Cboe Global Markets Q3 net revenue rises 18%, slightly beating estimates
CBOE•Cboe Global Markets reported Q3 net revenue of $712.20 million, up 18% and slightly above the $706.41 million estimate, while adjusted EPS of $3.63 beat estimates. It raised its 2026 revenue growth targets, lowered expense guidance and expanded its share buyback authorization.
1. Quarterly results
Cboe Global Markets said Q3 net revenue rose 18% to $712.20 million, slightly above the $706.41 million consensus estimate. Adjusted EPS increased 36% to $3.63, beating the $3.44 estimate; reported EPS was $4.08.
2. Growth and costs
Net revenue in the Derivatives business rose 22%, driven by a 24% increase in index options average daily volume and record 0DTE activity. Data Vantage posted record quarterly net revenue, up 13% year over year, while adjusted operating expenses fell 3%, mainly due to lower salaries and wages and reduced travel and promotional costs.
3. Updated 2026 outlook
The company raised its organic total net revenue growth target to high teens from mid to high teens and its Data Vantage growth target to mid teens from low teens. It lowered adjusted operating expense guidance to $830 million-$845 million from $838 million-$853 million and expanded its share buyback authorization.
