{"success":true,"data":{"pressRelease":{"id":"16857","rtpr_id":"nPreRghnma","ticker":"CBOE","exchange":"CBOE","all_tickers":["CBOE"],"title":"Cboe Global Markets Reports Results for First Quarter 2026 and Continued Execution of Strategic Realignment","author":"PR Newswire","published_at":"2026-05-01T11:30:01.918Z","article_body":"Cboe Global Markets Reports Results for First Quarter 2026 and Continued\nExecution of Strategic Realignment\nPR Newswire\n\nCHICAGO, May 1, 2026\n\nFirst Quarter Highlights*\n* Record Diluted EPS for the Quarter of $3.66, Up 54 percent\n* Record Adjusted Diluted EPS(1) for the Quarter of $3.70, Up 48 percent\n* Record Net Revenue for the Quarter of $728.9 million, Up 29 percent\n* Increases 2026 Organic Total Net Revenue Growth Target(2) to 'low\ndouble-digit to mid-teens' from 'mid single-digit' and Cboe Data Vantage(3)\nOrganic Net Revenue Growth Target(2) to 'low double-digit' from 'mid to high\nsingle-digit'\n* Decreases 2026 Adjusted Operating Expense Guidance(2) to $838 to $853\nmillion from $864 to $879 million\n* Announces continued execution of strategic realignment to strengthen core\nbusinesses and enable greater investment for growth\nCHICAGO, May 1, 2026 /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE)\ntoday reported financial results for the first quarter of 2026 and announced\nadditional actions related to its strategic realignment.\n\n\"Cboe delivered an exceptional first quarter, building on our 2025 momentum by\nproducing 29 percent net revenue growth, 54 percent diluted EPS growth, and 48\npercent adjusted diluted EPS(1) growth,\" said Jill Griebenow, Cboe Global\nMarkets Executive Vice President, Chief Financial Officer. \"Our Cash and Spot\nMarkets net revenue rose 34 percent on strong market activity. Our Derivatives\nbusiness was up 32 percent on another quarter of record volumes across our\nindex options products, and our Data Vantage business grew 19 percent on a\nyear-over-year basis. Moving forward, we anticipate 2026 total organic net\nrevenue growth(2) will be in the 'low double-digit to mid-teens' range, up\nfrom our prior guidance of 'mid single-digit', and we anticipate 2026 Data\nVantage organic net revenue growth(2 )will be in the 'low double-digit'\nrange, up from our prior guidance of 'mid to high single-digit'. In addition,\ngiven disciplined expense management and incorporating the impact from today's\nadditional actions related to our strategic realignment, we are reducing our\nfull year 2026 adjusted operating expense guidance(2) range to $838 to $853\nmillion from $864 to $879 million. We are pleased with the strong start to the\nyear and remain focused on producing durable shareholder returns in the\nquarters ahead.\"\n\n\"As I reflect on my first twelve months at Cboe, it is clear that the decisive\nsteps we have taken are moving the company closer to realizing its full\npotential,\" said Craig Donohue, Chief Executive Officer of Cboe Global\nMarkets. \"Following a thorough strategic review and the adoption of a more\nrigorous financial and strategic framework in the second half of 2025, we\nannounced a realignment to increase focus and investment in the core\nbusinesses that drive our earnings. We moved quickly to reorient the\nportfolio, winding down non–core initiatives, optimizing resource allocation\nacross the organization, and reaching a definitive agreement last week to sell\nCboe Canada and Cboe Australia.\n\n\"Today, we announced the next phase of our plan by realigning our organization\nto build more agile teams positioned to operate effectively in a\nfast–changing environment. Our earlier actions to sell, wind down, and\noptimize certain businesses, combined with today's strategic realignment, are\nexpected to reduce our workforce by approximately 20 percent.\n\n\"As evidenced by our record results, we are executing these changes from a\nposition of strength. These actions position us to invest more resources,\nincluding adding talent in emerging areas such as financial and economic event\nmarkets, tokenization initiatives, scaling and expanding our clearing services\nin the U.S. and Europe, and broadening our sales, marketing, and investor\neducation efforts on a global basis. I have been in this industry for several\ndecades, and I have never been as excited about the road ahead as I am now as\nwe continue to build long–term value for shareholders through disciplined\nexecution and focused investment efforts.\"\n\n *       All comparisons are first quarter 2026 compared to the same period in 2025.                                                                                                                                                                                     \n ((1) )  A full reconciliation of our non-GAAP results to our GAAP (\"Generally Accepted Accounting Principles\") results is included in the attached tables. See \"Non-GAAP Information\" in the accompanying financial tables.                                             \n ((2) )  Specific quantifications of the amounts that would be required to reconcile the company's organic net revenue growth guidance and adjusted operating expenses guidance are not available. The company believes that there is uncertainty and unpredictability   \n         with respect to certain of its GAAP measures, primarily related to acquisition-related revenues and costs that would be required to reconcile to GAAP revenues less cost of revenues, and GAAP operating expenses, which preclude the company from providing    \n         accurate guidance on certain forward-looking GAAP to non-GAAP reconciliations. The company believes that providing estimates of the amounts that would be required to reconcile the range of the company's organic net revenue growth guidance and adjusted     \n         operating expenses would imply a degree of precision that would be confusing or misleading to investors for the reasons identified above.                                                                                                                       \n ((3) )  Cboe Data Vantage refers to the company's Cboe Data Vantage business (formerly known as Data and Access Solutions). Cboe Data Vantage is subsequently referred to as Data Vantage throughout this press release.                                                \n\nConsolidated First Quarter Results\n\nTable 1 below presents summary selected unaudited condensed consolidated\nfinancial information for the company as reported and on an adjusted basis for\nthe three months ended March 31, 2026 and 2025.\n\n Table 1                                                                                                  \n Consolidated First Quarter Results   1Q26     1Q25     Change  1Q26 Adjusted¹   1Q25 Adjusted¹   Change  \n ($ in millions except per share                                                                          \n amounts and percentages)                                                                                 \n Total Revenues Less Cost of          $ 728.9  $ 565.2  29 %    $ 728.9          $ 565.2          29 %    \n Revenues                                                                                                 \n Total Operating Expenses             $ 223.3  $ 211.3  6 %     $ 200.9          $ 192.4          4 %     \n Operating Income                     $ 505.6  $ 353.9  43 %    $ 528.0          $ 372.8          42 %    \n Operating Margin %                   69.4 %   62.6 %   6.8 pp  72.4 %           66.0 %           6.4 pp  \n Net Income Allocated to Common       $ 384.1  $ 249.4  54 %    $ 388.2          $ 263.1          48 %    \n Stockholders                                                                                             \n Net Income Allocated to Common       52.7 %   44.1 %   8.6 pp  53.3 %           46.5 %           6.8 pp  \n Stockholders Margin %                                                                                    \n Diluted Earnings Per Share           $ 3.66   $ 2.37   54 %    $ 3.70           $ 2.50           48 %    \n Operating EBITDA¹                    $ 535.1  $ 384.2  39 %    $ 540.8          $ 384.7          41 %    \n Operating EBITDA Margin %¹           73.4 %   68.0 %   5.4 pp  74.2 %           68.1 %           6.1 pp  \n EBITDA¹                              $ 539.0  $ 383.7  40 %    $ 544.6          $ 383.8          42 %    \n EBITDA Margin %¹                     73.9 %   67.9 %   6.0 pp  74.7 %           67.9 %           6.8 pp  \n* Total revenues less cost of revenues (referred to as \"net revenue\"(2)) of\n$728.9 million increased 29 percent, compared to $565.2 million in the\nprior-year period, a result of increases across all net revenue(2) captions.\n* Total operating expenses were $223.3 million versus $211.3 million in the\nfirst quarter of 2025, an increase of $12.0 million. Adjusted operating\nexpenses(1) of $200.9 million were up $8.5 million compared to $192.4 million\nin the first quarter of 2025. These increases were primarily due to an\nincrease in compensation and benefits, driven by an increase in accrued\nbonuses as a result of strong company performance, increase in payroll\nbenefits, and an increase in salaries primarily due to merit increases.\n* The effective tax rate for the first quarter of 2026 was 25.2 percent as\ncompared with 28.4 percent in the first quarter of 2025. The lower effective\ntax rate in 2026 is primarily due to the resolution of uncertain tax positions\nwith state and local taxing authorities. The effective tax rate on adjusted\nearnings(1) was 27.5 percent, a decrease of 0.8 percentage points when\ncompared with 28.3 percent in last year's first quarter. The change was\nprimarily due to reduced interest on uncertain tax positions.\n* Diluted EPS for the first quarter of 2026 increased 54 percent to $3.66\ncompared to the first quarter of 2025. Adjusted diluted EPS(1) of $3.70\nincreased 48 percent compared to 2025 first quarter results.\nBusiness Segment Information:\n\n Table 2                                                                                           \n Total Revenues Less Cost of Revenues by Business Segment (in millions)  1Q26     1Q25     Change  \n Options                                                                 $ 467.6  $ 352.4  33 %    \n North American Equities                                                 111.2    94.6     18 %    \n Europe and Asia Pacific                                                 84.9     64.1     32 %    \n Futures                                                                 35.8     32.8     9 %     \n Global FX                                                               29.4     21.3     38 %    \n Total                                                                   $ 728.9  $ 565.2  29 %    \n\n                                                                                                                                                                                 \n ((1) )  A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables. See \"Non-GAAP Information\" in the accompanying financial tables.  \n ((2) )  See the attached tables on page 10 for \"Net Revenue by Revenue Caption.\"                                                                                                \n\nDiscussion of Results by Business Segment:\n\nOptions:\n* Record Options net revenue of $467.6 million was up $115.2 million, or 33\npercent, from the first quarter of 2025. Net transaction and clearing fees(1)\nincreased primarily as a result of a 10 percent increase in total options\naverage daily volume (\"ADV\"), coupled with a 21 percent increase in\nmulti-listed options revenue per contract (\"RPC\") versus the first quarter of\n2025. Market data fees were 31 percent higher and access and capacity fees\nwere 21 percent higher as compared to the first quarter of 2025.\n* Net transaction and clearing fees(1) increased $106.6 million, or 34\npercent, reflecting a 29 percent increase in index options ADV and a 4 percent\nincrease in multi-listed options ADV. Total options RPC increased 19 percent\ncompared to the first quarter of 2025. The increase in total options RPC was\nprimarily due to a 21 percent increase in multi-listed options RPC and a mix\nshift, with index options representing a higher percentage of total options\nvolume.\n* Cboe's Options exchanges had total market share of 29.1 percent for the\nfirst quarter of 2026, down compared to 31.1 percent in the first quarter of\n2025.\nNorth American (N.A.) Equities:\n* Record N.A. Equities net revenue of $111.2 million increased $16.6 million,\nor 18 percent, from the first quarter of 2025, reflecting higher net\ntransaction and clearing fees(1), access and capacity fees, and market data\nfees.\n* Net transaction and clearing fees(1) increased $10.7 million, or 40 percent,\ncompared to the first quarter of 2025. The increase was driven by stronger\nindustry volumes and improved net capture rates for on-exchange U.S. Equities\nexchanges versus the first quarter of 2025.\n* Cboe's U.S. Equities exchanges had market share of 9.8 percent for the first\nquarter of 2026, down compared to 10.5 percent in the first quarter of 2025.\nCboe's U.S. Equities off-exchange market share was 17.0 percent, down from\n17.1 percent in the first quarter of 2025.\nEurope and Asia Pacific (APAC):\n* Record Europe and APAC net revenue of $84.9 million increased $20.8 million,\nor 32 percent, from the first quarter of 2025, reflecting growth in net\ntransaction and clearing fees(1) and non-transaction revenues. On a constant\ncurrency basis(2), net revenue was $76.7 million, up 20 percent on a\nyear-over-year basis. European Equities average daily notional value (\"ADNV\")\ntraded on Cboe European Equities was €17.3 billion, up 25 percent compared\nto the first quarter of 2025 given a 21 percent increase in industry market\nvolumes. Cboe Clear Europe net settlement volume reached 3,931.2 thousand\nshares, up 23 percent from the first quarter of 2025.\n* For the first quarter of 2026, Cboe European Equities had 25.5 percent\nmarket share, up from 24.8 percent in the first quarter of 2025.\nFutures:\n* Futures net revenue of $35.8 million increased $3.0 million, or 9 percent,\nfrom the first quarter of 2025 driven by an 11 percent increase in net\ntransaction and clearing fees(1).\n* Net transaction and clearing fees(1) increased $2.7 million, reflecting a 14\npercent increase in ADV during the quarter.\nGlobal FX:\n* Record Global FX net revenue of $29.4 million increased $8.1 million, or 38\npercent, from the first quarter of 2025. The increase was due to higher net\ntransaction and clearing fees(1). ADNV traded on the Cboe FX platform was\n$70.4 billion for the quarter, up 36 percent compared to last year's first\nquarter, and net capture rate per one million dollars traded was $2.87 for the\nfirst quarter of 2026, up 4 percent compared to $2.77 in the first quarter of\n2025.\n ((1) )  See the attached tables on page 10 for \"Net Transaction and Clearing Fees by Business Segment.\"                                                                         \n ((2) )  A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables. See \"Non-GAAP Information\" in the accompanying financial tables.  \n\n2026 Fiscal Year Financial Guidance(1)\n\nCboe provided guidance for the 2026 fiscal year as noted below.\n* Organic total net revenue growth(2) is expected to be in the 'low\ndouble-digit to mid-teens' range, up from prior guidance of 'mid single-digit'\nin 2026.\n* Organic net revenue growth(2) from Data Vantage is expected to be in the\n'low double-digit' range, up from prior guidance of 'mid to high single-digit'\nin 2026.\n* Adjusted operating expenses(2 )in 2026 are expected to be in the range of\n$838 to $853 million, down from $864 to $879 million. Our 2026 guidance\nincorporates roughly $20 to $25 million of expected savings in 2026 as a\nresult of the additional actions related to the strategic realignment. The\nguidance excludes the expected amortization of acquired intangible assets of\n$63 million; the company adjusts for this amount in its non-GAAP\nreconciliation.\n* Reaffirms depreciation and amortization expense for 2026 is expected to be\nin the range of $56 to $60 million, excluding the expected amortization of\nacquired intangible assets.\n* Reaffirms the effective tax rate on adjusted earnings(2) for the full year\n2026 is expected to be in the range of 27.5 to 29.5 percent. Significant\nchanges in trading volume, expenses, tax laws or rates, and other items could\nmaterially impact this expectation.\n* Reaffirms capital expenditures for 2026 are expected to be in the range of\n$73 to $83 million.\n ((1) )  2026 guidance includes the anticipated impacts from discontinuing U.S. and European Corporate Listings, CEDX, and Cboe's Japanese equities business, as well as the planned cost reductions in U.S. and European ETP Listings businesses and several of Cboe's  \n         smaller Risk and Market Analytics businesses, as announced in 2025 and early 2026. 2026 guidance also includes the anticipated business-as-usual financial contribution from Cboe Canada and Cboe Australia, which Cboe announced divestiture plans for in      \n         October 2025. 2026 guidance will be updated as further actions are announced.                                                                                                                                                                                   \n ((2) )  Specific quantifications of the amounts that would be required to reconcile the company's organic and inorganic growth guidance, adjusted operating expenses guidance, and the effective tax rate on adjusted earnings guidance are not available. Acquisitions \n         are considered organic after 12 months of closing. The company believes that there is uncertainty and unpredictability with respect to certain of its GAAP measures, primarily related to acquisition-related revenues and costs that would be required to      \n         reconcile to GAAP revenues less cost of revenues, and GAAP operating expenses, which preclude the company from providing accurate guidance on certain forward-looking GAAP to non-GAAP reconciliations. The company believes that providing estimates of the    \n         amounts that would be required to reconcile the range of the company's organic growth, adjusted operating expenses, and the effective tax rate on adjusted earnings would imply a degree of precision that would be confusing or misleading to investors for the \n         reasons identified above.                                                                                                                                                                                                                                       \n\nCapital Management\n\nAt March 31, 2026, the company had cash and cash equivalents of $2,134.4\nmillion and adjusted cash(3) of $2,134.9 million. Total debt as of March 31,\n2026 was $1,443.4 million.\n\nThe company paid cash dividends of $75.8 million, or $0.72 per share, during\nthe first quarter of 2026 and utilized $45.1 million to repurchase\napproximately 161 thousand shares of its common stock under its share\nrepurchase program at an average price of $280.20 per share. As of March 31,\n2026, the company had approximately $569.4 million of availability remaining\nunder its existing share repurchase authorizations.\n\nEarnings Conference Call\n\nExecutives of Cboe Global Markets will host a conference call to review its\nfirst quarter financial results today, May 1, 2026, at 8:30 a.m. ET/7:30 a.m.\nCT. The conference call and any accompanying slides will be publicly available\nvia live webcast from the Investor Relations section of the company's website\nat www.cboe.com, under Events & Presentations. Participants may also listen\nvia telephone by dialing (800) 715-9871 (toll-free) or (646) 307-1963 (toll)\nand using the Conference ID 8939587. Telephone participants should place calls\n10 minutes prior to the start of the call. The webcast will be archived on the\ncompany's website for replay.\n\n ((3) )   A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables. See \"Non-GAAP Information\" in the accompanying financial tables.  \n\nAbout Cboe Global Markets\n\nCboe Global Markets, Inc. is a leading global markets operator with a long\nhistory of innovation in equities derivatives. Since launching the world's\nfirst listed options exchange in 1973, Cboe has pioneered landmark products,\nincluding the introduction of S&P 500(®) index options and the creation of\nthe VIX(®) Index, the world's leading gauge of market volatility, reshaping\nhow investors manage risk and access opportunity. Today, Cboe operates\nderivatives, equities, and FX markets, providing trading, clearing, and\ninvestment solutions for customers worldwide. To learn more about Cboe, visit\nwww.cboe.com. \n\nCautionary Statements Regarding Forward-Looking Information\n\nThis press release contains forward-looking statements within the meaning of\nthe Private Securities Litigation Reform Act of 1995 that involve a number of\nrisks and uncertainties. You can identify these statements by forward-looking\nwords such as \"may,\" \"might,\" \"should,\" \"expect,\" \"plan,\" \"anticipate,\"\n\"believe,\" \"estimate,\" \"predict,\" \"potential,\" or \"continue,\" and the negative\nof these terms and other comparable terminology. All statements that reflect\nour expectations, assumptions, or projections about the future other than\nstatements of historical fact are forward-looking statements. These\nforward-looking statements, which are subject to known and unknown risks,\nuncertainties, and assumptions about us, may include projections of our future\nfinancial performance based on our growth strategies and anticipated trends in\nour business. These statements are only predictions based on our current\nexpectations and projections about future events. There are important factors\nthat could cause our actual results, level of activity, performance or\nachievements to differ materially from those expressed or implied by the\nforward-looking statements.\n\nWe operate in a very competitive and rapidly changing environment. New risks\nand uncertainties emerge from time to time, and it is not possible to predict\nall risks and uncertainties, nor can we assess the impact of all factors on\nour business or the extent to which any factor, or combination of factors, may\ncause actual results to differ materially from those contained in any\nforward-looking statements.\n\nSome factors that could cause actual results to differ include: the loss of\nour right to exclusively list and trade certain index options and futures\nproducts; economic, political and market conditions; compliance with legal and\nregulatory obligations; price and new products and services competition and\nconsolidation in our industry; decreases in trading or clearing volumes,\nmarket data fees, or a shift in the mix of products traded on our exchanges;\nlegislative or regulatory changes or changes in tax regimes; our ability to\nprotect our systems and communication networks from security vulnerabilities\nand breaches; our ability to attract and retain skilled management and other\npersonnel; increasing competition by foreign and domestic entities; our\nbusiness and operational dependence on and exposure to risk from third\nparties; factors that impact the quality and integrity of our and other\napplicable indices; our ability to manage our global operations, growth, and\nstrategic acquisitions, wind-downs, divestitures or alliances effectively;\nincreases in the cost of the products and services we use; our ability to\noperate our business without violating the intellectual property rights of\nothers and the costs associated with protecting our intellectual property\nrights; our ability to minimize the risks, including our credit, liquidity,\nmarket, investment, counterparty, and default risks, associated with operating\nour clearinghouses; our ability to accommodate trading and clearing volume and\ntransaction traffic, including significant increases, without failure or\ndegradation of performance of our systems; misconduct by those who use our\nmarkets or our products or for whom we clear transactions; challenges to our\nuse of open source software code; our ability to meet our compliance\nobligations, including managing our business interests and our regulatory\nresponsibilities; the loss of key customers or a significant reduction in\ntrading or clearing volumes by key customers; separate from and not integrated\nwith our registered national securities exchanges; damage to our reputation;\nthe ability of our compliance and risk management methods to effectively\nmonitor and manage our risks; restrictions imposed by our debt obligations and\nour ability to make payments on or refinance our debt obligations; our ability\nto maintain an investment grade credit rating; impairment of our goodwill,\nlong-lived assets, investments, or intangible assets; the accuracy of our\nestimates and expectations; and litigation risks and other liabilities. More\ndetailed information about factors that may affect our actual results to\ndiffer may be found in our filings with the SEC, including in our Annual\nReport on Form 10-K for the year ended December 31, 2025 and other filings\nmade from time to time with the SEC.\n\nWe do not undertake, and we expressly disclaim, any duty to update any\nforward-looking statement whether as a result of new information, future\nevents or otherwise, except as required by law. Readers are cautioned not to\nplace undue reliance on these forward-looking statements, which speak only as\nof the date hereof.\n\nThe condensed consolidated statements of income and balance sheets are\nunaudited and subject to revision.\n\n Cboe Media Contacts:                            Analyst Contact:   \n Angela Tu               Tim Cave                Kenneth Hill, CFA  \n (646) 856-8734          +44 (0) 7593-506-719    (312) 786-7559     \n atu@cboe.com            tcave@cboe.com          khill@cboe.com     \n\nCBOE-F\n\nTrademarks:\n\nCboe(®), Cboe Global Markets(®), Cboe Volatility Index(®), Cboe Clear(®),\nCboe Datashop(®), BIDS Trading(®), BZX(®), BYX(®), EDGX(®), EDGA(®), and\nVIX(®) are registered trademarks and Cboe Data Vantage(SM) is a service mark\nof Cboe Global Markets, Inc. and its subsidiaries. All other trademarks and\nservice marks are the property of their respective owners.\n\n Cboe Global Markets, Inc. Key Performance Statistics by Business Segment                                                      \n                                                                                                                               \n                                                                        1Q 2026    4Q 2025    3Q 2025    2Q 2025    1Q 2025    \n Options                                                                                                                       \n Total industry ADV (in thousands)                                      68,894     66,608     60,798     57,203     58,444     \n Total Company Options ADV (in thousands):                              20,076     19,419     18,775     17,301     18,183     \n Multi-listed options                                                   13,940     13,965     13,911     12,615     13,412     \n Index options                                                          6,136      5,454      4,864      4,686      4,771      \n Total Options Market Share:                                            29.1 %     29.2 %     30.9 %     30.2 %     31.1 %     \n Multi-listed options                                                   22.3 %     22.9 %     24.9 %     24.0 %     25.0 %     \n Total Options RPC:                                                     $ 0.343    $ 0.317    $ 0.281    $ 0.300    $ 0.287    \n Multi-listed options                                                   $ 0.080    $ 0.075    $ 0.055    $ 0.068    $ 0.066    \n Index options                                                          $ 0.940    $ 0.938    $ 0.926    $ 0.923    $ 0.908    \n                                                                                                                               \n North American Equities                                                                                                       \n U.S. Equities - Exchange:                                                                                                     \n Total industry ADV (shares in billions)                                20.0       18.6       17.6       18.4       15.7       \n Market share %                                                         9.8 %      9.4 %      9.8 %      10.5 %     10.5 %     \n Net capture (per 100 touched shares)                                   $ 0.017    $ 0.018    $ 0.015    $ 0.012    $ 0.014    \n U.S. Equities - Off-Exchange:                                                                                                 \n ADV (touched shares, in millions)                                      249.2      197.0      202.3      125.5      90.6       \n Off-Exchange ATS block market share % (reported on a one-month lag)    17.0 %     17.0 %     17.9 %     14.9 %     17.1 %     \n Net capture (per 100 touched shares)                                   $ 0.063    $ 0.064    $ 0.064    $ 0.082    $ 0.117    \n Canadian Equities:                                                                                                            \n ADV (matched shares, in millions)                                      215.8      195.9      163.8      150.6      159.6      \n Total market share %                                                   12.5 %     12.7 %     12.5 %     12.7 %     13.8 %     \n Net capture (per 10,000 shares, in Canadian dollars)                   $ 4.329    $ 3.962    $ 4.142    $ 4.222    $ 4.250    \n                                                                                                                               \n Europe and Asia Pacific                                                                                                       \n European Equities:                                                                                                            \n Total industry ADNV (Euros - in billions)                              € 67.8     € 49.1     € 46.1     € 54.5     € 55.8     \n Market share %                                                         25.5 %     24.8 %     25.4 %     25.1 %     24.8 %     \n Net capture (per matched notional value (bps), in Euros)               € 0.272    € 0.278    € 0.288    € 0.261    € 0.252    \n Cboe Clear Europe:                                                                                                            \n Trades cleared (in thousands)                                          434,717.3  322,339.2  329,293.1  400,935.8  412,072.2  \n Fee per trade cleared (in Euros)                                       € 0.009    € 0.010    € 0.010    € 0.008    € 0.008    \n Net settlement volume (shares in thousands)                            3,931.2    3,603.7    3,541.9    3,289.3    3,200.7    \n Net fee per settlement (in Euros)                                      € 1.044    € 1.113    € 1.015    € 0.956    € 0.951    \n Australian Equities:                                                                                                          \n ADNV (Australian Dollars - in billions)                                $ 1.2      $ 1.0      $ 1.0      $ 1.0      $ 0.8      \n Market share % - Continuous                                            20.6 %     20.6 %     20.6 %     20.0 %     19.4 %     \n Net capture (per matched notional value (bps), in Australian dollars)  $ 0.208    $ 0.207    $ 0.206    $ 0.160    $ 0.156    \n                                                                                                                               \n Futures                                                                                                                       \n ADV (in thousands)                                                     283.3      239.2      200.7      220.5      249.4      \n RPC                                                                    $ 1.649    $ 1.717    $ 1.745    $ 1.691    $ 1.740    \n                                                                                                                               \n Global FX                                                                                                                     \n ADNV ($ - in billions)                                                 $ 70.4     $ 53.3     $ 49.9     $ 55.9     $ 51.9     \n Net capture (per one million dollars traded)                           $ 2.87     $ 2.95     $ 2.89     $ 2.81     $ 2.77     \n                                                                                                                               \n Note, in the second quarter of 2025, Digital futures products were transitioned to Cboe Futures Exchange. Futures metrics prior to the second quarter of 2025  \n exclude Digital futures products.                                                                                             \n\nADV = average daily volume; ADNV = average daily notional value.\n\nRPC, average revenue per contract, for options and futures, represents total\nnet transaction fees recognized for the period divided by total contracts\ntraded during the period.\n\nTouched volume represents the total number of shares of equity securities and\nETFs internally matched on our exchanges or routed to and executed on an\nexternal market center.\n\nMatched volume represents the total number of shares of equity securities and\nETFs executed on our exchanges.\n\nU.S. Equities - Exchange, \"net capture per 100 touched shares\" refers to\ntransaction fees less liquidity payments and routing and clearing costs\ndivided by the product of one-hundredth ADV of touched shares on BZX, BYX,\nEDGX and EDGA and the number of trading days. U.S. Equities - Off-Exchange\ndata reflects BIDS Trading. For U.S. Equities - Off-Exchange, \"net capture per\n100 touched shares\" refers to transaction fees less order and execution\nmanagement system (OMS/EMS) fees and clearing costs divided by the product of\none-hundredth ADV of touched shares on BIDS Trading and the number of trading\ndays for the period.\n\nCanadian Equities, \"net capture per 10,000 shares\" refers to transaction fees\ndivided by the product of one-ten thousandth ADV of shares for Cboe Canada and\nthe number of trading days. Total market share represents Cboe Canada volume\ndivided by the total volume of the Canadian Equities market.\n\nEuropean Equities, \"net capture per matched notional value\" refers to\ntransaction fees less liquidity payments in Euros divided by the product of\nADNV in Euros of shares matched on Cboe Europe Equities and the number of\ntrading days. \"Trades cleared\" refers to the total number of non-interoperable\ntrades cleared, \"Fee per trade cleared\" refers to clearing fees divided by\nnumber of non-interoperable trades cleared, \"Net settlement volume\" refers to\nthe total number of settlements executed after netting, and \"Net fee per\nsettlement\" refers to settlement fees less direct costs incurred to settle\ndivided by the number of settlements executed after netting.\n\nAustralian Equities data reflects data from Cboe Australia. Australian\nEquities, \"net capture per matched notional value\" refers to transaction fees\nless liquidity payments in Australian dollars divided by the product of ADNV\nin Australian dollars of shares matched on Cboe Australia and the number of\nAustralian Equities trading days.\n\nGlobal FX, \"net capture per one million dollars traded\" refers to transaction\nfees less liquidity payments, if any, divided by the Spot and SEF products of\none-thousandth of ADNV traded on the Cboe FX Markets and the number of trading\ndays, divided by two, which represents the buyer and seller that are both\ncharged on the transaction.