olivLaw · US equity research
Cboe Global Markets, Inc. CBOE
Security & Commodity Brokers, Dealers, Exchanges & Services · SIC 6200 · Vertical: Security & Commodity Brokers, Dealers, Exchanges & Services (SIC 6200)
Cboe Global Markets operates a global network of derivatives and securities exchanges, with index options such as SPX as its core franchise. In the second quarter of 2026 net revenue rose 25 percent to $731.6 million, and the company raised its 2026 organic growth target. Part of the portfolio is being reorganised or sold, which makes the profile more complex.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Cboe Global Markets, Inc. (CBOE) stock was 345.21 USD (+0.27% on the day), with market capitalisation 36.0 bn USD, P/E 24.5 on diluted EPS of 14.07 USD over the last 12 months, dividend yield 0.87%, beta -0.27, 52-week range 231.51–366.70 USD. Latest reported quarter (Q3 2026): revenue of 1.4 bn USD (+19.0% YoY), net income of 428.2 m USD (+42.4% YoY), diluted EPS 4.08 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 65.5
- strong (55–70)
- Bollinger (20, 2)
- 284.68 – 354.19
- in the upper half of the band · %B 0.87 · band width 21.8%
- SMA 50 / 200
- 297.03 / 293.62
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 14.46 / 12.31
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +24.4% | −1.1% | +25.5 pp | — |
| 3 months | +21.2% | −0.5% | +21.7 pp | — |
| 6 months | −0.2% | +4.4% | −4.6 pp | — |
| Year to date | +37.5% | +12.3% | +25.2 pp | — |
| 1 year | +37.9% | +13.5% | +24.4 pp | +9.5% |
| 3 years | +103.7% | +76.4% | +27.3 pp | +40.1% |
| 5 years | +159.0% | +63.7% | +95.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.1 bn | 1.2 bn | 1.2 bn | 1.1 bn | 1.2 bn | 1.3 bn | 1.4 bn | 1.4 bn |
| Cost of revenue | 583.1 m | 629.8 m | 586.2 m | 536.2 m | 532.9 m | 543.9 m | 711.2 m | 646.6 m |
| Gross profit | 524.5 m | 565.2 m | 587.3 m | 605.5 m | 671.1 m | 728.9 m | 731.6 m | 712.2 m |
| Operating income | 298.5 m | 353.9 m | 339.1 m | 370.3 m | 403.8 m | 505.6 m | 476.0 m | 534.3 m |
| Depreciation & amortisation | 32.1 m | 30.3 m | 29.9 m | 30.9 m | 31.3 m | 29.5 m | 28.1 m | 27.7 m |
| Interest expense | 12.9 m | 12.8 m | 12.9 m | 13.3 m | 13.3 m | 13.3 m | 13.2 m | 13.1 m |
| Pre-tax income | 279.7 m | 350.2 m | 334.6 m | 430.1 m | 451.7 m | 515.5 m | 494.7 m | 554.5 m |
| Income tax | 83.2 m | 99.6 m | 99.5 m | 129.3 m | 138.2 m | 129.8 m | 141.6 m | 126.3 m |
| Net income | 196.5 m | 250.6 m | 235.1 m | 300.8 m | 313.5 m | 385.7 m | 353.1 m | 428.2 m |
| Diluted EPS | 1.87 ≈ | 2.37 | 2.23 | 2.85 | 2.98 ≈ | 3.66 | 3.35 | 4.08 |
| Operating cash flow | -710.4 m | 912.9 m | 333.7 m ≈ | 153.9 m ≈ | 352.1 m | 2.0 bn | -503.2 m ≈ | 817.1 m ≈ |
| Capex | 23.8 m | 14.7 m | 20.3 m ≈ | 16.0 m ≈ | 20.0 m | 19.2 m | 33.1 m ≈ | 24.1 m ≈ |
| Dividends paid | 66.4 m | 66.4 m | 66.4 m ≈ | 75.7 m ≈ | 75.8 m | 75.8 m | 75.7 m ≈ | 90.2 m ≈ |
| Share repurchases | 500.0 k | 30.0 m | 36.7 m ≈ | 0 ≈ | 0 | 40.9 m | 34.4 m ≈ | 56.7 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 34 percentile of its own 44-quarter history (min 18.9, median 26.4, max 58.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.8 bn | 2.5 bn | 3.4 bn | 3.5 bn | 4.0 bn | 3.8 bn | 4.1 bn | 4.7 bn |
| Revenue YoY | +24.2% | −9.8% | +37.3% | +2.0% | +13.3% | −4.7% | +8.5% | +15.1% |
