Cboe Global Markets (CBOE) Q2 2026 earnings summary

Executive summary

• Achieved record net revenue of $732 million in Q2 2026, up 25% year-over-year, with adjusted diluted EPS rising 45% to $3.56 and diluted EPS up 50% to $3.35, driven by strong growth across all business segments, especially derivatives and data.

• All major business segments posted double-digit revenue growth, with derivatives leading at 30% year-over-year and robust retail engagement.

• Strategic realignment advanced, including the announced sale of Cboe Australia and Cboe Canada, wind down of CEDX and Cboe Japan, and expansion of event and prediction market offerings such as Cboe Predicts and KPI contracts.

• Continued investment in global clearing infrastructure, expansion of trading hours, and executive leadership transitions.

• Guidance for 2026 organic net revenue growth raised to mid-to-high teens, with Data Vantage growth targeted in the low teens.

Financial highlights

• Net revenue grew 25% year-over-year to $732 million; adjusted operating EBITDA up 37% to $528 million; operating income up 40% to $476 million; net income for Q2 2026 was $353.1 million, up 50% year-over-year.

• Adjusted operating EBITDA margin expanded 6.4 percentage points to 72.2%; operating margin improved to 65.1% (GAAP) and 70.4% (adjusted).

• Adjusted operating expenses rose 2% year-over-year to $217 million, mainly due to higher compensation and travel costs.

• Returned $108 million to shareholders via dividends and share repurchases in Q2 2026.

• Maintained significant balance sheet flexibility with $2.3 billion in adjusted cash and a leverage ratio of 0.7x.

Outlook and guidance

• Raised 2026 organic net revenue growth guidance to mid-to-high teens, with Data Vantage organic net revenue growth now expected in the low teens.

• Adjusted operating expense guidance for 2026 remains at $838 million-$853 million; capital expenditures projected at $98–$108 million.

• Effective tax rate on adjusted earnings expected at 27.5%-29.5% for 2026.

• Expect to repay $650 million debt maturing in Q1 2027 with cash on hand.

• Strategic realignment and resource optimization expected to be substantially completed by end of 2026.