Analyst Consensus ?
ConsensusHold31 ratings
Bullish1548.4%
Neutral1341.9%
Bearish39.7%
Cboe Global Markets, Inc. · CBOE · FY2024 Q3 · Calendar Q4 2024
Cboe raises revenue outlook as derivatives and data demand grow
The current analysis supports a constructive near-term operating thesis for Cboe: record Q3 performance, strong derivatives demand, raised organic revenue guidance, and continued product and technology investment provide evidence of momentum. The thesis is conditional because margin pressure, higher capex, competition, market-volume sensitivity, and execution risks remain material.
Reported Before market openCBOEFinancial Services
$32.17B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.22
Consensus $2.19
EPS surprise
+1.4%
Reported versus consensus
Reported revenue
$1.06B
Consensus $530.8M
Revenue surprise
+98.9%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-1.7%
Event window
SPY move
+0.4%
Same window
Abnormal move
-2.1%
Stock minus SPY
Volume
1.5×
Versus trailing sessions
Subsequent drift
+0.9%
Up to 20 sessions
CBOESPY benchmark
Ask FN2 about CBOE FY2024 Q3
Transcript, numbers and history already loaded
Why did CBOE fall 1.7% after beating EPS estimates in FY2024 Q3?What changed in CBOE's guidance and outlook in FY2024 Q3?Give me the bull and bear case for CBOE after FY2024 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, the analysis shows a stronger reported result and higher full-year organic revenue guidance, while capex guidance increased. The company also highlighted launched volatility products, a 14.8% stake in Japanx, continued international expansion, and deeper retail-broker partnerships.
Guidance delta
Management raised full-year 2024 organic revenue growth guidance to 7%-9% and increased capex guidance to $57-$63 million.
Key takeaways
- Q3 revenue and adjusted EPS reached records, with derivatives and cash markets both showing double-digit growth.
- Management raised full-year organic revenue growth guidance and increased capex guidance.
- The strategy emphasizes organic growth, technology investment, new volatility products, and international expansion.
- Margin stabilization remains a priority as expenses and capex rise.
Management priorities
- Expand the volatility-product suite and continue product innovation.
- Extend dedicated cores and Cboe Global Cloud across international markets.
- Invest in data analytics, AI, technology, and talent.
- Deepen retail-broker partnerships and execute international technology migrations.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$308.09Current
$97Low
$250.07Average
$358High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 16, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Oct 14, 2026 |
| TD Cowen | Buy | Buy | Maintain | Oct 12, 2026 |
| Morgan Stanley | Overweight | Underweight | Upgrade | Oct 9, 2026 |
| Barclays | Overweight | Overweight | Maintain | Oct 7, 2026 |
| Goldman Sachs | Neutral | Sell | Upgrade | Oct 2, 2026 |
| JP Morgan | Underweight | Underweight | Maintain | Jul 28, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Jul 15, 2026 |
| UBS | Neutral | Neutral | Maintain | May 4, 2026 |
| Keefe, Bruyette & Woods | Market Perform | Market Perform | Maintain | May 4, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Nov 3, 2025 |