| Net income | 426.5 m | 374.9 m | 468.2 m | 529.0 m | 235.0 m | 761.4 m | 764.9 m | 1.1 bn |
| Net income YoY | +6.2% | −12.1% | +24.9% | +13.0% | −55.6% | +224.0% | +0.5% | +43.8% |
| Diluted EPS | 3.76 | 3.34 | 4.27 | 4.92 | 2.19 | 7.13 | 7.21 | 10.42 |
| Diluted EPS YoY | +1.9% | −11.2% | +27.8% | +15.2% | −55.5% | +225.6% | +1.1% | +44.5% |
| net % | 15.4% | 15.0% | 13.7% | 15.1% | 5.9% | 20.2% | 18.7% | 23.3% |
| Free cash flow | 498.4 m | 597.7 m | 1.4 bn | 545.8 m | 591.3 m | 1.0 bn | 1.0 bn | 1.7 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.2 bn USD
- Financial debt
- 1.4 bn USD
- Net debt
- -773.6 m USD
- Equity
- 5.1 bn USD
- Total assets
- 9.3 bn USD
- Debt / equity
- 0.28x
- Current ratio
- 1.87x
- ROE
- 23.4%
- ROA
- 12.9%
- FCF margin
- 35.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 3.4 bn | 3.5 bn | 4.0 bn | 3.8 bn | 4.1 bn | 4.7 bn | SEC (XBRL)· 20 Feb 2026verified |
| Cost of revenue | 2.2 bn | 2.0 bn | 2.2 bn | 1.9 bn | 2.0 bn | 2.3 bn | SEC (XBRL)· 20 Feb 2026verified |
| Gross profit | 1.3 bn | 1.5 bn | 1.7 bn | 1.9 bn | 2.1 bn | 2.4 bn | SEC (XBRL)· 20 Feb 2026verified |
| Operating income | 662.2 m | 805.9 m | 489.6 m | 1.1 bn | 1.1 bn | 1.5 bn | SEC (XBRL)· 20 Feb 2026verified |
| Depreciation & amortisation | 158.5 m | 167.4 m | 166.8 m | 158.0 m | 133.0 m | 122.4 m | SEC (XBRL)· 20 Feb 2026verified |
| EBITDA | 820.7 m ≈ | 973.3 m ≈ | 656.4 m ≈ | 1.2 bn ≈ | 1.2 bn ≈ | 1.6 bn ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Interest expense | 38.7 m | 48.0 m | 60.0 m | 62.4 m | 51.5 m | 52.3 m | SEC (XBRL)· 20 Feb 2026verified |
| Pre-tax income | 660.4 m | 756.1 m | 432.9 m | 1.0 bn | 1.1 bn | 1.6 bn | SEC (XBRL)· 20 Feb 2026verified |
| Income tax | 192.2 m | 227.1 m | 197.9 m | 286.2 m | 318.9 m | 466.6 m | SEC (XBRL)· 20 Feb 2026verified |
| Net income | 468.2 m | 529.0 m | 235.0 m | 761.4 m | 764.9 m | 1.1 bn | SEC (XBRL)· 20 Feb 2026verified |
| Diluted EPS | 4.27 | 4.92 | 2.19 | 7.13 | 7.21 | 10.42 | SEC (XBRL)· 20 Feb 2026verified |
| Weighted average diluted shares | 109.3 m | 107.2 m | 106.7 m | 106.2 m | 105.5 m | 105.1 m | SEC (XBRL)· 20 Feb 2026verified |
| Dividend per share | 1.56 | 1.80 | 1.96 | 2.10 | 2.36 | 2.70 | SEC (XBRL)· 20 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 245.4 m | 341.9 m | 432.7 m | 543.2 m | 920.3 m | 2.2 bn | SEC (XBRL)· 20 Feb 2026verified |
| Receivables | 337.3 m | 326.9 m | 369.8 m | 337.3 m | 444.6 m | 391.4 m | SEC (XBRL)· 20 Feb 2026verified |
| Current assets | 1.6 bn | 1.5 bn | 1.6 bn | 2.0 bn | 2.5 bn | 4.4 bn | SEC (XBRL)· 20 Feb 2026verified |
| Property, plant & equipment, net | 82.6 m | 105.2 m | 108.2 m | 109.2 m | 118.0 m | 133.1 m | SEC (XBRL)· 20 Feb 2026verified |
| Goodwill | 2.9 bn | 3.0 bn | 3.1 bn | 3.1 bn | 3.1 bn | 3.2 bn | SEC (XBRL)· 20 Feb 2026verified |
| Intangibles (excl. goodwill) | 1.7 bn | 1.7 bn | 1.7 bn | 1.6 bn | 1.4 bn | 1.3 bn | SEC (XBRL)· 20 Feb 2026verified |
| Total assets | 6.5 bn | 6.8 bn | 7.0 bn | 7.5 bn | 7.8 bn | 9.3 bn | SEC (XBRL)· 20 Feb 2026verified |
| Accounts payable | 28.5 m | 19.5 m | 27.5 m | 24.7 m | 17.9 m | 16.1 m | SEC (XBRL)· 20 Feb 2026verified |
| Short-term debt | 68.7 m | — | 304.7 m | — | — | 0 | SEC (XBRL)· 01 May 2026verified |
