Quarterly cash dividend increased 19 percent to $0.86 per share
16th consecutive year Cboe has increased its dividend
, /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE), a leading global markets operator and pioneer in equity and index derivatives, today announced its Board of Directors has declared an increased quarterly cash dividend of $0.86 per share of common stock for the third quarter of 2026, representing a 19 percent increase from the prior quarter's dividend of $0.72 per share.
The third-quarter 2026 dividend is payable on September 15, 2026, to stockholders of record as of August 31, 2026.
About Cboe Global Markets
Cboe Global Markets (Cboe: CBOE) is a leading global markets operator with a long history of innovation in equity and index derivatives. Since launching the world's first listed options exchange in 1973, Cboe has pioneered landmark products, including the introduction of S&P 500® index options and the creation of the VIX® Index, the world's leading gauge of market volatility, reshaping how investors manage risk and access opportunity. Today, Cboe operates derivatives, equities, and FX markets, providing trading, clearing, and investment solutions for customers worldwide. To learn more, visit www.cboe.com.
Cboe Media Contacts
Cboe Analyst Contact
Angela Tu
Tim Cave
Kenneth Hill, CFA
+1-646-856-8734
+44 (0) 7593-506-719
+1-312-786-7559
[email protected]
[email protected]
[email protected]
CBOE-C
CBOE-OE
Cboe®, Cboe Global Markets®, and VIX ® are registered trademarks or service marks of Cboe Exchange, Inc and S&P 500® is a registered trademark of Standard & Poor's Financial Services LLC. All other trademarks and service marks are the property of their respective owners.
Akcie Cboe Global Markets za poslední tři měsíce klesly o 22 %, ale vedení zvýšilo výhled organického růstu čistých tržeb pro rok 2026 na střední až vysoké patnáctiprocentní tempo. Konsensus čeká v roce 2026 růst tržeb o 16,3 % a zisku o 29,2 %.
Key Takeaways Cboe Global shares fell 22% in three months, underperforming the industry, sector and S&P 500.CBOE raised its 2026 organic net revenue growth outlook to the mid-to-high teens amid strong activity.Cboe Global's 2026 consensus estimates call for 16.3% revenue growth and 29.2% earnings growth. Shares of Cboe Global Markets (CBOE - Free Report) have lost 22% in the past three months, underperforming the industry, the sector as well as the Zacks S&P 500 composite.
Cboe Global Markets is one of the largest stock exchange operators by volume in the United States and a leading market globally for ETP trading. As global capital markets continue to become increasingly electronic and data-driven, CBOE is well-positioned to capitalize on secular trends in trading volumes, demand for market data and the expansion of index-based investing.
CBOE vs Industry, Sector, S&P 500 in 3-Months
Image Source: Zacks Investment Research
Shares of Nasdaq Inc (NDAQ - Free Report) have gained 5.6% in the past three months, while those of Intercontinental Exchange (ICE - Free Report) have lost 2.6% in the same time frame.
CBOE Shares Are AffordableThe stock is overvalued compared with its industry. It is currently trading at a forward price-to-earnings multiple of 19.81, lower than the industry average of 20.1 and the median of 21.64 over five years.
Image Source: Zacks Investment Research
CBOE is relatively cheap compared to Nasdaq but expensive compared to Intercontinental Exchange.
The Case for CBOE StockCboe Global Markets holds a dominant position in the U.S. listed options market, operating multiple exchanges and consistently maintaining an industry-leading market share.
Through acquisitions and international expansion, Cboe has developed a diversified portfolio spanning European equities and derivatives, foreign exchange venues, and clearing infrastructure. This diversification reduces its dependence on any single asset class or geographic market. Its proprietary market data, index licensing, and technology solutions also generate stable, high-margin recurring revenues supported by substantial customer switching costs.
Strong activity in index options, European equities and foreign exchange continues to fuel transaction-fee growth, while the Data Vantage segment is expanding recurring revenues. Reflecting this momentum, management raised its 2026 organic total net revenue growth outlook to the mid-to-high teens from its previous low-double-digit to mid-teens range. It also increased Data Vantage’s organic net revenue growth target from the low double digits to the low teens.
Cboe continues to strengthen its long-term prospects through strategic acquisitions and investments that broaden its geographic reach, product offerings and capital-markets infrastructure. The company is also pursuing opportunities in digital assets, carbon markets, next-generation trading technologies and innovative derivatives products.
