-- 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.