\n\nAverage transaction fees per contract can be affected by various factors,\nincluding exchange fee rates, volume-based discounts, and transaction mix by\ncontract type and product type.\n\n Cboe Global Markets, Inc. and Subsidiaries Condensed Consolidated Statements of Income (Unaudited) Three Months Ended March 31, 2026 and 2025 \n                                                                                                    \n                                                                Three Months Ended March 31,        \n (in millions, except per share amounts)                        2026                    2025        \n Revenues:                                                                                          \n Cash and spot markets                                          $ 482.2                 $ 500.9     \n Data Vantage                                                   181.3                   152.5       \n Derivatives markets                                            609.3                   541.6       \n Total Revenues                                                 1,272.8                 1,195.0     \n Cost of Revenues:                                                                                  \n Liquidity payments                                             446.1                   394.8       \n Routing and clearing                                           20.0                    19.6        \n Regulatory fees cost of revenues                               —                       153.1       \n Royalty fees and other cost of revenues                        77.8                    62.3        \n Total Cost of Revenues                                         543.9                   629.8       \n Revenues Less Cost of Revenues                                 728.9                   565.2       \n Operating Expenses:                                                                                \n Compensation and benefits                                      127.9                   116.2       \n Depreciation and amortization                                  29.5                    30.3        \n Technology support services                                    27.6                    25.6        \n Professional fees and outside services                         18.3                    20.8        \n Travel and promotional expenses                                8.0                     6.4         \n Facilities costs                                               6.2                     6.2         \n Acquisition-related costs                                      —                       0.2         \n Other expenses                                                 5.8                     5.6         \n Total Operating Expenses                                       223.3                   211.3       \n Operating Income                                               505.6                   353.9       \n Non-operating Income (Expenses):                                                                   \n Interest expense                                               (13.3)                  (12.8)      \n Interest income                                                17.7                    8.4         \n Loss on investments, net                                       (0.7)                   (3.3)       \n Other income, net                                              6.2                     4.0         \n Total Non-operating Income (Expenses)                          9.9                     (3.7)       \n Income Before Income Tax Provision                             515.5                   350.2       \n Income tax provision                                           129.8                   99.6        \n Net Income                                                     385.7                   250.6       \n Net income allocated to participating securities               (1.6)                   (1.2)       \n Net Income Allocated to Common Stockholders                    $ 384.1                 $ 249.4     \n Net Income Per Share Allocated to Common Stockholders:                                             \n Basic earnings per share                                       $ 3.67                  $ 2.38      \n Diluted earnings per share                                     3.66                    2.37        \n Weighted average shares used in computing income per share:                                        \n Basic                                                          104.7                   104.7       \n Diluted                                                        105.0                   105.1       \n\n \n\n Cboe Global Markets, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) March 31, 2026 and December 31, 2025 \n                                                                                        \n (in millions)                                             March 31,     December 31,   \n                                                           2026          2025           \n Assets                                                                                 \n Current assets:                                                                        \n Cash and cash equivalents                                 $ 2,134.4     $ 2,216.5      \n Financial investments                                     35.9          36.1           \n Accounts receivable, net                                  514.6         391.4          \n Margin deposits, default fund, and interoperability fund  3,443.9       1,618.2        \n Income taxes receivable                                   —             67.9           \n Other current assets                                      95.3          91.3           \n Total current assets                                      6,224.1       4,421.4        \n                                                                                        \n Investments                                               31.4          32.4           \n Property and equipment, net                               137.4         133.1          \n Operating lease right of use assets                       105.1         111.0          \n Goodwill                                                  3,142.4       3,150.5        \n Intangible assets, net                                    1,274.6       1,297.2        \n Other assets, net                                         155.6         159.7          \n Total assets                                              $ 11,070.6    $ 9,305.3      \n                                                                                        \n Liabilities and Stockholders' Equity                                                   \n Current liabilities:                                                                   \n Accounts payable and accrued liabilities                  $ 332.8       $ 686.9        \n Current portion of long-term debt                         649.5         —              \n Section 31 fees payable                                   0.2           0.2            \n Deferred revenue                                          16.8          6.9            \n Margin deposits, default fund, and interoperability fund  3,443.9       1,618.2        \n Income taxes payable                                      50.4          50.1           \n Total current liabilities                                 4,493.6       2,362.3        \n                                                                                        \n Long-term debt                                            793.9         1,442.9        \n Non-current unrecognized tax benefits                     22.0          15.8           \n Deferred income taxes                                     233.0         185.3          \n Non-current operating lease liabilities                   114.6         120.9          \n Other non-current liabilities                             40.0          39.8           \n Total liabilities                                         5,697.1       4,167.0        \n                                                                                        \n Stockholders' Equity:                                                                  \n Preferred stock                                           —             —              \n Common stock                                              1.0           1.0            \n Treasury stock, at cost                                   (75.1)        (1.5)          \n Additional paid-in capital                                1,583.0       1,565.1        \n Retained earnings                                         3,853.5       3,543.6        \n Accumulated other comprehensive income, net               11.1          30.1           \n Total stockholders' equity                                5,373.5       5,138.3        \n                                                                                        \n Total liabilities and stockholders' equity                $ 11,070.6    $ 9,305.3      \n\n \n\n Table 3                                                                                                                                        \n Net Transaction and            Consolidated        Options           N.A. Equities       Europe and APAC       Futures         Global FX       \n Clearing Fees by               March 31,           March 31,         March 31,           March 31,             March 31,       March 31,       \n Business Segment                                                                                                                               \n Three Months Ended                                                                                                                             \n March 31, 2026 and 2025                                                                                                                        \n (in millions)                                                                                                                                  \n                                2026       2025     2026     2025     2026      2025      2026       2025       2026    2025    2026    2025    \n Transaction and clearing fees  $ 1,026.4  $ 832.6  $ 559.2  $ 464.5  $ 342.0   $ 271.7   $ 68.6     $ 50.8     $ 30.3  $ 27.1  $ 26.3  $ 18.5  \n Liquidity payments             (446.1)    (394.8)  (135.2)  (146.8)  (295.9)   (235.3)   (13.1)     (11.3)     (1.9)   (1.4)   —       —       \n Routing and clearing           (20.0)     (19.6)   (4.0)    (4.3)    (8.6)     (9.6)     (6.7)      (5.3)      —       —       (0.7)   (0.4)   \n Net transaction and            $ 560.3    $ 418.2  $ 420.0  $ 313.4  $ 37.5    $ 26.8    $ 48.8     $ 34.2     $ 28.4  $ 25.7  $ 25.6  $ 18.1  \n clearing fees                                                                                                                                  \n\n \n\n Table 4                                                                                                                                                                   \n Net Revenue by Revenue Caption Three Months Ended March 31, 2026 and 2025   Cash and Spot Markets       Data Vantage      Derivatives Markets       Total                 \n (in millions)                                                               March 31,                   March 31,         March 31,                 March 31,             \n                                                                             2026          2025          2026     2025     2026         2025         2026       2025       \n Transaction and clearing fees                                               $ 436.9       $ 341.0       $ —      $ —      $ 589.5      $ 491.6      $ 1,026.4  $ 832.6    \n Access and capacity fees                                                    —             —             113.2    97.8     —            —            113.2      97.8       \n Market data fees                                                            15.7          15.7          67.1     54.0     9.0          8.1          91.8       77.8       \n Regulatory fees                                                             0.3           120.7         —        —        10.1         41.1         10.4       161.8      \n Other revenue                                                               29.3          23.5          1.0      0.7      0.7          0.8          31.0       25.0       \n Total revenues                                                              $ 482.2       $ 500.9       $ 181.3  $ 152.5  $ 609.3      $ 541.6      $ 1,272.8  $ 1,195.0  \n                                                                                                                                                                           \n Liquidity payments                                                          $ 308.6       $ 245.7       $ —      $ —      $ 137.5      $ 149.1      $ 446.1    $ 394.8    \n Routing and clearing                                                        15.9          15.3          —        —        4.1          4.3          20.0       19.6       \n Regulatory fees cost of revenues                                            —             120.6         —        —        —            32.5         —          153.1      \n Royalty fees and other cost of revenues                                     15.0          12.6          3.5      3.1      59.3         46.6         77.8       62.3       \n Total cost of revenues                                                      $ 339.5       $ 394.2       $ 3.5    $ 3.1    $ 200.9      $ 232.5      $ 543.9    $ 629.8    \n                                                                                                                                                                           \n Net revenue                                                                 $ 142.7       $ 106.7       $ 177.8  $ 149.4  $ 408.4      $ 309.1      $ 728.9    $ 565.2    \n\nNon-GAAP Information\n\nIn addition to disclosing results determined in accordance with GAAP, Cboe\nGlobal Markets has disclosed certain non-GAAP measures of operating\nperformance. These measures are not in accordance with, or a substitute for,\nGAAP, and may be different from or inconsistent with non-GAAP financial\nmeasures used by other companies. The non-GAAP measures provided in this press\nrelease include adjusted operating expenses, adjusted operating income,\nadjusted operating margin, adjusted net income allocated to common\nstockholders, adjusted diluted earnings per share, effective tax rate on\nadjusted earnings, adjusted income before income taxes, operating EBITDA,\noperating EBITDA margin, adjusted operating EBITDA, adjusted operating EBITDA\nmargin, EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin,\nadjusted cash, and net revenue in constant currency.\n\nManagement believes that the non-GAAP financial measures presented in this\npress release provide additional and comparative information to assess trends\nin our core operations and a means to evaluate period-to-period comparisons.\nNon-GAAP financial measures disclosed by management are provided as additional\ninformation to investors in order to provide them with an alternative method\nfor assessing our financial condition and operating results.\n\nThe tables below show the reconciliation of each financial measure from GAAP\nto non-GAAP. The non-GAAP financial measures exclude the impact of those items\ndetailed below and are referred to as adjusted financial measures. \n\n Reconciliation of GAAP and Non-GAAP Information                                                                       \n                                                                                                                       \n Table 5                                                                           Three Months Ended March 31,        \n (in millions, except percentages and per share amounts)                           2026                    2025        \n Reconciliation of Net Income Allocated to Common S                                                                    \n tockholders to Non-GAAP (As shown on Table 1)                                                                         \n Net income allocated to common stockholders                                       $ 384.1                 $ 249.4     \n Non-GAAP adjustments                                                                                                  \n Acquisition-related costs (1)                                                     —                       0.2         \n Amortization of acquired intangible assets (2)                                    16.7                    18.4        \n Business realignment costs (3)                                                    5.1                     0.3         \n Executive compensation adjustment (4)                                             0.6                     —           \n Non-operating investment adjustments, net (5)                                     (0.1)                   (0.4)       \n Total Non-GAAP adjustments                                                        22.3                    18.5        \n Income tax expense related to the items above                                     (6.1)                   (4.7)       \n Deferred tax re-measurements (6)                                                  (0.6)                   —           \n Tax reserves (6)                                                                  (11.4)                  —           \n Net income allocated to participating securities - effect on reconciling items    (0.1)                   (0.1)       \n Adjusted earnings                                                                 $ 388.2                 $ 263.1     \n                                                                                                                       \n Reconciliation of Diluted EPS to Non-GAAP                                                                             \n Diluted earnings per