Cboe Global Markets, Inc. · CBOE:CBOE

Cboe Global Markets — Q2 2026 Earnings Presentation

43 slides from Cboe Global Markets's earnings presentation, Jul 31, 2026

  1. Slide 1: Second Quarter 2026 Earnings Presentation

    Second Quarter 2026 Earnings Presentation July 31, 2026 © 2026 Cboe Exchange, Inc. All rights reserved.

  2. Slide 2: Agenda

    Agenda Business Review Craig Donohue Chief Executive Officer Financial Review Jill Griebenow Executive Vice President, Chief Financial Officer Questions & Answers Craig Donohue Jill Griebenow Prashant Bhatia Executive Vice President, Head of Enterprise Strategy & Corporate Development Heidi Fischer

  3. 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,”

  4. Slide 4: Quarterly Recap and Outlook

    Choe Quarterly Recap and Outlook

  5. Slide 5: 2Q26: Record Net Revenue in the Second Quarter

    2Q26: Record Net Revenue1 in the Second Quarter* Net revenue1 grew 25% Y/Y, a product of continued transaction and non-transaction growth ◆ Cboe total options ADV up Options Derivatives 26%, with a 32% increase +30% in index options ADV and a $732 million +30% 24% increase in multi- listed options A

  6. Slide 6: Derivatives: Aligned with Cyclical and Secular Trends

    Derivatives: Aligned with Cyclical and Secular Trends Cyclical Tailwinds Record Options Volumes in 2Q26 6.1 6.2 Macroeconomic and geopolitical environment Total Index Options 4.0 4.2 4.0 4.8 4.7 4.9 5.5 ◆ Record quarterly ADV of Shifting policy positions 6.2mn, +32% y/y Investor positioning in dynam

  7. Slide 7: 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% Sep-20 Sep-21 Sep-22 Sep-23 Sep-24 Sep-

  8. Slide 8: Derivatives: 0DTE Options Remain the Preferred Tool for Investors

    Derivatives: 0DTE Options Remain the Preferred Tool for Investors 0DTE Options Value Proposition SPX 0DTE Single-Stock / Perpetual Characteristic Traditional Options Futures Futures ▪ Defined risk, unlimited upside: investors Offers embedded leverage ✓ ✓ ✓ are able to set their max loss upfront whil

  9. Slide 9: Case Study: Perpetual Futures vs. 0DTE Options

    Case Study: Perpetual Futures vs. 0DTE Options — Linear vs. Convex Payoff Hedging the April 21, 2026 US-Iran ceasefire expiration Three positions entered at 10am ET, calibrated to equal notional: 1) A 10x short perpetual futures position, 2) A long at-the-money (50 delta) SPX 0DTE put, and 3) A long

  10. Slide 10: Expanding Access to Outcomes Through Event Contracts

    Expanding Access to Outcomes Through Event Contracts Phase 1: Mini-SPX Event Contract Offering Phase 2: Company-KPI Contracts ▪ Launched in June, our mini-SPX binary event contracts are regulated as securities, ▪ Expands the binary suite to company fundamentals (EPS, revenue, margins) and with verti

  11. Slide 11: 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 Strong Quarterly Net Revenue Strong Quarterly Net Revenue ◆ U.S. Equities On-Exchange matched ◆ European Equities ADNV traded on ◆ FX ADNV increased 8%

  12. Slide 12: 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

  13. Slide 13: Alignment With Key Positive Secular Trends

    Alignment With Key Positive Secular Trends Over the past year we've repositioned Cboe to better allocate our time, effort, and resources more directly with the most powerful secular trends in our industry U.S. Market & S&P 500 Dominance Growing Role of Retail Investors Secular Growth in Options Trad

  14. Slide 14: Financial Overview and Guidance

    Financial Overview and Guidance

  15. Slide 15: 2Q26 Financial Summary

    2Q26 Financial Summary $731.6 $731.6mn $587.3 $513.8 $467.1 Net Revenue +25% Y/Y 2Q23 2Q24 2Q25 2Q26 $528.4mn $528.4 $386.7 $326.3 Adjusted Operating EBITDA¹ $285.3 72.2% +37% Y/Y 63.5% 65.8% 61.1% (Adjusted Operating EBITDA margin¹ of 72.2%) 2Q23 2Q24 2Q25 2Q26 $3.56 $3.56 $2.46 $2.15 Adjusted Dilu

