Cboe Global Markets, Inc. 8-K
PositiveEarningsGuidance raisedImpairment / charge
Record 0DTE activity supported index-options demand; FY2026 organic revenue growth outlook raised to high teens, adjusted expense guidance cut to $830M–$845M.
Filed 2026-10-30 07:30 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q3 2026 results and updated FY2026 guidance. Revenue growth slowed to +19% Y/Y from +22.9% in Q2, while record 0DTE activity supported index-options demand. Diluted EPS reached a quarterly record of $4.08, up 43% Y/Y.
For FY2026, organic total net revenue growth guidance (excluding Cboe Australia divestiture effects) was raised to “high teens” from “mid to high teens”; the target for Data Vantage, Cboe’s data and access business, was raised to “mid teens” from “low teens.” Adjusted operating expense guidance was lowered to $830M-$845M from $838M-$853M.
Developments
- Cboe extended its exclusive S&P license through 2051, providing continuity for its SPX and VIX franchises.
- SEC approvals to list and clear company-KPI event contracts support a planned November launch; Cboe also advanced its Cboe Predicts offering and clearing capabilities.
Results with guidance
| Metric | FY2026 guide |
|---|---|
| Capital expenditures | $98M-$108Mreaffirmed from $98M-$108M |
| Amortization of acquired intangible assets | $59Mreaffirmed from $59M |
| Depreciation and amortization expense | $54M-$58Mreaffirmed from $54M-$58M |
| Organic total net revenue growth (non-GAAP) | 'high teens' growth Y/Yraised from 'mid to high teens' growth Y/Y |
| Adjusted operating expenses (non-GAAP) | $830M-$845Mlowered from $838M-$853M |
| Effective tax rate on adjusted earnings (non-GAAP) | 27.5%-29.5%reaffirmed from 27.5%-29.5% |
Results without guidance
| Metric | Q3 2026 | Change | 9M 2026 |
|---|---|---|---|
| Revenue | $1.36B | +19% Y/Y, -5.8% Q/Q | $4.07B+16% Y/Y |
| Total Revenues Less Cost of Revenues (non-GAAP) | $712M | +18% Y/Y, -2.7% Q/Q | — |
| Operating income | $534M | +44% Y/Y, +12% Q/Q | — |
| Operating Income (non-GAAP) | $508M | +29% Y/Y, -1.3% Q/Q | — |
| Net income | $428M | +42% Y/Y, +21% Q/Q | $1.17B+48% Y/Y |
| Diluted EPS | $4.08 | +43% Y/Y, +22% Q/Q | — |
| Diluted Earnings Per Share (non-GAAP) | $3.63 | +36% Y/Y, +2.0% Q/Q | — |
| Cash and cash equivalents | $2.66B | +17% Q/Q | — |
| Total debt | $1.44B | +0.0% Q/Q | — |
| Operating margin | 75.0% | +13.8 pp Y/Y, +9.9 pp Q/Q | — |
| Operating Margin % (non-GAAP) | 71.4% | +6.1 pp Y/Y, +1.0 pp Q/Q | — |
| Diluted shares | 105M | -0.2% Y/Y, -0.2% Q/Q | 105M-0.2% Y/Y |
What moved the numbers
- Net revenue by category: Derivatives Markets $401.7M, up 22% Y/Y; Cash and Spot Markets $131.4M, up 12%; and Data Vantage $179.1M, up 13%.
- By business segment, Options net revenue was $469.5M, up 23%, supported by 24% growth in index-options average daily volume and a 9% increase in total options revenue per contract. North American Equities was $113.5M, up 10%; Europe and Asia Pacific $73.3M, up 6%; Global FX $27.7M, up 23%; and Futures $28.2M, down 5%.
- GAAP operating income included a $71.5M gain on the Cboe Australia sale; adjusted results also excluded a $14.0M reserve for notes receivable tied to Consolidated Audit Trail funding, $16.7M of strategic realignment costs, and $14.1M of acquired-intangible amortization. Non-GAAP adjustments reduced diluted EPS by $0.45.
- Cboe paid $90.2M in dividends, or $0.86 per share, and repurchased 211,000 shares for $56.1M at an average $266.17 per share. The board added $550M to repurchase authorization on 10/22/2026, about 21% of September 30 cash; roughly $1.0B was authorized and available as of 10/28/2026.
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 15:47:35Z