Analyst Consensus ?
ConsensusHold31 ratings
Bullish1445.2%
Neutral1341.9%
Bearish412.9%
Cboe Global Markets, Inc. · CBOE · FY2025 Q2 · Calendar Q3 2025
Cboe reports broad-based growth while reshaping its portfolio
The supplied analysis supports a constructive but conditional view: broad-based derivatives, cash-and-spot, and Data Vantage growth, together with higher organic revenue guidance, strengthen the operating case; dependence on volatility, regulatory execution, and portfolio changes limits certainty.
Reported Before market openCBOEFinancial Services
$28.81B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.46
Consensus $2.42
EPS surprise
+1.7%
Reported versus consensus
Reported revenue
$1.17B
Consensus $574.3M
Revenue surprise
+104.3%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+2.8%
Event window
SPY move
-1.6%
Same window
Abnormal move
+4.4%
Stock minus SPY
Volume
1.4×
Versus trailing sessions
Subsequent drift
-4.8%
Up to 20 sessions
CBOESPY benchmark
Ask FN2 about CBOE FY2025 Q2
Transcript, numbers and history already loaded
Why did CBOE rise 2.8% after beating EPS estimates in FY2025 Q2?What changed in CBOE's guidance and outlook in FY2025 Q2?Give me the bull and bear case for CBOE after FY2025 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior analysis, management reported broader double-digit segment growth, raised organic revenue growth guidance, lowered expense guidance, and disclosed the planned wind-down of Japan equities while retaining derivatives and data operations there.
Guidance delta
Management raised full-year organic revenue growth guidance to high single digits and lowered full-year expense guidance to $832-$847 million; capex guidance remained stable at $75-$85 million.
Key takeaways
- Current analysis describes record $587 million net revenue, up 14% year over year, with double-digit growth across derivatives, cash and spot, and Data Vantage.
- SPX options ADV rose 21%, 0DTE options represented 57% of SPX volume, and VIX contracts saw high usage.
- Data Vantage revenue rose 11%, supported by international subscription sales and cloud migration.
- Cboe plans to close its Japan equities business while retaining derivatives and data operations in Japan.
- Management emphasized disciplined capital allocation, including share repurchases and dividends.
Management priorities
- Expand international data sales and Cboe Global Cloud access.
- Optimize the core business while retaining flexibility for opportunistic M&A.
- Continue capital allocation through share repurchases and dividends.
- Complete the exit from the 7RIDGE fund investment in Trading Technologies.
- Maintain a derivatives and market-data presence in Japan.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$275.29Previous close
$97Low
$241.3Average
$356High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 1, 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 |
|---|---|---|---|---|
| TD Cowen | Hold | Hold | Maintain | Aug 3, 2026 |
| Barclays | Overweight | Overweight | Maintain | Aug 3, 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 |
| Morgan Stanley | Underweight | Underweight | Maintain | Apr 10, 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 |
| Goldman Sachs | Neutral | Sell | Upgrade | Sep 30, 2022 |
| Compass Point | Buy | Neutral | Upgrade | Oct 7, 2021 |
| Wells Fargo | Overweight | Overweight | Maintain | Oct 6, 2020 |
| 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 previous close $275.29. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Loop Capital Markets | Eli Abboud | $356 | $289.08 | +29.3% | Aug 5, 2026 |
| Loop Capital Markets | Analyst unavailable | $315 | $299.28 | +14.4% | Aug 3, 2026 |
