Cboe Q4 revenue, EPS up on record volumes

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

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.