Sasha Jovanovic
4 min read
Cboe Global Markets came into this earnings week with a hot tape and high expectations. The stock had already logged a 30-day gain of almost 20%. Then the Q2 2026 report dropped, showing revenue of US$1,442.8m and basic earnings per share of US$3.36. Traders pushed the shares up another 6.8% today to US$335.53.
The reputation is that Cboe is a durable derivatives powerhouse. The reality in this quarter is an options led profit engine that posted US$351.8m in net income. The gap for investors now is whether that kind of profitability justifies a price well above the recent DCF estimate and already strong one year earnings growth.
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Q2 2026 Earnings Summary
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Total Revenue (Q2 2026 vs. Q2 2025): US$1,442.8m vs. US$1,173.5m (up 22.9%)
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Net Income (Excl. Extra Items, Q2 2026 vs. Q2 2025): US$351.8m vs. US$233.9m (up 50.4%)
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Basic EPS (Q2 2026 vs. Q2 2025): US$3.36 vs. US$2.23 (up 50.4%)
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Trailing Twelve Month Basic EPS (Q2 2026 TTM vs. Q2 2025 TTM): US$12.87 vs. US$8.56 (up 50.4%)
Index 0DTE options now make up most of Cboe’s SPX volume. Ask Charlie what Cboe’s 0DTE boom means for future growth.
Cboe bullish story meets real earnings power
Optimists frame Cboe Global Markets as a diversified growth engine across derivatives, data, and global trading, with retail options activity doing much of the heavy lifting.
“Cboe is experiencing broad-based growth across derivatives, data, and global spot markets, positioning it to benefit from ongoing increases in electronic trading volume and automation; these trends are likely to drive higher transaction-based revenue and support further top-line growth.”
Q3 net revenue rose 18% to US$712m, with derivatives up 22% and options net revenue up 23%. Data Vantage climbed 13%, or about 16% excluding Australia. Index options average daily volume increased 24% and 0DTE SPX retained strong traction. Margin expansion to a 73.3% adjusted operating margin supports the idea that scale and automation are feeding earnings power.
Cboe risk narrative on costs and disruption tested
Critics worry that heavy spending and diversification efforts either fail to pay for themselves or get blindsided by new trading venues and products.
“High ongoing investments in technology, cybersecurity, and global expansion, while necessary for maintaining competitiveness, may increase costs faster than revenues can scale if new product or regional growth disappoints, thereby putting downward pressure on operating margins and long-term profitability.”
