Analyst Consensus ?
ConsensusHold31 ratings
Bullish1548.4%
Neutral1341.9%
Bearish39.7%
Cboe Global Markets, Inc. · CBOE · FY2026 Q3 · Calendar Q4 2026
Cboe pairs broad growth with new products and higher guidance
The supplied analysis supports a constructive operating thesis: resilient retail and international demand, product expansion, and clearing investment are supporting growth. The main test is whether new products and DataVantage can scale while Cboe manages royalty, regulatory, technology and execution risks.
Reported Before market openCBOEFinancial Services
$32.82B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $3.43
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $708.9M
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+7.8%
Event window
SPY move
-1.8%
Same window
Abnormal move
+9.6%
Stock minus SPY
Volume
0.6×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
CBOESPY benchmark
Ask FN2 about CBOE FY2026 Q3
Transcript, numbers and history already loaded
What drove CBOE's +7.8% move after FY2026 Q3 earnings?What changed in CBOE's guidance and outlook in FY2026 Q3?Give me the bull and bear case for CBOE after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The current analysis adds an S&P Dow Jones Indices licensing extension, SEC clearance for securities-based KPI contracts, extended early options trading, and a planned November KPI-contract rollout. Management also raised 2026 organic net revenue growth guidance for the core business and DataVantage.
Guidance delta
Management raised 2026 organic net revenue growth guidance to high-teens for the core business and mid-teens for DataVantage.
Key takeaways
- Management described broad-based growth across Cboe's businesses and a record adjusted EPS outcome.
- The S&P Dow Jones Indices licensing extension supports the SPX franchise and product development through 2051.
- Retail participation in short-dated and 0DTE options remained a key growth driver, alongside international broker onboarding.
- KPI contracts and Cboe Predicts products are moving toward broader rollout, supported by new clearing capabilities.
- Extended trading hours, DataVantage expansion and international growth remain central to the operating outlook.
Management priorities
- Launch and expand KPI contracts with broker partners.
- Develop Cboe Predicts and other event-contract products.
- Extend trading hours for options and cash equities.
- Invest in Cboe Clear U.S., Cboe Clear Europe and related clearing capabilities.
- Grow DataVantage through international subscriptions and unit sales.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$338.27Current
$97Low
$256.93Average
$450High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 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 | Oct 28, 2026 |
| 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 |
| 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 $338.27. 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 | $332 | $324.68 | -1.9% | Oct 28, 2026 |
| Morgan Stanley | Analyst unavailable | $450 | $327.72 | +33.0% | Oct 23, 2026 |
| Wells Fargo | Analyst unavailable | $309 | $292.25 | -8.7% | Oct 14, 2026 |
| Morgan Stanley | Michael Cyprys | $358 | $294.08 | +5.8% | Oct 9, 2026 |
| Loop Capital Markets | Analyst unavailable | $343 | $278.2 | +1.4% | Oct 7, 2026 |
| Loop Capital Markets | Analyst unavailable | $334 | $271.26 | -1.3% | Oct 5, 2026 |
| Loop Capital Markets | Analyst unavailable | $300 | $277.19 | -11.3% | Oct 2, 2026 |
| Goldman Sachs | Alexander Blostein | $300 | $277.19 | -11.3% | Oct 2, 2026 |
| Wells Fargo | Analyst unavailable | $301 | $277.19 | -11.0% | Oct 1, 2026 |
| Loop Capital Markets | Eli Abboud | $356 | $289.08 | +5.2% | Aug 5, 2026 |
| Loop Capital Markets | Analyst unavailable | $315 | $299.28 | -6.9% | Aug 3, 2026 |
| Loop Capital Markets | Benjamin Budish | $354 | $310.23 | +4.6% | Aug 3, 2026 |
