BATSFinancialsFinancial - Data & Stock ExchangesSnapshot 2026-08-31
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Create your account →Warn: Recent financial performance slipped notably this past month, though still top-half.
Cboe grows its Data Vantage revenue about 19% yearly. It manages costs well, aiming for $838-$853 million in operating expenses in 2026. The company realigns to focus on core businesses and invests for growth. Earnings beats show strong execution despite market challenges.
New ETF rivals threaten Cboe's core business. The recent sharp selloff shows investor concerns. Operating expenses rose in Q1, and strategic realignment progress is mixed. Revenue growth is expected to decline nearly 29% next year, signaling risk.
The price is about 12% above our fair value near $231, which is 31% below the Street median target. Analysts expect about -29% revenue growth, reflecting a pessimistic outlook that may be too harsh given recent beats and growth in Data Vantage.
Breaks if: Data Vantage revenue growth falls below 10% YoY next year
Focus on increasing Data Vantage organic net revenue growth to 'low double-digit' range.
This is not a price target or investment advice.
A long-form read on the 1–3 year hold thesis. It updates when the weekly evidence changes.
This investment represents a durable compounder with a focus on organic revenue growth. The current thesis state is cautious, as recent performance has been mixed despite strong growth in certain segments.
The market appears to have priced in a durable premium, suggesting that expectations for CBOE's performance are high. There is a notable gap between current expectations and what may be justified based on recent results.
CBOE's fundamentals are likely to remain stable, with management on track to achieve its revenue and expense targets. However, there is a low probability of missing expectations, which could impact investor sentiment given the company's recent history of misses.
The future performance of CBOE hinges on the broader Financials sector, particularly the performance of bellwethers like SPGI, CME, and ICE. Any changes in guidance or earnings from these companies could significantly impact CBOE's momentum.
The most important moves since the prior daily snapshot.
Mixed, the news cuts both ways. The latest earnings beat supports the company's performance. However, there are concerns about a strategic realignment that may divert focus from core business. Intensified competition from perpetual futures venues also poses a threat to revenue growth.
as of 2026-08-31
Review the evidence to watch, what would become a concern, and what would make it less concerning.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
Breaks if: Operating expenses exceed $853 million in FY26
Breaks if: Realignment not substantially completed by end of 2026
Over the next 1 to 3 years, CBOE's performance will depend on its ability to maintain growth and manage risks effectively. Not investment advice.
