What Does S&P Global Offer That Cboe Does Not

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Cboe Global Markets (CBOE) and S&P Global are both tied to the S&P 500: Cboe's SPX options trade under an exclusive license from S&P Dow Jones Indices, the index business of S&P Global, now extended through 2051. Cboe earns when people trade, while S&P Global also sells ratings and data. Cboe also sells data through DataVantage, where net revenue grew 13% in fiscal Q3 2026. So is S&P Global still growing outside the index that Cboe pays to use?

S&P Global Is Growing Beyond Its Index Business

The answer is yes, though at a slower pace than in indices. On October 27, S&P Global raised the midpoint of its 2026 forecast for organic, constant currency revenue growth to 8.0%, up from 7.0% in July, crediting ratings as well as indices. In fiscal Q3 2026, S&P Global's ratings revenue grew 2%, while index revenue climbed 20%. Management credited year-to-date strength in both, and said ratings growth slowed in the quarter against tougher comparisons, as it expected.

Cboe raised its own revenue outlook. Management now expects 2026 organic net revenue growth in the high teens, up from mid-to-high teens, after a fiscal Q3 2026 in which index options volume rose 24%.

The 2051 license reads differently from each side. S&P Global expects the extension to add a couple of percentage points to index revenue growth in 2027, while Cboe, which pays a higher royalty from 2027, expects almost no effect on 2027 net revenue. Cboe expects volume growth and pricing changes to offset the higher fee. So S&P Global does grow beyond the index, but indices remain where S&P Global grows fastest.

Cboe Carries Less Debt Than S&P Global

S&P Global's wider margin comes with more debt than Cboe carries, though S&P Global's debt is still modest. Over the twelve months to September 30, 2026, S&P Global's operating margin was 41.3%, against 35.5% for Cboe. S&P Global's total debt equals 9.7% of market value, against 19.5% for the S&P 500. The S&P 500 figure treats the whole index as one company.

S&P Global is adding to that debt. Management expects to issue about $2 billion of new debt after raising the 2026 buyback plan to $7 billion. Cboe is taking the opposite approach. Cboe's debt equals 4.0% of market value, and management plans to repay $650 million of notes due in the first quarter of 2027 using cash on hand.

Cboe Versus S&P Global On Growth And Price

Cboe grew faster in the latest quarter. In fiscal Q3 2026, Cboe's sales grew 19.0%, against 6.8% for S&P Global.

Cboe stock also costs less, at 26.1 times trailing earnings, against 27.8 for S&P Global. Separately, S&P Global's data business may also change shape. On October 27, S&P Global began a review of Capital IQ and related data businesses, including a possible separation, and management said it is too early to comment on their margins. A Cboe holder who switches would already be paying more on earnings for the company that grew more slowly in fiscal Q3 2026.

Which Company Comes Out Ahead For A Cboe Holder?

On the twelve-month figures, S&P Global comes out ahead on margins. Cboe is better on price and debt, and Cboe grew faster in fiscal Q3 2026.

S&P Global's wider margin, paired with modest debt, holds up well. The company's growth outside indices is less settled, with ratings revenue growing slowly in fiscal Q3 2026. S&P Global's ratings revenue growth is the number to watch in the report it is expected to give in February 2027 alongside its 2027 guidance.

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