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Research Alert: Cboe Delivers Exceptional Q1 As Options Trading Surges
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Cboe Global Markets, Inc. (CBOE) posted record Q1 2026 results with operating EPS of $3.70 vs. $2.50 a year ago, beating consensus by $0.33 as EPS surged 48%. Net revenue reached $729M, up 29% Y/Y and 3% above consensus estimates. CBOE's defensive nature was on full display as rising geopolitical uncertainty benefited results, with options revenue exploding 33% higher, reflecting 10% growth in total options ADV to 20.1M contracts and a 29% surge in index options ADV. Management announced additional organizational changes expected to reduce the workforce by approximately 20% as part of ongoing strategic realignment. The adjusted operating margin expanded 640 basis points to 72.4%, demonstrating exceptional scalability as expenses increased only 4% despite 29% revenue growth. We believe the company's focus on capital efficiency positions it well to invest in emerging growth areas, including financial event markets and tokenization initiatives, while maintaining strong prospects in core U.S. derivatives markets.
$CBOE
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Research Alert: Colgate-palmolive Beats Estimates, Led By International Momentum
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Colgate-Palmolive (CL) delivered solid Q1 results with Base Business EPS advancing 7% to $0.97, $0.03 above consensus estimates. Net sales increased 8.4% to $5.324B, $109M above estimates with organic growth of 2.9% reflecting balanced volume and pricing contributions, while FX provided a 5.1% tailwind. We view the geographic performance as encouraging despite North America weakness, with strong organic growth internationally including Latin America (+5.4%) and Asia Pacific (+5.6%) demonstrating portfolio resilience. Management maintained full-year guidance ranges but revised gross margin guidance lower, citing tariff impacts and input cost pressures. The expanded Strategic Growth and Productivity Program with cumulative charges now estimated at $350M-$550M signals management's commitment to operational efficiency. We believe CL's international exposure (>80% of sales) and solid market share positions it favorably despite North America headwinds, with shares trading around 23x FY 26 consensus estimates.
$CL
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Research Alert: Aon Posts Solid Q1 Results Amid Challenging Market Conditions
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:AON posted Q1 2026 adjusted EPS of $6.48 versus $5.67, topping the $6.35 consensus estimate but lagging our $6.80 forecast. Revenue rose 6% (5% organic growth) aided by a $0.36 per share currency tailwind versus headwinds a year ago. We are encouraged by 10% Risk Capital revenue growth to $3.5B, reflecting 11% Commercial Risk Solutions growth (7% organic) and 8% Reinsurance Solutions growth (4% organic), with broad-based gains from net new business and strong client retention. Management noted the strength of its global property-casualty franchise as a competitive advantage and expects a favorable $0.44 per share currency impact for full-year 2026. Operating margins expanded 320 bps to 34.1% reflecting ongoing restructuring progress, while Q1 free cash flow more than tripled. We expect total revenue growth of 6%-8% in 2026 with mid-to-high-single-digit organic gains, reflecting above-peer organic revenue trends and diminishing currency headwinds.
$AON