Cboe Global Markets, Inc. · CBOE:CBOE

Cboe Global Markets — Q3 2026 Earnings Presentation

43 slides from Cboe Global Markets's earnings presentation, Oct 30, 2026

  1. Slide 1: Third Quarter 2026 Earnings Presentation

    Third Quarter 2026 Earnings Presentation October 30, 2026 © 2026 Cboe Exchange, Inc. All rights reserved.

  2. Slide 2: Agenda

    Agenda Business Review Craig Donohue Chief Executive Officer Financial Review Jill Griebenow Executive Vice President, Chief Financial Officer Questions & Answers Craig Donohue Jill Griebenow Prashant Bhatia Executive Vice President, Head of Enterprise Strategy & Corporate Development Heidi Fischer

  3. Slide 3: Disclosures

    Disclosures Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. You can identify these statements by forward-looking words such as “may,” “might,”

  4. Slide 4: Quarterly Recap and Outlook

    Quarterly Recap and Outlook 4

  5. Slide 5: 3Q26: Net Revenue in the Third Quarter

    3Q26: Net Revenue1 in the Third Quarter* Net revenue1 grew 18% Y/Y, a product of continued transaction and non-transaction growth ◆ Cboe total options ADV up Options Derivatives 14%, with a 24% increase +23% in index options ADV and a $712 million +22% 10% increase in multi- listed options ADV North

  6. Slide 6: Derivatives: Aligned with Cyclical and Secular Trends

    Derivatives: Aligned with Cyclical and Secular Trends Cyclical Tailwinds Options Volumes Remain Strong in 3Q26 6.1 6.2 6.1 Macroeconomic and geopolitical environment Total Index Options 4.2 4.0 4.8 4.7 4.9 5.5 ◆ Quarterly ADV of 6.1mn, Shifting policy positions +24% y/y, 3rd highest all- time Invest

  7. Slide 7: Derivatives: SPX Volume Growth Across Environments and Customers

    Derivatives: SPX Volume Growth Across Environments and Customers Strong Investor Engagement as SPX 0DTE Volumes Continued to Grow 24x5 Tue/Thu 6.0mn COVID 65% Launch Launch 5.0mn 60% 4.0mn 55% 3.0mn 50% 2.0mn 45% 1.0mn 40% 0.0mn 35% SPX >0DTE ADV SPX 0DTE ADV Individual % of 0DTE Customer ADV (RHS)

  8. Slide 8: Derivatives: 0DTE Options Remain the Preferred Tool for Investors

    Derivatives: 0DTE Options Remain the Preferred Tool for Investors 0DTE Options Value Proposition SPX 0DTE Single-Stock / Perpetual Characteristic Traditional Options Futures Futures ▪ Defined risk, unlimited upside: investors Offers embedded leverage ✓ ✓ ✓ are able to set their max loss upfront whil

  9. Slide 9: S&P Extension Secures Exclusive SPX Rights to 2051

    S&P Extension Secures Exclusive SPX Rights to 2051 25-year extension builds on a long record of SPX options volume growth Exclusivity and Innovation 25 years 43 years • Exclusive rights continue across the SPX Exclusive licensing extended through 2051 Of collaboration since SPX options launched in 1

  10. Slide 10: Cboe is Moving Quickly from Idea to Live Products

    Cboe is Moving Quickly from Idea to Live Products Company-KPI event contracts show our ability to deliver on innovative products, a hallmark of Cboe's new structure and culture 1 Concept 2 Regulation 3 Clearing 4 Ecosystem 5 Live KPI event contracts on 23 Filed with the SEC in June to Cboe Clear U.S

  11. Slide 11: Cash and Spot: Solid Performance Across Products and Platforms

    Cash and Spot: Solid Performance Across Products and Platforms U.S. Equities | European Equities & Clearing | Global FX Strong Quarterly Net Revenue Strong Quarterly Net Revenue Strong Quarterly Net Revenue ◆ U.S. Equities On-Exchange net capture ◆ European Equities ADNV traded on ◆ FX ADNV increase