| Loop Capital Markets | Analyst unavailable | $380 | $310.23 | +12.3% | Aug 3, 2026 |
| Loop Capital Markets | Analyst unavailable | $288 | $288.87 | -14.9% | Jul 28, 2026 |
| Loop Capital Markets | Analyst unavailable | $304 | $274.04 | -10.1% | Jul 20, 2026 |
| Piper Sandler | Patrick Moley | $320 | $274.98 | -5.4% | Jul 15, 2026 |
| Morgan Stanley | Michael Cyprys | $258 | $267.92 | -23.7% | Jul 10, 2026 |
| Loop Capital Markets | Analyst unavailable | $347 | $263.86 | +2.6% | Jul 9, 2026 |
| Loop Capital Markets | Analyst unavailable | $263 | $250.96 | -22.3% | Jun 22, 2026 |
| Redburn Partners | Analyst unavailable | $316 | $301.08 | -6.6% | Jun 11, 2026 |
| Loop Capital Markets | Analyst unavailable | $340 | $339.36 | +0.5% | May 4, 2026 |
| UBS | Analyst unavailable | $335 | $338.76 | -1.0% | May 4, 2026 |
| Loop Capital Markets | Analyst unavailable | $395 | $335.05 | +16.8% | May 4, 2026 |
| Loop Capital Markets | Analyst unavailable | $365 | $337.25 | +7.9% | May 4, 2026 |
| Loop Capital Markets | Analyst unavailable | $335 | $326.96 | -1.0% | May 4, 2026 |
| Loop Capital Markets | Analyst unavailable | $382 | $326.96 | +12.9% | May 4, 2026 |
| Piper Sandler | Analyst unavailable | $321 | $300.75 | -5.1% | Apr 15, 2026 |
| Morgan Stanley | Michael Cyprys | $273 | $294.04 | -19.3% | Apr 10, 2026 |
| Loop Capital Markets | Analyst unavailable | $293 | $294.82 | -13.4% | Apr 9, 2026 |
| RBC Capital | Ashish Sabadra | $303 | $275.82 | -10.4% | Feb 9, 2026 |
| UBS | Alex Kramm | $290 | $275.36 | -14.3% | Feb 9, 2026 |
| Loop Capital Markets | Benjamin Budish | $317 | $273.09 | -6.3% | Feb 9, 2026 |
| Loop Capital Markets | Analyst unavailable | $281 | $262.18 | -16.9% | Jan 14, 2026 |
| Piper Sandler | Patrick Moley | $295 | $266.77 | -12.8% | Jan 14, 2026 |
| Loop Capital Markets | Benjamin Budish | $295 | $255.16 | -12.8% | Jan 8, 2026 |
| UBS | Analyst unavailable | $280 | $255.26 | -17.2% | Jan 7, 2026 |
| Morgan Stanley | Analyst unavailable | $240 | $248.05 | -29.1% | Dec 22, 2025 |
| Loop Capital Markets | Analyst unavailable | $302 | $251.33 | -10.7% | Dec 12, 2025 |
| Loop Capital Markets | Analyst unavailable | $310 | $249.82 | -8.4% | Dec 10, 2025 |
| Loop Capital Markets | Analyst unavailable | $269 | $246.1 | -20.5% | Nov 3, 2025 |
| Loop Capital Markets | Analyst unavailable | $265 | $246.1 | -21.7% | Nov 3, 2025 |
| Piper Sandler | Patrick Moley | $290 | $246.1 | -14.3% | Nov 3, 2025 |
| Loop Capital Markets | Analyst unavailable | $273 | $246.1 | -19.3% | Nov 3, 2025 |
| Loop Capital Markets | Analyst unavailable | $287 | $246.1 | -15.2% | Nov 3, 2025 |
| Piper Sandler | Analyst unavailable | $270 | $243.49 | -20.2% | Oct 14, 2025 |
| Loop Capital Markets | Benjamin Budish | $264 | $240.9 | -22.0% | Oct 8, 2025 |
| Loop Capital Markets | Craig Siegenthaler | $261 | $241.76 | -22.8% | Oct 2, 2025 |
| Morgan Stanley | Analyst unavailable | $221 | $241.96 | -34.7% | Oct 1, 2025 |
| RBC Capital | Analyst unavailable | $254 | $250.87 | -24.9% | Aug 4, 2025 |
| UBS | Analyst unavailable | $255 | $250.87 | -24.6% | Aug 4, 2025 |
| Oppenheimer | Analyst unavailable | $265 | $250.87 | -21.7% | Aug 4, 2025 |
| Piper Sandler | Analyst unavailable | $265 | $250.87 | -21.7% | Aug 4, 2025 |
| Morgan Stanley | Michael Cyprys | $218 | $233.95 | -35.6% | Jul 15, 2025 |
| UBS | Alex Kramm | $245 | $231.67 | -27.6% | May 5, 2025 |
| Loop Capital Markets | Kyle Voigt | $227 | $231.67 | -32.9% | May 5, 2025 |
| Loop Capital Markets | Craig Siegenthaler | $260 | $224.48 | -23.1% | Apr 2, 2025 |
| Barclays | Benjamin Budish | $220 | $203.99 | -35.0% | Dec 9, 2024 |
| Deutsche Bank | Brian Bedell | $222 | $213.23 | -34.4% | Nov 11, 2024 |
| Deutsche Bank | Brian Bedell | $212 | $209.6 | -37.3% | Nov 4, 2024 |
| TD Securities | Bill Katz | $205 | $203.1 | -39.4% | Sep 25, 2024 |
