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

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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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Earnings History

Estimate Beat Miss Match
CBOE REVENUE earnings history estimate and actual scatter chart 9 reported fiscal quarters and 3 future estimate-only quarters. Q4 '23 estimate $512M Q4 '23 actual $969M, beat Q1 '24 estimate $505M Q1 '24 actual $957M, beat Q2 '24 estimate $515M Q2 '24 actual $974M, beat Q3 '24 estimate $531M Q3 '24 actual $1B, beat Q2 '25 estimate $574M Q2 '25 actual $1B, beat Q3 '25 estimate $624M Q3 '25 actual $1B, beat Q4 '25 estimate $660M Q4 '25 actual $671M, beat Q1 '26 estimate $690M Q1 '26 actual $729M, beat Q2 '26 estimate $719M Q2 '26 actual $732M, beat Q3 '26 estimate $707M Q4 '26 estimate $705M Q1 '27 estimate $741M
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Analyst Consensus ?

ConsensusHold31 ratings
Bullish1548.4%
Neutral1341.9%
Bearish39.7%

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.

FirmRatingPrior ratingActionDate
Wells Fargo Equal Weight Equal WeightMaintainOct 14, 2026
TD Cowen Buy BuyMaintainOct 12, 2026
Morgan Stanley Overweight UnderweightUpgradeOct 9, 2026
Barclays Overweight OverweightMaintainOct 7, 2026
Goldman Sachs Neutral SellUpgradeOct 2, 2026
Show 26 more rating actions

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.

FirmAnalyst52W targetPrice when postedUpsideDate
Wells FargoAnalyst unavailable$309$292.25 +0.3%Oct 14, 2026
Morgan StanleyMichael Cyprys$358$294.08 +16.2%Oct 9, 2026
Loop Capital MarketsAnalyst unavailable$343$278.2 +11.3%Oct 7, 2026
Loop Capital MarketsAnalyst unavailable$334$271.26 +8.4%Oct 5, 2026
Loop Capital MarketsAnalyst unavailable$300$277.19 -2.6%Oct 2, 2026
See 77 more

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Company context

Snapshot as of publication

Cboe 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

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2024-11-10T18:38:36.707185+00:00
  3. Polygon adjusted daily market bars · 2026-10-16T04:40:41.522887+00:00
  4. 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.