  12. Slide 12: Cboe Data Vantage: Driving Durable Growth

    Cboe Data Vantage: Driving Durable Growth Priorities Across the Data Vantage Portfolio Data Distribution ◆ Delivering content, platform, and distribution globally to execute on growth opportunities ◆ Powered by Cboe’s market-leading position in multiple asset classes around the globe Analytics ◆ Com

  13. Slide 13: Financial Overview and Guidance

    Financial Overview and Guidance 13

  14. Slide 14: 3Q26 Financial Summary

    3Q26 Financial Summary $712.2 $605.5 $532.0 $712.2mn $480.5 Net Revenue +18% Y/Y 3Q23 3Q24 3Q25 3Q26 $521.8mn $409 $522 Adjusted Operating EBITDA¹ $311 $339 +28% Y/Y 63.7% 67.5% 73.3% 64.7% (Adjusted Operating EBITDA margin¹ of 73.3%) 3Q23 3Q24 3Q25 3Q26 $3.63 $3.63 $2.06 $2.22 $2.67 Adjusted Dilute

  15. Slide 15: 3Q26 Net Revenue by Segment and Key Drivers

    3Q26 Net Revenue by Segment and Key Drivers Net Revenue Segment Net Rev. Growth Key Drivers in millions ◆ Higher net transaction and clearing fees $712.2 Options +23% ◆ Higher total options trading volume and RPC CBOE - C2 - EDGX - BZX +18% ◆ Increased access and capacity and market data fees $605.5

  16. Slide 16: Data Vantage Grew Net Revenue 13% in 3Q26

    Data Vantage Grew Net Revenue 13% in 3Q26 Data Vantage Net Revenue Record 3Q26 Data Vantage net revenue of $179.1 million, up 13% YoY in millions $179.1 $158.9 Increased 2026 Data Vantage organic net revenue growth rate target1 from ‘low $134.7 $142.5 58 teens’2 to ‘mid teens’2 54 46 48 ◆ Remain foc

  17. Slide 17: 3Q26 Adjusted Operating Expenses Down 3% Y/Y

    3Q26 Adjusted Operating Expenses1 Down 3% Y/Y, Driven by Compensation and Benefits Adjusted Operating Expenses¹ 3Q26 3Q25 % Change (in millions) Compensation and benefits $119.1 $126.1 -6% ◆ 3Q26 adjusted operating Depreciation and amortization 13.6 13.7 -1% expenses1 decrease primarily Technology s

  18. Slide 18: 2026 Guidance

    2026 Guidance 12026 guidance includes the anticipated impacts from discontinuing U.S. and European Corporate Listings, CEDX, and Cboe’s Japanese equities business, as well as the planned cost reductions in U.S. and European ETP Listings businesses and several of Cboe's smaller Risk and Market Analyt

  19. Slide 19: Efficient Allocation of Capital to Create Long-Term Shareholder Value

    Efficient Allocation of Capital to Create Long-Term Shareholder Value Dec. 31, Mar. 31, Jun. 30, Sept. 30, Debt Outstanding ($ in millions) 2025 2026 2026 2026 3.650% Senior Notes (10Y; Due 2027) $650 $650 $650 $650 Preserving balance sheet flexibility remains a priority 1.625% Senior Notes (10Y; Du

  20. Slide 20: Closing Comments

    Choe Closing Comments

  21. Slide 21: Secular Tailwinds Are Structural, Our Momentum Continues

    Secular Tailwinds Are Structural, Our Momentum Continues Cboe 25 yrs: S&P license extension secures the SPX, VIX, and XSP franchise through the next generation of growth Invest in and expand the S&P complex KPIs represent a meaningful potential Record Volumes: 3Q Quarterly ADV records in SPX 0DTE, X

  22. Slide 22: Advancing Our Strategy Through Continuous Execution

    Advancing Our Strategy Through Continuous Execution1 Live today Upcoming milestone Estimated timing 2Q26 3Q26 4Q26 1Q27 2Q27 Feature 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 Binary Options Jun '26 Margined Future and Collateralized Swap Clearing Approval Oct '26 Enhanced Clearing Capabilities Oc

