Key Highlights

• About three-quarters of Nasdaq's net Revenue came from software, data and listings, while roughly three-quarters of Cboe's came from transaction and clearing fees.

• Cboe's total Options Average Daily Volume rose 26% to 21.9 million contracts, driving a 70.4% adjusted operating margin.

• Nasdaq's index revenue rose 38% to $271 million as Assets in exchange-traded products tracking its indices passed $1 trillion for the first time.

Trading volumes are only part of the story for Nasdaq (NASDAQ:NDAQ) and Cboe Global Markets (Cboe BZX:CBOE) because the two S&P 500 exchange groups have built almost mirror-image revenue models. In the three months to June 30, 2026, roughly three-quarters of Nasdaq's net revenue came from software, data, listings and index licensing, while roughly three-quarters of Cboe's came from net transaction and clearing fees. Both reported strong growth, but for different reasons, and each would respond differently if market activity cooled.

Two Exchange Groups, Inverted Revenue Mixes

Both companies sit in the Financials sector's Financial Exchanges & Data sub-industry. Nasdaq's shares trade on its own Nasdaq Stock Market; Cboe's trade on its Cboe BZX equities exchange.

The headline comparison hides a structural gap. Nasdaq now describes itself as a technology company serving capital markets, with trading reported in a single Market Services segment. Cboe remains primarily a Derivatives marketplace, anchored by options on the S&P 500 and the Cboe Volatility Index, with a data and access Business layered on top.

Nasdaq (NASDAQ:NDAQ): Volumes Help, but Solutions Leads

Nasdaq reported on July 23, 2026, second-quarter net revenue of about $1.50 billion, up 15% from $1.31 billion. Net revenue is revenue after transaction-based expenses, chiefly the rebates exchanges pay to traders who Supply liquidity.

The Solutions businesses produced $1.16 billion, up 17%. Within that, Capital Access Platforms, which covers listings, data, index and investor workflow tools, rose 19% to $621 million, and Financial Technology, which sells anti-financial-crime, regulatory and capital-markets software, rose 16% to $539 million. Annualised Recurring Revenue reached $3.3 billion, up 11%.

Index was the standout. Revenue rose 38% to $271 million as assets in exchange-traded products tracking Nasdaq indices passed $1 trillion for the first time, ending the quarter at $1.114 trillion. Because licence fees are typically linked to those assets, rising markets and investor inflows lift income without a single extra trade.

Market Services, the trading segment, still grew 11% to $340 million from $306 million. Non-GAAP diluted EPS rose 25% to $1.07 from $0.85, while reported GAAP EPS rose 14% to $0.89.

Cboe (Cboe BZX:CBOE): Volume-Led Growth With a Data Layer

Cboe reported on July 31, 2026, net revenue of $731.6 million, up 25% from $587.3 million. Net transaction and clearing fees rose 30% to $561.3 million, while Options segment net revenue jumped 30% to $473.9 million.

Activity explains much of that. Total options average daily volume rose 26% to 21.9 million contracts, and index options, where Cboe owns proprietary products, rose 32% to 6.2 million. Index Options generally earn higher fees than multi-listed Equity options traded on many venues.

Cboe's recurring layer is growing too. Data Vantage, which groups market data, access and capacity fees and analytics services, rose 15% to $181.6 million. With adjusted operating expenses up only 2% to $216.7 million, the adjusted Operating Margin reached 70.4%. Adjusted diluted EPS rose to $3.56 from $2.46.

Why the Mix Changes the Risk Profile

For Cboe, higher volumes flow quickly to profit because costs are largely fixed; that is the Operating Leverage visible in its margin. The reverse applies if volatility subsides, since index options activity is closely tied to how actively investors hedge and speculate.

Nasdaq's exposure is spread differently. Subscription software revenue tends to be steadier, although its growth depends on sales to banks and brokers. Index income is sensitive to asset prices rather than turnover, so a falling market could hurt it even if trading rose.

The gap between gross and net figures matters too. Cboe's total revenues were roughly $1.44 billion, roughly twice net revenue, because much of what traders pay passes back out as Liquidity rebates and regulatory fees.

Portfolio Reshaping

Cboe is narrowing its footprint. On April 22, 2026, it agreed to sell Cboe Australia and Cboe Canada to TMX Group for $300 million, saying it would redirect capital towards equity derivatives, prediction markets, digital assets and tokenisation. Management also raised 2026 guidance for organic net revenue growth to the mid-to-high teens, from low double digits to mid-teens.

Nasdaq returned $530 million in the quarter through $174 million of dividends and $356 million of buybacks, and reported new financial-crime software wins. Rather than selling businesses, it is leaning on existing franchises, with index products attracting $51 billion of net inflows in the quarter.

Risks to the Interpretation

The second quarter of 2026 was a busy period for options markets, and that comparison may not persist. Cboe's raised guidance assumes activity stays elevated. Nasdaq's index growth relies on market levels and inflows that can reverse, and its technology sales face competition and longer bank buying cycles. Regulatory change to US equity market structure or rebates could affect both groups' trading economics.

Volume and Data Signals Ahead

Useful indicators include monthly options volume and index options share, Nasdaq's recurring revenue growth and index ETP assets, Cboe's Data Vantage growth against its low-teens guidance, and completion of the TMX transactions.