Cboe Global Markets (CBOE)
BATSFinancialsFinancial - Data & Stock ExchangesSnapshot 2026-09-04
$298.38-0.04%
Close 2026-09-04 · 1-day change
BATSFinancialsFinancial - Data & Stock ExchangesSnapshot 2026-09-04
QuarterlyIQ Insights · CBOE
What must go right, what could break, what the price assumes, and what evidence comes next.
The current health of the standing investment case.
Recent financial performance is still in the top half of its industry but slipped notably this past month — worth watching.
One-year growth currently built into the price, compared with our model's estimate.
| Measure | Marker shape | Value |
|---|---|---|
| Growth built into the price | circle | 26.1% |
| Our one-year growth estimate | diamond | -32.7% |
For each item: what to watch, what would become a concern, and what would make it less concerning.
A reporting-risk estimate, not a forecast of the stock-price response.
Historical relationships that met the evidence threshold. They do not prove cause or forecast a move.
No outside relationship met the current evidence threshold.
Based on historical daily prices through 2026-09-04.
Past price behavior in dollars on a $10,000 position. This does not measure permanent business risk.
How much price usually moves either way.
A larger daily loss that occurred about once in every 20 trading days.
Use the underlying financial and sector pages to investigate the cause.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
Growth built into the price is above our model estimate.
The price assumes 58.7 percentage points more one-year growth.
The one-year revenue growth assumption on Valuation.
Model as of 2026-09-04 · Compared with 10 industry peers · Company calendar date is not available
CBOE — credit agreement
Dated 2026-07-28
ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT. Third Amended and Restated Credit Agreement On July 24, 2026, Cboe Global Markets, Inc. (the “Company”), as borrower, entered into a Third Amended and Restated Credit Agreement (the “Revolving Credit Agreement”), which amended and restated the Second Amended and Restated Credit Agreement, dated as of February 25, 2022, with Bank of America, N.A., as administrative agent (in such capacity, the “Administrative Agent”) and as swing line lender, certain…
Why it matters: Lower expenses show good cost control. This helps the company make more money.
Supportive ifIn Q2 2026, operating expenses were less than $838 million.
Worry ifIn Q2 2026, operating expenses were more than $853 million.
Why it matters: Earnings results will show if the company can sustain its growth momentum after a strong Q2.
Supportive ifQ3 earnings report shows net revenue growth above 20% year-over-year.
Worry ifQ3 earnings report shows net revenue growth below 15% year-over-year.
Why it matters: Higher expenses may show bad cost management. This can hurt profits.
Worry ifQ2 operating costs are more than $853 million.
Less concerning ifQ2 operating costs are less than $838 million.
Why it matters: The realignment aims to strengthen core businesses. Its success will show if revenue growth can be maintained.
Watch forRevenue growth stays strong. This is true even with the realignment actions.
Also watch forRevenue goes down because of the realignment actions.
We watch for confirming and disproving signals on each item. Resolutions are found automatically where possible and checked by hand for unclear cases. Last 90 days shown.
Deepest peak-to-trough drop in the last year.
| Measure | Value | Meaning |
|---|---|---|
| Typical day | ±$163 on $10,000 · ±1.6% | How much price usually moves either way. |
| Bad day | $308 loss on $10,000 · 3.1% | A larger daily loss that occurred about once in every 20 trading days. |
| Largest peak-to-trough drop in the past year | $3,687 loss on $10,000 · 36.9% | Deepest peak-to-trough drop in the last year. |
Past year. 1.00 means similar movement; 1.20 means about 20% more.
Past year. 1.00 means similar movement to the sector. This is secondary context.
Latest 30 trading days, shown as an annual percentage.
Latest 252 trading days, shown as an annual percentage.
20-trading-day average in US dollars.
Trading days used by the source risk snapshot.
Past results, not a forecast. Not investment advice.
Why it matters: Staying within the $838 to $853 million range shows Cboe's cost discipline. This is important for maintaining profitability.
Supportive ifAdjusted operating costs are between $838 and $853 million for Q3.
Worry ifAdjusted operating costs are over $853 million. This shows problems with managing costs.
Why it matters: Earnings over $3.35 EPS show strong performance and growth. It shows the company is doing well.
Supportive ifQ3 earnings report shows diluted EPS greater than $3.35.
Worry ifQ3 earnings report shows diluted EPS below $3.35.
Why it matters: Updates on the strategic realignment show how Cboe focuses on core businesses. This can affect future growth.
Watch forCboe says it has finished important steps in its strategic changes.
Also watch forCboe reports setbacks or delays in the strategic realignment process.
Why it matters: A drop in revenue growth could signal weakening market conditions or execution issues. This would challenge Cboe's growth narrative.
Worry ifNet revenue growth reported below 10% for Q2 2026.
Less concerning ifNet revenue growth reported above 10% for Q2 2026.
Why it matters: Good leadership changes can help with strategy and efficiency. This affects growth.
Watch forStakeholders give positive feedback on new leaders within three months.
Also watch forNegative feedback or problems happen due to the leadership change.
Why it matters: Updates on the strategic realignment will show how well Cboe is focusing on core businesses. This impacts future growth potential.
Watch forManagement says they made big progress in their plans by the end of 2026.
Also watch forNo updates or negative feedback on the strategic realignment by the end of 2026.
Why it matters: Changes in spending can affect returns for shareholders and future investments. This matters for growth.
Watch forCboe announces new plans for share buybacks or dividends that improve spending.
Also watch forCboe cuts dividends or stops share repurchases. This shows capital constraints.
Why it matters: Management raised the growth target to mid to high teens. Confirmation shows strong execution.
Supportive ifQ3 organic total net revenue growth reported at or above 15%.
Worry ifQ3 organic total net revenue growth reported below 10%.
Why it matters: The sale is part of a strategic realignment. Completion could impact future revenue and expenses.
Watch forCboe Australia has been sold successfully.
Also watch forDelay or cancellation of the Cboe Australia sale.
Why it matters: Market share trends show how strong a company is and its money-making ability.
Watch forOptions market share increases from 30.0% in Q2 2026.
Also watch forOptions market share decreases below 30.0% in future reports.