| Oppenheimer | Outperform | Outperform | Maintain | Aug 4, 2025 |
| B of A Securities | Neutral | Buy | Downgrade | Apr 10, 2025 |
| Jefferies | Hold | Hold | Maintain | Jan 9, 2025 |
| Deutsche Bank | Buy | Hold | Upgrade | Nov 11, 2024 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Nov 4, 2024 |
| Rosenblatt | Buy | Buy | Maintain | May 6, 2024 |
| Argus Research | Hold | Buy | Downgrade | Nov 16, 2023 |
| Credit Suisse | Outperform | Neutral | Upgrade | Jan 5, 2023 |
| Compass Point | Buy | Neutral | Upgrade | Oct 7, 2021 |
| CFRA | Strong Buy | Buy | Upgrade | Feb 28, 2020 |
| Bank of America | Underperform | Buy | Downgrade | Sep 13, 2019 |
| Raymond James | Market Perform | Outperform | Downgrade | Jun 11, 2019 |
| MKM Partners | Overweight | Neutral | Upgrade | Feb 25, 2019 |
| Evercore ISI Group | Buy | Hold | Upgrade | Oct 10, 2016 |
| Keefe Bruyette & Woods | Market Perform | Market Perform | Maintain | Sep 27, 2016 |
| Buckingham Research | Buy | Neutral | Upgrade | Sep 27, 2016 |
| CLSA | Underperform | Outperform | Downgrade | Feb 8, 2016 |
| Stifel Nicolaus | Market Perform | Market Perform | Maintain | Aug 3, 2015 |
| Stifel | Market Perform | Market Perform | Maintain | Aug 3, 2015 |
| S&P Capital IQ | Strong Buy | Hold | Upgrade | Jan 28, 2014 |
| Macquarie | Outperform | Neutral | Upgrade | Oct 29, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $308.09. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Wells Fargo | Analyst unavailable | $309 | $292.25 | +0.3% | Oct 14, 2026 |
| Morgan Stanley | Michael Cyprys | $358 | $294.08 | +16.2% | Oct 9, 2026 |
| Loop Capital Markets | Analyst unavailable | $343 | $278.2 | +11.3% | Oct 7, 2026 |
| Loop Capital Markets | Analyst unavailable | $334 | $271.26 | +8.4% | Oct 5, 2026 |
| Loop Capital Markets | Analyst unavailable | $300 | $277.19 | -2.6% | Oct 2, 2026 |
| Goldman Sachs | Alexander Blostein | $300 | $277.19 | -2.6% | Oct 2, 2026 |
| Wells Fargo | Analyst unavailable | $301 | $277.19 | -2.3% | Oct 1, 2026 |
| Loop Capital Markets | Eli Abboud | $356 | $289.08 | +15.6% | Aug 5, 2026 |
| Loop Capital Markets | Analyst unavailable | $315 | $299.28 | +2.2% | Aug 3, 2026 |
| Loop Capital Markets | Benjamin Budish | $354 | $310.23 | +14.9% | Aug 3, 2026 |
| Loop Capital Markets | Analyst unavailable | $380 | $310.23 | +23.3% | Aug 3, 2026 |
| Loop Capital Markets | Analyst unavailable | $288 | $288.87 | -6.5% | Jul 28, 2026 |
| Loop Capital Markets | Analyst unavailable | $304 | $274.04 | -1.3% | Jul 20, 2026 |
| Piper Sandler | Patrick Moley | $320 | $274.98 | +3.9% | Jul 15, 2026 |
| Morgan Stanley | Michael Cyprys | $258 | $267.92 | -16.3% | Jul 10, 2026 |
| Loop Capital Markets | Analyst unavailable | $347 | $263.86 | +12.6% | Jul 9, 2026 |
| Loop Capital Markets | Analyst unavailable | $263 | $250.96 | -14.6% | Jun 22, 2026 |
| Redburn Partners | Analyst unavailable | $316 | $301.08 | +2.6% | Jun 11, 2026 |
| Loop Capital Markets | Analyst unavailable | $340 | $339.36 | +10.4% | May 4, 2026 |
| UBS | Analyst unavailable | $335 | $338.76 | +8.7% | May 4, 2026 |
| Loop Capital Markets | Analyst unavailable | $395 | $335.05 | +28.2% | May 4, 2026 |
| Loop Capital Markets | Analyst unavailable | $365 | $337.25 | +18.5% | May 4, 2026 |
| Loop Capital Markets | Analyst unavailable | $335 | $326.96 | +8.7% | May 4, 2026 |
