Key Highlights
- First quarter adjusted earnings per share of $3.70 surpassed analyst expectations of $3.25 by $0.45
- Quarterly revenue reached an all-time high of $728.9 million, representing 29% annual growth
- Company elevated 2026 organic revenue growth forecast to “low double-digit to mid-teens” range
- Adjusted operating expense outlook reduced to $838–$853 million from prior $864–$879 million range
- Shares touched record intraday peak of $321.00 during Friday trading
Shares of Cboe Global Markets (CBOE) experienced a substantial rally exceeding 8% on Friday following the exchange operator’s announcement of exceptional first-quarter results that significantly exceeded Wall Street projections across key metrics.
Cboe Global Markets, Inc., 0HQN.L
The company delivered adjusted earnings per share of $3.70, comfortably beating the Street’s consensus estimate of $3.25. Total revenue reached $728.9 million, establishing a new company record and surpassing the $693.75 million analyst forecast.
This revenue performance represents a remarkable 29% increase compared to the $565.2 million reported in the corresponding quarter of the previous year — a growth rate that clearly resonated with investors.
The equity climbed to a lifetime high of $321.00 during Friday’s trading session.
CFO Jill Griebenow characterized the period as “an exceptional first quarter,” emphasizing the company’s achievement of 29% net revenue expansion, 54% diluted earnings per share growth, and 48% adjusted diluted earnings per share improvement versus the year-ago period.
The Options business unit emerged as the clear driver of performance. This segment produced record revenue of $467.6 million, advancing 33% on an annual basis, powered by a 10% expansion in average daily trading volume and a 21% improvement in multi-listed options revenue captured per contract.
The North American Equities division saw revenue advance 18% to $111.2 million. The Europe and Asia Pacific segment contributed $84.9 million, representing 32% year-over-year growth.
Outlook Receives Meaningful Upgrade
Cboe boosted its full-year 2026 organic revenue growth projection to a “low double-digit to mid-teens” range, representing a significant increase from the previous “mid single-digit” guidance. This marks a considerable improvement in the company’s forward outlook.
The Data Vantage business also received an enhanced growth target, with expectations now set at “low double-digit” versus the earlier “mid to high single-digit” projection.
Regarding expenses, the company lowered its adjusted operating expense guidance to a range of $838–$853 million, down from the earlier $864–$879 million forecast, attributing the improvement to efficiencies gained through strategic restructuring initiatives.
Staff Reduction Plan Continues
As part of this strategic realignment, the company is implementing a workforce reduction affecting approximately 20% of employees. Management indicated that execution of this restructuring plan remains in progress.
Throughout the quarter, the organization returned capital to shareholders through dividends of $0.72 per share and repurchased roughly 161,000 shares at an average cost of $280.20.
According to InvestingPro data, thirteen Wall Street analysts have increased their earnings projections for the next reporting period.
Over the trailing twelve months, the company achieved 15% revenue growth, with earnings per share reaching $10.42. InvestingPro assigns CBOE a “GREAT” financial health score, though the platform suggests the stock is trading above its Fair Value calculation.
