GET DAILY SIGNALSCboe Global Markets (CBOE) Delivers Strong Q3 2026 Results with +18% Revenue Growth
Key Takeaways
- Cboe reported third-quarter 2026 net revenue of $712.2 million, up 18% year over year and ahead of Wall Street's consensus estimate.
- Diluted earnings per share (EPS, or profit divided by shares outstanding) reached a record $4.08 on a GAAP basis, while adjusted diluted EPS rose 36% to $3.63, beating the consensus estimate of $3.43.
- The options franchise led the quarter, with net revenue up 23% to $469.5 million on a 24% jump in index options average daily volume (ADV).
- Adjusted operating expenses fell 3% to $204 million, helping lift the adjusted operating EBITDA margin (earnings before interest, taxes, depreciation, and amortization) to 73.3%.
- Management raised its full-year 2026 organic net revenue growth outlook to the high-teens range and lowered its adjusted operating expense guidance.
- Data Vantage posted record quarterly net revenue of $179.1 million, up 13% year over year.
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Earnings Context and Why It Matters
Cboe Global Markets (CBOE) stands as one of the largest exchange operators globally and a leading platform for U.S. options trading. Its proprietary offerings include S&P 500 index (SPX) options and VIX volatility products. The third-quarter results stand out because options activity has emerged as a primary growth driver, fueled by demand for index options and short-dated contracts. The report also highlights how effectively the company translates higher trading volumes into improved revenue per contract amid ongoing competition. With the exclusive S&P licensing agreement extended through 2051 and new event-contract initiatives underway, these figures provide insight into both near-term momentum and the resilience of its core businesses. I also checked this using Tickeron’s AI Screener to see how the stock compares to others in the industry.
Breaking Down the Reported Numbers
Cboe posted third-quarter 2026 net revenue of $712.2 million, an 18% rise from $605.5 million the prior year and above the FactSet consensus of roughly $708.9 million. Total revenue climbed 19% to $1.36 billion. On a GAAP basis, net income reached about $428 million, and diluted EPS hit a record $4.08, up 43% year over year. Adjusted diluted EPS, which strips out one-time items such as the gain from the Cboe Australia sale and a Consolidated Audit Trail reserve, increased 36% to $3.63 and topped the analyst consensus of $3.43.
Performance was solid across most segments. Options net revenue grew 23% to $469.5 million, backed by a 24% increase in index options ADV and a 9% rise in total options revenue per contract. North American Equities net revenue advanced 10% to $113.5 million, Global FX revenue rose 23% to $27.7 million, and Europe and Asia Pacific revenue increased 6% to $73.3 million. Futures net revenue declined 5% to $28.2 million due to softer VIX futures activity. Data Vantage achieved a record $179.1 million in net revenue, up 13%.
Adjusted operating expenses dropped 3% to $204 million, while adjusted operating EBITDA rose 28% to roughly $522 million. Management lifted full-year organic net revenue growth guidance to the high-teens range and reduced adjusted operating expense guidance to between $830 million and $845 million.
Market Reaction and Investor Sentiment
Shares of Cboe advanced after the release, reflecting the earnings beat on both revenue and EPS along with the raised full-year outlook. Record profitability, margin expansion, and improved guidance supported a positive view of the stock. Some investors continue to monitor market-share trends: Cboe’s options market share eased to 30.5% from 30.9% a year earlier, and its on-exchange U.S. equities share fell to 8.9%. These shifts were largely offset by stronger revenue capture and a greater mix of higher-value index options, though they remain a point of focus when assessing the quality of growth.
What to Watch Going Forward
Looking ahead, the focus will be on whether Cboe can maintain momentum in index options and short-dated products, which have driven recent revenue gains. The elevated level of zero-days-to-expiration (0DTE) trading has been a key volume contributor, and any change in that activity merits attention.
Expansion into event contracts represents another potential catalyst. Cboe has secured SEC approval to list and clear company-KPI event contracts, with a launch expected in November and Robinhood named as a launch partner. The rate at which these products gain traction will help gauge future diversification.
Expense management and capital returns also warrant tracking. The lowered 2026 expense guidance, combined with ongoing share repurchases and dividends, underscores management’s emphasis on returning capital. Broader market volatility, trading volumes, and competitive dynamics across the exchange sector will continue to shape results in coming quarters.
Leveraging Tickeron’s AI Screener in My Research
I often turn to Tickeron’s AI Screener when analyzing exchange operators like Cboe or scanning the broader financials sector. The tool lets me quickly filter for technical patterns, fundamentals, and AI-driven signals across thousands of stocks and ETFs, helping surface comparable ideas or confirm trends without manual effort. It has become a useful part of my routine for identifying candidates that align with themes from earnings reports like this one.
