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Data fees, connectivity demand and continued share repurchases are expected to aid earnings.
Cboe Global Markets, Inc. (CBOE - Free Report) is expected to witness an improvement in its top and bottom lines when it reports second-quarter 2026 results on July 31, before market open.
The Zacks Consensus Estimate for CBOE’s second-quarter revenues is pegged at $708.5 million, indicating a 20.6% increase from the year-ago reported figure.
The consensus estimate for earnings is pegged at $3.45 per share. The Zacks Consensus Estimate for CBOE’s second-quarter earnings has moved 5.8% north in the past 30 days. The estimate suggests a year-over-year decrease of 40.2%.
Image Source: Zacks Investment Research
CBOE’s Solid Earnings Surprise History
CBOE’s earnings beat the Zacks Consensus Estimate in the trailing four quarters, the average surprise being 5.35%.
What the Zacks Model Unveils for Cboe Global
Our proven model predicts an earnings beat for CBOE this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. That is the case here, as you can see below.
You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Earnings ESP: CBOE has an Earnings ESP of +0.77%. This is because the Most Accurate Estimate of $3.48 is pegged higher than the Zacks Consensus Estimate of $3.45.
Solid growth in index options, along with higher transaction and clearing fees, access and capacity charges, market data revenues and regulatory fees, is likely to support Cboe Global Markets’ second-quarter results.
Derivatives Markets revenues are expected to have benefited from increased transaction and clearing fees, driven by stronger trading volumes across Cboe’s options exchanges. Its performance is likely to have received additional support from robust activity in proprietary products, including VIX futures and VIX and SPX options, as well as healthy growth in multi-listed options trading. However, lower regulatory fees may have partially offset these gains.
Cboe Data Vantage revenues are likely to have improved on higher access and capacity fees and proprietary market data revenues. Increased customer demand for logical and physical ports across the Options, North American Equities, and Europe and Asia Pacific segments is likely to have boosted connectivity-related revenues. Market data fees are also expected to have benefited from solid demand across these businesses.
Net transaction and clearing fees are likely to have gained from higher Cboe European Equities matched average daily notional value, Global FX average daily notional value and Cboe Clear Europe net settlement volumes.
Continued share repurchases are also expected to have supported second-quarter earnings per share.
CBOE’s Price Performance & Valuation
The stock has outperformed the industry, but underperformed its sector and the S&P 500 in the second quarter of 2026.
Image Source: Zacks Investment Research
The stock is trading at a forward 12-month price-to-earnings value of 21.27X, higher than the industry average of 20.54. CBOE is cheap compared to Nasdaq (NDAQ - Free Report) but expensive compared to Intercontinental Exchange (ICE - Free Report) .
Image Source: Zacks Investment Research
Investment Thesis
Cboe Global Markets holds a dominant position in the U.S. listed options market through its ownership of multiple options exchanges, consistently maintaining the industry's leading market share.
The company has also built a diversified business through acquisitions and international expansion. Cboe Global is further strengthening its long-term growth profile through strategic acquisitions and investments that expand its global footprint, product portfolio and capital markets infrastructure. The company is also investing in digital assets, carbon markets and next-generation trading technologies while introducing innovative derivatives products to meet evolving client demand.
At the same time, management is optimizing its portfolio and cost structure. The company has agreed to divest its Canada and Australia exchanges and expects these actions to reduce adjusted operating expenses in 2026, improving overall efficiency.
The company's disciplined capital allocation supports strategic investments while maintaining a strong balance sheet and robust free cash flow generation.
How to Play CBOE Stock
A diversified business mix with recurring revenues, accelerated growth banking on recurring non-transaction revenues, use of technology and prudent buyouts poise CBOE well for growth. Its VGM Score of A instills confidence.
Given affordable valuation, solid growth projections and optimistic analyst sentiment, it’s time to add this stock to one’s portfolio.
View the Zacks #1 Rank List
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Should CBOE Stock Be in Your Portfolio Ahead of Q2 Earnings?
