CBOE Global Markets Inc.

10/30/2026 | Press release | Distributed by Public on 10/30/2026 06:17

Quarterly Report for Quarter Ending September 30, 2026 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations
The following discussion should be read in conjunction with the accompanying unaudited condensed consolidated financial statements and the notes thereto, included in Item 1 in this Quarterly Report on Form 10-Q, and the audited consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, and as contained in that report, the information under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations." This discussion contains forward-looking information. Please see "Forward-Looking Statements" for a discussion of the uncertainties, risks and assumptions associated with these statements.
Overview
Cboe Global Markets, Inc. is a leading global markets operator with a long history of innovation in equity derivatives. Since launching the world's first listed options exchange in 1973, Cboe has pioneered landmark products, including the introduction of S&P 500® index options and the creation of the VIX® Index, the world's leading gauge of market volatility, reshaping how investors manage risk and access opportunity. Today, Cboe operates derivatives, equities, and FX markets, providing trading, clearing, and investment solutions for customers worldwide.
Cboe's subsidiaries include the largest options exchange and the third largest equities exchange operator in the U.S. In addition, the Company operates Cboe Europe Equities (Cboe Europe and Cboe NL equities exchanges), one of the largest equities exchanges by value traded in Europe, and owns Cboe Clear Europe, a leading pan-European equities clearinghouse, BIDS Holdings, which owns a leading block-trading ATS by volume in the U.S. and provides block-trading services with Cboe market operators in Europe and Canada, Cboe Clear U.S., an operator of a regulated clearinghouse, Cboe Canada, a recognized Canadian securities exchange, and Cboe Australia (sold as of July 31, 2026). Cboe subsidiaries also serve collectively as a leading market globally for exchange-traded products ("ETPs") listings and trading.
The Company is headquartered in Chicago with offices in Amsterdam, Belfast, Hong Kong, Kansas City, London, Manila, New York, Washington D.C., Singapore, Tokyo, and Toronto.
In 2025, following a comprehensive strategic review of its global business operations, Cboe initiated the wind down of its Japanese equities business, including the cessation of operations of its Cboe Japan proprietary trading system and Cboe BIDS Japan block trading platform.
In January 2026, the Company formally initiated the wind down of the CEDX exchange service following a comprehensive strategic review of its global operations. The CEDX exchange service was decommissioned effective February 23, 2026.
On April 20, 2026, the Company's Executive Committee of the Board of Directors approved the sale of Cboe Australia and Cboe Canada to a single buyer. On April 22, 2026, the Company announced a definitive agreement to sell its Cboe Australia and Cboe Canada businesses to TMX Group Limited ("TMX"), a leading market operator, for approximately $300 million. The transaction is subject to customary closing conditions, including applicable regulatory approvals. The sale of Cboe Australia closed on July 31, 2026, and the sale of Cboe Canada is expected to close after required approvals have been obtained.
Recent Developments
Strategic Realignment
On May 1, 2026, the Company announced additional actions related to its strategic realignment by optimizing resource allocation across the organization, which it expects to be substantially completed by the end of 2026. This follows a comprehensive strategic review of the Company's global business operations that occurred in the fourth quarter of 2025 and is part of a broader effort to sharpen strategic focus and allocate resources more effectively.
Cboe Predicts
On June 23, 2026, the Company announced the launch of the first products in its new prediction markets suite, Cboe Predicts. The offering includes binary option contracts based on the Mini-S&P 500 Index (XSP), listed under the symbols XSPBW and XSPBX.
S&P Dow Jones Indices Exclusive Licensing Agreement Extension
On September 29, 2026, the Company announced a 25-year extension of its exclusive licensing agreement with S&P Dow Jones Indices ("S&P DJI") that will continue the longstanding collaboration through 2051. Under the agreement, the Company will continue to have the exclusive rights to offer trading in its flagship SPX options. The Company and S&P DJI
may also collaborate to pursue innovation beyond traditional index derivatives, including new products like tokenized options contracts.
Executive Transitions
On January 26, 2026, the Company announced the appointments of Scott Johnston as Executive Vice President, Chief Operating Officer, and Heidi Fischer as Executive Vice President, Head of Cash and Spot Markets.
Mr. Johnston took over Chief Operating Officer duties from Chris Isaacson, Executive Vice President and Chief Operating Officer, who retired from his role effective March 6, 2026. Effective June 1, 2026, Ms. Fischer assumed oversight of Cboe's global cash equities and spot markets, which Mr. Isaacson also oversaw. Mr. Isaacson will continue to serve as an advisor to the Company through the end of 2026.
Business Segments
The Company operates five reportable business segments: Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX, which are reflective of how the Company's CODM reviews and operates the business, as discussed in Note 1 ("Organization and Basis of Presentation"). The Company's reportable business segments represent strategic business units that offer different products and services across different geographic areas. The Company's CODM is the chief executive officer. The CODM function is supported by business segment management and leadership personnel who lead the day-to-day operations of each reportable business segment.
Segment performance is primarily evaluated on operating income (loss). The CODM uses segment operating income (loss) to allocate resources, including but not limited to employees, financial resources, and capital resources. The Company's CODM does not assess assets or income and expenses below operating income (loss) at the segment-level as key performance metrics. The Company has aggregated all of its corporate costs, as well as other business ventures, within the Corporate Items and Eliminations totals based on the decision that those activities should not be used to evaluate the operating performance of the segments; however, operating expenses that relate to activities of a specific segment have been allocated to that segment. The Company's CODM primarily reviews operating expenses at the consolidated level for purposes of evaluating actual results versus budgets.
Options. The Options segment includes options on market indices ("index options") which include our proprietary SPX and VIX options, as well as on the stocks of individual corporations ("equity options") and on ETPs such as exchange-traded funds ("ETFs") and exchange-traded notes ("ETNs"), which are "multi-listed" options and listed on a non-exclusive basis. These options are eligible to trade, as applicable, on Cboe Options, C2, BZX, EDGX, and/or other U.S. national securities exchanges. Cboe Options is the Company's primary options market and offers trading in listed options through a single system that integrates electronic trading and traditional open outcry trading on the Cboe Options trading floor in Chicago. On June 23, 2026, the Company launched the first products in its new prediction markets suite, Cboe Predicts, a securities-based product that is listed on Cboe Options and centrally cleared by OCC. C2 Options, BZX Options, and EDGX Options are all-electronic options exchanges, and typically operate with different market models and fee structures than Cboe Options. The Options segment also includes applicable market data fee revenues generated from the consolidated tape plans, the licensing of proprietary options market data, index licensing, routing services, and access and capacity services.
North American Equities. The North American Equities segment includes U.S. equities and ETP transaction services that occur on fully electronic exchanges owned and operated by BZX, BYX, EDGX, and EDGA, equities transactions that occur on the BIDS Trading platform in the U.S. and the Cboe BIDS Canada platform, and Canadian equities and other transaction services that occur on or through Cboe Canada's order books. The North American Equities segment also includes corporate listing services on Cboe Canada, ETP listings on BZX, the Cboe Global Markets, Inc. common stock listing, and applicable market data fee revenues generated from the consolidated tape plans, the licensing of proprietary equities market data, routing services, and access and capacity services.
Europe and Asia Pacific. The Europe and Asia Pacific segment includes the pan-European derivatives transaction services, ETPs, including exchange traded funds, exchange traded notes, and exchange traded commodities, and international depositary receipts that are hosted on MTFs operated by Cboe Europe Equities (Cboe Europe and Cboe NL equities exchanges) and formerly CEDX. It also includes the ETP listings business on RMs and clearing activities of Cboe Clear Europe, as well as the equities services of Cboe Australia, an operator of a trading venue in Australia until July 31, 2026, following the sale of Cboe Australia. Cboe Europe operates lit and dark books, a periodic auctions book, a closing cross book, and two BIDS order books, a Large-in-Scale ("LIS") trading negotiation facility and a volume-weighted average price ("VWAP") trajectory crossing facility. Cboe NL, based in Amsterdam, operates similar business functionality to that offered by Cboe Europe (with the exception of Trajectory Crossing), and provides for trading only in European Economic Area ("EEA") symbols. In February 2026, Cboe completed the wind down of CEDX, its pan-European derivatives platform that offered futures and options based on Cboe Europe equity indices, FLEX options, and single stock options. Prior to the wind down, CEDX contributed derivatives transaction services to this segment. Cboe Clear Europe offers the clearing of equity and equity-like instruments for Cboe-operated and other regulated trading venues and clearing SFTs. Prior to the
CEDX wind down, Cboe Clear Europe also provided clearing services for derivative transactions executed on CEDX. This segment also includes Cboe Europe, Cboe NL, and formerly Cboe Australia revenue generated from the licensing of proprietary market data and from access and capacity services.
Futures. The Futures segment includes transaction services provided by CFE, a fully electronic futures exchange, which includes offerings for trading of VIX futures and other futures products, the licensing of proprietary market data, as well as access and capacity services. The Futures segment also includes Cboe Digital Exchange, a regulated futures exchange, and Cboe Clear U.S., a regulated clearinghouse, as well as revenue generated from the licensing of proprietary market data and from access and capacity services. On June 9, 2025, Cboe successfully completed the migration of cash-settled Bitcoin and Ether futures contracts from Cboe Digital Exchange to CFE. CFE also subsequently launched continuous Bitcoin and Ether futures contracts on December 15, 2025. There are no products currently listed for trading on the Cboe Digital Exchange.
Global FX. The Global FX segment includes institutional FX trading services that occur on the Cboe FX fully electronic trading platform, non-deliverable forward FX transactions ("NDFs") offered for execution on Cboe SEF, as well as revenue generated from the licensing of proprietary market data and from access and capacity services. The segment also includes transaction services for U.S. government securities executed on the Cboe Fixed Income fully electronic trading platform.
General Factors Affecting Results of Operations
In broad terms, our business performance is impacted by a number of drivers, including macroeconomic events affecting the risk and return of financial assets, investor sentiment, the regulatory environment for capital markets, geopolitical events, tax policies, central bank policies and changing technology, particularly in the financial services industry. We believe our future revenues and net income will continue to be influenced by a number of domestic and international economic trends, including:
•trading volumes on our proprietary products such as VIX options and futures and SPX options, which are dependent on exclusive licenses that require renewals;
•trading volumes in listed equity securities, options, futures, and ETPs in North America, Europe, and Asia Pacific, clearing volumes in listed equity securities, options, futures, and ETPs in Europe, and volumes in institutional FX trading;
•the demand for and pricing structure of the U.S. tape plan market data distributed by the Securities Information Processors ("SIPs"), which determines the pool size of the industry market data fees we receive based on our market share;
•consolidation and expansion of our customers and competitors in the industry;
•the potential introduction of new or competing financial products or services by competitors in the industry, including those enabled by new technologies;
•the demand for information about, or access to, our markets and products, which is dependent on the products we trade, our importance as a liquidity center, quality and integrity of our proprietary indices, and the quality and pricing of our data and access and capacity services;
•implementation of the proposed new options regulatory fee ("ORF") model and the impact on regulatory fee revenue;
•implementation of the SEC's reduced equity access fee cap and other potential market structure changes, including order protection rules, may lead to decreased exchange trading, and reduced transaction fee revenue;
•continuing pressure in transaction fee pricing due to intense competition in the North American and European markets;
•significant fluctuations in foreign currency translation rates or weakened value of currencies;
•ongoing costs and uncertainties related to the historical, current, and future funding of the implementation and operation of the CAT, litigation and regulatory developments related to CAT, and the ability to collect on the promissory notes related to the funding of CAT;
•regulatory changes and obligations relating to market structure, increased capital or margin requirements, and those which affect certain types of instruments, transactions, products, pricing structures, capital market participants, or reporting or compliance requirements;
•a number of significant structural, political, monetary, and global conflicts that continue to confront the global economy; and
•instability that could continue, which could result in an increased or subdued level of inflation, market volatility, potential recession, supply chain constraints and costs, trading volumes, uncertainty, expenses, and costs due to potential new tariffs or changes to existing tariffs.
Components of Revenues
Cash and Spot Markets
Revenue aggregated into cash and spot markets includes associated transaction and clearing fees, the portion of market data fees relating to associated U.S. tape plan market data fees, associated regulatory fees, and associated other revenue from the Company's North American Equities, Europe and Asia Pacific, and Global FX segments.
Data Vantage
Revenue aggregated into Data Vantage includes access and capacity fees, proprietary market data fees, and associated other revenue across the Company's five segments.
Derivatives Markets
Revenue aggregated into derivatives markets includes associated transaction and clearing fees, the portion of market data fees relating to associated U.S. tape plan market data fees, associated regulatory fees, and associated other fees from the Company's Options, Futures, and Europe and Asia Pacific segments.
