Overview
Derivatives exchange's Q4 net revenue rose 28% yr/yr
Adjusted EPS for Q4 grew 46% yr/yr
Company sets 2026 organic revenue growth target of mid single-digit
Outlook
Cboe expects 2026 organic total net revenue growth in mid single-digit range
Company anticipates 2026 Data Vantage organic net revenue growth of mid to high single-digit
Cboe sets 2026 adjusted operating expense guidance at $864 to $879 mln
Result Drivers
DERIVATIVES VOLUME - Record volumes in index and multi-listed options drove 38% net revenue growth in derivatives business
CASH AND SPOT MARKETS - Cash and Spot Markets net revenue rose 27% yr/yr
DATA VANTAGE - Data Vantage net revenue increased 9% yr/yr
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q4 Revenue | $671.10 mln | ||
Q4 Adjusted EPS | $3.06 | ||
Q4 EPS | $2.97 | ||
Q4 Net Income | $313.50 mln | ||
Q4 Adjusted EBITDA | $464.70 mln | ||
Q4 Adjusted EBITDA Margin | 69.20% | ||
Q4 Operating Income | $403.80 mln | ||
Q4 Operating Margin | 60.20% |
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 4 "strong buy" or "buy", 10 "hold" and 3 "sell" or "strong sell"
The average consensus recommendation for the financial & commodity market operators & service providers peer group is "buy."
Wall Street's median 12-month price target for CBOE Global Markets Inc is $280.00, about 1.8% above its February 5 closing price of $275.03
The stock recently traded at 25 times the next 12-month earnings vs. a P/E of 23 three months ago
Press Release: ID:nPn402FTa
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.
(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)