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Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Mike Cyprys | Morgan Stanley | 8 questions · 0% challenging |
| Ben Budish | Barclays | 8 questions · 0% challenging |
| Patrick Moley | Piper Sandler | 7 questions · 14% challenging |
| Brian Bedell | Deutsche Bank | 7 questions · 0% challenging |
| Ashish Sabadra | RBC Capital Markets | 7 questions · 14% challenging |
| Eli Abboud | Bank of America | 6 questions · 17% challenging |
| Alex Kramm | UBS | 6 questions · 50% challenging |
| Dan Fannon | Jefferies | 6 questions · 0% challenging |
| Anthony Corbin | Goldman Sachs | 4 questions · 25% challenging |
| Jeff Schmitt | William Blair | 3 questions · 0% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Morgan Stanley | 1 analyst | 8 questions · 0% challenging |
| Barclays | 1 analyst | 8 questions · 0% challenging |
| Bank of America | 2 analysts | 7 questions · 14% challenging |
| RBC Capital Markets | 1 analyst | 7 questions · 14% challenging |
| Deutsche Bank | 1 analyst | 7 questions · 0% challenging |
| Piper Sandler | 1 analyst | 7 questions · 14% challenging |
| KBW | 2 analysts | 6 questions · 0% challenging |
| Jefferies | 1 analyst | 6 questions · 0% challenging |
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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.
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| 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% | 33.5% | 26.0% |
| FY2026 Q1Selected | $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).
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 |
Calendar quarter Q1 2026Earnings call Apr 30, 2026
FY2026 Q1 in brief
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).
Newest quarter FY2026 Q2 is part of Pro · see what Pro adds →
GAAP revenue YoY +6.51% → base 6. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
Sources. Tellvest earnings-call sentiment score for Cboe Global Markets (CBOE), FY2026 Q1: 10/10. Scores: Cboe Global Markets’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: CBOE daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
What CBOE said about other companies on its FY2026 Q1 call, and what other companies said about CBOE on their calls covering the same calendar quarter (Q1 2026). Each company's own fiscal quarter is shown next to its name. 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 | Headline |
|---|---|---|---|---|
| CBOECboe Global Markets | 10 | +6.5% | 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) | |
| CMECME Group | 7 | +14.5% | Record Volume Across All Six Asset Classes | |
| COINCoinbase Global | 1 | -30.5% | Coinbase reported a Q1 net loss of $394 million as total revenue declined 21% quarter-over-quarter amid a broad crypto market downturn that crushed transaction revenue across all segments | |
| FDSFactSet | 6 | +7.1% | FactSet delivered its fourth consecutive quarter of ASV growth acceleration at 6.7%, powered by double-digit Data Solutions growth across all firm types and rapid adoption of AI capabilities including the MCP Server with 120+ clients since December launch | |
| ICEIntercontinental Exchange | 9 | +13.5% | ICE delivered record Q1 net revenues of $3 billion, up 18%, with adjusted EPS of $2.35 surging 37% year-over-year as record exchange volumes spanned all asset classes and the global energy franchise underwent structural repricing | |
| MCOMoody's Corporation | 7 | +8.1% | Record Rated Issuance Driven by AI Infrastructure | |
| MSCIMSCI | 8 | +14.1% | MSCI delivered over 13% organic revenue growth and nearly 14% adjusted EPS growth, with the ABF run rate hitting $872 million on $103 billion in record inflows and hedge funds driving subscription acceleration, marking record Q1 results across multiple dimensions | |
| NDAQNasdaq, Inc. | 8 | +2.3% | Nasdaq delivered net revenue of $1.4 billion with 13% growth as FinTech achieved record revenue with ACV bookings surging over 50% and 80% cloud-based, while Capital Markets Technology grew 20% with broad-based demand | |
| SPGIS&P Global | 8 | +10.4% | S&P Global grew Q1 2026 revenue 10% (9% organic constant currency) with adjusted diluted EPS up 14% year-over-year, as Ratings demonstrated resilience amid macro volatility and Indices delivered double-digit growth across all product lines |
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)
Coinbase reported a Q1 net loss of $394 million as total revenue declined 21% quarter-over-quarter amid a broad crypto market downturn that crushed transaction revenue across all segments
FactSet delivered its fourth consecutive quarter of ASV growth acceleration at 6.7%, powered by double-digit Data Solutions growth across all firm types and rapid adoption of AI capabilities including the MCP Server with 120+ clients since December launch
| Company | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 |
|---|---|---|---|---|---|---|
| CBOE | 7 | 8 | 8 | 9 | 9 | 10 |
| CME | 6 | 8 | 7 | 4 | 7 | 7 |
| COIN | 9 | 7 | 5 | 9 | 1 | 1 |
| FDS | 6 | 6 | 5 | 7 | 6 | 6 |
| ICE | 8 | 8 | 9 | 5 | 8 | 9 |
| MCO | 8 | 4 | 7 | 10 | 9 | 7 |
| MSCI | 6 | 7 | 7 | 7 | 7 | 8 |
| NDAQ | 9 | 8 | 8 | 8 | 8 | 8 |
| SPGI | 9 | 7 | 7 | 10 | 8 | 8 |
ICE delivered record Q1 net revenues of $3 billion, up 18%, with adjusted EPS of $2.35 surging 37% year-over-year as record exchange volumes spanned all asset classes and the global energy franchise underwent structural repricing
MSCI delivered over 13% organic revenue growth and nearly 14% adjusted EPS growth, with the ABF run rate hitting $872 million on $103 billion in record inflows and hedge funds driving subscription acceleration, marking record Q1 results across multiple dimensions
Nasdaq delivered net revenue of $1.4 billion with 13% growth as FinTech achieved record revenue with ACV bookings surging over 50% and 80% cloud-based, while Capital Markets Technology grew 20% with broad-based demand
S&P Global grew Q1 2026 revenue 10% (9% organic constant currency) with adjusted diluted EPS up 14% year-over-year, as Ratings demonstrated resilience amid macro volatility and Indices delivered double-digit growth across all product lines