CBOE · 10-Q · 2026Q3 · Full report

Operating Margin Drivers

Cboe Global Markets, Inc. · 2026-10-30 · Importance 64 · Surprise 56 · No source text

Third-quarter operating income increased $164.0 million year over year to $534.3 million, and operating margin rose 13.8 percentage points to 75.0%. For the first nine months, operating income increased $452.6 million to $1,515.9 million and operating margin expanded 9.3 percentage points to 69.8%. The third-quarter $71.5 million gain on the Cboe Australia divestiture contributed to operating income; excluding that gain and specified adjustments, adjusted operating income was $508.2 million for the quarter and $1,551.1 million year to date. Nine-month operating income increased in Options to $1,036.5 million from $792.2 million and Europe and Asia Pacific to $187.5 million from $43.2 million, while North American Equities rose to $193.2 million from $145.2 million.

Key facts

• For the third quarter of 2026, Cboe operating income was $534.3 million, compared with $370.3 million in the third quarter of 2025. source
• For the nine months ended September 30, 2026, Cboe operating income was $1,515.9 million, compared with $1,063.3 million in the prior-year period. source
• Operating income was $534.3 million in the three months ended September 30, 2026, up $164.0 million from $370.3 million in the same period of 2025. source
• Operating income was $1,515.9 million in the nine months ended September 30, 2026, up $452.6 million from $1,063.3 million in the same period of 2025. source
• Cboe operating margin was 75.0% for the third quarter of 2026, up from 61.2% in the third quarter of 2025. source
• Cboe operating margin was 69.8% for the nine months ended September 30, 2026, up from 60.5% in the prior-year period. source

Impact estimates