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CBOE · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Cboe Global Markets, Inc. (CBOE) stock moving?
Cboe's Q3 2026 print (Oct 30) was the main fundamental event: adjusted EPS of $3.63 beat the $3.43 estimate, revenue rose 18% to $712.2M, and diluted EPS hit a record $4.08. Management raised its 2026 organic net revenue growth target to high teens and its Data Vantage target to mid teens, while lowering adjusted operating expense guidance to $830-845M. Derivatives revenue grew 22% on a 24% rise in index options volume, supported by record 0DTE activity. The stock rose 6.8% on earnings day on 2.46M shares, the highest volume in the 30-day window. It has since climbed from $335.53 to $364.81, with the Nov 10 close at a 30-day high, though the day's volume of 916K was below the recent average. Analyst reaction is mixed but leans positive: Barclays ($392), TD Cowen ($417) and Morgan Stanley ($461) raised targets, Wells Fargo ($357) and Autonomous ($327) lifted theirs, and Goldman ($322) raised its target too. Keefe, Bruyette & Woods cut its target to $320 from $350 on Nov 10, and several of the lower targets sit below the current price. Product and regulatory news is mostly constructive: the S&P DJI license was extended through 2051, mini-Russell binary options launched Nov 9, company-KPI event contracts are slated for a November launch, and Cboe FX posted $1.234 trillion in October spot volume. Cboe joined a legal challenge to CFTC approval of perpetual derivatives on Nov 3. The main open question is the 2027 royalty fee reset under the S&P extension; the company calls its impact de minimis but will only give 2027 guidance in February.
News behind the analysis
- Keefe, Bruyette & Woods Adjusts Price Target on Cboe Global Markets to $320 From $350Keefe, Bruyette & Woods cut its price target on Cboe to $320 from $350. The stock still closed up 3.4% that day at $364.81.
- Cboe Global Markets Launches Mini-Russell 2000 Index Binary OptionsCboe introduced binary options on the mini-Russell 2000 Index (MRUT), extending its prediction markets suite into small-cap directional products.
- Autonomous Research Adjusts Cboe Global Markets Price TargetAutonomous Research raised its price target on Cboe to $327 from $313.
- Goldman Sachs Adjusts Cboe Global Markets Price Target to $322 From $300Goldman Sachs lifted its price target on Cboe to $322 from $300.
- Cboe FX Reports October 2026 Trading VolumesCboe FX matched $1.234 trillion in spot trading volume in October 2026, an average daily volume of $56.08 billion.
- Cboe Global Markets Joins Legal Challenge Against CFTC Approval of Perpetual DerivativesCboe backed a Capital Markets Alliance lawsuit challenging the CFTC's approval of perpetual derivatives on U.S. stocks and ETFs.
- Barclays Maintains Overweight on Cboe Global Markets, Raises Price Target to $392Barclays kept its Overweight rating and raised its price target to $392.
- TD Cowen Maintains Buy on Cboe Global Markets, Raises Price Target to $417TD Cowen kept its Buy rating and raised its price target to $417.
- Wells Fargo Raises Price Target on Cboe Global Markets to $357 From $309Wells Fargo kept its Equal-Weight rating and raised its price target to $357 from $309.
- Cboe Global Markets, Inc. Reports Q3 2026 Financial ResultsQ3 adjusted EPS of $3.63 beat the $3.43 estimate and revenue of $712.2M beat the $706.4M estimate. Management raised its 2026 organic net revenue growth target to high teens and lowered adjusted operating expense guidance to $830-845M.
About Cboe Global Markets, Inc.
Cboe Global Markets runs exchanges for options, stocks, futures and currencies, mainly in the US and Europe, and sells market data. It is best known for exclusive trading of S&P 500 (SPX) index options and the VIX volatility index. Its S&P Dow Jones Indices licence was recently extended through 2051.
How it makes money
Most net revenue comes from transaction and clearing fees. Options is the biggest segment, at roughly two-thirds of net revenue in Q3 2026 (about $470M of $712M). That is driven by proprietary index options like SPX, including very short-dated 0DTE contracts, and VIX. Other sources include cash and spot markets, meaning US and European stock trading (roughly 18%); Data Vantage, which sells market data and connectivity; futures; and Global FX trading. The company is selling Cboe Australia (sale done in Q3 2026) and Cboe Canada. It is also expanding into event contracts such as Cboe Predicts.
What usually moves CBOE
- Market volatility and options trading volumes
- Retail demand for SPX 0DTE options
- Market-data subscription growth
- Equity market share against rival exchanges
- Regulation and new products like event contracts