Key Highlights
- Q1 adjusted earnings per share reached $3.70, surpassing analyst expectations of $3.25 by $0.45
- Quarterly revenue climbed to an unprecedented $728.9 million, representing 29% annual growth
- Company upgraded 2026 organic revenue growth forecast to “low double-digit to mid-teens” range
- Operating expense outlook reduced to $838–$853 million range from previous $864–$879 million projection
- Shares reached unprecedented peak of $321.00 during Friday trading
Shares of Cboe Global Markets (CBOE) rocketed more than 8% higher on Friday following the company’s announcement of exceptional first-quarter performance that significantly exceeded analyst projections across key metrics.
Cboe Global Markets, Inc., 0HQN.L
The exchange operator delivered adjusted earnings of $3.70 per share, crushing the Street consensus of $3.25. Quarterly revenue reached $728.9 million, establishing a company record and substantially outpacing the $693.75 million Wall Street forecast.
This revenue performance represents a remarkable 29% increase compared to the $565.2 million posted in the corresponding quarter of the previous year — a growth rate that demands attention.
The equity touched an unprecedented intraday high of $321.00 on Friday.
CFO Jill Griebenow characterized the period as “an exceptional first quarter,” highlighting 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 division emerged as the clear star of the quarter. This segment produced record-setting revenue of $467.6 million, advancing 33% year-over-year, driven by a 10% expansion in average daily trading volume and a 21% boost in multi-listed options revenue per contract.
Revenue from North American Equities advanced 18% to reach $111.2 million. The Europe and Asia Pacific segment delivered $84.9 million, representing 32% growth.
Outlook Enhanced Across Multiple Metrics
Cboe elevated its full-year 2026 organic revenue growth projection to a “low double-digit to mid-teens” range, a significant increase from the previous “mid single-digit” expectation. This represents a meaningful upward revision.
The Data Vantage business unit also received an improved outlook, with its organic growth target advancing to “low double-digit” from the earlier “mid to high single-digit” range.
Regarding expenses, the company lowered its adjusted operating expense guidance to a range of $838–$853 million, down from the prior $864–$879 million band, attributing the reduction to efficiencies gained through strategic restructuring initiatives.
Staff Restructuring In Progress
These restructuring efforts encompass a workforce reduction of roughly 20%. The company confirmed that implementation of this plan remains ongoing.
Throughout the quarter, Cboe distributed shareholder dividends of $0.72 per share and executed repurchases of approximately 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 forthcoming period.
The exchange operator achieved 15% revenue growth over the trailing twelve-month period, with earnings per share totaling $10.42. InvestingPro assigns CBOE’s financial health a “GREAT” rating, though its analysis suggests the stock may be trading above its Fair Value calculation.
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