Meanwhile, management is streamlining the portfolio and cost base. Planned divestitures of its Canadian and Australian exchanges are expected to lower adjusted operating expenses in 2026 and improve efficiency.
Supported by robust free cash flow and a strong balance sheet, Cboe maintains disciplined capital allocation. The company has increased its dividend for 15 consecutive years and retains $536.8 million under its share-repurchase authorization, demonstrating its commitment to shareholder returns.
Cboe Global’s Growth ProjectionsThe Zacks Consensus Estimate for 2026 revenues indicates a 16.3% year-over-year increase, while that for earnings suggests a 29.2% year-over-year increase. The consensus estimate for 2027 revenues indicates a 2.8% year-over-year increase, while that for earnings suggests an increase of 5.6% year over year.
The expected long-term earnings growth rate is pegged at 18.6%, better than the industry average of 13.1%.
Optimist Analyst Sentiment on CBOEThe consensus estimate for 2026 and 2027 earnings has moved 2.3% and 2.6% north, respectively, in the past 30 days, reflecting analysts' optimism.
Image Source: Zacks Investment Research
The consensus estimates for 2026 earnings of Nasdaq and Intercontinental Exchange have moved north in the past 30 days.
Parting Thoughts on CBOE SharesA diversified business mix with recurring revenues, accelerated growth banking on recurring non-transaction revenues, use of technology and prudent buyouts poise CBOE well for growth.
Given affordable valuation, solid growth projections and optimistic analyst sentiment, it’s time to add this Zacks Rank #2 (Buy) stock to one’s portfolio. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Cboe Clear Europe od 24. srpna rozšíří clearing SFT i na půjčování cenných papírů. Nově pokryje vládní a korporátní dluhopisy z EU, Švýcarska, Británie i USA.
Service expected to launch on August 24, covering EU, Swiss, UK and U.S. government and corporate bonds Builds on successful launch of SFT service in 2025, initially covering European equities and ETFs Demonstrates Cboe's commitment to enhancing its global clearing services , /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE), a leading global markets operator and pioneer in equity and index derivatives, today announced that Cboe Clear Europe, its pan-European clearing house, plans to expand its Securities Financing Transactions (SFT) clearing service to include the lending of Fixed Income instruments1 beginning August 24 - a significant milestone in the firm's strategy to bring the benefits of central clearing to the global securities lending market.
The service will include certain EU, Swiss and UK government and corporate bonds for all lenders and borrowers, along with U.S. Treasuries and U.S. corporate bonds for non-U.S. lenders and borrowers. Settlement will take place via Euroclear Bank for European and Swiss instruments, CREST for UK instruments, the Federal Reserve for U.S. Treasuries, and the Depository Trust Company for U.S. corporate bonds.
"The addition of Fixed Income securities is a natural extension of our SFT clearing service and another transformational development for the lending community, creating new opportunities for participants to optimise their portfolios," said Vikesh Patel, Global Head of Clearing and President, Cboe Clear Europe. "We've seen strong demand from the SFT industry seeking greater capital efficiency and lower risk-weighted asset exposures across their equity and ETF portfolios, and they are looking to extend those benefits globally and across asset classes. It demonstrates Cboe's continued investment in expanding its global clearing business to help unlock greater capital efficiencies for market participants."
The expansion builds on the successful launch of Cboe Clear Europe's SFT clearing service in 2025, which initially covered lending European cash equities and ETFs across 19 European Central Securities Depositories. Since going live, the service has been adopted by a range of principal lenders, agent lenders - representing both UCITS and non-UCITS beneficial owners - and borrowers, with daily notional outstanding loan values of €9 billion2 and over 1,000 settlements per day3.
By moving SFTs from a bilateral to a centrally cleared model, the service can help participants improve balance sheet efficiencies while simplifying a range of post-trade operations, including settlement, reporting and client onboarding.
Jan Treuren, Head of Product, Cboe Clear Europe, said: "Participant appetite for a single, globally consistent clearing framework for securities lending continues to grow as demonstrated by increased utilization rates for lenders. By bringing the capital efficiency, operational simplicity and risk management benefits we've delivered in European equities and ETFs to new asset classes, we're taking a major step toward building the leading securities lending clearing ecosystem."
Cboe's clearing arms, Cboe Clear Europe and Cboe Clear U.S. (CCUS), complements its markets across options, futures, U.S. and European equities, FX, and U.S. Treasuries. Cboe Clear Europe provides clearing for European cash equities and SFTs, while CCUS currently clears digital asset futures listed on Cboe Futures Exchange and expects to further expand its capabilities to support clearing across both established and emerging asset classes in the future.
