Research · Sep 3, 2026
[CBOE] Cboe Global Markets Thesis 2026: Derivatives Surge Drives Record Quarter, Realignment Follows
Cboe Global Markets FY25 revenue $4.71B (+15%); op income $1.51B (+38%); NI $1.10B (+44%); EPS $10.42 (+45%). Q4 record derivatives quarter — multi-list +41%, index options +40%, SPX 0DTE ADV +66%. Cash + spot markets +27% Q4. DataVantage +9%. Strategic realignment: Australia + Canada sales process, closed EU derivatives + corporate listings. FY26 guide: total organic mid-single; DataVantage mid-high single; adj opex $864-879M; capex $73-83M; tax 27.5-29.5%.