Cboe Global Markets, IncBATS: CBOE
Financials · Financial Exchanges & Data
$251.86
-1.11%
Vol: 2.0M
Research Digest
Friday, June 19, 2026
Cboe shares dropped 7% on June 16 as SpaceX options launched on rival exchanges, intensifying competitive pressure amid declining market share.
Cboe Global Markets stock fell 7.05% on June 16 as rival exchanges launched SpaceX equity options, escalating competition and highlighting Cboe's market share erosion. Cboe's options exchange market share has declined to 29.1% from 31.1% year-over-year, and its U.S. equities market share fell to 9.8%. Earlier in June, Erste Group downgraded CBOE to Hold from Buy (June 5) and Rothschild & Co Redburn cut its price target to $316 from $331 (June 11). On a positive note, Cboe's four options exchanges set a monthly ADV record of 22.0 million contracts in May 2026, driven by record multi-list options ADV of 16.0 million contracts. The competitive dynamic with SpaceX options is a near-term risk as liquidity fragments across venues.
Previous Market Intelligence
13 daysJun 18Cboe shares plunged more than 9% on June 16, the biggest S&P 500 decliner, after CFTC Chair Michael Selig defended the agency's approval of perpetual futures, raising fears of new competition.Negative▶
On June 16, 2026, Cboe Global Markets fell more than 9%, making it the worst performer in the S&P 500, after CFTC Chair Michael Selig defended the agency's decision to approve perpetual futures. Investors interpreted the regulator's stance as opening the door to greater competition and potential market-structure changes that could threaten Cboe's high-margin index options and derivatives business, which posted record volumes and 32% revenue growth in Q1 2026. The selloff pushed the stock to roughly $250, about 28% below its May 19 52-week high of $371.18. The concern is structural rather than a one-off, since perpetual futures could erode the moat around Cboe's derivatives products over time. Separately, Cboe continues to expand its product suite, including a planned July 13 launch of pre- and post-market equity options trading. The main risk is that competitive encroachment compresses Cboe's derivatives margins and volume growth.
Jun 17No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 16No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 15No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 14No significant overnight updatesNeutral▶
No material news in the last 48 hours.
May 21Cboe shareholders approve board, pay at 2026 annual meeting; Q2 dividend declaredPositive▶
At the May 14 annual meeting, Cboe shareholders re-elected all 12 directors including Chair Craig Donohue, approved executive comp on advisory basis, ratified KPMG as auditor, and rejected a written-consent proposal. The board also declared a Q2 dividend of $0.72/share. Backdrop: Cboe is executing a strategic restructuring with ~20% workforce reduction, $36-$46M in charges, and $40-$50M annualized savings, after a Q1 beat that lifted 2026 revenue guidance.
May 20No significant overnight updatesNeutral▶
No material news in the last 48 hours.
May 19No significant overnight updatesNeutral▶
No material news in the last 48 hours.
May 18Cboe trades within a $357-$364 range on May 16 amid recent positive analyst initiation and Q2 dividend declaration.Positive▶
Cboe Global Markets shares traded between $357.42 and $364.45 on May 16, 2026, supported by recent positive analyst sentiment and corporate actions. Analysts initiated coverage with a Buy rating on May 12, citing management's revised 2026 outlook for higher revenues and lower costs, with 20% upside potential cited. The company declared a Q2 2026 dividend of $0.72 per share and announced Julie Bauer would join as SVP, Head of Government Relations effective May 19, 2026. These developments reflect strong positioning in derivatives markets, supported by Q1 record results showing 29% net revenue growth and 54% diluted EPS growth.
May 15Cboe shareholders approve all 12 directors at May 14 annual meeting; Q2 dividend of $0.72 declared after Q1 EPS of $3.70 crushed estimatesPositive▶
Cboe Global Markets announced May 14 preliminary results from its 2026 Annual Meeting: all 12 director nominees received majority votes for one-year terms expiring 2027; KPMG was ratified as auditor; a stockholder proposal regarding shareholder right to act by written consent was rejected. The Board declared a Q2 2026 quarterly cash dividend of $0.72 per share, payable June 15, 2026 to holders of record May 29. Q1 2026 results delivered 29% net revenue growth, 54% diluted EPS growth, and 48% adjusted EPS growth; EPS of $3.70 crushed the $3.25 estimate on revenue of $728.9M vs $693.75M expected. Derivatives revenue was up 32% on record index options volumes; Cash and Spot Markets up 34%; Data Vantage up 19%. Erste Group initiated coverage with a Buy rating. Stock trades near 52-week high of $343.67 with 26% YTD return. Julie Bauer appointed SVP, Head of Government Relations on May 11.