| Morgan Stanley | Michael Cyprys | $188 | $196.27 | -44.4% | Aug 6, 2024 |
| Piper Sandler | Richard Repetto | $210 | $194.06 | -37.9% | Aug 5, 2024 |
| Oppenheimer | Owen Lau | $209 | $193.94 | -38.2% | Aug 5, 2024 |
| Loop Capital Markets | Benjamin Budish | $218 | $193.78 | -35.6% | Aug 5, 2024 |
| Loop Capital Markets | Kenneth Worthington | $195 | $193.78 | -42.4% | Aug 5, 2024 |
| Loop Capital Markets | Craig Siegenthaler | $230 | $193.78 | -32.0% | Aug 4, 2024 |
| Loop Capital Markets | Kenneth Worthington | $166 | $170.22 | -50.9% | Jul 12, 2024 |
| Barclays | Benjamin Budish | $215 | $170.92 | -36.4% | Jul 5, 2024 |
| Rosenblatt Securities | Andrew Bond | $205 | $179.67 | -39.4% | May 6, 2024 |
| Loop Capital Markets | Benjamin Budish | $215 | $179.67 | -36.4% | May 6, 2024 |
| Morgan Stanley | Michael Cyprys | $199 | $182.37 | -41.2% | Apr 9, 2024 |
| Deutsche Bank | Brian Bedell | $178 | $181.57 | -47.4% | Apr 5, 2024 |
| Barclays | Benjamin Budish | $204 | $176.4 | -39.7% | Jan 8, 2024 |
| Piper Sandler | Patrick Moley | $174 | $156.2 | -48.6% | Sep 29, 2023 |
| J.P. Morgan | Analyst unavailable | $125 | $123.56 | -63.0% | Jan 9, 2023 |
| Deutsche Bank | Analyst unavailable | $141 | $122.84 | -58.3% | Nov 15, 2022 |
| Loop Capital Markets | Alexander Blostein | $126 | $117.73 | -62.8% | Sep 30, 2022 |
| Credit Suisse | Analyst unavailable | $145 | $123.38 | -57.1% | Aug 1, 2022 |
| Morgan Stanley | Michael Cyprys | $140 | $118.18 | -58.6% | Jul 19, 2022 |
| Deutsche Bank | Analyst unavailable | $136 | $118.11 | -59.8% | Jul 13, 2022 |
| Credit Suisse | Analyst unavailable | $146 | $120.12 | -56.8% | Jul 13, 2022 |
| Deutsche Bank | Analyst unavailable | $131 | $105.59 | -61.3% | May 19, 2022 |
| UBS | Alex Kramm | $124 | $115.86 | -63.3% | Jul 7, 2021 |
| Barclays | Jeremy Campbell | $97 | $102.77 | -71.3% | 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 |
|---|---|---|---|---|
| ERIE Erie Indemnity Company | FY2026 Q3 · Calendar Q4 2026 | +2.1% | +5.3% | Erie pairs resilient demand initiatives with thin underwriting margins |
| NWG NatWest Group plc | FY2026 Q3 · Calendar Q4 2026 | — | -9.1% | NatWest keeps guidance as deposits and wealth management expand |
| RKT Rocket Companies, Inc. | FY2026 Q3 · Calendar Q4 2026 | +10.8% | +5.0% | Rocket Companies: AI and servicing support resilience as Q4 outlook softens |
| EG Everest Group, Ltd. | FY2026 Q3 · Calendar Q4 2026 | -18.8% | +3.5% | Everest pairs strong earnings with heavier reserve protection |
| MA Mastercard Incorporated | FY2026 Q3 · Calendar Q4 2026 | +2.7% | +4.2% | Mastercard Q3 growth accelerates as services and digital payments expand |
| MKL Markel Corporation | FY2026 Q3 · Calendar Q4 2026 | -2.3% | +1.2% | Markel posts strong Q3 as underwriting and industrial results improve |
Latest beats and misses
Who reports nextBeat on EPS
- MTZFY2026 Q3 · October 29, 2026+0.3% EPS+0.8% move
- ERIEFY2026 Q3 · October 29, 2026+2.1% EPS+5.3% move
- IRFY2026 Q3 · October 29, 2026+18.5% EPS+0.2% move
- VLTOFY2026 Q3 · October 29, 2026+8.3% EPS+9.8% move
- MSTRFY2026 Q3 · October 29, 2026+121.6% EPS-6.3% move
- EIXFY2026 Q3 · October 29, 2026+3.3% EPS-0.2% move
Missed on EPS
- AMZNFY2026 Q3 · October 29, 2026-4.1% EPS-1.6% move
- SYKFY2026 Q3 · October 29, 2026-0.8% EPS-5.0% move
- DLR-PJFY2026 Q3 · October 29, 2026-8.4% EPS— move
- DLRFY2026 Q3 · October 29, 2026-8.4% EPS-3.0% move
- EGFY2026 Q3 · October 28, 2026-18.8% EPS+3.5% move
- MKLFY2026 Q3 · October 28, 2026-2.3% EPS+1.2% 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 · 2026-10-30T17:06:18.517332+00:00
- FN2 earnings calendar · 2026-10-30T01:23:13.979536+00:00
- Polygon adjusted daily market bars · 2026-10-30T17:10:45.830275+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-30T17:10:45.827603+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 2026-10-30. For educational purposes only; not investment advice.