Track market-moving stories before they get noisy

Prediction market Kalshi reportedly wants federal regulators to delay products from rival Cboe Global Markets. That's according to a report Tuesday (Aug. 25) from Bloomberg News, which calls this the latest example of the growing friction between prediction markets and incumbent financial exchanges.

Key Takeaways Cboe raised its quarterly dividend 19% to 86 cents, marking its 16th straight year of increases. CBOE returned $108 million to shareholders in Q2 and had $536.8 million left under buyback authorizations. Cboe's operating cash flow surged 16.8% in the first half, while its 25.9% ROE topped the industry average. Cboe Global Markets’ (CBOE - Free Report) board of directors has approved a 19% hike in its quarterly dividend to return more profits to stockholders. The payout currently stands at 86 cents per share compared with the previous payout of 72 cents. The latest hike marks the 16th straight year of dividend increases.

Based on the stock’s Aug. 13 closing price of $293.08, the new dividend will yield 0.9%. This makes Cboe Global an attractive pick for yield-seeking investors. Shareholders of record as of Aug. 31, 2026, will receive the increased dividend on Sept. 15, 2026. CBOE’s dividend witnessed a seven-year (2020-2026) CAGR of 13.2%.

Financial Strength and Capital ManagementCBOE maintains a shareholder-friendly capital allocation strategy, balancing investments in organic growth with acquisitions, dividends and share repurchases. The company’s strong cash-generation capabilities provide financial flexibility to reinvest in technology, expand its product offerings and pursue strategic opportunities while returning capital to shareholders. This disciplined approach can support long-term earnings growth and enhance shareholder value.

Cboe Global continues to maintain significant balance sheet flexibility, with adjusted cash of $2.3 billion, which increased 2.7% from the 2025-end level, and a leverage ratio of 0.7 times.  Simultaneously with the dividend hike announcement, the board authorized the company to repurchase shares of its outstanding common stock. Since the inception of the buyback program in 2011 through June 30, 2026, the company has repurchased shares for $1.8 billion. As of June 30, 2026, the company had $536.8 million of availability remaining under its existing share repurchase authorizations.

Cboe Global, one of the largest stock exchange operators by trading volume in the United States and a leading global market for ETP trading, returned a total of $108 million to shareholders in the second quarter of 2026. Cash flow from operations surged 16.8% year over year in the first half of 2026.

Return on equity, a profitability measure of how efficiently a company utilizes its shareholders' money, was 25.9%, better than the industry average of 16.2%.

Zacks Rank and Price PerformanceShares of this Zacks Rank #2 (Buy) securities and exchanges company have gained 18.3% in the past year against the industry’s decline of 15.4%. Expanding product lines across asset classes, broadening geographic reach, diversifying the business mix with recurring revenues, and leveraging technology should help shares retain momentum. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Image Source: Zacks Investment Research

Other Stocks to ConsiderSome other top-ranked stocks from the finance sector include Ameriprise Financial, Inc. (AMP - Free Report) , Nasdaq, Inc. (NDAQ - Free Report) and CNO Financial Group, Inc. (CNO - Free Report) . While Ameriprise Financial sports a Zacks Rank #1, Nasdaq and CNO Financial carry a Zacks Rank #2 each at present.

Ameriprise Financial’s earnings surpassed estimates in each of the last four quarters, the average surprise being 5.56%. Shares of AMP have jumped 11.1% in the past year. The Zacks Consensus Estimate for AMP’s 2026 and 2027 earnings implies year-over-year growth of 17.2% and 11.5%, respectively.

Nasdaq’s earnings surpassed estimates in each of the last four quarters, the average surprise being 5.67%. Shares of NDAQ have risen 2.3% in the past year. The Zacks Consensus Estimate for NDAQ’s 2026 and 2027 earnings implies year-over-year growth of 19.2% and 12.8%, respectively.

CNO Financial’s earnings surpassed estimates in each of the last four quarters, the average surprise being 23.15%. Shares of CNO have rallied 44.1% in the past year. The Zacks Consensus Estimate for CNO’s 2026 and 2027 earnings implies year-over-year growth of 16.1% and 5.7%, respectively.

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.

Investors seek growth stocks to capitalize on above-average growth in financials that help these securities grab the market's attention and produce exceptional returns. But finding a great growth stock is not easy at all.

That's because, these stocks usually carry above-average risk and volatility. In fact, betting on a stock for which the growth story is actually over or nearing its end could lead to significant loss.

However, it's pretty easy to find cutting-edge growth stocks with the help of the Zacks Growth Style Score (part of the Zacks Style Scores system), which looks beyond the traditional growth attributes to analyze a company's real growth prospects.

Our proprietary system currently recommends CBOE Global (CBOE - Free Report) as one such stock. This company not only has a favorable Growth Score, but also carries a top Zacks Rank.

Studies have shown that stocks with the best growth features consistently outperform the market. And for stocks that have a combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or 2 (Buy), returns are even better.

While there are numerous reasons why the stock of this holding company for the Chicago Board Options Exchange is a great growth pick right now, we have highlighted three of the most important factors below:

Earnings GrowthEarnings growth is arguably the most important factor, as stocks exhibiting exceptionally surging profit levels tend to attract the attention of most investors. For growth investors, double-digit earnings growth is highly preferable, as it is often perceived as an indication of strong prospects (and stock price gains) for the company under consideration.

While the historical EPS growth rate for CBOE is 15.9%, investors should actually focus on the projected growth. The company's EPS is expected to grow 29.2% this year, crushing the industry average, which calls for EPS growth of 12%.

Impressive Asset Utilization RatioGrowth investors often overlook asset utilization ratio, also known as sales-to-total-assets (S/TA) ratio, but it is an important feature of a real growth stock. This metric shows how efficiently a firm is utilizing its assets to generate sales.

Right now, CBOE has an S/TA ratio of 0.51, which means that the company gets $0.51 in sales for each dollar in assets. Comparing this to the industry average of 0.26, it can be said that the company is more efficient.

In addition to efficiency in generating sales, sales growth plays an important role. And CBOE looks attractive from a sales growth perspective as well. The company's sales are expected to grow 16.3% this year versus the industry average of 8.6%.

Promising Earnings Estimate RevisionsSuperiority of a stock in terms of the metrics outlined above can be further validated by looking at the trend in earnings estimate revisions. A positive trend is of course favorable here. Empirical research shows that there is a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

There have been upward revisions in current-year earnings estimates for CBOE. The Zacks Consensus Estimate for the current year has surged 2.4% over the past month.

Bottom LineCBOE has not only earned a Growth Score of A based on a number of factors, including the ones discussed above, but it also carries a Zacks Rank #2 because of the positive earnings estimate revisions.

You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

This combination positions CBOE well for outperformance, so growth investors may want to bet on it.

3.8.2026 19:59

Americké akciové trhy vstoupují do srpna výrazným růstem, když investory povzbudilo zmírnění napětí na Blízkém východě, pokles cen ropy a pokračující solidní výsledková sezóna. Prezident Donald Trump uvedl, že jednání s Íránem mají začít ještě dnes a dohoda týkající se Hormuzského průlivu je podle něj blízko a zároveň odvolal plánovaný rozsáhlý útok na Írán. To podpořilo naděje na deeskalaci konfliktu a zmírnění energetických inflačních tlaků. Náladu dále podpořila data z amerického průmyslu, kde aktivita v červenci expandovala nejrychlejším tempem za více než čtyři roky. Investoři zároveň sledují pokračující výsledkovou sezónu a páteční data z trhu práce, která mohou ovlivnit očekávání ohledně dalšího postupu Fedu.

Růst je tažen jak megacapy, tak menšími společnostmi, přičemž technologie pokračují v zotavení což bylo patrné již koncem předchozího měsíce. Nasdaq Composite přidává zhruba 2 % po předchozím měsíčním poklesu o více než 3 %, který souvisel zejména s výprodejem čipových akcií a obavami z udržitelnosti vysokých investic do AI infrastruktury. Trhům pomáhá také výrazný pokles ropy: WTI ztrácí 5,9 % na 79,70 USD za barel, když naděje na obnovení jednání s Íránem snížily rizikovou prémii v cenách energií. Desetiletý americký výnos odepsal 5 bazických bodů na 4,69 %. Bitcoin přidal 0,6 % na 63 791 USD a zlato mírně oslabilo o 0,2 % na 4 036 USD za unci.

Z jednotlivých titulů nejvíce vyniká Amazon (AMZN +4,49 %), jehož tržní kapitalizace překonala hranici 3 bilionů USD. Akcii pomáhají silné výsledky a úleva investorů, že vysoké výdaje velkých technologických firem na umělou inteligenci začínají být podpořeny reálným růstem tržeb, zejména v cloudu. V centru pozornosti zůstávají také další technologické výsledky: dnes po trhu reportuje Palantir (PLTR +2,05 %), v úterý AMD (AMD +2,01 %) a SpaceX (SPCX +1,84 %). Z firemních zpráv dále zaujala AstraZeneca, která podle zdrojů zvažovala akvizici Bristol-Myers Squibb, což by mohlo znamenat historicky největší transakci ve farmaceutickém sektoru. Northrop Grumman (NOC +0,57 %) získal dohody až za 3 mld. USD na dodávky komponent pro raketové interceptory Lockheedu Martin (LMT -0,25 %). AMC Entertainment (AMC +0,71 %) oznámila rekordní víkendové tržby díky premiéře filmu Spider-Man: Brand New Day a Tyson Foods (TSn +2,5 %) snížil celoroční výhled zisku kvůli přetrvávajícím problémům v americkém hovězím průmyslu přičemž prvotní prudký propad ceny trh již umazal.

Index Dow Jones +0,9 % na 52955,58 b.
S&P 500 +1,29 % na 7586,32 b.
Nasdaq Composite +1,99 % na 25877,76 b.

Index S&P 500 +1,29 % na 7586,32 b. Nejsilnější sektory S&P Změna Nejslabší sektory S&P Změna Komunikační služby +4,7 % Energie -1 % Zbytná spotřeba +2,6 % Zdravotní péče -0,4 % Informační technologie +1,5 % Nezbytná spotřeba -0,3 % Nejsilnější akcie S&P Změna Nejslabší akcie S&P Změna First Solar (FSLR) +12 % Marriott International (MAR) -7,2 % Coherent Corp (COHR) +8,7 % Fair Isaac Corp (FICO) -6,6 % GoDaddy (GDDY) +7,6 % Monolithic Power Systems (MPWR) -5,9 % Builders FirstSource (BLDR) +7,5 % Cboe Global Markets (CBOE) -5,6 % Oracle Corp (ORCL) +7,3 % eBay (EBAY) -4,6 %
Martin Varecha
Fio banka, a.s.
Prohlášení

Second Quarter Highlights*

Diluted EPS for the Quarter of $3.35, Up 50 percent Adjusted Diluted EPS1 for the Quarter of $3.56, Up 45 percent Record Net Revenue for the Quarter of $731.6 million, Up 25 percent Increases 2026 Organic Total Net Revenue Growth Target2 to 'mid to high teens' from 'low double-digit to mid teens' and Cboe Data Vantage3 Organic Net Revenue Growth Target2 to 'low teens' from 'low double-digit' Reaffirms 2026 Adjusted Operating Expense Guidance2 of $838 to $853 million , /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE) today reported financial results for the second quarter of 2026.

