Cboe Global Markets Reports Results for Third Quarter 2026
Cboe Global Markets, Inc. (Cboe: CBOE) today reported financial results for the third quarter of 2026.
“Our strong momentum continued in the third quarter as we took important steps to advance our growth strategy,” said Craig Donohue, Chief Executive Officer of Cboe Global Markets. “First, we extended our exclusive S&P license through 2051, providing certainty and continuity for our SPX and VIX franchises. Second, building upon our history of innovation, we advanced our Cboe Predicts offering and our clearing capabilities through the quarter, and recently received the SEC approvals needed to list and clear our company-KPI event contracts, in anticipation of a November launch. Together, these accomplishments strengthen our core business and enhance our ability to drive growth and create shareholder value.”
“Cboe posted strong third quarter results, delivering net revenue growth of 18 percent year over year, diluted EPS rose 43 percent to a record $4.08, and adjusted diluted EPS¹ grew 36 percent to $3.63,” said Jill Griebenow, Cboe Global Markets Executive Vice President, Chief Financial Officer. “Net revenue in our Derivatives business rose 22 percent, driven by a 24 percent increase in index options average daily volume supported by record 0DTE activity. Cash and Spot Markets net revenue increased 12 percent, while Data Vantage delivered record quarterly net revenue, up 13 percent from a year ago. Given our strong year-to-date performance, we are increasing our 2026 total organic net revenue growth target 2 to ‘high teens’ from ‘mid to high teens’, increasing our Data Vantage organic net revenue growth target 2 to ‘mid teens’ from ‘low teens’, and lowering adjusted operating expense guidance to $830 to $845 million from $838 to $853 million.” * All comparisons are third quarter 2026 compared to the same period in 2025.
(1) A full reconciliation of our non-GAAP results to our GAAP (“Generally Accepted Accounting Principles”) results is included in the attached tables. See “Non-GAAP Information” in the accompanying financial tables.
(2) Specific quantifications of the amounts that would be required to reconcile the company’s organic and inorganic growth guidance, adjusted operating expenses guidance, and the effective tax rate on adjusted earnings guidance are not available. Acquisitions are considered organic after 12 months of closing. The company believes that there is uncertainty and unpredictability with respect to certain of its GAAP measures, primarily related to acquisition or divestiture related revenues and costs that would be required to reconcile to GAAP revenues less cost of revenues, and GAAP operating expenses, which preclude the company from providing accurate guidance on certain forward-looking GAAP to non-GAAP reconciliations. The company believes that providing estimates of the amounts that would be required to reconcile the range of the company’s organic growth, adjusted operating expenses, and the effective tax rate on adjusted earnings would imply a degree of precision that would be confusing or misleading to investors for the reasons identified above. 2026 guidance includes the anticipated business-as-usual financial contribution from Cboe Canada, which Cboe announced divestiture plans for in October 2025. 2026 guidance will be updated as further actions are announced. Given the third quarter sale completion for Cboe Australia, 2026 total organic net revenue growth guidance and Data Vantage organic net revenue growth guidance excludes the 2025 and 2026 impact of Cboe Australia in its organic guidance calculation. (3) Cboe Data Vantage refers to the company's Cboe Data Vantage business (formerly known as Data and Access Solutions). Cboe Data Vantage is subsequently referred to as Data Vantage throughout this press release.
Table 1 below presents selected unaudited condensed consolidated financial information for the company as reported and on an adjusted basis for the three months ended September 30, 2026 and 2025.
• Total revenues less co st of revenues (referred to as “net revenue” 2 ) of $712.2 million increased 18 percent, compared to $605.5 million in the prior- year period, a result of increases across all net revenue 2 categories.
• Total operating expenses were $249.4 million versus $235.2 million in the third quarter of 2025, an increase of $14.2 million. This increase was primarily due to a $14.0 million incremental reserve recorded related to the company's notes receivable in connection with the funding of the Consolidated Audit Trail. Adjusted operating expenses 1 of $204.0 million were down $6.2 million compared to $210.2 million in the third quarter of 2025. This decrease was primarily due to a decrease in salaries and wages in connection with the company's previously announced strategic realignment and a decrease in travel and promotional expenses when compared to the third quarter of 2025.
