Cboe Global Markets (CBOE)
Market Price (7/30/2026): $306.0 | Market Cap: $32.0 BilInvestor Relations Sector: Financials | Industry: Financial Exchanges & Data
Cboe Global Markets (CBOE)
Market Price (7/30/2026): $306.0Market Cap: $32.0 BilSector: FinancialsIndustry: Financial Exchanges & Data
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 58%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 57%, CFO LTM is 2.8 Bil, FCF LTM is 2.7 Bil Attractive yieldFCF Yield is 8.5% Low stock price volatilityVol 12M is 31% 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 cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 58%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 57%, CFO LTM is 2.8 Bil, FCF LTM is 2.7 Bil |
| Attractive yieldFCF Yield is 8.5% |
| Low stock price volatilityVol 12M is 31% |
| 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 gained about 10% since 3/31/2026 because of the following key factors:
1. Cboe Global Markets reported robust trading volumes in fiscal Q2 2026, particularly in options, driving increased revenue potential.
The company announced record monthly and quarterly volumes across its options exchanges, with average daily volume (ADV) reaching 21.9 million contracts for fiscal Q2 2026. Multi-list options ADV surged 40.5% year-over-year in June 2026, while proprietary index options, including S&P 500 Index (SPX) and zero-days-to-expiry (0DTE) options, also achieved record quarterly ADVs of 6.2 million and 3.1 million contracts, respectively. This strong activity across Cboe's diverse product offerings, including a new total volume single-day record of 33.4 million contracts on June 5, 2026, signals heightened market engagement and directly contributes to Cboe's transaction fee revenue.
2. The broader options industry experienced significant growth, benefiting Cboe's market position.
Across the industry, listed options trading continued at record levels, with the overall Average Daily Volume (ADV) in fiscal Q2 2026 rising over 19% year-over-year to 72.8 million contracts. This expansion was notably led by index and ETF options, with FLEX options volume increasing by nearly 47% year-over-year, and a rebound in retail trading activity. As a leading global markets operator, Cboe is well-positioned to capitalize on these favorable macroeconomic trends in the derivatives market.
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Cboe Global Markets (CBOE) stock has gained about 10% since 3/31/2026 because of the following key factors:
1. Cboe Global Markets reported robust trading volumes in fiscal Q2 2026, particularly in options, driving increased revenue potential.
The company announced record monthly and quarterly volumes across its options exchanges, with average daily volume (ADV) reaching 21.9 million contracts for fiscal Q2 2026. Multi-list options ADV surged 40.5% year-over-year in June 2026, while proprietary index options, including S&P 500 Index (SPX) and zero-days-to-expiry (0DTE) options, also achieved record quarterly ADVs of 6.2 million and 3.1 million contracts, respectively. This strong activity across Cboe's diverse product offerings, including a new total volume single-day record of 33.4 million contracts on June 5, 2026, signals heightened market engagement and directly contributes to Cboe's transaction fee revenue.
2. The broader options industry experienced significant growth, benefiting Cboe's market position.
Across the industry, listed options trading continued at record levels, with the overall Average Daily Volume (ADV) in fiscal Q2 2026 rising over 19% year-over-year to 72.8 million contracts. This expansion was notably led by index and ETF options, with FLEX options volume increasing by nearly 47% year-over-year, and a rebound in retail trading activity. As a leading global markets operator, Cboe is well-positioned to capitalize on these favorable macroeconomic trends in the derivatives market.
3. Positive revenue guidance and strategic product enhancements bolstered investor confidence.
Cboe Global Markets raised its full-year total organic net revenue growth guidance to high single digits, reflecting stronger-than-expected performance in the first half of the year. Additionally, the company continued to innovate by beginning to offer daily expirations for Dow Jones Industrial Average Index Options in May 2026. Cboe's exclusive position in trading key index options like 0DTE further strengthens its competitive advantage and underpins positive analyst sentiment, with several firms adjusting price targets upwards in July 2026.