"Our strong second quarter results reflect the progress we're making as we execute our growth strategy," said Craig Donohue, Chief Executive Officer of Cboe Global Markets. "We're investing in opportunities that will define Cboe's future. Whether it's expanding event contracts, growing Cboe Clear U.S., or advancing around-the-clock access to our markets, we're executing with speed and discipline to create durable growth and value for our shareholders."

"Cboe delivered another quarter of record revenue results, producing 25 percent net revenue growth on a year-over-year basis, 50 percent diluted EPS growth, and 45 percent adjusted diluted EPS1 growth," said Jill Griebenow, Cboe Global Markets Executive Vice President, Chief Financial Officer. "Our Derivatives business again set a quarterly record, growing net revenue 30 percent on the back of another record quarter of index options volumes. Cash and Spot Markets net revenue rose 22 percent and our Data Vantage business grew 15 percent on a year-over-year basis. Given our strong performance through the first half of the year, we are increasing our 2026 organic total net revenue growth target2 to 'mid to high teens' from 'low double-digit to mid teens', and our Data Vantage organic net revenue growth target2 to 'low teens' from 'low double-digit'. We remain focused on disciplined execution as we build on this momentum." 

•

All comparisons are second quarter 2026 compared to the same period in 2025.

(1)

A full reconciliation of our non-GAAP results to our GAAP ("Generally Accepted Accounting Principles") results is included in the attached tables. See "Non-GAAP Information" in the accompanying financial tables.

(2)

Specific quantifications of the amounts that would be required to reconcile the company's organic net revenue growth guidance and adjusted operating expenses guidance are not available. The company believes that there is uncertainty and unpredictability with respect to certain of its GAAP measures, primarily related to acquisition-related revenues and costs that would be required to reconcile to GAAP revenues less cost of revenues, and GAAP operating expenses, which preclude the company from providing accurate guidance on certain forward-looking GAAP to non-GAAP reconciliations. The company believes that providing estimates of the amounts that would be required to reconcile the range of the company's organic net revenue growth guidance and adjusted operating expenses would imply a degree of precision that would be confusing or misleading to investors for the reasons identified above. 2026 guidance includes the anticipated business-as-usual financial contribution from Cboe Canada, which Cboe announced divestiture plans for in October 2025. 2026 guidance will be updated as further actions are announced. Given an expected third quarter sale completion for Cboe Australia, 2026 adjusted operating expenses guidance is being reduced by $11 million, and the total organic net revenue growth guidance and Data Vantage organic net revenue growth guidance excludes the 2025 and 2026 impact of Cboe Australia in its organic guidance calculation.

(3)

Cboe Data Vantage refers to the company's Cboe Data Vantage business (formerly known as Data and Access Solutions). Cboe Data Vantage is subsequently referred to as Data Vantage throughout this press release.

Consolidated Second Quarter Results

Table 1 below presents selected unaudited condensed consolidated financial information for the company as reported and on an adjusted basis for the three months ended June 30, 2026 and 2025.

Table 1

Consolidated Second
Quarter Results
($ in millions except per share
amounts and percentages)                                     

2Q26

2Q25

Change

2Q26

Adjusted¹

2Q25

Adjusted¹

Change

Total Revenues Less Cost of
Revenues

$     731.6

$     587.3

25 %

$     731.6

$     587.3

25 %

Total Operating Expenses

$     255.6

$     248.2

3 %

$     216.7

$     213.3

2 %

Operating Income

$     476.0

$     339.1

40 %

$     514.9

$     374.0

38 %

Operating Margin %

65.1 %

57.7 %

 7.4 pp

70.4 %

63.7 %

 6.7 pp

Net Income Allocated to Common
Stockholders

$     351.8

$     233.9

50 %

$     373.6

$     257.8

45 %

Net Income Allocated to Common
Stockholders Margin %     

48.1 %

39.8 %

 8.3 pp

51.1 %

43.9 %

 7.2 pp

Diluted Earnings Per Share

$       3.35

$       2.23

50 %

$       3.56

$       2.46

45 %

Operating EBITDA¹

$     504.1

$     369.0

37 %

$     528.4

$     386.7

37 %

Operating EBITDA Margin %¹

68.9 %

62.8 %

 6.1 pp

72.2 %

65.8 %

 6.4 pp

EBITDA¹

$     516.5

$     364.9

42 %

$     531.4

$     382.3

39 %

EBITDA Margin %¹

70.6 %

62.1 %

 8.5 pp

72.6 %

65.1 %

 7.5 pp

Total revenues less cost of revenues (referred to as "net revenue"2) of $731.6 million increased 25 percent, compared to $587.3 million in the prior-year period, a result of increases across all net revenue2 captions. Total operating expenses were $255.6 million versus $248.2 million in the second quarter of 2025, an increase of $7.4 million. This increase was primarily due to an increase in severance expense related to the company's previously announced strategic realignment and an increase in accrued bonuses related to strong company performance, partially offset by a decrease in impairment expense related to Cboe Japan in 2025. Adjusted operating expenses1 of $216.7 million were up $3.4 million compared to $213.3 million in the second quarter of 2025. These increases were primarily due to an increase in accrued bonuses related to strong company performance and an increase in travel and promotional expenses, partially offset by a decrease in professional fees when compared to the second quarter of 2025. The effective tax rate for the second quarter of 2026 was 28.6 percent as compared with 29.7 percent in the second quarter of 2025. The lower effective tax rate in 2026 is primarily due to reduced interest related to the resolution of uncertain tax positions with state and local taxing authorities. The effective tax rate on adjusted earnings1 was 28.5 percent, a decrease of 1.3 percentage points when compared with 29.8 percent in last year's second quarter. The change was primarily due to reduced interest on uncertain tax positions. Diluted EPS for the second quarter of 2026 increased 50 percent to $3.35 compared to the second quarter of 2025. Adjusted diluted EPS1 of $3.56 increased 45 percent compared to 2025 second quarter results. Business Segment Information:

Table 2

Total Revenues Less Cost of Revenues by Business Segment (in millions)            

2Q26

2Q25

Change

Options

$       473.9

$       364.8

30 %

North American Equities

114.7

98.4

17 %

Europe and Asia Pacific

84.8

70.4

20 %

Futures

30.6

30.1

2 %

Global FX

27.6

23.6

17 %

Total

$       731.6

$       587.3

25 %

(1)

A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables. See "Non-GAAP Information" in the accompanying financial tables.

(2)

See the attached tables on page 10 for "Net Revenue by Revenue Caption."

Discussion of Results by Business Segment:

Options:

Record Options net revenue of $473.9 million was up $109.1 million, or 30 percent, from the second quarter of 2025. Net transaction and clearing fees1 increased primarily as a result of a 26 percent increase in total options average daily volume ("ADV"), coupled with a 6 percent increase in total options revenue per contract ("RPC") versus the second quarter of 2025. Market data fees were 20 percent higher and access and capacity fees were 19 percent higher as compared to the second quarter of 2025. Net transaction and clearing fees1 increased $107.5 million, or 33 percent, reflecting a 32 percent increase in index options ADV and a 24 percent increase in multi-listed options ADV. Total options RPC increased 6 percent compared to the second quarter of 2025. The increase in total options RPC was due to a product mix shift, with index options representing a higher percentage of total options volume, paired with a 3 percent increase in index options RPC. Cboe's Options exchanges had total market share of 30.0 percent for the second quarter of 2026, down compared to 30.2 percent in the second quarter of 2025. North American (N.A.) Equities:

Record N.A. Equities net revenue of $114.7 million increased $16.3 million, or 17 percent, from the second quarter of 2025, reflecting higher net transaction and clearing fees1, access and capacity fees, and market data fees. Net transaction and clearing fees1 increased $10.2 million, or 37 percent, compared to the second quarter of 2025. The increase was driven by stronger industry volumes and improved net capture rates for on-exchange U.S. Equities exchanges versus the second quarter of 2025. Cboe's U.S. Equities exchanges had market share of 9.4 percent for the second quarter of 2026, down compared to 10.5 percent in the second quarter of 2025. Cboe's U.S. Equities off-exchange market share was 18.8 percent, up from 14.9 percent in the second quarter of 2025. Europe and Asia Pacific (APAC):

Europe and APAC net revenue of $84.8 million increased $14.4 million, or 20 percent, from the second quarter of 2025, reflecting growth in net transaction and clearing fees1 and non-transaction revenues. On a constant currency basis2, net revenue was $83.0 million, up 18 percent on a year-over-year basis. European Equities average daily notional value ("ADNV") traded on Cboe European Equities was €15.5 billion, up 13 percent compared to the second quarter of 2025 driven by stronger industry market volumes. Cboe Clear Europe net settlement volume reached 3,964.2 thousand shares, up 21 percent from the second quarter of 2025. For the second quarter of 2026, Cboe European Equities had 24.4 percent market share, down from 25.1 percent in the second quarter of 2025. Futures:

Futures net revenue of $30.6 million increased $0.5 million, or 2 percent, from the second quarter of 2025 driven by an increase in market data fees. Net transaction and clearing fees1 were flat when compared to the second quarter of 2025. Global FX:

Global FX net revenue of $27.6 million increased $4.0 million, or 17 percent, from the second quarter of 2025. The increase was due to higher net transaction and clearing fees1. ADNV traded on the Cboe FX platform was $60.6 billion for the quarter, up 8 percent compared to last year's second quarter, and net capture rate per one million dollars traded was $2.96 for the second quarter of 2026, up 6 percent compared to $2.81 in the second quarter of 2025. (1)

See the attached tables on page 10 for "Net Transaction and Clearing Fees by Business Segment."

(2)

A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables. See "Non-GAAP Information" in the accompanying financial tables.

2026 Fiscal Year Financial Guidance1

Cboe provided guidance for the 2026 fiscal year as noted below.

Organic total net revenue growth2 is expected to be in the 'mid to high teens' range, up from prior guidance of 'low double-digit to mid teens' in 2026. Organic net revenue growth2 from Data Vantage is expected to be in the 'low teens' range, up from prior guidance of 'low double-digit' in 2026. Reaffirms adjusted operating expenses2 in 2026 are expected to be in the range of $838 to $853 million. The guidance excludes the expected amortization of acquired intangible assets of $59 million; the company adjusts for this amount in its non-GAAP reconciliation. Depreciation and amortization expense for 2026 is expected to be in the range of $54 to $58 million, down from our prior guidance of $56 to $60 million, excluding the expected amortization of acquired intangible assets.  Reaffirms the effective tax rate on adjusted earnings2 for the full year 2026 is expected to be in the range of 27.5 to 29.5 percent. Significant changes in trading volume, expenses, tax laws or rates, and other items could materially impact this expectation. Capital expenditures for 2026 are expected to be in the range of $98 to $108 million, up from our prior guidance of $73 to $83 million. (1)

2026 guidance includes the anticipated impacts from discontinuing U.S. and European Corporate Listings, CEDX, and Cboe's Japanese equities business, as well as the planned cost reductions in U.S. and European ETP Listings businesses and several of Cboe's smaller Risk and Market Analytics businesses, as announced in 2025 and early 2026, as well as anticipated realignment costs.

