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 in the financial sector, focusing on financial exchanges and data services....

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of the company's profitability and financial health, which investors closely monitor.

N/A

Trading Volume

Increased trading volume can indicate higher market activity and demand for Cboe's services, impacting revenue.

N/A

1 more metrics, 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 in the financial sector, focusing on financial exchanges and data services. As a major player in the trading of options and futures, Cboe plays a critical role in facilitating market liquidity and price discovery, which is 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, exceeding expectations by nearly 10%. The stock reacted positively, gaining almost 9% the following day.

Management Promises & Guidance

Continued focus on expanding trading products.
Investment in technology to enhance trading platforms.
Commitment to maintaining competitive pricing.

Expectations

Wall Street Expectations

Overall, investors are cautiously optimistic about Cboe's upcoming earnings, given its strong track record of beating EPS estimates.

Bull Case

If Cboe continues its trend of exceeding EPS estimates, it could see significant stock price appreciation, especially if trading volumes remain robust.

Bear Case

Conversely, if Cboe fails to meet expectations or if trading volumes decline, it could lead to a negative reaction in the stock price.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will the EPS be for Q2-2026, and how does it compare to previous quarters?

Given Cboe's history of beating EPS estimates, this number will be crucial in determining market sentiment post-earnings.

How has trading volume changed compared to the previous quarter?

Changes in trading volume can significantly impact revenue and profitability, making this a key focus for investors.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating Cboe's ability to leverage increased market volatility to drive trading volume and profitability.

Supporting Evidence

Cboe has consistently exceeded EPS estimates, indicating strong operational performance.

Options pricing suggests a significant move, which may reflect underlying market dynamics not fully appreciated by analysts.

Key Risk

If trading volume significantly exceeds expectations, it could lead to a reevaluation of Cboe's growth potential.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter revolves around Cboe's ability to maintain its profitability amidst fluctuating market conditions.

Bull Confirmed If

An EPS of $3.80 or higher would confirm the bull case, indicating strong profitability.

Bear Confirmed If

An EPS below $3.50 would confirm the bear case, suggesting potential issues with profitability.

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 announcement.

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)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter beat + options rich in Financials

n=30

Fade rate: 12 of 25 (48%)

This setup has occurred 30 times across Financials in the last 2 years. 12 of 25 faded and 13 held — no strong directional bias after the initial reaction. The average absolute 1-day move is 2.4%, with a raw directional average of -0.0% (roughly flat historical bias).

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Cboe beats expectations, history suggests the stock could rise by around 2.83%, confirming investor confidence in its growth.

In-Line / Cautious

If results are in line with expectations, the market may react cautiously, leading to a muted response.

Miss

A miss could lead to a decline of about 2.01%, reflecting disappointment in the company's performance.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on new trading products or services being launched.
2Insights into market conditions affecting trading volume.
3Management's outlook on competitive pressures in the exchange space.
4Details on technology investments and their expected impact on operations.
5Any commentary on regulatory changes that could affect trading activities.

See the full picture

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

No charge today · Auto-bills $8/mo after 7 days · Cancel anytime

More Earnings This Week

5 Reports

Jul28

KNSABMO

Kiniksa Pharmaceuticals International, plc

PreviewView

Jul28

CURBBMO

Company Snapshot

Cboe Global Markets, Inc. operates in the financial sector, focusing on financial exchanges and data services....

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of the company's profitability and financial health, which investors closely monitor.

N/A

Trading Volume

Increased trading volume can indicate higher market activity and demand for Cboe's services, impacting revenue.

N/A

1 more metrics, 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 almost 9% the following day.

Management Promises & Guidance

Continued focus on expanding trading products.
Investment in technology to enhance trading platforms.
Commitment to maintaining competitive pricing.

Expectations

Wall Street Expectations

Overall, investors are cautiously optimistic about Cboe's upcoming earnings, given its strong track record of beating EPS estimates.

Bull Case

If Cboe continues its trend of exceeding EPS estimates, it could see significant stock price appreciation, especially if trading volumes remain robust.

Bear Case

Conversely, if Cboe fails to meet expectations or if trading volumes decline, it could lead to a negative reaction in the stock price.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will the EPS be for Q2-2026, and how does it compare to previous quarters?

Given Cboe's history of beating EPS estimates, this number will be crucial in determining market sentiment post-earnings.

How has trading volume changed compared to the previous quarter?

Changes in trading volume can significantly impact revenue and profitability, making this a key focus for investors.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating Cboe's ability to leverage increased market volatility to drive trading volume and profitability.

Supporting Evidence

Cboe has consistently exceeded EPS estimates, indicating strong operational performance.

Options pricing suggests a significant move, which may reflect underlying market dynamics not fully appreciated by analysts.

Key Risk

If trading volume significantly exceeds expectations, it could lead to a reevaluation of Cboe's growth potential.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter revolves around Cboe's ability to maintain its profitability amidst fluctuating market conditions.

Bull Confirmed If

An EPS of $3.80 or higher would confirm the bull case, indicating strong profitability.

Bear Confirmed If

An EPS below $3.50 would confirm the bear case, suggesting potential issues with profitability.

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 announcement.

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)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter beat + options rich in Financials

n=30

Fade rate: 12 of 25 (48%)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Cboe beats expectations, history suggests the stock could rise by around 2.83%, confirming investor confidence in its growth.

In-Line / Cautious

If results are in line with expectations, the market may react cautiously, leading to a muted response.

Miss

A miss could lead to a decline of about 2.01%, reflecting disappointment in the company's performance.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on new trading products or services being launched.
2Insights into market conditions affecting trading volume.
3Management's outlook on competitive pressures in the exchange space.
4Details on technology investments and their expected impact on operations.
5Any commentary on regulatory changes that could affect trading activities.