Analyst Consensus ?
ConsensusHold31 ratings
Bullish1445.2%
Neutral1341.9%
Bearish412.9%
Cboe Global Markets, Inc. · CBOE · FY2026 Q1 · Calendar Q2 2026
Cboe Posts Record Q1 on SPX Options Strength, Unveils Strategic Realignment
Cboe delivered record first-quarter results driven by broad-based growth across all five segments, with derivatives revenue surging 32% on record SPX options volume. The company simultaneously announced a sweeping strategic realignment--selling its Canada and Australia businesses, cutting roughly 20% of headcount, and targeting $100-120 million in annual expense savings. While the market reacted positively to the earnings beat with an 8.95% session move, the stock has since drifted lower, suggesting investors are weighing execution risk on the restructuring against the strong operating momentum.
Reported Before market openCBOEFinancial Services
$32.21B market cap
90quality score
Company 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.…
Earnings scorecard
Reported versus consensus
Reported EPS
$3.70
Consensus $3
EPS surprise
+10.8%
Reported versus consensus
Reported revenue
$728.9M
Consensus $689.7M
Revenue surprise
+5.7%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$300.19Current
$97Low
$234.42Average
$335High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 30, 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 |
|---|---|---|---|---|
| JP Morgan | Underweight | Underweight | Maintain | Jul 28, 2026 |
| TD Cowen | Hold | Hold | Maintain | Jul 20, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Jul 15, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 9, 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 current price $300.19. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Loop Capital Markets | Analyst unavailable | $288 | $288.87 | -4.1% | Jul 28, 2026 |
| Loop Capital Markets | Analyst unavailable | $304 | $274.04 | +1.3% | Jul 20, 2026 |
| Piper Sandler | Patrick Moley | $320 | $274.98 | +6.6% | Jul 15, 2026 |
| Morgan Stanley | Michael Cyprys | $258 | $267.92 | -14.1% | Jul 10, 2026 |
| Loop Capital Markets | Analyst unavailable | $347 | $263.86 | +15.6% | Jul 9, 2026 |
| Loop Capital Markets | Analyst unavailable | $263 | $250.96 | -12.4% | Jun 22, 2026 |
| Redburn Partners | Analyst unavailable | $316 | $301.08 | +5.3% | Jun 11, 2026 |
| Loop Capital Markets | Analyst unavailable | $340 | $339.36 | +13.3% | May 4, 2026 |
| UBS | Analyst unavailable | $335 | $338.76 | +11.6% | May 4, 2026 |
| Loop Capital Markets | Analyst unavailable | $395 | $335.05 | +31.6% | May 4, 2026 |
| Loop Capital Markets | Analyst unavailable | $365 | $337.25 | +21.6% | May 4, 2026 |
| Loop Capital Markets | Analyst unavailable | $335 | $326.96 | +11.6% | May 4, 2026 |
| Loop Capital Markets | Analyst unavailable | $382 | $326.96 | +27.3% | May 4, 2026 |
| Piper Sandler | Analyst unavailable | $321 | $300.75 | +6.9% | Apr 15, 2026 |
| Morgan Stanley | Michael Cyprys | $273 | $294.04 | -9.1% | Apr 10, 2026 |
| Loop Capital Markets | Analyst unavailable | $293 | $294.82 | -2.4% | Apr 9, 2026 |
| RBC Capital | Ashish Sabadra | $303 | $275.82 | +0.9% | Feb 9, 2026 |
| UBS | Alex Kramm | $290 | $275.36 | -3.4% | Feb 9, 2026 |
| Loop Capital Markets | Benjamin Budish | $317 | $273.09 | +5.6% | Feb 9, 2026 |
| Loop Capital Markets | Analyst unavailable | $281 | $262.18 | -6.4% | Jan 14, 2026 |