  23. Slide 23: Appendix

    Choe Appendix

  24. Slide 24: Options 3Q26 Net Revenue Up 23%

    Options 3Q26 Net Revenue Up 23%, Reflecting Higher Net Transaction and Clearing Fees1 Options Selected Revenue Data 3Q26 3Q25 Change ($ in millions) ◆ Higher net transaction and clearing Net Revenue $469.5 $380.8 23% fees1 from stronger options volumes Net transaction and clearing fees¹ $419.6 $337.

  25. Slide 25: North American Equities 3Q26 Net Revenue Up 10%

    North American (N.A.) Equities 3Q26 Net Revenue Up 10%, Driven by Higher Net Transaction and Clearing Fees1 N.A. Equities Selected Revenue Data 3Q26 3Q25 Change ($ in millions) ◆ Net transaction and clearing fees1 Net Revenue $113.5 $103.5 10% were up 16% Net transaction and clearing fees¹ $35.8 $30

  26. Slide 26: Europe and APAC 3Q26 Net Revenue Up 6%

    Europe and APAC 3Q26 Net Revenue Up 6%, Reflecting Transaction and Non-Transaction Revenue Growth1 Europe and APAC Selected Revenue Data 3Q26 3Q25 Change ($ in millions) ◆ Net transaction and clearing Net Revenue $73.3 $69.1 6% Net transaction and clearing fees¹ $40.9 $37.1 10% fees1 were up 10% Net

  27. Slide 27: Futures 3Q26 Net Revenue Down 5%

    Futures 3Q26 Net Revenue Down 5%, Reflecting a Decrease in Net Transaction and Clearing Fees Futures Selected Revenue Data ($ in millions) 3Q26 3Q25 Change ◆ Net transaction and clearing fees Net revenue $28.2 $29.6 -5% were down 8% Net transaction and clearing fees 1 $20.5 $22.4 -8% Access and capa

  28. Slide 28: Global FX 3Q26 Net Revenue Up 23%

    Global FX 3Q26 Net Revenue Up 23%, Driven by Higher Net Transaction and Clearing Fees1 FX Selected Revenue Data 3Q26 3Q25 Change ($ in millions) ◆ Net transaction and clearing fees1 Net revenue $27.7 $22.5 23% were up 24% 1 Net transaction and clearing fees $23.7 $19.1 24% Non-transaction revenue $4

  29. Slide 29: 3Q26 Financial Overview

    3Q26 Financial Overview Adjusted Financial Results 1 3Q26 3Q25 Change ($ in millions, except per share) Net Revenue2 $712.2 $605.5 18% Adjusted Operating Expenses $204.0 $210.2 -3% Adjusted Operating Income $508.2 $395.3 29% Adjusted Operating Margin 71.4% 65.3% 6.1pts Adjusted Operating EBITDA $521

  30. Slide 30: 3Q26 Net Revenue Detail

    3Q26 Net Revenue Detail Net Revenue1 3Q26 3Q25 % Change (in millions) ◆ Cash and Spot Markets driven by Cash and Spot Markets $131.4 $117.3 12% supportive capture trends in Data Vantage $179.1 $158.9 13% North American Equities and volumes in European Equities Derivatives Markets $401.7 $329.3 22% a

  31. Slide 31: Focused on Growing the Proprietary Index Suite

    Focused on Growing the Proprietary Index Suite Index customers at Cboe typically use the toolkit of Cboe proprietary products interchangeably or in tandem, depending on market conditions ◆ Expanded global trading hours for SPX and VIX options in November 2021, XSP options in December 2022 ◆ Launched