  16. Slide 16: 2Q26 Net Revenue by Segment and Key Drivers

    2Q26 Net Revenue by Segment1 and Key Drivers Net Revenue Segment Net Rev. Growth Key Drivers in millions $731.6 ◆ Higher net transaction and clearing fees Options +30% ◆ Higher total options trading volume and RPC CBOE - C2 - EDGX - BZX +25% ◆ Increased access and capacity fees $587.3 ◆ Higher net t

  17. Slide 17: Data Vantage Grew Net Revenue 15% in 2Q26

    Data Vantage Grew Net Revenue 15% in 2Q26 Increased 2026 Data Vantage organic net revenue growth rate target1 from ‘low double-digit’2 to ‘low teens’2 ◆ 2Q26 Data Vantage net revenue of $177.8 million up 15% YoY organically3 ◆ Remain focused on growth opportunities ◆ New units and new sales continue

  18. Slide 18: 2Q26 Adjusted Operating Expenses Up 2% Y/Y, Driven by Compensation and Benefits

    2Q26 Adjusted Operating Expenses1 Up 2% Y/Y, Driven by Compensation and Benefits Adjusted Operating Expenses¹ 2Q26 2Q25 % Change (in millions) Compensation and benefits $132.4 $127.3 4% ◆ 2Q26 adjusted operating Depreciation and amortization 13.5 12.7 6% expenses1 increase primarily Technology suppo

  19. Slide 19: 2026 Guidance

    2026 Guidance 2026 Full-Year Guidance1 2026 Guidance as of 2026 Guidance as of 2026 Guidance as of 2025 Actual ($ in millions) July 31, 2026 May 1, 2026 February 6, 2026 Data Vantage organic net revenue growth2 rate Low Teens Low Double-Digit Mid to High Single-Digit 10%3 Low Double-Digit to Total o

  20. Slide 20: Efficient Allocation of Capital to Create Long-Term Shareholder Value

    Efficient Allocation of Capital to Create Long-Term Shareholder Value Sep. 30, Dec. 31, Mar. 31, Jun. 30, Debt Outstanding ($ in millions) Preserving balance sheet flexibility remains a 2025 2025 2026 2026 priority 3.650% Senior Notes (10Y; Due 2027) $650 $650 $650 $650 1.625% Senior Notes (10Y; Due

  21. Slide 21: Closing Comments

    Choe Closing Comments

  22. Slide 22: Advancing Our Strategy Through Continuous Execution

    Advancing Our Strategy Through Continuous Execution1 Live today Upcoming milestone Estimated timing 2Q26 3Q26 4Q26 1Q27 2Q27 Feature 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 Binary Options Jun '26 Enhanced Clearing Capabilities Sep '26 Company-KPI Event Contracts Sep '26 23x5 U.S. Equity Trading

  23. Slide 23: Appendix

    Choe Appendix

  24. Slide 24: Options 2Q26 Net Revenue Up 30%, Reflecting Higher Net Transaction and Clearing Fees

    Options 2Q26 Net Revenue Up 30%, Reflecting Higher Net Transaction and Clearing Fees1 Options Selected Revenue Data 2Q26 2Q25 Change ($ in millions) ◆ Higher net transaction and clearing Net Revenue $473.9 $364.8 30% fees1 from stronger options Net transaction and clearing fees¹ $429.1 $321.6 33% vo

  25. Slide 25: North American Equities 2Q26 Net Revenue Up 17%

    North American (N.A.) Equities 2Q26 Net Revenue Up 17%, Driven by Higher Net Transaction and Clearing Fees1 N.A. Equities Selected Revenue Data ($ in millions) 2Q26 2Q25 Change ◆ Net transaction and clearing fees1 Net Revenue $114.7 $98.4 17% were up 37% Net transaction and clearing fees¹ $37.7 $27.

