The raised organic revenue growth guidance is the most significant signal — it implies accelerating top-line momentum through the second half of 2026, driven by record index options volumes and Data Vantage growth. Traders should watch for continued volume trends in index options and any updates on the Cboe Clear U.S. and around-the-clock trading initiatives as potential further catalysts.
Price Chart
Executive Summary
Cboe Global Markets reported a strong Q2 2026 with record net revenue of $731.6M (+25% YoY) and adjusted diluted EPS of $3.56 (+45% YoY), beating consensus estimates. The company raised its full-year 2026 organic total net revenue growth target to 'mid to high teens' from 'low double-digit to mid teens', signaling accelerating momentum across its Derivatives, Cash and Spot Markets, and Data Vantage segments. The raised guidance on top of a record quarter is the primary catalyst for a bullish read-through.
Key Financial Metrics
Key Facts
- Record net revenue of $731.6M, up 25% YoY
- Adjusted diluted EPS of $3.56, up 45% YoY and a 2.0% beat vs consensus of $3.49
- Raised 2026 organic total net revenue growth target to 'mid to high teens' from 'low double-digit to mid teens'
- Raised 2026 Data Vantage organic net revenue growth target to 'low teens' from 'low double-digit'
- Options segment net revenue hit a record $473.9M, up 30% YoY on 26% higher ADV
- Reaffirmed 2026 adjusted operating expense guidance of $838M-$853M, implying strong operating leverage
Financial Impact
Record quarterly net revenue of $731.6M (+25% YoY) and adjusted diluted EPS of $3.56 (+45% YoY). Raised full-year organic revenue growth guidance to 'mid to high teens' from 'low double-digit to mid teens'.
Risk Factors
- Options market share declined to 30.0% from 30.2% YoY, indicating competitive pressure
- U.S. Equities exchange market share fell to 9.4% from 10.5% YoY
- Capital expenditure guidance raised to $98M-$108M from $73M-$83M, increasing cash outflow
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-051217 |
| Document: cboe-20260731.htm | 0001628280-26-051217 |
| Document: 0001628280-26-051217-index-headers.html | 0001628280-26-051217 |
| Document: 0001628280-26-051217-index.html | 0001628280-26-051217 |
| Document: 0001628280-26-051217.txt | 0001628280-26-051217 |
| 8-K Data (Synthetic) | 0001628280-26-051217 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 19, 2026 6w ago | Court Ruling | $280.75 $266.67 | ▼ −5.02% | ▼ −3.06% | $271.26 (−3.38%) |
Jul 31, 2026 9w ago | 8-K | $310.23 $310.45 | ▲ +0.07% | ▼ −2.92% | $271.26 (−12.56%) |
Jul 28, 2026 9w ago | 8-K | $307.81 $312.19 | ▲ +1.42% | ▼ −3.60% | $271.26 (−11.87%) |
Jun 26, 2026 14w ago | 8-K | $231.51 $285.07 | ▲ +23.14% | ▲ +23.41% | $271.26 (+17.17%) |
US Market Status
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