Cboe二季度收入与EPS超预期并上调全年收入增长指引

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Introduction & Market Context
Cboe Global Markets (CBOE:CBOE) presented second quarter 2026 results on July 31, 2026, highlighting record net revenue of $731.6 million and the continued dominance of zero-day-to-expiration (0DTE) options trading in its flagship S&P 500 Index (SPX) franchise. The exchange operator’s presentation detailed how cyclical market volatility and secular trends toward retail options adoption are driving unprecedented growth in its derivatives business.
The results exceeded Wall Street expectations, with adjusted earnings per share of $3.56 beating estimates by $0.20 and revenue coming in $31.5 million above forecasts. Cboe shares rose 2.59% to $304.19 following the report, reflecting investor confidence in the company’s strategic positioning and growth trajectory.
As shown in the following overview of second quarter performance, net revenue grew 25% year-over-year, with all major business segments contributing to the expansion.
Quarterly Performance Highlights
Cboe delivered its second consecutive quarter of record net revenue, demonstrating strong operating leverage as adjusted diluted earnings per share surged 45% year-over-year while adjusted operating expenses rose just 2%. This disciplined cost management helped expand the adjusted operating EBITDA margin by 6.4 percentage points to 72.2%, one of the highest levels in the company’s recent history.
The derivatives segment led performance with 30% revenue growth, driven by total options average daily volume (ADV) increasing 26% to 21.9 million contracts. Index options ADV reached a record 6.2 million contracts, up 32% year-over-year, while multi-listed options ADV grew 24%.
Data Vantage, Cboe’s non-transaction revenue business, posted 15% growth as the company expanded its suite of data solutions across geographies and asset classes. The Cash and Spot segment grew 22%, benefiting from strong industry volumes in both cash equities and foreign exchange products.
The company’s financial performance trends are illustrated in the following summary showing compound annual growth rates across key metrics.
Derivatives Dominance: The 0DTE Revolution
The presentation emphasized how 0DTE options have become the dominant force in Cboe’s SPX franchise, now representing 65% of total SPX volume as of May 2026. This marks a dramatic shift from just 22% when Tuesday and Thursday expirations were introduced in 2022, reflecting both the repeal of the Pattern Day Trader rule in June 2026 and growing institutional adoption.
Record quarterly volumes underscore this trend. SPX options ADV reached 5.1 million contracts, up 40% year-over-year, with 0DTE ADV of 3.1 million contracts growing 48%. The smaller-sized Mini-SPX product posted even stronger gains, with ADV of 195,000 contracts up 80% and 0DTE ADV of 101,000 contracts doubling year-over-year.
The following chart illustrates the cyclical and secular drivers behind record options volumes in the second quarter.
Cboe attributed this growth to both cyclical tailwinds—including macroeconomic uncertainty, geopolitical tensions, and shifting policy positions—and secular trends such as market globalization, wider retail adoption of options, and the rise of shorter-dated trading strategies.
The historical evolution of SPX 0DTE trading is shown in the following chart, which tracks the product’s growth from the 24x5 launch in January 2022 through the Tuesday/Thursday expiration expansion in May 2022.
Individual participation in 0DTE trading reached 65% of customer ADV in May 2026, while institutional participation climbed to 60%, demonstrating broad-based adoption across investor types. The repeal of the Pattern Day Trader rule eliminated a friction point for smaller retail accounts, contributing to 0DTE reaching its highest-ever share of total SPX volume.
Strategic Initiatives: Event Contracts and Prediction Markets
Cboe’s presentation outlined an ambitious roadmap for expanding into event contracts and prediction markets, positioning these initiatives as "the next chapter of growth" for the company. The strategy unfolds in two phases, both leveraging Cboe’s existing regulatory framework and clearing infrastructure.
Phase 1, launched in June 2026, introduced Mini-SPX binary event contracts regulated as securities. Vertical call spread binaries are expected in the coming months. The presentation emphasized that this offering benefits from existing brokerage connectivity and established liquidity, enabling efficient distribution to retail investors.
Phase 2 expands the binary suite to company fundamentals, with 23 companies already mapped to key performance indicator (KPI) categories including earnings per share, revenue, margins, and unique operational metrics. Cboe filed with the SEC in July 2026 to list these company-KPI event contracts, targeting a September launch pending regulatory approval.
The company’s event contracts roadmap and key regulatory workstreams are detailed in the following strategic timeline.
The presentation included a detailed case study comparing 0DTE options to perpetual futures, demonstrating the risk/reward advantages of options’ convex payoff structure versus linear derivatives.
In a hypothetical hedge of the April 21, 2026 US-Iran ceasefire expiration, a 50-delta at-the-money put delivered returns 42 times higher than a 10x leveraged perpetual futures position on a -0.94% SPX move, while capping downside risk at the premium paid. This analysis supports Cboe’s positioning of 0DTE options as the preferred tool for defined-risk trading strategies.
Data Vantage: Driving Durable Growth
Cboe raised its 2026 Data Vantage organic net revenue growth target from "low double-digit" to "low teens," reflecting strong momentum in this non-transaction business. Second quarter Data Vantage net revenue of $177.8 million grew 15% year-over-year organically, driven by new unit sales and successful product launches that exceeded management expectations.