(2)

Specific quantifications of the amounts that would be required to reconcile the company's organic and inorganic growth guidance, adjusted operating expenses guidance, and the effective tax rate on adjusted earnings guidance are not available. Acquisitions are considered organic after 12 months of closing. The company believes that there is uncertainty and unpredictability with respect to certain of its GAAP measures, primarily related to acquisition-related revenues and costs that would be required to reconcile to GAAP revenues less cost of revenues, and GAAP operating expenses, which preclude the company from providing accurate guidance on certain forward-looking GAAP to non-GAAP reconciliations. The company believes that providing estimates of the amounts that would be required to reconcile the range of the company's organic growth, adjusted operating expenses, and the effective tax rate on adjusted earnings would imply a degree of precision that would be confusing or misleading to investors for the reasons identified above. 2026 guidance includes the anticipated business-as-usual financial contribution from Cboe Canada, which Cboe announced divestiture plans for in October 2025. 2026 guidance will be updated as further actions are announced. Given an expected third quarter sale completion for Cboe Australia, 2026 adjusted operating expenses guidance is being reduced by $11 million, and the total organic net revenue growth guidance and Data Vantage organic net revenue growth guidance excludes the 2025 and 2026 impact of Cboe Australia in its organic guidance calculation.

Capital Management

At June 30, 2026, the company had cash and cash equivalents of $2,276.2 million and adjusted cash3 of $2,346.8 million. Total debt as of June 30, 2026 was $1,443.8 million.

The company paid cash dividends of $75.7 million, or $0.72 per share, during the second quarter of 2026 and utilized $32.6 million to repurchase approximately 127 thousand shares of its common stock under its share repurchase program at an average price of $256.61 per share. As of June 30, 2026, the company had approximately $536.8 million of availability remaining under its existing share repurchase authorizations.

Earnings Conference Call

Executives of Cboe Global Markets will host a conference call to review its second quarter financial results today, July 31, 2026, at 8:30 a.m. ET/7:30 a.m. CT. The conference call and any accompanying slides will be publicly available via live webcast from the Investor Relations section of the company's website at www.cboe.com, under Events & Presentations. Participants may also listen via telephone by dialing (800) 715-9871 (toll-free) or (646) 307-1963 (toll) and using the Conference ID 8711362. Telephone participants should place calls 10 minutes prior to the start of the call. The webcast will be archived on the company's website for replay.

(3)

A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables. See "Non-GAAP Information" in the accompanying financial tables.

About Cboe Global Markets

Cboe Global Markets, Inc. is a leading global markets operator with a long history of innovation in equity 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 about Cboe, visit www.cboe.com. 

Cautionary Statements Regarding Forward-Looking Information

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. You can identify these statements by forward-looking words such as "may," "might," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," or "continue," and the negative of these terms and other comparable terminology. All statements that reflect our expectations, assumptions, or projections about the future other than statements of historical fact are forward-looking statements. These forward-looking statements, which are subject to known and unknown risks, uncertainties, and assumptions about us, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by the forward-looking statements.

We operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible to predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

Some factors that could cause actual results to differ include: the loss of our right to exclusively list and trade certain index options and futures products; economic, political and market conditions; compliance with legal and regulatory obligations; price and new products and services competition and consolidation in our industry; decreases in trading or clearing volumes, market data fees, or a shift in the mix of products traded on our exchanges; legislative or regulatory changes or changes in tax regimes; our ability to protect our systems and communication networks from security vulnerabilities and breaches; our ability to attract and retain skilled management and other personnel; increasing competition by foreign and domestic entities; our business and operational dependence on and exposure to risk from third parties; factors that impact the quality and integrity of our and other applicable indices; our ability to manage our global operations, growth, and strategic acquisitions, wind-downs, divestitures or alliances effectively; increases in the cost of the products and services we use; our ability to operate our business without violating the intellectual property rights of others and the costs associated with protecting our intellectual property rights; our ability to minimize the risks, including our credit, liquidity, market, investment, counterparty, and default risks, associated with operating our clearinghouses; our ability to accommodate trading and clearing volume and transaction traffic, including significant increases, without failure or degradation of performance of our systems; misconduct by those who use our markets or our products or for whom we clear transactions; challenges to our use of open source software code; our ability to meet our compliance obligations, including managing our business interests and our regulatory responsibilities; the loss of key customers or a significant reduction in trading or clearing volumes by key customers; separate from and not integrated with our registered national securities exchanges; damage to our reputation; the ability of our compliance and risk management methods to effectively monitor and manage our risks; restrictions imposed by our debt obligations and our ability to make payments on or refinance our debt obligations; our ability to maintain an investment grade credit rating; impairment of our goodwill, long-lived assets, investments, or intangible assets; the accuracy of our estimates and expectations; and litigation risks and other liabilities. More detailed information about factors that may cause our actual results to differ may be found in our filings with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2025 and other filings made from time to time with the SEC.

We do not undertake, and we expressly disclaim, any duty to update any forward-looking statement whether as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

The condensed consolidated statements of income and balance sheets are unaudited and subject to revision.

Cboe Media Contacts:

Analyst Contact:

Angela Tu

Tim Cave

Kenneth Hill, CFA

(646) 856-8734

+44 (0) 7593-506-719

(312) 786-7559

[email protected] 

[email protected] 

[email protected] 

CBOE-F

Trademarks:

Cboe®, Cboe Global Markets®, Cboe Volatility Index®, Cboe Clear®, Cboe Datashop®, BIDS Trading®, BZX®, BYX®, EDGX®, EDGA®, and VIX® are registered trademarks and Cboe PlusSM, Cboe PredictsSM, and Cboe Data VantageSM are service marks of Cboe Global Markets, Inc. and its subsidiaries. All other trademarks and service marks are the property of their respective owners.

Cboe Global Markets, Inc.

Key Performance Statistics by Business Segment

2Q 2026

1Q 2026

4Q 2025

3Q 2025

2Q 2025

Options

Total industry ADV (in thousands)

72,838

68,894

66,608

60,798

57,203

Total Company Options ADV (in thousands):

21,862

20,076

19,419

18,775

17,301

Multi-listed options

15,654

13,940

13,965

13,911

12,615

Index options

6,208

6,136

5,454

4,864

4,686

Total Options Market Share:

30.0 %

29.1 %

29.2 %

30.9 %

30.2 %

Multi-listed options

23.5 %

22.3 %

22.9 %

24.9 %

24.0 %

Total Options RPC:

$     0.317

$     0.343

$     0.317

$     0.281

$     0.300

Multi-listed options

$     0.064

$     0.080

$     0.075

$     0.055

$     0.068

Index options

$     0.953

$     0.940

$     0.938

$     0.926

$     0.923

North American Equities

U.S. Equities - Exchange:

Total industry ADV (shares in billions)

20.2

20.0

18.6

17.6

18.4

Market share %

9.4 %

9.8 %

9.4 %

9.8 %

10.5 %

Net capture (per 100 touched shares)

$     0.019

$     0.017

$     0.018

$     0.015

$     0.012

U.S. Equities - Off-Exchange:

ADV (touched shares, in millions)

237.5

249.2

197.0

202.3

125.5

Off-Exchange ATS block market share % (reported on a one-month lag)

18.8 %

16.7 %

17.0 %

17.9 %

14.9 %

Net capture (per 100 touched shares)

$     0.058

$     0.063

$     0.064

$     0.064

$     0.082

Canadian Equities:

ADV (matched shares, in millions)

185.8

215.8

195.9

163.8

150.6

Total market share %

13.1 %

12.5 %

12.7 %

12.5 %

12.7 %

Net capture (per 10,000 shares, in Canadian dollars)

$     4.355

$     4.329

$     3.962

$     4.142

$     4.222

Europe and Asia Pacific

European Equities:

Total industry ADNV (Euros - in billions)

€       63.4

€      67.8

€       49.1

€       46.1

€       54.5

Market share %

24.4 %

25.5 %

24.8 %

25.4 %

25.1 %

Net capture (per matched notional value (bps), in Euros)

€     0.289

€     0.272

€     0.278

€     0.288

€     0.261

Cboe Clear Europe:

Trades cleared (in thousands)

422,482.0

434,717.3

322,339.2

329,293.1

400,935.8

Fee per trade cleared (in Euros)

€     0.008

€     0.009

€     0.010

€     0.010

€     0.008

Net settlement volume (shares in thousands)

3,964.2

3,931.2

3,603.7

3,541.9

3,289.3

Net fee per settlement (in Euros)

€     1.042

€     1.044

€     1.113

€     1.015

€     0.956

Australian Equities:

ADNV (Australian dollars - in billions)

$         1.1

$         1.2

$         1.0

$         1.0

$         1.0

Market share % - Continuous

20.5 %

20.6 %

20.6 %

20.6 %

20.0 %

Net capture (per matched notional value (bps), in Australian dollars)                         

$     0.208

$     0.208

$     0.207

$     0.206

$     0.160

Futures

ADV (in thousands)

222.7

283.3

239.2

200.7

220.5

RPC

$     1.664

$     1.649

$     1.717

$     1.745

$     1.691

Global FX

ADNV ($ - in billions)

$       60.6

$       70.4

$       53.3

$       49.9

$       55.9

Net capture (per one million dollars traded)

$       2.96

$       2.87

$       2.95

$       2.89

$       2.81

Note, in the second quarter of 2025, Digital futures products were transitioned to Cboe Futures Exchange. Futures metrics prior to the second quarter of 2025 exclude Digital futures products.

ADV = average daily volume; ADNV = average daily notional value.

RPC, average revenue per contract, for options and futures, represents total net transaction fees recognized for the period divided by total contracts traded during the period.

Touched volume represents the total number of shares of equity securities and ETFs internally matched on our exchanges or routed to and executed on an external market center.

Matched volume represents the total number of shares of equity securities and ETFs executed on our exchanges.

U.S. Equities - Exchange, "net capture per 100 touched shares" refers to transaction fees less liquidity payments and routing and clearing costs divided by the product of one-hundredth ADV of touched shares on BZX, BYX, EDGX and EDGA and the number of trading days. U.S. Equities - Off-Exchange data reflects BIDS Trading. For U.S. Equities - Off-Exchange, "net capture per 100 touched shares" refers to transaction fees less order and execution management system (OMS/EMS) fees and clearing costs divided by the product of one-hundredth ADV of touched shares on BIDS Trading and the number of trading days for the period.