About Cboe Global Markets
Cboe Global Markets (Cboe: CBOE) is a leading global markets operator with a long history of innovation in equity and index derivatives. Since launching the world's first listed options exchange in 1973, Cboe has pioneered landmark products, including the introduction of S&P 500® index options and the creation of the VIX® Index, the world's leading gauge of market volatility, reshaping how investors manage risk and access opportunity. Today, Cboe operates derivatives, equities, and FX markets, providing trading, clearing, and investment solutions for customers worldwide. To learn more, visit www.cboe.com.
Cboe Media Contacts
Cboe Analyst Contact
Angela Tu
Tim Cave
Kenneth Hill, CFA
+1-646-856-8734
+44 (0) 7593-506-719
+1-312-786-7559
[email protected]
[email protected]
[email protected]
CBOE-C
CBOE-OE
Cboe®, Cboe Global Markets®, Cboe Clear®, and VIX® are registered trademarks or service marks of Cboe Exchange, Inc and S&P 500® is a registered trademark of Standard & Poor's Financial Services LLC. All other trademarks and service marks are the property of their respective owners.
Cautionary Statements Regarding Forward-Looking Information
Certain information contained in this press release may constitute forward-looking statements. We caution readers not to place undue reliance on any forward-looking statements, which speak only as of the date made and are subject to a number of risks and uncertainties.
___________________
1
Contact Cboe Clear Europe for the full list of fixed income eligibility criteria: [email protected]
2
Outstanding loan values reached €9.0bn on 31 July, 2026 with high watermark of €9.5bn on May 7, 2026
CBOE Global (CBOE - Free Report) came out with quarterly earnings of $3.56 per share, beating the Zacks Consensus Estimate of $3.45 per share. This compares to earnings of $2.46 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +3.19%. A quarter ago, it was expected that this holding company for the Chicago Board Options Exchange would post earnings of $3.37 per share when it actually produced earnings of $3.7, delivering a surprise of +9.79%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
CBOE, which belongs to the Zacks Securities and Exchanges industry, posted revenues of $731.6 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 2.09%. This compares to year-ago revenues of $587.3 million. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
CBOE shares have added about 18.1% since the beginning of the year versus the S&P 500's gain of 8.7%.
What's Next for CBOE?While CBOE has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for CBOE was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $3.28 on $699.01 million in revenues for the coming quarter and $13.66 on $2.81 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Securities and Exchanges is currently in the bottom 28% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, OTC Markets Group Inc. (OTCM - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on August 5.
This company is expected to post quarterly earnings of $0.70 per share in its upcoming report, which represents a year-over-year change of +16.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
OTC Markets Group Inc.'s revenues are expected to be $32.47 million, up 6.5% from the year-ago quarter.
Key Takeaways CBOE's Q2 revenues are estimated to rise 20.6% year over year to $708.5 million.Stronger options volumes, transaction fees and proprietary products likely supported results.Data fees, connectivity demand and continued share repurchases are expected to aid earnings. Cboe Global Markets, Inc. (CBOE - Free Report) is expected to witness an improvement in its top and bottom lines when it reports second-quarter 2026 results on July 31, before market open.
The Zacks Consensus Estimate for CBOE’s second-quarter revenues is pegged at $708.5 million, indicating a 20.6% increase from the year-ago reported figure.
The consensus estimate for earnings is pegged at $3.45 per share. The Zacks Consensus Estimate for CBOE’s second-quarter earnings has moved 5.8% north in the past 30 days. The estimate suggests a year-over-year decrease of 40.2%.
Image Source: Zacks Investment Research
CBOE’s Solid Earnings Surprise HistoryCBOE’s earnings beat the Zacks Consensus Estimate in the trailing four quarters, the average surprise being 5.35%.
What the Zacks Model Unveils for Cboe GlobalOur proven model predicts an earnings beat for CBOE this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. That is the case here, as you can see below.
You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Earnings ESP: CBOE has an Earnings ESP of +0.77%. This is because the Most Accurate Estimate of $3.48 is pegged higher than the Zacks Consensus Estimate of $3.45.
Zacks Rank: CBOE currently has a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Factors Likely to Shape CBOE’s Q2 ResultsSolid growth in index options, along with higher transaction and clearing fees, access and capacity charges, market data revenues and regulatory fees, is likely to support Cboe Global Markets’ second-quarter results.
