Cboe Global Markets (CBOE) Stock Jumps 8% After Record Q1 Earnings Beat

TLDR

• Cboe reported Q1 adjusted EPS of $3.70, beating the $3.25 consensus by $0.45
• Record Q1 revenue of $728.9 million, up 29% year-over-year
• Full-year 2026 organic revenue growth guidance raised to “low double-digit to mid-teens”
• Adjusted operating expense guidance cut to $838–$853 million from $864–$879 million
• CBOE stock hit an all-time high of $321.00 on Friday

Cboe Global Markets (CBOE) stock surged over 8% on Friday after the exchange operator posted a record-breaking first quarter, blowing past Wall Street estimates on both earnings and revenue.

Cboe Global Markets, Inc., 0HQN.L

Adjusted EPS came in at $3.70, topping the $3.25 consensus by $0.45. Revenue hit $728.9 million, a record for the company and well above the $693.75 million analyst estimate.

That revenue figure marks a 29% jump from $565.2 million in the same period last year — a number that’s hard to ignore.

The stock reached an all-time high of $321.00 during Friday’s session.

CFO Jill Griebenow called it “an exceptional first quarter,” pointing to 29% net revenue growth, 54% diluted EPS growth, and 48% adjusted diluted EPS growth compared to the prior year.

The Options segment was the standout performer. It generated record revenue of $467.6 million, up 33% year-over-year, fueled by a 10% rise in average daily volume and a 21% increase in multi-listed options revenue per contract.

North American Equities revenue climbed 18% to $111.2 million. Europe and Asia Pacific came in at $84.9 million, up 32%.

Guidance Gets a Lift

Cboe raised its full-year 2026 organic revenue growth target to “low double-digit to mid-teens,” up from its prior “mid single-digit” forecast. That’s a substantial upgrade.

The Data Vantage unit also got an upgrade, with its organic growth target moving to “low double-digit” from “mid to high single-digit.”

On the cost side, Cboe trimmed its adjusted operating expense guidance to $838–$853 million, down from the previous $864–$879 million range, citing savings from strategic realignment actions.

Workforce Reduction Underway

That realignment includes a workforce reduction of approximately 20%. Cboe said execution on that plan is continuing.

During the quarter, the company paid dividends of $0.72 per share and bought back around 161,000 shares at an average price of $280.20.

Thirteen analysts have revised their earnings estimates upward for the upcoming period, per InvestingPro data.

The company posted 15% revenue growth over the last twelve months, with EPS reaching $10.42. InvestingPro rates CBOE’s financial health as “GREAT,” though it flags the stock as currently overvalued relative to its Fair Value estimate.

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