Cboe Q1 2026 slides: record revenue growth driven by options surge

Cboe Global Markets reported a strong first quarter on May 1, with record revenue and earnings driven by a surge in options activity.

The exchange operator said net revenue rose 29% year over year to $728.9 million in the quarter ended March 31, 2026. Adjusted diluted earnings per share increased 48% to $3.70, according to the company’s earnings release and Reuters coverage.

The biggest driver was Cboe's options business. Options net revenue reached a record $467.6 million, up 33% from a year earlier, while average daily volume in index options hit an all-time high of 6.1 million contracts.

Cboe also raised its 2026 organic total net revenue growth target to low double-digit to mid-teens, while lowering adjusted operating expense guidance to $838 million to $853 million. The company said it is continuing a strategic realignment and will cut about 20% of its workforce.

The results suggest that higher market volatility and hedging demand continued to support trading activity. Reuters reported that the stronger quarter helped push Cboe shares higher in premarket trading.

The earnings release gives investors a clearer read on how Cboe is balancing growth from active trading with a more aggressive cost reset.