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Stock Movement Drivers
Fundamental Drivers
The 9.7% change in CBOE stock from 3/31/2026 to 7/29/2026 was primarily driven by a 10.5% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 7292026 | Change |
|---|---|---|---|
| Stock Price ($) | 280.48 | 307.81 | 9.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,714 | 4,792 | 1.7% |
| Net Income Margin (%) | 23.3% | 25.8% | 10.5% |
| P/E Multiple | 26.7 | 26.1 | -2.3% |
| Shares Outstanding (Mil) | 105 | 105 | 0.0% |
| Cumulative Contribution | 9.7% |
Market Drivers
3/31/2026 to 7/29/2026| Return | Correlation | |
|---|---|---|
| CBOE | 9.7% | |
| Market (SPY) | 12.2% | -11.3% |
| Sector (XLF) | 14.8% | -8.7% |
Fundamental Drivers
The 23.2% change in CBOE stock from 12/31/2025 to 7/29/2026 was primarily driven by a 21.1% change in the company's Net Income Margin (%).| (LTM values as of) | 12312025 | 7292026 | Change |
|---|---|---|---|
| Stock Price ($) | 249.86 | 307.81 | 23.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,618 | 4,792 | 3.8% |
| Net Income Margin (%) | 21.3% | 25.8% | 21.1% |
| P/E Multiple | 26.6 | 26.1 | -1.9% |
| Shares Outstanding (Mil) | 105 | 105 | -0.1% |
| Cumulative Contribution | 23.2% |
Market Drivers
12/31/2025 to 7/29/2026| Return | Correlation | |
|---|---|---|
| CBOE | 23.2% | |
| Market (SPY) | 7.3% | -10.7% |
| Sector (XLF) | 4.0% | -4.0% |
Fundamental Drivers
The 33.4% change in CBOE stock from 6/30/2025 to 7/29/2026 was primarily driven by a 38.5% change in the company's Net Income Margin (%).| (LTM values as of) | 6302025 | 7292026 | Change |
|---|---|---|---|
| Stock Price ($) | 230.79 | 307.81 | 33.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,332 | 4,792 | 10.6% |
| Net Income Margin (%) | 18.6% | 25.8% | 38.5% |
| P/E Multiple | 30.0 | 26.1 | -13.0% |
| Shares Outstanding (Mil) | 105 | 105 | 0.0% |
| Cumulative Contribution | 33.4% |
Market Drivers
6/30/2025 to 7/29/2026| Return | Correlation | |
|---|---|---|
| CBOE | 33.4% | |
| Market (SPY) | 19.1% | -11.6% |
| Sector (XLF) | 9.5% | -0.6% |
Fundamental Drivers
The 130.9% change in CBOE stock from 6/30/2023 to 7/29/2026 was primarily driven by a 242.6% change in the company's Net Income Margin (%).| (LTM values as of) | 6302023 | 7292026 | Change |
|---|---|---|---|
| Stock Price ($) | 133.28 | 307.81 | 130.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,972 | 4,792 | 20.6% |
| Net Income Margin (%) | 7.5% | 25.8% | 242.6% |
| P/E Multiple | 47.2 | 26.1 | -44.8% |
| Shares Outstanding (Mil) | 106 | 105 | 1.1% |
| Cumulative Contribution | 130.9% |
Market Drivers
6/30/2023 to 7/29/2026| Return | Correlation | |
|---|---|---|
| CBOE | 130.9% | |
| Market (SPY) | 70.4% | -12.8% |
| Sector (XLF) | 75.7% | 0.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CBOE Return | 42% | -2% | 44% | 11% | 30% | 19% | 244% |
| Peers Return | 38% | -23% | 26% | 21% | 14% | -6% | 73% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 98% |
Monthly Win Rates [3] | |||||||
| CBOE Win Rate | 58% | 33% | 75% | 50% | 75% | 71% | |
| Peers Win Rate | 62% | 37% | 62% | 55% | 65% | 43% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