Derivatives Markets revenues are expected to have benefited from increased transaction and clearing fees, driven by stronger trading volumes across Cboe’s options exchanges. Its performance is likely to have received additional support from robust activity in proprietary products, including VIX futures and VIX and SPX options, as well as healthy growth in multi-listed options trading. However, lower regulatory fees may have partially offset these gains.
Cboe Data Vantage revenues are likely to have improved on higher access and capacity fees and proprietary market data revenues. Increased customer demand for logical and physical ports across the Options, North American Equities, and Europe and Asia Pacific segments is likely to have boosted connectivity-related revenues. Market data fees are also expected to have benefited from solid demand across these businesses.
Net transaction and clearing fees are likely to have gained from higher Cboe European Equities matched average daily notional value, Global FX average daily notional value and Cboe Clear Europe net settlement volumes.
Continued share repurchases are also expected to have supported second-quarter earnings per share.
CBOE’s Price Performance & ValuationThe stock has outperformed the industry, but underperformed its sector and the S&P 500 in the second quarter of 2026.
Image Source: Zacks Investment Research
The stock is trading at a forward 12-month price-to-earnings value of 21.27X, higher than the industry average of 20.54. CBOE is cheap compared to Nasdaq (NDAQ - Free Report) but expensive compared to Intercontinental Exchange (ICE - Free Report) .
Image Source: Zacks Investment Research
Investment ThesisCboe Global Markets holds a dominant position in the U.S. listed options market through its ownership of multiple options exchanges, consistently maintaining the industry's leading market share.
The company has also built a diversified business through acquisitions and international expansion. Cboe Global is further strengthening its long-term growth profile through strategic acquisitions and investments that expand its global footprint, product portfolio and capital markets infrastructure. The company is also investing in digital assets, carbon markets and next-generation trading technologies while introducing innovative derivatives products to meet evolving client demand.
At the same time, management is optimizing its portfolio and cost structure. The company has agreed to divest its Canada and Australia exchanges and expects these actions to reduce adjusted operating expenses in 2026, improving overall efficiency.
The company's disciplined capital allocation supports strategic investments while maintaining a strong balance sheet and robust free cash flow generation.
How to Play CBOE StockA diversified business mix with recurring revenues, accelerated growth banking on recurring non-transaction revenues, use of technology and prudent buyouts poise CBOE well for growth. Its VGM Score of A instills confidence.
Given affordable valuation, solid growth projections and optimistic analyst sentiment, it’s time to add this stock to one’s portfolio.
Cboe Global Markets spustí prodloužené obchodní hodiny pro vybrané opční kontrakty na mega-cap akcie, včetně Magnificent Seven, už od 7:30 ET. Firma očekává více obchodů a vyšší výnosy díky volatilitě.
Options and derivatives marketplace Cboe Global Markets (CBOE +3.19%) plans to launch new extended trading hours for select multi-exchange mega-cap stock options.
The extended hours will see the market open for options trading for these select stocks at 7:30 a.m. ET, two hours earlier than the major indexes open for trading. It will stay open until 4:15 p.m. ET, 15 minutes past the rest of the markets. This is for Monday through Friday only.
The 20 or so select stocks are all mega-caps, including all the Magnificent Seven stocks -- Nvidia, Microsoft, Apple, Alphabet, Amazon, Meta, and Tesla. It also includes big names like Broadcom, Palantir, and Advanced Micro Devices.
This is a huge development for Cboe and the markets in general. Now, for the first time, investors will be able to trade stock options for the Magnificent Seven and other market movers two hours before the market opens. That is beneficial for Cboe. Here's why.
Image source: Getty Images.
Cboe thrives on volatility Cboe generates most of its revenue from fees tied to trading on its index. So, the more volatility there is, and the higher the Cboe Volatility Index (VIX) goes, the more revenue Cboe typically generates. So with trading hours extended, it would lead to additional trading and revenue.
In the first quarter, the VIXEQ, Cboe's Constituent Volatility Index, skyrocketed. The VIXEQ measures the volatility of single stocks as opposed to the whole market. The VIXEQ is currently at 50, the highest its been sinced the tariff spike in April 2025 and one of the highest levels in the past five years.
But more importantly, the spread between the VIX and the VIXEQ is at historically wide levels as the VIX is at a pretty normal level -- 15. This means that single stocks are highly volatile, but that voilàtility is masked by a seemingly calm overall VIX.
