Cboe Global Markets, Inc. · CBOE:CBOE
Cboe Global Markets — Q1 2026 Earnings Presentation
41 slides from Cboe Global Markets's earnings presentation, May 1, 2026
Slide 1: First Quarter 2026 Earnings Presentation
First Quarter 2026 Earnings Presentation May 1, 2026 © 2026 Cboe Exchange, Inc. All rights reserved.
Slide 2: Agenda
Agenda Business Review Craig Donohue Chief Executive Officer Scott Johnston Executive Vice President, Chief Operating Officer Financial Review Jill Griebenow Executive Vice President, Chief Financial Officer Questions & Answers Craig Donohue Scott Johnston Jill Griebenow Prashant Bhatia Executive Vi
Slide 3: Disclosures
Disclosures Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. You can identify these statements by forward-looking words such as “may,” “might,”
Slide 4: Quarterly Recap and Outlook
Quarterly Recap and Outlook 4
Slide 5: 1Q26: Record Net Revenue in the First Quarter
1Q26: Record Net Revenue1 in the First Quarter* Net revenue1 grew 29% Y/Y, a product of continued transaction and non-transaction growth ◆ Cboe total options ADV up Options Derivatives 10%, with a 29% increase +33% in index options ADV and a $729 million +32% 4% increase in multi-listed options ADV
Slide 6: Derivatives: SPX Volume Growth Across Environments and Customers
Derivatives: SPX Volume Growth Across Environments and Customers Strong Investor Engagement as SPX 0DTE Volumes Continued to Grow 5.5mn 65% 5.0mn 24x5 Tue/Thu COVID 60% 4.5mn Launch Launch 4.0mn 55% 3.5mn 50% 3.0mn 2.5mn 45% 2.0mn 40% 1.5mn 35% 1.0mn 0.5mn 30% SPX >0DTE ADV SPX 0DTE ADV Individual %
Slide 7: Derivatives: Aligned with Cyclical and Secular Trends
Derivatives: Aligned with Cyclical and Secular Trends Cyclical Tailwinds Record Options Volumes in 1Q26 6.1 Macroeconomic and geopolitical environment Total Index Options 4.1 4.0 4.2 4.0 4.8 4.7 4.9 5.5 ◆ Record quarterly ADV of Shifting policy positions 6.1mn, +29% y/y Investor positioning in dynam
Slide 8: Expanding Access to Outcomes Through Event Contracts
Expanding Access to Outcomes Through Event Contracts Examples of Day 1 Offerings Day 1 event contract offering Mini SPX Binary Option Contract Payoff (720 or Above) Securities-based event contracts expected to launch in June1, built on mini-SPX Defined risk, capped payout structure modeled on a
Slide 9: Cash and Spot: Solid Performance Across Products and Platforms
Cash and Spot: Solid Performance Across Products and Platforms U.S. Equities | European Equities & Clearing | Global FX Record Quarterly Net Revenue Record Quarterly Net Revenue Record Quarterly Net Revenue ◆ U.S. Equities On-Exchange matched ◆ European Equities ADNV traded on ◆ FX ADNV increased 36
Slide 10: Cboe Data Vantage: Driving Durable Growth
Cboe Data Vantage: Driving Durable Growth Priorities Across the Data Vantage Portfolio Data Distribution ◆ Delivering content, platform, and distribution globally to execute on growth opportunities ◆ Powered by Cboe’s market-leading position in multiple asset classes around the globe Analytics ◆ Com
Slide 11: Strategic Realignment Update
Strategic Realignment Update 11
Slide 12: Advancing Our Strategy Through Continuous Execution
Advancing Our Strategy Through Continuous Execution Delivering Strong, Consistent Maintaining Disciplined Focus Positioning to Drive Long- Performance and Execution Term Growth Executing our strategy from a Applying a rigorous strategic and Strengthening the core while position of strength financial
Slide 13: Financial Overview and Guidance
Financial Overview and Guidance 13
Slide 14: 1Q26 Financial Summary
