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Call sheet · Q2'26

Cboe Global Markets (CBOE)

Q2'26 earnings call · held July 31, 2026 · compared with the Q1'26 call · management-credibility review
9/12
Disclosure score
3 medium, 2 low flags
Financial quality
Bottom line
Net revenue grew 25% to $732M and adjusted diluted EPS rose 45% to $3.56. The next test is how much options growth comes from volume, product mix and pricing: blended RPC rose 6%, and management cited a 3% rise in index RPC. CapEx guidance rose by $25M at the midpoint as hardware purchases moved forward. Track spending against assets entering service, and assess repurchases with the disclosed trading-window limitation in mind.

The 30-second version

  • Volume growth accelerated while revenue per contract grew more slowly
  • Buybacks fell, with a disclosed trading-window constraint
  • The capital spending outlook rose by $25M at the midpoint

What changed this quarter

MetricQ1'26Q2'26Change
Net revenue$729M, +29% YoY$732M, +25% YoYGrowth decelerating 400bps YoY despite dollar record
Adjusted diluted EPS$3.70, +48% YoY$3.56, +45% YoYEPS declined sequentially, growth rate decelerating
Adjusted operating expense$201M, +4% YoY$217M, +2% YoYExpense discipline intact but dollar base stepping up
Adjusted EBITDA margin74.2%, +610bps YoY72.2%, +640bps YoYMargin % lower sequentially despite larger YoY expansion
Options revenue per contract (RPC) growth YoY+19% YoY+6% YoYSharp deceleration, -1300bps
Total options ADV growth YoY+10% YoY+26% YoY+1600bps acceleration, but product mix and rates both matter
Multi-list options ADV growth YoY+4% YoY+24% YoYVolume surge in product-level margin not established here
Share repurchases$45M (Q1)$33M (Q2)-27% despite stated 'discount' opportunity
Adjusted cash$2.1B, leverage 0.8x$2.3B, leverage 0.7xBalance sheet getting stronger, capital not deployed
2026 CapEx guidance$73M-$83M$98M-$108M+$25M midpoint raise, front-loaded hardware spend

Accountability tracked

6 new promises made3 narrative shifts flagged7 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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