| Loop Capital Markets | Analyst unavailable | $382 | $326.96 | +24.0% | May 4, 2026 |
| Piper Sandler | Analyst unavailable | $321 | $300.75 | +4.2% | Apr 15, 2026 |
| Morgan Stanley | Michael Cyprys | $273 | $294.04 | -11.4% | Apr 10, 2026 |
| Loop Capital Markets | Analyst unavailable | $293 | $294.82 | -4.9% | Apr 9, 2026 |
| RBC Capital | Ashish Sabadra | $303 | $275.82 | -1.7% | Feb 9, 2026 |
| UBS | Alex Kramm | $290 | $275.36 | -5.9% | Feb 9, 2026 |
| Loop Capital Markets | Benjamin Budish | $317 | $273.09 | +2.9% | Feb 9, 2026 |
| Loop Capital Markets | Analyst unavailable | $281 | $262.18 | -8.8% | Jan 14, 2026 |
| Piper Sandler | Patrick Moley | $295 | $266.77 | -4.2% | Jan 14, 2026 |
| Loop Capital Markets | Benjamin Budish | $295 | $255.16 | -4.2% | Jan 8, 2026 |
| UBS | Analyst unavailable | $280 | $255.26 | -9.1% | Jan 7, 2026 |
| Morgan Stanley | Analyst unavailable | $240 | $248.05 | -22.1% | Dec 22, 2025 |
| Loop Capital Markets | Analyst unavailable | $302 | $251.33 | -2.0% | Dec 12, 2025 |
| Loop Capital Markets | Analyst unavailable | $310 | $249.82 | +0.6% | Dec 10, 2025 |
| Loop Capital Markets | Analyst unavailable | $269 | $246.1 | -12.7% | Nov 3, 2025 |
| Loop Capital Markets | Analyst unavailable | $265 | $246.1 | -14.0% | Nov 3, 2025 |
| Piper Sandler | Patrick Moley | $290 | $246.1 | -5.9% | Nov 3, 2025 |
| Loop Capital Markets | Analyst unavailable | $273 | $246.1 | -11.4% | Nov 3, 2025 |
| Loop Capital Markets | Analyst unavailable | $287 | $246.1 | -6.8% | Nov 3, 2025 |
| Piper Sandler | Analyst unavailable | $270 | $243.49 | -12.4% | Oct 14, 2025 |
| Loop Capital Markets | Benjamin Budish | $264 | $240.9 | -14.3% | Oct 8, 2025 |
| Loop Capital Markets | Craig Siegenthaler | $261 | $241.76 | -15.3% | Oct 2, 2025 |
| Morgan Stanley | Analyst unavailable | $221 | $241.96 | -28.3% | Oct 1, 2025 |
| RBC Capital | Analyst unavailable | $254 | $250.87 | -17.6% | Aug 4, 2025 |
| UBS | Analyst unavailable | $255 | $250.87 | -17.2% | Aug 4, 2025 |
| Oppenheimer | Analyst unavailable | $265 | $250.87 | -14.0% | Aug 4, 2025 |
| Piper Sandler | Analyst unavailable | $265 | $250.87 | -14.0% | Aug 4, 2025 |
| Morgan Stanley | Michael Cyprys | $218 | $233.95 | -29.2% | Jul 15, 2025 |
| UBS | Alex Kramm | $245 | $231.67 | -20.5% | May 5, 2025 |
| Loop Capital Markets | Kyle Voigt | $227 | $231.67 | -26.3% | May 5, 2025 |
| Loop Capital Markets | Craig Siegenthaler | $260 | $224.48 | -15.6% | Apr 2, 2025 |
| Barclays | Benjamin Budish | $220 | $203.99 | -28.6% | Dec 9, 2024 |
| Deutsche Bank | Brian Bedell | $222 | $213.23 | -27.9% | Nov 11, 2024 |
| Deutsche Bank | Brian Bedell | $212 | $209.6 | -31.2% | Nov 4, 2024 |
| TD Securities | Bill Katz | $205 | $203.1 | -33.5% | Sep 25, 2024 |
| Morgan Stanley | Michael Cyprys | $188 | $196.27 | -39.0% | Aug 6, 2024 |
| Piper Sandler | Richard Repetto | $210 | $194.06 | -31.8% | Aug 5, 2024 |
| Oppenheimer | Owen Lau | $209 | $193.94 | -32.2% | Aug 5, 2024 |
| Loop Capital Markets | Benjamin Budish | $218 | $193.78 | -29.2% | Aug 5, 2024 |
| Loop Capital Markets | Kenneth Worthington | $195 | $193.78 | -36.7% | Aug 5, 2024 |
| Loop Capital Markets | Craig Siegenthaler | $230 | $193.78 | -25.3% | Aug 4, 2024 |
| Loop Capital Markets | Kenneth Worthington | $166 | $170.22 | -46.1% | Jul 12, 2024 |
