Q2 2026 Cboe Global Markets Inc Earnings Call Transcript

Jul 31, 2026 / 12:30 PM GMT

Release Date Price: $304.31 (+1.37%)

Transcript 10-Q8-K

Key Points

Positve

Record net revenue of $732 million, up 25% year-over-year, with adjusted EPS up 45% to $3.56.
Broad-based growth across all segments, with derivatives net revenue up 30% and record index options volume.
Strong retail engagement driven by the repeal of the pattern day trader rule, boosting SPX Zero DTE and mini SPX volumes.
Successful launch of Cboe Predicts and filing for company KPI event contracts, expanding into new growth areas.
Data Vantage net revenue up 15% with strong international demand and new subscription sales.
Improved operating margin to 72.2% with disciplined expense management.
Raised 2026 organic net revenue growth guidance to mid-to-high teens.
Strong balance sheet with $2.3 billion cash and low leverage, supporting capital returns and investments.

Negative

Market share eased slightly in Europe and Asia Pacific despite strong revenue growth.
Futures net revenue growth was modest at 2% year-over-year.
Increased capital expenditures due to investments in clearing infrastructure and hardware purchases.
Potential regulatory uncertainty for new products, including SEC approval for KPI contracts.
Dependence on continued retail engagement and market volatility for sustained growth.
Upcoming debt maturity of $650 million in Q1 2027, which may limit share repurchase flexibility.
Expense guidance increased due to higher incentive compensation and return-to-office costs.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

CBOE.Z - Cboe Global Markets Inc
Q2 2026 Cboe Global Markets Inc Earnings Call
Jul 31, 2026 / 12:30PM GMT

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Presentation
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Unidentified_1 [1]
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Thank you for standing by and welcome to the Cboe Global Markets second quarter earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you'd like to ask a question during this time, simply press star followed by the number 1 on your telephone keypad. If you would like to withdraw your question, again press star 1.

Thank you. I'd now like to turn the call over to Ken Hill, Head of Investor Relations. You may begin.

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Unidentified_2 [2]
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