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 7/29/2026 (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.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 286.62 |
| Mkt Cap | 85.8 |
| Rev LTM | 8,456 |
| Op Inc LTM | 4,086 |
| FCF LTM | 3,590 |
| FCF 3Y Avg | 3,131 |
| CFO LTM | 3,814 |
| CFO 3Y Avg | 3,412 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.7% |
| Rev Chg 3Y Avg | 10.5% |
| Rev Chg Q | 12.0% |
| QoQ Delta Rev Chg LTM | 3.0% |
| Op Inc Chg LTM | 20.2% |
| Op Inc Chg 3Y Avg | 18.0% |
| Op Mgn LTM | 41.6% |
| Op Mgn 3Y Avg | 39.3% |
| QoQ Delta Op Mgn LTM | 1.0% |
| CFO/Rev LTM | 39.5% |
| CFO/Rev 3Y Avg | 37.3% |
| FCF/Rev LTM | 35.5% |
| FCF/Rev 3Y Avg | 34.3% |
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 | |
| 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 | |
| Corporate Items and Eliminations | -8 | -10 | -8 | -8 | -13 |
| Total | 1,467 | 1,098 | 1,058 | 490 | 806 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Options | 739 | 581 | 576 |
| North American Equities | 164 | 149 | 105 |
| Futures | 63 | 70 | 53 |
| Corporate Items and Eliminations | 54 | -14 | 18 |
| Global FX | 46 | 33 | 24 |
| Europe and Asia Pacific | 33 | 25 | 20 |
| Digital | 0 | -79 | -34 |
| Total | 1,100 | 765 | 761 |
Price Behavior
| Market Price | $307.81 | |
| Market Cap ($ Bil) | 32.2 | |
| First Trading Date | 06/15/2010 | |
| Distance from 52W High | -15.9% | |
| 50 Days | 200 Days | |
| DMA Price | $286.65 | $277.49 |
| DMA Trend | up | down |
| Distance from DMA | 7.4% | 10.9% |
| 3M | 1YR | |
| Volatility | 51.3% | 31.5% |
| Downside Capture | -94.35 | -52.67 |
| Upside Capture | -78.02 | -12.29 |
| Correlation (SPY) | -9.9% | -10.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.44 | -0.14 | -0.10 | -0.17 | -0.21 | -0.19 |
| Up Beta | 1.26 | 0.30 | -0.05 | -0.26 | -0.27 | -0.22 |
| Down Beta | -0.07 | 0.09 | 0.31 | 0.02 | -0.36 | -0.21 |
| Up Capture | -264% | -91% | -38% | -18% | -4% | -0% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 7 | 18 | 31 | 65 | 132 | 400 |
| Down Capture | 62% | 31% | 2% | -21% | -27% | -100% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 14 | 23 | 32 | 60 | 120 | 348 |
[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 | 28.9% | 31.4% | 0.83 | - |
| Sector ETF (XLF) | 8.1% | 14.8% | 0.31 | -1.7% |
| Equity (SPY) | 15.6% | 12.8% | 0.86 | -11.7% |
| Gold (GLD) | 21.6% | 28.1% | 0.68 | -5.3% |
| Commodities (DBC) | 31.5% | 19.7% | 1.27 | 8.5% |
| Real Estate (VNQ) | 15.9% | 14.0% | 0.82 | 13.7% |
| Bitcoin (BTCUSD) | -46.1% | 42.9% | -1.32 | 0.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CBOE | |
|---|---|---|---|---|
| CBOE | 22.7% | 24.1% | 0.82 | - |
| Sector ETF (XLF) | 11.0% | 18.4% | 0.46 | 16.8% |
| Equity (SPY) | 12.4% | 17.1% | 0.55 | 11.8% |
| Gold (GLD) | 17.1% | 18.4% | 0.75 | 1.3% |
| Commodities (DBC) | 9.3% | 19.5% | 0.36 | 4.8% |
| Real Estate (VNQ) | 2.9% | 18.9% | 0.05 | 21.1% |
| Bitcoin (BTCUSD) | 14.7% | 53.3% | 0.46 | 7.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CBOE | |
|---|---|---|---|---|
| CBOE | 17.7% | 25.8% | 0.65 | - |
| Sector ETF (XLF) | 13.5% | 22.0% | 0.56 | 35.0% |
| Equity (SPY) | 14.7% | 17.9% | 0.70 | 30.4% |