It is no coincidence that Cboe had a record Q1, with revenue up 29% and earnings up 54% year over year. Options revenue increased 33%, due to a 10% increase in options average daily volume. Transaction and clearing fees for options were up 34%. Equity revenue also set a record, up 18% year over year, with transaction and clearing fees rising 40%.
Cboe stock spiked to an all-time high of $366 per share on May 13, and at that time it was up 46% year to date. It has since come crashing back down on perhaps several factors. There may have been profit-taking, particualrly after the company announced layoffs and volatility appeared to have subsided. Now, Cboe stock is trading at $265 per share, up about 5% YTD.
Cboe Predicts Cboe is also rolling out a new prediction markets product, in conjunction with Charles Schwab, called Cboe Predicts.
It will allow users to trade on predictions about financial markets. The prediction market product and extended trading hours should help Cboe boost revenue, which could help support revenue when markets are less volatile than they were in Q1.
The VIX has settled down and is back in a more normal range but the VIXEQ is extremely high. With the VIXEQ high, large-cap stocks still overvalued, and geopolitical conflicts ongoing, Cboe stock should be one to keep on your radar.
Cboe stock is trading at a more reasonable level at 22 times earnings. The stock has a median price target of $325 per share, which would represent a 21% increase in price.
Cboe stock might be worth buying at this valuation, because if the market gets wild again, you know youʻll have a stock that thrives on volatility.
Dave Kovaleski has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Advanced Micro Devices, Alphabet, Amazon, Apple, Broadcom, Meta Platforms, Microsoft, Nvidia, Palantir Technologies, and Tesla. The Motley Fool recommends Cboe Global Markets. The Motley Fool has a disclosure policy.
Cboe podle zdroje očekává, že opce na americky obchodované akcie SK Hynix začne s jejich kotací dva pracovní dny po debutu akcií na Nasdaq. Firma mezitím dokončila prodej akcií za 26,5 miliardy USD.
The logo of SK Hynix at a SK Hynix booth before a public briefing on the development vision for advanced industry in South Korea's southwestern region, in Gwangju, South Korea, June 30, 2026.... Purchase Licensing Rights, opens new tab Read more
CompaniesJuly 10 (Reuters) - Derivatives exchange Cboe Global Markets (CBOE.Z), opens new tab expects to list options on SK Hynix's (000660.KS), opens new tab U.S.-listed shares two business days after the stock's trading debut, a source familiar with the matter told Reuters on Friday.
The South Korean chipmaker, which raised $26.5 billion in share sale, is set to make its Wall Street entry later in the day. Analysts say it will be a crucial test of investor faith in the AI trade after a recent pullback in semiconductor stocks.
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Options tied to the Nasdaq listing will trade according to existing regulatory rules and the Options Listing Procedures Plan framework, the source said on condition of anonymity as the information is confidential.
SK Hynix, which is valued at about $1.03 trillion based on its South Korea-listed shares, did not immediately respond to a Reuters request for comment.
Options trading allows market participants to hedge risk or bet on future share-price moves, typically increasing liquidity and price discovery in a stock.
Investors have poured money into companies tied to the AI boom, betting that years of heavy spending on chips and computing infrastructure will drive steady demand for companies such as SK Hynix.
More recently, however, concerns about lofty valuations have triggered bouts of volatility across the sector.
"In a shallow correction, SK Hynix holds up better because its supply is the most locked and the most strategic. In a deep AI winter, Micron's diversification and U.S. positioning make it the relative safe haven," said Daniel Newman, CEO of tech research firm Futurum Group.
Heavy retail participation could also make the stock's options market active, as traders seek leveraged exposure to AI-related names, a dynamic that can amplify gains as well as losses.
Elon Musk-led SpaceX's (SPCX.O), opens new tab options launched last month have attracted record trading volumes.
Reporting by Manya Saini and Pritam Biswas in Bengaluru; Editing by Arun Koyyur
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Manya covers the most influential U.S. financial institutions, from Wall Street’s largest banks and card networks to leading asset managers and fintech companies. She also reports on late-stage venture capital fundraises, initial public offerings on U.S. exchanges and regulatory developments shaping the cryptocurrency industry. Her work appears across the finance, markets, business and future of money sections of the Reuters website. She holds a bachelor’s degree in political science from the University of Delhi and a master’s in journalism from the Symbiosis Institute of Media and Communication.
