Cboe Raises 2026 Organic Growth Target to High Teens

The Tip Desk · October 30, 2026 · 3 min read

Third-quarter net revenue was $712.2 million, up 18%, as the company lifted its full-year organic growth outlook and cut adjusted operating expense guidance.

Cboe Global Markets (CBOE) raised its 2026 organic total net revenue growth target to the high teens from mid to high teens after a third quarter in which net revenue reached $712.2 million, up 18% from a year earlier.

The markets operator also lifted its Data Vantage organic net revenue growth target to the mid teens from the low teens and lowered 2026 adjusted operating expense guidance to $830 million to $845 million from $838 million to $853 million.

Year-over-year net revenue growth had been 25% in the second quarter, when net revenue was $731.6 million, and 29% in the first quarter, when it was $728.9 million. Diluted earnings per share rose 43% to a record $4.08, and adjusted diluted EPS rose 36% to $3.63.

Options remained the largest segment. Options net revenue was $469.5 million, up 23%. Total options average daily volume rose 14% and total options revenue per contract rose 9%. Index options ADV rose 24% and multi-listed options ADV rose 10%. The company said index options ADV was supported by record 0DTE activity. Cboe Options exchanges’ total market share was 30.5%.

North American Equities net revenue was $113.5 million, up 10%, with net transaction and clearing fees up 16% on improved on-exchange capture rates. U.S. Equities on-exchange market share was 8.9%; off-exchange ATS block market share was 21.3%.

Europe and Asia Pacific net revenue was $73.3 million, up 6%, or 7% on a constant-currency basis of $74.1 million. European Equities average daily notional value was €12.4 billion. Cboe Clear Europe net settlement volume was 4,231.4 thousand shares. Cboe European Equities market share was 23.0%.

Futures net revenue fell 5% to $28.2 million, with ADV down 7%. Global FX net revenue rose 23% to $27.7 million, with ADNV of $61.1 billion and net capture of $2.91 per million dollars traded.

Operating income rose 44% to $534.3 million, including a $71.5 million gain on divestiture from the third-quarter completion of the Cboe Australia sale. Adjusted operating income rose 29% to $508.2 million. The company excluded Cboe Australia from 2026 organic growth guidance.

GAAP operating expenses were $249.4 million, including a $14.0 million incremental reserve on notes receivable related to Consolidated Audit Trail funding. Adjusted operating expenses fell 3% to $204.0 million, which the company attributed primarily to lower salaries and wages tied to a previously announced strategic realignment and lower travel and promotional expenses.

The effective tax rate was 22.8%, down from 30.1% a year earlier, primarily due to the non-taxable gain on the Cboe Australia sale. The rate on adjusted earnings was 27.6%.

Chief Executive Officer Craig Donohue said the company extended its exclusive S&P license through 2051 and received SEC approvals to list and clear company-KPI event contracts, in anticipation of a November launch.

Cash and cash equivalents were $2.66 billion at September 30, 2026. The company paid $90.2 million in cash dividends and used $56.1 million to repurchase about 211 thousand shares. On October 22, 2026, the board increased the share repurchase authorization by $550 million, leaving about $1.0 billion authorized and available as of October 28, 2026.