| Gold (GLD) | 11.3% | 16.1% | 0.57 | 2.6% |
| Commodities (DBC) | 7.1% | 18.0% | 0.32 | 12.2% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 33.8% |
| Bitcoin (BTCUSD) | 57.7% | 66.2% | 0.98 | 7.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 7/28/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 16 | 16 | 18 |
| # Negative | 8 | 8 | 6 |
| Median Positive | 2.8% | 4.2% | 6.9% |
| Median Negative | -1.4% | -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 |
| 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% |
| 8/3/2020 | -0.9% | -0.9% | 4.8% |
| SUMMARY STATS | |||
| # Positive | 16 | 16 | 18 |
| # Negative | 8 | 8 | 6 |
| Median Positive | 2.8% | 4.2% | 6.9% |
| Median Negative | -1.4% | -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 |
|---|---|---|
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 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 |
| 06/30/2019 | 08/02/2019 | 10-Q |
Recent Forward Guidance
Updated 7/8/2026Latest: Q1 2026 Earnings Reported 5/1/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Organic Total Net Revenue Growth | 10.0% | 12.5% | 15.0% | 150.0% | 7.5% | Raised | Guidance: 5.0% for 2026 |
| 2026 Data Vantage Organic Net Revenue Growth | 10.0% | 42.9% | 3.0% | Raised | Guidance: 7.0% for 2026 | ||
| 2026 Adjusted Operating Expenses | 838.00 Mil | 845.50 Mil | 853.00 Mil | -3.0% | Lowered | Guidance: 871.50 Mil for 2026 | |
| 2026 Depreciation and Amortization Expense | 56.00 Mil | 58.00 Mil | 60.00 Mil | 0 | Affirmed | Guidance: 58.00 Mil for 2026 | |
| 2026 Effective Tax Rate on Adjusted Earnings | 27.5% | 28.5% | 29.5% | 0 | 0 | Affirmed | Guidance: 28.5% for 2026 |
| 2026 Capital Expenditures | 73.00 Mil | 78.00 Mil | 83.00 Mil | 0 | Affirmed | Guidance: 78.00 Mil for 2026 | |
Prior: Q4 2025 Earnings Reported 2/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Organic Total Net Revenue Growth | 5.0% | -60.0% | -7.5% | Lower New | Guidance: 12.5% for 2025 | ||
| 2026 Data Vantage Organic Net Revenue Growth | 7.0% | -26.3% | -2.5% | Lower New | Guidance: 9.5% for 2025 | ||
| 2026 Adjusted Operating Expenses | 864.00 Mil | 871.50 Mil | 879.00 Mil | 4.4% | Higher New | Guidance: 834.50 Mil for 2025 | |
| 2026 Depreciation and Amortization Expense | 56.00 Mil | 58.00 Mil | 60.00 Mil | 11.5% | Higher New | Guidance: 52.00 Mil for 2025 | |
| 2026 Effective Tax Rate on Adjusted Earnings | 27.5% | 28.5% | 29.5% | -1.0% | Lower New | Guidance: 29.5% for 2025 | |
| 2026 Capital Expenditures | 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 | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Organic Total Net Revenue Growth | 10.0% | 12.5% | 47.1% | 4.0% | Raised | Guidance: 8.5% for 2025 | |
| 2025 Data Vantage Organic Net Revenue Growth | 7.0% | 9.5% | 26.7% | 2.0% | Raised | Guidance: 7.5% for 2025 | |
| 2025 Adjusted Operating Expenses | 827.00 Mil | 834.50 Mil | 842.00 Mil | -0.6% | Lowered | Guidance: 839.50 Mil for 2025 | |
| 2025 Depreciation and Amortization Expense | 50.00 Mil | 52.00 Mil | 54.00 Mil | -5.5% | Lowered | Guidance: 55.00 Mil for 2025 | |
| 2025 Effective Tax Rate on Adjusted Earnings | 28.5% | 29.5% | 30.5% | 0 | Affirmed | Guidance: 29.5% for 2025 | |