Components of Cost of Revenues
Liquidity Payments
Liquidity payments are primarily correlated to the trading volumes on our markets. As stated above, we record the liquidity rebates paid to market participants providing liquidity, in the case of Cboe Options, C2, BZX, EDGX, Cboe Europe Equities, Cboe Clear U.S., Cboe Digital Exchange, and CFE as cost of revenue. BYX offers an inverted pricing model where we rebate liquidity takers for executing against an order resting on our book, which is also recorded as a cost of revenue. EDGA offers a maker-taker fee model under which liquidity providers receive a rebate, while liquidity takers pay a fee, all within a pricing model that does not include volume-based tiers.
Routing and Clearing
Various rules require that U.S. options and equities trade executions occur at the National Best Bid and Offer displayed by any exchange. Linkage order routing consists of the cost incurred to provide a service whereby Cboe equities and options exchanges deliver orders to other execution venues when there is a potential for obtaining a better execution price or when instructed to directly route an order to another venue by the order provider. The service affords exchange order flow providers an opportunity to obtain the best available execution price and may also result in cost benefits to those clients. Such an offering improves our competitive position and provides an opportunity to attract orders which would otherwise bypass our exchanges. We utilize third-party brokers or our broker-dealer, Cboe Trading, to facilitate such delivery. Also included within routing and clearing are the Order Management System ("OMS") and Execution Management System ("EMS") fees incurred for U.S. Equities Off-Exchange order execution, as well as settlement costs incurred for the settlement processes executed by Cboe Clear Europe and Cboe Clear U.S.
Regulatory Fees Cost of Revenues
Regulatory fees cost of revenues, previously labeled Section 31 fees, includes Section 31 fees and other fees imposed by U.S. regulatory agencies. Exchanges under the authority of the SEC (Cboe Options, C2, BZX, BYX, EDGX, and EDGA as well as CFE to the extent that CFE offers trading in security futures products) are assessed fees under Section 31 pursuant to the Exchange Act designed to recover the costs to the U.S. government of supervision and regulation of securities markets and securities professionals. We treat some of these fees as a pass-through charge to customers executing eligible listed equities and listed equity options trades. Accordingly, we recognize the amount that we are charged under Section 31 as a cost of revenues and the corresponding amount that we charge our customers as regulatory transaction fees revenue. Since the regulatory transaction fees recorded in revenues are equal to the Section 31 fees recorded in cost of revenues, there is no impact on our operating income. Only the aforementioned U.S. exchanges are considered U.S. national securities exchanges subject to Section 31 fees.
Royalty Fees and Other Cost of Revenues
Royalty fees primarily consist of license fees paid by us for the use of underlying indices in our proprietary products, usually based on contracts traded. The Company has licenses with the owners of the S&P 500 Index, S&P 100 Index and certain other S&P indices, FTSE Russell indices, the DJIA, and certain other index products. This category also includes fees related to the dissemination of market data related to S&P indices and other products through Cboe Global Indices Feed.
Other cost of revenues primarily consists of interest expense from clearing operations, electronic access permit fees, and other miscellaneous costs associated with other revenue.
Components of Operating Expenses
Compensation and Benefits
Compensation and benefits represent our largest expense category and tend to be driven by our staffing requirements, financial performance, and the general dynamics of the employment market. Stock-based compensation is a non-cash expense related to employee equity awards. Stock-based compensation can vary depending on the quantity and fair value of the award on the grant date and the related service period.
Depreciation and Amortization
Depreciation and amortization expense results from the depreciation of long-lived assets purchased, the amortization of purchased and internally developed software, and the amortization of intangible assets.
Technology Support Services
Technology support services consist primarily of costs related to the maintenance of computer equipment supporting our system architecture, circuits supporting our wide area network, support for production software, operating system license and support fees, fees paid to information vendors for displaying data, and off-site system hosting fees.
Professional Fees and Outside Services
Professional fees and outside services consist primarily of consulting services, which include supplemental staff activities primarily related to systems development and maintenance, legal, regulatory and audit, and tax advisory services, as well as compensation paid to non-employee directors or advisors, including stock-based compensation and deferred compensation.
Travel and Promotional Expenses
Travel and promotional expenses primarily consist of advertising, costs for marketing related special events, sponsorship of industry conferences, options education seminars, and travel-related expenses.
Facilities Costs
Facilities costs primarily consist of expenses related to leased properties including rent, maintenance, utilities, real estate taxes, and telecommunications costs.
Acquisition-Related Costs
Acquisition-related costs relate to acquisitions and other strategic opportunities. The acquisition-related costs include fees for investment banking advisors, lawyers, accountants, tax advisors, public relations firms, severance and retention costs, capitalized software and facilities, and other external costs directly related to mergers and acquisitions.
Impairment of Assets
Impairment of assets consists of charges to impair indefinite or long-lived assets if the carrying value exceeds the fair value.
Other Expenses
Other expenses represent costs necessary to support our operations that are not already included in the above categories, including, but not limited to, bad debt provisions, office expenses, charitable contributions, insurance, and general corporate expenses.
Gain on Divestiture, Net
Gain on divestiture, net represents the net gain recognized upon the sale of our Cboe Australia business to TMX, and primarily consists of the excess of sale proceeds over the net carrying value of the assets and liabilities disposed of, the
reclassification of related accumulated foreign currency translation adjustments from other comprehensive income, and transaction and other closing-related costs.
Non-Operating Income (Expenses)
Income and expenses incurred through activities outside of our core operations are considered non-operating and are classified as interest expense, interest income, earnings (loss) on investments, net, or other income (expenses), net. These activities primarily include interest earned on the investing of excess cash, commitment fees and interest expense related to outstanding debt facilities, income and unrealized gains and losses related to investments held in a trust for the Company's non-qualified retirement and benefit plans, including non-employee director deferred compensation, unrealized and realized gains or losses or income earned related to the Company's minority investments, transition services agreement income related to recent divestitures, exchange gain and loss, and equity earnings or losses from our investments in other business ventures.
Financial Summary
The following are summaries of changes in financial performance and include certain non-GAAP financial measures. Management uses these non-GAAP measures internally in conjunction with GAAP measures to help evaluate our performance and to help make financial and operational decisions. These non-GAAP financial measures assist management in comparing our performance on a consistent basis for purposes of business decision making by removing the impact of certain items management believes do not reflect our underlying operations.
We believe our presentation of these measures provides additional and comparative information to assess trends in our core operations and a means to evaluate period-to-period comparisons. Non-GAAP financial measures are provided as additional information to investors in order to provide them with an alternative method for assessing our financial condition and operating results. We have presented the following non-GAAP measures because we consider them important supplemental measures of our performance and believe that they are frequently used by analysts, investors, and other interested parties in the evaluation of companies. We use adjusted operating EBITDA as a measure of operating performance for preparation of our forecasts and we use adjusted EBITDA for evaluating our leverage ratio for the debt to earnings covenant included in our outstanding credit facility. In addition, we have presented adjusted earnings because we consider it an important supplemental measure of our performance and we use it as the basis for monitoring our own core operating financial performance relative to other operators of exchanges. We have presented organic net revenue because we consider it a useful measure for evaluating our operating financial performance before the effects of acquisitions or divestitures. We believe that investors may find these non-GAAP measures useful in evaluating our performance compared to that of peer companies in our industry, however, these non-GAAP financial measures are not presented in accordance with, or as an alternative to, GAAP financial measures and may be calculated differently from non-GAAP measures used by other companies, which reduces their usefulness as comparative measures. We encourage analysts, investors, and other interested parties to use these non-GAAP measures as supplemental information to the GAAP financial measures included herein, including our condensed consolidated financial statements, to enhance their analysis and understanding of our performance and in making comparisons. We note that non-GAAP measures have limitations as analytical tools and they should not be considered in isolation or as substitutes for analysis of our results as reported under GAAP. Please see the footnotes below for definitions, additional information, and reconciliations from the closest GAAP measure.
The following summarizes changes in financial performance for the three and nine months ended September 30, 2026, compared to the three and nine months ended September 30, 2025. "YTD" represents the nine month periods ended September 30, 2026 and 2025, respectively:
(1)These are Non-GAAP figures for which reconciliations are provided below (in millions, except percentages, earnings per share, and as noted below).
Three Months Ended September 30,
Increase/
(Decrease)
Percent
Change
Nine Months Ended September 30,
Increase/
(Decrease)
Percent
Change
2026 2025 2026 2025
Total revenues $ 1,358.8 $ 1,141.7 $ 217.1 19 % $ 4,074.4 $ 3,510.2 $ 564.2 16 %
Total cost of revenues 646.6 536.2 110.4 21 % 1,901.7 1,752.2 149.5 9 %
Revenues less cost of revenues 712.2 605.5 106.7 18 % 2,172.7 1,758.0 414.7 24 %
Total operating expenses 249.4 235.2 14.2 6 % 728.3 694.7 33.6 5 %
Gain on divestiture, net 71.5 - 71.5 * 71.5 - 71.5 *
Operating income 534.3 370.3 164.0 44 % 1,515.9 1,063.3 452.6 43 %
Operating margin 75.0 % 61.2 % 13.8 % * 69.8 % 60.5 % 9.3 % *
Income before income tax provision $ 554.5 $ 430.1 $ 124.4 29 % $ 1,564.7 $ 1,114.9 $ 449.8 40 %
Income tax provision 126.3 129.3 (3.0) (2) % 397.7 328.4 69.3 21 %
Net income 428.2 300.8 127.4 42 % 1,167.0 786.5 380.5 48 %
Net income allocated to participating securities (1.5) (1.5) - - % (4.4) (3.9) (0.5) 13 %
Net income allocated to common stockholders $ 426.7 $ 299.3 $ 127.4 43 % $ 1,162.6 $ 782.6 $ 380.0 49 %
Net income allocated to common stockholders margin 59.9 % 49.4 % 10.5 % * 53.5 % 44.5 % 9.0 % *
Basic earnings per share $ 4.08 $ 2.86 $ 1.22 43 % $ 11.11 $ 7.47 $ 3.64 49 %
Diluted earnings per share 4.08 2.85 1.23 43 % 11.08 7.45 3.63 49 %
Organic net revenue (1) 709.3 598.1 111.2 19 % 2,152.4 1,736.5 415.9 24 %
Adjusted operating income (2) 508.2 395.3 112.9 29 % 1,551.1 1,142.1 409.0 36 %
Adjusted operating margin (2) 71.4 % 65.3 % 6.1 % * 71.4 % 65.0 % 6.4 % *
Operating EBITDA (2) $ 562.0 $ 401.2 $ 160.8 40 % $ 1,601.2 $ 1,154.4 $ 446.8 39 %
Operating EBITDA margin (2) 78.9 % 66.3 % 12.6 % * 73.7 % 65.7 % 8.0 % *
Adjusted operating EBITDA (2) $ 521.8 $ 409.0 $ 112.8 28 % $ 1,591.0 $ 1,180.4 $ 410.6 35 %
Adjusted operating EBITDA margin (2) 73.3 % 67.5 % 5.8 % * 73.2 % 67.1 % 6.1 % *
EBITDA (3) $ 571.1 $ 458.5 $ 112.6 25 % $ 1,626.6 $ 1,207.1 $ 419.5 35 %
EBITDA margin (3) 80.2 % 75.7 % 4.5 % * 74.9 % 68.7 % 6.2 % *
Adjusted EBITDA (3) $ 528.8 $ 415.3 $ 113.5 27 % $ 1,604.8 $ 1,181.4 $ 423.4 36 %
Adjusted EBITDA margin (3) 74.2 % 68.6 % 5.6 % * 73.9 % 67.2 % 6.7 % *
Adjusted earnings (3) $ 379.6 $ 279.8 $ 99.8 36 % $ 1,141.4 $ 800.7 $ 340.7 43 %
Diluted weighted average shares outstanding 104.7 104.9 (0.2) (0) % 104.9 105.1 (0.2) (0) %
Adjusted diluted earnings per share (3) $ 3.63 $ 2.67 $ 0.96 36 % $ 10.88 $ 7.62 $ 3.26 43 %
___________________________
*Not meaningful
(1)Organic net revenue is defined as revenues less cost of revenues excluding revenues less cost of revenues of any
acquisition that has occurred in the last year or any divestiture. Revenues less cost of revenues from acquisitions that have occurred more than one year ago are considered organic and are no longer excluded from organic net revenue from either period for comparative purposes. A reconciliation of organic net revenue to revenues less cost of revenues is included in the reconciliations that follow.
(2)Adjusted operating income is defined as operating income after relevant operating adjustments, which include revenue, cost of revenues, operating expense adjustments, and other operating adjustments, as applicable. Adjusted operating margin represents adjusted operating income divided by revenues less cost of revenues. Operating EBITDA is defined as operating income before depreciation and amortization. Operating EBITDA margin represents operating EBITDA divided by revenues less cost of revenues. Adjusted operating EBITDA is calculated by adding back to operating EBITDA relevant operating adjustments, which include revenue, cost of revenues, operating expense adjustments, and other operating adjustments, as applicable. Adjusted operating EBITDA margin represents adjusted operating EBITDA divided by revenues less cost of revenues. Relevant adjustments are detailed in the reconciliations that follow.