Canadian Equities, "net capture per 10,000 shares" refers to transaction fees divided by the product of one-ten-thousandth ADV of shares for Cboe Canada and the number of trading days. Total market share represents Cboe Canada volume divided by the total volume of the Canadian Equities market.

European Equities, "net capture per matched notional value" refers to transaction fees less liquidity payments in Euros divided by the product of ADNV in Euros of shares matched on Cboe Europe Equities and the number of trading days. "Trades cleared" refers to the total number of non-interoperable trades cleared, "Fee per trade cleared" refers to clearing fees divided by number of non-interoperable trades cleared, "Net settlement volume" refers to the total number of settlements executed after netting, and "Net fee per settlement" refers to settlement fees less direct costs incurred to settle divided by the number of settlements executed after netting.

Australian Equities data reflects data from Cboe Australia. Australian Equities, "net capture per matched notional value" refers to transaction fees less liquidity payments in Australian dollars divided by the product of ADNV in Australian dollars of shares matched on Cboe Australia and the number of Australian Equities trading days.

Global FX, "net capture per one million dollars traded" refers to transaction fees less liquidity payments, if any, divided by the Spot and SEF products of one-thousandth of ADNV traded on the Cboe FX Markets and the number of trading days, divided by two, which represents the buyer and seller that are both charged on the transaction.

Average transaction fees per contract can be affected by various factors, including exchange fee rates, volume-based discounts, and transaction mix by contract type and product type.

Cboe Global Markets, Inc. and Subsidiaries

Condensed Consolidated Statements of Income (Unaudited)

Three and Six Months Ended June 30, 2026 and 2025

Three Months Ended June 30,

Six Months Ended June 30,

(in millions, except per share amounts)

2026

2025

2026

2025

Revenues:

Cash and spot markets

$       580.3

$       487.6

$     1,062.5

$       988.5

Data Vantage

181.6

158.3

362.9

310.8

Derivatives markets

680.9

527.6

1,290.2

1,069.2

Total Revenues

1,442.8

1,173.5

2,715.6

2,368.5

Cost of Revenues:

Liquidity payments

453.7

418.0

899.8

812.8

Routing and clearing

20.8

20.7

40.8

40.3

Regulatory fees cost of revenues

153.9

85.3

153.9

238.4

Royalty fees and other cost of revenues

82.8

62.2

160.6

124.5

Total Cost of Revenues

711.2

586.2

1,255.1

1,216.0

Revenues Less Cost of Revenues

731.6

587.3

1,460.5

1,152.5

Operating Expenses:

Compensation and benefits

154.7

127.9

282.6

244.1

Depreciation and amortization

28.1

29.9

57.6

60.2

Technology support services

26.2

26.7

53.8

52.3

Professional fees and outside services

22.4

24.8

40.7

45.6

Travel and promotional expenses

13.2

8.2

21.2

14.6

Facilities costs

6.1

7.0

12.3

13.2

Acquisition-related costs

—

—

—

0.2

Impairment of assets

—

17.1

—

17.1

Other expenses

4.9

6.6

10.7

12.2

Total Operating Expenses

255.6

248.2

478.9

459.5

Operating Income

476.0

339.1

981.6

693.0

Non-operating Income (Expenses):

Interest expense

(13.2)

(12.9)

(26.5)

(25.7)

Interest income

18.2

11.3

35.9

19.7

Earnings (loss) on investments, net

12.8

(1.1)

12.1

(4.4)

Other income (expense), net

0.9

(1.8)

7.1

2.2

Total Non-operating Income (Expenses)

18.7

(4.5)

28.6

(8.2)

Income Before Income Tax Provision

494.7

334.6

1,010.2

684.8

Income tax provision

141.6

99.5

271.4

199.1

Net Income

353.1

235.1

738.8

485.7

Net income allocated to participating securities

(1.3)

(1.2)

(2.9)

(2.4)

Net Income Allocated to Common Stockholders

$       351.8

$       233.9

$       735.9

$       483.3

Net Income Per Share Allocated to Common Stockholders:                                 

Basic earnings per share

$         3.36

$         2.23

$         7.03

$         4.62

Diluted earnings per share

3.35

2.23

7.01

4.60

Weighted average shares used in computing income per share:

Basic

104.7

104.7

104.7

104.7

Diluted

104.9

105.0

105.0

105.0

Cboe Global Markets, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

June 30, 2026 and December 31, 2025

(in millions)

June 30,
2026

December 31,
2025

Assets

Current assets:

Cash and cash equivalents

$      2,276.2

$      2,216.5

Financial investments

114.5

36.1

Accounts receivable, net

570.6

391.4

Margin deposits, default fund, and interoperability fund                                                                                                       

2,542.3

1,618.2

Income taxes receivable

76.9

67.9

Assets held for sale

261.0

—

Other current assets

85.3

91.3

Total current assets

5,926.8

4,421.4

Investments

40.6

32.4

Property and equipment, net

136.7

133.1

Operating lease right of use assets

101.6

111.0

Goodwill

3,047.6

3,150.5

Intangible assets, net

1,184.0

1,297.2

Other assets, net

172.0

159.7

Total assets

$     10,609.3

$      9,305.3

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable and accrued liabilities

$          389.1

$         686.9

Current portion of long-term debt

649.6

—

Section 31 fees payable

155.5

0.2

Deferred revenue

13.0

6.9

Margin deposits, default fund, and interoperability fund

2,542.3

1,618.2

Income taxes payable

5.3

50.1

Liabilities held for sale

31.7

—

Total current liabilities

3,786.5

2,362.3

Long-term debt

794.2

1,442.9

Non-current unrecognized tax benefits

23.4

15.8

Deferred income taxes

224.7

185.3

Non-current operating lease liabilities

111.5

120.9

Other non-current liabilities

43.2

39.8

Total liabilities

4,983.5

4,167.0

Stockholders' Equity:

Preferred stock

—

—

Common stock

1.0

1.0

Treasury stock, at cost

(109.4)

(1.5)

Additional paid-in capital

1,598.5

1,565.1

Retained earnings

4,131.0

3,543.6

Accumulated other comprehensive income, net

4.7

30.1

Total stockholders' equity

5,625.8

5,138.3

Total liabilities and stockholders' equity

$     10,609.3

$      9,305.3

Table 3

Net Transaction and
Clearing Fees by Business
Segment Three Months
Ended June 30,
2026 and 2025
(in millions)

Consolidated
June 30,

Options
June 30,

N.A. Equities
June 30,

Europe and APAC
June 30,

Futures
June 30,

Global FX
June 30,

2026

2025

2026

2025

2026

2025

2026

2025

2026

2025

2026

2025

Transaction and clearing
fees

$       1,035.8

$ 867.7

$ 601.4

$ 468.3

$ 321.3

$ 300.2

$  64.1

$  54.0

$  24.7

$  24.3

$  24.3

$  20.9

Liquidity payments

(453.7)

(418.0)

(167.9)

(142.7)

(274.6)

(262.3)

(9.4)

(11.6)

(1.8)

(1.4)

—

—

Routing and clearing

(20.8)

(20.7)

(4.4)

(4.0)

(9.0)

(10.4)

(6.8)

(5.8)

—

—

(0.6)

(0.5)

Net transaction and
clearing fees

$ 561.3

$ 429.0

$ 429.1

$ 321.6

$  37.7

$  27.5

$  47.9

$  36.6

$  22.9

$  22.9

$  23.7

$  20.4

Table 4

Net Revenue by Revenue Caption
Three Months Ended June 30, 2026 and 2025   
(in millions)

Cash and Spot Markets
June 30,

Data Vantage
June 30,

Derivatives Markets
June 30,

Total
June 30,

2026

2025

2026

2025

2026

2025

2026

2025

Transaction and clearing fees

$  409.5

$  375.1

$       —

$        —

$  626.3

$  492.6

$         1,035.8

$           867.7

Access and capacity fees

—

—

115.6

101.2

—

—

115.6

101.2

Market data fees

16.3

17.0

65.1

56.4

10.4

9.0

91.8

82.4

Regulatory fees

122.0

71.3

—

—

42.6

25.5

164.6

96.8

Other revenue

32.5

24.2

0.9

0.7

1.6

0.5

35.0

25.4

Total revenues

$  580.3

$  487.6

$  181.6

$  158.3

$  680.9

$  527.6

$        1,442.8

$        1,173.5

Liquidity payments

$  284.0

$  273.1

$       —

$        —

$  169.7

$  144.9

$           453.7

$           418.0

Routing and clearing

16.4

16.7

—

—

4.4

4.0

20.8

20.7

Regulatory fees cost of revenues

121.7

70.7

—

—

32.2

14.6

153.9

85.3

Royalty fees and other cost of revenues

17.1

11.5

3.8

3.2

61.9

47.5

82.8

62.2

Total cost of revenues

$  439.2

$  372.0

$      3.8

$      3.2

$  268.2

$  211.0

$           711.2

$           586.2

Net revenue

$  141.1

$  115.6

$  177.8

$  155.1

$  412.7

$  316.6

$           731.6

$           587.3

Non-GAAP Information

In addition to disclosing results determined in accordance with GAAP, Cboe Global Markets has disclosed certain non-GAAP measures of operating performance. These measures are not in accordance with, or a substitute for, GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. The non-GAAP measures provided in this press release include adjusted operating expenses, adjusted operating income, adjusted operating margin, adjusted net income allocated to common stockholders, adjusted diluted earnings per share, effective tax rate on adjusted earnings, adjusted income before income taxes, operating EBITDA, operating EBITDA margin, adjusted operating EBITDA, adjusted operating EBITDA margin, EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, adjusted cash, and net revenue in constant currency.

Management believes that the non-GAAP financial measures presented in this press release provide additional and comparative information to assess trends in our core operations and a means to evaluate period-to-period comparisons. Non-GAAP financial measures disclosed by management are provided as additional information to investors in order to provide them with an alternative method for assessing our financial condition and operating results.

The tables below show the reconciliation of each financial measure from GAAP to non-GAAP. The non-GAAP financial measures exclude the impact of those items detailed below and are referred to as adjusted financial measures. 