| Piper Sandler | Patrick Moley | $295 | $266.77 | -1.7% | Jan 14, 2026 |
| Loop Capital Markets | Benjamin Budish | $295 | $255.16 | -1.7% | Jan 8, 2026 |
| UBS | Analyst unavailable | $280 | $255.26 | -6.7% | Jan 7, 2026 |
| Morgan Stanley | Analyst unavailable | $240 | $248.05 | -20.1% | Dec 22, 2025 |
| Loop Capital Markets | Analyst unavailable | $302 | $251.33 | +0.6% | Dec 12, 2025 |
| Loop Capital Markets | Analyst unavailable | $310 | $249.82 | +3.3% | Dec 10, 2025 |
| Loop Capital Markets | Analyst unavailable | $269 | $246.1 | -10.4% | Nov 3, 2025 |
| Loop Capital Markets | Analyst unavailable | $265 | $246.1 | -11.7% | Nov 3, 2025 |
| Piper Sandler | Patrick Moley | $290 | $246.1 | -3.4% | Nov 3, 2025 |
| Loop Capital Markets | Analyst unavailable | $273 | $246.1 | -9.1% | Nov 3, 2025 |
| Loop Capital Markets | Analyst unavailable | $287 | $246.1 | -4.4% | Nov 3, 2025 |
| Piper Sandler | Analyst unavailable | $270 | $243.49 | -10.1% | Oct 14, 2025 |
| Loop Capital Markets | Benjamin Budish | $264 | $240.9 | -12.1% | Oct 8, 2025 |
| Loop Capital Markets | Craig Siegenthaler | $261 | $241.76 | -13.1% | Oct 2, 2025 |
| Morgan Stanley | Analyst unavailable | $221 | $241.96 | -26.4% | Oct 1, 2025 |
| RBC Capital | Analyst unavailable | $254 | $250.87 | -15.4% | Aug 4, 2025 |
| UBS | Analyst unavailable | $255 | $250.87 | -15.1% | Aug 4, 2025 |
| Oppenheimer | Analyst unavailable | $265 | $250.87 | -11.7% | Aug 4, 2025 |
| Piper Sandler | Analyst unavailable | $265 | $250.87 | -11.7% | Aug 4, 2025 |
| Morgan Stanley | Michael Cyprys | $218 | $233.95 | -27.4% | Jul 15, 2025 |
| UBS | Alex Kramm | $245 | $231.67 | -18.4% | May 5, 2025 |
| Loop Capital Markets | Kyle Voigt | $227 | $231.67 | -24.4% | May 5, 2025 |
| Loop Capital Markets | Craig Siegenthaler | $260 | $224.48 | -13.4% | Apr 2, 2025 |
| Barclays | Benjamin Budish | $220 | $203.99 | -26.7% | Dec 9, 2024 |
| Deutsche Bank | Brian Bedell | $222 | $213.23 | -26.0% | Nov 11, 2024 |
| Deutsche Bank | Brian Bedell | $212 | $209.6 | -29.4% | Nov 4, 2024 |
| TD Securities | Bill Katz | $205 | $203.1 | -31.7% | Sep 25, 2024 |
| Morgan Stanley | Michael Cyprys | $188 | $196.27 | -37.4% | Aug 6, 2024 |
| Piper Sandler | Richard Repetto | $210 | $194.06 | -30.0% | Aug 5, 2024 |
| Oppenheimer | Owen Lau | $209 | $193.94 | -30.4% | Aug 5, 2024 |
| Loop Capital Markets | Benjamin Budish | $218 | $193.78 | -27.4% | Aug 5, 2024 |
| Loop Capital Markets | Kenneth Worthington | $195 | $193.78 | -35.0% | Aug 5, 2024 |
| Loop Capital Markets | Craig Siegenthaler | $230 | $193.78 | -23.4% | Aug 4, 2024 |
| Loop Capital Markets | Kenneth Worthington | $166 | $170.22 | -44.7% | Jul 12, 2024 |
| Barclays | Benjamin Budish | $215 | $170.92 | -28.4% | Jul 5, 2024 |
| Rosenblatt Securities | Andrew Bond | $205 | $179.67 | -31.7% | May 6, 2024 |
| Loop Capital Markets | Benjamin Budish | $215 | $179.67 | -28.4% | May 6, 2024 |
| Morgan Stanley | Michael Cyprys | $199 | $182.37 | -33.7% | Apr 9, 2024 |
| Deutsche Bank | Brian Bedell | $178 | $181.57 | -40.7% | Apr 5, 2024 |
| Barclays | Benjamin Budish | $204 | $176.4 | -32.0% | Jan 8, 2024 |
| Piper Sandler | Patrick Moley | $174 | $156.2 | -42.0% | Sep 29, 2023 |
| J.P. Morgan | Analyst unavailable | $125 | $123.56 | -58.4% | Jan 9, 2023 |
| Deutsche Bank | Analyst unavailable | $141 | $122.84 | -53.0% | Nov 15, 2022 |