(3)EBITDA is defined as income before interest, net, income taxes, and depreciation and amortization. EBITDA margin represents EBITDA divided by revenues less cost of revenues. Adjusted EBITDA is calculated by adding back to EBITDA relevant adjustments, which include revenue, cost of revenues, operating expense, other operating adjustments, and non-operating adjustments, as applicable. Adjusted EBITDA margin represents adjusted EBITDA divided by revenues less cost of revenues. Adjusted earnings is defined as net income after relevant adjustments, which include revenue, cost of revenues, operating expense, other operating adjustments, non-operating adjustments, certain tax adjustments, and net income or loss allocated to participating securities, net of income tax effects of these adjustments, as applicable. Adjusted diluted earnings per share represents adjusted earnings divided by diluted weighted average shares outstanding. Relevant adjustments are detailed in the reconciliations that follow.
The following is a reconciliation of revenues less cost of revenues ("net revenue") to organic net revenue (in millions) for the three and nine months ended September 30, 2026 and 2025, respectively:
Three Months Ended,
September 30
Cash and
Spot Markets
Data
Vantage
Derivatives
Markets
Total
2026 2025 2026 2025 2026 2025 2026 2025
Revenues less cost of revenues (net revenue) $ 131.4 $ 117.3 $ 179.1 $ 158.9 $ 401.7 $ 329.3 $ 712.2 $ 605.5
Divestiture net revenue (0.5) (1.0) (2.4) (6.4) - - (2.9) (7.4)
Organic net revenue
$ 130.9 $ 116.3 $ 176.7 $ 152.5 $ 401.7 $ 329.3 $ 709.3 $ 598.1
Nine Months Ended,
September 30
Cash and
Spot Markets
Data
Vantage
Derivatives
Markets
Total
2026 2025 2026 2025 2026 2025 2026 2025
Revenues less cost of revenues (net revenue) $ 415.2 $ 339.6 $ 534.7 $ 463.4 $ 1,222.8 $ 955.0 $ 2,172.7 $ 1,758.0
Divestiture net revenue (2.9) (2.5) (17.4) (19.0) - - (20.3) (21.5)
Organic net revenue
$ 412.3 $ 337.1 $ 517.3 $ 444.4 $ 1,222.8 $ 955.0 $ 2,152.4 $ 1,736.5
The following is a reconciliation of operating income to adjusted operating income (in millions) for the three and nine months ended September 30, 2026 and 2025, respectively:
Three Months Ended September 30, Nine Months Ended September 30,
2026 2025 2026 2025
Operating income $ 534.3 $ 370.3 $ 1,515.9 $ 1,063.3
Acquisition-related costs (a) - 0.2 - 0.4
Amortization of acquired intangible assets (b) 14.1 17.2 45.4 52.8
Gain on divestiture, net (c) (71.5) - (71.5) -
Provision for notes receivable (d) 14.0 - 14.0 -
Strategic realignment costs (e) 16.7 7.0 45.5 24.6
Executive compensation adjustment (f) 0.6 0.6 1.8 1.0
Adjusted operating income $ 508.2 $ 395.3 $ 1,551.1 $ 1,142.1
The following is a reconciliation of operating income (loss) to operating EBITDA and adjusted operating EBITDA by segment (in millions) for the three and nine months ended September 30, 2026 and 2025, respectively:
Three Months Ended September 30,
2026
Options North
American
Equities 		Europe
and Asia
Pacific 		Futures Global FX Corporate
Items and Eliminations 		Total
Operating income (loss) $ 335.9 $ 60.6 $ 106.2 $ 21.7 $ 16.0 $ (6.1) $ 534.3
Depreciation and amortization 8.5 9.9 6.0 0.6 2.5 0.2 27.7
Operating EBITDA $ 344.4 $ 70.5 $ 112.2 $ 22.3 $ 18.5 $ (5.9) $ 562.0
Gain on divestiture, net (c) - - (71.5) - - - (71.5)
Provision for notes receivable (d) 5.1 8.9 - - - - 14.0
Strategic realignment costs (e) 8.1 2.3 3.0 0.6 0.2 2.5 16.7
Executive compensation adjustment (f) 0.3 0.1 - - - 0.2 0.6
Adjusted operating EBITDA $ 357.9 $ 81.8 $ 43.7 $ 22.9 $ 18.7 $ (3.2) $ 521.8
Three Months Ended September 30,
2025
Options North
American
Equities 		Europe
and Asia
Pacific 		Futures Global FX Corporate
Items and Eliminations 		Total
Operating income (loss) $ 274.4 $ 53.5 $ 16.4 $ 16.8 $ 11.5 $ (2.3) $ 370.3
Depreciation and amortization 7.6 11.7 8.2 0.6 2.8 - 30.9
Operating EBITDA $ 282.0 $ 65.2 $ 24.6 $ 17.4 $ 14.3 $ (2.3) $ 401.2
Acquisition-related costs (a) - 0.1 - - - 0.1 0.2
Strategic realignment costs (e) - - 6.9 0.1 - - 7.0
Executive compensation adjustment (f) - - - - - 0.6 0.6
Adjusted operating EBITDA $ 282.0 $ 65.3 $ 31.5 $ 17.5 $ 14.3 $ (1.6) $ 409.0
The following is a reconciliation of operating income to operating EBITDA and adjusted operating EBITDA by segment (in millions) for the three and nine months ended September 30, 2026 and 2025, respectively (continued from previous page):
Nine Months Ended September 30,
2026
Options North
American
Equities 		Europe
and Asia
Pacific 		Futures Global FX Corporate
Items and Eliminations 		Total
Operating income (loss) $ 1,036.5 $ 193.2 $ 187.5 $ 61.9 $ 49.3 $ (12.5) $ 1,515.9
Depreciation and amortization 25.3 31.5 18.8 1.9 7.5 0.3 85.3
Operating EBITDA $ 1,061.8 $ 224.7 $ 206.3 $ 63.8 $ 56.8 $ (12.2) $ 1,601.2
Gain on divestiture, net (c) - - (71.5) - - - (71.5)
Provision for notes receivable (d) 5.1 8.9 - - - - 14.0
Strategic realignment costs (e) 23.7 6.4 8.1 2.2 0.9 4.2 45.5
Executive compensation adjustment (f) 0.3 0.1 - - - 1.4 1.8
Adjusted operating EBITDA $ 1,090.9 $ 240.1 $ 142.9 $ 66.0 $ 57.7 $ (6.6) $ 1,591.0
Nine Months Ended September 30,
2025
Options North
American
Equities 		Europe
and Asia
Pacific 		Futures Global FX Corporate
Items and Eliminations 		Total
Operating income (loss) $ 792.2 $ 145.2 $ 43.2 $ 54.5 $ 34.3 $ (6.1) $ 1,063.3
Depreciation and amortization 21.5 35.2 24.2 1.7 8.4 0.1 91.1
Operating EBITDA $ 813.7 $ 180.4 $ 67.4 $ 56.2 $ 42.7 $ (6.0) $ 1,154.4
Acquisition-related costs (a) - 0.3 - (0.1) - 0.2 0.4
Strategic realignment costs (e) - - 24.0 0.6 - - 24.6
Executive compensation adjustment (f) - - - - - 1.0 1.0
Adjusted operating EBITDA $ 813.7 $ 180.7 $ 91.4 $ 56.7 $ 42.7 $ (4.8) $ 1,180.4
The following is a reconciliation of net income allocated to common stockholders to EBITDA and adjusted EBITDA (in millions) for the three and nine months ended September 30, 2026 and 2025, respectively:
Three Months Ended September 30, Nine Months Ended September 30,
2026 2025 2026 2025
Net income allocated to common stockholders $ 426.7 $ 299.3 $ 1,162.6 $ 782.6
Interest (income) expense, net (9.6) (1.0) (19.0) 5.0
Income tax provision 126.3 129.3 397.7 328.4
Depreciation and amortization 27.7 30.9 85.3 91.1
EBITDA $ 571.1 $ 458.5 $ 1,626.6 $ 1,207.1
Acquisition-related costs (a) - 0.2 - 0.4
Gain on divestiture, net (c) (71.5) - (71.5) -
Provision for notes receivable (d) 14.0 - 14.0 -
Strategic realignment costs (e) 16.7 7.0 45.5 24.6
Executive compensation adjustment (f) 0.6 0.6 1.8 1.0
Non-operating investment adjustments, net (g) (2.1) (51.0) (11.6) (51.7)
Adjusted EBITDA $ 528.8 $ 415.3 $ 1,604.8 $ 1,181.4
The following is a reconciliation of net income allocated to common stockholders to adjusted earnings (in millions) for the three and nine months ended September 30, 2026 and 2025, respectively:
Three Months Ended September 30, Nine Months Ended September 30,
2026 2025 2026 2025
Net income allocated to common stockholders $ 426.7 $ 299.3 $ 1,162.6 $ 782.6
Acquisition-related costs (a) - 0.2 - 0.4
Amortization of acquired intangible assets (b) 14.1 17.2 45.4 52.8
Gain on divestiture, net (c) (71.5) - (71.5) -
Provision for notes receivable (d) 14.0 - 14.0 -
Strategic realignment costs (e) 16.7 7.0 45.5 24.6
Executive compensation adjustment (f) 0.6 0.6 1.8 1.0
Non-operating investment adjustments, net (g) (2.1) (51.0) (11.6) (51.7)
Tax effect of adjustments (10.7) 6.5 (24.6) (7.7)
Deferred tax re-measurements (h) (1.7) - (2.3) (1.0)
Tax reserves (h) - - (11.4) -
State rate changes (h) (6.6) - (6.6) -
Net income allocated to participating securities 0.1 - 0.1 (0.3)
Adjusted earnings $ 379.6 $ 279.8 $ 1,141.4 $ 800.7
___________________________
(a) This amount includes acquisition-related costs primarily from the Company's Cboe Digital, Cboe Canada, and Cboe Asia Pacific acquisitions, which are included in acquisition-related costs on the condensed consolidated statements of income.
(b) This amount represents the amortization of acquired intangible assets related to the Company's acquisitions, which is included in depreciation and amortization on the condensed consolidated statements of income.
(c) This amount represents the net gain recognized upon the sale of our Cboe Australia business to TMX Group Limited.
(d) This amount represents an incremental reserve for collectability related to the Company's notes receivable in connection with the funding of the Consolidated Audit Trail, which is included in other expenses on the condensed consolidated statements of income.
(e) This amount represents certain strategic realignment costs related to announced strategic realignment initiatives. For the three months ended September 30, 2026, the costs included $13.0 million in compensation and benefits, $2.1 million in professional fees and outside services, $1.4 million in impairment of assets, and $0.2 million in other expenses on the condensed consolidated statements of income. For the three months ended September 30, 2025, the costs included $4.5 million in impairment of assets and $2.5 million in compensation and benefits on the condensed consolidated statements of income. For the nine months ended September 30, 2026, the costs included $36.3 million in compensation and benefits, $6.1 million in professional fees and outside services, $1.9 million in technology support services, and $1.4 million in impairment of assets, partially offset by a reversal of $0.2 million in other expenses on the condensed consolidated statements of income. For the nine months ended September 30, 2025, the costs included $21.6 million in impairment of assets and $3.0 million in compensation and benefits on the condensed consolidated statements of income.
(f) This amount represents the CEO sign-on long-term equity awards granted in 2025 with a grant date value of $6.0 million (comprised of a mixture of time and performance-based awards) that are subject to a 3-year cliff vesting requirement associated with the hiring of Craig Donohue as Chief Executive Officer, which is included in compensation and benefits on the condensed consolidated statements of income. This amount does not include the CEO's annual long-term equity incentive awards that were prorated for 2025.
(g) This amount represents gains associated with the Company's former investment in 7Ridge Fund (which owns Trading Technologies) as a result of Trading Technologies' sale, as well as the net gains and losses associated with the Company's minority investments, in addition to PYTH token intangible assets which are included in earnings on investments, net on the condensed consolidated statements of income.
(h) These amounts represent the remeasurements of deferred tax assets and liabilities at prevailing effective tax rates for the three and nine months ended September 30, 2026 and 2025, the tax impact related to the resolution of uncertain tax positions and prior year state provision-to-return adjustments for the three and nine months ended September 30, 2026.