Reconciliation of GAAP and Non-GAAP Information

Table 5

(in millions, except percentages and per share amounts)

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

Reconciliation of Net Income Allocated to Common Stockholders
to Non-GAAP (As shown in Table 1)

Net income allocated to common stockholders

$       351.8

$       233.9

$        735.9

$       483.3

Non-GAAP adjustments

Acquisition-related costs (1)

—

—

—

0.2

Amortization of acquired intangible assets (2)

14.6

17.2

31.3

35.6

Strategic realignment costs (3)

23.7

17.3

28.8

17.6

Executive compensation adjustment (4)

0.6

0.4

1.2

0.4

Non-operating investment adjustments, net (5)

(9.4)

(0.3)

(9.5)

(0.7)

Total Non-GAAP adjustments

29.5

34.6

51.8

53.1

Income tax expense related to the items above

(7.8)

(9.5)

(13.9)

(14.2)

Deferred tax re-measurements (6)

—

(1.0)

(0.6)

(1.0)

Tax reserves (6)

—

—

(11.4)

—

Net income allocated to participating securities - effect on reconciling                      
items

0.1

(0.2)

—

(0.3)

Adjusted earnings

$       373.6

$       257.8

$        761.8

$       520.9

Reconciliation of Diluted EPS to Non-GAAP

Diluted earnings per common share

$         3.35

$         2.23

$          7.01

$         4.60

Per share impact of non-GAAP adjustments noted above

0.21

0.23

0.25

0.36

Adjusted diluted earnings per common share

$         3.56

$         2.46

$          7.26

$         4.96

Reconciliation of Operating Margin to Non-GAAP

Revenues less cost of revenues

$       731.6

$       587.3

$     1,460.5

$    1,152.5

Operating expenses (7)

$       255.6

$       248.2

$        478.9

$       459.5

Operating non-GAAP adjustments noted above

38.9

34.9

61.3

53.8

Adjusted operating expenses

$       216.7

$       213.3

$        417.6

$       405.7

Operating income

$       476.0

$       339.1

$        981.6

$       693.0

Operating non-GAAP adjustments noted above

38.9

34.9

61.3

53.8

Adjusted operating income

$       514.9

$       374.0

$     1,042.9

$       746.8

Adjusted operating margin (8)

70.4 %

63.7 %

71.4 %

64.8 %

Reconciliation of Income Tax Rate to Non-GAAP

Income before income taxes

$       494.7

$       334.6

$     1,010.2

$       684.8

Non-GAAP adjustments noted above

29.5

34.6

51.8

53.1

Adjusted income before income taxes

$       524.2

$       369.2

$     1,062.0

$       737.9

Income tax expense

$       141.6

$         99.5

$        271.4

$       199.1

Non-GAAP adjustments noted above

7.8

10.5

25.9

15.2

Adjusted income tax expense

$       149.4

$       110.0

$        297.3

$       214.3

Adjusted income tax rate

28.5 %

29.8 %

28.0 %

29.0 %

(1)

This amount includes acquisition-related costs primarily from the company's Cboe Digital, Cboe Canada, and Cboe Asia Pacific acquisitions, which are included in acquisition-related costs on the condensed consolidated statements of income.

(2)

This amount represents the amortization of acquired intangible assets related to the company's acquisitions, which is included in depreciation and amortization on the condensed consolidated statements of income.

(3)

This amount represents certain strategic realignment costs related to announced strategic realignment initiatives. For the three months ended June 30, 2026, the costs included $21.7 million in compensation and benefits, $2.5 million in professional fees and outside services, and $0.1 million in technology support services, partially offset by a reversal of $0.6 million in other expenses, on the condensed consolidated statements of income. For the three months ended June 30, 2025, the costs included $17.1 million in impairment of assets and $0.2 million in compensation and benefits on the condensed consolidated statements of income. For the six months ended June 30, 2026, the costs included $23.3 million in compensation and benefits, $4.0 million in professional fees and outside services, and $1.9 million in technology support services, partially offset by a reversal of $0.4 million in other expenses, on the condensed consolidated statements of income. For the six months ended June 30, 2025, the costs included $17.1 million in impairment of assets and $0.5 million in compensation and benefits on the condensed consolidated statements of income.

(4)

This amount represents the CEO sign-on long-term equity awards granted in 2025 with a grant date value of $6.0 million (comprised of a mixture of time and performance-based awards) that are subject to a 3-year cliff vesting requirement associated with the hiring of Craig Donohue as Chief Executive Officer, which is included in compensation and benefits on the condensed consolidated statements of income. This amount does not include the CEO's annual long-term equity incentive awards that were prorated for 2025.

(5)

This amount represents net gains and losses associated with the company's minority investments in Abaxx Singapore Pte, American Financial Exchange, LLC, and Eris Innovations Holdings, LLC, as well as PYTH token intangible assets which are included in earnings (loss) on investments, net on the condensed consolidated statements of income.

(6)

These amounts represent the tax impact related to the resolution of uncertain tax positions for the three and six months ended June 30, 2026 and the remeasurements of deferred tax assets and liabilities at prevailing effective tax rates for the three and six months ended June 30, 2025.

(7)

The company sponsors deferred compensation plans held in a trust. The expenses or income related to the deferred compensation plans are included in compensation and benefits ($4.6 million and $3.1 million in expense for the three months ended June 30, 2026 and 2025, respectively, and $4.2 million and $9.3 million in expense for the six months ended June 30, 2026 and 2025, respectively) and are directly offset by deferred compensation income and expenses included in earnings (loss) on investments, net, and dividends included in other income (expense), net ($4.6 million and $3.1 million in income, expense, and dividends in the three months ended June 30, 2026 and 2025, respectively, and $4.2 million and $9.3 million in expense for the six months ended June 30, 2026 and 2025, respectively) on the condensed consolidated statements of income. The deferred compensation plans' expenses are not excluded from adjusted operating expenses and do not have an impact on income before income taxes.

(8)

Adjusted operating margin represents adjusted operating income divided by revenues less cost of revenues.

EBITDA Reconciliations

EBITDA (earnings before interest, income taxes, depreciation and amortization) and Adjusted EBITDA are widely used non-GAAP financial measures of operating performance. These metrics are presented as supplemental information that the company believes are useful to investors to evaluate the company's results because they exclude certain items that are not directly related to the company's core operating performance. Operating EBITDA is calculated by adding back to operating income depreciation and amortization. Adjusted Operating EBITDA is calculated by adding back to Operating EBITDA relevant adjustments. Operating EBITDA margin represents Operating EBITDA divided by revenues less cost of revenues. Adjusted Operating EBITDA margin represents Adjusted Operating EBITDA divided by revenues less cost of revenues. EBITDA is calculated by adding back to net income interest (income) expense, net, income tax expense, and depreciation and amortization. EBITDA margin represents EBITDA divided by revenues less cost of revenues. Adjusted EBITDA is calculated by adding back to EBITDA relevant adjustments. Adjusted EBITDA margin represents Adjusted EBITDA divided by revenues less cost of revenues. Relevant adjustments are detailed in the reconciliations that follow. Operating EBITDA, Adjusted Operating EBITDA, EBITDA, and Adjusted EBITDA should not be considered as substitutes either for net income, as an indicator of the company's operating performance, or for cash flow as a measure of the company's liquidity. In addition, because Operating EBITDA, Operating EBITDA margin, Adjusted Operating EBITDA, Adjusted Operating EBITDA margin, EBITDA, EBITDA margin, Adjusted EBITDA, and Adjusted EBITDA margin may not be calculated identically by all companies, the presentation here may not be comparable to other similarly titled measures of other companies.

Table 6

(in millions, except percentages)

Three Months Ended

June 30,

Six Months Ended

June 30,

Reconciliation of Operating Income to Operating EBITDA
and Adjusted Operating EBITDA (Per Table 1)

2026

2025

2026

2025

Operating income

$   476.0

$   339.1

$    981.6

$   693.0

Depreciation and amortization

28.1

29.9

57.6

60.2

Operating EBITDA

$   504.1

$   369.0

$ 1,039.2

$   753.2

Operating EBITDA Margin

68.9 %

62.8 %

71.2 %

65.4 %

Non-GAAP adjustments not included in the above line items                    

Acquisition-related costs

$        —

$        —

$         —

$       0.2

Strategic realignment costs

23.7

17.3

28.8

17.6

Executive compensation adjustment

0.6

0.4

1.2

0.4

Adjusted Operating EBITDA

$   528.4

$   386.7

$ 1,069.2

$   771.4

Adjusted Operating EBITDA Margin

72.2 %

65.8 %

73.2 %

66.9 %

Reconciliation of Net Income Allocated to Common
Stockholders to EBITDA and Adjusted EBITDA (Per Table 1)

2026

2025

2026

2025

Net income allocated to common stockholders

$   351.8

$   233.9

$    735.9

$   483.3

Interest (income) expense, net

(5.0)

1.6

(9.4)

6.0

Income tax provision

141.6

99.5

271.4

199.1

Depreciation and amortization

28.1

29.9

57.6

60.2

EBITDA

$   516.5

$   364.9

$ 1,055.5

$   748.6

EBITDA Margin

70.6 %

62.1 %

72.3 %

65.0 %

Non-GAAP adjustments not included in the above line items                         

Acquisition-related costs

$        —

$        —

$         —

$       0.2

Strategic realignment costs

23.7

17.3

28.8

17.6

Executive compensation adjustment

0.6

0.4

1.2

0.4

Non-operating investment adjustments, net

(9.4)

(0.3)

(9.5)

(0.7)

Adjusted EBITDA

$   531.4

$   382.3

$ 1,076.0

$   766.1

Adjusted EBITDA Margin

72.6 %

65.1 %

73.7 %

66.5 %

Table 7

(in millions)

June 30,

December 31,

Reconciliation of Cash and Cash Equivalents to Adjusted Cash                    

2026

2025

Cash and cash equivalents

$     2,276.2

$     2,216.5

Cash and cash equivalents (included in assets held for sale)

70.3

—

Financial investments

114.5

36.1

Less deferred compensation plan assets

(40.0)

(35.8)

Less cash collected for Section 31 Fees

(74.2)

—

Adjusted Cash

$     2,346.8

$     2,216.8

Table 8

(in millions)

Three Months Ended
June 30,

Six Months Ended
June 30,

Reconciliation of GAAP Net Revenue to Net Revenue in Constant Currency

2026

2025

2026

2025

Europe and Asia Pacific net revenue

$     84.8

$     70.4

$   169.7

$   134.5

Constant currency adjustment

(1.8)

—

(10.0)

—

Europe and Asia Pacific net revenue in constant currency1       

$     83.0

$     70.4

$   159.7

$   134.5

(1)

Net revenue in constant currency is calculated by converting the current period GAAP net revenue in local currency using the foreign currency exchange rates that were in effect during the previous comparable period.

SOURCE Cboe Global Markets, Inc.

Cboe Global Markets, Inc. (CBOE) Q2 2026 Earnings Call July 31, 2026 8:30 AM EDT

Company Participants

Kenneth Hill - Senior VP, Treasurer and Head of Investor Relations & Business Intelligence
Craig Donohue - CEO, President & Director
Jill Griebenow - Executive VP & CFO
Robert Hocking - Executive VP & Global Head of Derivatives
Scott Johnston - Executive VP & COO
Prashant Bhatia - Executive VP and Head of Enterprise Strategy & Corporate Development

Conference Call Participants

Benjamin Budish - Barclays Bank PLC, Research Division
Patrick Moley - Piper Sandler & Co., Research Division
Brian Bedell - Deutsche Bank AG, Research Division
Jeffrey Schmitt - William Blair & Company L.L.C., Research Division
Michael Cyprys - Morgan Stanley, Research Division
Ashish Sabadra - RBC Capital Markets, Research Division
Alexander Blostein - Goldman Sachs Group, Inc., Research Division
Simon Alistair Clinch - Rothschild & Co Redburn, Research Division
Alex Kramm - UBS Investment Bank, Research Division
Daniel Fannon - Jefferies LLC, Research Division

Presentation

Operator

Thank you for standing by, and welcome to the Cboe Global Markets Second Quarter Earnings Call. [Operator Instructions]

I'd now like to turn the call over to Ken Hill, Head of Investor Relations. You may begin.

