Cboe Global Markets Q2 revenue tops estimates on equities, FX growth; lifts outlook
CBOE•Result drivers
- Options volume and mix - Options net revenue rose 30% on a 26% increase in average daily volume and a higher share of index options, which also lifted revenue per contract
- Equities and FX growth - North American Equities net revenue rose 17% and Global FX net revenue climbed 17%, both driven by higher transaction and clearing fees from increased industry volumes and improved capture rates
- Data Vantage demand - Data Vantage business net revenue grew 15% year-over-year, reflecting increased demand for market data and access services
Outlook raised for 2026
- Cboe raises 2026 organic total net revenue growth target to mid to high teens
- Company lifts 2026 Data Vantage organic net revenue growth target to low teens
- Cboe reaffirms 2026 adjusted operating expense guidance of $838 mln to $853 mln
Q2 results beat estimates
- U.S. exchange operator's Q2 revenue rose 25%, beating analyst expectations
- Adjusted EPS for Q2 increased 45% and beat analyst expectations
- Company raised 2026 organic net revenue growth target to mid to high teens
