Cboe Global Markets raised its annual revenue-growth outlook on Oct. 30, 2026, after higher options activity and data-service revenue helped lift third-quarter net revenue 18%, giving trading and technology businesses a new benchmark for demand across the exchange operator’s services.
Rapid News Brief — Net revenue reached $712.2 million, compared with $605.5 million a year earlier. Reported diluted earnings were $4.08 a share; earnings adjusted for specified gains and costs were $3.63.
The Associated Press earnings snapshot said adjusted earnings exceeded the $3.43 average estimate from analysts surveyed by Zacks Investment Research. AP also reported that net revenue exceeded the forecasts in its survey.
Activity and data support growth
In its results announcement, Cboe said index-options average daily volume increased 24%. Data Vantage net revenue rose 13%, while cash and spot markets net revenue increased 12%.
The company’s quarterly filing separately listed total revenue of $1.3588 billion and costs of revenue of $646.6 million. Subtracting those costs produces the $712.2 million net-revenue figure. Comparing gross revenue with a net-revenue forecast would mix different measures.
Higher growth target, lower expense range
Growth did not mean a larger share of every market. Cboe said its options exchanges held 30.5% market share, down from 30.9% a year earlier. North American equities net revenue nevertheless increased 10%, providing another example of revenue growth alongside competitive pressure.
Cboe now expects annual organic total net revenue growth in the high teens, compared with its previous mid-to-high-teens target. It moved the Data Vantage organic-growth target to the mid-teens from the low teens.
Expected adjusted operating expenses declined to a range of $830 million to $845 million, from $838 million to $853 million. These are full-year management forecasts, distinct from expenses already recorded during the quarter.
For the reported quarter, operating expenses rose to $249.4 million from $235.2 million, while adjusted operating expenses fell to $204 million from $210.2 million. The different directions show why the adjusted annual forecast should not be treated as a statement that all reported costs are falling.