Kenneth Hill
Senior VP, Treasurer and Head of Investor Relations & Business Intelligence

Good morning, and thank you for joining us for our second quarter earnings conference call. On the call today, Craig Donohue, our CEO, will discuss our performance for the quarter and provide an update on our strategic outlook. Jill Griebenow, our Chief Financial Officer, will provide an overview of our financial results for the quarter as well as discuss updates to our 2026 financial guidance. Following their comments, we will open the call to Q&A. Also joining us for Q&A will be Prashant Bhatia, our Head of Enterprise Strategy and Corporate Development; Heidi Fischer, our Global Head of Equities and Spot Markets; Rob Hocking, our Global Head of Derivatives; and Scott Johnston, our Chief Operating Officer.

For the quarter ended June 2026, CBOE Global (CBOE - Free Report) reported revenue of $731.6 million, up 24.6% over the same period last year. EPS came in at $3.56, compared to $2.46 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $716.61 million, representing a surprise of +2.09%. The company delivered an EPS surprise of +3.19%, with the consensus EPS estimate being $3.45.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how CBOE performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Average Daily Volume by Product - Options - Index options: 6.21 million compared to the 6.21 million average estimate based on five analysts.Average Revenue Per Contract by Product - Futures: $1.66 compared to the $1.68 average estimate based on five analysts.Average Daily Volume by Product - Options: 21.86 million versus the five-analyst average estimate of 21.87 million.Average Daily Volume by Product - Options - Multi-listed options: 15.65 million compared to the 15.66 million average estimate based on five analysts.Revenues- Regulatory fees- Total: $164.6 million compared to the $13.31 million average estimate based on four analysts. The reported number represents a change of +70% year over year.Revenues- Market data fees- Total: $91.8 million versus $89.31 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +11.4% change.Revenues- Access and capacity fees- Total: $115.6 million versus the four-analyst average estimate of $113.43 million. The reported number represents a year-over-year change of +14.2%.Revenues- Net transaction and clearing fees: $561.3 million compared to the $555.71 million average estimate based on four analysts. The reported number represents a change of +30.8% year over year.Revenues- Other revenue- Total: $35 million compared to the $22.83 million average estimate based on three analysts. The reported number represents a change of +37.8% year over year.Total revenues less cost of revenues- Derivatives markets: $412.7 million versus the three-analyst average estimate of $416.25 million. The reported number represents a year-over-year change of +30.4%.Revenues- Net transaction and clearing fees- Global FX: $23.7 million versus $23.08 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +16.2% change.Revenues- Net transaction and clearing fees- Futures: $22.9 million versus the two-analyst average estimate of $22.98 million. The reported number represents a year-over-year change of 0%.View all Key Company Metrics for CBOE here>>>

Shares of CBOE have returned +19.1% over the past month versus the Zacks S&P 500 composite's -0.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

A compelling and diversified product portfolio helps drive the revenues of Zacks Securities and Exchanges industry players. A rise in trading volumes, product expansion through prudent acquisitions and the increased adoption of a greater number of crypto assets are expected to benefit CME Group (CME - Free Report) , Intercontinental Exchange (ICE - Free Report) , Nasdaq Inc. (NDAQ - Free Report) and Cboe Global Markets (CBOE - Free Report) . Increased focus on accelerating their non-trading revenue base, which comprises market technology, listing and information revenues, infuses dynamism in the business profile of the industry players. The industry is also witnessing increased retail trading.  However, alterations in investment patterns and priorities and compliance with regulations pose challenges. With the increasing digitization of financial markets, cyber threats and data breaches continue to pose serious risks.

Mergers and acquisitions are gaining momentum across the industry, with companies leveraging strategic partnerships and acquisitions to fuel growth and innovation. These initiatives help unlock new markets, protect domestic market share, diversify product offerings and reinforce trading platforms. Deloitte observes that exchanges are increasingly embracing consolidation to adapt to rapidly changing technological, regulatory and competitive environments.

About the Industry The Zacks Securities and Exchanges industry comprises companies that operate electronic marketplaces, which facilitate the buying and selling of stocks, stock options and bonds or commodity contracts. They facilitate trading across a diverse range of products in multiple asset classes and geographies. The companies generate revenues from fees received from the listed companies on their exchanges. They also provide a range of data and listing services to global financial and commodity markets, including pricing and reference data, exchange data, analytics, feeds, index services, investments, risk management, desktops, and connectivity solutions, as well as corporate and ETF listing services, on the cash equity exchanges. The industry is witnessing increased adoption of crypto assets. Yet, industry players have to comply with a number of regulations, resulting in challenges

4 Trends Shaping the Future of the Securities and Exchanges Industry Volatility Fueling Trading Volume: Industry revenues primarily come from trade execution, clearing and settlement, listings and trading technology. Elevated volatility typically increases trading volumes and transaction-based fees. A supportive cryptocurrency backdrop, driven by broader adoption and lighter regulation, could further strengthen activity. Exchanges are also investing in tokenization, stablecoins and digital payments to connect traditional finance with blockchain markets. Technavio expects the global securities exchanges market to reach $49.6 billion by 2028, reflecting a 12.1% CAGR. However, declining volatility could reduce trading activity and pressure transaction revenues.

Intense Competition: Traditional exchanges face growing competition from alternative trading systems, off-exchange market makers, newly launched exchanges and digital-asset platforms. These rivals compete aggressively through lower fees, liquidity incentives, faster execution and specialized products. As trading activity spreads across more venues, liquidity fragmentation can reduce the market share and pricing power of established exchanges while increasing the cost and complexity of maintaining competitive technology and connectivity.

Diversification Into Other Recurring Revenue Sources:  Securities exchanges are increasingly focusing on recurring revenues to lower reliance on unpredictable trading-driven income. With market volumes often fluctuating, stable revenue streams from data services, listings, clearing, and technology platforms offer consistent cash flows and stronger earnings stability. These revenues also support growth by addressing rising demand for market data, compliance, ESG offerings and digital asset infrastructure. The players are strengthening their presence in the evolving landscape and thereby enhancing scalability and margins. Increasing focus on accelerating the non-trading revenue base also infuses dynamism in the business profiles of the industry participants. In fact, exchanges are focusing on market data monetization and earning more from data feeds and analytics.

Continuous Investment in Technology, AI in Particular: Industry players are intensifying technology investments to enhance competitiveness and adaptability. There is growing emphasis on creating strategic market models through advanced tools, especially AI, while continually upgrading products and services. Exchanges are increasingly leveraging AI and blockchain to strengthen efficiency and resilience. Recent advancements use machine learning, automation and algorithms to improve trading accuracy, reduce cyber threats and limit human errors, thereby accelerating trading speed. Moreover, industry players are focusing on automating non-trading operations, which significantly contribute to revenue generation and support sustainable long-term growth.

Zacks Industry Rank Indicates Bleak Prospects The Zacks Securities and Exchanges industry is housed within the broader Zacks Finance sector. It carries a Zacks Industry Rank #208, which places it in the bottom 16% of the 247 Zacks industries.

The group’s Zacks Industry Rank, which is basically the average of the Zacks Rank of all the member stocks, reflects dull near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperforms the bottom 50% by a factor of more than 2 to 1.

The industry’s positioning in the bottom 50% of the Zacks-ranked industries is a result of a negative earnings outlook for the constituent companies in aggregate. Looking at the aggregate earnings estimate revisions, it appears that analysts have been losing confidence in this group’s earnings growth potential. Estimates for 2026 have decreased 1.7% since April.

Before we present a few securities and exchanges stocks worth considering for your portfolio, let’s take a look at the industry’s recent stock-market performance and valuation picture.

Industry Underperforms Sector and S&P 500 The Zacks Securities and Exchanges industry has underperformed the broader Zacks Finance sector as well as the Zacks S&P 500 composite year to date.

The industry has lost 11.5% against the broader sector’s increase of 6.1%  and the Zacks S&P 500 composite’s rise of 7.6% in the said time frame.

Year-to-Date Price Performance

Industry's Current Valuation On the basis of trailing 12-month price-to-earnings (P/E), which is commonly used for valuing exchange stocks, the industry is currently trading at 20.08X compared with the S&P 500’s 20.22X and the sector’s 16.58X.

Over the last five years, the industry has traded as high as 29.62X, as low as 17.59X and at the median of 24.19X, as the chart below shows.

12-Month Forward Price-to-Earnings (P/E) Ratio

12-Month Forward Price-to-Earnings (P/E) Ratio 

4 Securities and Exchanges Stocks to Keep An Eye On We are presenting one Zacks Rank #2 (Buy) stock and three Zacks Rank #3 (Hold) stocks from the Securities and Exchange industry. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Nasdaq: Headquartered in New York, Nasdaq is a leading provider of trading, clearing, marketplace technology, regulatory, securities listing, information, and public and private company services. Its strategy of accelerating its non-trading revenue base, successfully maximizing opportunities as a technology and analytics provider, growing core marketplace businesses and intensifying its focus on Market Technology and Information Services businesses should continue to drive this Zacks Rank #2 stock.

The Zacks Consensus Estimate for 2026 and 2027 earnings per share indicates an increase of 15.8% and 13.2%, respectively, year over year. NDAQ came up with a four-quarter average earnings surprise of 5.67%. The expected long-term earnings growth rate is pegged at 16%, better than the industry average of 12.7%. The consensus mark for 2026 and 2027 earnings has moved 3.9% and 4.8% north, respectively, in the past 30 days.

Price and Consensus: NDAQ

Cboe Global Markets: Based in Chicago, IL, Cboe Global is one of the largest stock exchange operators by volume in the United States and globally for ETP trading. This Zacks Rank #3 stock is poised for growth, given its expanding product line across asset classes, broadening geographic reach and a diversifying business mix with recurring revenues and technology.

The Zacks Consensus Estimate for the company’s 2026 and 2027 EPS indicates a year-over-year increase of 28% and 5.8%, respectively. The expected long-term earnings growth rate is pegged at 18.9%, better than the industry average. The consensus mark for 2026 and 2027 earnings has moved 1.6% north each, respectively, in the past 30 days. It came up with a four-quarter average earnings surprise of nearly 5.35%.

Price and Consensus: CBOE

CME Group: Headquartered in Chicago, IL, CME Group is the largest futures exchange in the world in terms of trading volume as well as notional value traded. Its efforts to expand future products in emerging markets, non-transaction-related opportunities, OTC offerings, cross-selling through alliances, global presence and liquidity should drive growth.

