Cboe raises 2026 organic revenue growth target after record second-quarter revenue and earnings

Cboe Global Markets reported record second-quarter 2026 net revenue of $731.6 million, up 25% from a year earlier, as growth across its options, equities, data and FX businesses helped drive diluted EPS up 50% to $3.35 and adjusted diluted EPS up 45% to $3.56. The company increased its 2026 organic total net revenue growth target to the mid to high teens from low double-digit to mid teens and raised its Data Vantage organic net revenue growth target to the low teens from low double-digit, while reaffirming adjusted operating expense guidance of $838 million to $853 million. Options remained the largest contributor, with record net revenue of $473.9 million, up 30%, supported by a 26% rise in total options average daily volume and a 6% increase in revenue per contract. North American equities net revenue rose 17% to a record $114.7 million, Europe and Asia Pacific revenue increased 20% to $84.8 million, futures revenue edged up 2% to $30.6 million, and global FX revenue climbed 17% to $27.6 million. Operating income rose 40% to $476.0 million and total operating expenses increased 3% to $255.6 million, reflecting higher severance tied to a previously announced strategic realignment and larger bonus accruals, partly offset by lower impairment expense related to Cboe Japan in 2025. The effective tax rate was 28.6%, compared with 29.7% a year earlier. For 2026, Cboe also reaffirmed its adjusted effective tax rate outlook of 27.5% to 29.5%, cut its depreciation and amortization expense forecast to $54 million to $58 million from $56 million to $60 million, and raised projected capital expenditures to $98 million to $108 million from $73 million to $83 million. The company said its guidance includes the anticipated business-as-usual contribution from Cboe Canada and reflects an expected third-quarter sale completion for Cboe Australia, which reduces adjusted operating expense guidance by $11 million and is excluded from the organic growth calculation.