Filing Flows › Cboe Global Markets (CBOE) › Q3 2026 › vs Q3 2025
Cboe Global Markets (CBOE) Q3 2026 vs Q3 2025 (year over year)
Cboe Global Markets's revenue rose $217M (+19%) from $1.1B in Q3 2025 to $1.4B in Q3 2026. The biggest changes: Options +$117M (+19%); North American Equities +$84.4M (+22%); Europe and Asia Pacific +$10.6M (+11%). Gross margin 52.4% against 53.0% (-0.6 pts).
Cboe Global Markets, Q3 2026: revenue $1.4B (+19% year over year), operating margin 39.3%, net earnings $428M, operating cash flow $817M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 52.4% | 53.0% | -0.6 pts |
| Operating margin | 39.3% | 32.4% | +6.9 pts |
| Net margin | 31.5% | 26.3% | +5.2 pts |
| Free cash flow margin | 58.4% | 12.1% | +46.3 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Options | $733M | $616M | $117M | +19% |
| North American Equities | $462M | $378M | $84.4M | +22% |
| Europe and Asia Pacific | $103M | $92.8M | $10.6M | +11% |
| Futures | $30.9M | $32.0M | −$1.1M | -3% |
| Global FX | $28.9M | $23.1M | $5.8M | +25% |
| Revenue | $1.4B | $1.1B | $217M | +19% |
| Gross profit | $712M | $606M | $107M | +18% |
| Cost of revenue | $647M | $536M | $110M | +21% |
| Other income, net | $20.2M | $59.8M | −$39.6M | -66% |
| Operating profit | $534M | $370M | $164M | +44% |
| Operating expenses | $178M | $235M | −$57.3M | -24% |
| Pre-tax earnings | $554M | $430M | $124M | +29% |
| Net earnings | $428M | $301M | $127M | +42% |
| Income tax | $126M | $129M | −$3.0M | -2% |
| Depreciation & amortization | $27.7M | $30.9M | −$3.2M | -10% |
| Share-based compensation | $15.0M | $13.0M | $2.0M | +15% |
| Working capital & other | $346M | −$191M | $537M | — |
| Operating cash flow | $817M | $154M | $663M | +431% |
| Free cash flow (OCF − capex) | $793M | $138M | $655M | +475% |
| Capital expenditures | $24.1M | $16.0M | $8.1M | +51% |
Questions
How much did Cboe Global Markets's revenue grow year over year in Q3 2026?
Cboe Global Markets's revenue rose $217M (+19%) from $1.1B in Q3 2025 to $1.4B in Q3 2026.
What drove Cboe Global Markets's revenue change in Q3 2026?
Options +$117M (+19%); North American Equities +$84.4M (+22%); Europe and Asia Pacific +$10.6M (+11%).