Cboe Reports Q1 EPS Up 54% and Options Surge, 20% Job Cuts Signal Restructuring

Friday, 01/05/2026 | 14:08 GMT by
Tareq Sikder

  • The firm reports $3.66 EPS as net revenue increases 29% driven by stronger options activity.
  • Strong options volumes support the company’s results, with revenue up 29%.

Cboe Logo

Cboe Global Markets
reported higher revenue and earnings for the first quarter of 2026, alongside
continued execution of its strategic realignment focused on core businesses,
portfolio simplification, and cost discipline.

Singapore
Summit: Meet the largest APAC brokers you know (and those you still don’t!)
.

Net revenue rose 29%
year-on-year to $728.9 million, supported by stronger activity across
derivatives, equities, and FX markets. Diluted earnings per share increased 54%
to $3.66, while adjusted EPS rose 48% to $3.70.

Options activity was a
key driver during the quarter, with index options reaching record volumes and
supporting growth in the derivatives business.

Chief Executive
Officer Craig Donohue said the company is executing a strategic review
initiated in 2025 to sharpen focus on core earnings drivers. He confirmed
the planned sale of Cboe Canada and Cboe Australia
and said further
organisational changes are expected to reduce headcount by about 20%.

Costs Rise, Guidance Lifted, Taxes Fall

Craig Donohue, CEO, Cboe Global Markets

Operating expenses
increased to $223.3 million from $211.3 million a year earlier, driven mainly
by higher compensation and bonus accruals linked to stronger performance.
Adjusted operating expenses also rose slightly.

The effective tax rate
declined to 25.2% from 28.4% a year earlier, reflecting the resolution of
uncertain tax positions with state and local authorities.

The company raised its
2026 outlook, now expecting organic net revenue growth in the “low double-digit
to mid-teens” range, up from prior guidance of mid single-digit growth. It also
lifted its Data Vantage outlook and lowered full-year adjusted expense guidance
to $838 million to $853 million, citing efficiency actions tied to its
realignment.

Revenue Rises as Restructuring Continues

Chief Financial
Officer Jill Griebenow said the company delivered an “exceptional first
quarter,” highlighting growth across derivatives, cash equities , and data
services, supported by strong index options activity.

Options revenue rose
33% to $467.6 million, driven by higher volumes and pricing, though market
share declined to 29.1%. North American equities and Europe/APAC equities
posted double-digit growth, while FX revenue rose 38% to a record on higher
trading activity.

Donohue said the
restructuring is being implemented from a position of strength and is aimed at
increasing investment in areas including event markets, tokenisation
initiatives, and expansion of clearing services in the US and Europe. He added
that the changes are intended to support long-term growth and capital
allocation discipline.

Cboe Global Markets
reported higher revenue and earnings for the first quarter of 2026, alongside
continued execution of its strategic realignment focused on core businesses,
portfolio simplification, and cost discipline.

Singapore
Summit: Meet the largest APAC brokers you know (and those you still don’t!)
.

Net revenue rose 29%
year-on-year to $728.9 million, supported by stronger activity across
derivatives, equities, and FX markets. Diluted earnings per share increased 54%
to $3.66, while adjusted EPS rose 48% to $3.70.

Options activity was a
key driver during the quarter, with index options reaching record volumes and
supporting growth in the derivatives business.

Chief Executive
Officer Craig Donohue said the company is executing a strategic review
initiated in 2025 to sharpen focus on core earnings drivers. He confirmed
the planned sale of Cboe Canada and Cboe Australia
and said further
organisational changes are expected to reduce headcount by about 20%.

Costs Rise, Guidance Lifted, Taxes Fall

Craig Donohue, CEO, Cboe Global Markets

Operating expenses
increased to $223.3 million from $211.3 million a year earlier, driven mainly
by higher compensation and bonus accruals linked to stronger performance.
Adjusted operating expenses also rose slightly.

The effective tax rate
declined to 25.2% from 28.4% a year earlier, reflecting the resolution of
uncertain tax positions with state and local authorities.

The company raised its
2026 outlook, now expecting organic net revenue growth in the “low double-digit
to mid-teens” range, up from prior guidance of mid single-digit growth. It also
lifted its Data Vantage outlook and lowered full-year adjusted expense guidance
to $838 million to $853 million, citing efficiency actions tied to its
realignment.

