CBOE · 10-Q · 2026Q3 · Full report
Operating Expense Trends
Cboe Global Markets, Inc. · 2026-10-30 · Importance 39 · Surprise 32 · Contradicted
Total operating expenses increased $14.2 million, or 6%, to $249.4 million in the third quarter and $33.6 million, or 5%, to $728.3 million for the first nine months of 2026. Nine-month compensation and benefits rose $42.0 million to $415.3 million, including $24.6 million of additional severance, $11.5 million of higher partially accrued bonuses, and $7.4 million of higher equity compensation related to executive transitions. Other expenses increased $15.1 million to $31.1 million year to date, primarily because of an incremental reserve on notes receivable related to CAT funding. Depreciation and amortization fell $5.8 million year to date, while impairment expense declined $20.2 million, largely because the prior-year period included a $21.6 million impairment of Cboe Japan assets.
Key facts
- For the third quarter of 2026, Cboe total operating expenses were $249.4 million, compared with $235.2 million in the third quarter of 2025, an increase of $14.2 million. source
- For the nine months ended September 30, 2026, Cboe total operating expenses were $728.3 million, compared with $694.7 million in the prior-year period, an increase of $33.6 million. source
- Total cost of revenues increased $149.5 million for the nine months ended September 30, 2026 compared with the same period in 2025. source
- Total cost of revenues increased $110.4 million for the three months ended September 30, 2026 compared with the same period in 2025. source
- Liquidity payments decreased in the three months ended September 30, 2026 primarily because Cboe U.S. equity exchanges' total matched shares decreased 12%. source
- Total operating expenses increased $33.6 million, or 5%, in the nine months ended September 30, 2026 compared with the same period in 2025. source
- Total operating expenses increased $14.2 million, or 6%, in the three months ended September 30, 2026 compared with the same period in 2025. source
- Royalty fees and other cost of revenues increased in the three and nine months ended September 30, 2026 primarily because trading volumes of index products increased in the Options segment. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | negative | realized | -11.0% | Total cost of revenues increased $149.5 million for the nine months ended September 30, 2026 compared with the same period in 2025. |