Disclaimer
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Contributor
Sergey Savastiouk, Ph.D. has a degree in Applied Mathematics from Moscow University and has extensive experience as an entrepreneur, investor, manager, and mathematician. His professional expertise is in applied mathematics, mathematical modeling, system and pattern analysis, and software and hardware system integration. He has served as the CEO of several hi-tech start-up companies and nonprofit organizations, which has given him proven capabilities in business strategy for high-tech start-up companies, market assessment, company formation, team building, product development, marketing, and sales. He has published numerous articles in journals and magazines on related fields. As a retail investor, he spent 15 years developing his proprietary trading and quantitative algorithms (now Tickeron’s A.I.), which brought him significant returns in trading the stock market. His current work and goal in founding Tickeron is to bring professional, sophisticated stock market analysis capabilities to retail investors via an easy-to-use interface.
CBOE in downward trend: price expected to drop as it breaks its higher Bollinger Band on October 23, 2026
CBOE broke above its upper Bollinger Band on October 23, 2026. This could be a sign that the stock is set to drop as the stock moves back below the upper band and toward the middle band. You may want to consider selling the stock or exploring put options. The A.I.dvisor looked at 47 similar instances where the stock broke above the upper band. In 26 of the 47 cases the stock fell afterwards. This puts the odds of success at 55%.
Technical Analysis (Indicators)
Bearish Trend Analysis
The 10-day RSI Indicator for CBOE moved out of overbought territory on October 27, 2026. This could be a bearish sign for the stock. Traders may want to consider selling the stock or buying put options. Tickeron's A.I.dvisor looked at 44 similar instances where the indicator moved out of overbought territory. In 18 of the 44 cases, the stock moved lower in the following days. This puts the odds of a move lower at 41%.
The Stochastic Oscillator may be shifting from an upward trend to a downward trend. In 32 of 63 cases where CBOE's Stochastic Oscillator exited the overbought zone, the price fell further within the following month. The odds of a continued downward trend are 51%.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where CBOE declined for three days, the price rose further in 50 of 62 cases within the following month. The odds of a continued downward trend are 42%.
Bullish Trend Analysis
The Momentum Indicator moved above the 0 level on October 05, 2026. You may want to consider a long position or call options on CBOE as a result. In 63 of 96 past instances where the momentum indicator moved above 0, the stock continued to climb. The odds of a continued upward trend are 66%.
The Moving Average Convergence Divergence (MACD) for CBOE just turned positive on October 01, 2026. Looking at past instances where CBOE's MACD turned positive, the stock continued to rise in 38 of 54 cases over the following month. The odds of a continued upward trend are 70%.
CBOE moved above its 50-day moving average on October 08, 2026 date and that indicates a change from a downward trend to an upward trend.
The 10-day moving average for CBOE crossed bullishly above the 50-day moving average on October 14, 2026. This indicates that the trend has shifted higher and could be considered a buy signal. In 15 of 19 past instances when the 10-day crossed above the 50-day, the stock continued to move higher over the following month. The odds of a continued upward trend are 79%.
The 50-day moving average for CBOE moved above the 200-day moving average on October 21, 2026. This could be a long-term bullish signal for the stock as the stock shifts to an upward trend.
Following a +6.78% 3-day Advance, the price is estimated to grow further. Considering data from situations where CBOE advanced for three days, in 197 of 321 cases, the price rose further within the following month. The odds of a continued upward trend are 61%.
The Aroon Indicator entered an Uptrend today. In 172 of 272 cases where CBOE Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are 63%.
Fundamental Analysis (Ratings)
The Tickeron Price Growth Rating for this company is 17 (best 1 - 100 worst), indicating outstanding price growth. CBOE’s price grows at a higher rate over the last 12 months as compared to S&P 500 index constituents.
The Tickeron Profit vs. Risk Rating rating for this company is 26 (best 1 - 100 worst), indicating low risk on high returns. The average Profit vs. Risk Rating rating for the industry is 71, placing this stock better than average.
The Tickeron SMR rating for this company is 37 (best 1 - 100 worst), indicating strong sales and a profitable business model. SMR (Sales, Margin, Return on Equity) rating is based on comparative analysis of weighted Sales, Income Margin and Return on Equity values compared against S&P 500 index constituents. The weighted SMR value is a proprietary formula developed by Tickeron and represents an overall profitability measure for a stock.
The Tickeron PE Growth Rating for this company is 53 (best 1 - 100 worst), pointing to average earnings growth. The PE Growth rating is based on a comparative analysis of stock PE ratio increase over the last 12 months compared against S&P 500 index constituents.
The Tickeron Valuation Rating of 89 (best 1 - 100 worst) indicates that the company is significantly overvalued in the industry. This rating compares market capitalization estimated by our proprietary formula with the current market capitalization. This rating is based on the following metrics, as compared to industry averages: P/B Ratio (6.228) is normal, around the industry mean (4.062). P/E Ratio (26.071) is within average values for comparable stocks, (18.867). Projected Growth (PEG Ratio) (2.241) is also within normal values, averaging (1.780). Dividend Yield (0.010) settles around the average of (0.018) among similar stocks. P/S Ratio (5.615) is also within normal values, averaging (7.166).
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General Information
a provider of a marketplace for trading equity and index options
Industry FinancialPublishingServices
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