common share                                                 $ 3.66                  $ 2.37      \n Per share impact of non-GAAP adjustments noted above                              0.04                    0.13        \n Adjusted diluted earnings per common share                                        $ 3.70                  $ 2.50      \n                                                                                                                       \n Reconciliation of Operating Margin to Non-GAAP                                                                        \n Revenues less cost of revenues                                                    $ 728.9                 $ 565.2     \n Operating expenses (7)                                                            $ 223.3                 $ 211.3     \n Non-GAAP adjustments noted above                                                  22.4                    18.9        \n Adjusted operating expenses                                                       $ 200.9                 $ 192.4     \n Operating income                                                                  $ 505.6                 $ 353.9     \n Non-GAAP adjustments noted above                                                  22.4                    18.9        \n Adjusted operating income                                                         $ 528.0                 $ 372.8     \n Adjusted operating margin (8)                                                     72.4 %                  66.0 %      \n                                                                                                                       \n Reconciliation of Income Tax Rate to Non-GAAP                                                                         \n Income before income taxes                                                        $ 515.5                 $ 350.2     \n Non-GAAP adjustments noted above                                                  22.3                    18.5        \n Adjusted income before income taxes                                               $ 537.8                 $ 368.7     \n                                                                                                                       \n Income tax expense                                                                $ 129.8                 $ 99.6      \n Non-GAAP adjustments noted above                                                  18.1                    4.7         \n Adjusted income tax expense                                                       $ 147.9                 $ 104.3     \n Adjusted income tax rate                                                          27.5 %                  28.3 %      \n\n                                                                                                                                                                \n (1)  This amount includes acquisition-related costs primarily from the Company's Cboe Digital, Cboe Canada, and Cboe Asia Pacific acquisitions, which          \n      are included in acquisition-related costs on the condensed consolidated statements of income.                                                             \n (2)  This amount represents the amortization of acquired intangible assets related to the Company's acquisitions, which is included in depreciation and        \n      amortization on the condensed consolidated statements of income.                                                                                          \n (3)  This amount represents certain business realignment costs related to announced business realignment initiatives. For the three months ended March         \n      31, 2026, the costs included $1.6 million in compensation and benefits, $1.8 million in technology support services, $1.5 million in professional fees    \n      and outside services, and $0.2 million in other expenses, respectively, on the condensed consolidated statements of income. For the three months          \n      ended March 31, 2025, the costs included $0.3 million in compensation and benefits on the condensed consolidated statements of income.                    \n (4)  This amount represents the CEO sign-on long-term equity awards granted in 2025 with a grant date value of $6.0 million (comprised of a mixture of         \n      time and performance-based awards) that are subject to a 3-year cliff vesting requirement associated with the hiring of Craig Donohue as Chief            \n      Executive Officer, which is included in compensation and benefits on the condensed consolidated statements of income. This amount does not include        \n      the CEO's annual long-term equity incentive awards that were prorated for 2025.                                                                           \n (5)  This amount represents net gains and losses associated with the PYTH token intangible assets and from the Company's minority investments in Abaxx         \n      Singapore Pte and American Financial Exchange, LLC, which are included in loss on investments, net on the condensed consolidated statements of            \n      income.                                                                                                                                                   \n (6)  These amounts represent the tax impact related to resolution of uncertain tax positions for the three months ended March 31, 2026.                        \n (7)  The company sponsors deferred compensation plans held in a trust. The expenses or income related to the deferred compensation plans are included          \n      in compensation and benefits ($0.4 million and $12.4 million in expense for the three months ended March 31, 2026 and 2025, respectively) and are         \n      directly offset by deferred compensation income and expenses included in loss on investments, net, and dividends included in other income, net ($0.4      \n      million and $12.4 million in income, expense, and dividends in the three months ended March 31, 2026 and 2025, respectively) on the condensed             \n      consolidated statements of income. The deferred compensation plans' expenses are not excluded from adjusted operating expenses and do not have            \n      an impact on income before income taxes.                                                                                                                  \n (8)  Adjusted operating margin represents adjusted operating income divided by revenues less cost of revenues.                                                 \n\nEBITDA Reconciliations\n\nEBITDA (earnings before interest, income taxes, depreciation and amortization)\nand Adjusted EBITDA are widely used non-GAAP financial measures of operating\nperformance. These metrics are presented as supplemental information that the\ncompany believes are useful to investors to evaluate the company's results\nbecause they exclude certain items that are not directly related to the\ncompany's core operating performance. Operating EBITDA is calculated by adding\nback to operating income depreciation and amortization. Adjusted Operating\nEBITDA is calculated by adding back to Operating EBITDA relevant adjustments.\nOperating EBITDA margin represents Operating EBITDA divided by revenues less\ncost of revenues. Adjusted Operating EBITDA margin represents Adjusted\nOperating EBITDA divided by revenues less cost of revenues. EBITDA is\ncalculated by adding back to net income interest (income) expense, net, income\ntax expense, and depreciation and amortization. EBITDA margin represents\nEBITDA divided by revenues less cost of revenues. Adjusted EBITDA is\ncalculated by adding back to EBITDA relevant adjustments. Adjusted EBITDA\nmargin represents Adjusted EBITDA divided by revenues less cost of revenues.\nRelevant adjustments are detailed in the reconciliations that follow.\nOperating EBITDA, Adjusted Operating EBITDA, EBITDA, and Adjusted EBITDA\nshould not be considered as substitutes either for net income, as an indicator\nof the company's operating performance, or for cash flow as a measure of the\ncompany's liquidity. In addition, because Operating EBITDA, Operating EBITDA\nmargin, Adjusted Operating EBITDA, Adjusted Operating EBITDA margin, EBITDA,\nEBITDA margin, Adjusted EBITDA, and Adjusted EBITDA margin may not be\ncalculated identically by all companies, the presentation here may not be\ncomparable to other similarly titled measures of other companies.\n\n Table 6                                                                                  Three Months Ended                \n (in millions, except percentages)                                                        March 31,                         \n Reconciliation of Operating Income to Operating EBITDA and Adjusted Operating EBITDA     2026                2025          \n (Per Table 1)                                                                                                              \n Operating income                                                                         $ 505.6             $ 353.9       \n Depreciation and amortization                                                            29.5                30.3          \n Operating EBITDA                                                                         $ 535.1             $ 384.2       \n Operating EBITDA Margin                                                                  73.4 %              68.0 %        \n                                                                                                                            \n Non-GAAP adjustments not included in above line items                                                                      \n Acquisition-related costs                                                                $ —                 $ 0.2         \n Business realignment costs                                                               5.1                 0.3           \n Executive compensation adjustment                                                        0.6                 —             \n Adjusted Operating EBITDA                                                                $ 540.8             $ 384.7       \n Adjusted Operating EBITDA Margin                                                         74.2 %              68.1 %        \n                                                                                                                            \n Reconciliation of Net Income Allocated to Common Stockholders to EBITDA and              2026                2025          \n Adjusted EBITDA (Per Table 1)                                                                                              \n Net income allocated to common stockholders                                              $ 384.1             $ 249.4       \n Interest (income) expense, net                                                           (4.4)               4.4           \n Income tax provision                                                                     129.8               99.6          \n Depreciation and amortization                                                            29.5                30.3          \n EBITDA                                                                                   $ 539.0             $ 383.7       \n EBITDA Margin                                                                            73.9 %              67.9 %        \n                                                                                                                            \n Non-GAAP adjustments not included in above line items                                                                      \n Acquisition-related costs                                                                —                   0.2           \n Business realignment costs                                                               5.1                 0.3           \n Executive compensation adjustment                                                        0.6                 —             \n Non-operating investment adjustments, net                                                (0.1)               (0.4)         \n Adjusted EBITDA                                                                          $ 544.6             $ 383.8       \n Adjusted EBITDA Margin                                                                   74.7 %              67.9 %        \n                                                                                                                            \n                                                                                                                            \n Table 7 (in millions)                                                                    March 31,           December 31,  \n Reconciliation of Cash and Cash Equivalents to Adjusted Cash                             2026                2025          \n Cash and cash equivalents                                                                $ 2,134.4           $ 2,216.5     \n Financial investments                                                                    35.9                36.1          \n Less deferred compensation plan assets                                                   (35.4)              (35.8)        \n Adjusted Cash                                                                            $ 2,134.9           $ 2,216.8     \n                                                                                                                            \n                                                                                                                            \n Table 8 (in millions)                                                                    Three Months Ended                \n                                                                                          March 31,                         \n Reconciliation of GAAP Net Revenue to Net Revenue in Constant Currency                   2026                2025          \n Europe and Asia Pacific net revenue                                                      $ 84.9              $ 64.1        \n Constant currency adjustment                                                             (8.2)               —             \n Europe and Asia Pacific net revenue in constant currency (1)                             $ 76.7              $ 64.1        \n                                                                                                                            \n\n ((1) )  Net revenue in constant currency is calculated by converting the current period GAAP net revenue in local currency using the foreign   \n         currency exchange rates that were in effect during the previous comparable period.                                                     \n\nPhoto -\nhttps://mma.prnewswire.com/media/2928672/Cboe_Logo___FIA_Boca_Signage_Logo.jpg\n\nView original\ncontent:https://www.prnewswire.co.uk/news-releases/cboe-global-markets-reports-results-for-first-quarter-2026-and-continued-execution-of-strategic-realignment-302759918.html\n\n\n\nPhoto: \nhttps://mma.prnewswire.com/media/2928672/Cboe_Logo___FIA_Boca_Signage_Logo.jpg\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved.","article_body_html":"","raw_payload":{"data":{"id":"nPreRghnma","title":"Cboe Global Markets Reports Results for First Quarter 2026 and Continued Execution of Strategic Realignment","author":"PR Newswire","ticker":"CBOE","created":"2026-05-01T11:30:01.918Z","tickers":["CBOE"],"exchange":"CBOE","article_body":"Cboe Global Markets Reports Results for First Quarter 2026 and Continued\nExecution of Strategic Realignment\nPR Newswire\n\nCHICAGO, May 1, 2026\n\nFirst Quarter Highlights*\n* Record Diluted EPS for the Quarter of $3.66, Up 54 percent\n* Record Adjusted Diluted EPS(1) for the Quarter of $3.70, Up 48 percent\n* Record Net Revenue for the Quarter of $728.9 million, Up 29 percent\n* Increases 2026 Organic Total Net Revenue Growth Target(2) to 'low\ndouble-digit to mid-teens' from 'mid single-digit' and Cboe Data Vantage(3)\nOrganic Net Revenue Growth Target(2) to 'low double-digit' from 'mid to high\nsingle-digit'\n* Decreases 2026 Adjusted Operating Expense Guidance(2) to $838 to $853\nmillion from $864 to $879 million\n* Announces continued execution of strategic realignment to strengthen core\nbusinesses and enable greater investment for growth\nCHICAGO, May 1, 2026 /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE)\ntoday reported financial results for the first quarter of 2026 and announced\nadditional actions related to its strategic realignment.\n\n\"Cboe delivered an exceptional first quarter, building on our 2025 momentum by\nproducing 29 percent net revenue growth, 54 percent diluted EPS growth, and 48\npercent adjusted diluted EPS(1) growth,\" said Jill Griebenow, Cboe Global\nMarkets Executive Vice President, Chief Financial Officer. \"Our Cash and Spot\nMarkets net revenue rose 34 percent on strong market activity. Our Derivatives\nbusiness was up 32 percent on another quarter of record volumes across our\nindex options products, and our Data Vantage business grew 19 percent on a\nyear-over-year basis. Moving forward, we anticipate 2026 total organic net\nrevenue growth(2) will be in the 'low double-digit to mid-teens' range, up\nfrom our prior guidance of 'mid single-digit', and we anticipate 2026 Data\nVantage organic net revenue growth(2 )will be in the 'low double-digit'\nrange, up from our prior guidance of 'mid to high single-digit'. In addition,\ngiven disciplined expense management and incorporating the impact from today's\nadditional actions related to our strategic realignment, we are reducing our\nfull year 2026 adjusted operating expense guidance(2) range to $838 to $853\nmillion from $864 to $879 million. We are pleased with the strong start to the\nyear and remain focused on producing durable shareholder returns in the\nquarters ahead.