The following summarizes changes in certain operational and financial metrics for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025:
The following summarizes changes in certain operational and financial metrics for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025 (continued from previous page):
The following table includes operational and financial metrics for our Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX segments. The following summarizes changes in certain operational and financial metrics for the three and nine months ended September 30, 2026 compared to the three and nine months ended September 30, 2025:
Three Months Ended September 30, Increase/
(Decrease) 		Percent
Change 		Nine Months Ended September 30, Increase/
(Decrease) 		Percent
Change
2026 2025 2026 2025
(in millions, except percentages, trading days, and as noted below) (in millions, except percentages, trading days, and as noted below)
Options:
Average daily volume (ADV) (in millions of contracts):
Market ADV 70.0 60.8 9.2 15 % 70.6 58.8 11.8 20 %
Total touched contracts (1) 21.3 18.8 2.5 14 % 21.1 18.1 3.0 17 %
Multi-listed contract ADV 15.3 13.9 1.4 10 % 15.0 13.3 1.7 12 %
Index contract ADV 6.1 4.9 1.2 24 % 6.1 4.8 1.3 28 %
Trading days 64 64 - - % 187 186 1 1 %
Total Options revenue per contract (RPC) (2) $ 0.307 $ 0.281 $ 0.026 9 % $ 0.322 $ 0.289 $ 0.033 11 %
Multi-listed options RPC (2) $ 0.052 $ 0.055 $ (0.003) (5) % $ 0.065 $ 0.063 $ 0.002 3 %
Index options RPC (2) $ 0.952 $ 0.926 $ 0.026 3 % $ 0.948 $ 0.919 $ 0.029 3 %
Total Options market share 30.5 % 30.9 % (0.4) % * 29.9 % 30.7 % (0.8) % *
Multi-listed options market share 24.0 % 24.9 % (0.9) % * 23.3 % 24.7 % (1.4) % *
North American Equities:
U.S. Equities:
U.S. Equities - Exchange:
ADV:
Total matched shares (in billions) (5) 1.5 1.7 (0.2) (12) % 1.8 1.8 - 1 %
Market ADV (in billions) 16.9 17.6 (0.7) (4) % 19.0 17.2 1.8 10 %
Market share 8.9 % 9.8 % (0.9) % * 9.4 % 10.2 % (0.8) % *
U.S. Equities - Exchange (net capture per one hundred touched shares) (3) $ 0.022 $ 0.015 $ 0.007 51 % $ 0.019 $ 0.014 $ 0.005 39 %
U.S. ETPs: launches (number of launches) 196 93 103 111 % 565 236 329 139 %
U.S. ETPs: listings (number of listings) 1,647 1,032 615 60 % 1,647 1,032 615 60 %
U.S. Equities - Off-Exchange:
ADV (touched shares, in millions) (1) 213.5 202.3 11.2 6 % 233.1 140.7 92.4 66 %
U.S. Equities - Off-Exchange (net capture per one hundred touched shares) (4) $ 0.059 $ 0.064 $ (0.005) (8) % $ 0.060 $ 0.081 $ (0.021) (25) %
Trading days 64 64 - - % 187 186 1 1 %
Canadian Equities:
ADV (matched shares, in millions) (5) 158.8 163.8 (5.0) (3) % 186.6 158.0 28.6 18 %
Trading days 63 63 - - % 188 188 - - %
Net capture (per 10,000 touched shares, in Canadian dollars) (6) $ 4.534 $ 4.142 $ 0.392 9 % $ 4.396 $ 4.204 $ 0.192 5 %
Europe and Asia Pacific:
European Equities:
ADNV:
Matched ADNV (Euros - in billions) (7) € 12.4 € 11.7 € 0.7 6 % € 15.0 € 13.0 € 2.0 15 %
Market ADNV (Euros - in billions) 54.2 46.1 8.1 18 % 61.6 52.0 9.6 18 %
Trading days 66 66 - - % 192 192 - - %
Market share 23.0 % 25.4 % (2.4) % * 24.4 % 25.1 % (0.7) % *
Net capture (per matched notional value (bps), in Euros) (8) € 0.282 € 0.288 € (0.006) (2) % € 0.281 € 0.266 € 0.015 6 %
Cboe Clear Europe:
Trades cleared, in millions (9) 397.8 329.3 68.5 21 % 1,255.0 1,142.3 112.7 10 %
Fee per trade cleared (10) € 0.008 € 0.010 € (0.002) (15) % € 0.008 € 0.008 € - 0 %
European Equities market share cleared (11) 41.2 % 39.6 % 1.6 % * 40.5 % 39.4 % 1.1 % *
Net settlement volume, in millions (12) 4.2 3.5 0.7 19 % 12.1 10.0 2.1 21 %
Net fee per settlement (13) € 1.036 € 1.015 € 0.021 2 % € 1.041 € 0.975 € 0.066 7 %
Futures:
ADV (in thousands) 187.3 200.7 (13.4) (7) % 230.4 223.0 7.4 3 %
Trading days 64 64 - - % 187 186 1 1 %
RPC $ 1.712 $ 1.745 $ (0.033) (2) % $ 1.671 $ 1.725 $ (0.054) (3) %
Global FX:
ADNV ($ - in billions) $ 61.1 $ 49.9 $ 11.2 22 % $ 64.0 $ 52.6 $ 11.4 22 %
Trading days 66 66 - - % 194 194 - - %
Net capture (per one million dollars traded) (14) $ 2.91 $ 2.89 $ 0.02 1 % $ 2.92 $ 2.82 $ 0.10 3 %
Average British pound/U.S. dollar exchange rate $ 1.344 $ 1.348 $ (0.004) (0) % $ 1.344 $ 1.314 $ 0.030 2 %
Average Canadian dollar/U.S. dollar exchange rate $ 0.715 $ 0.726 $ (0.011) (2) % $ 0.722 $ 0.715 $ 0.007 1 %
Average Euro/U.S. dollar exchange rate $ 1.151 $ 1.169 $ (0.018) (2) % $ 1.161 $ 1.118 $ 0.043 4 %
Average Euro/British pound exchange rate £ 0.856 £ 0.867 £ (0.011) (1) % £ 0.864 £ 0.851 £ 0.013 2 %
_____________________________________
*Not meaningful
Note, the percent change listed represents the change in the unrounded metrics figures.
Note, in the third quarter of 2025, the Company replaced U.S. Equities - Exchange total touched shares with total matched shares for each period presented, aligning the metric with externally reported volume summaries. The impact of this change is immaterial.
Note, in the second quarter of 2025, Digital futures products were transitioned to Cboe Futures Exchange. Futures metrics prior to the second quarter of 2025 exclude Digital futures products.
(1)Touched volume represents the total number of shares of equity securities and ETFs internally matched on our exchanges or routed to and executed on an external market center.
(2)Average revenue per contract, for options and futures, represents total net transaction fees recognized for the period divided by total contracts traded during the period.
(3)Net capture per one hundred touched shares refers to transaction fees less liquidity payments and routing and clearing costs divided by the product of one-hundredth of ADV of touched shares on BZX, BYX, EDGX, and EDGA and the number of trading days.
(4)Net capture per one hundred touched shares refers to transaction fees less order and execution management system (OMS/EMS) fees and clearing costs divided by the product of one-hundredth of ADV of touched shares on BIDS Trading and the number of trading days for the period.
(5)Matched volume represents the total number of shares of equity securities and ETFs activity executed on our exchanges.
(6)Net capture per 10,000 touched shares refers to transaction fees divided by the product of one ten-thousandth of ADV of shares of Cboe Canada and the number of trading days.
(7)Matched ADNV represents the average daily notional value of shares or contracts executed on our exchanges.
(8)Net capture per matched notional value refers to transaction fees less liquidity payments in Euros divided by the product of ADNV in Euros of shares matched on Cboe Europe Equities and the number of trading days.
(9)Trades cleared refers to the total number of non-interoperable trades cleared.
(10)Fee per trade cleared refers to clearing fees divided by the number of non-interoperable trades cleared.
(11)European Equities market share cleared represents Cboe Clear Europe's client volume cleared divided by the total volume of the publicly reported European venues.
(12)Net settlement volume refers to the total number of settlements executed after netting.
(13)Net fee per settlement refers to settlement fees less direct costs incurred to settle divided by the number of settlements executed after netting.
(14)Net capture per one million dollars traded refers to net transaction fees less liquidity payments, if any, divided by the product of one-thousandth of ADNV traded on Cboe FX Markets and the number of trading days for Spot and SEF, divided by two, which represents the buyer and seller that are both charged on the transaction.
Revenues
Total revenues for the three months ended September 30, 2026 increased $217.1 million, or 19%, compared to the same period in 2025 primarily due to an increase in the Section 31 fee rate following a rate change in April 2026, coupled with an increase in derivatives markets revenue driven by an increase in transaction and clearing fees as a result of increased volumes traded on the Cboe options exchanges, partially offset by a decrease in volumes traded on the Cboe U.S. equities exchanges. Total revenues for the nine months ended September 30, 2026 increased $564.2 million, or 16%, compared to the same period in 2025 primarily due to an increase in derivatives markets and cash and spot markets revenue driven by an increase in transaction and clearing fees as a result of increased volumes traded on the Cboe options, Cboe U.S. equities, and Cboe European equities exchanges, coupled with an increase in Section 31 fees due to an increase in volumes traded on the Cboe U.S. equity and options exchanges.
The following summarizes changes in revenues for the three and nine months ended September 30, 2026 compared to the three and nine months ended September 30, 2025 (in millions, except percentages):
Three Months Ended
September 30, 		Increase/
(Decrease)
Percent
Change
Nine Months Ended
September 30, 		Increase/
(Decrease)
Percent
Change
2026 2025 2026 2025
Cash and spot markets $ 511.3 $ 415.0 $ 96.3 23 % $ 1,573.8 $ 1,403.5 $ 170.3 12 %
Data Vantage 182.6 162.1 20.5 13 % 545.5 472.9 72.6 15 %
Derivatives markets 664.9 564.6 100.3 18 % 1,955.1 1,633.8 321.3 20 %
Total revenues $ 1,358.8 $ 1,141.7 $ 217.1 19 % $ 4,074.4 $ 3,510.2 $ 564.2 16 %
Cash and Spot Markets
Cash and spot markets revenue increased for the three months ended September 30, 2026 compared to the same period in 2025 primarily due to an increase in regulatory fees, partially offset by a decrease in transaction and clearing fees on Cboe U.S. equity exchanges (BZX, BYX, EDGX, EDGA, collectively, the "Cboe U.S. equity exchanges"). Regulatory fees increased primarily due to an increase in the Section 31 fee rate, from an average of $0 per million dollars of covered sales for the three months ended September 30, 2025 to an average rate of $20.60 per million dollars of covered sales for the three months ended September 30, 2026, following a rate change effective April 2026 to $20.60 per million dollars of covered sales. Regulatory fees revenue related to Section 31 fees is directly offset by regulatory fees cost of revenues related to Section 31 fees. Transaction and clearing fees decreased primarily due to a 12% decrease in total matched shares on Cboe U.S. equity exchanges.
Cash and spot markets revenue increased for the nine months ended September 30, 2026 compared to the same period in 2025 primarily due to an increase in transaction and clearing fees, coupled with an increase in regulatory fees. Transaction and clearing fees increased primarily due to pricing changes implemented from late second quarter through the third quarter of 2025 on Cboe U.S. equity exchanges, a 15% increase in Cboe European equities exchanges matched ADNV, and a 22% increase in Global FX ADNV. Regulatory fees increased primarily due to an increase in the volumes on the Cboe U.S. equity and options exchanges, partially offset by a decrease in the Section 31 fee rate, from an average of $13.68 per million dollars of covered sales for the nine months ended September 30, 2025 to an average rate of $13.52 per million dollars of covered sales for the nine months ended September 30, 2026, following a rate change in May 2025 to $0 per million dollars of covered sales, which remained in effect until April 2026. Regulatory fees revenue related to Section 31 fees is directly offset by regulatory fees cost of revenues related to Section 31 fees.
Data Vantage
Data Vantage revenue increased for the three and nine months ended September 30, 2026 compared to the same periods in 2025 primarily due to increases in access and capacity fees and proprietary market data fees. Access and capacity fees increased primarily due to increases in logical port fees and physical port fees in the Options and North American Equities segments, driven by increased customer demand. Proprietary market data fees increased primarily due to increases in customer demand for existing data products as a result of increased new unit sales and a strong contribution from new product sales, complementing continued demand for access to our markets and a durable and growing international contribution.
Derivatives Markets
Derivatives markets revenue increased for the three months ended September 30, 2026 compared to the same period in 2025 primarily due to an increase in transaction and clearing fees, coupled with an increase in regulatory fees. Transaction and clearing fees increased primarily due to a 24% increase in index options ADV. Regulatory fees increased primarily due to an increase in the Section 31 fee rate, from an average of $0 per million dollars of covered sales for the
three months ended September 30, 2025 to an average rate of $20.60 per million dollars of covered sales for the three months ended September 30, 2026, following a rate change effective April 2026 to $20.60 per million dollars of covered sales. Regulatory fees revenue related to Section 31 fees is directly offset by regulatory fees cost of revenues related to Section 31 fees.
Derivatives markets revenue increased for the nine months ended September 30, 2026 compared to the same period in 2025 primarily due to an increase in transaction and clearing fees, coupled with an increase in regulatory fees. Transaction and clearing fees increased primarily due to a 28% increase in index options ADV and a 12% increase in multi-listed options ADV. Regulatory fees increased primarily due to an increase in volumes traded on the Cboe U.S. equity and options exchanges, partially offset by a decrease in the Section 31 fee rate, from an average of $13.68 per million dollars of covered sales for the nine months ended September 30, 2025 to an average rate of $13.52 per million dollars of covered sales for the nine months ended September 30, 2026, following a rate change in May 2025 to $0 per million dollars of covered sales, which remained in effect until April 2026. Regulatory fees revenue related to Section 31 fees is directly offset by regulatory fees cost of revenues related to Section 31 fees.
