Equity Profile

CBOE

Cboe Global Markets, Inc.

FinancialsFinancial Exchanges & Data$30.6B

Jul31Fri

Pre-Earnings Brief

UpcomingQ2-2026Pre-Market9:00 AM EDT

Company Snapshot

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

Key Metrics to Watch

EPS

Earnings per share is a critical measure of profitability and reflects the company's ability to generate profit for its shareholders.

$3.49

Revenue

Revenue indicates the overall sales performance and growth of the company, which is vital for assessing its market position.

$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 services. As a key player in the financial sector, it facilitates trading in options, futures, and equities, making it essential 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, surpassing estimates by nearly 10%. The stock reacted positively, increasing by almost 9% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Analysts expect Cboe to continue its strong performance, with a consensus EPS of $3.49 and revenue of $721M. The market is closely watching for any signs of growth or potential challenges.

Bull Case

If Cboe beats EPS estimates and shows strong revenue growth, it could reinforce investor confidence and drive the stock higher, especially given its history of beating estimates.

Bear Case

Conversely, if the company misses expectations or provides weak guidance, it could lead to a significant sell-off, especially given the high implied volatility in the options market.

Key Metrics to Watch

EPS

$3.49

Earnings per share is a critical measure of profitability and reflects the company's ability to generate profit for its shareholders.

Revenue

$721M

Revenue indicates the overall sales performance and growth of the company, which is vital for assessing its market position.

Expectations

Two Questions That Matter

The print will turn on these two things.

Will Cboe's EPS exceed the consensus estimate of $3.49?

A beat on EPS would reinforce the company's strong performance trend and could lead to a positive market reaction.

What guidance will management provide regarding future revenue growth?

Investors will be looking for clarity on revenue trends, especially in light of market conditions and competition.

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 lower revenue than expected.

Supporting Evidence

Options pricing suggests a larger move than historical averages, indicating uncertainty not fully reflected in consensus estimates.

Cboe's recent trading volume trends have shown signs of slowing, which could impact revenue despite past performance.

Key Risk

If trading volumes drop significantly below historical averages, it could challenge the revenue consensus.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is debating whether Cboe can maintain its growth trajectory amidst competitive pressures and market volatility.

Bull Confirmed If

An EPS of $3.60 or higher would confirm the bull case, indicating strong operational performance.

Bear Confirmed If

An EPS below $3.45 would confirm the bear case, suggesting potential challenges ahead.

Pre-Earnings Positioning

Options Market

Implied Move

±12.55%

Historical Avg

±3.3%

Pricing rich

The options market is pricing in a significant move, suggesting 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 strong operational momentum.

In-Line / Cautious

If results are in line with expectations, the stock may experience muted movement as investors digest the details.

Miss

A miss could lead to a decline, with historical patterns suggesting an average drop of around -2.01%.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Details on trading volume trends and how they compare to previous quarters.
2Any commentary on competitive pressures in the financial exchange space.
3Management's outlook on market conditions for the upcoming quarter.
4Insights into any new products or services being launched.
5Updates on regulatory changes that could impact operations.

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 services....

Key Metrics to Watch

EPS

Earnings per share is a critical measure of profitability and reflects the company's ability to generate profit for its shareholders.

$3.49

Revenue

Revenue indicates the overall sales performance and growth of the company, which is vital for assessing its market position.

$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, surpassing estimates by nearly 10%. The stock reacted positively, increasing by almost 9% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Analysts expect Cboe to continue its strong performance, with a consensus EPS of $3.49 and revenue of $721M. The market is closely watching for any signs of growth or potential challenges.

Bull Case

If Cboe beats EPS estimates and shows strong revenue growth, it could reinforce investor confidence and drive the stock higher, especially given its history of beating estimates.

Bear Case

Conversely, if the company misses expectations or provides weak guidance, it could lead to a significant sell-off, especially given the high implied volatility in the options market.

Key Metrics to Watch

EPS

$3.49

Earnings per share is a critical measure of profitability and reflects the company's ability to generate profit for its shareholders.

Revenue

$721M

Revenue indicates the overall sales performance and growth of the company, which is vital for assessing its market position.

Expectations

Two Questions That Matter

The print will turn on these two things.

Will Cboe's EPS exceed the consensus estimate of $3.49?

A beat on EPS would reinforce the company's strong performance trend and could lead to a positive market reaction.

What guidance will management provide regarding future revenue growth?

Investors will be looking for clarity on revenue trends, especially in light of market conditions and competition.

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 lower revenue than expected.

Supporting Evidence

Options pricing suggests a larger move than historical averages, indicating uncertainty not fully reflected in consensus estimates.

Cboe's recent trading volume trends have shown signs of slowing, which could impact revenue despite past performance.

Key Risk

If trading volumes drop significantly below historical averages, it could challenge the revenue consensus.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is debating whether Cboe can maintain its growth trajectory amidst competitive pressures and market volatility.

Bull Confirmed If

An EPS of $3.60 or higher would confirm the bull case, indicating strong operational performance.

Bear Confirmed If

An EPS below $3.45 would confirm the bear case, suggesting potential challenges ahead.

Pre-Earnings Positioning

Options Market

Implied Move

±12.55%

Historical Avg

±3.3%

Pricing rich

The options market is pricing in a significant move, suggesting 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 strong operational momentum.

In-Line / Cautious

If results are in line with expectations, the stock may experience muted movement as investors digest the details.

Miss

A miss could lead to a decline, with historical patterns suggesting an average drop of around -2.01%.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Details on trading volume trends and how they compare to previous quarters.
2Any commentary on competitive pressures in the financial exchange space.
3Management's outlook on market conditions for the upcoming quarter.
4Insights into any new products or services being launched.
5Updates on regulatory changes that could impact operations.