Cboe Global Markets zvýšila výhled organického čistého růstu tržeb na nízké dvouciferné až střední dvouciferné procento z dřívějšího mid-single-digit. Tržby za poslední dva roky vzrostly asi o 25 % díky opcím, akciím, futures a datům.
Key Takeaways CBOE's revenues grew about 25% in two years on strength across options, equities, futures and data.Cboe Global's options franchise is driven by SPX and VIX demand for hedging, income and volatility needs.CBOE raised its organic net revenue growth outlook to low double-digit to mid-teens growth. Cboe Global Markets' (CBOE - Free Report) revenue growth is being driven by structural market trends, product innovation and an increasingly diversified business model. The company’s revenues have risen by approximately 25% over the past two years, reflecting strength across multiple business lines. Unlike traditional exchanges that rely primarily on cash equity trading, Cboe generates revenues from options, equities, futures, foreign exchange, digital assets and market data.
Its options franchise remains the largest growth engine. Strong institutional demand for SPX and VIX index options for portfolio hedging, income generation and volatility management continues to drive transaction and clearing revenues, while periods of elevated market volatility provide an additional boost to trading activity.
Cboe Global is also expanding its base of recurring, non-transaction revenues through market data, connectivity and access services. These high-margin businesses benefit from growing demand from quantitative firms, algorithmic traders and institutional investors for proprietary market data, making revenues less dependent on trading volumes.
International expansion further strengthens the outlook. Acquisitions across Europe, Canada, Australia and Japan have broadened CBOE’s customer base and created cross-selling opportunities, while investments in foreign exchange and digital asset infrastructure position the company to capture emerging institutional demand.
Although trading activity is inherently cyclical, Cboe Global's increasingly diversified revenue mix provides greater resilience. Growth in recurring revenues, its international operations and continued product innovation reduce reliance on any single business segment. Reflecting these favorable trends, management has raised its outlook and now expects organic net revenue growth in the low double-digit to mid-teens range, compared with its previous guidance of mid-single-digit growth.
What About CBOE’s Peers?Nasdaq Inc. (NDAQ - Free Report) has strengthened its revenue growth profile by expanding beyond exchange trading into financial technology, market data, indexes, and anti-financial crime solutions, building a stable base of recurring subscription revenues. This diversification enables Nasdaq to generate consistent top-line growth despite fluctuations in trading activity and benefit from global demand for its technology platforms.
Intercontinental Exchange (ICE - Free Report) has similarly diversified through energy and interest-rate derivatives, mortgage technology and data services. Intercontinental Exchange is steadily increasing recurring revenues from its technology businesses, enhancing revenue visibility. Thus, Intercontinental Exchange remains well-positioned for sustainable long-term revenue growth.
CBOE’s Price PerformanceShares of Cboe Global have lost 0.8% year to date, outperforming the industry, but underperforming sector and S&P 500.
Image Source: Zacks Investment Research
CBOE’s Expensive ValuationCBOE is currently trading at a forward price-to-earnings multiple of 18.05, lower than the industry average of 18.16.
Image Source: Zacks Investment Research
Estimate Movement for CBOEThe Zacks Consensus Estimate for CBOE’s second and third-quarter 2026 earnings per share (EPS) witnessed no movement in the last seven days. The consensus estimate for 2026 and 2027 earnings has moved 1 cent north each, respectively, in the last seven days.
Cboe Global Markets zvýšila výhled organických celkových čistých tržeb za rok 2026 na růst v nízkých dvouciferných až středních desítkách procent. Firma zároveň 15 let po sobě zvyšuje dividendu a má 569,4 mil. USD na zpětné odkupy.
Key Takeaways Cboe Global stock is down 0.8% year to date, outperforming the industry but lagging the sector.Management raised its 2026 organic total net revenue outlook to low double-digit to mid-teens growth.Cboe Global has raised its dividend for 15 straight years and has $569.4M left for buybacks. Shares of Cboe Global Markets (CBOE - Free Report) have lost 0.8% year to date, outperforming the industry. It, however, lagged the sector as well as the Zacks S&P 500 composite.
Cboe Global Markets is one of the largest stock exchange operators by volume in the United States and a leading market globally for ETP trading. As global capital markets continue to become increasingly electronic and data-driven, CBOE is well-positioned to capitalize on secular trends in trading volumes, demand for market data, and the expansion of index-based investing.