| Long-term debt | 1.1 bn | 1.3 bn | 1.4 bn | 1.4 bn | 1.4 bn | 1.4 bn | SEC (XBRL)· 20 Feb 2026verified |
| Current liabilities | 1.3 bn | 1.2 bn | 1.5 bn | 1.4 bn | 1.4 bn | 2.4 bn | SEC (XBRL)· 20 Feb 2026verified |
| Total liabilities | 3.2 bn | 3.2 bn | 3.5 bn | 3.5 bn | 3.5 bn | 4.2 bn | SEC (XBRL)· 20 Feb 2026verified |
| Equity | 3.3 bn † | 3.6 bn † | 3.5 bn † | 4.0 bn † | 4.3 bn † | 5.1 bn † | SEC (XBRL)· 20 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.5 bn | 596.8 m | 651.1 m | 1.1 bn | 1.1 bn | 1.8 bn | SEC (XBRL)· 20 Feb 2026verified |
| Capex | 47.4 m | 51.0 m | 59.8 m | 45.0 m | 60.9 m | 71.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Free cash flow | 1.4 bn ≈ | 545.8 m ≈ | 591.3 m ≈ | 1.0 bn ≈ | 1.0 bn ≈ | 1.7 bn ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Investing cash flow | -430.5 m | -352.7 m | -835.1 m | -55.1 m | -141.8 m | 450.2 m | SEC (XBRL)· 20 Feb 2026verified |
| Financing cash flow | -201.7 m | -200.3 m | 81.7 m | -656.1 m | -495.0 m | -371.6 m | SEC (XBRL)· 20 Feb 2026verified |
| Dividends paid | 170.6 m | 193.3 m | 209.4 m | 223.5 m | 249.4 m | 284.3 m | SEC (XBRL)· 20 Feb 2026verified |
| Share repurchases | 349.1 m | 81.3 m | 100.9 m | 83.9 m | 204.8 m | 66.7 m | SEC (XBRL)· 20 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 71 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 36.0 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet93
- Growth75
- Quality94
- Returns51
- Valuation41
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 251.51 – 537.50 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)353.65 – 537.50 (Mid 424.87)WACC 9.1% · starting FCFF 2.6 bn USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -3.3%
- Peers: EV/EBITDAunavailable · not enough peers
- Peers: P/E251.51 – 386.61 (Mid 335.94)9 companies used · median multiple 23.9x · quartiles 17.9x – 27.5xBGC, CME, GSIW, ICE, LPLA, MRX, NDAQ, SNEX, TW
- Dividend discount (DDM)outside the aggregate35.48 – 47.72 (Mid 40.70)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 71/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 29.6% | 100 (on a fixed band) | 10% |
| Net margin · Quality | 28.0% | 79 (vs peers) | 6% |
| FCF conversion · Quality | 170.9% | 100 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | 6.0% | 50 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | 68.2% | 100 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | -0.6x | 100 (on a fixed band) | 10% |
| Interest coverage · Balance sheet | 36.3x | 100 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 1.6x | 67 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 24.5x | 44 (vs peers) | 10% |
| EV/EBITDA · Valuation | 17.1x | 0 (on a fixed band) | 10% |
| FCF yield · Valuation | 7.0% | 88 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 1.2% | 18 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 12.6% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet93/100 · 3/3 factors with a value
- Growth75/100 · 2/2 factors with a value
- Quality94/100 · 3/3 factors with a value
- Returns51/100 · 2/2 factors with a value
- Valuation41/100 · 3/3 factors with a value
Memo
Cboe Global Markets, Inc. (CBOE). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 4.7 bn USD in 2025; YoY growth 15.1%; net margin 28.0%; ROE 27.4%; net debt/EBITDA -0.6x.