  26. Slide 26: Europe and APAC 2Q26 Net Revenue Up 20%

    Europe and APAC 2Q26 Net Revenue Up 20%, Reflecting Transaction and Non-Transaction Revenue Growth Europe and APAC Selected Revenue Data 2Q26 2Q25 Change ($ in millions) ◆ Net transaction and clearing Net Revenue $84.8 $70.4 20% Net transaction and clearing fees¹ $47.9 $36.6 31% fees1 were up 31% Ne

  27. Slide 27: Futures 2Q26 Net Revenue Up 2%, Reflecting Increase in Market Data Fees

    Futures 2Q26 Net Revenue Up 2%, Reflecting Increase in Market Data Fees Futures Selected Revenue Data ($ in millions) 2Q26 2Q25 Change ◆ Market data fees were up 21% Net revenue $30.6 $30.1 2% 2 Net transaction and clearing fees $22.9 $22.9 0% Access and capacity fees $5.8 $5.7 2% Market data fees $

  28. Slide 28: Global FX 2Q26 Net Revenue Up 17%

    Global FX 2Q26 Net Revenue Up 17%, Driven by Higher Net Transaction and Clearing Fees1 FX Selected Revenue Data 2Q26 2Q25 Change ($ in millions) ◆ Net transaction and clearing fees1 Net revenue $27.6 $23.6 17% were up 16% 1 Net transaction and clearing fees $23.7 $20.4 16% Non-transaction revenue $3

  29. Slide 29: 2Q26 Financial Overview

    2Q26 Financial Overview Adjusted Financial Results1 2Q26 2Q25 Change ($ in millions, except per share) Net Revenue2 $731.6 $587.3 25% Adjusted Operating Expenses $216.7 $213.3 2% Adjusted Operating Income $514.9 $374.0 38% Adjusted Operating Margin 70.4% 63.7% 6.7pts Adjusted Operating EBITDA $528.4

  30. Slide 30: 2Q26 Net Revenue Detail

    2Q26 Net Revenue Detail 1 Net Revenue 2Q26 2Q25 % Change (in millions) ◆ Cash and Spot Markets driven by Cash and Spot Markets $141.1 $115.6 22% supportive industry volumes Data Vantage $177.8 $155.1 15% ◆ Data Vantage benefited from new Derivatives Markets $412.7 $316.6 30% unit and product sales T

  31. Slide 31: 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

  32. Slide 32: 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% 63% introduced April 3.762% 61%60% 3.6 60% 61% 60% 60% 59%59% 18, 2022 3.5

  33. Slide 33: 2Q26 Net Revenue by Revenue Caption

    2Q26 Net Revenue by Revenue Caption Cash and Derivatives For the Three Months Ended Data Vantage Total Spot Markets Markets June 30 (in millions) 2026 2025 2026 2025 2026 2025 2026 2025 Transaction and clearing fees $ 409.5 $ 375.1 $ - $ - $ 626.3 $ 492.6 $ 1,035.8 $ 867.7 Access and capacity fees -

  34. Slide 34: 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 September 30 (in millions) 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Transaction and clearing fees $519.0 $405.3 $305

  35. Slide 35: Non-GAAP Information

    Choe Non-GAAP Information

  36. Slide 36: 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

  37. Slide 37: 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) June 30, 2026 June 30, 2025 Europe and Asia Pacific net revenue $84.8 $70.4 Constant currency adjustment (1.8) - Europe and Asia Pacific net

  38. Slide 38: Non-GAAP Information

    Non-GAAP Information (in millions, except per share amounts) 1Q26 2Q26 Reconciliation of Net Income Allocated to Common Stockholders to Non-GAAP (1) This amount represents the amortization of acquired intangible assets related to the Company's acquisitions, which Net income allocated to common stock

  39. Slide 39: 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

  40. Slide 40: 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

  41. Slide 41: 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

  42. Slide 42: Non-GAAP Information

    Non-GAAP Information Debt to Adjusted EBITDA1 – Trailing Twelve Months (in millions) 3Q25 4Q25 1Q26 2Q26 TTM Net income allocated to common stockholders $299.3 $312.2 $384.1 $351.8 $1,347.4 Interest expense, net (1.0) (2.1) (4.4) (5.0) (12.5) Income tax provision 129.3 138.2 129.8 141.6 538.9 Deprec

  43. Slide 43: Thank You

    Thank You © 2026 Cboe Exchange, Inc. All rights reserved.

Cboe Global Markets — Q2 2026 Earnings Presentation on 6ix