Key Highlights
- Q1 adjusted earnings per share reached $3.70, exceeding analyst expectations of $3.25 by $0.45
- First quarter revenue totaled a record $728.9 million, representing a 29% annual increase
- Company upgraded full-year 2026 organic revenue growth forecast to “low double-digit to mid-teens”
- Adjusted operating expense forecast reduced to $838–$853 million from previous $864–$879 million range
- Shares reached unprecedented peak of $321.00 during Friday trading
Cboe Global Markets (CBOE) experienced a significant rally exceeding 8% on Friday following the release of exceptional first-quarter results that surpassed analyst projections across key metrics.
Cboe Global Markets, Inc., 0HQN.L
The exchange operator delivered adjusted earnings per share of $3.70, outperforming the Street consensus of $3.25 by $0.45. Total revenue reached $728.9 million, setting a company record and exceeding the $693.75 million analyst forecast.
This revenue performance represents a substantial 29% increase compared to the $565.2 million recorded during the corresponding quarter of the previous year.
Shares touched an unprecedented peak of $321.00 during Friday’s trading session.
CFO Jill Griebenow characterized the period as “an exceptional first quarter,” highlighting the 29% net revenue expansion, 54% diluted EPS growth, and 48% adjusted diluted EPS improvement versus the year-ago period.
The Options division emerged as the top contributor, delivering record revenue of $467.6 million—a 33% year-over-year gain—driven by a 10% increase in average daily volume alongside a 21% boost in multi-listed options revenue per contract.
The North American Equities segment posted revenue of $111.2 million, marking an 18% advance. Meanwhile, Europe and Asia Pacific operations contributed $84.9 million, reflecting a 32% gain.
Enhanced Financial Outlook
Cboe elevated its full-year 2026 organic revenue growth projection to “low double-digit to mid-teens,” representing a meaningful increase from the previous “mid single-digit” expectation.
The Data Vantage division also received an improved outlook, with organic growth targets now set at “low double-digit” compared to the earlier “mid to high single-digit” range.
Regarding expenses, the company lowered its adjusted operating expense guidance to $838–$853 million from the prior $864–$879 million estimate, attributing the reduction to efficiencies gained through strategic realignment initiatives.
Organizational Restructuring Continues
The strategic realignment encompasses a workforce reduction of roughly 20%. Cboe confirmed that implementation of this plan remains in progress.
Throughout the quarter, the company distributed dividends of $0.72 per share and repurchased approximately 161,000 shares at an average cost of $280.20.
According to InvestingPro data, thirteen analysts have adjusted their earnings projections upward for the coming period.
The exchange operator achieved 15% revenue growth over the trailing twelve months, with earnings per share hitting $10.42. InvestingPro assigns CBOE’s financial health a “GREAT” rating, although the analysis indicates the stock trades above its Fair Value estimate.