The estimated value range is 302.58–462.06 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 380.40 USD, the price of 345.21 USD leaves a potential of 10.2% (value / price − 1) and a margin of safety of 9.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 71/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 29.6%
- Net margin: 28.0%
- FCF conversion: 170.9%
- EPS CAGR 3Y: 68.2%
- Net debt / EBITDA: -0.6x
- Interest coverage: 36.3x
- FCF yield: 7.0%
- Payout ratio (FCF): 12.6%
What contradicts it
- EV/EBITDA: 17.1x
- Shareholder yield (distributions): 1.2%
Versus the vertical median
Security & Commodity Brokers, Dealers, Exchanges & Services (SIC 6200) · same industry (4-digit SIC) · compared with 15 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ICEIntercontinental Exchange, Inc. | 97.8 bn | 23.9 | 14.2% | 29.6% | +7.5% | +11% / +54% |
| NDAQNasdaq, Inc. | 60.9 bn | 30.0 | 17.4% | 22.8% | +11.6% | +21% / +96% |
| CBOECboe Global Markets, Inc. | 36.0 bn | 24.5 | 27.4% | 28.0% | +15.1% | +38% / +104% |
| LPLALPL Financial Holdings Inc. | 24.3 bn | 17.9 | 25.7% | 6.8% | +37.2% | −13% / +40% |
| SNEXStoneX Group Inc. | 6.9 bn | 13.0 | 21.9% | 0.3% | +32.5% | +41% / +214% |
| MRXMarex Group Ltd | 5.1 bn | 18.2 | 28.7% | 14.5% | +26.9% | +102% / unavailable |
| TOPTop Financial Group Limited | 401.2 m | — | -1.0% | -23.3% | +41.9% | +95% / −51% |
| EBONEbang International Holdings Inc. | 199.5 m | — | -5.6% | -215.6% | +11.4% | −48% / −73% |
| GSIWGarden Stage Limited | 164.1 m | 7.6 | -89.5% | -190.1% | +33.2% | −65% / unavailable |
| WTFWaton Financial Limited | 95.5 m | — | -87.9% | -136.7% | +48.8% | −40% / unavailable |
| STEXStreamex Corp. | 42.0 m | — | -705.4% | — | +122.2% | −92% / −86% |
| SOSSOS Limited | 23.4 m | — | -22.7% | -63.1% | −33.3% | −84% / −100% |
| CMECme Group Inc. | — | 25.2 | 16.1% | 63.3% | +6.4% | +10% / +41% |
| PLUTPlutus Financial Group Limited | — | — | -55.3% | -377.3% | +6.9% | −63% / unavailable |
| TWTradeweb Markets Inc. | 0 | 29.8 | 14.1% | 39.8% | +18.9% | +17% / +31% |
| BGCBGC Group, Inc. | — | 27.5 | 19.5% | 6.0% | +30.0% | +30% / +73% |
1- and 3-year price returns: for CBOE from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 208.85 Total return -39% · Per year -39% | 368.97 Total return 8% · Per year 8% | 555.41 Total return 62% · Per year 62% |
| 3 years | 208.84 Total return -37% · Per year -14% | 414.55 Total return 23% · Per year 7% | 684.29 Total return 102% · Per year 26% |
| 5 years | 208.82 Total return -36% · Per year -9% | 465.76 Total return 40% · Per year 7% | 843.06 Total return 151% · Per year 20% |
- Exit P/E± 103.64
- Net margin± 72.55
- Annual revenue growth± 58.71
- Annual dilution± 6.10
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (30 Oct 2026 · results).
In brief
Cboe Global Markets operates a global network of derivatives and securities exchanges, with index options such as SPX as its core franchise. In the second quarter of 2026 net revenue rose 25 percent to $731.6 million, and the company raised its 2026 organic growth target 3. Part of the portfolio is being reorganised or sold, which makes the profile more complex 2.
SWOT
Strengths
- The company holds leading positions in index options, with flagship products such as SPX and VIX, and a large share of revenue comes from exclusive licences 1. Record revenue in the second quarter of 2026 shows operating strength 3.
- Diversification across several asset classes and regions reduces dependence on any single segment 1. Cboe Data Vantage adds revenue from market data and access services 13.
- Management has shown discipline in restructuring, and the organic growth target was raised 3.
Weaknesses
- The company's U.S. equities exchange market share fell compared with the prior year, indicating competitive pressure in that segment 3.
- Revenue depends heavily on a few products and exclusive licences, and losing them would have a significant impact 1.
