Gross Profit Expansion
Gross profit jumped 29.0% YoY to $728.9M while cost of revenue fell 13.6% to $543.9M, indicating significant operating efficiency gains and a favorable revenue mix shift in Q1 FY2026.
Source: 10-Q Income Statement Data
Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
CBOE delivered a standout Q1 FY2026 with net income surging 53.9% YoY to $385.7M and operating cash flow more than doubling to $1.96B, driven by a sharp improvement in gross profit and operating leverage.
Cost of Revenue
$543.9M
-13.64% YoY
EPS (Diluted)
$3.66
+54.43% YoY
Operating Income
$505.6M
+42.87% YoY
Source: SEC XBRL
Cboe Global Markets (CBOE) reported Q1 FY2026 revenue of $543.9M, down 13.6% year over year. Operating cash flow was $1.96B, up 114.7% year over year. CBOE's fiscal Q1 FY2026 corresponds to calendar Q1 2026.
Last 4 quarters: 4 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026 | 3.56 | 3.55 | Beat +0.4% |
| Mar 2026This filing | 3.70 | 3.36 | Beat +10.3% |
| Dec 2025 | 3.06 | 3.00 | Beat +2.1% |
| Sep 2025 | 2.67 | 2.58 | Beat +3.6% |
Adjusted (non-GAAP) EPS of $3.70 versus the $3.36 analyst consensus — a +10.3% beat for Mar 2026. Analyst consensus is quoted on the adjusted (non-GAAP) basis the street uses. GAAP diluted EPS for this quarter was $3.66.
Compiled by AI from this SEC filing
Gross profit jumped 29.0% YoY to $728.9M while cost of revenue fell 13.6% to $543.9M, indicating significant operating efficiency gains and a favorable revenue mix shift in Q1 FY2026.
Source: 10-Q Income Statement Data
Operating income rose 42.9% YoY to $505.6M, reflecting strong operating leverage as revenue growth outpaced expense growth, pushing operating margin meaningfully higher.
Source: 10-Q Income Statement Data
Cash and equivalents more than doubled YoY to $2.13B (+103.8%), and operating cash flow surged 114.7% to $1.96B, signaling robust cash generation capacity in the quarter.
Source: 10-Q Balance Sheet & Cash Flow Data
Total assets grew 27.7% YoY to $11.07B, with current assets rising 85.1% to $6.22B, though current liabilities also rose sharply by 114.2% to $4.49B, reflecting increased short-term obligations.
Source: 10-Q Balance Sheet Data
CBOE continued returning capital to shareholders with share buybacks of $40.9M in Q1 FY2026, up 36.3% YoY, while long-term debt remained essentially flat at $1.44B.
Source: 10-Q Cash Flow & Balance Sheet Data
Compiled by AI from this SEC filing · 1 high, 3 medium, 1 low
Current liabilities grew 114.2% YoY to $4.49B, significantly faster than current assets growth of 85.1% to $6.22B. While the current ratio remains above 1.0 at 1.39, the rapid build-up in short-term obligations warrants monitoring for liquidity management.
Source: 10-Q Balance Sheet Data
CBOE's debt-to-equity ratio stands at approximately 1.06, indicating that total liabilities are roughly equal to stockholders' equity. This level of leverage could constrain financial flexibility if market conditions deteriorate or interest rates remain elevated.
Source: 10-Q Key Ratios & Balance Sheet Data
As an exchange operator, CBOE's revenue is highly sensitive to trading volumes, market volatility, and investor activity levels. A sustained low-volatility environment or market downturn could materially reduce transaction-based revenues.
Source: 10-Q Income Statement Data
Financing cash outflows rose 22.4% YoY to -$140.2M in Q1 FY2026, driven in part by higher share buybacks. Sustained or accelerating capital returns could pressure free cash flow if operating cash generation moderates.
Source: 10-Q Cash Flow Data
Total liabilities grew 35.2% YoY to $5.70B while stockholders' equity grew only 20.7% to $5.37B, meaning the company's leverage profile is gradually increasing. Continued divergence could affect credit ratings or borrowing costs over time.
Source: 10-Q Balance Sheet Data
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Cost of Revenue $M | 543.90 $M | 629.80 $M | -13.64% |
Gross Profit $M | 728.90 $M | 565.20 $M | +28.96% |
Operating Income $M | 505.60 $M | 353.90 $M | +42.87% |
Net Income $M | 385.70 $M | 250.60 $M | +53.91% |
EPS (Basic) $ | 3.67 $ | 2.38 $ | +54.20% |
EPS (Diluted) $ | 3.66 $ | 2.37 $ | +54.43% |
Answers draw on this SEC filing and the data on this page
Cboe Global Markets delivered strong Q2 FY2026 financial performance, with total revenue rising 23% year-over-year to $1.44B and net income climbing 50.2% to $353.1M, driven by strong trading volumes across derivatives and strategic business realignments.
CBOE delivered a standout FY2025 with net income surging 43.8% to $1.10B and operating cash flow jumping 59.2% to $1.75B, driven by strong revenue growth and significant operating leverage.
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