CBOE vs Industry, Sector, S&P 500 YTD
Image Source: Zacks Investment Research
Shares of Nasdaq Inc (NDAQ - Free Report) have lost 13% year to date, while those of Intercontinental Exchange (ICE - Free Report) have lost 19.8% in the same time frame.
CBOE Shares Are AffordableThe stock is overvalued compared with its industry. It is currently trading at a forward price-to-earnings multiple of 18.05, lower than the industry average of 18.16 and the median of 21.71 over five years.
Image Source: Zacks Investment Research
CBOE is relatively cheap compared to Nasdaq but expensive compared to Intercontinental Exchange.
The Case for CBOE StockCboe Global Markets holds a dominant position in the U.S. listed options market through its ownership of multiple options exchanges, consistently maintaining the industry's leading market share.
The company has also built a diversified business through acquisitions and international expansion. Its portfolio now includes European equities and derivatives exchanges, foreign exchange trading venues and clearing infrastructure, reducing reliance on any single asset class or region. In addition, recurring revenues from proprietary market data, index licensing and technology solutions provide stability during periods of weaker trading activity. These businesses generate attractive margins and benefit from high customer switching costs.
Strong trading activity across index options, European equities and foreign exchange continues to drive transaction fee growth, while its Data Vantage business is expanding high-quality recurring revenues. Reflecting this momentum, management raised its 2026 organic total net revenue growth outlook to the low double-digit to mid-teens range and increased its Data Vantage organic growth target to low double digits.
Cboe Global is further strengthening its long-term growth profile through strategic acquisitions and investments that expand its global footprint, product portfolio and capital markets infrastructure. The company is also investing in digital assets, carbon markets and next-generation trading technologies while introducing innovative derivatives products to meet evolving client demand.
At the same time, management is optimizing its portfolio and cost structure. The company has agreed to divest its Canada and Australia exchanges and expects these actions to reduce adjusted operating expenses in 2026, improving overall efficiency.
The company's disciplined capital allocation supports strategic investments while maintaining a strong balance sheet and robust free cash flow generation. Cboe Global has increased its dividend for 15 consecutive years and has $569.4 million remaining under its existing share repurchase authorization, underscoring its commitment to returning capital to shareholders.
Cboe Global’s Growth ProjectionsThe Zacks Consensus Estimate for 2026 revenues indicates a 13.1% year-over-year increase, while that for earnings suggests a 25.2% year-over-year decline. The consensus estimate for 2027 revenues indicates a 2.8% year-over-year increase, while that for earnings suggests an increase of 5.6% year over year.
The expected long-term earnings growth rate is pegged at 16.8%, better than the industry average of 12.2%. It has a Growth Score of A.
Optimist Analyst Sentiment on CBOEThe consensus estimate for 2026 and 2027 earnings has moved 1.2% and 1.4% north, respectively, in the past 30 days, reflecting analysts' optimism.
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The consensus estimate for 2026 earnings of Nasdaq and Intercontinental Exchange has moved north in the past 30 days.
Parting Thoughts on CBOE SharesA diversified business mix with recurring revenues, accelerated growth banking on recurring non-transaction revenues, use of technology and prudent buyouts poise CBOE well for growth. Its VGM Score of B instills confidence.
Given affordable valuation, solid growth projections and optimistic analyst sentiment, it’s time to add this Zacks Rank #1 (Strong Buy) stock to one’s portfolio. You can see the complete list of today’s Zacks #1 Rank stocks here.
Cboe Global Markets v 1. čtvrtletí zvýšil čisté tržby o 29 % na 728,9 mil. USD, tažené deriváty a rekordním objemem opcí SPX. Akcie přesto za měsíc spadly o 28,4 %.
Key Takeaways CBOE grew Q1 net revenue 29% to $728.9M, led by a 32% increase in derivatives revenue.Cboe's SPX options reached record volume, while Data Vantage revenue climbed to $181.3M.CBOE is cutting costs through restructuring and had $569.4M remaining for share repurchases. Cboe Global Markets, Inc. (CBOE - Free Report) shares have lost 28.4% over the past month compared with the industry's decline of 10%.
The stock has been weighed down by concerns over its valuation compression, competitive threats, and selling pressure after a strong rally that reached a 52-week high in May. Investor sentiment has also been affected by market-share erosion and expectations of lower market volatility that could reduce trading activity. However, the solid earnings growth, record trading volumes, a profitable derivatives and market-data business, and prudent capital deployment position the company well for long-term growth.