May 14Cboe appoints Julie Bauer as SVP head of government relations May 11 amid 20% workforce restructuring and record Q1 with 29% revenue growthPositive▶
Cboe Global Markets appointed Julie Bauer as SVP, head of government relations on May 11, 2026. The appointment follows Cboe's blowout Q1 2026 results released May 1: net revenue grew 29% to $728.9 million, diluted EPS jumped 54% to $3.66, with Cash and Spot Markets up 34%, Derivatives up 32% on record index options volumes, and Data Vantage up 19%. The company raised 2026 organic net revenue growth guidance to low double-digit to mid-teens (from prior mid-single-digit), and Data Vantage to low double-digit (from mid-to-high single-digit). Cboe announced strategic restructuring expected to reduce workforce by about 20%, with $36-$46M in pre-tax charges and $40-$50M in targeted annualized savings. Bank of America raised PT to $340 and UBS to $335. Erste Group initiated Buy. Stock trading near 52-week high at $342.
May 13Cboe Global Markets trading near 52-week high around $350 after analyst target hikes following blowout Q1.Positive▶
As of May 11, 2026, Cboe Global Markets shares traded at $350.05, near the upper end of a 52-week range of $212.75-$350.48, reflecting sustained momentum from the May 1 Q1 print. Q1 2026 delivered 29% net revenue growth, 48% adjusted EPS growth, and adjusted EPS of $3.70 versus a $3.37 consensus, with derivatives volumes setting records across index option products and Global FX hitting record net revenue of $29.4 million (+38% YoY). Management raised 2026 organic revenue growth guidance to 'low double-digit to mid-teens' from 'mid-single-digit' and reduced opex guidance to $838-$853 million. Cboe is preparing to launch securities-based event contracts in June 2026. Cboe also announced hiring Julie Bauer as SVP, Head of Government Relations effective May 19. Deutsche Bank, TD Cowen, UBS, and BofA all raised targets.
May 12Cboe shares surge 9.6% as Q1 net revenue grows 29% and full-year revenue guidance raised to low double-digit to mid-teensPositive▶
Cboe Global Markets reported Q1 2026 adjusted EPS of $3.70 (vs $3.37 consensus) on $728.9M revenue, with net revenue up 29%, diluted EPS up 54%, and adjusted EPS up 48% YoY. The Derivatives business saw record volumes in index options, Data Vantage grew 19% YoY, and Global FX hit a record $29.4M (+38%). The stock surged 9.6% on May 2. Cboe raised 2026 organic net revenue growth guidance to low double-digit to mid-teens (from mid-single-digit) and Data Vantage growth to low double-digit (from mid-to-high single-digit). The company cut adjusted opex guidance to $838-853M (from $864-879M). Deutsche Bank raised PT to $395, Barclays to $382, TD Cowen to $365, UBS to $335. Julie Bauer joins as SVP, Head of Government Relations May 19.
Sector Peers
| Company | Price | Day | 1M | Fwd P/E | Beta | Mkt Cap |
|---|---|---|---|---|---|---|
| CBOECBOE | $251.86 | -1.11% | -0.2% | 16.9x | 0.44 | $26.1B |
| SPGIS+P | $411.04 | -1.67% | +9.3% | 21.5x | 1.08 | $130.2B |
| MCOMOODY | $451.86 | -0.96% | +9.1% | 26.4x | 1.33 | $85.7B |
| CMECME | $246.29 | -2.47% | +2.1% | 18.3x | 0.28 | $85.5B |
| ICEINTERCONTINENTAL | $133.97 | -0.46% | +2.3% | 15.1x | 0.95 | $75.2B |
| NDAQNASDAQ | $82.27 | -1.22% | +3.7% | 19.1x | 1.00 | $47.9B |
Key Fundamentals
RSI (14-Day)
52-Week Range
Moving Averages
Price below 200d MA — bearish structure.