Cboe posts record quarterly revenue of $712.2 million, up 18%
Key Facts
Cboe Global Markets said on October 30, 2026, that net revenue reached $712.2 million in the third quarter, up 18% from $605.5 million in the same period last year. Adjusted diluted earnings per share rose to $3.63, up 36% year over year. Reported diluted earnings per share were $4.08, up 43% from a year earlier and a record, according to the company statement. The figures show revenue and earnings growth during the quarter, with contributions from more than one operating activity. The statement did not provide a basis for attributing a specific share-price move to the results, so this account does not include a share-price gain or closing price.
The largest segment contribution came from derivatives, which generated revenue of $401.7 million, compared with $329.3 million in the third quarter of 2025, an increase of 22%. The chief financial officer said derivatives revenue rose on a 24% increase in average daily volume in index options, supported by record activity in same-day expiration contracts, known as 0DTE. Options revenue reached $469.5 million, up 23%, or $88.7 million, from the year-earlier period. The company attributed higher net transaction and clearing fees to a 14% increase in average daily total options volume, alongside a 9% rise in revenue per contract. But revenue growth was not accompanied by an increase in the combined market share of the company's options exchanges.
Cboe's combined market share in options exchanges was about 30.5% in the third quarter, down from 30.9% in the third quarter of 2025. That means options revenue growth coincided with a decline in market share from a year earlier, according to company figures. In another business, cash and spot markets revenue rose 12% to $131.4 million, from $117.3 million a year earlier. Data Vantage revenue reached a quarterly record of $179.1 million, up 13% from $158.9 million in the same period of 2025. The results highlight differing sources of growth across cash trading and data services, alongside derivatives' contribution to total quarterly revenue.
The increase was not evenly distributed across all businesses; futures revenue fell 5%, according to the company's results. Operating expenses also rose by $14.2 million, or 6%, compared with the third quarter of 2025. Despite the higher expenses, net income increased to $428.2 million from $300.8 million a year earlier, a rise of $127.4 million. The comparison puts income growth alongside higher operating costs, while the segment results show that some businesses grew faster than others. The decline in options exchange market share, alongside higher options revenue, adds another dimension to the quarter's results as presented by the company.
Cboe raised its 2026 organic net revenue growth target to the "high teens" range, from "mid-to-high teens." It also raised its organic revenue growth target for the Data Vantage segment to the "mid-teens" from the "low teens." These revisions concern targeted growth rates and do not specify an annual revenue figure. At the same time, the company lowered its full-year adjusted operating expense guidance range to $830–845 million from $838–853 million. The update thus combined higher organic revenue growth targets with a lower adjusted operating expense range.
On products, Chief Executive Craig Donohue said Cboe extended its exclusive license for S&P indices through 2051, providing continuity for its SPX and VIX franchises. He said the company had received the necessary U.S. Securities and Exchange Commission approvals to list and clear event contracts tied to corporate performance metrics. The company had expected to launch the contracts in November 2026. On capital allocation, the board had previously announced on October 22 an increase of $550 million in its share repurchase authorization. These developments represent the main steps the company announced on licensing, products and buybacks alongside its quarterly results.