Cboe Global Markets (BATS:CBOE) Posts Earnings Results, Beats Estimates By $0.33 EPS

Cboe Global Markets (BATS:CBOE) issued its earnings results on Friday. The company reported $3.70 earnings per share for the quarter, topping the consensus estimate of $3.37 by $0.33, Briefing.com reports. Cboe Global Markets had a return on equity of 20.05% and a net margin of 5.77%.During the same quarter last year, the firm posted $2.50 EPS. The firm’s quarterly revenue was up 29.0% compared to the same quarter last year.

Here are the key takeaways from Cboe Global Markets’ conference call:

• Cboe reported record Q1 results with net revenue of $729M (+29% YoY) and adjusted diluted EPS of $3.70 (+48% YoY)
• Derivatives remained the engine of growth — derivatives net revenue rose ~32% and SPX options set new records with average daily volume ~4.9M contracts (March ~5.4M), supported by both 0DTE and non-0DTE flows and broad participation across retail and institutional channels.
• Management announced a strategic realignment — sales of Cboe Canada & Australia, exits/wind-downs of non-core businesses and an organizational redesign (workforce reduction of ~20%) aimed at focusing on core franchises and targeting approximately $100M–$120M in annualized expense savings (with ~$20M–$25M realized in 2026).
• Updated financial and capital priorities show disciplined cost control (2026 adjusted operating expense guidance lowered to $838M–$853M) alongside resumed shareholder returns — $45M of opportunistic buybacks in Q1, a $0.72/share dividend, and an adjusted cash position of ~$2.1B with leverage ~0.8x.
• Cboe is launching securities-based event/prediction products (XSP binary/vertical-spread style) and exploring company-specific KPI contracts, tokenization and expanded clearing — these initiatives offer long-term growth potential but carry regulatory and execution uncertainty.

Cboe Global Markets Stock Performance

Shares of BATS:CBOE traded up $26.87 during trading on Friday, reaching $326.96. The company had a trading volume of 1,567,934 shares, compared to its average volume of 891,372. The firm has a market capitalization of $34.68 billion, a price-to-earnings ratio of 168.54 and a beta of 0.61. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.21 and a quick ratio of 1.21. The stock’s fifty day moving average price is $293.40 and its 200 day moving average price is $269.81. Cboe Global Markets has a fifty-two week low of $212.75 and a fifty-two week high of $329.79.

Cboe Global Markets Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Friday, February 27th were issued a $0.72 dividend. The ex-dividend date of this dividend was Friday, February 27th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 0.9%. Cboe Global Markets’s payout ratio is presently 98.97%.

Key Cboe Global Markets News

Here are the key news stories impacting Cboe Global Markets this week:

• Positive Sentiment: Q1 results materially beat expectations — record net revenue and record (adjusted) EPS; revenue rose ~29% and EPS topped estimates, driven by Derivatives, Data Vantage and Cash/Spot performance. This is the immediate catalyst cited by investors. Cboe Global Beats Q1 Earnings Estimates, Raises Revenue Guidance
• Positive Sentiment: Management upgraded organic revenue growth targets for 2026 and narrowed 2026 adjusted operating expense guidance, signaling stronger top-line momentum and lower opex risk going forward — a pro?earnings mix for investors. Cboe Global Markets Reports Results for First Quarter 2026
• Positive Sentiment: Company announced a major restructuring and cost?cutting program (including headcount actions) intended to sharpen focus on core businesses and accelerate reinvestment — investors are treating the plan as credit positive for near?term margin improvement. Cboe Global Markets Announces Major Restructuring and Cost Cuts
• Neutral Sentiment: Market volatility (VIX) has cooled to mid?teens — a more “risk?on” environment can pressure options volumes, which is mixed for Cboe: lower hedging activity versus stable higher-margin data and listed products. The CBOE VIX Falls to 16 Level
• Neutral Sentiment: Executive moves and talent shifts continued (e.g., departures and hiring in low?touch execution roles) — operational continuity appears intact but worth monitoring as realignment progresses. Bryan Blake Joins CIBC From Cboe
• Negative Sentiment: The company is cutting roughly 20% of its workforce; coverage highlights risks — severance charges, execution risk during transition, and potential PR/headcount concerns that could weigh on near?term sentiment. Cboe is Slashing 20% of its Staff

Insider Activity

In related news, CAO Allen Wilkinson sold 248 shares of Cboe Global Markets stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $292.79, for a total value of $72,611.92. Following the sale, the chief accounting officer directly owned 410 shares in the company, valued at $120,043.90. The trade was a 37.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Alexander Matturri, Jr. sold 1,500 shares of Cboe Global Markets stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $285.36, for a total value of $428,040.00. Following the completion of the sale, the director owned 4,761 shares in the company, valued at approximately $1,358,598.96. This trade represents a 23.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 5,695 shares of company stock valued at $1,628,981. Company insiders own 0.51% of the company’s stock.

Institutional Trading of Cboe Global Markets

A number of institutional investors have recently modified their holdings of CBOE. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Cboe Global Markets in the fourth quarter valued at approximately $26,000. Headlands Technologies LLC purchased a new stake in shares of Cboe Global Markets in the second quarter valued at approximately $31,000. DV Equities LLC purchased a new stake in shares of Cboe Global Markets in the fourth quarter valued at approximately $37,000. Measured Wealth Private Client Group LLC purchased a new stake in shares of Cboe Global Markets in the third quarter valued at approximately $45,000. Finally, E Fund Management Co. Ltd. purchased a new stake in shares of Cboe Global Markets in the second quarter valued at approximately $60,000. 81.73% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CBOE has been the topic of several research analyst reports. Argus raised Cboe Global Markets to a “hold” rating in a research report on Wednesday, March 11th. Loop Capital set a $293.00 target price on Cboe Global Markets in a research report on Thursday, April 9th. Barclays raised their target price on Cboe Global Markets from $317.00 to $351.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 8th. Zacks Research raised Cboe Global Markets from a “hold” rating to a “strong-buy” rating in a research report on Friday, January 30th. Finally, Royal Bank Of Canada reissued a “sector perform” rating and set a $303.00 target price on shares of Cboe Global Markets in a research report on Monday, February 9th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $294.20.

About Cboe Global Markets

Cboe Global Markets, Inc, through its subsidiaries, operates as an options exchange worldwide. It operates through six segments: Options, North American Equities, Europe and Asia Pacific, Futures, Global FX, and Digital. The Options segment trades in listed market indices. The North American Equities segment trades in listed U.S. and Canadian equities. This segment also offers exchange-traded products (ETP) transaction and listing services. The Europe and Asia Pacific segment provides pan-European listed equities and derivatives transaction services, ETPs, exchange-traded commodities, and international depository receipts, as well as ETP listings and clearing services.

Further Reading

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