| 2025 Capital Expenditures | 73.00 Mil | 78.00 Mil | 83.00 Mil | -2.5% | Lowered | Guidance: 80.00 Mil for 2025 | |
Insider Activity
Updated 5/20/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Froetscher, Janet P | Direct | Sell | 5202026 | 358.09 | 1,223 | 437,944 | 4,944,149 | Form | |
| 2 | Wilkinson, Allen | SVP, CHIEF ACCOUNTING OFFICER | Direct | Sell | 2252026 | 292.79 | 248 | 72,612 | 120,044 | Form |
| 3 | Matturri, Alexander JR | Direct | Sell | 2202026 | 285.36 | 1,500 | 428,040 | 1,358,599 | Form | |
| 4 | Fitzpatrick, Edward J | Direct | Sell | 2202026 | 285.87 | 3,947 | 1,128,329 | 3,693,726 | Form | |
| 5 | Isaacson, Christopher A | EVP, COO | Direct | Sell | 9042025 | 236.66 | 5,000 | 1,183,300 | 8,893,683 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Froetscher, Janet P | Direct | Sell | 5202026 | 358.09 | 1,223 | 437,944 | 4,944,149 | Form | |
| 2 | Wilkinson, Allen | SVP, CHIEF ACCOUNTING OFFICER | Direct | Sell | 2252026 | 292.79 | 248 | 72,612 | 120,044 | Form |
| 3 | Matturri, Alexander JR | Direct | Sell | 2202026 | 285.36 | 1,500 | 428,040 | 1,358,599 | Form | |
| 4 | Fitzpatrick, Edward J | Direct | Sell | 2202026 | 285.87 | 3,947 | 1,128,329 | 3,693,726 | Form | |
| 5 | Isaacson, Christopher A | EVP, COO | Direct | Sell | 9042025 | 236.66 | 5,000 | 1,183,300 | 8,893,683 | Form |
| 6 | Isaacson, Christopher A | EVP, COO | Direct | Sell | 6112025 | 221.37 | 5,000 | 1,106,850 | 9,425,935 | Form |
| 7 | Clay, Catherine R | EVP, GLOBAL DERIVATIVES | Direct | Sell | 5282025 | 226.58 | 3,598 | 815,235 | 494,624 | Form |
Investor Activity (13F)
Updated Jul 30, 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. Cboe is executing a clear strategic pivot to its high-margin core, evidenced by a 19% increase in options revenue per contract. Management has raised full-year revenue guidance and is cutting costs by $100M-$120M annually, demonstrating strong control over profitability.
STOCK ARCHETYPE
Transactional Toll Road with a growing Recurring Revenue component.Trading Volume (Average Daily Volume) x Net Capture Rate (Revenue Per Contract) The mix shift towards higher-margin, proprietary index options (SPX, VIX) within the Derivatives segment, which have a stronger competitive moat and pricing power than multi-listed products.
INVESTMENT THESIS
Evidence suggests yes. Cboe is divesting non-core assets to concentrate on its high-margin, exclusively-licensed derivatives franchise.
- Options rate per contract increased 19% year-over-year in Q1 2026.
- Strategic realignment targets $100M-$120M in annualized expense savings.
- FY26 organic net revenue growth guidance was raised to a low-double-digit to mid-teens range.
- DataVantage recurring revenue growth accelerated to 19% in Q1 2026.
- Trailing-twelve-month operating margin reached a five-year high of 34.8%.
PRIMARY RISK
A sustained decline in market volatility could reduce demand for Cboe's core hedging products. New SEC rules on fees, expected in November 2026, could also pressure transaction revenues.
- Total Options ADV growth was 10%.
- Multi-listed options face intense competition from 14 other U.S. exchanges.
- The SEC's Tick Size/Access Fee Cap rule may adversely impact trading volume.
