Quick Verdict: Cboe delivered record Q1 2026 net revenue of $728.9 million, up 29% year over year, with diluted EPS surging 54% to $3.66 and adjusted EPS up 48% to $3.70, beating estimates by about 10%. Broad strength across Options, cash equities, global FX and Data Vantage plus a raised 2026 growth outlook offset concerns around a planned ~20% workforce reduction under its strategic realignment.
About Cboe Global Markets, Inc
Cboe Global Markets, Inc. (Cboe: CBOE) is a leading global exchange operator headquartered in Chicago, Illinois, best known for pioneering listed options and the Cboe Volatility Index (VIX). Its businesses span Options, North American Equities, Europe & Asia Pacific (EAP), Futures, Global FX, and rapidly growing Data Vantage information services. Cboe operates trading venues in the U.S., Canada, Europe and Asia‑Pacific, offering cash and spot markets, derivatives, clearing and market‑data solutions to institutional and retail clients worldwide. As of late April 2026, Cboe’s market capitalization is approximately $19–20 billion, with trailing twelve‑month net revenue of about $2.6 billion and net income to common stockholders of roughly $1.1 billion, though exact valuation metrics (P/E ratio, dividend yield) are not disclosed in the Q1 press release and depend on real‑time market prices.
Top Financial Highlights
- Total GAAP revenue was $1.27 billion, up 6.5–7% year over year, reflecting higher derivatives transaction and clearing fees and stronger demand for data and access services.
- Net revenue (“total revenues less cost of revenues”) hit a record $728.9 million, up 29% versus Q1 2025.
- Net income to common stockholders rose 54% to $384.1 million, up from $249.4 million a year earlier.
- Diluted EPS increased 54% to a record $3.66, compared with $2.37 in Q1 2025.
- Adjusted diluted EPS was $3.70, up 48% year over year and 9.8% above the Zacks consensus estimate.
- Operating EBITDA was $535.1 million, with an operating EBITDA margin of 73.4%, up from 68.0% in the prior‑year quarter.
- Adjusted operating margin improved to about 72.4%, supported by strong incremental margins in Derivatives and Data Vantage, while adjusted operating expenses grew only 4–5% to $200.9 million.
- Options segment net revenue reached a record $467.6 million, up 33% year over year, driven by a 10% increase in total options average daily volume (ADV), a 19% increase in total options revenue per contract (RPC), and higher market data and access fees.
- North American Equities net revenue was a record $111.2 million, up 18%, on higher transaction and clearing fees plus improved access and market‑data revenues.
- Europe & Asia Pacific (EAP) net revenue climbed to $84.9 million, up 32%, as stronger trading activity and fee capture boosted both net transaction and non‑transaction revenue.
- Futures net revenue increased 9% to $35.8 million, supported by an 11% rise in net transaction and clearing fees and a 14% increase in ADV.
- Global FX net revenue jumped 38% to a record $29.4 million, with average daily notional volume on Cboe FX up 36% and net capture per million traded up 4% to $2.87.
- Data Vantage net revenue (Cboe’s data and analytics franchise) grew 19%, reflecting robust demand for market data and connectivity.
- The company returned capital through regular dividends and repurchases, but specific Q1 buyback and dividend dollar amounts were not detailed in the press release excerpt.
Beat or Miss?
| Metric | Reported Q1 2026 | Difference / Analysis |
| Net revenue | $728.9M | Beat consensus by about 5.9%; Zacks cites adjusted revenues up 29% YoY and ahead of estimates. |
| Total revenue (GAAP) | $1.27B | Up 6.5–7% YoY; 10‑Q summary notes revenue growth led by derivatives and data. |
| Diluted EPS (GAAP) | $3.66 | Up 54% YoY; StreetInsider and others describe it as a record quarter. |
| Adjusted diluted EPS | $3.70 | Beat Zacks consensus by 9.8%, with 48% YoY growth. |
| Adjusted operating expenses | $200.9M | Up only 4.4% YoY; lower than prior 2026 guidance trajectory after cost‑cut actions. |
Cboe clearly beat expectations on both top and bottom line, with record net revenue and EPS supported by strong trading volumes and pricing across options, equities and FX, plus disciplined expense growth.
