Key Highlights
- First quarter adjusted EPS reached $3.70, surpassing analyst expectations of $3.25 by $0.45
- Quarterly revenue hit an all-time high of $728.9 million, representing a 29% year-over-year increase
- Company upgraded 2026 organic revenue growth outlook to “low double-digit to mid-teens” range
- Operating expense forecast reduced to $838–$853 million from prior guidance of $864–$879 million
- Shares reached unprecedented levels at $321.00 during Friday trading
Shares of Cboe Global Markets (CBOE) exploded more than 8% higher on Friday following the company’s announcement of an extraordinary first quarter that significantly exceeded analyst projections across all key metrics.
Cboe Global Markets, Inc., 0HQN.L
The exchange operator delivered adjusted earnings per share of $3.70, crushing the Street’s consensus estimate of $3.25 by a wide margin. Total revenue reached $728.9 million, setting a new company record and comfortably beating the $693.75 million projection from analysts.
This revenue performance represents a substantial 29% increase compared to the $565.2 million reported in the year-ago quarter — a growth rate that underscores the strength of the company’s business momentum.
The share price touched a historic peak of $321.00 during the Friday trading session.
CFO Jill Griebenow characterized the results as “an exceptional first quarter,” highlighting the impressive 29% net revenue expansion, 54% growth in diluted EPS, and 48% improvement in adjusted diluted EPS versus the comparable period in 2024.
The Options business segment delivered the most impressive performance. This division produced unprecedented quarterly revenue of $467.6 million, reflecting a 33% year-over-year gain, driven by a 10% uptick in average daily trading volume combined with a 21% boost in multi-listed options revenue per contract.
The North American Equities division saw revenue advance 18% to $111.2 million. Meanwhile, the Europe and Asia Pacific segment delivered $84.9 million in revenue, marking a 32% year-over-year increase.
Upgraded Outlook for 2026
Cboe significantly enhanced its full-year 2026 organic revenue growth projection to a “low double-digit to mid-teens” range, a meaningful improvement from the earlier “mid single-digit” forecast. This represents a major upward revision to expectations.
The company also elevated the growth target for its Data Vantage business unit to “low double-digit” from the previous “mid to high single-digit” guidance.
On the expense front, management lowered its adjusted operating expense outlook to a range of $838–$853 million, down from the previously communicated $864–$879 million band, attributing the reduction to efficiencies gained from strategic restructuring initiatives.
Company Executing Staff Reduction Plan
As part of this strategic realignment, the company is implementing a workforce reduction affecting roughly 20% of employees. Management confirmed that execution of this restructuring plan remains on track.
Throughout the quarter, Cboe returned capital to shareholders through dividends of $0.72 per share and repurchased approximately 161,000 shares at an average cost of $280.20 per share.
According to InvestingPro data, thirteen analysts have increased their earnings forecasts for the next reporting period.
The exchange operator achieved 15% revenue growth over the trailing twelve-month period, with earnings per share hitting $10.42. InvestingPro assigns CBOE a “GREAT” financial health score, although the platform indicates the stock is trading above its Fair Value calculation.