- The stock recently fell 28.2% in four weeks amid market concerns.
| KPI | Status | Rationale |
|---|---|---|
| Total Options Average Daily Volume (ADV) Growth | 10% year-over-year growth for Q1 2026 - Decelerating | The growth in Total Options ADV has decelerated significantly over the past three quarters. However, the composition of this growth is favorable, with high-value proprietary index options volume growing 29% in the latest quarter, while multi-listed options volume grew only 4%. This mix shift contributed to a strong increase in revenue capture. |
| Cboe DataVantage Net Revenue Growth | 19% year-over-year growth for Q1 2026 - Accelerating | The Cboe DataVantage segment, which represents recurring data and access revenue, showed strong acceleration. Management noted that approximately 85% of this growth was driven by new units and sales, indicating strong underlying demand rather than reliance on price increases. The company raised its full-year 2026 guidance for this segment to the low double-digit range. |
| SPX Options Average Daily Volume (ADV) | 4.9 million contracts (Q1 2026) | This KPI measures the trading activity in Cboe's flagship proprietary product, which is a primary driver of high-margin transaction revenue in the Options segment. |
| 0DTE Options as a percentage of SPX Volume | Over 61% (Q4 2025) | Indicates the adoption and growth of very short-dated options, a key driver of recent volume growth and retail investor engagement in the SPX complex. |
Strategic Pivot vs. Volume Headwinds
BULL VIEW
The strategic realignment and focus on high-margin proprietary products will drive margin expansion and earnings growth, more than offsetting any slowdown in commoditized, multi-listed options volumes.
CORE TENSION
Can the 19% growth in options rate per contract offset the deceleration in total options ADV to 10%?
PREVAILING SENTIMENT
The latest evidence favors the bulls. Management raised full-year 2026 revenue guidance after the volume slowdown, and the market rewarded this forward-looking confidence with a 13.0% stock rally.
BEAR VIEW
The deceleration in total options volume is a leading indicator of a cyclical peak. The company's cost-cutting efforts will not be enough to counter falling demand and new regulatory pressures.
| Timeline | Event & Metric To Watch |
|---|---|
August 2026 | SEC Rule 605 Implementation Watch: Implementation of SEC Rule 605 on order execution information disclosure, potentially increasing technology and compliance costs. |
10/19/2026 | Peer Earnings Competitive Read-Through Watch: Commentary from CME or NDAQ on pricing, market share shifts, or volume trends in competitive products. |
10/19/2026 | Nasdaq Earnings Report Watch: Peer Nasdaq (NDAQ) scheduled to report quarterly earnings. |
10/20/2026 | Moody's and CME Earnings Watch: Peers Moodys (MCO) and CME Group (CME) scheduled to report quarterly earnings. |
10/29/2026 | Company Earnings Report Watch: Cboe Global Markets scheduled to report its next quarterly earnings. |
November 2026 | Regulatory Rule Implementation Impact Watch: Company commentary on initial impacts to volumes or revenue capture in the subsequent earnings report. |
November 2026 | SEC Fee Cap Implementation Watch: Implementation of SEC's Tick Size/Access Fee Cap proposals, which may adversely impact trading volume and transaction revenue. |
January 12, 2027 | Senior Notes Mature Watch: Maturity of 3.650% Senior Notes. |
February 25, 2027 | Revolving Credit Facility Terminates Watch: The company's revolving credit facility is scheduled to terminate. |
No set date | CAT Funding Model Litigation Watch: Any ruling or stay issued by the U.S. Court of Appeals for the 11th Circuit. |
| Date | Event | Stock Impact |
|---|---|---|
2026-07-07 | Won ETF Listing Transfer Details: Langar Investment Management announced the transfer of the primary listing of its Langar Global HealthTech ETF from NYSE Arca to the Cboe BZX Exchange. | +8.1% $245.08 -> $264.98 |
2026-06-25 | Stock Experienced Significant Decline Details: Press reports in June noted the stock had plunged 28.2% in four weeks, entering technically oversold territory. The stock returned -5.0% over the last three months. | -3.0% $249.59 -> $242.21 |
2026-05-01 | Reported Record Q1 Earnings Details: Reported record Q1 net revenue and adjusted EPS, raised full-year guidance, and announced a strategic realignment expected to reduce its workforce by approximately 20%. | +12.9% $299.46 -> $338.20 |
2026-04-22 | Announced Sale of Businesses Details: Announced a definitive agreement to sell its Cboe Australia and Cboe Canada businesses to TMX Group Limited for approximately $300 million. | +0.3% $298.62 -> $299.49 |
2026-03-31 | Launched CNBC Media Partnership Details: Announced a multi-year collaboration with CNBC 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 | Reported Q4 2025 Results Details: Company reported fourth quarter results and provided its initial 2026 financial outlook. The stock reaction was neutral, moving in line with the S&P 500. | +2.0% $274.03 -> $279.60 |
Position Sizing
2% - 4%
REDUCED POSITION
Sizing is volatility-based: CBOE trades at roughly 36% annualized options-implied volatility versus about 15% for the S&P 500 (2.4x the market), around the 90th 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
Higher-Margin PeerCME has a significantly higher operating margin of 65.1% versus Cboe's 34.8%, suggesting a more efficient cost structure or more profitable product suite across a broader range of asset classes.