Cost of Revenues
The following tables reconcile the disaggregated cost of revenues categories presented on the condensed consolidated statements of income to the revenue categories presented on the condensed consolidated statements of income for the three and nine months ended September 30, 2026 and 2025, respectively (in millions):
Three Months Ended September 30, 2026
Cash and
Spot Markets 		Data Vantage Derivatives
Markets 		Total
Liquidity payments $ 240.9 $ - $ 162.9 $ 403.8
Routing and clearing fees 14.7 - 4.5 19.2
Regulatory fees cost of revenues 109.5 - 34.4 143.9
Royalty fees and other cost of revenues 14.8 3.5 61.4 79.7
Total cost of revenues $ 379.9 $ 3.5 $ 263.2 $ 646.6
Three Months Ended September 30, 2025
Cash and
Spot Markets 		Data Vantage Derivatives
Markets 		Total
Liquidity payments $ 274.0 $ - $ 179.3 $ 453.3
Routing and clearing fees 15.2 - 4.8 20.0
Regulatory fees cost of revenues - - - -
Royalty fees and other cost of revenues 8.5 3.2 51.2 62.9
Total cost of revenues $ 297.7 $ 3.2 $ 235.3 $ 536.2
Nine Months Ended September 30, 2026
Cash and
Spot Markets 		Data Vantage Derivatives
Markets 		Total
Liquidity payments $ 833.5 $ - $ 470.1 $ 1,303.6
Routing and clearing fees 47.0 - 13.0 60.0
Regulatory fees cost of revenues 231.2 - 66.6 297.8
Royalty fees and other cost of revenues 46.9 10.8 182.6 240.3
Total cost of revenues $ 1,158.6 $ 10.8 $ 732.3 $ 1,901.7
Nine Months Ended September 30, 2025
Cash and
Spot Markets 		Data Vantage Derivatives
Markets 		Total
Liquidity payments $ 792.8 $ - $ 473.3 $ 1,266.1
Routing and clearing fees 47.2 - 13.1 60.3
Regulatory fees cost of revenues 191.3 - 47.1 238.4
Royalty fees and other cost of revenues 32.6 9.5 145.3 187.4
Total cost of revenues $ 1,063.9 $ 9.5 $ 678.8 $ 1,752.2
Total cost of revenues increased for the three months ended September 30, 2026 compared to the same period in 2025 primarily due to an increase in regulatory fees cost of revenues as a result of an increase in the Section 31 fee rate, partially offset by a decrease in liquidity payments due to a decrease in total matched shares on Cboe U.S. equity exchanges.
Total cost of revenues increased for the nine months ended September 30, 2026 compared to the same period in 2025 primarily due to an increase in regulatory fees cost of revenues due to an increase in volumes traded on the Cboe U.S. equity and options exchanges, coupled with an increase in royalty fees due to increased volumes on Cboe options exchanges and an increase in liquidity payments primarily due to pricing changes implemented in 2025 on Cboe U.S. equity exchanges.
The following summarizes changes in the disaggregated cost of revenues for the three and nine months ended September 30, 2026 compared to the three and nine months ended September 30, 2025 (in millions, except percentages):
Three Months Ended
September 30, 		Increase/
(Decrease)
Percent
Change
Nine Months Ended
September 30, 		Increase/
(Decrease)
Percent
Change
2026 2025 2026 2025
Liquidity payments $ 403.8 $ 453.3 $ (49.5) (11) % $ 1,303.6 $ 1,266.1 $ 37.5 3 %
Routing and clearing fees 19.2 20.0 (0.8) (4) % 60.0 60.3 (0.3) (0) %
Regulatory fees cost of revenues 143.9 - 143.9 * 297.8 238.4 59.4 25 %
Royalty fees and other cost of revenues 79.7 62.9 16.8 27 % 240.3 187.4 52.9 28 %
Total cost of revenues $ 646.6 $ 536.2 $ 110.4 21 % $ 1,901.7 $ 1,752.2 $ 149.5 9 %
___________________________
*Not meaningful
Liquidity Payments
Liquidity payments decreased for the three months ended September 30, 2026 compared to the same period in 2025 primarily due to a decrease in liquidity payments on the Cboe U.S. equity exchanges as a result of a 12% decrease in total matched shares.
Liquidity payments increased for the nine months ended September 30, 2026 compared to the same period in 2025 primarily due to an increase in liquidity payments on the Cboe U.S. equity exchanges primarily due to pricing changes implemented in 2025 on Cboe U.S. equity exchanges.
Routing and Clearing
Routing and clearing fees decreased for the three and nine months ended September 30, 2026 compared to the same periods in 2025 primarily due to a decrease in routed trades on the Cboe U.S. equity exchanges, partially offset by 19% and 21% increases in Cboe Clear Europe net settlement volume, respectively.
Regulatory Fees Cost of Revenues
Regulatory fees cost of revenues increased for the three months ended September 30, 2026 compared to the same period in 2025 primarily due to an increase in the Section 31 fee rate, from an average rate of $0 per million dollars of covered sales for the three months ended September 30, 2025 to an average rate of $20.60 per million dollars of covered sales for the three months ended September 30, 2026, following a rate change effective April 2026 to $20.60 per million dollars of covered sales. Regulatory fees cost of revenues increased for the nine months ended September 30, 2026 compared to the same period in 2025 primarily due to an increase in volumes traded on the Cboe U.S. equity and options exchanges, partially offset by a decrease in the Section 31 fee rate, from an average rate of $13.68 per million dollars of covered sales for the nine months ended September 30, 2025 to an average rate of $13.52 per million dollars of covered sales for the nine months ended September 30, 2026, following a rate change in May 2025 to $0 per million dollars of covered sales, which remained in effect until April 2026. Regulatory fees revenue related to Section 31 fees is directly offset by regulatory fees cost of revenues related to Section 31 fees.
Royalty Fees and Other Cost of Revenues
Royalty fees and other cost of revenues increased for the three and nine months ended September 30, 2026 compared to the same periods in 2025 primarily due to an increase in trading volumes of index products in the Options segment.
Revenues Less Cost of Revenues
Revenues less cost of revenues increased $106.7 million, or 18%, for the three months ended September 30, 2026 compared to the same period in 2025 primarily due to an increase in derivatives markets revenues less cost of revenues driven by an increase in volumes traded on the Cboe options exchanges, an increase in Data Vantage revenues less cost of revenues as a result of increased access and capacity fees and proprietary market data across segments, and an increase in cash and spot markets revenues less cost of revenues driven by increases in volumes traded on the Cboe U.S. equities exchanges and in Global FX.
Revenues less cost of revenues increased $414.7 million, or 24%, for the nine months ended September 30, 2026 compared to the same period in 2025 primarily due to an increase in derivatives markets revenues less cost of revenues
driven by an increase in volumes traded on the Cboe options exchanges, an increase in cash and spot markets revenues less cost of revenues driven by increases in net capture per one hundred touched shares on the Cboe U.S. equity exchanges, and an increase in Data Vantage revenues less cost of revenues as a result of increased access and capacity fees and proprietary market data across segments.
The following summarizes the components of revenues less cost of revenues for the three and nine months ended September 30, 2026 compared to the three and nine months ended September 30, 2025 (in millions, except percentages):
Three Months Ended
September 30, 		Increase/
(Decrease)
Percent
Change
Nine Months Ended
September 30, 		Increase/
(Decrease)
Percent
Change
2026 2025 2026 2025
Cash and spot markets $ 131.4 $ 117.3 $ 14.1 12 % $ 415.2 $ 339.6 $ 75.6 22 %
Data Vantage 179.1 158.9 20.2 13 % 534.7 463.4 71.3 15 %
Derivatives markets 401.7 329.3 72.4 22 % 1,222.8 955.0 267.8 28 %
Total revenues less cost of revenues $ 712.2 $ 605.5 $ 106.7 18 % $ 2,172.7 $ 1,758.0 $ 414.7 24 %
Cash and Spot Markets
Cash and spot markets revenues less cost of revenues increased for the three months ended September 30, 2026 compared to the same period in 2025 primarily due to increases in transaction and clearing fees less liquidity payments and routing and clearing costs ("net transaction and clearing fees") in the North American Equities, Global FX, and Europe and Asia Pacific segments. Net transaction and clearing fees increased primarily due to a 51% increase in net capture per one hundred touched shares on Cboe U.S. equity exchanges, a 22% increase in Global FX ADNV, and a 19% increase in Cboe Clear Europe net settlement volume, partially offset by a 12% decrease in total matched shares on Cboe U.S. equity exchanges.
Cash and spot markets revenues less cost of revenues increased for the nine months ended September 30, 2026 compared to the same period in 2025 primarily due to increases in net transaction and clearing fees in the Europe and Asia Pacific, North American Equities, and Global FX segments. Net transaction and clearing fees increased primarily due to a 15% increase in Cboe European equities matched ADNV, a 39% increase in net capture per one hundred touched shares on Cboe U.S. equity exchanges, and a 22% increase in Global FX ADNV.
Data Vantage
Data Vantage revenues less cost of revenues increased for the three and nine months ended September 30, 2026 compared to the same periods in 2025 primarily due to increases in access and capacity fees and proprietary market data fees. Access and capacity fees increased primarily due to increases in logical port fees and physical port fees in the Options and North American Equities segments, driven by increased customer demand. Proprietary market data fees increased primarily due to increases in customer demand for existing data products as a result of increased new unit sales and a strong contribution from new product sales, complementing continued demand for access to our markets and a durable and growing international contribution.
Derivatives Markets
Derivatives markets revenues less cost of revenues increased for the three months ended September 30, 2026 compared to the same period in 2025 primarily due to an increase in net transaction and clearing fees driven by a 24% increase in index options ADV, partially offset by an increase in royalty fees as a result of increased trading volumes of index products in the Options segment.
Derivatives markets revenues less cost of revenues increased for the nine months ended September 30, 2026 compared to the same period in 2025 primarily due to an increase in net transaction and clearing fees driven by a 28% increase in index options ADV and a 12% increase in multi-listed options ADV, partially offset by an increase in royalty fees as a result of increased trading volumes of index products in the Options segment.
Operating Expenses
Total operating expenses for the three months ended September 30, 2026 compared to the same period in 2025 increased $14.2 million, or 6%, primarily due to an increase in other expenses, compensation and benefits, and professional fees and outside services, partially offset by a decrease in travel and promotional expenses, depreciation and amortization, and impairment of assets. Total operating expenses for the nine months ended September 30, 2026 compared to the same
period in 2025 increased $33.6 million, or 5%, primarily due to an increase in compensation and benefits and other expenses, partially offset by a decrease in impairment of assets and depreciation and amortization.
The following summarizes changes in operating expenses for the three and nine months ended September 30, 2026 compared to the three and nine months ended September 30, 2025 (in millions, except percentages):
Three Months Ended
September 30, 		Increase/
(Decrease) 		Percent
Change 		Nine Months Ended
September 30, 		Increase/
(Decrease) 		Percent
Change
2026 2025 2026 2025
Compensation and benefits $ 132.7 $ 129.2 $ 3.5 3 % $ 415.3 $ 373.3 $ 42.0 11 %
Depreciation and amortization 27.7 30.9 (3.2) (10) % 85.3 91.1 (5.8) (6) %
Technology support services 27.9 26.6 1.3 5 % 81.7 78.9 2.8 4 %
Professional fees and outside services 24.7 21.6 3.1 14 % 65.4 67.2 (1.8) (3) %
Travel and promotional expenses 8.4 12.0 (3.6) (30) % 29.6 26.6 3.0 11 %
Facilities costs 6.2 6.4 (0.2) (3) % 18.5 19.6 (1.1) (6) %
Acquisition-related costs - 0.2 (0.2) (100) % - 0.4 (0.4) (100) %
Impairment of assets 1.4 4.5 (3.1) (69) % 1.4 21.6 (20.2) (94) %
Other expenses 20.4 3.8 16.6 437 % 31.1 16.0 15.1 94 %
Total operating expenses $ 249.4 $ 235.2 $ 14.2 6 % $ 728.3 $ 694.7 $ 33.6 5 %
Compensation and Benefits
Compensation and benefits increased for the three months ended September 30, 2026 compared to the same period in 2025 primarily due to a $5.0 million increase in severance related to the Company's strategic realignment and a $4.7 million increase in partially accrued bonuses as a result of strong Company performance, partially offset by a $5.7 million decrease in salaries and wages primarily due to the strategic realignment.
Compensation and benefits increased for the nine months ended September 30, 2026 compared to the same period in 2025 primarily due to a $24.6 million increase in severance related to the Company's strategic realignment, an $11.5 million increase in partially accrued bonuses as a result of strong Company performance, and a $7.4 million increase in equity compensation related to executive transitions, partially offset by a $6.6 million decrease in salaries and wages primarily due to the strategic realignment.