Revenue Rises as Restructuring Continues

Chief Financial
Officer Jill Griebenow said the company delivered an “exceptional first
quarter,” highlighting growth across derivatives, cash equities , and data
services, supported by strong index options activity.

Options revenue rose
33% to $467.6 million, driven by higher volumes and pricing, though market
share declined to 29.1%. North American equities and Europe/APAC equities
posted double-digit growth, while FX revenue rose 38% to a record on higher
trading activity.

Donohue said the
restructuring is being implemented from a position of strength and is aimed at
increasing investment in areas including event markets, tokenisation
initiatives, and expansion of clearing services in the US and Europe. He added
that the changes are intended to support long-term growth and capital
allocation discipline.

Tareq Sikder

  • 2282 Articles
  • 41 Followers

Tareq is a financial writer with 15 years of experience covering global markets. His work spans technical analysis, forex broker reviews, and market sentiment, with a focus on topics relevant to retail traders. He joined Finance Magnates in 2023.

At Finance Magnates, he serves as News Editor, covering retail forex and CFD brokers, cryptocurrency exchanges, fintech firms, and regulatory developments shaping the trading industry. He holds an Honours degree in Information Technology from Anfell College, London.

Education:
Honours degree Information Technology, Anfell College, London

  • 2282 Articles
  • 41 Followers

Finance Magnates Daily Update

Get all the top financial news delivered straight to your inbox. Stay informed, stay ahead.

Keep Reading

More from the Author

Institutional FX

Featured Videos

FM Daily Brief – 1 May 2026


FM Daily Brief – 1 May 2026

FM Daily Brief – 1 May 2026


FM Daily Brief – 1 May 2026

iForex’s CEO tells Finance Magnates the cost of their IPO delay. Also ahead: the US prediction markets legal battle splits in two, and the FCA greenlights onchain funds. It’s Friday, the first of May 2026. You’re listening to the Finance Magnates Daily Brief.


iForex’s CEO tells Finance Magnates the cost of their IPO delay. Also ahead: the US prediction markets legal battle splits in two, and the FCA greenlights onchain funds. It’s Friday, the first of May 2026. You’re listening to the Finance Magnates Daily Brief.

iForex’s CEO tells Finance Magnates the cost of their IPO delay. Also ahead: the US prediction markets legal battle splits in two, and the FCA greenlights onchain funds. It’s Friday, the first of May 2026. You’re listening to the Finance Magnates Daily Brief.


iForex’s CEO tells Finance Magnates the cost of their IPO delay. Also ahead: the US prediction markets legal battle splits in two, and the FCA greenlights onchain funds. It’s Friday, the first of May 2026. You’re listening to the Finance Magnates Daily Brief.


More Videos

  • Not All Video Reviews Are Created Equal | Finance Magnates


    Not All Video Reviews Are Created Equal | Finance Magnates

    Not All Video Reviews Are Created Equal | Finance Magnates


    Not All Video Reviews Are Created Equal | Finance Magnates

    Not All Video Reviews Are Created Equal | Finance Magnates


    Not All Video Reviews Are Created Equal | Finance Magnates

    We deliver fast, structured, neutral reviews covering regulation, platforms, leverage, payouts, and risk across brokers, prop firms, and fintech platforms.

    Book your Finance Magnates video review: https://lnkd.in/dDubZJ2S

    #FinanceMagnates #BrokerReview #PropTrading #Fintech #Forex #Crypto #CFD #TradingPlatforms #DigitalAssets


    We deliver fast, structured, neutral reviews covering regulation, platforms, leverage, payouts, and risk across brokers, prop firms, and fintech platforms.

    Book your Finance Magnates video review: https://lnkd.in/dDubZJ2S

    #FinanceMagnates #BrokerReview #PropTrading #Fintech #Forex #Crypto #CFD #TradingPlatforms #DigitalAssets

    We deliver fast, structured, neutral reviews covering regulation, platforms, leverage, payouts, and risk across brokers, prop firms, and fintech platforms.

    Book your Finance Magnates video review: https://lnkd.in/dDubZJ2S

    #FinanceMagnates #BrokerReview #PropTrading #Fintech #Forex #Crypto #CFD #TradingPlatforms #DigitalAssets


    We deliver fast, structured, neutral reviews covering regulation, platforms, leverage, payouts, and risk across brokers, prop firms, and fintech platforms.