| Loop Capital Markets | Benjamin Budish | $354 | $310.23 | +28.6% | Aug 3, 2026 |
| Loop Capital Markets | Analyst unavailable | $380 | $310.23 | +38.0% | Aug 3, 2026 |
| Loop Capital Markets | Analyst unavailable | $288 | $288.87 | +4.6% | Jul 28, 2026 |
| Loop Capital Markets | Analyst unavailable | $304 | $274.04 | +10.4% | Jul 20, 2026 |
| Piper Sandler | Patrick Moley | $320 | $274.98 | +16.2% | Jul 15, 2026 |
| Morgan Stanley | Michael Cyprys | $258 | $267.92 | -6.3% | Jul 10, 2026 |
| Loop Capital Markets | Analyst unavailable | $347 | $263.86 | +26.0% | Jul 9, 2026 |
| Loop Capital Markets | Analyst unavailable | $263 | $250.96 | -4.5% | Jun 22, 2026 |
| Redburn Partners | Analyst unavailable | $316 | $301.08 | +14.8% | Jun 11, 2026 |
| Loop Capital Markets | Analyst unavailable | $340 | $339.36 | +23.5% | May 4, 2026 |
| UBS | Analyst unavailable | $335 | $338.76 | +21.7% | May 4, 2026 |
| Loop Capital Markets | Analyst unavailable | $395 | $335.05 | +43.5% | May 4, 2026 |
| Loop Capital Markets | Analyst unavailable | $365 | $337.25 | +32.6% | May 4, 2026 |
| Loop Capital Markets | Analyst unavailable | $335 | $326.96 | +21.7% | May 4, 2026 |
| Loop Capital Markets | Analyst unavailable | $382 | $326.96 | +38.8% | May 4, 2026 |
| Piper Sandler | Analyst unavailable | $321 | $300.75 | +16.6% | Apr 15, 2026 |
| Morgan Stanley | Michael Cyprys | $273 | $294.04 | -0.8% | Apr 10, 2026 |
| Loop Capital Markets | Analyst unavailable | $293 | $294.82 | +6.4% | Apr 9, 2026 |
| RBC Capital | Ashish Sabadra | $303 | $275.82 | +10.1% | Feb 9, 2026 |
| UBS | Alex Kramm | $290 | $275.36 | +5.3% | Feb 9, 2026 |
| Loop Capital Markets | Benjamin Budish | $317 | $273.09 | +15.2% | Feb 9, 2026 |
| Loop Capital Markets | Analyst unavailable | $281 | $262.18 | +2.1% | Jan 14, 2026 |
| Piper Sandler | Patrick Moley | $295 | $266.77 | +7.2% | Jan 14, 2026 |
| Loop Capital Markets | Benjamin Budish | $295 | $255.16 | +7.2% | Jan 8, 2026 |
| UBS | Analyst unavailable | $280 | $255.26 | +1.7% | Jan 7, 2026 |
| Morgan Stanley | Analyst unavailable | $240 | $248.05 | -12.8% | Dec 22, 2025 |
| Loop Capital Markets | Analyst unavailable | $302 | $251.33 | +9.7% | Dec 12, 2025 |
| Loop Capital Markets | Analyst unavailable | $310 | $249.82 | +12.6% | Dec 10, 2025 |
| Loop Capital Markets | Analyst unavailable | $269 | $246.1 | -2.3% | Nov 3, 2025 |
| Loop Capital Markets | Analyst unavailable | $265 | $246.1 | -3.7% | Nov 3, 2025 |
| Piper Sandler | Patrick Moley | $290 | $246.1 | +5.3% | Nov 3, 2025 |
| Loop Capital Markets | Analyst unavailable | $273 | $246.1 | -0.8% | Nov 3, 2025 |
| Loop Capital Markets | Analyst unavailable | $287 | $246.1 | +4.3% | Nov 3, 2025 |
| Piper Sandler | Analyst unavailable | $270 | $243.49 | -1.9% | Oct 14, 2025 |
| Loop Capital Markets | Benjamin Budish | $264 | $240.9 | -4.1% | Oct 8, 2025 |
| Loop Capital Markets | Craig Siegenthaler | $261 | $241.76 | -5.2% | Oct 2, 2025 |
| Morgan Stanley | Analyst unavailable | $221 | $241.96 | -19.7% | Oct 1, 2025 |
| RBC Capital | Analyst unavailable | $254 | $250.87 | -7.7% | Aug 4, 2025 |
| UBS | Analyst unavailable | $255 | $250.87 | -7.4% | Aug 4, 2025 |
| Oppenheimer | Analyst unavailable | $265 | $250.87 | -3.7% | Aug 4, 2025 |
| Piper Sandler | Analyst unavailable | $265 | $250.87 | -3.7% | Aug 4, 2025 |
| Morgan Stanley | Michael Cyprys | $218 | $233.95 | -20.8% | Jul 15, 2025 |
| UBS | Alex Kramm | $245 | $231.67 | -11.0% | May 5, 2025 |
| Loop Capital Markets | Kyle Voigt | $227 | $231.67 | -17.5% | May 5, 2025 |
| Loop Capital Markets | Craig Siegenthaler | $260 | $224.48 | -5.6% | Apr 2, 2025 |
| Barclays | Benjamin Budish | $220 | $203.99 | -20.1% | Dec 9, 2024 |