Depreciation and Amortization
Depreciation and amortization decreased for the three and nine months ended September 30, 2026 compared to the same periods in 2025 primarily due to declines in amortization under the discounted cash flow method for the intangibles acquired in the Merger, partially offset by an increase in depreciation for servers, networking equipment, and leasehold improvements.
Technology Support Services
Technology support services increased for the three months ended September 30, 2026 compared to the same period in 2025 due to an increase in cloud services expenses and artificial intelligence expenses, partially offset by decreases in software licenses and subscriptions, network and phone connectivity expenses, and software maintenance.
Technology support services increased for the nine months ended September 30, 2026 compared to the same period in 2025 primarily due to increases in cloud services expenses, artificial intelligence expenses, software licenses and subscriptions, and hardware maintenance, partially offset by decreases in network and phone connectivity expenses and software maintenance.
Professional Fees and Outside Services
Professional fees and outside services increased for the three months ended September 30, 2026 compared to the same period in 2025 primarily due to an increase in consulting fees, legal fees, contract services, and recruiting fees, partially offset by decreases in regulatory costs related to CAT expenses.
Professional fees and outside services decreased for the nine months ended September 30, 2026 compared to the same period in 2025 primarily due to a decrease in regulatory costs related to CAT expenses, partially offset by increases in contract services, legal fees, consulting fees, and recruiting fees.
Travel and Promotional Expenses
Travel and promotional expenses decreased for the three months ended September 30, 2026 compared to the same period in 2025 primarily due to decreases in marketing and advertising expenses and special events.
Travel and promotional expenses increased for the nine months ended September 30, 2026 compared to the same period in 2025 primarily due to increases in marketing and advertising expenses.
Facilities Costs
Facilities costs decreased for the three and nine months ended September 30, 2026 compared to the same periods in 2025 primarily due to a decrease in office rent related to the termination of the Lenexa, Kansas office lease, which had temporarily overlapped with the new Overland Park, Kansas office lease.
Acquisition-Related Costs
Acquisition-related costs decreased for the three and nine months ended September 30, 2026 compared to the same periods in 2025 primarily due to a decrease in retention-related compensation costs associated with prior acquisitions.
Impairment of Assets
Impairment of assets decreased for the three months ended September 30, 2026 compared to the same period in 2025 primarily due to the impairment of Cboe Japan's assets of $4.5 million during the three months ended September 30, 2025 as a result of the wind down of the Company's Japanese equities business, partially offset by the impairment of intangible assets charge of $1.4 million associated with FT Options and Trade Alert as a result of the wind down of operations during the three months ended September 30, 2026.
Impairment of assets decreased for the nine months ended September 30, 2026 compared to the same period in 2025 primarily due to the impairment of Cboe Japan's assets of $21.6 million during the nine months ended September 30, 2025 as a result of the wind down of the Company's Japanese equities business, partially offset by the impairment of intangible assets charge of $1.4 million associated with FT Options and Trade Alert as a result of the wind down of operations during the nine months ended September 30, 2026.
Other Expenses
Other expenses increased for the three and nine months ended September 30, 2026 compared to the same periods in 2025 primarily due to an increase in bad debt expense related to an incremental reserve for collectability related to the Company's notes receivable in connection with the funding of the CAT.
Gain on divestiture, net
Gain on divestiture, net increased for the three and nine months ended September 30, 2026 compared to the same periods in 2025 due to the Company's sale of Cboe Australia to TMX, which closed in July 2026.
Operating Income
As a result of the items above, operating income for the three months ended September 30, 2026 was $534.3 million, compared to operating income of $370.3 million for the three months ended September 30, 2025, an increase of $164.0 million.
As a result of the items above, operating income for the nine months ended September 30, 2026 was $1,515.9 million, compared to operating income of $1,063.3 million for the nine months ended September 30, 2025, an increase of $452.6 million.
Interest Expense
Interest expense decreased for the three months ended September 30, 2026 compared to the same period in 2025 primarily due to a decrease in commitment fees on the Cboe Clear Europe Credit Facility, which was renewed in June 2026, due to lower average fee rates. Interest expense increased for the nine months ended September 30, 2026 compared to the
same period in 2025 primarily due to an increase in commitment fees on the Cboe Clear Europe Credit Facility due to higher average fee rates.
Interest Income
Interest income increased for the three and nine months ended September 30, 2026 compared to the same periods in 2025 primarily due to income from U.S. Treasury bills as a result of additional investments of cash and cash equivalents on higher average cash and cash equivalent balances.
Earnings on Investments, Net
Earnings on investments, net decreased for the three months ended September 30, 2026 compared to the same period in 2025 primarily due to a $43.5 million decrease in the gains on the Company's former investment in 7Ridge Fund, which is fully exited as of September 30, 2026, a $5.0 million gain recorded during the three months ended September 30, 2025 on the Company's minority investments in CSD BR and Talos Global, Inc., which did not recur in 2026, and a $2.2 million decrease related to the value of the non-qualified deferred compensation plan.
Earnings on investments, net decreased for the nine months ended September 30, 2026 compared to the same period in 2025 primarily due to a $37.0 million decrease in the gains on the Company's former investment in 7Ridge Fund, which is fully exited as of September 30, 2026, partially offset by a $4.9 million increase on the Company's various minority investments net gains.
Other Income, Net
Other income, net increased for the three and nine months ended September 30, 2026 compared to the same periods in 2025 primarily due to an increase in dividend income from the Company's minority ownership of Vest Group Inc. and an increase in income related to the transition services agreement with TMX as the result of the sale of Cboe Australia. The transition services agreement income is structured to offset operating expenses incurred during the transition.
Income Before Income Tax Provision
As a result of the above, income before income tax provision for the three months ended September 30, 2026 was $554.5 million, compared to income before income tax provision of $430.1 million for the three months ended September 30, 2025, an increase of $124.4 million.
As a result of the above, income before income tax provision for the nine months ended September 30, 2026 was $1,564.7 million, compared to income before income tax provision of $1,114.9 million for the nine months ended September 30, 2025, an increase of $449.8 million.
Income Tax Provision
The effective tax rate from continuing operations was 22.8% and 30.1% for the three months ended September 30, 2026 and 2025, respectively, and 25.4% and 29.5% for the nine months ended September 30, 2026 and 2025, respectively. The lower effective tax rate for the three and nine months ended September 30, 2026 was primarily due to the non-taxable gain related to the Cboe Australia divestiture.
Net Income
As a result of the items above, net income for the three months ended September 30, 2026 was $428.2 million, compared to net income of $300.8 million, for the three months ended September 30, 2025, an increase of $127.4 million.
As a result of the items above, net income for the nine months ended September 30, 2026 was $1,167.0 million, compared to net income of $786.5 million, for the nine months ended September 30, 2025, an increase of $380.5 million.
Segment Operating Results
We report results from our five segments: Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX. Segment performance is primarily based on operating income. We have aggregated all corporate costs, as well as other business ventures, within Corporate Items and Eliminations as those activities should not be used to evaluate a segment's operating performance. All operating expenses that relate to activities of a specific segment have been allocated to that segment.
The following summarizes our total revenues by segment (in millions, except percentages):
Three Months Ended
September 30, 		Percent
Change 		Percentage
of Total
Revenues 		Nine Months Ended
September 30, 		Percent
Change 		Percentage
of Total
Revenues
Three Months Ended
September 30, 		Nine Months Ended
September 30,
2026 2025 2026 2025 2026 2025 2026 2025
Options $ 733.4 $ 616.0 19 % 54 % 54 % $ 2,144.9 $ 1,776.4 21 % 53 % 51 %
North American Equities 462.2 377.8 22 % 34 % 33 % 1,397.9 1,279.7 9 % 34 % 36 %
Europe and Asia Pacific 103.4 92.8 11 % 8 % 8 % 340.6 284.9 20 % 8 % 8 %
Futures 30.9 32.0 (3) % 2 % 3 % 103.2 99.8 3 % 3 % 3 %
Global FX 28.9 23.1 25 % 2 % 2 % 87.8 69.4 27 % 2 % 2 %
Total revenues $ 1,358.8 $ 1,141.7 19 % 100 % 100 % $ 4,074.4 $ 3,510.2 16 % 100 % 100 %
The following summarizes our revenues less cost of revenues by segment (in millions, except percentages):
Percent
Change 		Percentage of
Total Revenues
Less Cost of Revenues 		Percent
Change 		Percentage of
Total Revenues
Less Cost of Revenues
Three Months Ended
September 30, 		Three Months Ended
September 30, 		Nine Months Ended
September 30, 		Nine Months Ended
September 30,
2026 2025 2026 2025 2026 2025 2026 2025
Options $ 469.5 $ 380.8 23 % 66 % 63 % $ 1,411.0 $ 1,098.0 29 % 65 % 62 %
North American Equities 113.5 103.5 10 % 16 % 17 % 339.4 296.5 14 % 16 % 17 %
Europe and Asia Pacific 73.3 69.1 6 % 10 % 11 % 243.0 203.6 19 % 11 % 12 %
Futures 28.2 29.6 (5) % 4 % 5 % 94.6 92.5 2 % 4 % 5 %
Global FX 27.7 22.5 23 % 4 % 4 % 84.7 67.4 26 % 4 % 4 %
Total revenues less cost of revenues $ 712.2 $ 605.5 18 % 100 % 100 % $ 2,172.7 $ 1,758.0 24 % 100 % 100 %
Options
The following summarizes revenues less cost of revenues, operating expenses, operating income, operating margin, adjusted operating EBITDA, and adjusted operating EBITDA margin for our Options segment (in millions, except percentages):
Three Months Ended
September 30, 		Percent
Change 		Percentage
of Total
Revenues 		Nine Months Ended
September 30, 		Percent
Change 		Percentage
of Total
Revenues
Three Months Ended
September 30, 		Nine Months Ended
September 30,
2026 2025 2026 2025 2026 2025 2026 2025
Revenues less cost of revenues $ 469.5 $ 380.8 23 % 64 % 62 % $ 1,411.0 $ 1,098.0 29 % 66 % 62 %
Operating expenses 133.6 106.4 26 % 18 % 17 % 374.5 305.8 22 % 17 % 17 %
Operating income $ 335.9 $ 274.4 22 % 46 % 45 % $ 1,036.5 $ 792.2 31 % 48 % 45 %
Operating margin 71.5 % 72.1 % * * * 73.5 % 72.1 % * * *
Adjusted Operating EBITDA (1) $ 357.9 $ 282.0 27 % 49 % 46 % $ 1,090.9 $ 813.7 34 % 51 % 46 %
Adjusted Operating EBITDA margin (2) 76.2 % 74.1 % * * * 77.3 % 74.1 % * * *
___________________________
*Not meaningful
(1)See footnote (2) to the table under "Financial Summary" above for a reconciliation of operating income to adjusted operating EBITDA, and management's reasons for using such non-GAAP measures.
(2)Adjusted operating EBITDA margin represents adjusted operating EBITDA divided by revenues less cost of revenues.
Revenues less cost of revenues increased $88.7 million for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 primarily due to an increase in net transaction and clearing fees driven by a 24% increase in index options ADV. For the three months ended September 30, 2026, operating income for the Options segment increased $61.5 million compared to the three months ended September 30, 2025 primarily due to an increase in revenues less cost of revenues, partially offset by an increase in operating expenses. Operating expenses increased $27.2 million for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 primarily due to an increase in compensation and benefits, other expenses, and professional fees and outside services.
Revenues less cost of revenues increased $313.0 million for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 primarily due to an increase in net transaction and clearing fees driven by a 28% increase in index options ADV and a 12% increase in multi-listed options ADV. For the nine months ended September 30, 2026, operating income for the Options segment increased $244.3 million compared to the nine months ended September 30, 2025 primarily due to an increase in revenues less cost of revenues, partially offset by an increase in operating expenses. Operating expenses increased $68.7 million for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 primarily due to an increase in compensation and benefits, technology support services, other expenses, travel and promotional expenses, and professional fees and outside services.
North American Equities
The following summarizes revenues less cost of revenues, operating expenses, operating income, operating margin, adjusted operating EBITDA, and adjusted operating EBITDA margin for our North American Equities segment (in millions, except percentages):
Three Months Ended
September 30, 		Percent
Change 		Percentage
of Total
Revenues 		Nine Months Ended
September 30, 		Percent
Change 		Percentage
of Total
Revenues
Three Months Ended
September 30, 		Nine Months Ended
September 30,
2026 2025 2026 2025 2026 2025 2026 2025
Revenues less cost of revenues $ 113.5 $ 103.5 10 % 25 % 27 % $ 339.4 $ 296.5 14 % 24 % 23 %
Operating expenses 52.9 50.0 6 % 11 % 13 % 146.2 151.3 (3) % 10 % 12 %
Operating income $ 60.6 $ 53.5 13 % 13 % 14 % $ 193.2 $ 145.2 33 % 14 % 11 %
Operating margin 53.4 % 51.7 % * * * 56.9 % 49.0 % * * *
Adjusted Operating EBITDA (1) $ 81.8 $ 65.3 25 % 18 % 17 % $ 240.1 $ 180.7 33 % 17 % 14 %
Adjusted Operating EBITDA margin (2) 72.1 % 63.1 % * * * 70.7 % 60.9 % * * *
___________________________
*Not meaningful
(1)See footnote (2) to the table under "Financial Summary" above for a reconciliation of operating income to adjusted operating EBITDA, and management's reasons for using such non-GAAP measures.
