Key Highlights

  • Net Revenue grew 18% to USD 712 million, and adjusted diluted EPS rose 36% to USD 3.63.
  • Derivatives net revenue rose 22% to USD 402 million, and Index Options Volume rose 24% to 6.1 million contracts.
  • Adjusted operating expenses fell 3% to USD 204 million, lifting the adjusted operating EBITDA Margin 5.8 points to 73.3%.
  • Zero-days-to-expiration options made up a record 65% of SPX activity, and retail made up an estimated 58% of that volume.

Broad-Based Growth

Cboe Global Markets, Inc. (CBOE:CBOE) reported third-quarter 2026 net revenue of USD 712 million, up 18%, with double-digit growth in every major category and growth in four of five segments. Adjusted diluted EPS rose 36% to USD 3.63. Adjusted operating expenses were USD 204 million, down 3% on lower compensation following a strategic realignment and reduced travel and promotional spending, and adjusted operating EBITDA grew 28% to USD 522 million.

Derivatives and Cash Markets

Derivatives net revenue rose 22% to USD 402 million. Index options Average Daily Volume rose 24% to 6.1 million contracts and multi-list volume rose 10%. SPX zero-days-to-expiration retail volume jumped 46% against institutional growth of 20%, retail rose to an estimated 58% of volume from 53%, and XSP volume more than doubled after the June repeal of the Pattern Day Trader rule. Mini-SPX options averaged 251,000 contracts per day and global trading hours products nearly 250,000 contracts per day. Global trading hours volume rose over 130%, with the Asian session above 30% of that volume. VIX options volume rose just 3% in a stable Volatility environment, though VIX call volume hit a two-year daily high in October as volatility picked up amid rising bond yields and geopolitical uncertainty. Management said options remain the tool of choice for most investors because they define maximum loss upfront while keeping upside exposure, and noted that the vast majority of zero-days-to-expiration trading happens in capped-risk structures.

Cash and spot markets net revenue rose 12% to USD 131 million. Global FX net revenue rose 23% to USD 28 million, and North American equities net revenue rose 10% to USD 114 million on improved net capture.

Guidance Updates

Management now projects total organic net revenue growth in the high teens for 2026, up from mid-to-high teens, excluding the sale of Cboe Australia, and DataVantage organic net revenue growth in the mid-teens, up from low teens. Adjusted Operating Expense guidance was revised to USD 830 million to USD 845 million. The adjusted effective tax rate was 27.6%, within a full-year range of 27.5% to 29.5%.

The extension of the exclusive licensing agreement with S&P Dow Jones Indices has no impact on 2026 net revenues, with updated Royalty terms beginning in 2027, which management described as having a de minimis effect on 2027 net revenues considering volume growth and pricing opportunities.

Volatility and Participation Indicators

Earlier this month the company launched extended early trading hours for single stock options, which lets more international customers trade U.S. options in their local hours. Items to watch include VIX options activity as volatility rises, retail participation in index options, extended trading hours for single stock options and the timeline for the Cboe Canada transaction, which remains in 2026 guidance until closing is clearer.