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Cboe Global Markets (CBOE) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 30, 2026 · Cboe Global Markets (CBOE) Q3 2026 earnings results →

Q3 2026 Revenue up 19% year over year to $1.4B · 32¢ of every $1 of revenue kept as net profit · operating margin 39.3%

Cboe Global Markets made $1.4B in Q3 2026 (+19% Y/Y): Options $733M, North American Equities $462M, Europe and Asia Pacific $103M. Operating margin 39.3%, net earnings $428M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 30, 2026.

Revenue$1.4B
Year over year+19%
Operating margin39.3%
Net earnings$428M
Operating cash flow$817M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

Cboe Global Markets Q3 2026 revenue breakdown: Sankey diagram of revenue (Options, North American Equities, Europe and Asia Pacific, Futures), costs, profit and cash flow
Cboe Global Markets Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $1.4B in Q3 2026, up 19% year over year and down 6% from the previous quarter. Options was the largest line at 54% of revenue. Options added $0.12B year over year (up 19%), 54% of the total change. Futures declined 3%.

Gross margin was 52.4%, down 0.6 points from Q3 2025. Operating profit was $0.53B, a 39.3% margin (up 6.9 points year over year). Of the extra revenue versus Q3 2025, 76% reached operating profit, above the 32% margin then. Operating expenses fell 24% while revenue rose 19%. Net earnings were $0.43B, up 42% year over year. The effective tax rate was 22.8%.

Operating cash flow was $0.82B (up 431% year over year), 191% of net earnings. Non-cash charges added back $0.03B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.35B. Capital expenditures of $0.02B left free cash flow of $0.79B.

Quarterly history

Cboe Global Markets revenue by quarterCboe Global Markets revenue by quarter$1.2BQ1 2025$1.2BQ2 2025$1.1BQ3 2025$1.2BQ4 2025$1.3BQ1 2026$1.4BQ2 2026$1.4BQ3 2026
Cboe Global Markets net earnings by quarterCboe Global Markets net earnings by quarter$251MQ1 2025$235MQ2 2025$301MQ3 2025$314MQ4 2025$386MQ1 2026$353MQ2 2026$428MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 30, 2026$1.4B+19%39.3%$428M$817M
Q2 202610-QJul 31, 2026$1.4B+23%33.0%$353M−$503M
Q1 202610-QMay 1, 2026$1.3B+6%39.7%$386M$2.0B
Q4 202510-KFeb 20, 2026$1.2B+9%33.5%$314M$352M
Q3 202510-QOct 31, 2025$1.1B+8%32.4%$301M$154M
Q2 202510-QAug 1, 2025$1.2B+20%28.9%$235M$334M
Q1 202510-QMay 2, 2025$1.2B+25%29.6%$251M$913M

Charts

Cboe Global Markets: revenue growth, year over year and quarter over quarterCboe Global Markets: revenue growth, year over year and quarter over quarterY/YQ/Q+25%Q1 2025+20%-2%Q2 2025+8%-3%Q3 2025+9%+5%Q4 2025+6%+6%Q1 2026+23%+13%Q2 2026+19%-6%Q3 2026
Latest (Q3 2026): Y/Y +19%, Q/Q -6%.
Cboe Global Markets: where the cash came from (+) and went (−), TTM to Q3 2026Cboe Global Markets: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$2.6BCash drawn (+) / kept (−)−$2.6BOther investing$468MDividends−$318MBuybacks−$132MExchange rates−$50.8MTaxes on employees’ shares−$32.0MOther financing$9.4M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Cboe Global Markets: profit against cash, quarter by quarterCboe Global Markets: profit against cash, quarter by quarterNet incomeOperating cash flow$196M−$710MQ4 2024$251M$913MQ1 2025$235M$334MQ2 2025$301M$154MQ3 2025$314M$352MQ4 2025$386M$2.0BQ1 2026$353M−$503MQ2 2026$428M$817MQ3 2026
Latest (Q3 2026): Net income $428M, Operating cash flow $817M.
Cboe Global Markets: diluted shares by fiscal yearCboe Global Markets: diluted shares by fiscal year109MFY2020107MFY2021107MFY2022106MFY2023106MFY2024105MFY2025
-3.8% since FY2020: buybacks shrank the count.
Cboe Global Markets: long-term debt falling due (FY2025)Cboe Global Markets: long-term debt falling due (FY2025)$650M2027$800MLater
Cash $2.2B, short-term investments $36.1M, long-term debt $1.4B at 2025-12-31.
Cboe Global Markets in its industry: growth against margin (9 companies, SIC 6200)Cboe Global Markets in its industry: growth against margin (9 companies, SIC 6200)revenue growth, year over year →↑ operating marginmedian +17%median 31%SNEXLPLAICENDAQCMEBGCTWTOPCBOE (+19%, 39%)
Security & Commodity Brokers, Dealers, Exchanges & Services; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Cboe Global Markets

The following description of the business should be read in conjunction with the information included elsewhere in this Annual Report on Form 10-K for the year ended December 31, 2025. This description contains forward-looking statements that involve risks and uncertainties. Actual results could differ significantly from the results discussed in the forward-looking statements due to the factors set forth in “Risk Factors” and elsewhere in this Annual Report on Form 10-K. Cboe Global Markets, Inc., the world's leading derivatives and securities exchange network, delivers cutting-edge trading, clearing, and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, and FX, across North America, Europe, and Asia Pacific.

In its own words, from its 10-K, filed Feb 20, 2026.

Cboe Global Markets against its Security & Commodity Brokers, Dealers, Exchanges & Services peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +19% against the peers' median +17%. Operating margin: 39.3% against the peers' median 30.6%.

CompanyQuarterRevenueY/YOp. margin
CBOE Cboe Global MarketsQ3 2026$1.4B+19%39.3%
SNEX StoneX GroupQ3 FY26$40.2B+15%0.4%
LPLA LPL Financial HoldingsQ3 2026$5.3B+17%9.1%
ICE Intercontinental ExchangeQ3 2026$3.6B+21%38.8%
NDAQ NasdaqQ3 2026$2.4B+21%30.6%
CME CME GroupQ3 2026$1.7B+13%65.7%
BGC BGC GroupQ3 2026$833M+13%11.8%
TW Tradeweb MarketsQ3 2026$585M+15%43.4%
TOP TOP Financial GroupQ2 FY27$2.2M+44%12.4%

Source: Cboe Global Markets 10-Q on SEC EDGAR · CIK 1374310 · Security & Commodity Brokers, Dealers, Exchanges & Services

Guidance and outlook

Cboe Global Markets: what its forward-looking statements are about (10-Q filed 2026-10-30)Cboe Global Markets: what its forward-looking statements are about (10-Q filed 2026-10-30)Other6Financing2Buybacks & dividends1Deals1
10 statements; tone +0.00 (−1 all cautious, +1 all confident); 2 hedged.

13F: who owns CBOE and who is buying

Largest holders of CBOE (13F)Largest holders of CBOE (13F)Vanguard Group$3.3BBlackRock$2.5BVanguard Capital Management LLC$1.7BVanguard Portfolio Management LLC$1.3BState Street$1.2BAlliancebernstein L.P.$1.1BFMR LLC$1.0BGeode Capital Management, LLC$755MMorgan Stanley$690MDeutsche Bank Ag\$524M
Funds' net buying of CBOE by quarter (13F)Funds' net buying of CBOE by quarter (13F)−$2.8M2024-09−$675M2024-12$508M2025-03$132M2025-06−$337M2025-09$302M2025-12$136M2026-03−$166M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on CBOE

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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