(2)Adjusted operating EBITDA margin represents adjusted operating EBITDA divided by revenues less cost of revenues.
Revenues less cost of revenues increased $10.0 million for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 primarily due to an increase in net transaction and clearing fees driven by a 51% increase in net capture per one hundred touched shares, coupled with an increase in access and capacity fees. For the three months ended September 30, 2026, operating income for the North American Equities segment increased $7.1 million compared to the three months ended September 30, 2025 primarily due to an increase in revenues less cost of revenues, partially offset by an increase in operating expenses. Operating expenses increased $2.9 million for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 primarily due to an increase in other expenses related to an incremental reserve for collectability related to the Company's notes receivable in connection with the funding of the CAT, partially offset by decreases in compensation and benefits, depreciation and amortization, and professional fees and outside services.
Revenues less cost of revenues increased $42.9 million for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 primarily due to an increase in net transaction and clearing fees driven by a 39% increase in net capture per one hundred touched shares, coupled with an increase in access and capacity fees. For the nine months ended September 30, 2026, operating income for the North American Equities segment increased $48.0 million compared to the nine months ended September 30, 2025 primarily due to an increase in revenues less cost of revenues, coupled with a decrease in operating expenses. Operating expenses decreased $5.1 million for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 primarily due to decreases in professional fees and outside services, and depreciation and amortization, partially offset by an increase in other expenses related to an incremental reserve for collectability related to the Company's notes receivable in connection with the funding of the CAT.
Europe and Asia Pacific
The following summarizes revenues less cost of revenues, operating expenses, gain on divestiture, net, operating income, operating margin, adjusted operating EBITDA, and adjusted operating EBITDA margin for our Europe and Asia Pacific segment (in millions, except percentages):
Three Months Ended
September 30, 		Percent
Change 		Percentage
of Total
Revenues 		Nine Months Ended
September 30, 		Percent
Change 		Percentage
of Total
Revenues
Three Months Ended
September 30, 		Nine Months Ended
September 30,
2026 2025 2026 2025 2026 2025 2026 2025
Revenues less cost of revenues $ 73.3 $ 69.1 6 % 71 % 74 % $ 243.0 $ 203.6 19 % 71 % 71 %
Operating expenses 38.6 52.7 (27) % 37 % 57 % 127.0 160.4 (21) % 37 % 56 %
Gain on divestiture, net 71.5 - * 69 % - % 71.5 - * 21 % - %
Operating income $ 106.2 $ 16.4 548 % 103 % 18 % $ 187.5 $ 43.2 334 % 55 % 15 %
Operating margin 144.9 % 23.7 % * * * 77.2 % 21.2 % * * *
Adjusted Operating EBITDA (1) $ 43.7 $ 31.5 39 % 42 % 34 % $ 142.9 $ 91.4 56 % 42 % 32 %
Adjusted Operating EBITDA margin (2) 59.6 % 45.6 % * * * 58.8 % 44.9 % * * *
___________________________
*Not meaningful
(1)See footnote (2) to the table under "Financial Summary" above for a reconciliation of operating income to adjusted operating EBITDA, and management's reasons for using such non-GAAP measures.
(2)Adjusted operating EBITDA margin represents adjusted operating EBITDA divided by revenues less cost of revenues.
Revenues less cost of revenues increased $4.2 million for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 primarily due to an increase in net transaction and clearing fees driven by a 19% increase in Cboe Clear Europe net settlement volume. For the three months ended September 30, 2026, operating income for the Europe and Asia Pacific segment increased $89.8 million compared to the three months ended September 30, 2025 primarily due to the gain on divestiture, net due to the sale of Cboe Australia, which was completed in July 2026, coupled with a decrease in operating expenses and an increase in revenues less cost of revenues. Operating expenses decreased $14.1 million for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 primarily due to decreases in compensation and benefits, impairment of Cboe Japan's assets which were impaired in 2025 and depreciation and amortization.
Revenues less cost of revenues increased $39.4 million for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 primarily due to an increase in net transaction and clearing fees driven by a 15% increase in Cboe European Equities matched ADNV and a 21% increase in Cboe Clear Europe net settlement volume, coupled with an increase in other revenue due to an increase in operating interest income driven primarily by higher average daily cash balances at Cboe Clear Europe. For the nine months ended September 30, 2026, operating income for the Europe and Asia Pacific segment increased $144.3 million compared to the nine months ended September 30, 2025 primarily due to gain on divestiture, net due to the sale of Cboe Australia, which was completed in July 2026, coupled with an increase in revenues less cost of revenues and a decrease in operating expenses. Operating expenses decreased $33.4 million for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 primarily due to decreases in impairment of Cboe Japan's assets which were impaired in 2025, depreciation and amortization, and technology support services.
Futures
The following summarizes revenues less cost of revenues, operating expenses, operating income, operating margin, adjusted operating EBITDA, and adjusted operating EBITDA margin for our Futures segment (in millions, except percentages):
Three Months Ended
September 30, 		Percent
Change 		Percentage
of Total
Revenues 		Nine Months Ended
September 30, 		Percent
Change
Percentage
of Total
Revenues
Three Months Ended
September 30, 		Nine Months Ended
September 30,
2026 2025 2026 2025 2026 2025 2026 2025
Revenues less cost of revenues $ 28.2 $ 29.6 (5) % 91 % 93 % $ 94.6 $ 92.5 2 % 92 % 93 %
Operating expenses 6.5 12.8 (49) % 21 % 40 % 32.7 38.0 (14) % 32 % 38 %
Operating income $ 21.7 $ 16.8 29 % 70 % 53 % $ 61.9 $ 54.5 14 % 60 % 55 %
Operating margin 77.0 % 56.8 % * * * 65.4 % 58.9 % * * *
Adjusted Operating EBITDA (1) $ 22.9 $ 17.5 31 % 74 % 55 % $ 66.0 $ 56.7 16 % 64 % 57 %
Adjusted Operating EBITDA margin (2) 81.2 % 59.1 % * * * 69.8 % 61.3 % * * *
___________________________
*Not meaningful
(1)See footnote (2) to the table under "Financial Summary" above for a reconciliation of operating income to adjusted operating EBITDA, and management's reasons for using such non-GAAP measures.
(2)Adjusted operating EBITDA margin represents adjusted operating EBITDA divided by revenues less cost of revenues.
Revenues less cost of revenues decreased $1.4 million for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 primarily due to a decrease in net transaction and clearing fees as a result of a 7% decrease in ADV. For the three months ended September 30, 2026, operating income for the Futures segment increased $4.9 million compared to the three months ended September 30, 2025 primarily due to a decrease in operating expenses, partially offset by a decrease in revenues less cost of revenues. Operating expenses decreased $6.3 million for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 primarily due to decreases in compensation and benefits and professional fees and outside services.
Revenues less cost of revenues increased $2.1 million for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 primarily due to an increase in market data revenue and in net transaction and clearing fees as a result of a 3% increase in ADV. For the nine months ended September 30, 2026, operating income for the Futures segment increased $7.4 million compared to the nine months ended September 30, 2025 primarily due to a decrease in operating expenses, coupled with an increase in revenues less cost of revenues. Operating expenses decreased $5.3 million for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 primarily due to a decrease in compensation and benefits.
Global FX
The following summarizes revenues less cost of revenues, operating expenses, operating income, operating margin, adjusted operating EBITDA, and adjusted operating EBITDA margin for our Global FX segment (in millions, except percentages):
Three Months Ended
September 30, 		Percent
Change 		Percentage
of Total
Revenues 		Nine Months Ended
September 30, 		Percent
Change
Percentage
of Total
Revenues
Three Months Ended
September 30, 		Nine Months Ended
September 30,
2026 2025 2026 2025 2026 2025 2026 2025
Revenues less cost of revenues $ 27.7 $ 22.5 23 % 96 % 97 % $ 84.7 $ 67.4 26 % 96 % 97 %
Operating expenses 11.7 11.0 6 % 40 % 48 % 35.4 33.1 7 % 40 % 48 %
Operating income $ 16.0 $ 11.5 39 % 55 % 50 % $ 49.3 $ 34.3 44 % 56 % 49 %
Operating margin 57.8 % 51.1 % * * * 58.2 % 50.9 % * * *
Adjusted Operating EBITDA (1) $ 18.7 $ 14.3 31 % 65 % 62 % $ 57.7 $ 42.7 35 % 66 % 62 %
Adjusted Operating EBITDA margin (2) 67.5 % 63.6 % * * * 68.1 % 63.4 % * * *
___________________________
*Not meaningful
(1)See footnote (2) to the table under "Financial Summary" above for a reconciliation of operating income to adjusted operating EBITDA, and management's reasons for using such non-GAAP measures.
(2)Adjusted operating EBITDA margin represents adjusted operating EBITDA divided by revenues less cost of revenues.
Revenues less cost of revenues increased $5.2 million for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 primarily due to an increase in net transaction and clearing fees driven by a 22% increase in ADNV. For the three months ended September 30, 2026, operating income for the Global FX segment increased $4.5 million compared to the three months ended September 30, 2025 primarily due to an increase in revenues less cost of revenues, partially offset by an increase in operating expenses. Operating expenses increased $0.7 million for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 primarily due to an increase in compensation and benefits.
Revenues less cost of revenues increased $17.3 million for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 primarily due to an increase in net transaction and clearing fees driven by a 22% increase in ADNV. For the nine months ended September 30, 2026, operating income for the Global FX segment increased $15.0 million compared to the nine months ended September 30, 2025 primarily due to an increase in revenues less cost of revenues, partially offset by an increase in operating expenses. Operating expenses increased $2.3 million for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 primarily due to an increase in compensation and benefits, partially offset by a decrease in depreciation and amortization.
Liquidity and Capital Resources
Below are charts that reflect elements of our capital allocation. "YTD" represents the nine month periods ended September 30, 2026 and 2025, respectively:
We expect our cash on hand at September 30, 2026 and other available resources, including cash generated from operations, to be sufficient to continue to meet our cash requirements for the foreseeable future. In the near term, we expect that our cash from operations and availability under the Revolving Credit Facility, and potential participation in future financing transactions to obtain additional capital, will meet our cash needs to fund our operations, capital expenditures, interest and principal payments on debt, any dividends, potential strategic acquisitions, to cover any adjustments arising from tax examinations, and opportunities for common stock repurchases under the previously announced program. See Note 10 ("Debt") of the condensed consolidated financial statements for further information.
Cboe Clear Europe also has a €1.20 billion committed syndicated multicurrency revolving and swingline credit facility agreement with Cboe Clear Europe as borrower and the Company as guarantor of scheduled interest and fees on borrowings (but not the principal amount of any borrowings) (the "Facility"). The Facility is available to be drawn by Cboe Clear Europe towards (a) financing unsettled amounts in connection with the settlement of transactions in securities and other items processed through Cboe Clear Europe's clearing system and (b) financing any other liability or liquidity requirement of Cboe Clear Europe incurred in the operation of its clearing system. Borrowings under the Facility are secured by cash, eligible bonds and eligible equity assets deposited by Cboe Clear Europe into secured accounts. As a result, should the Facility be drawn by Cboe Clear Europe it could potentially impact Cboe Clear Europe's liquidity, and we can give no assurance that this Facility will be sufficient to meet all of such obligations or sufficiently mitigate Cboe Clear Europe's liquidity risk to meet its payment obligations when due. Additionally, a default of the Facility may allow lenders, under certain circumstances, to accelerate any related drawn amounts and may result in the acceleration of the Company's other outstanding debt to which a cross-acceleration or cross-default provision applies, which may limit the Company's liquidity, business, and financing activities.
The Cboe Clear Europe Credit Facility is expected to terminate within the next year and we may not be able to enter into a replacement facility on commercially reasonable terms, or at all. Please refer to Note 10 ("Debt") for further information.
Our long-term cash needs will depend on many factors, including an introduction of new products, enhancements of current products, capital needs of our subsidiaries, the geographic mix of our business and any potential acquisitions. We believe our cash from operations and the availability under our Revolving Credit Facility will meet any long-term needs unless a significant acquisition or acquisitions are identified, in which case we expect that we would be able to borrow the necessary funds and/or issue additional shares of our common stock to complete such acquisition(s).
Cash and cash equivalents include cash in banks and all non-restricted, highly liquid investments, including certain short-term repurchase agreements, U.S. and UK Treasury securities, and money market funds, with original maturities of three months or less at the time of purchase. Cash and cash equivalents as of September 30, 2026 increased $446.1 million from December 31, 2025, primarily due to the results of operations, the proceeds from investments and divestiture, net of cash transferred to buyer, and the adjustment for depreciation and amortization, partially offset by the change in accounts payable and accrued liabilities as a result of the resolution of uncertain tax positions with state and local taxing authorities,
cash dividends on common stock, the change in accounts receivable driven by increased revenues, purchases of common stock, purchases of property and equipment, data processing software, and leasehold improvements, net, and purchases of available-for-sale financial investments. See "Cash Flow" below for further discussion.
