Cboe Global Markets reported higher revenue and earnings for the first quarter of 2026, alongside continued execution of its strategic realignment focused on core businesses, portfolio simplification, and cost discipline.

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Net revenue rose 29% year-on-year to $728.9 million, supported by stronger activity across derivatives, equities, and FX markets. Diluted earnings per share increased 54% to $3.66, while adjusted EPS rose 48% to $3.70.

Options activity was a key driver during the quarter, with index options reaching record volumes and supporting growth in the derivatives business.

Chief Executive Officer Craig Donohue said the company is executing a strategic review initiated in 2025 to sharpen focus on core earnings drivers. He confirmed the planned sale of Cboe Canada and Cboe Australia and said further organisational changes are expected to reduce headcount by about 20%.

Costs Rise, Guidance Lifted, Taxes Fall

Operating expenses increased to $223.3 million from $211.3 million a year earlier, driven mainly by higher compensation and bonus accruals linked to stronger performance. Adjusted operating expenses also rose slightly.

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The effective tax rate declined to 25.2% from 28.4% a year earlier, reflecting the resolution of uncertain tax positions with state and local authorities.

The company raised its 2026 outlook, now expecting organic net revenue growth in the “low double-digit to mid-teens” range, up from prior guidance of mid single-digit growth. It also lifted its Data Vantage outlook and lowered full-year adjusted expense guidance to $838 million to $853 million, citing efficiency actions tied to its realignment.

Revenue Rises as Restructuring Continues

Chief Financial Officer Jill Griebenow said the company delivered an “exceptional first quarter,” highlighting growth across derivatives, cash equities Equities Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa Read this Term, and data services, supported by strong index options activity.

Options revenue rose 33% to $467.6 million, driven by higher volumes and pricing, though market share declined to 29.1%. North American equities and Europe/APAC equities posted double-digit growth, while FX revenue rose 38% to a record on higher trading activity.

Donohue said the restructuring is being implemented from a position of strength and is aimed at increasing investment in areas including event markets, tokenisation initiatives, and expansion of clearing Clearing Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Read this Term services in the US and Europe. He added that the changes are intended to support long-term growth and capital allocation discipline.