Equity Profile

CBOE

Cboe Global Markets, Inc.

FinancialsFinancial Exchanges & Data$29.0B

Jul31Fri

Pre-Earnings Brief

UpcomingQ2-2026Pre-Market9:00 AM EDT

Company Snapshot

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

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a critical measure of the company's profitability and will indicate how well Cboe is managing its costs and generating income.

Not available

Trading Volume

Higher trading volumes typically signal increased market activity, which can lead to higher revenue for Cboe.

Not available

1 more metrics, 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, primarily focusing on financial exchanges and data services. As a major player in the trading industry, it facilitates the buying and selling of securities, options, and futures, making it a key component in the financial ecosystem.

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, surpassing expectations by nearly 10%. The stock reacted positively, gaining nearly 9% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Investors are eager to see if Cboe can maintain its strong performance and continue to exceed earnings expectations. The market is particularly focused on trading volumes and overall market conditions.

Bull Case

If Cboe reports strong trading volumes and maintains or grows its market share, it could lead to significant revenue growth and further stock appreciation.

Bear Case

Conversely, if trading volumes decline or the company fails to meet earnings expectations, it could result in a negative reaction from the market.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will the trading volume figures look like for Q2-2026?

Trading volume is a key driver of revenue for Cboe, and any significant changes could impact earnings expectations.

How is Cboe positioning itself in terms of market share against competitors?

Understanding Cboe's competitive position will help gauge its growth potential and sustainability in the market.

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 a stronger performance than expected.

Supporting Evidence

Cboe's recent EPS surprises indicate strong operational performance despite market fluctuations.

Options pricing suggests traders are expecting a larger move than historical averages, indicating potential for upside.

The put/call ratio indicates a higher level of hedging, which could mean investors are bracing for volatility.

Key Risk

If trading volumes exceed expectations, it could significantly alter the current market sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter, the focus is on trading volumes and market share, which are critical for Cboe's revenue growth.

Bull Confirmed If

A trading volume increase of over 15% year-over-year would confirm the bull case.

Bear Confirmed If

A drop in trading volume below 10% year-over-year would confirm the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±12.55%

Historical Avg

±3.3%

Pricing rich

The options market is pricing in a significant potential move, indicating that traders expect 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 a potential stock increase of around 2.83%, confirming strong market demand.

In-Line / Cautious

An in-line report may lead to a muted reaction, as investors await further commentary on market conditions.

Miss

If Cboe misses expectations, history suggests a potential decline of around 2.01%, reflecting investor disappointment.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on trading volume trends for Q2-2026.
2Management's outlook on market share relative to competitors.
3Insights on how macroeconomic factors are affecting trading activity.
4Details on any new products or services that could enhance revenue.
5Comments on regulatory changes that may impact operations.

See the full picture

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

No charge today · Auto-bills $8/mo after 7 days · Cancel anytime

More Earnings This Week

5 Reports

Jul28

KNSABMO

Kiniksa Pharmaceuticals International, plc

PreviewView

Jul28

CURBBMO

Company Snapshot

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

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a critical measure of the company's profitability and will indicate how well Cboe is managing its costs and generating income.

Not available

Trading Volume

Higher trading volumes typically signal increased market activity, which can lead to higher revenue for Cboe.

Not available

1 more metrics, 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, surpassing expectations by nearly 10%. The stock reacted positively, gaining nearly 9% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Bull Case

If Cboe reports strong trading volumes and maintains or grows its market share, it could lead to significant revenue growth and further stock appreciation.

Bear Case

Conversely, if trading volumes decline or the company fails to meet earnings expectations, it could result in a negative reaction from the market.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will the trading volume figures look like for Q2-2026?

Trading volume is a key driver of revenue for Cboe, and any significant changes could impact earnings expectations.

How is Cboe positioning itself in terms of market share against competitors?

Understanding Cboe's competitive position will help gauge its growth potential and sustainability in the market.

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 a stronger performance than expected.

Supporting Evidence

Cboe's recent EPS surprises indicate strong operational performance despite market fluctuations.

Options pricing suggests traders are expecting a larger move than historical averages, indicating potential for upside.

The put/call ratio indicates a higher level of hedging, which could mean investors are bracing for volatility.

Key Risk

If trading volumes exceed expectations, it could significantly alter the current market sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter, the focus is on trading volumes and market share, which are critical for Cboe's revenue growth.

Bull Confirmed If

A trading volume increase of over 15% year-over-year would confirm the bull case.

Bear Confirmed If

A drop in trading volume below 10% year-over-year would confirm the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±12.55%

Historical Avg

±3.3%

Pricing rich

The options market is pricing in a significant potential move, indicating that traders expect 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 a potential stock increase of around 2.83%, confirming strong market demand.

In-Line / Cautious

An in-line report may lead to a muted reaction, as investors await further commentary on market conditions.

Miss

If Cboe misses expectations, history suggests a potential decline of around 2.01%, reflecting investor disappointment.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on trading volume trends for Q2-2026.
2Management's outlook on market share relative to competitors.
3Insights on how macroeconomic factors are affecting trading activity.
4Details on any new products or services that could enhance revenue.
5Comments on regulatory changes that may impact operations.