Shares of some of its peers, including Intercontinental Exchange Inc. (ICE - Free Report) , CME Group Inc. (CME - Free Report) , and Nasdaq, Inc. (NDAQ - Free Report) , have lost 14.1%, 15.8% and 9.2%, respectively, in the past month.
1-Month Price Performance: CBOE, ICE, CME, NDAQ & Industry
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CBOE’s Average Target Price Suggests UpsideBased on short-term price targets offered by 14 analysts, the Zacks average price target is $317.50 per share. The average suggests a potential 24% upside from the last closing price.
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CBOE ValuationShares of Cboe Global are currently trading at a discount. Its forward price-to-earnings (P/E) ratio is 18.69X, which is below the industry average of 18.72X.
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Shares of Intercontinental Exchange are trading at a discount, while CME and Nasdaq are trading above the industry average.
CBOE’s Growth Projection EncouragesThe Zacks Consensus Estimate for Cboe Global’s 2026 earnings per share (EPS) indicates a year-over-year increase of 25%. The consensus estimate for revenues is pegged at $2.75 billion, implying a year-over-year improvement of 13.1%.
The consensus estimate for 2027 EPS and revenues indicates an increase of 5.5% and 2.9%, respectively, from the corresponding 2026 estimates.
Earnings have grown 14.7% in the past five years, better than the industry average of 10.6%. The expected long-term earnings growth rate is 16.8%, %, better than the industry average of 12.2%. It also has a Growth Score of A.
Optimist Analyst Sentiment on CBOE10 analysts covering the stock have raised estimates for 2026 and 2027 over the past 60 days, with no downward revisions. Thus, the Zacks Consensus Estimate for 2026 and 2027 earnings has moved up 8.8% and 9.1%, respectively, over the same period.
CBOE’s Favorable Return on CapitalReturn on equity for the trailing-12 months was 24.9%, which compared favorably with the industry’s average of 16%. This reflects its efficiency in utilizing shareholders’ funds.
Return on invested capital in the trailing-12 months was 14.6%, better than the industry average of 6.7%, reflecting CBOE’s efficiency in utilizing funds to generate income.
What Drives CBOE’s Growth?Cboe Global’s organic strength lies in a diversified business mix that ensures uninterrupted revenue generation and recurring non-transaction revenues. The company is sharpening its focus on core derivatives, data, clearing and off-exchange businesses through portfolio optimization, including the planned sale of its Canada and Australia operations. At the same time, CBOE is investing in high-growth opportunities such as prediction markets, tokenized products and expanded clearing services.
Trading activity across Cboe’s derivatives complex continues to be the primary organic growth engine. Net revenue rose 29% year over year to $728.9 million, with derivatives net revenue up 32% in the first quarter of 2026. Proprietary SPX options set another quarterly record with average daily volume up 34% year over year to 4.9 million contracts, supported by both shorter-dated and longer-dated demand as market conditions shifted. Management raised its 2026 organic total net revenue growth target to low double-digit to mid-teens.
Growing demand for market data, connectivity services and analytics solutions is driving solid growth in the Data Vantage segment. In the first quarter of 2026, Data Vantage revenue increased to $181.3 million from $152.5 million a year ago, supported primarily by new customer additions and increased product adoption. Management lifted its 2026 Data Vantage organic net revenue growth target to low double-digit.
The multi-quarter realignment is now paired with additional actions aimed at reducing complexity and improving execution. Management expects these initiatives to reduce its workforce by approximately 20% and be substantially completed by the end of 2026. Management also lowered 2026 expense guidance and expects meaningful savings from restructuring initiatives.
CBOE’s strategic investments are well supported by solid capital management. The company has been strengthening its balance sheet with a strong cash position supporting continued investment in technology, sales and product initiatives as well as capital returns, while lowering its debt balance. As of March 31, 2026, it had $569.4 million remaining under existing share repurchase authorizations.
ConclusionCboe Global’s growth strategy of expanding its product line across asset classes, broadening geographic reach, diversifying the business mix with recurring revenues, and leveraging technology reflects its operational expertise. A VGM Score of B instils optimism.
Coupled with cheap valuation, optimistic analyst sentiment, favorable ROE and favorable growth estimates, the time appears right for potential investors to bet on this Zacks Rank #1 (Strong Buy) insurer. You can see the complete list of today’s Zacks #1 Rank stocks here.