    Book your Finance Magnates video review: https://lnkd.in/dDubZJ2S

    #FinanceMagnates #BrokerReview #PropTrading #Fintech #Forex #Crypto #CFD #TradingPlatforms #DigitalAssets

    We deliver fast, structured, neutral reviews covering regulation, platforms, leverage, payouts, and risk across brokers, prop firms, and fintech platforms.

    Book your Finance Magnates video review: https://lnkd.in/dDubZJ2S

    #FinanceMagnates #BrokerReview #PropTrading #Fintech #Forex #Crypto #CFD #TradingPlatforms #DigitalAssets


    We deliver fast, structured, neutral reviews covering regulation, platforms, leverage, payouts, and risk across brokers, prop firms, and fintech platforms.

    Book your Finance Magnates video review: https://lnkd.in/dDubZJ2S

    #FinanceMagnates #BrokerReview #PropTrading #Fintech #Forex #Crypto #CFD #TradingPlatforms #DigitalAssets

  • FM Daily Brief – 30 April 2026


    FM Daily Brief – 30 April 2026

    FM Daily Brief – 30 April 2026


    FM Daily Brief – 30 April 2026

    FM Daily Brief – 30 April 2026


    FM Daily Brief – 30 April 2026

    iForex posts its first annual results as a listed broker. Also ahead: CFI Financial secures a Brazil license, and prediction markets have a big week, with new ETF launches and fresh Polymarket loss data. It’s Thursday, the thirtieth of April 2026. You’re listening to the Finance Magnates Daily Brief.


    iForex posts its first annual results as a listed broker. Also ahead: CFI Financial secures a Brazil license, and prediction markets have a big week, with new ETF launches and fresh Polymarket loss data. It’s Thursday, the thirtieth of April 2026. You’re listening to the Finance Magnates Daily Brief.

    iForex posts its first annual results as a listed broker. Also ahead: CFI Financial secures a Brazil license, and prediction markets have a big week, with new ETF launches and fresh Polymarket loss data. It’s Thursday, the thirtieth of April 2026. You’re listening to the Finance Magnates Daily Brief.


    iForex posts its first annual results as a listed broker. Also ahead: CFI Financial secures a Brazil license, and prediction markets have a big week, with new ETF launches and fresh Polymarket loss data. It’s Thursday, the thirtieth of April 2026. You’re listening to the Finance Magnates Daily Brief.

    iForex posts its first annual results as a listed broker. Also ahead: CFI Financial secures a Brazil license, and prediction markets have a big week, with new ETF launches and fresh Polymarket loss data. It’s Thursday, the thirtieth of April 2026. You’re listening to the Finance Magnates Daily Brief.


    iForex posts its first annual results as a listed broker. Also ahead: CFI Financial secures a Brazil license, and prediction markets have a big week, with new ETF launches and fresh Polymarket loss data. It’s Thursday, the thirtieth of April 2026. You’re listening to the Finance Magnates Daily Brief.

  • FM Daily Brief – 29 April 2026


    FM Daily Brief – 29 April 2026

    FM Daily Brief – 29 April 2026


    FM Daily Brief – 29 April 2026

    FM Daily Brief – 29 April 2026


    FM Daily Brief – 29 April 2026

    XTB and Robinhood both post first-quarter earnings. But the numbers point in very different directions. Also ahead: Capital.com pushes into three new markets and signals a move into payments. 

    It’s Wednesday, the 29th of April 2026. You’re listening to the Finance Magnates Daily Brief. 


    XTB and Robinhood both post first-quarter earnings. But the numbers point in very different directions. Also ahead: Capital.com pushes into three new markets and signals a move into payments. 

    It’s Wednesday, the 29th of April 2026. You’re listening to the Finance Magnates Daily Brief. 

    XTB and Robinhood both post first-quarter earnings. But the numbers point in very different directions. Also ahead: Capital.com pushes into three new markets and signals a move into payments. 

    It’s Wednesday, the 29th of April 2026. You’re listening to the Finance Magnates Daily Brief. 