1Q26 Financial Summary $728.9 $728.9mn $565.2 $471.4 $502.1 Net Revenue +29% Y/Y 1Q23 1Q24 1Q25 1Q26 $540.8mn $540.8 $384.7 $320.3 Adjusted Operating EBITDA¹ $295.7 +41% Y/Y (Adjusted Operating EBITDA margin¹ of 74.2%) 1Q23 1Q24 1Q25 1Q26 $3.70 $3.70 $2.50 $2.15 $1.90 Adjusted Diluted EPS¹ +48% Y/Y
Slide 15: 1Q26 Net Revenue by Segment and Key Drivers
1Q26 Net Revenue by Segment1 and Key Drivers Net Revenue Segment Net Rev. Growth Key Drivers in millions ◆ Higher net transaction and clearing fees $728.9 Options +33% ◆ Higher total options trading volume and RPC CBOE - C2 - EDGX - BZX +29% ◆ Increased access and capacity fees ◆ Higher net transact
Slide 16: Data Vantage Grew Net Revenue 19% in 1Q26
Data Vantage Grew Net Revenue 19% in 1Q26 Increased 2026 Data Vantage organic net revenue growth rate target1 from ‘mid to high single-digit’2 to ‘low double-digit’2 ◆ 1Q26 Data Vantage net revenue of $177.8 million up 19% YoY organically3 ◆ Remain focused on growth opportunities ◆ New units and new
Slide 17: 1Q26 Adjusted Operating Expenses Up 4% Y/Y
1Q26 Adjusted Operating Expenses1 Up 4% Y/Y, Driven by Compensation and Benefits Adjusted Operating Expenses¹ 1Q26 1Q25 % Change (in millions) ◆ 1Q26 adjusted operating Compensation and benefits $125.7 $115.9 8% expenses1 increase primarily Depreciation and amortization 12.8 11.9 8% driven by a $10
Slide 18: 2026 Guidance
2026 Guidance 2026 Full-Year Guidance1 2026 Guidance as of 2026 Guidance as of 2025 Actual ($ in millions) May 1, 2026 February 6, 2026 Data Vantage3 organic net revenue growth rate Low Double-Digit Mid to High Single-Digit 10%2 Low Double-Digit to Total organic net revenue growth rate Mid Single-Di
Slide 19: Efficient Allocation of Capital to Create Long-Term Shareholder Value
Efficient Allocation of Capital to Create Long-Term Shareholder Value Jun. 30, Sep. 30, Dec. 31, Mar. 31, Debt Outstanding ($ in millions) Preserving balance sheet flexibility remains a 2025 2025 2025 2026 3.650% Senior Notes (10Y; Due 2027) $650 $650 $650 $650 priority 1.625% Senior Notes (10Y; Due
Slide 20: Closing Comments
Choe Closing Comments
Slide 21: Appendix
Choe Appendix
Slide 22: Options 1Q26 Net Revenue Up 33%
Options 1Q26 Net Revenue Up 33%, Reflecting Higher Net Transaction and Clearing Fees1 Options Selected Revenue Data 1Q26 1Q25 Change ($ in millions) ◆ Higher net transaction and clearing Net Revenue $467.6 $352.4 33% fees1 from stronger options Net transaction and clearing fees¹ $420.0 $313.4 34% In
Slide 23: North American Equities 1Q26 Net Revenue Up 18%
North American (N.A.) Equities 1Q26 Net Revenue Up 18%, Driven by Higher Net Transaction and Clearing Fees1 N.A. Equities Selected Revenue Data 1Q26 1Q25 Change ($ in millions) ◆ Net transaction and clearing fees1 Net Revenue $111.2 $94.6 18% were up 40% Net transaction and clearing fees¹ $37.5 $26.
Slide 24: Europe and APAC 1Q26 Net Revenue Up 32%
Europe and APAC 1Q26 Net Revenue Up 32%, Reflecting Transaction and Non-Transaction Revenue Growth Europe and APAC Selected Revenue Data 1Q26 1Q25 Change ($ in millions) ◆ Net transaction and clearing Net Revenue $84.9 $64.1 32% Net transaction and clearing fees¹ $48.8 $34.2 43% fees1 were up 43% Ne
Slide 25: Futures 1Q26 Net Revenue Up 9%
Futures 1Q26 Net Revenue Up 9%, Reflecting Increase in ADV1 Futures Selected Revenue Data 1Q26 1Q25 Change ($ in millions) ◆ Higher volumes drove an increase in Net revenue $35.8 $32.8 9% net transaction and clearing fees2 Net transaction and clearing fees2 $28.4 $25.7 11% Access and capacity fees $
Slide 26: Global FX 1Q26 Net Revenue Up 38%
Global FX 1Q26 Net Revenue Up 38%, Driven by Higher Net Transaction and Clearing Fees1 FX Selected Revenue Data 1Q26 1Q25 Change ($ in millions) ◆ Net transaction and clearing fees1 Net revenue $29.4 $21.3 38% Net transaction and clearing fees1 $25.6 $18.1 41% were up 41% Non-transaction revenue $3.
