Cboe Global Markets lifted its 2026 organic revenue-growth outlook after options trading helped raise third-quarter net revenue 18%, while the exchange operator also cut its adjusted expense forecast.
Net revenue for the quarter ended Sept. 30 totaled $712.2 million, compared with $605.5 million in the same period a year earlier. Adjusted diluted earnings per share, a non-GAAP measure, rose 36% to $3.63 from $2.67. Diluted earnings per share under generally accepted accounting principles increased 43% to $4.08 from $2.85. Divestiture activity added a $71.5 million net gain that quarter.
Options net revenue increased 23% year over year to $469.5 million. Across options, average daily volume grew 14%, while revenue per contract increased 9%; Cboe said these were the main factors behind higher net transaction and clearing fees. Average daily volume in index options rose 24%. Jill Griebenow, Cboe's executive vice president and chief financial officer, said record trading in same-day-expiring options supported index-options activity.
For 2026, Cboe projects organic growth in total net revenue at a high-teens rate, above its prior mid-to-high-teens target. It raised the organic growth outlook for Cboe Data Vantage to the mid-teens from the low teens. The company excluded the 2025 and 2026 impact of Cboe Australia from its organic-growth calculations after completing the sale in the third quarter.
Cboe lowered its adjusted operating expense forecast to $830 million to $845 million, compared with $838 million to $853 million previously. Cboe's revised projection leaves out $59 million of amortization expected on intangible assets acquired through deals.
