Cboe Plans 20% Staff Cut, Q1 Revenue Up 29% and EPS Soars 54%
Cboe will cut 20% of its 1,670 employees and sell its Canada and Australia units to concentrate on core exchanges and tokenization. In Q1 net revenue grew 29% to $728.9 million with EPS up 54% to $3.66, and restructuring should save $20–25 million, lowering expense guidance to $838–853 million.
1. Strategic Restructuring and Layoffs
Cboe Global Markets is cutting roughly 20% of its 1,670-person workforce and selling its Canada and Australia units as part of a realignment to streamline core exchange operations.
2. Q1 Financial Performance
In the first quarter Cboe reported record net revenue of $728.9 million, a 29% year-over-year increase, and diluted EPS of $3.66, a 54% gain. The results reflected broad strength: options net revenue rose 33%, North American equities 18%, Europe and Asia Pacific 32%, futures 9% and global FX 38%.
3. Cost Savings and Guidance Updates
The realignment is expected to save $20–25 million in 2026, enabling Cboe to lower full-year adjusted operating expense guidance to $838–853 million from $864–879 million while raising its organic net revenue growth target to a low double-digit to mid-teens range.
4. Investment Priorities
Freed resources will be directed toward financial and economic event markets, tokenization efforts, U.S. and European clearing services, and expanded sales, marketing and investor education initiatives.