Cboe Global Markets reports record second-quarter revenue, raises 2026 growth targets

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Cboe Q2 2026 record growth

Highlights

Cboe Global Markets reports record second-quarter 2026 net revenue of $731.6 million, up 25 percent year-over-year, with growth across all categories.
Derivatives net revenue rises 30 percent on record index options volumes, and Data Vantage revenue grows 15 percent; Cboe raises 2026 revenue growth targets to mid to high teens.
Diluted EPS increases 50 percent to $3.35 as effective tax rate drops to 28.6 percent, while operating expenses rise mainly due to strategic realignment severance costs.

Second-quarter performance and updated outlook

As reported by Cboe Global Markets, citing Cboe Exchange, Cboe Global Markets reports second-quarter 2026 net revenue of $731.6 million, up 25 percent from $587.3 million a year earlier, driven by increases across all net revenue categories.

Chief Executive Officer Craig Donohue said the company is continuing to invest in growth areas including event contracts, Cboe Clear U.S. and broader around-the-clock market access. Chief Financial Officer Jill Griebenow said the derivatives business sets another quarterly record, with net revenue up 30 percent on record index options volumes, while cash and spot markets net revenue rises 22 percent and Data Vantage revenue grows 15 percent from a year earlier.

Cboe is increasing its 2026 organic total net revenue growth target to the mid to high teens from low double-digit to mid teens. It is also raising its Data Vantage organic net revenue growth target to the low teens from low double-digit.

Earnings, costs and tax rate shift

Total operating expenses are $255.6 million in the quarter, compared with $248.2 million in the second quarter of 2025. Cboe said the increase mainly reflects higher severance expense tied to its previously announced strategic realignment and higher accrued bonuses linked to strong performance, partly offset by lower impairment expense related to Cboe Japan in 2025.

Adjusted operating expenses rise to $216.7 million from $213.3 million a year earlier. The effective tax rate is 28.6 percent in the second quarter of 2026, down from 29.7 percent a year earlier, primarily because of reduced interest related to the resolution of uncertain tax positions with state and local taxing authorities.

Diluted EPS increases 50 percent to $3.35 from the second quarter of 2025, while adjusted diluted EPS rises 45 percent to $3.56. The results point to continued momentum for exchange operators benefiting from derivatives activity and recurring data revenue growth in the U.S. market.

Amazon’s post-earnings rally driven by faster AWS growth was the focus of our earlier coverage, highlighting how upbeat results can quickly shift sentiment in after-hours trading. We also noted Amazon’s rising capital expenditure to expand AI and data-center infrastructure, supporting long-term growth but keeping investors alert to funding needs and potential free-cash-flow pressure.

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