Cboe Global Markets

Cboe Global Markets posted record net revenue of $729 million, up 29% year-over-year, with adjusted diluted EPS rising 48% to a record $3.70 (GAAP EPS was $3.66). Growth was broad-based: derivatives net revenue rose 32% on record SPX options activity (ADV up 34% year-over-year to 4.9 million contracts), cash and spot markets net revenue grew 34%, and DataVantage net revenue increased 19%. Disciplined cost control held adjusted operating expenses to a 4% increase, expanding adjusted operating EBITDA margin 6.1 percentage points to 74.2%. Management deepened its strategic realignment, announcing additional actions that lift expected annualized savings to $100 million-$120 million and reduce headcount roughly 20%, while raising DataVantage organic net revenue growth guidance to low double digits and lowering 2026 adjusted operating expense guidance. Forward focus centers on event and prediction markets, expanded clearing, and tokenization as emerging growth avenues.