| Deutsche Bank | Brian Bedell | $222 | $213.23 | -19.4% | Nov 11, 2024 |
| Deutsche Bank | Brian Bedell | $212 | $209.6 | -23.0% | Nov 4, 2024 |
| TD Securities | Bill Katz | $205 | $203.1 | -25.5% | Sep 25, 2024 |
| Morgan Stanley | Michael Cyprys | $188 | $196.27 | -31.7% | Aug 6, 2024 |
| Piper Sandler | Richard Repetto | $210 | $194.06 | -23.7% | Aug 5, 2024 |
| Oppenheimer | Owen Lau | $209 | $193.94 | -24.1% | Aug 5, 2024 |
| Loop Capital Markets | Benjamin Budish | $218 | $193.78 | -20.8% | Aug 5, 2024 |
| Loop Capital Markets | Kenneth Worthington | $195 | $193.78 | -29.2% | Aug 5, 2024 |
| Loop Capital Markets | Craig Siegenthaler | $230 | $193.78 | -16.5% | Aug 4, 2024 |
| Loop Capital Markets | Kenneth Worthington | $166 | $170.22 | -39.7% | Jul 12, 2024 |
| Barclays | Benjamin Budish | $215 | $170.92 | -21.9% | Jul 5, 2024 |
| Rosenblatt Securities | Andrew Bond | $205 | $179.67 | -25.5% | May 6, 2024 |
| Loop Capital Markets | Benjamin Budish | $215 | $179.67 | -21.9% | May 6, 2024 |
| Morgan Stanley | Michael Cyprys | $199 | $182.37 | -27.7% | Apr 9, 2024 |
| Deutsche Bank | Brian Bedell | $178 | $181.57 | -35.3% | Apr 5, 2024 |
| Barclays | Benjamin Budish | $204 | $176.4 | -25.9% | Jan 8, 2024 |
| Piper Sandler | Patrick Moley | $174 | $156.2 | -36.8% | Sep 29, 2023 |
| J.P. Morgan | Analyst unavailable | $125 | $123.56 | -54.6% | Jan 9, 2023 |
| Deutsche Bank | Analyst unavailable | $141 | $122.84 | -48.8% | Nov 15, 2022 |
| Loop Capital Markets | Alexander Blostein | $126 | $117.73 | -54.2% | Sep 30, 2022 |
| Credit Suisse | Analyst unavailable | $145 | $123.38 | -47.3% | Aug 1, 2022 |
| Morgan Stanley | Michael Cyprys | $140 | $118.18 | -49.1% | Jul 19, 2022 |
| Deutsche Bank | Analyst unavailable | $136 | $118.11 | -50.6% | Jul 13, 2022 |
| Credit Suisse | Analyst unavailable | $146 | $120.12 | -47.0% | Jul 13, 2022 |
| Deutsche Bank | Analyst unavailable | $131 | $105.59 | -52.4% | May 19, 2022 |
| UBS | Alex Kramm | $124 | $115.86 | -55.0% | Jul 7, 2021 |
| Barclays | Jeremy Campbell | $97 | $102.77 | -64.8% | 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 |
|---|---|---|---|---|
| FDS FactSet Research Systems Inc. | FY2026 Q4 · Calendar Q3 2026 | +3.9% | +3.8% | FactSet reports record FY26 results as AI and MCP adoption accelerate |
| PUK Prudential plc | FY2026 Q2 · Calendar Q3 2026 | -40.9% | -0.5% | Prudential sustains growth and capital returns focus in H1 2026 |
| CM Canadian Imperial Bank of Commerce | FY2026 Q3 · Calendar Q3 2026 | +8.9% | -2.8% | CIBC Q3: Broad growth, resilient credit and expanded AI rollout |
| TD The Toronto-Dominion Bank | FY2026 Q3 · Calendar Q3 2026 | +13.8% | +1.4% | TD emphasizes growth investments alongside disciplined capital management |
| RY Royal Bank of Canada | FY2026 Q3 · Calendar Q3 2026 | +6.2% | -1.3% | RBC reports record Q3 earnings while investing for growth |
| AFRM Affirm Holdings, Inc. | FY2026 Q4 · Calendar Q3 2026 | +1230.3% | +0.3% | Affirm's most profitable quarter shifts focus to product execution |
Latest beats and misses
Who reports nextBeat on EPS
- CAGFY2027 Q1 · September 30, 2026+44.4% EPS-4.9% move
- FDSFY2026 Q4 · September 30, 2026+3.9% EPS+3.8% move
- JBLFY2026 Q4 · September 30, 2026+8.1% EPS-10.0% move
- MUFY2026 Q4 · September 30, 2026+5.4% EPS+0.0% move
- CCLFY2026 Q3 · September 29, 2026+5.9% EPS+13.4% move
- COSTFY2026 Q4 · September 24, 2026+3.2% EPS+2.9% move
Get the CBOE recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-10-01T12:36:08.308821+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-01T12:36:08.306484+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 2026-10-01. For educational purposes only; not investment advice.