Cboe raises growth outlook as options demand and new products accelerate

Transcript intelligence

What changed

Compared with the prior quarter, management raised its organic revenue-growth outlook from low-double-digit growth to the mid-to-high teens, increased CapEx guidance, and added detail on Cboe Predicts and proposed company-specific KPI contracts. Retail options participation remained a central growth driver.

Guidance delta

Management raised 2026 organic net revenue growth guidance to the mid-to-high teens and increased CapEx guidance to $98-$108 million from $73-$83 million previously.

Key takeaways

• Q2 net revenue reached a record $732 million, up 25% year over year.
• Retail participation accelerated in SPX 0DTE and Mini-SPX products after the pattern-day-trader rule repeal.
• Cboe launched Cboe Predicts and is pursuing company-specific KPI contracts, subject to regulatory approval.
• Management raised its 2026 organic net revenue growth outlook to the mid-to-high teens.
• Higher CapEx is directed toward clearing infrastructure and technology upgrades.

Management priorities

• Launch and expand Cboe Predicts binary options.
• Pursue company-specific KPI contracts pending regulatory approval.
• Invest in U.S. and European clearing infrastructure and technology.
• Expand international broker partnerships and Data Vantage offerings.
• Advance the transition toward a 23-hour cash-equities trading schedule.