Cboe reported record Q4 and full-year results, driven by strong derivatives volumes, particularly in zero-DTE and multi-list options, alongside solid growth across all other segments. Management issued a confident but conservative 2026 outlook, emphasizing strategic focus on core businesses and new opportunities like event prediction markets. Record Q4: Net revenue up 28% to $671M, adjusted EPS up 46% to $3.06, driven by a 38% surge in derivatives revenue.
Cboe reported record Q4 and full-year results, driven by strong derivatives volumes, particularly in zero-DTE and multi-list options, alongside solid growth across all other segments. Management issued a confident but conservative 2026 outlook, emphasizing strategic focus on core businesses and new opportunities like event prediction markets. Record Q4: Net revenue up 28% to $671M, adjusted EPS up 46% to $3.06, driven by a 38% surge in derivatives revenue.
Cboe reported record Q4 and full-year results, driven by strong derivatives volumes, particularly in zero-DTE and multi-list options, alongside solid growth across all other segments. Management issued a confident but conservative 2026 outlook, emphasizing strategic focus on…
Record Q4: Net revenue up 28% to $671M, adjusted EPS up 46% to $3.06, driven by a 38% surge in derivatives revenue.
Derivatives Strength: SPX volumes hit record highs, with zero-DTE options volume up 66% YoY, and multi-list options benefited from high industry volumes and the launch of new expiries.
Strategic Realignment: Cboe is divesting Cboe Australia/Canada and closing its European derivatives exchange (FedEx), focusing resources on core businesses and emerging opportunities.
Management is optimistic and bullish, citing record results, strong secular tailwinds in derivatives and multi-list options, and a focused strategic direction for 2026.
Cboe expects 2026 capital expenditures of $73 to $83 million and depreciation and amortization of $56 to $60 million, reflecting continued investment in core businesses and emerging opportunities.
Management expressed strong confidence in the business momentum, highlighted record results across segments, and detailed strategic initiatives for future growth.
“roughly 90% of the growth across our market data and access businesses was again driven by new unit and new sales as opposed to pricing.”
“Monday-Wednesday options are ranging between 10 to 30 percent of the total number of options that are trading in the nine names that were launched.”
“ORF can be charged by multiple venues on the same cleared trade, which is why it's become really a point of focus and discussion across the industry.”
“These products will closely align with our SPX options ecosystem. We already see more than 200,000 SPX zero DTE contracts trade every day.”
| Metric | Period | Range | Midpoint | Status |
|---|---|---|---|---|
| Revenue | FY2026 | 0.05% | 0.05% | INITIATED |
| Issued | Metric | Target | Guide | Actual | Outcome |
|---|---|---|---|---|---|
| FY2026 Q2 | EPS | FY2026 Q2 | $3.56 | $3.56 | Met / beat |
Robinhood's retail options volume is a source of order flow for CBOE, and its growth is a positive demand indicator for their derivatives products.
“Robinhood was a great ad. We continue to see their options volume grow, which is super exciting.”
Yeah, this is Rob. Thanks, Eli. Maybe I'll take that question. We don't get down to specific SPX attribution, but I can take it up one notch for you. As you mentioned, we continue to expand access to our core products. Robinhood was a great ad. We continue to see their options volume grow, which is super exciting. And I think they've been very public that they see good options growth in kind of the midterm, I think. So we're excited about that. As you mentioned on the APEX side, we continue to see strong demand from international retail brokers and institutional clients wanting to connect to our exchanges, especially for SPX options. The mega tech, the mega cap tech names are also in demand and are fixed. They've voiced that they're very anxious to really tap the large US pools of liquidity that we have. Korea has been a success story for SPX options with seven of the 10 identified local brokers that we've seen all offering now SPX options at this point. To put that in perspective, that's compared to zero online two years ago. So that's expanding. We see that as a really good opportunity for growth. To give another region, Taiwan saw the first local retail broker launch of SPX and …
CBOE's new event contract products depend on OCC's clearing readiness, indicating a collaborative partnership for new product launches.
“we need to launch these with the various partners we have in the industry such as OCC and a lot of the retail broker platforms”
… their remarks reinforce the idea that securities products belong on a registered securities exchange, which really puts SIBO in a very strong position in the driver's seat, so to speak, with expanding into this space and continuing the development. Now, the positive thing behind this regulatory clarity statement is it's giving people increased confidence. As certainty improves, participation broadens, not just among individual investors, but also among retail brokerage platforms, which is important. They've been previously cautious about entering the space, and so we think the timing is good with the added regulatory clarity, kind of how this product set intertwines with our existing SPS when I think that's always the last question we get which is when when do you think we'll launch you know right now we're targeting a second quarter launch assuming regulatory approval and really most importantly partner readiness as we need to launch these with the various partners we have in the industry such as OCC and a lot of the retail broker platforms but as we get closer we'll continue to provide more updates but big picture we're super excited about the space all right thank you very much
New single-stock 0DTE options (Monday/Wednesday expirations) are initially concentrated in NVIDIA and Tesla, but management believes they are additive, not cannibalistic, due to fundamental differences in product design (cash vs. physical settlement). — Early adoption is high in high-volatility names, and management views this as expanding the industry pie while emphasizing the structural advantages of their index options.
… I'll even take a step back and just, this is obviously a popular question we're getting, so maybe just give an overview of what we've seen early days in the Monday-Wednesday trading as well as kind of to your cannibalization question. So far, I think early uptake of the Monday-Wednesday options have been good. They're largely concentrated really in two names, NVIDIA and Tesla. At this point, we have a very small data set, obviously, but Monday-Wednesday options are ranging between 10 to 30 percent of the total number of options that are trading in the nine names that were launched. And so, you know, of these options, a lot of them have been picked or they've all been picked up by all the different exchanges. We're pretty to take a step back and as Craig alluded to you know why are people trading each of these products and and how differently they actually work you know SPX tends to be more smooth because it's a diversified basket you know price moves tend to be more macro driven they're well telegraphed single names are different they're driven by more company specific news which really means more gaps call it sharper jumps fatter tails And so the strategies we see today in zero …