Equity Profile

CBOE

Cboe Global Markets, Inc.

FinancialsFinancial Exchanges & Data$30.6B

Jul31Fri

Pre-Earnings Brief

UpcomingQ2-2026Pre-Market9:00 AM EDT

Company Snapshot

Cboe Global Markets, Inc. operates in the financial sector, specifically in financial exchanges and data....

Key Metrics to Watch

EPS

Earnings per share is a key indicator of the company's profitability and financial health.

$3.49

Revenue

Revenue figures provide insight into the company's overall sales performance and market demand.

$721M

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

CBOE Q2-2026 Earnings Preview

Context

Company Snapshot

Cboe Global Markets, Inc. operates in the financial sector, specifically in financial exchanges and data. The company plays a crucial role in the trading ecosystem, providing a platform for trading various financial instruments, which is essential 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 Q1-2026, Cboe reported an EPS of $3.70, exceeding expectations by nearly 10%. The stock reacted positively, gaining nearly 9% the following day.

Management Promises & Guidance

Continued focus on expanding trading products.
Commitment to enhancing technology and trading infrastructure.
Plans to explore new market opportunities.

Expectations

Wall Street Expectations

Analysts expect Cboe to report strong earnings driven by robust trading volumes and market activity. The consensus EPS of $3.49 reflects optimism about continued growth.

Bull Case

If Cboe beats EPS expectations, it could signal strong demand for its trading platforms, potentially leading to further stock price appreciation.

Bear Case

A miss on EPS could raise concerns about declining trading volumes or increased competition, negatively impacting investor sentiment.

Key Metrics to Watch

EPS

$3.49

Earnings per share is a key indicator of the company's profitability and financial health.

Revenue

$721M

Revenue figures provide insight into the company's overall sales performance and market demand.

Expectations

Two Questions That Matter

The print will turn on these two things.

Will Cboe's EPS exceed the consensus estimate of $3.49?

A strong EPS could reinforce confidence in the company's growth trajectory and trading volumes.

What insights will management provide regarding trading volumes and market conditions?

Understanding market dynamics is crucial for assessing future performance and potential risks.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the impact of new trading products that could drive higher volumes, leading to better-than-expected results.

Supporting Evidence

Cboe's recent product launches have not been fully factored into EPS estimates.

The options market is pricing a larger move than historical averages suggest, indicating potential for surprises.

Key Risk

If trading volumes exceed expectations due to new product adoption, it could significantly alter the earnings outlook.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is debating whether Cboe can maintain its growth amidst competitive pressures and changing market conditions.

Bull Confirmed If

An EPS of $3.60 or higher would confirm strong demand and operational efficiency.

Bear Confirmed If

An EPS below $3.45 could indicate weakening trading activity and market share loss.

Pre-Earnings Positioning

Options Market

Implied Move

±12.55%

Historical Avg

±3.3%

Pricing rich

The options market is pricing in a significant move, suggesting that investors anticipate volatility around the earnings report.

Options are pricing ±12.5% while CBOE has averaged ±3.3% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.3%

30d HV

38.6%

Calls (48K)P/C Ratio: 1.44Puts (33K)

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 about 2.83%, confirming positive market sentiment.

In-Line / Cautious

If results are in line but management is cautious, the stock might react neutrally as investors reassess growth prospects.

Miss

A miss could lead to a decline of around 2.01%, as it would raise concerns about the company's future performance.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on new trading products and their performance.
2Management's outlook on market conditions and trading volumes.
3Any commentary on competitive pressures in the exchange space.
4Insights into technology investments and infrastructure improvements.
5Future growth strategies and market expansion plans.

See the full picture

AI-powered briefs, options data, and 20 quarters of history — everything you need before earnings.

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Company Snapshot

Cboe Global Markets, Inc. operates in the financial sector, specifically in financial exchanges and data....

Key Metrics to Watch

EPS

Earnings per share is a key indicator of the company's profitability and financial health.

$3.49

Revenue

Revenue figures provide insight into the company's overall sales performance and market demand.

$721M

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

CBOE Q2-2026 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 Q1-2026, Cboe reported an EPS of $3.70, exceeding expectations by nearly 10%. The stock reacted positively, gaining nearly 9% the following day.

Management Promises & Guidance

Continued focus on expanding trading products.
Commitment to enhancing technology and trading infrastructure.
Plans to explore new market opportunities.

Expectations

Wall Street Expectations

Analysts expect Cboe to report strong earnings driven by robust trading volumes and market activity. The consensus EPS of $3.49 reflects optimism about continued growth.

Bull Case

If Cboe beats EPS expectations, it could signal strong demand for its trading platforms, potentially leading to further stock price appreciation.

Bear Case

A miss on EPS could raise concerns about declining trading volumes or increased competition, negatively impacting investor sentiment.

Key Metrics to Watch

EPS

$3.49

Earnings per share is a key indicator of the company's profitability and financial health.

Revenue

$721M

Revenue figures provide insight into the company's overall sales performance and market demand.

Expectations

Two Questions That Matter

The print will turn on these two things.

Will Cboe's EPS exceed the consensus estimate of $3.49?

A strong EPS could reinforce confidence in the company's growth trajectory and trading volumes.

What insights will management provide regarding trading volumes and market conditions?

Understanding market dynamics is crucial for assessing future performance and potential risks.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the impact of new trading products that could drive higher volumes, leading to better-than-expected results.

Supporting Evidence

Cboe's recent product launches have not been fully factored into EPS estimates.

The options market is pricing a larger move than historical averages suggest, indicating potential for surprises.

Key Risk

If trading volumes exceed expectations due to new product adoption, it could significantly alter the earnings outlook.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is debating whether Cboe can maintain its growth amidst competitive pressures and changing market conditions.

Bull Confirmed If

An EPS of $3.60 or higher would confirm strong demand and operational efficiency.

Bear Confirmed If

An EPS below $3.45 could indicate weakening trading activity and market share loss.

Pre-Earnings Positioning

Options Market

Implied Move

±12.55%

Historical Avg

±3.3%

Pricing rich

The options market is pricing in a significant move, suggesting that investors anticipate volatility around the earnings report.

Options are pricing ±12.5% while CBOE has averaged ±3.3% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.3%

30d HV

38.6%

Calls (48K)P/C Ratio: 1.44Puts (33K)

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 about 2.83%, confirming positive market sentiment.

In-Line / Cautious

If results are in line but management is cautious, the stock might react neutrally as investors reassess growth prospects.

Miss

A miss could lead to a decline of around 2.01%, as it would raise concerns about the company's future performance.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on new trading products and their performance.
2Management's outlook on market conditions and trading volumes.
3Any commentary on competitive pressures in the exchange space.
4Insights into technology investments and infrastructure improvements.
5Future growth strategies and market expansion plans.