Cboe Raises 2026 Revenue Outlook After Q3 Net Revenue Rises 18%

Cboe Global Markets raised its 2026 organic total net revenue growth outlook after third-quarter net revenue rose 18% year over year to $712.2 million, while adjusted earnings per share and options activity also increased.

For the three months ended Sept. 30, net revenue was up from $605.5 million a year earlier. Net revenue is total revenue less cost of revenues.

Adjusted diluted earnings per share (EPS), a non-GAAP measure, increased 36% to $3.63 from $2.67. GAAP diluted EPS climbed 43% to $4.08 from $2.85. The quarter included a $71.5 million net gain on divestiture. A non-taxable gain from the sale of Cboe Australia partly lowered the company’s GAAP effective tax rate.

Cboe generated $469.5 million in options net revenue, a 23% year-over-year increase. Average daily volume grew 14% across options and 24% for index options. Cboe Executive Vice President and Chief Financial Officer Jill Griebenow said the increase in index options average daily volume was “supported by record 0DTE activity.”

For full-year 2026, Cboe now expects organic total net revenue growth in the “high teens,” compared with its previous “mid to high teens” outlook. Its Cboe Data Vantage organic net revenue growth outlook rose to the “mid teens” from the “low teens.”

Cboe lowered its adjusted operating expense guidance to $830 million to $845 million, from $838 million to $853 million. The revised range excludes $59 million in expected amortization of acquired intangible assets.

The results followed a third-quarter earnings preview published Oct. 29.