The company’s data strategy focuses on four priorities: global data distribution powered by market-leading positions across asset classes, comprehensive real-time risk analytics solutions, index creation and distribution to grow the index-centric investment ecosystem, and cross-border data demand leveraging Cboe’s global platform.
Data Vantage gross revenue trends demonstrate consistent growth with a 10% compound annual growth rate from Q2 2023 to Q2 2026, as shown in the following breakdown.
Access and capacity fees grew to $116 million while proprietary market data revenue reached $65 million in the second quarter, highlighting the diversification of revenue streams beyond transaction-dependent businesses.
Cash and Spot: Portfolio Optimization
While the Cash and Spot segment delivered solid 22% revenue growth in the second quarter, Cboe’s presentation announced a strategic realignment with the agreed-upon sale of Cboe Canada and Cboe Australia to TMX Group. This divestiture, announced in October 2025, allows Cboe to reallocate resources and capital toward optimizing core businesses and pursuing opportunities in new and emerging areas.
U.S. equities on-exchange revenue performance remained strong, with revenue per contract (RPC) increasing 50% despite matched ADV holding steady with prior-year levels. U.S. equities off-exchange ADV surged 89% to 237 million shares, reflecting growth in the BIDS Trading platform.
European equities average daily notional value (ADNV) traded on Cboe rose 13% to €15.5 billion, while Cboe Clear Europe’s market share of cleared volume increased to 40.2% from 39.5% year-over-year. Global FX ADNV grew 8% to $60.6 billion.
The following chart details performance across the Cash and Spot product suite and the strategic implications of the TMX transaction.
Secular Trends Alignment
Cboe’s presentation emphasized its strategic alignment with three powerful secular trends reshaping the exchange industry. The company positioned itself to capitalize on U.S. market and S&P 500 dominance, with the U.S. representing approximately half of global equity value at over $75 trillion in market capitalization and more than $20 trillion in assets indexed or benchmarked to the S&P 500 globally.
The growing role of retail investors represents a second tailwind, with U.S. household financial assets growing 6% annually for more than three decades. Cboe reported 173% quarter-over-quarter growth in Options Institute class registrations, reflecting its commitment to expanding investor education and access.
The secular growth in options trading continues unabated, with 2026 on pace for a seventh consecutive record year. Average daily options contracts traded reached approximately 71 million through Q2, with single-day volume exceeding 110 million in the past year. U.S. options volume has grown 20% annually since 2019, more than tripling in seven years.
The following visualization illustrates Cboe’s strategic positioning relative to these three secular trends.
Global Trading Hours (GTH) volume set a record in the second quarter with strong growth from Asia Pacific, as SPX options have become the preferred source of liquidity for equity investors trading outside U.S. market hours.
Financial Analysis and Capital Allocation
Cboe’s strong profitability enabled continued investment in growth initiatives while maintaining balance sheet flexibility. The company’s debt-to-adjusted EBITDA ratio improved to 0.7x at quarter-end from 1.0x in September 2025, while adjusted cash increased to $2.3 billion from $1.5 billion over the same period.
The company returned $108.3 million to shareholders in the second quarter through $32.6 million in share repurchases and $75.7 million in dividends. Cboe maintained its quarterly dividend at $0.72 per share and had $536.8 million remaining under existing share repurchase authorizations as of June 30, 2026.
The following breakdown details Cboe’s net revenue by segment, showing balanced growth across the portfolio.
Adjusted operating expenses of $216.7 million increased just 2% year-over-year, primarily driven by a $5 million increase in compensation and benefits and a $5 million increase in travel and promotional expenses. This disciplined spending enabled operating margin expansion despite investments in clearing infrastructure and new product development.
Forward-Looking Statements and Guidance
Cboe raised its full-year 2026 organic net revenue growth guidance to the "mid to high teens" range from the previous "low double-digit to mid teens" outlook, reflecting strong momentum across the business and successful execution of strategic initiatives. The company also elevated its Data Vantage organic net revenue growth target to the "low teens" from "low double-digit."
Adjusted operating expense guidance remained unchanged at $838 million to $853 million, implying 0% to 2% growth for the full year despite increased investments in growth initiatives. Capital expenditure guidance increased to $98 million to $108 million from $73 million to $83 million, reflecting investments in clearing capabilities and infrastructure to support new products.
The updated 2026 guidance reflects anticipated impacts from strategic realignments, including the discontinuation of U.S. and European corporate listings businesses, CEDX, and Japanese equities operations, along with the planned divestiture of Cboe Australia.
The following table presents the updated full-year 2026 guidance compared to previous estimates and 2025 actual results.
The company expects $40 million to $50 million in annualized savings from strategic realignment initiatives, with $20 million to $25 million expected to benefit 2026 results. Management emphasized that the guidance incorporates impacts from business divestitures while maintaining investment in high-growth areas.
The product roadmap for event contracts and expanded trading hours includes several key milestones subject to regulatory approval. Enhanced clearing capabilities and company-KPI event contracts are both targeted for September 2026, while 23x5 U.S. equity trading is planned for December 2026. Futures event contracts and 24x7 trading across markets are scheduled for 2027, though specific timing remains to be determined.
The following chart illustrates the historical growth trajectory of Cboe’s proprietary index suite, showing the impact of product innovations including expanded trading hours, new expirations, and product launches.
Management noted that all strategic initiatives remain subject to regulatory review and approval, with timelines subject to revision based on industry readiness and regulatory processes.
Full presentation:
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