    XTB and Robinhood both post first-quarter earnings. But the numbers point in very different directions. Also ahead: Capital.com pushes into three new markets and signals a move into payments. 

    It’s Wednesday, the 29th of April 2026. You’re listening to the Finance Magnates Daily Brief. 

    XTB and Robinhood both post first-quarter earnings. But the numbers point in very different directions. Also ahead: Capital.com pushes into three new markets and signals a move into payments. 

    It’s Wednesday, the 29th of April 2026. You’re listening to the Finance Magnates Daily Brief. 


    XTB and Robinhood both post first-quarter earnings. But the numbers point in very different directions. Also ahead: Capital.com pushes into three new markets and signals a move into payments. 

    It’s Wednesday, the 29th of April 2026. You’re listening to the Finance Magnates Daily Brief. 

  • FM Daily Brief – 28 April 2026


    FM Daily Brief – 28 April 2026

    FM Daily Brief – 28 April 2026


    FM Daily Brief – 28 April 2026

    FM Daily Brief – 28 April 2026


    FM Daily Brief – 28 April 2026

    Startrader posts three-point-one trillion dollars in first-quarter volume — up three hundred and forty percent from a year ago. Also ahead: Fintokei claims sub-second trader payouts, and eToro opens its premium subscription tier to all investors.


    Startrader posts three-point-one trillion dollars in first-quarter volume — up three hundred and forty percent from a year ago. Also ahead: Fintokei claims sub-second trader payouts, and eToro opens its premium subscription tier to all investors.

    Startrader posts three-point-one trillion dollars in first-quarter volume — up three hundred and forty percent from a year ago. Also ahead: Fintokei claims sub-second trader payouts, and eToro opens its premium subscription tier to all investors.


    Startrader posts three-point-one trillion dollars in first-quarter volume — up three hundred and forty percent from a year ago. Also ahead: Fintokei claims sub-second trader payouts, and eToro opens its premium subscription tier to all investors.

    Startrader posts three-point-one trillion dollars in first-quarter volume — up three hundred and forty percent from a year ago. Also ahead: Fintokei claims sub-second trader payouts, and eToro opens its premium subscription tier to all investors.


    Startrader posts three-point-one trillion dollars in first-quarter volume — up three hundred and forty percent from a year ago. Also ahead: Fintokei claims sub-second trader payouts, and eToro opens its premium subscription tier to all investors.

Read More
Tareq Sikder

Latest

Betting in America Eclipses the Music and Film Industry

According to recent data, gambling has become Americans’ favorite pastime, as people are collectively spending vastly more money on wagering than on other popular forms of entertainment, such as music or going to the cinema. Gambling Has Seen Rapid Growth In Just a Few Years According to Martin Conway, an adjunct lecturer in Georgetown University’s

India’s Shanghai envoy, Chinese official discuss plans to boost culture, tourism ties

Music Beijing: India's Consul General in Shanghai Pratik Mathur...

Newsletter

Don't miss

Betting in America Eclipses the Music and Film Industry

According to recent data, gambling has become Americans’ favorite pastime, as people are collectively spending vastly more money on wagering than on other popular forms of entertainment, such as music or going to the cinema. Gambling Has Seen Rapid Growth In Just a Few Years According to Martin Conway, an adjunct lecturer in Georgetown University’s

India’s Shanghai envoy, Chinese official discuss plans to boost culture, tourism ties

Music Beijing: India's Consul General in Shanghai Pratik Mathur...

Want Your Business to Be Seen Everywhere? Meet Tonia Ryan, Creator of Fix Your Search

Some people are good at their jobs. Then there is Tonia Ryan, who has turned “getting found online” into something close to magic. She is the creator of Fix Your Search, and if you have ever wondered why some businesses pop up everywhere while others seem invisible...

Grey Business processes $61 million as stablecoins dominate payments

Grey Business enables startups and SMEs to open US Dollar (USD) corporate accounts, send and receive international payments, convert currencies, and transact using stablecoins such as USDC and USDT...

Utah Marketers to Host Free Business Networking Event in Layton on June 24

The custom web design company is hosting free monthly networking events for Northern Utah business leaders, with the next event scheduled for June 24 from 4 to 6 p.m. Utah Marketers is hosting a free local business networking event on June 24 from 4 to 6 p.m. at the company’s Layton office. The event is