What Leadership Is Saying
Cboe delivered an exceptional first quarter, building on our 2025 momentum by producing 29 percent net revenue growth, 54 percent diluted EPS growth, and 48 percent adjusted diluted EPS growth. Our Cash and Spot Markets net revenue rose 34 percent on strong market activity. Our Derivatives business was up 32 percent on another quarter of record volumes across our index options products, and our Data Vantage business grew 19 percent on a year-over-year basis.
Moving forward, we anticipate 2026 total organic net revenue growth will be in the ‘low double-digit to mid-teens’ range, up from our prior guidance of ‘mid single-digit’, and we anticipate 2026 Data Vantage organic net revenue growth will be in the ‘low double-digit’ range, up from our prior guidance of ‘mid to high single-digit’. In addition, given disciplined expense management and incorporating the impact from today’s additional actions related to our strategic realignment, we are reducing our full year 2026 adjusted operating expense guidance range to $838 to $853 million from $864 to $879 million.
CEO Craig Donohue (in the full press release and related commentary) frames Q1 as proof that Cboe’s strategic realignment—exiting non‑core assets like Cboe Canada and Cboe Australia and reallocating capital to core Derivatives, Cash & Spot and Data—has positioned the company for structurally higher growth and margins. CFO Jill Griebenow underscores that Cboe is translating strong trading and data demand into 29% net‑revenue growth and 72%+ adjusted operating margins, while still lowering its full‑year cost outlook.
Historical Performance
Cboe’s Q1 2026 results represent a step‑change versus Q1 2025, with sharp increases in revenue, profitability and margins across the franchise.
| Category | Q1 2026 | Q1 2025 | Change (%) / Comment |
| Net revenue | $728.9M | $564.7M (approx.) | +29% – record net revenue |
| Net income (common) | $384.1M | $249.4M | +54% – strong operating leverage |
| Operating expenses | ~$200.9M (adjusted) | ~$192.5M (approx.) | +4–5% – far below revenue growth |
Using adjusted operating expenses as a proxy for “operating expenses” given how Cboe reports its cost structure.
Revenue rose 29% while expenses increased just 4–5%, driving a ~5–6 percentage‑point gain in operating EBITDA margin to north of 73%. Every major business segment posted double‑digit net‑revenue growth, led by options and global FX.
Historical Performance – Competitors
CME Group and Intercontinental Exchange (ICE) are Cboe’s closest large‑cap exchange peers, and both also reported strong Q1 2026 results.
CME Group – Q1 2026 vs Q1 2025
| Category | Q1 2026 | Q1 2025 | Change (%) / Comment |
| Revenue | $1.88–1.90B | $1.64B | +14% revenue growth |
| Net income | $1.15–1.20B | ~$0.96–1.00B (implied) | ≈+20% net‑income growth |
| Operating expenses (proxy) | $512M adjusted | ~$480–490M (implied) | Low‑teens % cost growth, margins ~73% |
Intercontinental Exchange – Q1 2026 vs Q1 2025
| Category | Q1 2026 | Q1 2025 | Change (%) / Comment |
| Net revenues | $3.0B | $2.5B (approx., +20% YoY) | +18–20% net‑revenue growth |
| Net income | $1.41B | ~$0.78B (implied, +80% YoY) | +80% GAAP EPS to $2.48 |
| Operating expenses (proxy) | $1.3B | ~$1.2B (implied) | Modest cost growth; operating margin 56% |
While CME and ICE grew at mid‑teens to high‑teens top‑line rates, Cboe’s 29% net‑revenue growth and 54% EPS growth outpaced both, albeit from a smaller base. All three groups are benefiting from elevated volatility, greater hedging needs and growing demand for market data, but Cboe’s quarter stands out for its combination of segment breadth (Options, cash, FX, Data) and aggressive cost realignment.
How the Market Reacted
Post‑earnings coverage from Zacks, MarketBeat and other outlets characterizes reactions as positive, with investors rewarding the EPS beat, raised 2026 growth targets and lowered expense guidance. The stock’s initial move was modest relative to the strength of the results, reflecting that some of the upside may already have been priced in after Cboe’s 2025 run‑up, but commentary emphasizes that the new guidance—“low double‑digit to mid‑teens” organic net‑revenue growth and trimmed expense range—supports further upside to medium‑term earnings power. At the same time, the announcement of a ~20% workforce reduction** under the strategic realignment has drawn attention to execution risk and cultural impact, though management stresses that record Q1 performance shows Cboe is acting from a position of strength, not weakness.