$CBOE GLOBAL MARKETS Q3’26 EARNINGS HIGHLIGHTS
🔹 Revenue: $712.2M (Est. $706M) 🟢; +18% YoY
🔹 Adj. EPS: $3.63 (Est. $3.43) 🟢; +36% YoY
🔹 GAAP EPS: $4.08; +43% YoY
🔹 Adj. EBITDA: $528.8M; +27% YoY
FY26 Guide:
🔹 Organic Total Net Revenue Growth: High teens; from mid to high teens
🔹 Data Vantage Organic Net Revenue Growth: Mid teens; from low teens
🔹 Adj. Oper Expenses: $830M-$845M; from $838M-$853M
🔹 D&A: $54M-$58M; affirmed
🔹 Adjusted Tax Rate: 27.5%-29.5%; affirmed
🔹 CapEx: $98M-$108M; affirmed
Segment Net Revenue:
🔹 Options: $469.5M; +23% YoY
🔹 N.A. Equities: $113.5M; +10% YoY
🔹 Europe & APAC: $73.3M; +6% YoY
🔹 Futures: $28.2M; -5% YoY
🔹 Global FX: $27.7M; +23% YoY
Capital Return:
🔹 Buybacks: $56.1M; 211K shares
🔹 Dividend: $0.86/share
🔹 Remaining Authorization: $480.7M
🔹 New Authorization: $550M
Key Updates:
🔹 S&P License: Exclusive license extended through 2051
🔹 Event Contracts: SEC approvals received; November launch anticipated
🔹 Cboe Predicts: Offering and clearing capabilities advanced
Comments:
🔸 “First, we extended our exclusive S&P license through 2051, providing certainty and continuity for our SPX and VIX franchises.”
🔸 “Net revenue in our Derivatives business rose 22 percent, driven by a 24 percent increase in index options average daily volume supported by record 0DTE activity.”
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