Cboe Global Markets (CBOE) Q1 FY2026 earnings: revenue $1.3 billion, up 6.5% on the year

Cboe Global Markets, Inc. (CBOE) reported revenue of $1.3 billion for Q1 FY2026, the quarter ended 31 March 2026, up 6.5% on the same quarter a year earlier. Net income was $386 million, up 53.9% on the year, and diluted earnings per share $3.66. The figures are the company's own, from the 10-Q it filed with the SEC on 1 May 2026.

Revenue

$1.3 billion

+6.5% on the year · +5.7% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

39.7%

29.6% a year earlier

Q2 FY2024Q1 FY2026

Net income

$386 million

+53.9% on the year · +23.0% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$3.66

+54.4% on the year · +23.2% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 2 raised, 1 lowered, 1 new, 4 kept.

Net revenue and EPS reached records: Net revenue was $728.9 million, up 29 percent. Diluted EPS of $3.66 rose 54 percent, and adjusted diluted EPS of $3.70 rose 48 percent.
Options net revenue rose a third: Options net revenue was $467.6 million, up $115.2 million or 33 percent. Total options ADV rose 10 percent, and multi-listed revenue per contract rose 21 percent.
Index options volumes drove the gain: Index options ADV rose 29 percent and multi-listed ADV rose 4 percent; total options revenue per contract rose 19 percent on a mix shift toward index options.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	1,273	1,204	1,195	+5.7%	+6.5%
Cost of revenue	544	533	630	+2.1%	-13.6%
Gross profit	729	671	565	+8.6%	+29.0%
Gross margin	57.3%	55.7%	47.3%
Operating income	506	404	354	+25.2%	+42.9%
Operating margin	39.7%	33.5%	29.6%
Interest expense	13.3	13.3	12.8	0.0%	+3.9%
Pre-tax income	516	452	350	+14.1%	+47.2%
Income tax	130	138	99.6	-6.1%	+30.3%
Effective tax rate	25.2%	30.6%	28.4%
Net income	386	314	251	+23.0%	+53.9%
Net margin	30.3%	26.0%	21.0%
Diluted EPS	$3.66	$2.97	$2.37	+23.2%	+54.4%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	1,960	352	913	+456.7%	+114.7%
Capital expenditure	19.2	20.0	14.7	-4.0%	+30.6%
Free cash flow	1,941	332	898	+484.4%	+116.1%
Free cash flow margin	152.5%	27.6%	75.2%
Cash from investing	-17.7	419	-19.7
Cash from financing	-140	-77.5	-114
Depreciation and amortisation	29.5	31.3	30.3	-5.8%	-2.6%
Share-based compensation	12.9	11.7	12.4	+10.3%	+4.0%
Buybacks	40.9	0.0	30.0		+36.3%
Dividends paid	75.8	75.8	66.4	0.0%	+14.2%
Dividend per share	$0.72	n/a	$0.63		+14.3%
Diluted shares, weighted	105m	105m	105m	0.0%	-0.1%
Shares outstanding at period end	105m	105m	105m	+0.0%	-0.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	5,374	5,138	4,452	+4.6%	+20.7%
Debt	1,443	1,443	1,442	+0.0%	+0.1%
Operating lease liabilities	115	121	138	-5.2%	-17.0%
Other liabilities	4,139	2,603	2,636	+59.0%	+57.0%
Total liabilities and equity	11,071	9,305	8,667	+19.0%	+27.7%
Fixed assets	137	133	119	+3.2%	+15.4%
Goodwill	3,142	3,150	3,132	-0.3%	+0.3%
Intangible assets	1,275	1,297	1,368	-1.7%	-6.8%
Investments	35.9	36.1	106	-0.6%	-66.1%
Cash and equivalents	2,134	2,216	1,047	-3.7%	+103.8%
Receivables	515	391	493	+31.5%	+4.4%
Other assets	3,831	2,080	2,402	+84.2%	+59.5%
Total assets	11,071	9,305	8,667	+19.0%	+27.7%

Questions

What was Cboe Global Markets' revenue in Q1 FY2026?

Cboe Global Markets (CBOE) reported revenue of $1.3 billion for Q1 FY2026, the quarter ended 31 March 2026, up 6.5% on the same quarter a year earlier.

How much did Cboe Global Markets earn in Q1 FY2026?

Net income for Q1 FY2026 was $386 million, up 53.9% on the year, and diluted earnings per share $3.66.

When did Cboe Global Markets report Q1 FY2026 results?

Cboe Global Markets filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 1 May 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	866	974	986	994	1,005	988	908	909	969	957	974	1,056	1,108	1,195	1,174	1,142	1,204	1,273	1,443	1,359
Cost of revenue	476	556	562	551	548	517	441	428	470	455	460	524	583	630	586	536	533	544	711	647
Gross profit	390	418	424	442	457	471	467	480	499	502	514	532	524	565	587	606	671	729	732	712
Gross margin	45%	43%	43%	45%	45%	48%	51%	53%	52%	52%	53%	50%	47%	47%	50%	53%	56%	57%	51%	52%
Operating income	221	240	-237	237	250	248	245	271	294	282	210	307	298	354	339	370	404	506	476	534
Operating margin	25%	25%	-24%	24%	25%	25%	27%	30%	30%	30%	22%	29%	27%	30%	29%	32%	34%	40%	33%	39%
Interest expense	11.5	11.7	15.1	16.1	17.1	17.1	16.7	15.4	13.2	13.0	12.8	12.8	12.9	12.8	12.9	13.3	13.3	13.3	13.2	13.1
Pre-tax income	210	225	-257	229	236	248	242	270	288	292	203	309	280	350	335	430	452	516	495	554
Tax rate	21%	51%	n/a	34%	32%	30%	31%	23%	26%	28%	31%	29%	30%	28%	30%	30%	31%	25%	29%	23%
Net income	166	110	-184	150	159	173	167	207	215	210	140	218	196	251	235	301	314	386	353	428
Net margin	19%	11%	-19%	15%	16%	17%	18%	23%	22%	22%	14%	21%	18%	21%	20%	26%	26%	30%	24%	32%
Diluted EPS	$1.55	$1.02	-$1.74	$1.41	$1.49	$1.63	$1.57	$1.95	$1.98	$1.96	$1.33	$2.07	$1.86	$2.37	$2.23	$2.85	$2.97	$3.66	$3.35	$4.08
Operating cash flow	-689	1,260	-634	169	-144	1,031	-503	737	-189	896	1,494	-578	-710	913	334	154	352	1,960	-503	817
Capital expenditure	13.7	10.8	11.4	10.2	27.4	12.4	7.8	7.7	17.1	7.3	17.8	12.0	23.8	14.7	20.3	16.0	20.0	19.2	33.1	24.1
Free cash flow	-702	1,249	-646	159	-171	1,018	-511	729	-206	888	1,476	-590	-734	898	313	138	332	1,941	-536	793
Buybacks	0.0	70.0	15.6	0.0	15.3	70.0	8.1	0.0	5.8	76.6	101	26.4	0.5	30.0	36.7	0.0	0.0	40.9	34.4	56.7
Dividends paid	51.5	51.4	51.2	53.4	53.4	53.3	53.2	58.5	58.5	58.5	58.2	66.3	66.4	66.4	66.4	75.7	75.8	75.8	75.7	90.2
Shares outstanding	107m	106m	106m	106m	106m	106m	106m	106m	106m	105m	105m	105m	105m	105m	105m	105m	105m	105m	105m	104m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2026, filed 1 May 2026: the filing.