CBOE Filings — Cboe Global Markets, Inc. - FilingSpy
CBOE
Cboe Global Markets, Inc.
One of the world's largest derivatives and securities exchanges, Cboe Global Markets runs the trading venues behind famous products like SPX options, the VIX "fear gauge" index, and Bitcoin futures. Born in 1973 as the Chicago Board Options Exchange—the first U.S. exchange for standardized options—it was founded by the Chicago Board of Trade. Fun fact: its ticker is pronounced "see-bow," and its VIX index, launched in 1993, became Wall Street's go-to gauge of investor anxiety.
Cboe Q2 2026 revenue rose 22.9% to $1.44B with diluted EPS of $3.35
Record options volumes carried Cboe this quarter. rose 22.9% to $1,442.8M and rose 50.2% to $3.35 as index options increased 32% and the prior-year Digital did not recur, though fell 6.6 points to 50.7% from Q1. The company closed its realignment with the CEDX wind-down and a $300M sale agreement for two units.
Key takeaways
Options grew 31% to $341.0M, fueled by a 32% increase in index options and a 24% increase in multi-listed options ADV that lifted transaction and clearing fees.
North American Equities rose 40% to $66.1M, helped by a 50% increase in per hundred touched shares on U.S. equity exchanges after pricing changes.
Europe and Asia Pacific rose to $41.6M from $4.8M, as a 13% rise in European equities matched ADNV and a 21% increase in Cboe Clear Europe net settlement volume combined with the absence of a prior-year $17.1M .
Section summaries
Management's Discussion and Analysis
Cboe Q2 2026 net income rose 50% to $353M on 23% revenue growth, driven by record options volumes and strategic realignment.
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Total revenues increased 23% to $1.44B, primarily from higher transaction and clearing fees in derivatives and cash/spot markets due to increased volumes on Cboe options, U.S. equities, and European equities exchanges.
Total operating expenses increased 3% to $255.6M, as a $26.8M rise in compensation from severance and bonuses was largely offset by the non-recurrence of the $17.1M asset .
Cboe agreed to sell Cboe Australia and Cboe Canada for approximately $300M and completed the wind-down of its CEDX derivatives exchange, continuing the strategic realignment.
fell 6.6 points to 50.7% from Q1's 57.3% even as rose 13.4% quarter over quarter.
What changed
The D.C. Circuit access fee ruling from October 14, 2025 took effect: Q2 U.S. equities per hundred touched shares rose 50% after pricing changes, showing the $0.10 per 100 shares cap did not cut transaction as warned.
The Cboe Australia and Cboe Canada sale flagged in Q1 2026 as a $300M TMX Group deal advanced to a definitive agreement in Q2, continuing the realignment that began with 2025 Japanese equities and CEDX wind-downs.
Index options rose 32% in Q2 after a 29% increase in Q1, extending the 21% FY2025 rise that drove derivatives and confirming the volume trend the prior filings tracked.
No new Digital or Cboe Japan appeared; the Q2 2025 $17.1M Japan charge did not recur, and the $46.7M 2025 realignment impairments were not added to in Q2.
fell 44.9% to $794.2M from a year earlier, after the Q1 2026 drop to $793.9M from $1,442.0M, reflecting debt reduction carried through from the annual report.
What to watch
Closing of the Cboe Australia and Cboe Canada sale to TMX Group and receipt of the approximately $300M proceeds.
Q3 2026 index options after the 32% Q2 increase that drove Options up 31%.
Q3 2026 after the 6.6-point drop from Q1 to 50.7%, and whether the Section 31 fee elimination benefit sustains it.
Q3 2026 after Q2 fell to a $503.2M outflow from $1,960.0M in Q1.
Options grew 31% to $341M, fueled by a 32% surge in index options and a 24% increase in multi-listed options ADV.
North American Equities rose 40% to $66.1M, helped by a 50% increase in per hundred touched shares on U.S. equity exchanges following pricing changes.
Europe and Asia Pacific jumped to $41.6M from $4.8M, as a 13% rise in European equities matched and a 21% increase in Cboe Clear Europe net settlement volume combined with the absence of a prior-year $17.1M charge.
Total operating expenses increased only 3% to $255.6M, as a $26.8M rise in compensation and benefits from severance and higher bonuses was largely offset by the non-recurrence of a $17.1M asset .
The company announced a definitive agreement to sell its Cboe Australia and Cboe Canada businesses for approximately $300 million and completed the wind-down of its CEDX derivatives exchange.
Quantitative and Qualitative Disclosures About Market Risk
Cboe faces FX, equity, credit, interest-rate, and liquidity risks, managed via policies, central counterparties, collateral, and fixed-rate debt.
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A 10% adverse currency move would reduce revenues less cost of revenues by $5.4M (Euro), $2.3M (GBP), $0.9M (CAD), and $0.9M (AUD) for Q2 2026.
A 10% adverse FX move would reduce consolidated equity by $64.1M (GBP), $23.9M (EUR), $18.1M (CAD), and $13.5M (AUD) as of June 30, 2026.
The company states it does not have counterparty credit risk on matched trades on its exchanges because central counterparties like NSCC, OCC, and ASX Clear guarantee clearance and settlement.
Cboe Clear Europe held $2.5B in clearing member margin, default fund, and interoperability fund as of June 30, 2026, and mitigates investment risk through capital preservation policies.
Interest rate risk is limited: $1,443.8M in outstanding debt carries fixed rates, and there were no borrowings under the variable-rate Agreement or Cboe Clear Europe Credit Facility.
Liquidity risk arises from cross-default provisions between the Agreement and the Cboe Clear Europe Credit Facility, which could accelerate debt if triggered.
Cboe incorporates herein by reference the discussion set forth in Note 21 (“Commitments, Contingencies, and Guarantees”) of the condensed consolidated financial statements included herein. There have been no material updates during the period covered by this Form 10-Q to the Leg…
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Cboe incorporates herein by reference the discussion set forth in Note 21 (“Commitments, Contingencies, and Guarantees”) of the condensed consolidated financial statements included herein.
There have been no material updates during the period covered by this Form 10-Q to the Legal Proceedings as set forth in Item 3 of our Annual Report on Form 10-K for the year ended December 31, 2025.
There have been no material updates during the period covered by this Form 10-Q to the Risk Factors as set forth in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 and in Item 1A. of our Form 10-Q for the three months ended March 31, 2026. These ri…
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There have been no material updates during the period covered by this Form 10-Q to the Risk Factors as set forth in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 and in Item 1A. of our Form 10-Q for the three months ended March 31, 2026. These risks and uncertainties, however, are not the only risks and uncertainties that we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also significantly impact us. Any risks and uncertainties may materially and adversely affect our business, financial condition or results of operations, liquidity and cash flows.