Slide 27: 1Q26 Financial Overview
1Q26 Financial Overview Adjusted Financial Results1 1Q26 1Q25 Change ($ in millions, except per share) Net Revenue2 $728.9 $565.2 29% Adjusted Operating Expenses $200.9 $192.4 4% Adjusted Operating Income $528.0 $372.8 42% Adjusted Operating Margin 72.4% 66.0% 6.4pts Adjusted Operating EBITDA $540.8
Slide 28: Net Revenue Detail
Net Revenue Detail Net Revenue1 (in millions) 1Q26 1Q25 % Change ◆ Cash and Spot Markets driven by Cash and Spot Markets $142.7 $106.7 34% supportive industry volumes Data Vantage $177.8 $149.4 19% ◆ Data Vantage benefited from new unit and product sales Derivatives Markets $408.4 $309.1 32% ◆ Deriv
Slide 29: Focused on Growing the Proprietary Index Suite
Focused on Growing the Proprietary Index Suite Index customers at Cboe typically use the toolkit of Cboe proprietary products interchangeably or in tandem, depending on market conditions ◆ Plan to further penetrate existing markets with an emphasis on education, targeting key market segments and geo
Slide 30: 0DTE Continued to Enhance SPX Volume Growth
0DTE Continued to Enhance SPX Volume Growth SPX ADV by Expiration in millions of contracts 5.4 75% 5.0 4.8 Thursday 4.6 expiration 4.4 4.4 65% Tuesday 4.3 expiration introduced May 4.1 3.9 4.0 11, 2022 3.8 3.8 62% 62% 62%63% introduced April 3.762% 61%60% 3.6 60% 61% 60% 18, 2022 3.5 3.5 3.5 3.5 59%
Slide 31: 1Q26 Net Revenue by Revenue Caption
1Q26 Net Revenue by Revenue Caption Cash and Derivatives For the Three Months Ended Data Vantage Total Spot Markets Markets March 31 (in millions) 2026 2025 2026 2025 2026 2025 2026 2025 Transaction and clearing fees $ 436.9 $ 341.0 $ - $ - $ 589.5 $ 491.6 $ 1,026.4 $ 832.6 Access and capacity fees
Slide 32: Net Transaction and Clearing Fees by Segment – Quarterly
Net Transaction and Clearing Fees by Segment – Quarterly For the Three Months Ended Options N.A. Equities Europe and APAC Futures Global FX Digital1 Total June 30 (in millions) 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Transaction and clearing fees $468.3 $385.9 $300.2 $2
Slide 33: Non-GAAP Information
Choe Non-GAAP Information
Slide 34: Non-GAAP Information
Non-GAAP Information In addition to disclosing results determined in accordance with GAAP, Cboe Global Markets has disclosed certain non-GAAP measures of operating performance. These measures are not in accordance with, or a substitute for, GAAP, and may be different from or inconsistent with non-GA
Slide 35: Non-GAAP Information
Non-GAAP Information Reconciliation of GAAP Net Revenue to Net Revenue in Constant Currency1 Three Months Ended, Three Months Ended, Net Revenue (in millions) March 31, 2026 March 31, 2025 Europe and Asia Pacific net revenue $84.9 $64.1 Constant currency adjustment (8.2) - Europe and Asia Pacific ne
Slide 36: Non-GAAP Information
Non-GAAP Information Non-GAAP Information (in millions, except per share amounts) 1Q26 (1) This amount represents the amortization of acquired intangible assets related to the Company’s acquisitions, which is Reconciliation of Net Income Allocated to Common Stockholders to Non-GAAP included in depre
Slide 37: Non-GAAP Information
Non-GAAP Information (in millions, except per share amounts) 1Q24 2Q24 3Q24 4Q24 2024 1Q25 2Q25 3Q25 4Q25 2025 (1) This amount includes acquisition-related costs primarily from the company’s Cboe Digital, Cboe Canada, and Reconciliation of Net Income Allocated to Common Stockholders to Non-GAAP Cboe
Slide 38: Non-GAAP Information
Non-GAAP Information (in millions, except per share amounts) 1Q22 2Q22 3Q22 4Q22 2022 1Q23 2Q23 3Q23 4Q23 2023 (1) This amount includes ongoing acquisition related costs primarily Reconciliation of Net Income Allocated to Common Stockholders to Non-GAAP from the Company’s Cboe Digital and Cboe Canad
Slide 39: Non-GAAP Information
Non-GAAP Information EBITDA Reconciliations EBITDA (earnings before interest, income taxes, depreciation and amortization) and Adjusted EBITDA are widely used non-GAAP financial measures of operating performance. These metrics are presented as supplemental information that the company believes are u
Slide 40: Non-GAAP Information
Non-GAAP Information Debt to Adjusted EBITDA1 – Trailing Twelve Months (in millions) 2Q25 3Q25 4Q25 1Q26 TTM Net income allocated to common stockholders $233.9 $299.3 $312.2 $384.1 $1,229.5 Interest expense, net 1.6 (1.0) (2.1) (4.4) (5.9) Income tax provision 99.5 129.3 138.2 129.8 496.8 Depreciati
Slide 41: Thank You
Thank You © 2026 Cboe Exchange, Inc. All rights reserved. 41