The Zacks Consensus Estimate for 2026 and 2027 EPS indicates a year-over-year increase of 9.6% and 4.7%, respectively. This Zacks Rank #3 company came up with a four-quarter average earnings surprise of 1.27%. The expected long-term earnings growth rate is pegged at 6.7%. The consensus mark for 2026 and 2027 earnings has moved 0.8% and 0.3% north, respectively, in the past seven days.

Price and Consensus: CME

Intercontinental Exchange: This Atlanta, GA-based company is a leading global operator of regulated exchanges, clearing houses and listings venues and a provider of data services for commodity, financial, fixed-income and equity markets. Its compelling portfolio, expansive risk-management services, strategic buyouts and a solid balance sheet bode well. It is the second-largest global fixed-income provider. This Zacks Rank #3 company, with the largest mortgage network across the United States, remains well-positioned to benefit from accelerated digitization in the U.S. residential mortgage industry.

The Zacks Consensus Estimate for the company’s 2026 and 2027 EPS indicates a year-over-year increase of 15.3% and 8.9%, respectively.  It came up with a four-quarter average earnings surprise of 3.44%. The expected long-term earnings growth rate is pegged at 12%.

Price and Consensus: ICE

The market expects CBOE Global (CBOE - Free Report) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.

The earnings report, which is expected to be released on July 31, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis holding company for the Chicago Board Options Exchange is expected to post quarterly earnings of $3.41 per share in its upcoming report, which represents a year-over-year change of +38.6%.

Revenues are expected to be $708.54 million, up 20.6% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.9% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for CBOE?For CBOE, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +1.83%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination indicates that CBOE will most likely beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that CBOE would post earnings of $3.37 per share when it actually produced earnings of $3.70, delivering a surprise of +9.79%.

Over the last four quarters, the company has beaten consensus EPS estimates four times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

CBOE appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Expected Results of an Industry PlayerAnother stock from the Zacks Securities and Exchanges industry, IntercontinentalExchange (ICE - Free Report) , is soon expected to post earnings of $1.84 per share for the quarter ended June 2026. This estimate indicates a year-over-year change of +1.7%. Revenues for the quarter are expected to be $2.63 billion, up 3.3% from the year-ago quarter.

The consensus EPS estimate for ICE has been revised 2% lower over the last 30 days to the current level. However, an equal Most Accurate Estimate has resulted in an Earnings ESP of 0.00%.

This Earnings ESP, combined with its Zacks Rank #3 (Hold), makes it difficult to conclusively predict that ICE will beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

For new and old investors, taking full advantage of the stock market and investing with confidence are common goals. Zacks Premium provides lots of different ways to do both.

The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.

Zacks Premium also includes the Zacks Style Scores.

What are the Zacks Style Scores? The Zacks Style Scores is a unique set of guidelines that rates stocks based on three popular investing types, and were developed as complementary indicators for the Zacks Rank. This combination helps investors choose securities with the highest chances of beating the market over the next 30 days.

Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreFor value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.

Growth ScoreGrowth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.

Momentum ScoreMomentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.

VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.

Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +23.94% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

But it can feel overwhelming to pick the right stocks for you and your investing goals with over 800 top-rated stocks to choose from.

That's where the Style Scores come in.

You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only has a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.

The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.

For instance, a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one that boasts Scores of A and B, still has a downward-trending earnings forecast, and a much greater likelihood its share price will decline as well.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: CBOE Global (CBOE - Free Report) Based in Chicago, IL, and founded in 1973, Cboe Global Markets, Inc. (effective Oct 17, 2017, CBOE Holdings, Inc. came to be known as Cboe Global Markets, Inc.) is one of the largest stock exchange operators by volume in the United States and a leading market globally for ETP trading.

CBOE is a #2 (Buy) on the Zacks Rank, with a VGM Score of A.

Momentum investors should take note of this Finance stock. CBOE has a Momentum Style Score of B, and shares are up 9.8% over the past four weeks.

Nine analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.47 to $13.56 per share. CBOE also boasts an average earnings surprise of +5.4%.

With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, CBOE should be on investors' short list.

Growth stocks are attractive to many investors, as above-average financial growth helps these stocks easily grab the market's attention and produce exceptional returns. However, it isn't easy to find a great growth stock.

In addition to volatility, these stocks carry above-average risk by their very nature. Also, one could end up losing from a stock whose growth story is actually over or nearing its end.

However, the task of finding cutting-edge growth stocks is made easy with the help of the Zacks Growth Style Score (part of the Zacks Style Scores system), which looks beyond the traditional growth attributes to analyze a company's real growth prospects.

CBOE Global (CBOE - Free Report) is on the list of such stocks currently recommended by our proprietary system. In addition to a favorable Growth Score, it carries a top Zacks Rank.

Research shows that stocks carrying the best growth features consistently beat the market. And for stocks that have a combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or 2 (Buy), returns are even better.

While there are numerous reasons why the stock of this holding company for the Chicago Board Options Exchange is a great growth pick right now, we have highlighted three of the most important factors below:

Earnings GrowthEarnings growth is arguably the most important factor, as stocks exhibiting exceptionally surging profit levels tend to attract the attention of most investors. And for growth investors, double-digit earnings growth is definitely preferable, and often an indication of strong prospects (and stock price gains) for the company under consideration.

While the historical EPS growth rate for CBOE is 15.2%, investors should actually focus on the projected growth. The company's EPS is expected to grow 27% this year, crushing the industry average, which calls for EPS growth of 10.9%.

Impressive Asset Utilization RatioAsset utilization ratio -- also known as sales-to-total-assets (S/TA) ratio -- is often overlooked by investors, but it is an important indicator in growth investing. This metric exhibits how efficiently a firm is utilizing its assets to generate sales.

Right now, CBOE has an S/TA ratio of 0.5, which means that the company gets $0.5 in sales for each dollar in assets. Comparing this to the industry average of 0.26, it can be said that the company is more efficient.

While the level of efficiency in generating sales matters a lot, so does the sales growth of a company. And CBOE looks attractive from a sales growth perspective as well. The company's sales are expected to grow 15% this year versus the industry average of 8.6%.

Promising Earnings Estimate RevisionsSuperiority of a stock in terms of the metrics outlined above can be further validated by looking at the trend in earnings estimate revisions. A positive trend is of course favorable here. Empirical research shows that there is a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

There have been upward revisions in current-year earnings estimates for CBOE. The Zacks Consensus Estimate for the current year has surged 1.6% over the past month.

Bottom LineWhile the overall earnings estimate revisions have made CBOE a Zacks Rank #2 stock, it has earned itself a Growth Score of A based on a number of factors, including the ones discussed above.

You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

This combination indicates that CBOE is a potential outperformer and a solid choice for growth investors.

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Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.

The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.

It also includes access to the Zacks Style Scores.

What are the Zacks Style Scores? The Zacks Style Scores, developed alongside the Zacks Rank, are complementary indicators that rate stocks based on three widely-followed investing methodologies; they also help investors pick stocks with the best chances of beating the market over the next 30 days.

Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreValue investors love finding good stocks at good prices, especially before the broader market catches on to a stock's true value. Utilizing ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and many other multiples, the Value Style Score identifies the most attractive and most discounted stocks.

Growth ScoreGrowth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.

Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.

VGM ScoreIf you want a combination of all three Style Scores, then the VGM Score will be your friend. It rates each stock on their combined weighted styles, helping you find the companies with the most attractive value, best growth forecast, and most promising momentum. It's also one of the best indicators to use with the Zacks Rank.

How Style Scores Work with the Zacks Rank The Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.

Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +23.94% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

With more than 800 top-rated stocks to choose from, it can certainly feel overwhelming to pick the ones that are right for you and your investing journey.

That's where the Style Scores come in.

To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.

The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.

For instance, a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one that boasts Scores of A and B, still has a downward-trending earnings forecast, and a much greater likelihood its share price will decline as well.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: CBOE Global (CBOE - Free Report) Based in Chicago, IL, and founded in 1973, Cboe Global Markets, Inc. (effective Oct 17, 2017, CBOE Holdings, Inc. came to be known as Cboe Global Markets, Inc.) is one of the largest stock exchange operators by volume in the United States and a leading market globally for ETP trading.

CBOE is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

Additionally, the company could be a top pick for growth investors. CBOE has a Growth Style Score of A, forecasting year-over-year earnings growth of 26.4% for the current fiscal year.

Four analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.34 to $13.49 per share. CBOE boasts an average earnings surprise of +5.4%.

With a solid Zacks Rank and top-tier Growth and VGM Style Scores, CBOE should be on investors' short list.

Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering CBOE Global (CBOE - Free Report) , which belongs to the Zacks Securities and Exchanges industry.

When looking at the last two reports, this holding company for the Chicago Board Options Exchange has recorded a strong streak of surpassing earnings estimates. The company has topped estimates by 7.11%, on average, in the last two quarters.

For the last reported quarter, CBOE came out with earnings of $3.7 per share versus the Zacks Consensus Estimate of $3.37 per share, representing a surprise of 9.79%. For the previous quarter, the company was expected to post earnings of $2.93 per share and it actually produced earnings of $3.06 per share, delivering a surprise of 4.44%.

Price and EPS Surprise

For CBOE, estimates have been trending higher, thanks in part to this earnings surprise history. And when you look at the stock's positive Zacks Earnings ESP (Expected Surprise Prediction), it's a great indicator of a future earnings beat, especially when combined with its solid Zacks Rank.

Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

CBOE currently has an Earnings ESP of +2.69%, which suggests that analysts have recently become bullish on the company's earnings prospects. This positive Earnings ESP when combined with the stock's Zacks Rank #3 (Hold) indicates that another beat is possibly around the corner. We expect the company's next earnings report to be released on July 31, 2026.

With the Earnings ESP metric, it's important to note that a negative value reduces its predictive power; however, a negative Earnings ESP does not indicate an earnings miss.

Many companies end up beating the consensus EPS estimate, though this is not the only reason why their shares gain. Additionally, some stocks may remain stable even if they end up missing the consensus estimate.

Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

7.7.2026 19:00

Index Dow Jones -0,34 % na 52874,68 b. S&P 500 -0,31 % na 7514,09 b. Nasdaq Composite -0,71 % na 25936,59 b.

US indexy se pohybují v červeném pásmu, část ztrát se jim ale již podařilo smazat. Nejméně klesá index S&P 500, kde je nejslabším sektorem průmysl. GE Vernova klesá o 8,8 %, Deere & Co ztrácí 6,1 % a Caterpillar, který je i nejslabší emisí indexu Dow Jones odepisuje 5,5 %.