  32. Slide 32: 0DTE Continued to Enhance SPX Volume Growth

    0DTE Continued to Enhance SPX Volume Growth SPX ADV by Expiration in millions of contracts 5.4 5.3 5.2 75% 5.0 5.0 4.9 5.0 4.8 Thursday 4.6 4.6 expiration 4.4 4.4 65% 4.3 Tuesday introduced May 4.1 66% 3.9 64% 4.0 expiration 11, 2022 3.8 3.8 62% 62% 62%63% 63% 64% introduced April 61% 62% 3.7 60% 61

  33. Slide 33: 3Q26 Net Revenue by Revenue Caption

    3Q26 Net Revenue by Revenue Caption Cash and Derivatives For the Three Months Ended Data Vantage Total Spot Markets Markets September 30 (in millions) 2026 2025 2026 2025 2026 2025 2026 2025 Transaction and clearing fees $ 356.1 $ 377.0 $ - $ - $ 607.4 $ 542.9 $ 963.5 $ 919.9 Access and capacity fee

  34. Slide 34: Net Transaction and Clearing Fees by Segment – Quarterly

    Net Transaction and Clearing Fees by Segment – Quarterly For the Three Months Ended Options N.A. Equities Europe and APAC Futures Global FX Digital1 Total December 31 (in millions) 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Transaction and clearing fees $559.7 $418.0 $316.

  35. Slide 35: Non-GAAP Information

    Choe Non-GAAP Information

  36. Slide 36: Non-GAAP Information

    Non-GAAP Information In addition to disclosing results determined in accordance with GAAP, Cboe Global Markets has disclosed certain non-GAAP measures of operating performance. These measures are not in accordance with, or a substitute for, GAAP, and may be different from or inconsistent with non-GA

  37. Slide 37: Non-GAAP Information

    Non-GAAP Information Reconciliation of GAAP Net Revenue to Net Revenue in Constant Currency1 Three Months Ended, Three Months Ended, Net Revenue (in millions) September 30, 2026 September 30, 2025 Europe and Asia Pacific net revenue $73.3 $69.1 Constant currency adjustment 0.8 - Europe and Asia Paci

  38. Slide 38: Non-GAAP Information

    Non-GAAP Information (in millions, except per share amounts) 1Q26 2Q26 3Q26 (1) This amount represents the amortization of acquired intangible assets related to the company’s acquisitions, which Reconciliation of Net Income Allocated to Common Stockholders to Non-GAAP is included in depreciation and

  39. Slide 39: Non-GAAP Information

    Non-GAAP Information (in millions, except per share amounts) 1Q24 2Q24 3Q24 4Q24 2024 1Q25 2Q25 3Q25 4Q25 2025 (1) This amount includes acquisition-related costs primarily from the company’s Cboe Digital, Cboe Canada, and Reconciliation of Net Income Allocated to Common Stockholders to Non-GAAP Cboe

  40. Slide 40: Non-GAAP Information

    Non-GAAP Information (in millions, except per share amounts) 1Q22 2Q22 3Q22 4Q22 2022 1Q23 2Q23 3Q23 4Q23 2023 (1) This amount includes ongoing acquisition related costs primarily Reconciliation of Net Income Allocated to Common Stockholders to Non-GAAP from the Company’s Cboe Digital and Cboe Canad

  41. Slide 41: Non-GAAP Information

    Non-GAAP Information EBITDA Reconciliations EBITDA (earnings before interest, income taxes, depreciation and amortization) and Adjusted EBITDA are widely used non-GAAP financial measures of operating performance. These metrics are presented as supplemental information that the company believes are u

  42. Slide 42: Non-GAAP Information

    Non-GAAP Information Debt to Adjusted EBITDA1 – Trailing Twelve Months (in millions) 4Q25 1Q26 2Q26 3Q26 TTM Net income allocated to common stockholders $312.2 $384.1 $351.8 $426.7 $1,474.8 Interest expense, net (2.1) (4.4) (5.0) (9.6) (21.1) Income tax provision 138.2 129.8 141.6 126.3 535.9 Deprec

  43. Slide 43: Thank You

    Thank You © 2026 Cboe Exchange, Inc. All rights reserved. 43

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