\"\n\n\"As I reflect on my first twelve months at Cboe, it is clear that the decisive\nsteps we have taken are moving the company closer to realizing its full\npotential,\" said Craig Donohue, Chief Executive Officer of Cboe Global\nMarkets. \"Following a thorough strategic review and the adoption of a more\nrigorous financial and strategic framework in the second half of 2025, we\nannounced a realignment to increase focus and investment in the core\nbusinesses that drive our earnings. We moved quickly to reorient the\nportfolio, winding down non–core initiatives, optimizing resource allocation\nacross the organization, and reaching a definitive agreement last week to sell\nCboe Canada and Cboe Australia.\n\n\"Today, we announced the next phase of our plan by realigning our organization\nto build more agile teams positioned to operate effectively in a\nfast–changing environment. Our earlier actions to sell, wind down, and\noptimize certain businesses, combined with today's strategic realignment, are\nexpected to reduce our workforce by approximately 20 percent.\n\n\"As evidenced by our record results, we are executing these changes from a\nposition of strength. These actions position us to invest more resources,\nincluding adding talent in emerging areas such as financial and economic event\nmarkets, tokenization initiatives, scaling and expanding our clearing services\nin the U.S. and Europe, and broadening our sales, marketing, and investor\neducation efforts on a global basis. I have been in this industry for several\ndecades, and I have never been as excited about the road ahead as I am now as\nwe continue to build long–term value for shareholders through disciplined\nexecution and focused investment efforts.\"\n\n *       All comparisons are first quarter 2026 compared to the same period in 2025.                                                                                                                                                                                     \n ((1) )  A full reconciliation of our non-GAAP results to our GAAP (\"Generally Accepted Accounting Principles\") results is included in the attached tables. See \"Non-GAAP Information\" in the accompanying financial tables.                                             \n ((2) )  Specific quantifications of the amounts that would be required to reconcile the company's organic net revenue growth guidance and adjusted operating expenses guidance are not available. The company believes that there is uncertainty and unpredictability   \n         with respect to certain of its GAAP measures, primarily related to acquisition-related revenues and costs that would be required to reconcile to GAAP revenues less cost of revenues, and GAAP operating expenses, which preclude the company from providing    \n         accurate guidance on certain forward-looking GAAP to non-GAAP reconciliations. The company believes that providing estimates of the amounts that would be required to reconcile the range of the company's organic net revenue growth guidance and adjusted     \n         operating expenses would imply a degree of precision that would be confusing or misleading to investors for the reasons identified above.                                                                                                                       \n ((3) )  Cboe Data Vantage refers to the company's Cboe Data Vantage business (formerly known as Data and Access Solutions). Cboe Data Vantage is subsequently referred to as Data Vantage throughout this press release.                                                \n\nConsolidated First Quarter Results\n\nTable 1 below presents summary selected unaudited condensed consolidated\nfinancial information for the company as reported and on an adjusted basis for\nthe three months ended March 31, 2026 and 2025.\n\n Table 1                                                                                                  \n Consolidated First Quarter Results   1Q26     1Q25     Change  1Q26 Adjusted¹   1Q25 Adjusted¹   Change  \n ($ in millions except per share                                                                          \n amounts and percentages)                                                                                 \n Total Revenues Less Cost of          $ 728.9  $ 565.2  29 %    $ 728.9          $ 565.2          29 %    \n Revenues                                                                                                 \n Total Operating Expenses             $ 223.3  $ 211.3  6 %     $ 200.9          $ 192.4          4 %     \n Operating Income                     $ 505.6  $ 353.9  43 %    $ 528.0          $ 372.8          42 %    \n Operating Margin %                   69.4 %   62.6 %   6.8 pp  72.4 %           66.0 %           6.4 pp  \n Net Income Allocated to Common       $ 384.1  $ 249.4  54 %    $ 388.2          $ 263.1          48 %    \n Stockholders                                                                                             \n Net Income Allocated to Common       52.7 %   44.1 %   8.6 pp  53.3 %           46.5 %           6.8 pp  \n Stockholders Margin %                                                                                    \n Diluted Earnings Per Share           $ 3.66   $ 2.37   54 %    $ 3.70           $ 2.50           48 %    \n Operating EBITDA¹                    $ 535.1  $ 384.2  39 %    $ 540.8          $ 384.7          41 %    \n Operating EBITDA Margin %¹           73.4 %   68.0 %   5.4 pp  74.2 %           68.1 %           6.1 pp  \n EBITDA¹                              $ 539.0  $ 383.7  40 %    $ 544.6          $ 383.8          42 %    \n EBITDA Margin %¹                     73.9 %   67.9 %   6.0 pp  74.7 %           67.9 %           6.8 pp  \n* Total revenues less cost of revenues (referred to as \"net revenue\"(2)) of\n$728.9 million increased 29 percent, compared to $565.2 million in the\nprior-year period, a result of increases across all net revenue(2) captions.\n* Total operating expenses were $223.3 million versus $211.3 million in the\nfirst quarter of 2025, an increase of $12.0 million. Adjusted operating\nexpenses(1) of $200.9 million were up $8.5 million compared to $192.4 million\nin the first quarter of 2025. These increases were primarily due to an\nincrease in compensation and benefits, driven by an increase in accrued\nbonuses as a result of strong company performance, increase in payroll\nbenefits, and an increase in salaries primarily due to merit increases.\n* The effective tax rate for the first quarter of 2026 was 25.2 percent as\ncompared with 28.4 percent in the first quarter of 2025. The lower effective\ntax rate in 2026 is primarily due to the resolution of uncertain tax positions\nwith state and local taxing authorities. The effective tax rate on adjusted\nearnings(1) was 27.5 percent, a decrease of 0.8 percentage points when\ncompared with 28.3 percent in last year's first quarter. The change was\nprimarily due to reduced interest on uncertain tax positions.\n* Diluted EPS for the first quarter of 2026 increased 54 percent to $3.66\ncompared to the first quarter of 2025. Adjusted diluted EPS(1) of $3.70\nincreased 48 percent compared to 2025 first quarter results.\nBusiness Segment Information:\n\n Table 2                                                                                           \n Total Revenues Less Cost of Revenues by Business Segment (in millions)  1Q26     1Q25     Change  \n Options                                                                 $ 467.6  $ 352.4  33 %    \n North American Equities                                                 111.2    94.6     18 %    \n Europe and Asia Pacific                                                 84.9     64.1     32 %    \n Futures                                                                 35.8     32.8     9 %     \n Global FX                                                               29.4     21.3     38 %    \n Total                                                                   $ 728.9  $ 565.2  29 %    \n\n                                                                                                                                                                                 \n ((1) )  A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables. See \"Non-GAAP Information\" in the accompanying financial tables.  \n ((2) )  See the attached tables on page 10 for \"Net Revenue by Revenue Caption.\"                                                                                                \n\nDiscussion of Results by Business Segment:\n\nOptions:\n* Record Options net revenue of $467.6 million was up $115.2 million, or 33\npercent, from the first quarter of 2025. Net transaction and clearing fees(1)\nincreased primarily as a result of a 10 percent increase in total options\naverage daily volume (\"ADV\"), coupled with a 21 percent increase in\nmulti-listed options revenue per contract (\"RPC\") versus the first quarter of\n2025. Market data fees were 31 percent higher and access and capacity fees\nwere 21 percent higher as compared to the first quarter of 2025.\n* Net transaction and clearing fees(1) increased $106.6 million, or 34\npercent, reflecting a 29 percent increase in index options ADV and a 4 percent\nincrease in multi-listed options ADV. Total options RPC increased 19 percent\ncompared to the first quarter of 2025. The increase in total options RPC was\nprimarily due to a 21 percent increase in multi-listed options RPC and a mix\nshift, with index options representing a higher percentage of total options\nvolume.\n* Cboe's Options exchanges had total market share of 29.1 percent for the\nfirst quarter of 2026, down compared to 31.1 percent in the first quarter of\n2025.\nNorth American (N.A.) Equities:\n* Record N.A. Equities net revenue of $111.2 million increased $16.6 million,\nor 18 percent, from the first quarter of 2025, reflecting higher net\ntransaction and clearing fees(1), access and capacity fees, and market data\nfees.\n* Net transaction and clearing fees(1) increased $10.7 million, or 40 percent,\ncompared to the first quarter of 2025. The increase was driven by stronger\nindustry volumes and improved net capture rates for on-exchange U.S. Equities\nexchanges versus the first quarter of 2025.\n* Cboe's U.S. Equities exchanges had market share of 9.8 percent for the first\nquarter of 2026, down compared to 10.5 percent in the first quarter of 2025.\nCboe's U.S. Equities off-exchange market share was 17.0 percent, down from\n17.1 percent in the first quarter of 2025.\nEurope and Asia Pacific (APAC):\n* Record Europe and APAC net revenue of $84.9 million increased $20.8 million,\nor 32 percent, from the first quarter of 2025, reflecting growth in net\ntransaction and clearing fees(1) and non-transaction revenues. On a constant\ncurrency basis(2), net revenue was $76.7 million, up 20 percent on a\nyear-over-year basis. European Equities average daily notional value (\"ADNV\")\ntraded on Cboe European Equities was €17.3 billion, up 25 percent compared\nto the first quarter of 2025 given a 21 percent increase in industry market\nvolumes. Cboe Clear Europe net settlement volume reached 3,931.2 thousand\nshares, up 23 percent from the first quarter of 2025.\n* For the first quarter of 2026, Cboe European Equities had 25.5 percent\nmarket share, up from 24.8 percent in the first quarter of 2025.\nFutures:\n* Futures net revenue of $35.8 million increased $3.0 million, or 9 percent,\nfrom the first quarter of 2025 driven by an 11 percent increase in net\ntransaction and clearing fees(1).\n* Net transaction and clearing fees(1) increased $2.7 million, reflecting a 14\npercent increase in ADV during the quarter.\nGlobal FX:\n* Record Global FX net revenue of $29.4 million increased $8.1 million, or 38\npercent, from the first quarter of 2025. The increase was due to higher net\ntransaction and clearing fees(1). ADNV traded on the Cboe FX platform was\n$70.4 billion for the quarter, up 36 percent compared to last year's first\nquarter, and net capture rate per one million dollars traded was $2.87 for the\nfirst quarter of 2026, up 4 percent compared to $2.77 in the first quarter of\n2025.\n ((1) )  See the attached tables on page 10 for \"Net Transaction and Clearing Fees by Business Segment.\"                                                                         \n ((2) )  A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables. See \"Non-GAAP Information\" in the accompanying financial tables.  \n\n2026 Fiscal Year Financial Guidance(1)\n\nCboe provided guidance for the 2026 fiscal year as noted below.\n* Organic total net revenue growth(2) is expected to be in the 'low\ndouble-digit to mid-teens' range, up from prior guidance of 'mid single-digit'\nin 2026.\n* Organic net revenue growth(2) from Data Vantage is expected to be in the\n'low double-digit' range, up from prior guidance of 'mid to high single-digit'\nin 2026.\n* Adjusted operating expenses(2 )in 2026 are expected to be in the range of\n$838 to $853 million, down from $864 to $879 million. Our 2026 guidance\nincorporates roughly $20 to $25 million of expected savings in 2026 as a\nresult of the additional actions related to the strategic realignment. The\nguidance excludes the expected amortization of acquired intangible assets of\n$63 million; the company adjusts for this amount in its non-GAAP\nreconciliation.\n* Reaffirms depreciation and amortization expense for 2026 is expected to be\nin the range of $56 to $60 million, excluding the expected amortization of\nacquired intangible assets.\n* Reaffirms the effective tax rate on adjusted earnings(2) for the full year\n2026 is expected to be in the range of 27.5 to 29.5 percent. Significant\nchanges in trading volume, expenses, tax laws or rates, and other items could\nmaterially impact this expectation.\n* Reaffirms capital expenditures for 2026 are expected to be in the range of\n$73 to $83 million.\n ((1) )  2026 guidance includes the anticipated impacts from discontinuing U.S. and European Corporate Listings, CEDX, and Cboe's Japanese equities business, as well as the planned cost reductions in U.S. and European ETP Listings businesses and several of Cboe's  \n         smaller Risk and Market Analytics businesses, as announced in 2025 and early 2026. 2026 guidance also includes the anticipated business-as-usual financial contribution from Cboe Canada and Cboe Australia, which Cboe announced divestiture plans for in      \n         October 2025. 2026 guidance will be updated as further actions are announced.                                                                                                                                                                                   \n ((2) )  Specific quantifications of the amounts that would be required to reconcile the company's organic and inorganic growth guidance, adjusted operating expenses guidance, and the effective tax rate on adjusted earnings guidance are not available. Acquisitions \n         are considered organic after 12 months of closing. The company believes that there is uncertainty and unpredictability with respect to certain of its GAAP measures, primarily related to acquisition-related revenues and costs that would be required to      \n         reconcile to GAAP revenues less cost of revenues, and GAAP operating expenses, which preclude the company from providing accurate guidance on certain forward-looking GAAP to non-GAAP reconciliations. The company believes that providing estimates of the    \n         amounts that would be required to reconcile the range of the company's organic growth, adjusted operating expenses, and the effective tax rate on adjusted earnings would imply a degree of precision that would be confusing or misleading to investors for the \n         reasons identified above.                                                                                                                                                                                                                                       \n\nCapital Management\n\nAt March 31, 2026, the company had cash and cash equivalents of $2,134.4\nmillion and adjusted cash(3) of $2,134.9 million. Total debt as of March 31,\n2026 was $1,443.4 million.\n\nThe company paid cash dividends of $75.8 million, or $0.72 per share, during\nthe first quarter of 2026 and utilized $45.1 million to repurchase\napproximately 161 thousand shares of its common stock under its share\nrepurchase program at an average price of $280.20 per share. As of March 31,\n2026, the company had approximately $569.4 million of availability remaining\nunder its existing share repurchase authorizations.\n\nEarnings Conference Call\n\nExecutives of Cboe Global Markets will host a conference call to review its\nfirst quarter financial results today, May 1, 2026, at 8:30 a.m. ET/7:30 a.m.\nCT. The conference call and any accompanying slides will be publicly available\nvia live webcast from the Investor Relations section of the company's website\nat www.cboe.com, under Events & Presentations. Participants may also listen\nvia telephone by dialing (800) 715-9871 (toll-free) or (646) 307-1963 (toll)\nand using the Conference ID 8939587. Telephone participants should place calls\n10 minutes prior to the start of the call. The webcast will be archived on the\ncompany's website for replay.\n\n ((3) )   A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables. See \"Non-GAAP Information\" in the accompanying financial tables.  \n\nAbout Cboe Global Markets\n\nCboe Global Markets, Inc. is a leading global markets operator with a long\nhistory of innovation in equities derivatives. Since launching the world's\nfirst listed options exchange in 1973, Cboe has pioneered landmark products,\nincluding the introduction of S&P 500(®) index options and the creation of\nthe VIX(®) Index, the world's leading gauge of market volatility, reshaping\nhow investors manage risk and access opportunity. Today, Cboe operates\nderivatives, equities, and FX markets, providing trading, clearing, and\ninvestment solutions for customers worldwide. To learn more about Cboe, visit\nwww.cboe.com. \n\nCautionary Statements Regarding Forward-Looking Information\n\nThis press release contains forward-looking statements within the meaning of\nthe Private Securities Litigation Reform Act of 1995 that involve a number of\nrisks and uncertainties. You can identify these statements by forward-looking\nwords such as \"may,\" \"might,\" \"should,\" \"expect,\" \"plan,\" \"anticipate,\"\n\"believe,\" \"estimate,\" \"predict,\" \"potential,\" or \"continue,\" and the negative\nof these terms and other comparable terminology. All statements that reflect\nour expectations, assumptions, or projections about the future other than\nstatements of historical fact are forward-looking statements. These\nforward-looking statements, which are subject to known and unknown risks,\nuncertainties, and assumptions about us, may include projections of our future\nfinancial performance based on our growth strategies and anticipated trends in\nour business. These statements are only predictions based on our current\nexpectations and projections about future events. There are important factors\nthat could cause our actual results, level of activity, performance or\nachievements to differ materially from those expressed or implied by the\nforward-looking statements.\n\nWe operate in a very competitive and rapidly changing environment. New risks\nand uncertainties emerge from time to time, and it is not possible to predict\nall risks and uncertainties, nor can we assess the impact of all factors on\nour business or the extent to which any factor, or combination of factors, may\ncause actual results to differ materially from those contained in any\nforward-looking statements.\n\nSome factors that could cause actual results to differ include: the loss of\nour right to exclusively list and trade certain index options and futures\nproducts; economic, political and market conditions; compliance with legal and\nregulatory obligations; price and new products and services competition and\nconsolidation in our industry; decreases in trading or clearing volumes,\nmarket data fees, or a shift in the mix of products traded on our exchanges;\nlegislative or regulatory changes or changes in tax regimes; our ability to\nprotect our systems and communication networks from security vulnerabilities\nand breaches; our ability to attract and retain skilled management and other\npersonnel; increasing competition by foreign and domestic entities; our\nbusiness and operational dependence on and exposure to risk from third\nparties; factors that impact the quality and integrity of our and other\napplicable indices; our ability to manage our global operations, growth, and\nstrategic acquisitions, wind-downs, divestitures or alliances effectively;\nincreases in the cost of the products and services we use; our ability to\noperate our business without violating the intellectual property rights of\nothers and the costs associated with protecting our intellectual property\nrights; our ability to minimize the risks, including our credit, liquidity,\nmarket, investment, counterparty, and default risks, associated with operating\nour clearinghouses; our ability to accommodate trading and clearing volume and\ntransaction traffic, including significant increases, without failure or\ndegradation of performance of our systems; misconduct by those who use our\nmarkets or our products or for whom we clear transactions; challenges to our\nuse of open source software code; our ability to meet our compliance\nobligations, including managing our business interests and our regulatory\nresponsibilities; the loss of key customers or a significant reduction in\ntrading or clearing volumes by key customers; separate from and not integrated\nwith our registered national securities exchanges; damage to our reputation;\nthe ability of our compliance and risk management methods to effectively\nmonitor and manage our risks; restrictions imposed by our debt obligations and\nour ability to make payments on or refinance our debt obligations; our ability\nto maintain an investment grade credit rating; impairment of our goodwill,\nlong-lived assets, investments, or intangible assets; the accuracy of our\nestimates and expectations; and litigation risks and other liabilities. More\ndetailed information about factors that may affect our actual results to\ndiffer may be found in our filings with the SEC, including in our Annual\nReport on Form 10-K for the year ended December 31, 2025 and other filings\nmade from time to time with the SEC.\n\nWe do not undertake, and we expressly disclaim, any duty to update any\nforward-looking statement whether as a result of new information, future\nevents or otherwise, except as required by law. Readers are cautioned not to\nplace undue reliance on these forward-looking statements, which speak only as\nof the date hereof.\n\nThe condensed consolidated statements of income and balance sheets are\nunaudited and subject to revision.\n\n Cboe Media Contacts:                            Analyst Contact:   \n Angela Tu               Tim Cave                Kenneth Hill, CFA  \n (646) 856-8734          +44 (0) 7593-506-719    (312) 786-7559     \n atu@cboe.com            tcave@cboe.com          khill@cboe.com     \n\nCBOE-F\n\nTrademarks:\n\nCboe(®), Cboe Global Markets(®), Cboe Volatility Index(®), Cboe Clear(®),\nCboe Datashop(®), BIDS Trading(®), BZX(®), BYX(®), EDGX(®), EDGA(®), and\nVIX(®) are registered trademarks and Cboe Data Vantage(SM) is a service mark\nof Cboe Global Markets, Inc. and its subsidiaries. All other trademarks and\nservice marks are the property of their respective owners.\n\n Cboe Global Markets, Inc. Key Performance Statistics by Business Segment                                                      \n                                                                                                                               \n                                                                        1Q 2026    4Q 2025    3Q 2025    2Q 2025    1Q 2025    \n Options                                                                                                                       \n Total industry ADV (in thousands)                                      68,894     66,608     60,798     57,203     58,444     \n Total Company Options ADV (in thousands):                              20,076     19,419     18,775     17,301     18,183     \n Multi-listed options                                                   13,940     13,965     13,911     12,615     13,412     \n Index options                                                          6,136      5,454      4,864      4,686      4,771      \n Total Options Market Share:                                            29.1 %     29.2 %     30.9 %     30.2 %     31.1 %     \n Multi-listed options                                                   22.3 %     22.9 %     24.9 %     24.0 %     25.0 %     \n Total Options RPC:                                                     $ 0.343    $ 0.317    $ 0.281    $ 0.300    $ 0.287    \n Multi-listed options                                                   $ 0.080    $ 0.075    $ 0.055    $ 0.068    $ 0.066    \n Index options                                                          $ 0.940    $ 0.938    $ 0.926    $ 0.923    $ 0.908    \n                                                                                                                               \n North American Equities                                                                                                       \n U.S. Equities - Exchange:                                                                                                     \n Total industry ADV (shares in billions)                                20.0       18.6       17.6       18.4       15.7       \n Market share %                                                         9.8 %      9.4 %      9.8 %      10.5 %     10.5 %     \n Net capture (per 100 touched shares)                                   $ 0.017    $ 0.018    $ 0.015    $ 0.012    $ 0.014    \n U.S. Equities - Off-Exchange:                                                                                                 \n ADV (touched shares, in millions)                                      249.2      197.0      202.3      125.5      90.6       \n Off-Exchange ATS block market share % (reported on a one-month lag)    17.0 %     17.0 %     17.9 %     14.9 %     17.1 %     \n Net capture (per 100 touched shares)                                   $ 0.063    $ 0.064    $ 0.064    $ 0.082    $ 0.117    \n Canadian Equities:                                                                                                            \n ADV (matched shares, in millions)                                      215.8      195.9      163.8      150.6      159.6      \n Total market share %                                                   12.5 %     12.7 %     12.5 %     12.7 %     13.8 %     \n Net capture (per 10,000 shares, in Canadian dollars)                   $ 4.329    $ 3.962    $ 4.142    $ 4.222    $ 4.250    \n                                                                                                                               \n Europe and Asia Pacific                                                                                                       \n European Equities:                                                                                                            \n Total industry ADNV (Euros - in billions)                              € 67.8     € 49.1     € 46.1     € 54.5     € 55.8     \n Market share %                                                         25.5 %     24.8 %     25.4 %     25.1 %     24.8 %     \n Net capture (per matched notional value (bps), in Euros)               € 0.272    € 0.278    € 0.288    € 0.261    € 0.252    \n Cboe Clear Europe:                                                                                                            \n Trades cleared (in thousands)                                          434,717.3  322,339.2  329,293.1  400,935.8  412,072.2  \n Fee per trade cleared (in Euros)                                       € 0.009    € 0.010    € 0.010    € 0.008    € 0.008    \n Net settlement volume (shares in thousands)                            3,931.2    3,603.7    3,541.9    3,289.3    3,200.7    \n Net fee per settlement (in Euros)                                      € 1.044    € 1.113    € 1.015    € 0.956    € 0.951    \n Australian Equities:                                                                                                          \n ADNV (Australian Dollars - in billions)                                $ 1.2      $ 1.0      $ 1.0      $ 1.0      $ 0.8      \n Market share % - Continuous                                            20.6 %     20.6 %     20.6 %     20.0 %     19.4 %     \n Net capture (per matched notional value (bps), in Australian dollars)  $ 0.208    $ 0.207    $ 0.206    $ 0.160    $ 0.156    \n                                                                                                                               \n Futures                                                                                                                       \n ADV (in thousands)                                                     283.3      239.2      200.7      220.5      249.4      \n RPC                                                                    $ 1.649    $ 1.717    $ 1.745    $ 1.691    $ 1.740    \n                                                                                                                               \n Global FX                                                                                                                     \n ADNV ($ - in billions)                                                 $ 70.4     $ 53.3     $ 49.9     $ 55.9     $ 51.9     \n Net capture (per one million dollars traded)                           $ 2.87     $ 2.95     $ 2.89     $ 2.81     $ 2.77     \n                                                                                                                               \n Note, in the second quarter of 2025, Digital futures products were transitioned to Cboe Futures Exchange. Futures metrics prior to the second quarter of 2025  \n exclude Digital futures products.                                                                                             \n\nADV = average daily volume; ADNV = average daily notional value.\n\nRPC, average revenue per contract, for options and futures, represents total\nnet transaction fees recognized for the period divided by total contracts\ntraded during the period.\n\nTouched volume represents the total number of shares of equity securities and\nETFs internally matched on our exchanges or routed to and executed on an\nexternal market center.\n\nMatched volume represents the total number of shares of equity securities and\nETFs executed on our exchanges.\n\nU.S. Equities - Exchange, \"net capture per 100 touched shares\" refers to\ntransaction fees less liquidity payments and routing and clearing costs\ndivided by the product of one-hundredth ADV of touched shares on BZX, BYX,\nEDGX and EDGA and the number of trading days. U.S. Equities - Off-Exchange\ndata reflects BIDS Trading. For U.S. Equities - Off-Exchange, \"net capture per\n100 touched shares\" refers to transaction fees less order and execution\nmanagement system (OMS/EMS) fees and clearing costs divided by the product of\none-hundredth ADV of touched shares on BIDS Trading and the number of trading\ndays for the period.\n\nCanadian Equities, \"net capture per 10,000 shares\" refers to transaction fees\ndivided by the product of one-ten thousandth ADV of shares for Cboe Canada and\nthe number of trading days. Total market share represents Cboe Canada volume\ndivided by the total volume of the Canadian Equities market.\n\nEuropean Equities, \"net capture per matched notional value\" refers to\ntransaction fees less liquidity payments in Euros divided by the product of\nADNV in Euros of shares matched on Cboe Europe Equities and the number of\ntrading days. \"Trades cleared\" refers to the total number of non-interoperable\ntrades cleared, \"Fee per trade cleared\" refers to clearing fees divided by\nnumber of non-interoperable trades cleared, \"Net settlement volume\" refers to\nthe total number of settlements executed after netting, and \"Net fee per\nsettlement\" refers to settlement fees less direct costs incurred to settle\ndivided by the number of settlements executed after netting.\n\nAustralian Equities data reflects data from Cboe Australia. Australian\nEquities, \"net capture per matched notional value\" refers to transaction fees\nless liquidity payments in Australian dollars divided by the product of ADNV\nin Australian dollars of shares matched on Cboe Australia and the number of\nAustralian Equities trading days.\n\nGlobal FX, \"net capture per one million dollars traded\" refers to transaction\nfees less liquidity payments, if any, divided by the Spot and SEF products of\none-thousandth of ADNV traded on the Cboe FX Markets and the number of trading\ndays, divided by two, which represents the buyer and seller that are both\ncharged on the transaction.\n\nAverage transaction fees per contract can be affected by various factors,\nincluding exchange fee rates, volume-based discounts, and transaction mix by\ncontract type and product type.