| Loop Capital Markets | Alexander Blostein | $126 | $117.73 | -58.0% | Sep 30, 2022 |
| Credit Suisse | Analyst unavailable | $145 | $123.38 | -51.7% | Aug 1, 2022 |
| Morgan Stanley | Michael Cyprys | $140 | $118.18 | -53.4% | Jul 19, 2022 |
| Deutsche Bank | Analyst unavailable | $136 | $118.11 | -54.7% | Jul 13, 2022 |
| Credit Suisse | Analyst unavailable | $146 | $120.12 | -51.4% | Jul 13, 2022 |
| Deutsche Bank | Analyst unavailable | $131 | $105.59 | -56.4% | May 19, 2022 |
| UBS | Alex Kramm | $124 | $115.86 | -58.7% | Jul 7, 2021 |
| Barclays | Jeremy Campbell | $97 | $102.77 | -67.7% | Apr 30, 2021 |
Track every rating change on CBOE the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
+9.0%
Event window
SPY move
+0.3%
Same window
Abnormal move
+8.7%
Stock minus SPY
Volume
2.0×
Versus trailing sessions
Subsequent drift
-7.9%
Up to 20 sessions
CBOESPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Revenue rose 29% year-over-year to $729 million, with adjusted EPS up 48% to $3.70, beating consensus on both metrics. The quarter marked a pivot from pure growth to a restructuring narrative: Cboe announced definitive agreements to sell its Canada and Australia operations, plans to exit several low-return business lines, and a workforce reduction of approximately 20%. New product initiatives include securities-based event contracts (Mini-SPX) with a novel payout structure and the first televised bell-ringing on the Cboe floor through a CNBC and S&P Dow Jones Indices partnership.
Guidance delta
Management maintained its low-double-digit organic revenue growth outlook and lowered the expense guidance to reflect the planned savings. Capex guidance was kept stable at $73-83 million. The guidance sentiment was characterized as maintained, with the $100-120 million expense reduction target representing the primary forward change.
Key takeaways
- Record Q1 revenue and earnings with strong, double-digit growth across all five segments.
- Strategic realignment aims to streamline the business, cut about 20% of the workforce and generate $100-120 million in annual expense savings.
- Expansion into event and prediction markets, including binary options and future KPI-based contracts.
- SPX options franchise continues to set volume records, with a balanced mix of floor and electronic trading.
- Guidance updates lower expense outlook, maintain low-double-digit organic revenue growth, and keep capex at $73-83 million.
Management priorities
- Rollout of securities-based event contracts and development of company-specific KPI contracts.
- Further investment in tokenization and blockchain-enabled clearing services.
- Enhancement of clearing capabilities in Europe and the U.S., including securities finance.
- Continued organic growth initiatives and opportunistic share repurchases.
- Expansion of partnership initiatives such as the CNBC televised floor segment.
Related earnings events
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Sources
- Earnings call transcript and parsed analysis · 2026-06-01T21:23:36.966926+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-30T11:51:08.206317+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-30T11:51:08.204045+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 . For educational purposes only; not investment advice.