Cboe Global Markets (CBOE)
BATSFinancialsFinancial Data & Stock ExchangesSnapshot 2026-07-08
$264.41+2.23%
Close 2026-07-08 · 1-day change
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Track CBOE free→Intact: The reason to own it still holds.
Cboe grows its Data Vantage revenue about 19% yearly. It manages costs well, aiming for $838-$853 million in operating expenses in 2026. The company realigns to focus on core businesses and invests for growth. Earnings beats show strong execution despite market challenges.
New ETF rivals threaten Cboe's core business. The recent sharp selloff shows investor concerns. Operating expenses rose in Q1, and strategic realignment progress is mixed. Revenue growth is expected to decline nearly 29% next year, signaling risk.
The price is about 12% above our fair value near $231, which is 31% below the Street median target. Analysts expect about -29% revenue growth, reflecting a pessimistic outlook that may be too harsh given recent beats and growth in Data Vantage.
Breaks if: Data Vantage revenue growth falls below 10% YoY next year
Focus on increasing Data Vantage organic net revenue growth to 'low double-digit' range.
Standing thesis, reviewed periodically — not a price target or advice.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
Stated in 3 of last 3 quarters. Data Vantage business grew 19% on a year-over-year basis in 2026-Q1. The company has consistently increased its growth targets for Data Vantage, indicating a focus on delivering higher growth rates.
“Cboe anticipates 2026 Data Vantage organic net revenue growth will be in the 'low double-digit' range.”
“Data Vantage organic net revenue growth is expected to be in the 'high single-digit to low double-digit' range in 2025.”
“Increases 2025 Organic Total Net Revenue Growth Target to high single digits.”
Breaks if: Operating expenses exceed $853 million in FY26
Aim to decrease 2026 adjusted operating expenses to $838-$853 million.
Stated in 3 of last 3 quarters. Operating expenses were $223.3 million in 2026-Q1, up from $211.3 million in 2025-Q1. Despite the increase, Cboe has reduced its 2026 expense guidance, indicating a focus on cost management.
“Reducing 2026 adjusted operating expense guidance to $838 to $853 million.”
“Adjusted operating expenses are expected to be in the range of $827 to $842 million in 2025.”
“Adjusted operating expenses 1 are expected to be in the range of $827 to $842 million in 2025.”
Breaks if: Realignment not substantially completed by end of 2026
Continue strategic realignment to strengthen core businesses and enable greater investment for growth.
Implement strategic realignment to optimize resource allocation across the organization by end of 2026.