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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Mike Cyprys | Morgan Stanley | 8 (0%) |
| Ben Budish | Barclays | 8 (0%) |
| Patrick Moley | Piper Sandler | 7 (14%) |
| Brian Bedell | Deutsche Bank | 7 (0%) |
| Ashish Sabadra | RBC Capital Markets | 7 (14%) |
| Eli Abboud | Bank of America | 6 (17%) |
| Alex Kramm | UBS | 6 (50%) |
| Dan Fannon | Jefferies | 6 (0%) |
| Anthony Corbin | Goldman Sachs | 4 (25%) |
| Jeff Schmitt | William Blair | 3 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Morgan Stanley | 1 | 8 (0%) |
| Barclays | 1 | 8 (0%) |
| Bank of America | 2 | 7 (14%) |
| RBC Capital Markets | 1 |
| 7 (14%) |
| Deutsche Bank | 1 | 7 (0%) |
| Piper Sandler | 1 | 7 (14%) |
| KBW | 2 | 6 (0%) |
| Jefferies | 1 | 6 (0%) |
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.
Product Launch | Competitive Dynamics | Demand | Revenue Growth | Innovation & R&D | Geographic Expansion | Capital Allocation | M&A | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 2 | 1 | 1 | 2 | 1 | 1 | 1 | 1 |
| 2025Q1 | 2 | 5 | 4 | 1 | 1 | 2 | 2 | 2 |
| 2025Q2 | 1 | 4 | 3 | 1 | 2 | 2 | 2 | 2 |
| 2025Q3 | 4 | 1 | 3 | 3 | 3 | 3 | 2 | 3 |
| 2025Q4 | 5 | 2 | 2 | 3 | 1 | 2 | 1 | |
| 2026Q1 | 2 | 2 | 2 | 1 | 2 | 1 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Product Launch | 2 | 2 | 1 | 4 | 5 | 2 |
| Competitive Dynamics | 1 | 5 | 4 | 1 | 2 | 2 |
| Demand | 1 | 4 | 3 | 3 | 2 | 2 |
| Revenue Growth | 2 | 1 | 1 | 3 | 3 | 1 |
| Innovation & R&D | 1 | 1 | 2 | 3 | 1 | 2 |
| Geographic Expansion | 1 | 2 | 2 | 3 | 2 | |
| Capital Allocation | 1 | 2 | 2 | 2 | 1 | 1 |
| M&A | 1 | 2 | 2 | 3 | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin |
|---|---|---|---|---|---|---|
| FY2024 Q4 | $1.11B | +14.3% | $1.86 | -6.1% | 27.0% | 17.7% |
| FY2025 Q1 | $1.20B | +24.8% | $2.37 | +20.9% | 29.6% | 21.0% |
| FY2025 Q2 | $1.17B | +20.5% | $2.23 | +67.7% | 28.9% | 20.0% |
| FY2025 Q3 | $1.14B | +8.1% | $2.85 | +37.7% | 32.4% | 26.3% |
| FY2025 Q4 | $1.20B | +8.7% | $2.97 | +59.7% | 35.6% | 26.0% |
| FY2026 Q1 | $1.27B | +6.5% | $3.66 | +54.4% | 39.7% | 30.3% |
| FY2026 Q2 | $1.44B | +22.9% | $3.35 | +50.2% | 33.0% | 24.5% |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What CBOE and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“if you look at some of the announcements by folks like CBOE and others, they're coming up, I believe Nasdaq might be also doing something. They're coming up with binary options on different financial events”
Schwab points to CBOE launching binary options on financial events, which could behave like prediction markets Schwab may later offer.
“say like how Kalshi runs their platform now in terms of that type of market structure to do those, or maybe both?”
An analyst frames Kalshi's platform as a reference point for how Cboe might structure event/prediction markets, positioning Kalshi as a competitor in the emerging prediction-market space.
“Through our new partnership with CNBC, we are bringing the power and expertise of Cboe's iconic trading floor to a global audience, leveraging a differentiated asset within our market ecosystem to deliver live market insight and investor education, elevate the Cboe brand, and reinforce our leadership in global markets.”
Cboe entered a new multi-year media partnership with CNBC (a Comcast/NBCUniversal property) for televised content from the trading floor.
“On April 6, we were pleased to be joined by our long-term partner, S&P Dow Jones Indices, for the inaugural televised bell ringing on the Cboe floor as part of our new multi-year collaboration with CNBC.”
S&P Dow Jones Indices (majority-owned by S&P Global) is Cboe's long-term index-licensing partner underpinning the SPX franchise, reinforced here by a new joint media presence.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
CBOE Cboe Global Markets | 10 | +6.5% | |
| CME CME Group | 7 | +14.5% | |
| COIN Coinbase Global | 1 | -30.5% | |
| FDS FactSet | 6 | +7.1% | |
| ICE Intercontinental Exchange | 9 | +13.5% | |
| MCO Moody's Corporation | 7 | +8.1% | |
| MSCI MSCI | 8 | +14.1% | |
| NDAQ Nasdaq, Inc. | 8 | +2.3% | |
| SPGI S&P Global | 8 | +10.4% |