Equity Profile

CBOE

Cboe Global Markets, Inc.

FinancialsFinancial Exchanges & Data$29.5B

May1Fri

Post-Earnings Recap

ReportedQ1-2026Pre-Market7:30 AM EDT

Cboe Global Markets Beats on EPS, Stock Up 8.95%

Metric	Actual	Expected	Surprise
EPS	$3.70	$3.37	+9.86%
Revenue	N/A	$709M	N/A

management commentary, guidance changes, and full analysis available with Pro.

Cboe Global Markets Beats on EPS, Stock Up 8.95%

Key Numbers

Metric	Actual	Expected	Surprise
EPS	$3.70	$3.37	+9.86%
Revenue	N/A	$709M	N/A

Management Commentary

Tone: Unknown

No transcript is on record, and the analysis is based on numerical results only.

What It Means

Cboe Global Markets reported stronger-than-expected earnings per share, which contributed to a significant stock price increase of 8.95%. The positive EPS surprise indicates better profitability than analysts anticipated. However, the lack of revenue data and guidance leaves some uncertainty about future performance.

Company Snapshot

Cboe Global Markets, Inc. operates in the financial sector, primarily focusing on financial exchanges and data....

Key Metrics to Watch

EPS

Earnings per share is a key indicator of the company's profitability and performance relative to analysts' expectations.

$3.37

Revenue

Total revenue reflects the overall business activity and growth, which is vital for assessing the company's financial health.

$709M

Wall Street expectations, options signals, track record, and call prep available with Pro.

Original Pre-Earnings Preview

Context

Company Snapshot

Cboe Global Markets, Inc. operates in the financial sector, primarily focusing on financial exchanges and data. As a major player in the trading industry, it provides a platform for trading various financial instruments, which is crucial for market liquidity and price discovery.

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

88%

Avg EPS Surprise

+4.18%

Avg Stock Reaction

+2.72%

Last Quarter Recap

In Q4-2025, Cboe reported an EPS of $3.06, exceeding expectations by 4.51%. However, the stock experienced a slight decline of 0.70% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Analysts anticipate a solid performance from Cboe in Q1-2026, with expectations for both EPS and revenue to meet or exceed consensus estimates.

Bull Case

If Cboe's trading volumes increase significantly, it could lead to higher revenues and profits, driving the stock price up.

Bear Case

Conversely, if market volatility decreases, trading volumes may decline, negatively impacting revenue and earnings.

Key Metrics to Watch

EPS

$3.37

Earnings per share is a key indicator of the company's profitability and performance relative to analysts' expectations.

Revenue

$709M

Total revenue reflects the overall business activity and growth, which is vital for assessing the company's financial health.

Expectations

Two Questions That Matter

The print will turn on these two things.

Will Cboe's trading volumes exceed expectations, particularly in light of recent market conditions?

Higher trading volumes are crucial for revenue growth, and any significant change could impact the stock's performance.

What guidance will management provide regarding future market volatility and its impact on trading activity?

Management's outlook on market conditions will be key to understanding potential revenue trends moving forward.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the impact of recent market volatility on trading volumes, which could lead to stronger-than-expected earnings.

Supporting Evidence

Cboe has a history of beating EPS estimates, with an 88% success rate over the last eight quarters.

Options pricing suggests higher volatility expectations, which could drive increased trading activity.

Recent trends in market activity indicate a potential uptick in trading volumes that may not be fully reflected in consensus estimates.

Key Risk

If trading volumes significantly decline due to reduced market volatility, it could lead to lower-than-expected revenue.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is closely watching how Cboe navigates current market conditions and whether it can sustain growth in trading activity.

Bull Confirmed If

An EPS of $3.40 or higher, indicating strong trading volumes and profitability.

Bear Confirmed If

An EPS below $3.29, suggesting weaker performance than anticipated.

Pre-Earnings Positioning

Options Market

Implied Move

±3.21%

Historical Avg

±3.3%

In line with history

The options market is pricing in a move of about 3.21%, suggesting that traders expect some volatility around the earnings announcement.

Options are pricing ±3.2% while CBOE has averaged ±3.3% over the last 8 prints — setup is roughly in line with history.

Detail

ATM IV

0.5%

30d HV

25.8%

Calls (55K)P/C Ratio: 1.74Puts (47K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Cboe beats expectations, history suggests the stock could rise by around 2.00%, confirming a positive outlook.

In-Line / Cautious

If results are in line with expectations, the market may react cautiously, leading to minimal movement as investors await further guidance.