Key Takeaways
Cboe Global Markets, Inc. (CBOE - Free Report) is expected to witness an improvement in its top and bottom lines when it reports second-quarter 2026 results on July 31, before market open.
The Zacks Consensus Estimate for CBOE’s second-quarter revenues is pegged at $708.5 million, indicating a 20.6% increase from the year-ago reported figure.
The consensus estimate for earnings is pegged at $3.45 per share. The Zacks Consensus Estimate for CBOE’s second-quarter earnings has moved 5.8% north in the past 30 days. The estimate suggests a year-over-year decrease of 40.2%.
Image Source: Zacks Investment Research
CBOE’s Solid Earnings Surprise History
CBOE’s earnings beat the Zacks Consensus Estimate in the trailing four quarters, the average surprise being 5.35%.
What the Zacks Model Unveils for Cboe Global
Our proven model predicts an earnings beat for CBOE this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. That is the case here, as you can see below.
You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Earnings ESP: CBOE has an Earnings ESP of +0.77%. This is because the Most Accurate Estimate of $3.48 is pegged higher than the Zacks Consensus Estimate of $3.45.
Cboe Global Markets, Inc. Price and EPS Surprise
Cboe Global Markets, Inc. price-eps-surprise | Cboe Global Markets, Inc. Quote
Zacks Rank: CBOE currently has a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Factors Likely to Shape CBOE’s Q2 Results
Solid growth in index options, along with higher transaction and clearing fees, access and capacity charges, market data revenues and regulatory fees, is likely to support Cboe Global Markets’ second-quarter results.
Derivatives Markets revenues are expected to have benefited from increased transaction and clearing fees, driven by stronger trading volumes across Cboe’s options exchanges. Its performance is likely to have received additional support from robust activity in proprietary products, including VIX futures and VIX and SPX options, as well as healthy growth in multi-listed options trading. However, lower regulatory fees may have partially offset these gains.
Cboe Data Vantage revenues are likely to have improved on higher access and capacity fees and proprietary market data revenues. Increased customer demand for logical and physical ports across the Options, North American Equities, and Europe and Asia Pacific segments is likely to have boosted connectivity-related revenues. Market data fees are also expected to have benefited from solid demand across these businesses.
Net transaction and clearing fees are likely to have gained from higher Cboe European Equities matched average daily notional value, Global FX average daily notional value and Cboe Clear Europe net settlement volumes.
Continued share repurchases are also expected to have supported second-quarter earnings per share.
CBOE’s Price Performance & Valuation
The stock has outperformed the industry, but underperformed its sector and the S&P 500 in the second quarter of 2026.
Image Source: Zacks Investment Research
The stock is trading at a forward 12-month price-to-earnings value of 21.27X, higher than the industry average of 20.54. CBOE is cheap compared to Nasdaq (NDAQ - Free Report) but expensive compared to Intercontinental Exchange (ICE - Free Report) .
Image Source: Zacks Investment Research
Investment Thesis
Cboe Global Markets holds a dominant position in the U.S. listed options market through its ownership of multiple options exchanges, consistently maintaining the industry's leading market share.
The company has also built a diversified business through acquisitions and international expansion. Cboe Global is further strengthening its long-term growth profile through strategic acquisitions and investments that expand its global footprint, product portfolio and capital markets infrastructure. The company is also investing in digital assets, carbon markets and next-generation trading technologies while introducing innovative derivatives products to meet evolving client demand.
At the same time, management is optimizing its portfolio and cost structure. The company has agreed to divest its Canada and Australia exchanges and expects these actions to reduce adjusted operating expenses in 2026, improving overall efficiency.
The company's disciplined capital allocation supports strategic investments while maintaining a strong balance sheet and robust free cash flow generation.
How to Play CBOE Stock
A diversified business mix with recurring revenues, accelerated growth banking on recurring non-transaction revenues, use of technology and prudent buyouts poise CBOE well for growth. Its VGM Score of A instills confidence.
Given affordable valuation, solid growth projections and optimistic analyst sentiment, it’s time to add this stock to one’s portfolio.