Dalším klesajícím sektorem je sektor informačních technologií. Akcie společností zaměřených na umělou inteligenci se ocitly pod tlakem v důsledku poklesu akcií společnosti Samsung o 7 % na domácí korejské burze. Samsung ráno oznámil předběžné výsledky za druhé čtvrtletí, v nichž očekává tržby ve výši přibližně USD 112,7 mld. a provozní zisk USD 59 mld. Oba tyto údaje výrazně překonaly konsensus, což však nestačilo k pozitivní reakci trhu. Dobrou náladu nepřinesla ani zpráva o čínské společnosti DeepSeek, která začala vyvíjet vlastní čip pro umělou inteligenci. Intel odepisuje 9,5 %, Micron Technology a AMD odepisují přibližně 6 %.

Fiserv roste o 1,9 % po informacích o možném budoucím prodeji její platební sítě STAR konsorciu bank, jako je JPMorgan Chase, anebo Bank of America. Získání vlastní sítě na zpracování plateb by bankám snížilo náklady a podpořilo například věrnostní programy pro debetní karty.

SpaceX (- 4,9 %) se dnes stal součástí indexu Nasdaq 100. Po připojení do indexu se objevilo hned několik investičních doporučení. Např. JP Morgan má cílovou cenu USD 225, Goldman Sachs akcie doporučuje k nákupu s cílovou cenou USD 205 a UBS má cílovou cenu USD 210.

Hormuzský průliv byl dnes místem útoku Iránu na tanker na zkapalněný zemní plyn. V reakci mírně stoupá cena ropy. Futures kontrakty na WTI rostou o 2,8 % na úroveň pod USD 70,5 a po sérií poklesů stoupají i Exxon Mobil (2,2 %) a Chevron (1,5 %).

Index S&P 500 -0,31 % na 7514,09 b. Nejsilnější sektory S&P Změna Nejslabší sektory S&P Změna Reality +1,7 % Průmysl -2,3 % Zdravotní péče +1,5 % Informační technologie -1,1 % Energie +1,3 % Základní materiály -1 % Nejsilnější akcie S&P Změna Nejslabší akcie S&P Změna Cognizant Technology Solutions Corp (CTSH) +6,3 % Teradyne (TER) -10 % Gartner (IT) +5,8 % Generac Holdings (GNRC) -10 % Cboe Global Markets (CBOE) +5,4 % Intel Corp (INTC) -9,5 % GoDaddy (GDDY) +5,3 % GE Vernova (GEV) -9,1 % ServiceNow (NOW) +5,0 % Sandisk Corp (SNDK) -8,9 %
Marek Kameništiak
Fio banka, a.s.
Prohlášení

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.

Image Source: Zacks Investment Research

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.

Here are three stocks with buy ranks and strong growth characteristics for investors to consider today, July 1:

Alliance Laundry Holdings Inc. (ALH - Free Report) : This commercial laundry systems company carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 11.6% over the last 60 days.

Alliance Laundry has a PEG ratio of 1.23 compared with 1.40 for the industry. The company possesses a Growth Score of A.

Cboe Global Markets, Inc. (CBOE - Free Report) : This derivatives and securities exchange network carriesa Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 6.1% over the last 60 days.

Cboe Global Markets has a PEG ratio of 1.03 compared with 1.65 for the industry. The company possesses a Growth Score of A.

Delek US Holdings, Inc. (DK - Free Report) : This integrated downstream energy company carriesa Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 6.1% over the last 60 days.

Centene has a PEG ratio of 0.33 compared with 0.49 for the industry. The company possesses a Growth Score of A.

See the full list of top-ranked stocks here.

Learn more about the Growth score and how it is calculated here.

Here are three stocks with buy ranks and strong growth characteristics for investors to consider today, June 29:

Celestica Inc. (CLS - Free Report) : This supply chain solutions provider carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 13.7% over the last 60 days.

Celestica has a PEG ratio of 0.73 compared with 0.96 for the industry. The company possesses a Growth Score of B.

Cboe Global Markets, Inc. (CBOE - Free Report) : This derivatives and securities exchange network carriesa Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 7.3% over the last 60 days.

Cboe Global Markets has a PEG ratio of 1.08 compared with 1.65 for the industry. The company possesses a Growth Score of A.

Centene Corporation (CNC - Free Report) : This managed care company carriesa Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 12.7% over the last 60 days.

Centene has a PEG ratio of 0.51 compared with 1.13 for the industry. The company possesses a Growth Score of B.

See the full list of top-ranked stocks here.

Learn more about the Growth score and how it is calculated here.

TORONTO--(BUSINESS WIRE)---- $BDAY #Cboe--Cboe Canada announces the listing of the Hamilton Enhanced Bitcoin DayMAX™ ETF.

CBOE Global (CBOE - Free Report) has been beaten down lately with too much selling pressure. While the stock has lost 28.2% over the past four weeks, there is light at the end of the tunnel as it is now in oversold territory and Wall Street analysts expect the company to report better earnings than they predicted earlier.

We use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whether a stock is oversold. This is a momentum oscillator that measures the speed and change of price movements.

RSI oscillates between zero and 100. Usually, a stock is considered oversold when its RSI reading falls below 30.

Technically, every stock oscillates between being overbought and oversold irrespective of the quality of their fundamentals. And the beauty of RSI is that it helps you quickly and easily check if a stock's price is reaching a point of reversal.

So, by this measure, if a stock has gotten too far below its fair value just because of unwarranted selling pressure, investors may start looking for entry opportunities in the stock for benefiting from the inevitable rebound.

However, like every investing tool, RSI has its limitations, and should not be used alone for making an investment decision.

Why CBOE Could Bounce Back Before LongThe RSI reading of 29.13 for CBOE is an indication that the heavy selling could be in the process of exhausting itself, so the stock could bounce back in a quest for reaching the old equilibrium of supply and demand.

The RSI value is not the only factor that indicates a potential turnaround for the stock in the near term. On the fundamental side, there has been strong agreement among the sell-side analysts covering the stock in raising earnings estimates for the current year. Over the last 30 days, the consensus EPS estimate for CBOE has increased 0.3%. And an upward trend in earnings estimate revisions usually translates into price appreciation in the near term.

Moreover, CBOE currently has a Zacks Rank #1 (Strong Buy), which means it is in the top 5% of more than 4,000 stocks that we rank based on trends in earnings estimate revisions and EPS surprises. This is a more conclusive indication of the stock's potential turnaround in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Here are three stocks with buy ranks and strong growth characteristics for investors to consider today, June 23:

Cboe Global Markets, Inc. (CBOE - Free Report) : This derivatives and securities exchange network carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 8.8% over the last 60 days.

Cboe has a PEG ratio of 1.11 compared with 1.60 for the industry. The company possesses a Growth Score of A.

Centene Corporation (CNC - Free Report) : This managed care company carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 15.3% over the last 60 days.

Centene has a PEG ratio of 0.47 compared with 1.06 for the industry. The company possesses a Growth Score of A.

Credo Technology Group Holding Ltd (CRDO - Free Report) : This high-speed connectivity solutions company carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 20.5% over the last 60 days.

Credo Technology has a PEG ratio of 1.16 compared with 1.39 for the industry. The company possesses a Growth Score of B.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Learn more about the Growth score and how it is calculated here.

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
Image Source: Zacks Investment Research

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.

Image Source: Zacks Investment Research

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.

Image Source: Zacks Investment Research

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.

SPCX stock is climbing. See the chart and price action here.  Gamma Squeeze Ahead? Experts expect high implied volatility from the start. Analysts at SpotGamma point out there is no positioning history, no IV anchor and no established gamma exposure profile — meaning options will price extreme uncertainty from day one. 

Wide bid-ask spreads and rich premiums are the baseline expectation.

The structural setup is also notable: SPCX’s tradable float is just 3% to 5% of the company’s valuation, and that thinness matters enormously for options dealers. 

If retail call-buying dominates early flow, dealers will likely be short gamma on a stock with almost no liquidity cushion — meaning their hedging activity amplifies price moves rather than dampening them. 

The call-buying and dealer hedging could lead to a gamma squeeze — a rapid, often extreme surge in a stock’s price driven by the options market rather than the company’s underlying fundamentals.

It occurs when heavy buying of call options forces market makers to aggressively purchase the underlying stock to hedge their risk.

SpotGamma called the SpaceX setup “one of the highest-gamma-sensitivity environments of the decade.”

Zero Hedge also predicted a possible gamma squeeze that could drive the price to $400 per share. 

"SPCX options start trading tomorrow: it could gamma squeeze to 400, surpassing NVDA," Zero Hegde wrote in a post on X. 

Demand For SPCX Shares Is Sky-High Compounding the dynamic: an estimated $22 billion to $27 billion in forced mechanical index buying is expected from Nasdaq-100 and Russell trackers in the coming weeks, with SPCX’s Nasdaq-100 fast-entry expected 15 trading days post-IPO.

SpaceX is currently unprofitable, posting a net loss of $4.28 billion in Q1 2026 — making it the only publicly traded company over $1 trillion in market cap that isn’t generating profit. That hasn’t slowed demand. 

"It has the TAM of a science fiction novel while the price to earnings-growth ratio of chips is the lowest it's been in the sector's history," Mike Purves, CEO of Tallbacken Capital Advisors, told CNBC. 

"But there's a huge bid in upside calls for anything AI-related and that means the price for protection is higher too – I'd suggest SpaceX will be having that dynamic magnified."

Reuters reported that more than 115,000 options contracts on SpaceX were traded in the first ten minutes and 500,000 options contracts changed hands in the first hour, according ​to Trade Alert data.

The ExchangesFor exchanges, the moment is massive. Cboe and Nasdaq handled nearly 60% of all options volume last year, according to Bloomberg, and will host SPCX options. 

Robinhood Markets Inc. (NASDAQ:HOOD), where options trading represents roughly a quarter of total revenue, could stand to benefit significantly.

SPCX Stock Price Activity: SpaceX stock was up 11.44% at $214.53 at the time of publication Tuesday, according to Benzinga Pro.

Photo: Dimitris Barletis / Shutterstock

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The options landscape remains constructive

Jun 12, 2026 at 2:16 PM

We recommended a CBOE call option last week

Subscribers to Schaeffer's Weekend Trader options recommendation service received this CBOE commentary on Sunday night, along with a detailed options trade recommendation -- including complete entry and exit parameters. Learn more about why Weekend Trader is one of our most popular options trading services.

Cboe Global Markets Inc (NYSE:CBOE) recently sold off on news that prediction market platform Polymarket is seeking CFTC approval, sparking concerns about increased competition. The sharp pullback dragged shares back toward their March lows, though the stock found support at its 200-day moving average and +10% year-to-date level.

The options landscape remains constructive. Put support has emerged at the 270 strike, where the shares recently bounced, while max pain levels continue to trend higher through the summer months. Meanwhile, CBOE's 50-day buy-to-open put/call ratio sits in the 73rd percentile of readings from the past year, indicating options traders are more bearish than usual. This leaves ample room for pessimism to unwind should the stock resume its longer-term uptrend.

Our recommended call option has a leverage ratio of 6.5 and will double on a 16.7% rise in the underlying equity.

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