. | -0.7% $281.71 -> $279.70 |
2026-02-06 | Q4 2025 Earnings Report Details: The company reported fourth-quarter 2025 earnings. The two-day stock reaction around the earnings call was +2.0%. | +2.0% $274.03 -> $279.60 |
Position Sizing
2% - 4%
REDUCED POSITION
Sizing is volatility-based: CBOE trades at roughly 37% annualized options-implied volatility versus about 13% for the S&P 500 (2.8x the market), around the 92nd percentile of its own trailing year. A 2% - 4% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
CME - CME Group
Different Derivatives ExposureCME offers dominant exposure to interest rate, energy, and agricultural futures, which are driven by different macroeconomic factors than Cboe's equity-focused volatility products.
ICE - Intercontinental Exchange
Integrated Data & ScaleICE is a larger, more diversified operator with a significant recurring revenue business in fixed income data and a larger mortgage technology segment, offering less reliance on transactional volumes.
Cboe is a derivatives-centric financial utility whose exclusive, high-margin index products (SPX, VIX) are capturing powerful secular growth from retail investors and global demand for U.S. market exposure.
The company is successfully leveraging its exclusive rights to the S&P 500 and its proprietary VIX index to dominate the high-growth derivatives market, particularly with 0DTE options. A strategic realignment is sharpening its focus on these core, high-margin businesses while shedding non-core assets. Future growth is tied to expanding its derivatives franchise into new areas like event contracts and capitalizing on the increasing role of retail investors in the market.
Sustained double-digit growth in index options ADV, successful launch and adoption of new event contracts (Cboe Predicts), and continued expansion of the retail share of trading volumes.
Loss of exclusivity for the S&P 500 license, a significant regulatory crackdown on 0DTE options or retail trading, or successful launch of a directly competitive volatility product by a peer.
Short-term fluctuations in multi-list options market share or quarterly volatility in cash equities volumes, as the primary profit engine is proprietary derivatives.
Repricing Catalyst
The successful launch and scaling of its new 'Cboe Predicts' event contracts and company-specific KPI products, which could open a new, large addressable market and further leverage its derivatives infrastructure.
Options
$2.4B TTM (52% of Total) · 46% MarginWhat It Is
This segment offers trading in options on market indices (e.g., SPX, VIX), individual stocks, and exchange-traded products (ETPs) to financial institutions, professional traders, and retail investors via broker-dealers. It also includes revenues from market data, index licensing, and access fees.
Who Pays & How
Broker-dealers, trading firms, and other market participants pay transaction fees to execute options trades for risk management, hedging, income generation, and speculation. They also pay for market data and access to Cboe's four U.S. options exchanges.
Competition
North American Equities
$1.7B TTM (35% of Total) · 11% MarginWhat It Is
This segment provides U.S. and Canadian equities and ETP transaction services on its electronic exchanges (BZX, BYX, EDGX, EDGA) and BIDS block-trading platforms. It also offers ETP listing services and sells market data and access.
Who Pays & How
Broker-dealers and other market participants pay transaction fees to execute stock trades. They also pay for market data from consolidated tape plans and proprietary feeds, as well as for connectivity to the exchanges.
Competition
Europe and Asia Pacific
$379M TTM (8% of Total) · 14% MarginWhat It Is
This segment operates pan-European equities and derivatives exchanges, including one of the largest equities exchanges in Europe by value traded. It also owns Cboe Clear Europe, a pan-European clearinghouse, and operates an exchange in Australia.
Who Pays & How
European brokerage and proprietary trading firms pay transaction and clearing fees to trade and clear European equities and other instruments. They also pay for market data and access services.
Competition
Futures
$136M TTM (3% of Total) · 54% MarginWhat It Is
This segment operates a fully electronic futures exchange (CFE) offering trading in products like VIX futures. It also includes the Cboe Digital Exchange and Cboe Clear U.S. clearinghouse, which handle cash-settled Bitcoin and Ether futures.
Who Pays & How
Banks, futures commission merchants, hedge funds, and proprietary trading firms pay transaction fees to trade futures contracts for hedging and speculation. They also pay for proprietary market data and access.
Competition
Global FX
$94M TTM (2% of Total) · 49% MarginWhat It Is
This segment provides institutional foreign exchange (FX) trading services on a fully electronic platform, as well as trading in non-deliverable forwards (NDFs) and U.S. government securities.
Who Pays & How
Institutional customers, including banks, broker-dealers, hedge funds, and asset managers, pay transaction fees to execute FX trades.
Competition
Cboe Global Markets — Investor Video Playlist
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Financial Exchanges & Data Resources |
| WatersTechnology |
| TabbFORUM |
| Mondovisione |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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