| Barclays | Benjamin Budish | $215 | $170.92 | -30.2% | Jul 5, 2024 |
| Rosenblatt Securities | Andrew Bond | $205 | $179.67 | -33.5% | May 6, 2024 |
| Loop Capital Markets | Benjamin Budish | $215 | $179.67 | -30.2% | May 6, 2024 |
| Morgan Stanley | Michael Cyprys | $199 | $182.37 | -35.4% | Apr 9, 2024 |
| Deutsche Bank | Brian Bedell | $178 | $181.57 | -42.2% | Apr 5, 2024 |
| Barclays | Benjamin Budish | $204 | $176.4 | -33.8% | Jan 8, 2024 |
| Piper Sandler | Patrick Moley | $174 | $156.2 | -43.5% | Sep 29, 2023 |
| J.P. Morgan | Analyst unavailable | $125 | $123.56 | -59.4% | Jan 9, 2023 |
| Deutsche Bank | Analyst unavailable | $141 | $122.84 | -54.2% | Nov 15, 2022 |
| Loop Capital Markets | Alexander Blostein | $126 | $117.73 | -59.1% | Sep 30, 2022 |
| Credit Suisse | Analyst unavailable | $145 | $123.38 | -52.9% | Aug 1, 2022 |
| Morgan Stanley | Michael Cyprys | $140 | $118.18 | -54.6% | Jul 19, 2022 |
| Deutsche Bank | Analyst unavailable | $136 | $118.11 | -55.9% | Jul 13, 2022 |
| Credit Suisse | Analyst unavailable | $146 | $120.12 | -52.6% | Jul 13, 2022 |
| Deutsche Bank | Analyst unavailable | $131 | $105.59 | -57.5% | May 19, 2022 |
| UBS | Alex Kramm | $124 | $115.86 | -59.8% | Jul 7, 2021 |
| Barclays | Jeremy Campbell | $97 | $102.77 | -68.5% | Apr 30, 2021 |
Track every rating change on CBOE the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationCboe Global Markets, Inc. functions as a global operator of various financial exchanges, primarily renowned for its options trading platforms, all managed through its numerous subsidiaries. The company organizes its expansive business activities into five distinct segments. The Options segment specializes in the trading of listed market indices. Its North American Equities division facilitates transactions for listed stocks in the United States and Canada, also offering services for exchange-traded products (ETPs), encompassing both trading and listing. The Futures segment is dedicated to futures trading.…
Historical context
All CBOE earningsFinancial Services peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| USB-PS U.S. Bancorp Depositary Shares, | FY2026 Q3 · Calendar Q4 2026 | +1.5% | — | U.S. Bancorp Q3: Record Revenue, Higher Full-Year Guidance |
| FHN First Horizon Corporation | FY2026 Q3 · Calendar Q4 2026 | +1.1% | +0.8% | First Horizon: Mortgage sale reshapes margin and capital outlook |
| USB-PQ U.S. Bancorp | FY2026 Q3 · Calendar Q4 2026 | +1.5% | — | U.S. Bancorp Q3: Fee growth and raised guidance lead the story |
| PNC The PNC Financial Services Group, Inc. | FY2026 Q3 · Calendar Q4 2026 | +3.7% | -0.4% | PNC raises full-year outlook as growth offsets margin pressure |
| USB-PA U.S. Bancorp PERP PFD SER A | FY2026 Q3 · Calendar Q4 2026 | +1.5% | — | U.S. Bancorp Q3: Fee Growth and BTIG Lift Guidance |
| USB U.S. Bancorp | FY2026 Q3 · Calendar Q4 2026 | +1.5% | +2.0% | U.S. Bancorp Sets Record Q3 Revenue as BTIG and Payments Drive Growth |
Latest beats and misses
Who reports nextBeat on EPS
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2024-11-10T18:38:36.707185+00:00
- Polygon adjusted daily market bars · 2026-10-16T04:40:41.522887+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-16T04:40:41.519940+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-16. For educational purposes only; not investment advice.