Miss

A miss could result in a decline of about 2.01%, reflecting disappointment in the company's performance.

Preparation

Congressional Activity

House & Senate STOCK Act disclosures over the trailing 6 months.

Trades

0 buys·1 sell

Members

House only

Est. Notional

$1,001.00–$15,000.00

disclosed dollar ranges

Most Active Members

D-CAGilbert CisnerosRep.
1

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any commentary on trading volume trends and how they compare to previous quarters.
2Insights into management's expectations for market volatility in the coming months.
3Updates on new products or services that could drive future growth.
4Discussion of competitive pressures in the financial exchange space.
5Any changes in regulatory environment that could impact operations.

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Company Snapshot

Cboe Global Markets, Inc. operates in the financial sector, primarily focusing on financial exchanges and data....

Key Metrics to Watch

EPS

Earnings per share is a key indicator of the company's profitability and performance relative to analysts' expectations.

$3.37

Revenue

Total revenue reflects the overall business activity and growth, which is vital for assessing the company's financial health.

$709M

Wall Street expectations, options signals, track record, and call prep available with Pro.

Original Pre-Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

88%

Avg EPS Surprise

+4.18%

Avg Stock Reaction

+2.72%

Last Quarter Recap

In Q4-2025, Cboe reported an EPS of $3.06, exceeding expectations by 4.51%. However, the stock experienced a slight decline of 0.70% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Analysts anticipate a solid performance from Cboe in Q1-2026, with expectations for both EPS and revenue to meet or exceed consensus estimates.

Bull Case

If Cboe's trading volumes increase significantly, it could lead to higher revenues and profits, driving the stock price up.

Bear Case

Conversely, if market volatility decreases, trading volumes may decline, negatively impacting revenue and earnings.

Key Metrics to Watch

EPS

$3.37

Earnings per share is a key indicator of the company's profitability and performance relative to analysts' expectations.

Revenue

$709M

Total revenue reflects the overall business activity and growth, which is vital for assessing the company's financial health.

Expectations

Two Questions That Matter

The print will turn on these two things.

Will Cboe's trading volumes exceed expectations, particularly in light of recent market conditions?

Higher trading volumes are crucial for revenue growth, and any significant change could impact the stock's performance.

What guidance will management provide regarding future market volatility and its impact on trading activity?

Management's outlook on market conditions will be key to understanding potential revenue trends moving forward.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the impact of recent market volatility on trading volumes, which could lead to stronger-than-expected earnings.

Supporting Evidence

Cboe has a history of beating EPS estimates, with an 88% success rate over the last eight quarters.

Options pricing suggests higher volatility expectations, which could drive increased trading activity.

Recent trends in market activity indicate a potential uptick in trading volumes that may not be fully reflected in consensus estimates.

Key Risk

If trading volumes significantly decline due to reduced market volatility, it could lead to lower-than-expected revenue.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is closely watching how Cboe navigates current market conditions and whether it can sustain growth in trading activity.

Bull Confirmed If

An EPS of $3.40 or higher, indicating strong trading volumes and profitability.

Bear Confirmed If

An EPS below $3.29, suggesting weaker performance than anticipated.

Pre-Earnings Positioning

Options Market

Implied Move

±3.21%

Historical Avg

±3.3%

In line with history

The options market is pricing in a move of about 3.21%, suggesting that traders expect some volatility around the earnings announcement.

Options are pricing ±3.2% while CBOE has averaged ±3.3% over the last 8 prints — setup is roughly in line with history.

Detail

ATM IV

0.5%

30d HV

25.8%

Calls (55K)P/C Ratio: 1.74Puts (47K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Cboe beats expectations, history suggests the stock could rise by around 2.00%, confirming a positive outlook.

In-Line / Cautious

If results are in line with expectations, the market may react cautiously, leading to minimal movement as investors await further guidance.

Miss

A miss could result in a decline of about 2.01%, reflecting disappointment in the company's performance.

Preparation

Congressional Activity

House & Senate STOCK Act disclosures over the trailing 6 months.

Trades

0 buys·1 sell

Members

House only

Est. Notional

$1,001.00–$15,000.00

disclosed dollar ranges

Most Active Members

D-CAGilbert CisnerosRep.
1

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any commentary on trading volume trends and how they compare to previous quarters.
2Insights into management's expectations for market volatility in the coming months.
3Updates on new products or services that could drive future growth.
4Discussion of competitive pressures in the financial exchange space.
5Any changes in regulatory environment that could impact operations.