Cboe Global Markets posted record Q1 2026 adjusted EPS of $3.70, up 48% year over year, beating the $3.25 consensus by $0.45. Net revenue hit a record $728.9 million, up 29% year over year, surpassing analyst estimates of $693.75 million. Shares jumped roughly 8% in post-earnings trading, reflecting broad investor enthusiasm for the results.
About Cboe Global Markets
Cboe Global Markets, Inc. (Nasdaq: CBOE) is a leading global markets operator headquartered in Chicago, Illinois. Founded in 1973 as the Chicago Board Options Exchange, the company launched the world’s first listed options exchange and later created the VIX Index, the world’s most recognized gauge of market volatility.
Today, Cboe operates derivatives, equities, and foreign exchange markets across the United States, Europe, and Asia Pacific, serving institutional and retail investors worldwide with trading, clearing, and investment solutions.
As of May 2026, the company carries a market capitalization of approximately $34.07 billion, a stock price of roughly $326.96, and employs between 1,001 and 5,000 people globally. Cboe pays a quarterly dividend of $0.72 per share and holds a Zacks Rank of #1 (Strong Buy) following its record first quarter.
Top Financial Highlights
- Record Net Revenue of $728.9 million, up 29% year over year from $565.2 million
- Total Revenues of $1,272.8 million, up from $1,195.0 million in Q1 2025
- Diluted EPS of $3.66, up 54% from $2.37 in Q1 2025
- Adjusted Diluted EPS of $3.70, up 48% from $2.50 in Q1 2025
- Net Income of $385.7 million, up from $250.6 million (+54% year over year)
- Operating Income of $505.6 million, up 43% from $353.9 million
- Adjusted Operating Margin of 72.4%, expanding 640 basis points year over year
- Operating Cash Flow of $1,960.0 million, nearly doubling from $912.9 million in Q1 2025
- Cash and Cash Equivalents of $2,134.4 million as of March 31, 2026
- Options Segment Net Revenue of $467.6 million, up 33% year over year (largest segment)
- North American Equities Net Revenue of $111.2 million, up 18% year over year
- Europe and APAC Net Revenue of $84.9 million, up 32% year over year
- Data Vantage Net Revenue of $181.3 million, up 19% year over year
- 2026 Full-Year Organic Net Revenue Growth Guidance raised to “low double-digit to mid-teens” from prior “mid single-digit”
- Adjusted Operating Expense Guidance lowered to $838 to $853 million from $864 to $879 million
Beat or Miss?
| Metric | Reported | Estimated | Difference / Analysis |
| Adjusted EPS | $3.70 | $3.25 | Beat by $0.45, or +13.8% above consensus |
| Net Revenue | $728.9M | $693.75M | Beat by $35.15M, or +5.1% above consensus |
| Diluted EPS (GAAP) | $3.66 | N/A | Up 54% year over year vs. Q1 2025 |
| Adjusted Operating Margin | 72.40% | ~61.4% (Zacks est.) | Expanded 640 bps; surpassed internal expectations |
| Operating Income | $505.6M | N/A | Up 43% year over year |
| Operating Cash Flow | $1,960.0M | N/A | Nearly doubled from $912.9M in Q1 2025 |
What Leadership Is Saying?
CEO Quote (Strategy and Vision):
“As I reflect on my first twelve months at Cboe, it is clear that the decisive steps we have taken are moving the company closer to realizing its full potential. Following a thorough strategic review and the adoption of a more rigorous financial and strategic framework in the second half of 2025, we announced a realignment to increase focus and investment in the core businesses that drive our earnings. As evidenced by our record results, we are executing these changes from a position of strength. I have been in this industry for several decades, and I have never been as excited about the road ahead as I am now as we continue to build long-term value for shareholders through disciplined execution and focused investment efforts.” – Craig Donohue, Chief Executive Officer, Cboe Global Markets
CFO Quote (Financials and Margins):
“Cboe delivered an exceptional first quarter, building on our 2025 momentum by producing 29% net revenue growth, 54% diluted EPS growth, and 48% adjusted diluted EPS growth. Our Cash and Spot Markets net revenue rose 34% on strong market activity. Our Derivatives business was up 32 percent on another quarter of record volumes across our index options products, and our Data Vantage business grew 19 percent on a year-over-year basis. We are pleased with the strong start to the year and remain focused on producing durable shareholder returns in the quarters ahead.” – Jill Griebenow, Executive Vice President and Chief Financial Officer, Cboe Global Markets
Historical Performance
The table below compares Cboe’s Q1 2026 performance against Q1 2025:
| Category | Q1 2026 | Q1 2025 | Change (%) |
| Total Net Revenue | $728.9M | $565.2M | 29% |
| Total Revenues (Gross) | $1,272.8M | $1,195.0M | 6.50% |
| Net Income | $385.7M | $250.6M | 54% |
| Diluted EPS | $3.66 | $2.37 | 54.40% |
| Adjusted EPS | $3.70 | $2.50 | 48% |
| Total Operating Expenses | $223.3M | $211.3M | 5.70% |
| Adjusted Operating Expenses | $200.9M | $192.4M | 4.40% |
| Operating Income | $505.6M | $353.9M | 42.90% |
| Operating Margin | 69.40% | 62.60% | +6.8 pp |
| Adjusted Operating Margin | 72.40% | 66.00% | +6.4 pp |
| Operating Cash Flow | $1,960.0M | $912.9M | 114.70% |
| Options Net Revenue | $467.6M | $352.4M | 32.70% |
| North American Equities | $111.2M | $94.6M | 17.50% |
| Europe and APAC | $84.9M | $64.1M | 32.40% |
| Data Vantage | $181.3M | $152.5M | 18.90% |
Competitor Performance
The table below compares Q1 2026 results against Q1 2025 for Cboe’s key exchange operator peers:
| Company | Metric | Q1 2026 | Q1 2025 | Change (%) |
| Intercontinental Exchange (ICE) | Net Revenue | $2.98B | ~$2.47B | 20.40% |
| Intercontinental Exchange (ICE) | Adjusted EPS | $2.35 | ~$1.71 | 37% |
| Nasdaq (NDAQ) | Net Revenue | $1.407B | $1.237B | 13.70% |
| Nasdaq (NDAQ) | Non-GAAP EPS | $0.96 | $0.79 | 21.50% |
| CME Group (CME) | Revenue | $1.9B | $1.665B | 14.10% |
| CME Group (CME) | Adjusted EPS | $3.36 | $2.80 | 20% |
| Cboe Global Markets (CBOE) | Net Revenue | $728.9M | $565.2M | 29% |
| Cboe Global Markets (CBOE) | Adjusted EPS | $3.70 | $2.50 | 48% |
How the Market Reacted?
Cboe shares surged roughly 8% following the Q1 2026 earnings release, with pre-market trading showing the stock climbing approximately 5.64% to reach $317 before the market opened on May 1, 2026. The broad market reaction was firmly bullish, driven by the combination of record revenues, a substantial EPS beat, and upward revision to the full-year 2026 revenue guidance.
Analysts at Zacks assigned the stock a #1 Strong Buy rating following the report, citing sustained momentum in derivatives volumes, Data Vantage expansion, and disciplined cost management under the ongoing strategic realignment. The stock’s move was consistent with its historical earnings day pattern, as Cboe has risen on 14 of the last 20 earnings days tied to positive surprises.
