Cboe Global Markets
Operates markets for SPX and VIX derivatives, equities, futures, and market data.
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Profile
Operates regulated venues and clearinghouses for derivatives, equities, futures, foreign exchange, and market data, earning fees from trading, clearing, connectivity, data, and index licensing. Exclusive SPX and VIX franchises anchor a business whose transaction revenue depends on market activity and volatility.
Operates regulated marketplaces and clearinghouses for options, cash equities, futures, foreign exchange, and U.S. government-securities execution. Its core franchise centers on exclusive SPX index options and proprietary VIX products, while its U.S. options venues combine open-outcry and fully electronic execution.
Earns fees when customers trade or clear, connect to its systems, consume market data, or use licensed indices and analytics. Customers span broker-dealers, banks, funds, trading firms, corporations, and trading platforms; operations are concentrated in the United States with activity in Europe and Canada.
Depends on exclusive index licenses, reliable low-latency technology, clearing resources, and oversight from U.S. and non-U.S. regulators. Multi-listed options and cash equities compete venue by venue for order flow, while transaction revenue moves with trading activity and volatility.
Company facts
Key statistics
Year to date +25.2% · Average volume (30d) 982.8K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 5, 2026 | Loop Capital Markets | Target | $315 | $356 | ||
| Aug 3, 2026 | Loop Capital Markets | Target | $354 | $315 | ||
| Jul 28, 2026 | Loop Capital Markets | Target | $304 | $288 | ||
| Jul 20, 2026 | Loop Capital Markets | Target | $347 | $304 | ||
| Jul 15, 2026 | Piper Sandler | Reiterate | Overweight | $321 | $320 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 31, 2026Q2 FY26 | $3.48 | $3.56 | +2.3% | $718.6M | $731.6M | +1.8% | +4.62% |
| May 1, 2026Q1 FY26 | $3.34 | $3.70 | +10.8% | $689.7M | $728.9M | +5.7% | +3.65% |
| Feb 6, 2026Q4 FY25 | $2.94 | $3.06 | +4.1% | $659.5M | $671.1M | +1.8% | +2.75% |
| Oct 31, 2025Q3 FY25 | $2.53 | $2.67 | +5.5% | $624.3M | $1.14B | +82.9% | +0.52% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.20B | $1.17B | $1.14B | $1.20B | $1.27B | $1.44B | |
| Gross profit | $565.2M | $587.3M | $605.5M | $639.8M | $669.9M | $731.6M | |
| Operating income | $353.9M | $339.1M | $370.3M | $428.8M | $505.6M | $476.0M | |
| Net income | $250.6M | $235.1M | $300.8M | $313.5M | $385.7M | $353.1M | |
| Diluted EPS | $2.37 | $2.23 | $2.85 | $2.97 | $3.66 | $3.35 | |
| Gross margin | 47.3% | 50.0% | 53.0% | 53.1% | 52.6% | 50.7% | |
| Operating margin | 29.6% | 28.9% | 32.4% | 35.6% | 39.7% | 33.0% |
Fiscal years (4-quarter sums)FY18 $2.77B · FY19 $2.50B · FY20 $3.43B · FY24 $4.09B · FY25 $4.71B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $2.39B · Total debt $1.56B · Total assets $10.61B · Shareholders' equity $5.63B
Dividends
Raised for 14 straight years — most recently to $0.72 from $0.63 in Aug 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| May 29, 2026 | May 29 | Jun 15 | $0.72 | |
| Feb 27, 2026 | Feb 27 | Mar 13 | $0.72 | |
| Nov 28, 2025 | Nov 28 | Dec 15 | $0.72 | |
| Aug 29, 2025 | Aug 29 | Sep 15 | $0.72 | raised from $0.63 |
| May 30, 2025 | May 30 | Jun 13 | $0.63 | |
| Feb 28, 2025 | Feb 28 | Mar 14 | $0.63 | |
| Nov 29, 2024 | Nov 29 | Dec 13 | $0.63 | |
| Aug 30, 2024 | Aug 30 | Sep 13 | $0.63 | raised from $0.55 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 104.65M · Float 104.37M · 99.7% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 10.20M | 9.74% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 6.84M | 6.53% | 13F | Aug 13, 2026 |
| Vanguard Portfolio Management LLC | 5.26M | 5.02% | 13F | Aug 13, 2026 |
| State Street Corp | 5.05M | 4.82% | 13F | Aug 7, 2026 |
| FMR LLC | 4.31M | 4.12% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 12, 2026 | Janet P. Froetscher | director | −937 | $278.95 |
| May 18, 2026 | Janet P. Froetscher | director | −1,223 | $358.09 |
| Feb 23, 2026 | Allen Wilkinson | officer: SVP, CHIEF ACCOUNTING OFFICER | −248 | $292.79 |
| Feb 18, 2026 | Edward J. Fitzpatrick | director | −3,947 | $285.87 |
| Feb 18, 2026 | Alexander JR Matturri | director | −1,500 | $285.36 |
Peers
- CME Group
Principal U.S. index-derivatives and futures alternative.
- Nasdaq
Largest U.S. multi-listed-options network and cash-equities rival.
- Intercontinental Exchange
NYSE venues contest multi-listed options and U.S. equity order flow.
- Miami International
Fast-growing multi-listed-options rival across four electronic venues.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Cboe Global Markets | $310.51 | −0.05% | $32.49B | 24.2 | 21.8 | 6.4 | −37.7% |
| CME Group | $269.56 | −5.68% | $102.77B | 24.2 | 23.0 | 15.2 | +0.8% |
| Nasdaq | $99.31 | +0.02% | $55.51B | 29.0 | 22.7 | 6.4 | −28.2% |
| Intercontinental Exchange | $162.37 | +0.02% | $91.13B | 22.9 | 19.7 | 6.8 | −18.3% |
| Miami International | $42.80 | −0.47% | $4.16B | 23.8 | 24.8 | 2.8 | — |
| Median | 24.0 | 22.8 | 6.6 | −18.3% |