Cboe Global Markets, Inc. 8-K
PositiveEarningsGuidance raisedImpairment / charge
Record Options activity drives growth; FY2026 organic net revenue growth target rises to mid-to-high teens Y/Y.
Filed 2026-07-31 07:30 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q2 2026 results with FY2026 guidance updates. Record net revenue (total revenues less cost of revenues) reached $731.6M, up 25% Y/Y, as all net revenue captions grew and Options activity set a quarterly record.
For FY2026, Cboe raised its organic total net revenue growth target to “mid to high teens” Y/Y from “low double-digit to mid teens,” and its organic growth target for Cboe Data Vantage, its data-and-access business, to “low teens” from “low double-digit.” Capital expenditure guidance rose to $98M-$108M from $73M-$83M, while depreciation and amortization guidance fell to $54M-$58M from $56M-$60M; adjusted operating expense guidance of $838M-$853M and the adjusted tax rate of 27.5%-29.5% were reaffirmed. The depreciation and amortization range excludes $59M of expected acquired-intangible amortization; the expected Q3 sale of Cboe Australia reduces adjusted operating expense guidance by $11M.
Developments
- Management identified expansion of event contracts, growth of Cboe Clear U.S., and around-the-clock access to its markets as investment priorities.
Results with guidance
| Metric | FY2026 guide |
|---|---|
| Capital expenditures | $98M-$108Mraised from $73M-$83M |
| Depreciation and amortization expense | $54M-$58Mlowered from $56M-$60M |
| Organic total net revenue growth (non-GAAP) | 'mid to high teens' growth Y/Yraised from 'low double-digit to mid teens' growth Y/Y |
| Adjusted operating expenses (non-GAAP) | $838M-$853Mreaffirmed |
| Effective tax rate on adjusted earnings (non-GAAP) | 27.5%-29.5%reaffirmed |
Results without guidance
| Metric | Q2 2026 | Change | H1 2026 |
|---|---|---|---|
| Revenue | $1.44B | +23% Y/Y | $2.72B+15% Y/Y |
| Total Revenues Less Cost of Revenues (non-GAAP) | $732M | +25% Y/Y | — |
| Operating income | $476M | +40% Y/Y | — |
| Operating Income (non-GAAP) | $515M | +38% Y/Y | — |
| Net income | $353M | +50% Y/Y | $739M+52% Y/Y |
| Diluted EPS | $3.35 | +50% Y/Y | $7.01+52% Y/Y |
| Diluted Earnings Per Share (non-GAAP) | $3.56 | +45% Y/Y | — |
| Cash and cash equivalents | $2.28B | — | — |
| Total debt | $1.44B | — | — |
| Operating margin | 65.1% | +7.4 pp Y/Y | — |
| Operating Margin % (non-GAAP) | 70.4% | +6.7 pp Y/Y | — |
| Diluted shares | 105M | -0.1% Y/Y | 105M+0.0% Y/Y |
What moved the numbers
- Net revenue by business: Options $474M, up 30% Y/Y; North American Equities $115M, up 17%; Europe and Asia Pacific $84.8M, up 20%; Futures $30.6M, up 2%; Global FX $27.6M, up 17%. Cboe Data Vantage net revenue was $178M, up 15% Y/Y.
- Options average daily volume rose 26% Y/Y, with index options up 32% and multi-listed options up 24%; revenue per contract increased 6%, reflecting a higher index-options mix and a 3% increase in index-options revenue per contract. Options market share was 30.0% vs 30.2%.
- U.S. Equities exchange market share was 9.4% vs 10.5%, while off-exchange market share rose to 18.8% from 14.9%; stronger industry volumes and improved net capture drove a 37% increase in North American Equities net transaction and clearing fees. European Equities average daily notional value was €15.5B, up 13% Y/Y, and Cboe Clear Europe net settlement volume rose 21% to 3.96B shares. Global FX average daily notional value was $60.6B, up 8%.
- The largest adjustments between GAAP and adjusted results were $23.7M of strategic realignment costs and $14.6M of acquired-intangible amortization; the total adjustments increased adjusted diluted EPS by $0.21.
- Cboe paid $75.7M in dividends, or $0.72 per share, and repurchased approximately 127,000 shares for $32.6M at an average $256.61 per share. It had $536.8M of repurchase authorization remaining; quarter-end cash was $2.28B and total debt was $1.44B.
Other guidance (1)
| Metric | Period | Guidance |
|---|---|---|
| Amortization of acquired intangible assets | FY2026 | $59M |
Figures extracted from the filings and checked against their text; changes and verdicts computed from them.
The summary is written by an AI model reading the filing.
Model 005 · prompt v189 · 2026-11-06 15:43:18Z