NDAQ - Nasdaq
Diversified Exchange ModelNasdaq offers a more diversified business model with significant revenue from non-transactional, recurring data and technology services, potentially offering a less volatile earnings stream.
A derivatives toll road with a powerful, high-margin quasi-monopoly on the market's most critical risk management products (SPX and VIX).
Cboe's core value is its exclusive control over trading in S&P 500 (SPX) and VIX options, which are indispensable tools for global risk management. This creates a durable, high-margin transaction stream that is the company's primary profit engine. The company is sharpening its focus on this core by divesting non-essential assets and is leveraging its expertise to expand into adjacent high-growth areas like event contracts, aiming to replicate its success in derivatives.
Sustained or accelerating volume growth in SPX and VIX products, successful launch and adoption of new event contracts, and continued margin expansion from the strategic realignment.
Any regulatory challenge or adverse ruling that threatens the exclusivity of the S&P 500 license, a significant and sustained decline in market volatility reducing demand for hedging products, or failure of new products to gain traction.
Short-term fluctuations in multi-listed options market share or quarterly variations in cash equities volumes, as these are lower-margin and less central to the core profit engine.
Repricing Catalyst
The ongoing strategic realignment, including the sale of Cboe Australia and Canada and significant staff reductions announced in May, which aims to streamline operations, reduce costs by $100M-$120M annually, and sharpen focus on the high-margin derivatives core and new growth initiatives.
Options
$2.4B TTM (52% of Total) · 46% MarginWhat It Is
This segment offers trading in options on market indices (proprietary products like SPX and VIX options), stocks of individual corporations (equity options), and exchange-traded products (ETPs). These products are sold to a customer base of broker-dealers, institutional investors, and professional traders.
Who Pays & How
Financial market participants pay transaction fees to trade these options for risk management (hedging), income generation, and speculation. They choose Cboe for its proprietary products, particularly the exclusively-licensed S&P 500 (SPX) options, which are a bellwether for the U.S. economy, and its VIX options for volatility trading.
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 four electronic exchanges (BZX, BYX, EDGX, EDGA) and the BIDS Trading platform for block trades. It serves broker-dealers and their customers.
Who Pays & How
Market participants pay transaction fees to execute equity trades. They use Cboe's platforms for access to liquidity across various market models.
Competition
Europe and Asia Pacific
$379M TTM (8% of Total) · 14% MarginWhat It Is
This segment includes pan-European equities and derivatives transaction services, ETP listings, and clearing activities via Cboe Clear Europe. It also includes the equities services of Cboe Australia. It serves EU-regulated brokerage and proprietary trading firms.
Who Pays & How
European financial firms pay for trade execution and clearing services. Cboe Clear Europe acts as a central counterparty, guaranteeing settlement and reducing counterparty risk for its members.
Competition
Futures
$136M TTM (3% of Total) · 54% MarginWhat It Is
This segment provides transaction services on its fully electronic futures exchange (CFE), featuring proprietary products like VIX futures. As of 2025, it also includes digital asset activity, such as cash-settled Bitcoin and Ether futures. It serves banks, futures commission merchants, hedge funds, and proprietary trading firms.
Who Pays & How
Market participants pay transaction fees to trade futures contracts, primarily to hedge volatility risk using the VIX futures complex or to gain exposure to other asset classes like digital currencies.
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. It serves banks, broker-dealers, hedge funds, and asset managers.
Who Pays & How
Institutional clients pay transaction fees to execute FX and fixed income trades electronically.
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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