Cboe Global Markets Sees Q2 Net Revenue Rise 25% to $731.6 Million

CBOE reported second-quarter net revenue of $731.6 million, up 25% year over year and a record. Adjusted EPS of $3.56 beat the $3.36 consensus, GAAP EPS rose 50% to $3.35, and shares gained about 2.6% to $304.19 on the print.

Options did the work. Options net revenue reached $473.9 million, up 30% year over year, with index options average daily volume up 32%. The structural driver behind that growth is the continued migration toward zero-days-to-expiration contracts, which now account for roughly 65% of SPX options volume. Cboe owns the index options franchise where that activity concentrates, so it captures the volume growth without competing on price the way multi-listed equity options require.

Management raised the 2026 organic growth outlook to the mid-to-high teens, a guidance increase that signals confidence the volume mix is durable rather than a volatility-driven spike.

The bear case is the mirror of the bull case. Exchange revenue is a volatility derivative, and a sustained low-volatility regime would compress the volumes that produced this quarter. The 0DTE concentration also carries regulatory attention risk, since the product's growth has drawn scrutiny over its market-structure effects. Watch monthly index options volume disclosures, any rule proposals touching short-dated options, and whether the raised organic growth guidance survives a calmer tape.

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