\n\n Cboe Global Markets, Inc. and Subsidiaries Condensed Consolidated Statements of Income (Unaudited) Three Months Ended March 31, 2026 and 2025 \n                                                                                                    \n                                                                Three Months Ended March 31,        \n (in millions, except per share amounts)                        2026                    2025        \n Revenues:                                                                                          \n Cash and spot markets                                          $ 482.2                 $ 500.9     \n Data Vantage                                                   181.3                   152.5       \n Derivatives markets                                            609.3                   541.6       \n Total Revenues                                                 1,272.8                 1,195.0     \n Cost of Revenues:                                                                                  \n Liquidity payments                                             446.1                   394.8       \n Routing and clearing                                           20.0                    19.6        \n Regulatory fees cost of revenues                               —                       153.1       \n Royalty fees and other cost of revenues                        77.8                    62.3        \n Total Cost of Revenues                                         543.9                   629.8       \n Revenues Less Cost of Revenues                                 728.9                   565.2       \n Operating Expenses:                                                                                \n Compensation and benefits                                      127.9                   116.2       \n Depreciation and amortization                                  29.5                    30.3        \n Technology support services                                    27.6                    25.6        \n Professional fees and outside services                         18.3                    20.8        \n Travel and promotional expenses                                8.0                     6.4         \n Facilities costs                                               6.2                     6.2         \n Acquisition-related costs                                      —                       0.2         \n Other expenses                                                 5.8                     5.6         \n Total Operating Expenses                                       223.3                   211.3       \n Operating Income                                               505.6                   353.9       \n Non-operating Income (Expenses):                                                                   \n Interest expense                                               (13.3)                  (12.8)      \n Interest income                                                17.7                    8.4         \n Loss on investments, net                                       (0.7)                   (3.3)       \n Other income, net                                              6.2                     4.0         \n Total Non-operating Income (Expenses)                          9.9                     (3.7)       \n Income Before Income Tax Provision                             515.5                   350.2       \n Income tax provision                                           129.8                   99.6        \n Net Income                                                     385.7                   250.6       \n Net income allocated to participating securities               (1.6)                   (1.2)       \n Net Income Allocated to Common Stockholders                    $ 384.1                 $ 249.4     \n Net Income Per Share Allocated to Common Stockholders:                                             \n Basic earnings per share                                       $ 3.67                  $ 2.38      \n Diluted earnings per share                                     3.66                    2.37        \n Weighted average shares used in computing income per share:                                        \n Basic                                                          104.7                   104.7       \n Diluted                                                        105.0                   105.1       \n\n \n\n Cboe Global Markets, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) March 31, 2026 and December 31, 2025 \n                                                                                        \n (in millions)                                             March 31,     December 31,   \n                                                           2026          2025           \n Assets                                                                                 \n Current assets:                                                                        \n Cash and cash equivalents                                 $ 2,134.4     $ 2,216.5      \n Financial investments                                     35.9          36.1           \n Accounts receivable, net                                  514.6         391.4          \n Margin deposits, default fund, and interoperability fund  3,443.9       1,618.2        \n Income taxes receivable                                   —             67.9           \n Other current assets                                      95.3          91.3           \n Total current assets                                      6,224.1       4,421.4        \n                                                                                        \n Investments                                               31.4          32.4           \n Property and equipment, net                               137.4         133.1          \n Operating lease right of use assets                       105.1         111.0          \n Goodwill                                                  3,142.4       3,150.5        \n Intangible assets, net                                    1,274.6       1,297.2        \n Other assets, net                                         155.6         159.7          \n Total assets                                              $ 11,070.6    $ 9,305.3      \n                                                                                        \n Liabilities and Stockholders' Equity                                                   \n Current liabilities:                                                                   \n Accounts payable and accrued liabilities                  $ 332.8       $ 686.9        \n Current portion of long-term debt                         649.5         —              \n Section 31 fees payable                                   0.2           0.2            \n Deferred revenue                                          16.8          6.9            \n Margin deposits, default fund, and interoperability fund  3,443.9       1,618.2        \n Income taxes payable                                      50.4          50.1           \n Total current liabilities                                 4,493.6       2,362.3        \n                                                                                        \n Long-term debt                                            793.9         1,442.9        \n Non-current unrecognized tax benefits                     22.0          15.8           \n Deferred income taxes                                     233.0         185.3          \n Non-current operating lease liabilities                   114.6         120.9          \n Other non-current liabilities                             40.0          39.8           \n Total liabilities                                         5,697.1       4,167.0        \n                                                                                        \n Stockholders' Equity:                                                                  \n Preferred stock                                           —             —              \n Common stock                                              1.0           1.0            \n Treasury stock, at cost                                   (75.1)        (1.5)          \n Additional paid-in capital                                1,583.0       1,565.1        \n Retained earnings                                         3,853.5       3,543.6        \n Accumulated other comprehensive income, net               11.1          30.1           \n Total stockholders' equity                                5,373.5       5,138.3        \n                                                                                        \n Total liabilities and stockholders' equity                $ 11,070.6    $ 9,305.3      \n\n \n\n Table 3                                                                                                                                        \n Net Transaction and            Consolidated        Options           N.A. Equities       Europe and APAC       Futures         Global FX       \n Clearing Fees by               March 31,           March 31,         March 31,           March 31,             March 31,       March 31,       \n Business Segment                                                                                                                               \n Three Months Ended                                                                                                                             \n March 31, 2026 and 2025                                                                                                                        \n (in millions)                                                                                                                                  \n                                2026       2025     2026     2025     2026      2025      2026       2025       2026    2025    2026    2025    \n Transaction and clearing fees  $ 1,026.4  $ 832.6  $ 559.2  $ 464.5  $ 342.0   $ 271.7   $ 68.6     $ 50.8     $ 30.3  $ 27.1  $ 26.3  $ 18.5  \n Liquidity payments             (446.1)    (394.8)  (135.2)  (146.8)  (295.9)   (235.3)   (13.1)     (11.3)     (1.9)   (1.4)   —       —       \n Routing and clearing           (20.0)     (19.6)   (4.0)    (4.3)    (8.6)     (9.6)     (6.7)      (5.3)      —       —       (0.7)   (0.4)   \n Net transaction and            $ 560.3    $ 418.2  $ 420.0  $ 313.4  $ 37.5    $ 26.8    $ 48.8     $ 34.2     $ 28.4  $ 25.7  $ 25.6  $ 18.1  \n clearing fees                                                                                                                                  \n\n \n\n Table 4                                                                                                                                                                   \n Net Revenue by Revenue Caption Three Months Ended March 31, 2026 and 2025   Cash and Spot Markets       Data Vantage      Derivatives Markets       Total                 \n (in millions)                                                               March 31,                   March 31,         March 31,                 March 31,             \n                                                                             2026          2025          2026     2025     2026         2025         2026       2025       \n Transaction and clearing fees                                               $ 436.9       $ 341.0       $ —      $ —      $ 589.5      $ 491.6      $ 1,026.4  $ 832.6    \n Access and capacity fees                                                    —             —             113.2    97.8     —            —            113.2      97.8       \n Market data fees                                                            15.7          15.7          67.1     54.0     9.0          8.1          91.8       77.8       \n Regulatory fees                                                             0.3           120.7         —        —        10.1         41.1         10.4       161.8      \n Other revenue                                                               29.3          23.5          1.0      0.7      0.7          0.8          31.0       25.0       \n Total revenues                                                              $ 482.2       $ 500.9       $ 181.3  $ 152.5  $ 609.3      $ 541.6      $ 1,272.8  $ 1,195.0  \n                                                                                                                                                                           \n Liquidity payments                                                          $ 308.6       $ 245.7       $ —      $ —      $ 137.5      $ 149.1      $ 446.1    $ 394.8    \n Routing and clearing                                                        15.9          15.3          —        —        4.1          4.3          20.0       19.6       \n Regulatory fees cost of revenues                                            —             120.6         —        —        —            32.5         —          153.1      \n Royalty fees and other cost of revenues                                     15.0          12.6          3.5      3.1      59.3         46.6         77.8       62.3       \n Total cost of revenues                                                      $ 339.5       $ 394.2       $ 3.5    $ 3.1    $ 200.9      $ 232.5      $ 543.9    $ 629.8    \n                                                                                                                                                                           \n Net revenue                                                                 $ 142.7       $ 106.7       $ 177.8  $ 149.4  $ 408.4      $ 309.1      $ 728.9    $ 565.2    \n\nNon-GAAP Information\n\nIn addition to disclosing results determined in accordance with GAAP, Cboe\nGlobal Markets has disclosed certain non-GAAP measures of operating\nperformance. These measures are not in accordance with, or a substitute for,\nGAAP, and may be different from or inconsistent with non-GAAP financial\nmeasures used by other companies. The non-GAAP measures provided in this press\nrelease include adjusted operating expenses, adjusted operating income,\nadjusted operating margin, adjusted net income allocated to common\nstockholders, adjusted diluted earnings per share, effective tax rate on\nadjusted earnings, adjusted income before income taxes, operating EBITDA,\noperating EBITDA margin, adjusted operating EBITDA, adjusted operating EBITDA\nmargin, EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin,\nadjusted cash, and net revenue in constant currency.\n\nManagement believes that the non-GAAP financial measures presented in this\npress release provide additional and comparative information to assess trends\nin our core operations and a means to evaluate period-to-period comparisons.\nNon-GAAP financial measures disclosed by management are provided as additional\ninformation to investors in order to provide them with an alternative method\nfor assessing our financial condition and operating results.\n\nThe tables below show the reconciliation of each financial measure from GAAP\nto non-GAAP. The non-GAAP financial measures exclude the impact of those items\ndetailed below and are referred to as adjusted financial measures. \n\n Reconciliation of GAAP and Non-GAAP Information                                                                       \n                                                                                                                       \n Table 5                                                                           Three Months Ended March 31,        \n (in millions, except percentages and per share amounts)                           2026                    2025        \n Reconciliation of Net Income Allocated to Common S                                                                    \n tockholders to Non-GAAP (As shown on Table 1)                                                                         \n Net income allocated to common stockholders                                       $ 384.1                 $ 249.4     \n Non-GAAP adjustments                                                                                                  \n Acquisition-related costs (1)                                                     —                       0.2         \n Amortization of acquired intangible assets (2)                                    16.7                    18.4        \n Business realignment costs (3)                                                    5.1                     0.3         \n Executive compensation adjustment (4)                                             0.6                     —           \n Non-operating investment adjustments, net (5)                                     (0.1)                   (0.4)       \n Total Non-GAAP adjustments                                                        22.3                    18.5        \n Income tax expense related to the items above                                     (6.1)                   (4.7)       \n Deferred tax re-measurements (6)                                                  (0.6)                   —           \n Tax reserves (6)                                                                  (11.4)                  —           \n Net income allocated to participating securities - effect on reconciling items    (0.1)                   (0.1)       \n Adjusted earnings                                                                 $ 388.2                 $ 263.1     \n                                                                                                                       \n Reconciliation of Diluted EPS to Non-GAAP                                                                             \n Diluted earnings per common share                                                 $ 3.66                  $ 2.37      \n Per share impact of non-GAAP adjustments noted above                              0.04                    0.13        \n Adjusted diluted earnings per common share                                        $ 3.70                  $ 2.50      \n                                                                                                                       \n Reconciliation of Operating Margin to Non-GAAP                                                                        \n Revenues less cost of revenues                                                    $ 728.9                 $ 565.2     \n Operating expenses (7)                                                            $ 223.3                 $ 211.3     \n Non-GAAP adjustments noted above                                                  22.4                    18.9        \n Adjusted operating expenses                                                       $ 200.9                 $ 192.4     \n Operating income                                                                  $ 505.6                 $ 353.9     \n Non-GAAP adjustments noted above                                                  22.4                    18.9        \n Adjusted operating income                                                         $ 528.0                 $ 372.8     \n Adjusted operating margin (8)                                                     72.4 %                  66.0 %      \n                                                                                                                       \n Reconciliation of Income Tax Rate to Non-GAAP                                                                         \n Income before income taxes                                                        $ 515.5                 $ 350.2     \n Non-GAAP adjustments noted above                                                  22.3                    18.5        \n Adjusted income before income taxes                                               $ 537.8                 $ 368.7     \n                                                                                                                       \n Income tax expense                                                                $ 129.8                 $ 99.6      \n Non-GAAP adjustments noted above                                                  18.1                    4.7         \n Adjusted income tax expense                                                       $ 147.9                 $ 104.3     \n Adjusted income tax rate                                                          27.5 %                  28.3 %      \n\n                                                                                                                                                                \n (1)  This amount includes acquisition-related costs primarily from the Company's Cboe Digital, Cboe Canada, and Cboe Asia Pacific acquisitions, which          \n      are included in acquisition-related costs on the condensed consolidated statements of income.                                                             \n (2)  This amount represents the amortization of acquired intangible assets related to the Company's acquisitions, which is included in depreciation and        \n      amortization on the condensed consolidated statements of income.                                                                                          \n (3)  This amount represents certain business realignment costs related to announced business realignment initiatives. For the three months ended March         \n      31, 2026, the costs included $1.6 million in compensation and benefits, $1.8 million in technology support services, $1.5 million in professional fees    \n      and outside services, and $0.2 million in other expenses, respectively, on the condensed consolidated statements of income. For the three months          \n      ended March 31, 2025, the costs included $0.3 million in compensation and benefits on the condensed consolidated statements of income.                    \n (4)  This amount represents the CEO sign-on long-term equity awards granted in 2025 with a grant date value of $6.0 million (comprised of a mixture of         \n      time and performance-based awards) that are subject to a 3-year cliff vesting requirement associated with the hiring of Craig Donohue as Chief            \n      Executive Officer, which is included in compensation and benefits on the condensed consolidated statements of income. This amount does not include        \n      the CEO's annual long-term equity incentive awards that were prorated for 2025.                                                                           \n (5)  This amount represents net gains and losses associated with the PYTH token intangible assets and from the Company's minority investments in Abaxx         \n      Singapore Pte and American Financial Exchange, LLC, which are included in loss on investments, net on the condensed consolidated statements of            \n      income.                                                                                                                                                   \n (6)  These amounts represent the tax impact related to resolution of uncertain tax positions for the three months ended March 31, 2026.                        \n (7)  The company sponsors deferred compensation plans held in a trust. The expenses or income related to the deferred compensation plans are included          \n      in compensation and benefits ($0.4 million and $12.4 million in expense for the three months ended March 31, 2026 and 2025, respectively) and are         \n      directly offset by deferred compensation income and expenses included in loss on investments, net, and dividends included in other income, net ($0.4      \n      million and $12.4 million in income, expense, and dividends in the three months ended March 31, 2026 and 2025, respectively) on the condensed             \n      consolidated statements of income. The deferred compensation plans' expenses are not excluded from adjusted operating expenses and do not have            \n      an impact on income before income taxes.                                                                                                                  \n (8)  Adjusted operating margin represents adjusted operating income divided by revenues less cost of revenues.                                                 \n\nEBITDA Reconciliations\n\nEBITDA (earnings before interest, income taxes, depreciation and amortization)\nand Adjusted EBITDA are widely used non-GAAP financial measures of operating\nperformance. These metrics are presented as supplemental information that the\ncompany believes are useful to investors to evaluate the company's results\nbecause they exclude certain items that are not directly related to the\ncompany's core operating performance. Operating EBITDA is calculated by adding\nback to operating income depreciation and amortization. Adjusted Operating\nEBITDA is calculated by adding back to Operating EBITDA relevant adjustments.\nOperating EBITDA margin represents Operating EBITDA divided by revenues less\ncost of revenues. Adjusted Operating EBITDA margin represents Adjusted\nOperating EBITDA divided by revenues less cost of revenues. EBITDA is\ncalculated by adding back to net income interest (income) expense, net, income\ntax expense, and depreciation and amortization. EBITDA margin represents\nEBITDA divided by revenues less cost of revenues. Adjusted EBITDA is\ncalculated by adding back to EBITDA relevant adjustments. Adjusted EBITDA\nmargin represents Adjusted EBITDA divided by revenues less cost of revenues.\nRelevant adjustments are detailed in the reconciliations that follow.\nOperating EBITDA, Adjusted Operating EBITDA, EBITDA, and Adjusted EBITDA\nshould not be considered as substitutes either for net income, as an indicator\nof the company's operating performance, or for cash flow as a measure of the\ncompany's liquidity. In addition, because Operating EBITDA, Operating EBITDA\nmargin, Adjusted Operating EBITDA, Adjusted Operating EBITDA margin, EBITDA,\nEBITDA margin, Adjusted EBITDA, and Adjusted EBITDA margin may not be\ncalculated identically by all companies, the presentation here may not be\ncomparable to other similarly titled measures of other companies.\n\n Table 6                                                                                  Three Months Ended                \n (in millions, except percentages)                                                        March 31,                         \n Reconciliation of Operating Income to Operating EBITDA and Adjusted Operating EBITDA     2026                2025          \n (Per Table 1)                                                                                                              \n Operating income                                                                         $ 505.6             $ 353.9       \n Depreciation and amortization                                                            29.5                30.3          \n Operating EBITDA                                                                         $ 535.1             $ 384.2       \n Operating EBITDA Margin                                                                  73.4 %              68.0 %        \n                                                                                                                            \n Non-GAAP adjustments not included in above line items                                                                      \n Acquisition-related costs                                                                $ —                 $ 0.2         \n Business realignment costs                                                               5.1                 0.3           \n Executive compensation adjustment                                                        0.6                 —             \n Adjusted Operating EBITDA                                                                $ 540.8             $ 384.7       \n Adjusted Operating EBITDA Margin                                                         74.2 %              68.1 %        \n                                                                                                                            \n Reconciliation of Net Income Allocated to Common Stockholders to EBITDA and              2026                2025          \n Adjusted EBITDA (Per Table 1)                                                                                              \n Net income allocated to common stockholders                                              $ 384.1             $ 249.4       \n Interest (income) expense, net                                                           (4.4)               4.4           \n Income tax provision                                                                     129.8               99.6          \n Depreciation and amortization                                                            29.5                30.3          \n EBITDA                                                                                   $ 539.0             $ 383.7       \n EBITDA Margin                                                                            73.9 %              67.9 %        \n                                                                                                                            \n Non-GAAP adjustments not included in above line items                                                                      \n Acquisition-related costs                                                                —                   0.2           \n Business realignment costs                                                               5.1                 0.3           \n Executive compensation adjustment                                                        0.6                 —             \n Non-operating investment adjustments, net                                                (0.1)               (0.4)         \n Adjusted EBITDA                                                                          $ 544.6             $ 383.8       \n Adjusted EBITDA Margin                                                                   74.7 %              67.9 %        \n                                                                                                                            \n                                                                                                                            \n Table 7 (in millions)                                                                    March 31,           December 31,  \n Reconciliation of Cash and Cash Equivalents to Adjusted Cash                             2026                2025          \n Cash and cash equivalents                                                                $ 2,134.4           $ 2,216.5     \n Financial investments                                                                    35.9                36.1          \n Less deferred compensation plan assets                                                   (35.4)              (35.8)        \n Adjusted Cash                                                                            $ 2,134.9           $ 2,216.8     \n                                                                                                                            \n                                                                                                                            \n Table 8 (in millions)                                                                    Three Months Ended                \n                                                                                          March 31,                         \n Reconciliation of GAAP Net Revenue to Net Revenue in Constant Currency                   2026                2025          \n Europe and Asia Pacific net revenue                                                      $ 84.9              $ 64.1        \n Constant currency adjustment                                                             (8.2)               —             \n Europe and Asia Pacific net revenue in constant currency (1)                             $ 76.7              $ 64.1        \n                                                                                                                            \n\n ((1) )  Net revenue in constant currency is calculated by converting the current period GAAP net revenue in local currency using the foreign   \n         currency exchange rates that were in effect during the previous comparable period.                                                     \n\nPhoto -\nhttps://mma.prnewswire.com/media/2928672/Cboe_Logo___FIA_Boca_Signage_Logo.jpg\n\nView original\ncontent:https://www.prnewswire.co.uk/news-releases/cboe-global-markets-reports-results-for-first-quarter-2026-and-continued-execution-of-strategic-realignment-302759918.html\n\n\n\nPhoto: \nhttps://mma.prnewswire.com/media/2928672/Cboe_Logo___FIA_Boca_Signage_Logo.jpg\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved."},"type":"article","timestamp":"2026-05-01T11:30:02.032662527Z","server_sent_at_ms":1777635002032},"received_at":"2026-05-01T11:30:02.287Z","source_url":"https://www.prnewswire.com/news-releases/cboe-global-markets-reports-results-for-fourth-quarter-2025-and-full-year-302680925.html"},"analysis":{"id":"12497","press_release_id":"16857","analysis_json":{"industry":{"label":"Financial Services","sector":"Financials"},"redFlags":["Workforce reduction of approximately 20 percent announced as part of strategic realignment","Options market share decreased to 29.1% from 31.1% in the prior-year period","North American Equities market share decreased to 9.8% from 10.5% in the prior-year period"],"eventType":"earnings","narrative":"Cboe Global Markets delivered a strong Q1 with record net revenue of $728.9 million, up 29% year-over-year, and record diluted EPS of $3.66, up 54%.\n\nBuilding on this momentum, the company raised its 2026 organic revenue growth guidance to the 'low double-digit to mid-teens' and lowered its adjusted operating expense guidance to $838-$853 million.\n\nThe company also announced continued strategic realignment, including definitive agreements to sell Cboe Canada and Cboe Australia, and a plan to reduce its workforce by approximately 20%.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Beat-and-raise quarter powered by derivatives volume, coupled with aggressive cost cuts and portfolio restructuring."},"keyFigures":{"eps":3.66,"revenue":"$728.9 million","guidance":"2026 Organic Total Net Revenue Growth 'low double-digit to mid-teens' (raised from 'mid single-digit'); 2026 Adjusted Operating Expenses $838 to $853 million (lowered from $864 to $879 million)","revenueYoy":"29%"},"quotedText":"Cboe delivered an exceptional first quarter, building on our 2025 momentum by producing 29 percent net revenue growth, 54 percent diluted EPS growth, and 48 percent adjusted diluted EPS growth","namedEntities":{"people":[{"name":"Jill Griebenow","role":"Executive Vice President, Chief Financial Officer"},{"name":"Craig Donohue","role":"Chief Executive Officer"}],"products":["Cboe Data Vantage","VIX Index","S&P 500 index options","PYTH token intangible assets"],"companies":[{"name":"Cboe Global Markets, Inc.","ticker":"CBOE"},{"name":"Cboe Canada","relationship":"subsidiary (divestiture planned)"},{"name":"Cboe Australia","relationship":"subsidiary (divestiture planned)"}],"dollarAmounts":[{"amount":"$728.9 million","context":"Q1 2026 Net Revenue"},{"amount":"$3.66","context":"Q1 2026 Diluted EPS"},{"amount":"$838 to $853 million","context":"2026 Adjusted Operating Expenses Guidance"},{"amount":"$75.8 million","context":"Q1 2026 Cash Dividends Paid"},{"amount":"$45.1 million","context":"Q1 2026 Share Repurchases"}]},"materialImpact":{"score":4,"reasoning":"Strong earnings beat with record revenue and EPS, coupled with a significant guidance raise and strategic restructuring announcement including divestitures and workforce reduction."},"tickerRelevance":{"others":[],"primary":"CBOE"},"globalImportance":35,"audienceRelevance":40,"eventTypeSecondary":["guidance_update","executive_change"],"importanceComponents":{"tickerTier":"mid-cap","eventGravity":"beat-and-raise earnings + restructuring","sectorWeight":"Financials (Exchange)","householdBrandBoost":0,"marketCapAdjustment":"solid beat"}},"event_type":"earnings","event_type_secondary":["guidance_update","executive_change"],"sentiment":"bullish","material_impact_score":4,"narrative":"Cboe Global Markets delivered a strong Q1 with record net revenue of $728.9 million, up 29% year-over-year, and record diluted EPS of $3.66, up 54%.\n\nBuilding on this momentum, the company raised its 2026 organic revenue growth guidance to the 'low double-digit to mid-teens' and lowered its adjusted operating expense guidance to $838-$853 million.\n\nThe company also announced continued strategic realignment, including definitive agreements to sell Cboe Canada and Cboe Australia, and a plan to reduce its workforce by approximately 20%.","key_figures":{"eps":3.66,"revenue":"$728.9 million","guidance":"2026 Organic Total Net Revenue Growth 'low double-digit to mid-teens' (raised from 'mid single-digit'); 2026 Adjusted Operating Expenses $838 to $853 million (lowered from $864 to $879 million)","revenueYoy":"29%"},"named_entities":{"people":[{"name":"Jill Griebenow","role":"Executive Vice President, Chief Financial Officer"},{"name":"Craig Donohue","role":"Chief Executive Officer"}],"products":["Cboe Data Vantage","VIX Index","S&P 500 index options","PYTH token intangible assets"],"companies":[{"name":"Cboe Global Markets, Inc.","ticker":"CBOE"},{"name":"Cboe Canada","relationship":"subsidiary (divestiture planned)"},{"name":"Cboe Australia","relationship":"subsidiary (divestiture planned)"}],"dollarAmounts":[{"amount":"$728.9 million","context":"Q1 2026 Net Revenue"},{"amount":"$3.66","context":"Q1 2026 Diluted EPS"},{"amount":"$838 to $853 million","context":"2026 Adjusted Operating Expenses Guidance"},{"amount":"$75.8 million","context":"Q1 2026 Cash Dividends Paid"},{"amount":"$45.1 million","context":"Q1 2026 Share Repurchases"}]},"model_name":"glm-4.7","prompt_hash":"sha256:a2703c5a1b5285fe","schema_hash":"sha256:1f8af1196c7db48c","created_at":"2026-05-01T11:54:23.788Z","global_importance":35,"audience_relevance":40,"importance_components":{"tickerTier":"mid-cap","eventGravity":"beat-and-raise earnings + restructuring","sectorWeight":"Financials (Exchange)","householdBrandBoost":0,"marketCapAdjustment":"solid beat"}},"durationMs":36017,"modelName":"glm-4.7"}}