Filing Flows › Cboe Global Markets (CBOE) › Q2 2026 › vs Q2 2025
Cboe Global Markets (CBOE) Q2 2026 vs Q2 2025 (year over year)
Cboe Global Markets's revenue rose $269M (+23%) from $1.2B in Q2 2025 to $1.4B in Q2 2026. The biggest changes: Options +$167M (+29%); North American Equities +$78.2M (+18%); Europe and Asia Pacific +$18.8M (+19%). Gross margin 50.7% against 50.0% (+0.7 pts).
Cboe Global Markets, Q2 2026: revenue $1.4B (+23% year over year), operating margin 33.0%, net earnings $353M, operating cash flow −$503M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 50.7% | 50.0% | +0.7 pts |
| Operating margin | 33.0% | 28.9% | +4.1 pts |
| Net margin | 24.5% | 20.0% | +4.4 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Options | $743M | $576M | $167M | +29% |
| North American Equities | $520M | $442M | $78.2M | +18% |
| Europe and Asia Pacific | $118M | $99.0M | $18.8M | +19% |
| Futures | $33.4M | $32.5M | $900K | +3% |
| Global FX | $28.5M | $24.4M | $4.1M | +17% |
| Revenue | $1.4B | $1.2B | $269M | +23% |
| Gross profit | $732M | $587M | $144M | +25% |
| Cost of revenue | $711M | $586M | $125M | +21% |
| Other income, net | $18.7M | −$4.5M | $23.2M | — |
| Operating profit | $476M | $339M | $137M | +40% |
| Operating expenses | $256M | $248M | $7.4M | +3% |
| Pre-tax earnings | $495M | $335M | $160M | +48% |
| Net earnings | $353M | $235M | $118M | +50% |
| Income tax | $142M | $99.5M | $42.1M | +42% |
| Operating cash sources | $900M | −$55.4M | $955M | — |
| Depreciation & amortization | $28.1M | $29.9M | −$1.8M | -6% |
| Share-based compensation | $15.6M | $13.3M | $2.3M | +17% |
| Cash used in operations | $503M | −$334M | $837M | — |
| Working capital & other | $900M | −$55.4M | $955M | — |
Questions
How much did Cboe Global Markets's revenue grow year over year in Q2 2026?
Cboe Global Markets's revenue rose $269M (+23%) from $1.2B in Q2 2025 to $1.4B in Q2 2026.
What drove Cboe Global Markets's revenue change in Q2 2026?
Options +$167M (+29%); North American Equities +$78.2M (+18%); Europe and Asia Pacific +$18.8M (+19%).