- The company has recorded restructuring, impairment and divestiture-related costs across several international activities in 2025 and 2026 12.
Opportunities
Risks
- Dependence on exclusive licenceshigh
Major revenue depends on exclusive index licences and the proprietary VIX methodology. If a licence owner does not renew, or grants it non-exclusively, the company could lose market share 1.
- Pricing pressurehigh
Competitors may cut fees or offer incentives, which could lower revenue per contract, especially for multi-listed options 1.
- Trading volumesmedium
Lower volumes caused by volatility, capital requirements or consolidation among participants could reduce fee revenue 1.
- Restructuring and asset salesmedium
The wind downs in Japan and at CEDX and the planned sales of Cboe Australia and Cboe Canada carry execution risk and possible unforeseen costs 2.
- Market structure regulationmedium
Proposals on U.S. equity market structure could limit volume-based pricing and liquidity incentives 1.
Investment thesis
What would need to be true (bull case)
- Record revenue and a higher organic growth target suggest the index options franchise could support durable growth if volumes stay strong 3.
- Exclusive products and a leading role in volatility offer an advantage that competitors find hard to replicate 1.
- If new prediction-market products and data services develop, the company could diversify its revenue 23.
What would break the thesis
What to watch
- Completion of the sale of Cboe Australia and the Cboe Canada saleQ3 2026
- Updates to the organic net revenue growth guidanceQ3 2026
- Trends in U.S. equities and options market shareQ3 2026
- Results of the Cboe Predicts launch and completion of the restructuring2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (30 Oct 2026 · results).
The business
Cboe Global Markets, Inc. presents itself as the world's leading derivatives and securities exchange network, offering trading, clearing and investment solutions across several asset classes, including equities, derivatives and FX, in North America, Europe and Asia Pacific 1. The company operates the largest options exchange in the U.S. and the third largest equities exchange operator in the country, as well as Cboe Clear Europe, a pan-European clearinghouse 1. Its flagship SPX and VIX options account for a substantial share of volumes and transaction fee revenue 1.
Segments
Market context
Cboe competes mainly in index options and derivatives, where it holds exclusive licences for indices such as the S&P 500 1. Price competition is intense, especially for transaction fees, and rivals can offer different pricing models 1. Cboe's options market share was 30.0 percent in the second quarter of 2026 3.
Trends
- Growth in index options volumestailwind
Record index options volumes supported revenue growth in 2026, and a mix shift toward index products raises revenue per contract 3. If this pace holds, derivatives revenue could remain solid 3.
- Pressure on transaction pricingheadwind
Competitors have cut fees and offered incentives, and pricing pressure on multi-listed options could continue or intensify 1. This could lower the average revenue per contract 1.
- Portfolio reorganisationmixed
The company has wound down operations in Japan, initiated sales of Cboe Australia and Cboe Canada, and reduced costs across several businesses 12. In the short term these steps can change the revenue mix while lowering costs 2.
- Dependence on trading volumesheadwind
A large share of revenue depends on trading and clearing volumes, which can fall because of economic conditions, volatility or regulatory change 1. If volumes decline, fee revenue could decline too 1.
Competitive position
Cboe competes with other options exchanges, futures exchanges, swap execution facilities and electronic trading operators that offer different pricing models 1. Some of these rivals are partly owned by order-providing firms that have added incentives to route orders to them 1.
- Other U.S. options exchanges
Electronic options exchanges with different market models and fee structures that can attract volume from Cboe products 1.
- Futures exchanges
Exchanges offering products similar to Cboe's proprietary products, particularly volatility contracts 1.
- Swap execution facilities and OTC market participants
Operators offering over-the-counter derivatives that compete for Cboe's proprietary product business 1.
- Event prediction market platforms
Products that can offer features similar to SPX options and draw trading away from Cboe 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Is Cboe Global Markets Stock Underperforming the Nasdaq?Yahoo Finance — News · 18 Sept 2026 · EN
The latest news item in our archive is from 18 Sept 2026; the newest SEC filing is from 30 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report30 Oct 2026
- Current report30 Oct 2026Results of operations · Financial statements and exhibits
- Current report29 Sept 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report31 Jul 2026
- Current report31 Jul 2026Results of operations · Financial statements and exhibits
- Current report28 Jul 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report26 Jun 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report18 May 2026Shareholder vote
- Quarterly report01 May 2026
- Current report01 May 2026Results of operations · Exit or disposal costs · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Cboe Global Markets, Inc. · 20 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Cboe Global Markets, Inc. · 31 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Cboe Global Markets, Inc. · 31 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.