• The effective tax rate for the third quarter of 2026 was 22.8 percent as compared with 30.1 percent in the third quarter of 2025. The lower effective tax rate in 2026 is primarily due to the non-taxable gain on divestiture related to the sale of Cboe Australia. The effective tax rate on adjusted earnings 1 was 27.6 percent, a decrease of 2.8 percentage points when compared with 30.4 percent in last year’s third quarter. The change was primarily due to changes in filing positions with state and local taxing authorities.
• Diluted EPS for the third quarter of 2026 increased 43 percent to $4.08 compared to the third quarter of 2025. Adjusted diluted EPS 1 of $3.63 increased 36 percent compared to 2025 third quarter results.
(1) A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables. See “Non-GAAP Information” in the accompanying financial tables. (2) See the attached tables on page 10 for “Net Revenue by Revenue Category.”
• Options net revenue of $469.5 million was up $88.7 million, or 23 percent, from the third quarter of 2025. Net transaction and clearing fees 1 increased primarily as a result of a 14 percent increase in total options average daily volume (“ADV”), coupled with a 9 percent increase in total options revenue per contract (“RPC”) versus the third quarter of 2025. Access and capacity fees were 25 percent higher and market data fees were 14 percent higher as compared to the third quarter of 2025.
• Net transaction and clearing fees 1 increased $82.5 million, or 24 percent, reflecting a 24 percent increase in index options ADV and a 10 percent increase in multi-listed options ADV. Total options RPC increased 9 percent compared to the third quarter of 2025. The increase in total options RPC was due to a product mix shift, with index options representing a higher percentage of total options volume, paired with a 3 percent increase in index options RPC.
• Cboe’s Options exchanges had total market share of 30.5 percent for the third quarter of 2026, down compared to 30.9 percent in the third quarter of 2025.
• N.A. Equities net revenue of $113.5 million increased $10.0 million, or 10 percent, from the third quarter of 2025, reflecting higher net transaction and clearing fees 1 and access and capacity fees.
• Net transaction and clearing fees 1 increased $4.9 million, or 16 percent, compared to the third quarter of 2025. The increase was driven by improved net capture rates for on-exchange U.S. Equities exchanges versus the third quarter of 2025.
• Cboe’s U.S. Equities exchanges had market share of 8.9 percent for the third quarter of 2026, down compared to 9.8 percent in the third quarter of 2025. Cboe’s U.S. Equities off-exchange market share was 21.3 percent, up from 17.9 percent in the third quarter of 2025.
• Europe and APAC net revenue of $73.3 million increased $4.2 million, or 6 percent, from the third quarter of 2025, reflecting growth in net transaction and clearing fees 1 . On a constant currency basis 2 , net revenue was $74.1 million, up 7 percent on a year-over-year basis. European Equities average daily notional value (“ADNV”) traded on Cboe European Equities was €12.4 billion, up 6 percent compared to the third quarter of 2025 driven by stronger industry market volumes. Cboe Clear Europe net settlement volume reached 4,231.4 thousand shares, up 19 percent from the third quarter of 2025.
• For the third quarter of 2026, Cboe European Equities had 23.0 percent market share, down from 25.4 percent in the third quarter of 2025.
• Futures net revenue of $28.2 million decreased $1.4 million, or 5 percent, from the third quarter of 2025 driven by a decrease in net transaction and clearing fees 1 .
• Net transaction and clearing fees 1 decreased by $1.9 million, reflecting a 7 percent decrease in ADV when compared to the third quarter of 2025.
• Global FX net revenue of $27.7 million increased $5.2 million, or 23 percent, from the third quarter of 2025. The increase was due to higher net transaction and clearing fees 1 .
• ADNV traded on the Cboe FX platform was $61.1 billion for the quarter, up 22 percent compared to last year’s third quarter, and net capture rate per one million dollars traded was $2.91 for the third quarter of 2026, up 1 percent compared to $2.89 in the third quarter of 2025. (1) See the attached tables on page 10 for “Net Transaction and Clearing Fees by Business Segment.” (2) A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables. See “Non-GAAP Information” in the accompanying financial tables.
Cboe provided guidance for the 2026 fiscal year as noted below. • Organic total net revenue growth 2 is expected to be in the 'high teens' range, up from prior guidance of 'mid to high teens' in 2026.
• Organic net revenue growth 2 from Data Vantage is expected to be in the ‘mid teens’ range, up from prior guidance of 'low teens' in 2026.