Our cash and cash equivalents held outside of the United States in various foreign subsidiaries, including cash and cash equivalents within assets held for sale, totaled $487.1 million and $424.4 million as of September 30, 2026 and December 31, 2025, respectively. The remaining balance was held in the United States and totaled $2,232.9 million and $1,792.1 million as of September 30, 2026 and December 31, 2025, respectively. Management has designated the earnings of certain foreign subsidiaries as indefinitely reinvested. Accordingly, cash held by those subsidiaries is not assumed to be available for repatriation absent a change in management's intent. Cash distributions from foreign subsidiaries, when made, are evaluated on a subsidiary-specific basis.
Our financial investments include deferred compensation plan assets, as well as investments with original or acquired maturities longer than three months, that mature in less than one year from the balance sheet date and are recorded at fair value. As of September 30, 2026 and December 31, 2025, financial investments primarily consisted of U.S. Treasury securities and deferred compensation plan assets.
Cash Flow
The following table summarizes our cash flow data for the nine months ended September 30, 2026 and 2025, respectively (in millions):
Nine Months Ended
September 30,
2026 2025
Net cash flows provided by operating activities $ 2,273.9 $ 1,400.5
Net cash flows provided by investing activities 48.6 30.9
Net cash flows used in financing activities (394.6) (294.1)
Effect of foreign currency exchange rate changes on cash, cash equivalents, and restricted cash and cash equivalents (55.7) 266.9
Increase in cash, cash equivalents, and restricted cash and cash equivalents $ 1,872.2 $ 1,404.2
As of September 30,
2026 2025
Reconciliation of cash, cash equivalents, and restricted cash and cash equivalents:
Cash and cash equivalents $ 2,662.6 $ 1,496.7
Cash and cash equivalents (included in assets held for sale) 57.4 -
Restricted cash and cash equivalents (included in margin deposits, default fund, and interoperability fund) 2,988.8 1,639.8
Restricted cash and cash equivalents (included in other current assets) 28.4 32.5
Customer bank deposits (included in margin deposits, default fund, and interoperability fund) 3.8 1.0
Total $ 5,741.0 $ 3,170.0
Net Cash Flows Provided by Operating Activities
During the nine months ended September 30, 2026, net cash provided by operating activities was $1,106.9 million higher than net income. The variance is primarily attributable to the change in margin deposits, default fund, and interoperability fund related to Cboe Clear Europe and customer bank deposits of $1,420.2 million, the adjustment for depreciation and amortization expense of $85.3 million, and the adjustment for the provision for deferred income taxes of $65.6 million, partially offset by the change in accounts payable and accrued liabilities of $294.6 million and the change in accounts receivable of $138.9 million for the nine months ended September 30, 2026.
Net cash flows provided by operating activities were $2,273.9 million and $1,400.5 million for the nine months ended September 30, 2026 and 2025, respectively. The change in net cash flows provided by operating activities was primarily due to the change in the margin deposits, default fund, and interoperability fund related to Cboe Clear Europe and customer bank deposits, an increase in net income, and the change in the Section 31 fees payable, partially offset by the change in accounts payable and accrued liabilities, the change in accounts receivable, the change in income taxes receivable, and the change in income taxes payable for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025.
Net Cash Flows Provided by Investing Activities
Net cash flows provided by investing activities were $48.6 million and $30.9 million for the nine months ended September 30, 2026 and 2025, respectively. The change in net cash flows provided by investing activities was primarily due to an increase in the proceeds from investments and divestiture, net of cash transferred to buyer, and a decrease in purchases of available-for-sale financial investments, partially offset by a decrease in the proceeds from maturities of available-for-sale financial investments and an increase in the purchases of property and equipment, data processing software, and leasehold improvements, net for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025.
Net Cash Flows Used in Financing Activities
Net cash flows used in financing activities were $394.6 million and $294.1 million for the nine months ended September 30, 2026 and 2025, respectively. The change in net cash flows used in financing activities was primarily attributable to increases in purchases of common stock, including commissions and excise taxes, and cash dividends on common stock for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025.
Financial Assets
The following summarizes our financial assets, excluding margin deposits, default fund, and interoperability fund as of September 30, 2026 and December 31, 2025 (in millions):
September 30,
2026 		December 31,
2025
Cash and cash equivalents $ 2,662.6 $ 2,216.5
Cash and cash equivalents (included in assets held for sale) 57.4 -
Financial investments 41.2 36.1
Less deferred compensation plan assets (40.7) (35.8)
Less cash collected for Section 31 fees - -
Adjusted cash (1) $ 2,720.5 $ 2,216.8
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(1)Adjusted cash is a non-GAAP measure and represents cash and cash equivalents, including cash and cash equivalents within assets held for sale, plus financial investments, minus deferred compensation plan assets and cash collected for Section 31 fees. We have presented adjusted cash because we consider it an important supplemental measure of our liquidity and believe that it is frequently used by analysts, investors, and other interested parties in the evaluation of companies.
Debt
The following summarizes our debt obligations as of September 30, 2026 and December 31, 2025 (in millions):
September 30,
2026 		December 31,
2025
3.650% Senior Notes $ 650.0 $ 650.0
1.625% Senior Notes 500.0 500.0
3.000% Senior Notes 300.0 300.0
Revolving Credit Agreement - -
Cboe Clear Europe Credit Facility - -
Less unamortized discount and debt issuance costs (5.7) (7.1)
Total debt $ 1,444.3 $ 1,442.9
As of September 30, 2026 and December 31, 2025, the Company was in compliance with the covenants of our debt agreements.
In addition to the debt outstanding, as of September 30, 2026, we had an additional $400.0 million available through our Revolving Credit Facility, with the ability to borrow another $200.0 million by increasing the commitments under the facility, subject to the agreement of the applicable lenders. Together with adjusted cash, we had approximately $3.1 billion available to fund our operations, capital expenditures, potential acquisitions, debt repayments, and any dividends, net of minimum regulatory capital requirements of $189.0 million, which are subject to potential applicable regulatory restrictions and approvals and potential associated tax costs.
The Cboe Clear Europe Credit Facility is expected to terminate within the next year and we may not be able to enter into a replacement facility on commercially reasonable terms, or at all. The 3.650% Senior Notes mature in January 2027 and we may not be able to repay or refinance the amount borrowed, should we elect to, on commercially reasonable terms, or at all. Please refer to Note 10 ("Debt") for further information.
Dividends
The Company's expectation is to continue to pay dividends. The decision to pay a dividend, however, remains within the discretion of the Company's Board of Directors and may be affected by various factors, including our earnings, financial condition, capital requirements, level of indebtedness, and other considerations our Board of Directors deems relevant. Future debt obligations and statutory provisions, among other things, may limit, or in some cases prohibit, our ability to pay dividends.
Share Repurchase Program
In 2011, the Board of Directors approved an initial authorization of $100 million for the Company to repurchase shares of its outstanding common stock and subsequently approved additional authorizations for a total authorization of $2.3 billion. The program permits the Company to purchase shares through a variety of methods, including in the open market, through established trading plans, or through privately negotiated transactions, in accordance with applicable securities laws. It does not obligate the Company to make any repurchases at any specific time or situation. Share repurchases are recorded as the Company's treasury stock and are ultimately retired, or they are available to be redistributed.
Under the program, for the three months ended September 30, 2026, the Company repurchased 210,667 shares of its common stock at an average cost per share of $266.17, excluding commissions and excise taxes, totaling $56.1 million. Since inception of the program through September 30, 2026, the Company has repurchased 21,562,609 shares of common stock at an average cost per share of $84.37, for a total value of $1.8 billion. As a result of these repurchases, certain direct costs and excise taxes are incurred but do not impact our cost per share or availability.
As of September 30, 2026, the Company had $480.7 million of availability remaining under its existing share repurchase authorizations.
Commercial Commitments and Contractual Obligations
As of September 30, 2026, our commercial commitments and contractual obligations included operating leases, data and telecommunications agreements, equipment leases, our current and long-term debt outstanding, contingent considerations, software development activities, and other obligations. See Note 21 ("Commitments, Contingencies, and Guarantees") to the condensed consolidated financial statements for a discussion of commitments and contingencies, Note 10 ("Debt") for a discussion of the outstanding debt, Note 12 ("Clearing Operations") for information on Cboe Clear Europe's and Cboe Clear U.S.'s clearinghouse exposure guarantees, and Note 22 ("Leases") for a discussion of operating leases and equipment leases.
Guarantees
We use Wedbush Securities, Inc. ("Wedbush"), and Morgan Stanley & Co. LLC ("Morgan Stanley") to clear our routed equities transactions for the Cboe U.S. equity exchanges. Wedbush and Morgan Stanley guarantee the trade until the trade has been submitted to and validated by the National Securities Clearing Corporation ("NSCC"), after which time NSCC provides a guarantee until the trade settles. Thus, Cboe Trading is potentially exposed to credit risk to the counterparty from an equity trade routed to another market center until the trade has been processed and validated by the NSCC on the trade date. The BIDS Trading ATS platform delivers matched trades to BofA Securities, Inc. ("BOA"), which delivers the matched trades to the NSCC, with the exception of trades for BIDS ATS subscribers that also clear through BOA for which BIDS relies on the subscriber submitting the trades to BOA. BOA guarantees the trade until one day after the trade date, after which time the NSCC provides a guarantee until the trade settles. In the case of failure to perform on the part of Wedbush or Morgan Stanley on routed transactions for the Cboe U.S. equity exchanges, we provide the guarantee to the counterparty to
the trade. In the case of failure to perform on the part of BOA on transactions for the BIDS Trading ATS platform, BIDS has obligations to the counterparties to satisfy the trades.
OCC acts as a central counterparty on all transactions in listed equity options and other options in our Options segment, and as such, guarantees clearance and settlement of all of our options transactions. We believe that any potential requirement for us to make payments under these guarantees is remote and accordingly, we have not recorded any liability in the consolidated financial statements for these guarantees. Similarly, with respect to trades in U.S. listed equity options and other options occurring on Cboe Options, C2, BZX, and EDGX, and to trades in CFE futures and options on futures products cleared by OCC, we deliver matched trades of our customers to the OCC, which acts as a central counterparty on these transactions and, as such, guarantees clearance and settlement of these matched trades. With respect to U.S. government securities transactions executed on Cboe Fixed Income, we use ABN and/or Mirae to deliver matched trades to the Fixed Income Clearing Corporation ("FICC") Government Securities Division ("GSD"). FICC GSD acts as a central counterparty on all transactions occurring on Cboe Fixed Income and, as such, guarantees clearance and settlement of all of those matched trades.
With respect to Canadian equities, we deliver matched trades of our customers to The Canadian Depository for Securities, which acts as a central counterparty on all transactions occurring on Cboe Canada and, as such, guarantees clearance and settlement of all of our matched Canadian equities trades. With respect to trades in options and futures formerly occurring on CEDX, we delivered matched trades of our customers to Cboe Clear Europe, which acted as a central counterparty on all transactions formerly occurring on CEDX and, as such, guaranteed clearance and settlement of all of those matched options and futures trades. Cboe Clear Europe, with respect to SFT services, utilizes The Bank of New York Mellon Corporation and J.P. Morgan as Tri-Party Collateral Agents for non-cash collateral, central, and correspondent banks for the exchange of cash collateral, while Pirum serves as the transmitter of transactions and post-trade lifecycle events on behalf of our mutual clients. With respect to Australian equities and derivatives, we delivered matched trades of our customers to ASX Clear Pty Ltd and ASX Settlement Pty Ltd. ASX Clear Pty Ltd acted as a central counterparty on all transactions occurring on Cboe Australia and, as such, guaranteed clearance and settlement on all of our matched trades in Australia.
With respect to trades on CFE in digital asset futures cleared by Cboe Clear U.S. (including digital asset futures previously traded on Cboe Digital Exchange), we deliver matched trades of our customers to Cboe Clear U.S., which acts as a central counterparty on these digital asset futures transactions. As the central counterparty, Cboe Clear U.S. guarantees clearance and settlement of all matched trades in these digital asset futures.
Critical Accounting Estimates
The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of the amounts of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. On an ongoing basis, the Company evaluates its estimates, including those related to areas that require a significant level of judgment or are otherwise subject to an inherent degree of uncertainty. The Company bases its estimates on historical experience, observation of trends in particular areas, information available from outside sources and various other assumptions that are believed to be reasonable under the circumstances. Information from these sources forms the basis for making judgments about the carrying values of assets and liabilities that may not be readily apparent from other sources.
In the nine months ended September 30, 2026, there were no significant changes to our critical accounting estimates from those disclosed in the "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our 2025 Annual Report on Form 10-K.
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