Equity Profile

CBOE

Cboe Global Markets, Inc.

FinancialsFinancial Exchanges & Data$31.5B

Jul31Fri

Pre-Earnings Brief

UpcomingQ2-2026Pre-Market9:00 AM EDT

Company Snapshot

Cboe Global Markets, Inc. operates financial exchanges and provides market data....

Key Metrics to Watch

EPS

Earnings per share is a crucial indicator of the company's profitability and performance.

$3.49

Revenue

Revenue figures provide insight into the overall business growth and market demand for Cboe's services.

$721M

Wall Street expectations, options signals, track record, and call prep available with Pro.

CBOE Q2-2026 Earnings Preview

Context

Company Snapshot

Cboe Global Markets, Inc. operates financial exchanges and provides market data. As a key player in the financial sector, it facilitates trading in various asset classes, making it vital for investors and traders alike.

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

88%

Avg EPS Surprise

+4.18%

Avg Stock Reaction

+2.72%

Last Quarter Recap

In Q1-2026, Cboe reported an EPS of $3.70, exceeding expectations by nearly 10%. The stock reacted positively, gaining nearly 9% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Analysts are expecting Cboe to report solid earnings this quarter, with a consensus EPS of $3.49. The market is closely watching for any surprises that could impact trading volumes.

Bull Case

If Cboe beats earnings expectations, it could signal strong trading activity and investor confidence, potentially driving the stock higher.

Bear Case

Conversely, if the company misses estimates, it could raise concerns about market conditions and trading volumes, leading to a negative reaction.

Key Metrics to Watch

EPS

$3.49

Earnings per share is a crucial indicator of the company's profitability and performance.

Revenue

$721M

Revenue figures provide insight into the overall business growth and market demand for Cboe's services.

Expectations

Two Questions That Matter

The print will turn on these two things.

Will Cboe's trading volumes exceed expectations, contributing to the consensus EPS of $3.49?

Higher trading volumes can indicate stronger market conditions and investor confidence, which are critical for Cboe's performance.

What guidance will management provide regarding future trading activity and market conditions?

Management's outlook can significantly influence investor sentiment and stock performance in the following quarters.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the impact of recent market volatility on trading volumes, which could lead to a stronger performance than expected.

Supporting Evidence

Cboe's recent EPS surprises suggest a trend of exceeding expectations, indicating potential for another positive surprise.

The options market is pricing in a larger move than historical averages, suggesting traders anticipate significant news.

Key Risk

If trading volumes significantly exceed expectations, it could lead to a much stronger earnings report than currently modeled.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance will hinge on trading volumes and management's guidance, which are critical for future growth.

Bull Confirmed If

Earnings exceeding $3.49 per share with strong trading volume growth would confirm a bullish outlook.

Bear Confirmed If

Earnings below $3.45 per share could indicate weakening market conditions and confirm a bearish outlook.

Pre-Earnings Positioning

Options Market

Implied Move

±12.55%

Historical Avg

±3.3%

Pricing rich

The options market is pricing in a significant move, indicating that traders expect volatility around the earnings report.

Options are pricing ±12.5% while CBOE has averaged ±3.3% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.3%

30d HV

38.6%

Calls (48K)P/C Ratio: 1.44Puts (33K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Cboe beats expectations, history suggests a potential stock increase of around 2.83%, confirming positive market sentiment.

In-Line / Cautious

If results are in line with expectations, the stock may react cautiously, reflecting uncertainty in future trading volumes.

Miss

A miss could lead to a decline of about 2.01% based on historical patterns, indicating concerns over market conditions.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any commentary on trading volume trends and market conditions.
2Updates on new products or services that could drive future growth.
3Management's outlook on regulatory changes affecting trading.
4Insights into competitive positioning against other exchanges.
5Any strategic initiatives aimed at expanding market share.

See the full picture

AI-powered briefs, options data, and 20 quarters of history — everything you need before earnings.

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Company Snapshot

Cboe Global Markets, Inc. operates financial exchanges and provides market data....

Key Metrics to Watch

EPS

Earnings per share is a crucial indicator of the company's profitability and performance.

$3.49

Revenue

Revenue figures provide insight into the overall business growth and market demand for Cboe's services.

$721M

Wall Street expectations, options signals, track record, and call prep available with Pro.

CBOE Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

88%

Avg EPS Surprise

+4.18%

Avg Stock Reaction

+2.72%

Last Quarter Recap

In Q1-2026, Cboe reported an EPS of $3.70, exceeding expectations by nearly 10%. The stock reacted positively, gaining nearly 9% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Analysts are expecting Cboe to report solid earnings this quarter, with a consensus EPS of $3.49. The market is closely watching for any surprises that could impact trading volumes.

Bull Case

If Cboe beats earnings expectations, it could signal strong trading activity and investor confidence, potentially driving the stock higher.

Bear Case

Conversely, if the company misses estimates, it could raise concerns about market conditions and trading volumes, leading to a negative reaction.

Key Metrics to Watch

EPS

$3.49

Earnings per share is a crucial indicator of the company's profitability and performance.

Revenue

$721M

Revenue figures provide insight into the overall business growth and market demand for Cboe's services.

Expectations

Two Questions That Matter

The print will turn on these two things.

Will Cboe's trading volumes exceed expectations, contributing to the consensus EPS of $3.49?

Higher trading volumes can indicate stronger market conditions and investor confidence, which are critical for Cboe's performance.

What guidance will management provide regarding future trading activity and market conditions?

Management's outlook can significantly influence investor sentiment and stock performance in the following quarters.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the impact of recent market volatility on trading volumes, which could lead to a stronger performance than expected.

Supporting Evidence

Cboe's recent EPS surprises suggest a trend of exceeding expectations, indicating potential for another positive surprise.

The options market is pricing in a larger move than historical averages, suggesting traders anticipate significant news.

Key Risk

If trading volumes significantly exceed expectations, it could lead to a much stronger earnings report than currently modeled.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance will hinge on trading volumes and management's guidance, which are critical for future growth.

Bull Confirmed If

Earnings exceeding $3.49 per share with strong trading volume growth would confirm a bullish outlook.

Bear Confirmed If

Earnings below $3.45 per share could indicate weakening market conditions and confirm a bearish outlook.

Pre-Earnings Positioning

Options Market

Implied Move

±12.55%

Historical Avg

±3.3%

Pricing rich

The options market is pricing in a significant move, indicating that traders expect volatility around the earnings report.

Options are pricing ±12.5% while CBOE has averaged ±3.3% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.3%

30d HV

38.6%

Calls (48K)P/C Ratio: 1.44Puts (33K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Cboe beats expectations, history suggests a potential stock increase of around 2.83%, confirming positive market sentiment.

In-Line / Cautious

If results are in line with expectations, the stock may react cautiously, reflecting uncertainty in future trading volumes.

Miss

A miss could lead to a decline of about 2.01% based on historical patterns, indicating concerns over market conditions.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any commentary on trading volume trends and market conditions.
2Updates on new products or services that could drive future growth.
3Management's outlook on regulatory changes affecting trading.
4Insights into competitive positioning against other exchanges.
5Any strategic initiatives aimed at expanding market share.