Cboe runs the exchange floors where investors trade options, futures, and stocks—think of it as the toll booth for Wall Street's busiest trading intersections.
Money comes from trading fees across options, equities, futures, and FX, plus listing services. Gross margin sits at 52.29%, with net margin at 26.73%—recurring, volume-driven revenue with high operating leverage.
Network effects and regulatory licenses make exchanges hard to displace, but competition from Nasdaq and Intercontinental Exchange in listings and derivatives is eroding Cboe's exclusivity.
Key events, in time order
Revenue $731.6M beat, adj EPS $3.56 up 45% YoY
Covers Mag 7 and other large caps; hours extended to 7:30am-4:15pm ET, expected to boost revenue
New options tied to earnings metrics extend the Predicts product line
Hyperliquid clears $1.4B in SPCX perps daily, fueling fears over traditional exchange derivatives share
Net revenue increased 29% year-over-year to a record $729 million in Q1 2026
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The user highlights Cboe Global Markets (CBOE) as a strong performer within the financial exchange sector, noting a recent positive trend and a high win rate for previously recommended stocks in this group.
Main discussion
Financials have had such a strong run the past 2 months. All of those I posted about buys in June, 100% win-rate. Average return of 20-30% on those 15 or so stocks. I already wrote detailed update couple weeks ago on $ICE, $CME, $CBOE, $MIAX, $NDAQ, and the financial exchanges. $
Liquid stocks in Stage 2 & 2A that closed w/ DCR>80% and UP on the day +4% *DCR = Daily Closing Range * always check earnings date for interested tickers * ** sorted by: %change from open: $AU $LITE $KGC $WIX $MRVL (ER 8/27), $CBOE
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