Cboe Global Markets Inc.
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+ FollowMarket Cap$37.24B
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Earnings Call Q3 2026
October 30, 2026 - AI Summary
Strong Q3 performance (good): Net revenue +18% YoY to $712m and adjusted diluted EPS +36% YoY to $3.63 on broad-based double-digit growth across major categories. Adjusted operating expenses were down 3% YoY to $204m, driving adjusted operating EBITDA +28% to $522m and EBITDA margin up 5.8 pts to 73.3%.
Derivatives momentum + retail engagement (good, with surprising details): Derivatives net revenue +22% YoY to $402m. Index options ADV +24% YoY to 6.1m contracts and multi-list volume +10% YoY. 0DTE SPX reached a record, with 0DTE = 65% of SPX activity; retail outpaced institutional (SPX 0DTE retail volume +46% YoY vs institutional +20%). In XSP, total volume more than doubled YoY (notably boosted by retail after U.S. pattern day trader rule repeal).
VIX muted earlier, but volatility picked up into late 2026 (mixed / opportunity): VIX options volume was muted in Q3 (ADV +3% YoY) due to a stable VIX range (~14–20). However, management flagged a marked change into Q4: higher volatility heading into year-end drove VIX call volume peaking at the highest daily level in 2+ years (surpassing major spike days like last year’s Liberation Day sell-off). This creates near-term tailwinds for options demand/hedging.
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$284.41
24.3% downside
Current Fair Value
24.3% downsideOvervalued by 24.3% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $37.24 Billion |
|---|---|
| Enterprise Value | $37.96 Billion |
| Annual dividend | $3.02 |
| Dividend yield | 0.85% |
| Earnings per Share | $10.46 |
| Beta | 0.41 |
| Outstanding Shares | 104,500,000 |
Return
| Return on Equity | 24.98% |
|---|---|
| Return on Assets | 13.19% |
| Return on Invested Capital | 19.19% |
Valuation & Multiples
| P/E Ratio | 25.07 |
|---|---|
| PEG | 59.2 |
| Price to Sales | 7.52 |
| Price to Book Ratio | 6.71 |
| Enterprise Value to Revenue | 7.19 |
| Enterprise Value to EBIT | 18.75 |
| Enterprise Value to Net Income | 25 |
| Total Debt to Enterprise | 0.04 |
| Debt to Equity | 0.27 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 30, 2026
EPS
$3.63
Est. $3.43Revenue
$712.20 M
Est. $708.87 MNext Earnings Call
Expected Date
February 5, 2027
EPS Estimate
$3.58
Consensus analyst estimateRevenue Estimate
$725.61 M
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 76.16% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 15.05%▼ 74.13% |
|---|---|
| Total Invested | $4.34B▼ 80.99% |
| Investors Holding | 507▼ 532.00% |
About Cboe Global Markets Inc.
1,661 employees
CEO: Edward Tilly
Operating globally through its subsidiaries, Cboe Global Markets, Inc. is a prominent options exchange whose diverse activities are structured across five distinct business segments. The Options segment is dedicated to trading listed mar...