• Adjusted operating expenses 2 in 2026 are expected to be in the range of $830 to $845 million, down from prior guidance of $838 to $853 million. The guidance excludes the expected amortization of acquired intangible assets of $59 million; the company adjusts for this amount in its non-GAAP reconciliation.
• Reaffirms depreciation and amortization expense for 2026 is expected to be in the range of $54 to $58 million, excluding the expected amortization of acquired intangible assets.
• Reaffirms the effective tax rate on adjusted earnings 2 for the full year 2026 is expected to be in the range of 27.5 to 29.5 percent. Significant changes in trading volume, expenses, tax laws or rates, and other items could materially impact this expectation.
• Reaffirms capital expenditures for 2026 are expected to be in the range of $98 to $108 million. (1) 2026 guidance includes the anticipated impacts from discontinuing U.S. and European Corporate Listings, CEDX, and Cboe’s Japanese equities business, as well as the planned cost reductions in U.S. and European ETP Listings businesses and several of Cboe's smaller Risk and Market Analytics businesses, as announced in 2025 and early 2026, as well as anticipated realignment costs.
(2) Specific quantifications of the amounts that would be required to reconcile the company’s organic and inorganic growth guidance, adjusted operating expenses guidance, and the effective tax rate on adjusted earnings guidance are not available. Acquisitions are considered organic after 12 months of closing. The company believes that there is uncertainty and unpredictability with respect to certain of its GAAP measures, primarily related to acquisition or divestiture related revenues and costs that would be required to reconcile to GAAP revenues less cost of revenues, and GAAP operating expenses, which preclude the company from providing accurate guidance on certain forward-looking GAAP to non-GAAP reconciliations. The company believes that providing estimates of the amounts that would be required to reconcile the range of the company’s organic growth, adjusted operating expenses, and the effective tax rate on adjusted earnings would imply a degree of precision that would be confusing or misleading to investors for the reasons identified above. 2026 guidance includes the anticipated business-as-usual financial contribution from Cboe Canada, which Cboe announced divestiture plans for in October 2025. 2026 guidance will be updated as further actions are announced. Given the third quarter sale completion for Cboe Australia, 2026 total organic net revenue growth guidance and Data Vantage organic net revenue growth guidance excludes the 2025 and 2026 impact of Cboe Australia in its organic guidance calculation.
At September 30, 2026, the company had cash and cash equivalents of $2,662.6 million and adjusted cash 3 of $2,720.5 million. Total debt as of September 30, 2026 was $1,444.3 million.
The company paid cash dividends of $90.2 million, or $0.86 per share, during the third quarter of 2026 and utilized $56.1 million to repurchase approximately 211 thousand shares of its common stock under its share repurchase program at an average price of $266.17 per share. As of September 30, 2026, the company had approximately $480.7 million of availability remaining under its existing share repurchase authorizations. As announced on October 22, 2026, the company's Board of Directors increased its share repurchase authorization by $550 million. This new authorization will be in addition to any unused amount remaining under the company's existing share repurchase authorizations. As of October 28, 2026, the company had approximately $1.0 billion authorized and available for repurchase.
Executives of Cboe Global Markets will host a conference call to review its third quarter financial results today, October 30, 2026, at 8:30 a.m. ET/7:30 a.m. CT. The conference call and any accompanying slides will be publicly available via live webcast from the Investor Relations section of the company’s website at www.cboe.com, under Events & Presentations. Participants may also listen via telephone by dialing (833) 461-5787 (toll-free) or (585) 542-9983 (toll) and using the Conference ID 518-114-684. Telephone participants should place calls 10 minutes prior to the start of the call. The webcast will be archived on the company’s website for replay. (3) A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables. See “Non-GAAP Information” in the accompanying financial tables.
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. To learn more about Cb oe, visit www.cboe.com.
Cautionary Statements Regarding Forward-Looking Information This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. You can identify these statements by forward-looking words such as “may,” “might,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” or “continue,” and the negative of these terms and other comparable terminology. All statements that reflect our expectations, assumptions, or projections about the future other than statements of historical fact are forward-looking statements. These forward-looking statements, which are subject to known and unknown risks, uncertainties, and assumptions about us, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by the forward-looking statements.
We operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible to predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
Some factors that could cause actual results to differ include: the loss of our right to exclusively list and trade certain index options and futures products; economic, political and market conditions; compliance with legal and regulatory obligations; price and new products and services competition and consolidation in our industry; decreases in trading or clearing volumes, market data fees, or a shift in the mix of products traded on our exchanges; legislative or regulatory changes or changes in tax regimes; our ability to protect our systems and communication networks from security vulnerabilities and breaches; our ability to attract and retain skilled management and other personnel; increasing competition by foreign and domestic entities; our business and operational dependence on and exposure to risk from third parties; factors that impact the quality and integrity of our and other applicable indices; our ability to manage our global operations, growth, and strategic acquisitions, wind-downs, divestitures or alliances effectively; increases in the cost of the products and services we use; our ability to operate our business without violating the intellectual property rights of others and the costs associated with protecting our intellectual property rights; our ability to minimize the risks, including our credit, liquidity, market, investment, counterparty, and default risks, associated with operating our clearinghouses; our ability to accommodate trading and clearing volume and transaction traffic, including significant increases, without failure or degradation of performance of our systems; misconduct by those who use our markets or our products or for whom we clear transactions; challenges to our use of open source software code; our ability to meet our compliance obligations, including managing our business interests and our regulatory responsibilities; the loss of key customers or a significant reduction in trading or clearing volumes by key customers; damage to our reputation; the ability of our compliance and risk management methods to effectively monitor and manage our risks; restrictions imposed by our debt obligations and our ability to make payments on or refinance our debt obligations; our ability to maintain an investment grade credit rating; impairment of our goodwill, long-lived assets, investments, or intangible assets; the accuracy of our estimates and expectations; and litigation risks and other liabilities. More detailed information about factors that may cause our actual results to differ may be found in our filings with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2025 and other filings made from time to time with the SEC.
We do not undertake, and we expressly disclaim, any duty to update any forward- looking statement whether as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.
The condensed consolidated statements of income and balance sheets are unaudited and subject to revision.
Cboe Media Contacts: Analyst Contact: Angela Tu Tim Cave Kenneth Hill, CFA (646) 856-8734 +44 (0) 7593-506-719 (312) 786-7559 atu@cboe.com tcave@cboe.com khill@cboe.com
Cboe ® , Cboe Global Markets ® , Cboe Volatility Index ® , Cboe Clear ® , Cboe Datashop ® , BIDS Trading ® , BZX ® , BYX ® , EDGX ® , EDGA ® , and VIX ® are registered trademarks and Cboe Plus SM , Cboe Predicts SM , and Cboe Data Vantage SM are service marks of Cboe Global Markets, Inc. and its subsidiaries. All other trademarks and service marks are the property of their respective owners.
RPC, 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.
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.
Matched volume represents the total number of shares of equity securities and ETFs executed on our exchanges. U.S. Equities - Exchange, “net capture per 100 touched shares” refers to transaction fees less liquidity payments and routing and clearing costs divided by the product of one-hundredth ADV of touched shares on BZX, BYX, EDGX and EDGA and the number of trading days. U.S. Equities - Off-Exchange data reflects BIDS Trading. For U.S. Equities - Off-Exchange, “net capture per 100 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 ADV of touched shares on BIDS Trading and the number of trading days for the period.
Canadian Equities, “net capture per 10,000 shares” refers to transaction fees divided by the product of one-ten-thousandth ADV of shares for Cboe Canada and the number of trading days. Total market share represents Cboe Canada volume divided by the total volume of the Canadian Equities market. European Equities, “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. “Trades cleared” refers to the total number of non-interoperable trades cleared, “Fee per trade cleared” refers to clearing fees divided by the number of non-interoperable trades cleared, “Net settlement volume” refers to the total number of settlements executed after netting, and “Net fee per settlement” refers to settlement fees less direct costs incurred to settle divided by the number of settlements executed after netting.
Global FX, “net capture per one million dollars traded” refers to transaction fees less liquidity payments, if any, divided by the Spot and SEF products of one-thousandth of ADNV traded on the Cboe FX Markets and the number of trading days, divided by two, which represents the buyer and seller that are both charged on the transaction.
Average transaction fees per contract can be affected by various factors, including exchange fee rates, volume-based discounts, and transaction mix by contract type and product type.
(in millions) Assets Current assets: September 30,2026 December 31,2025 ────────────────────────────────────────────────────────────────────────────── Cash and cash $ 2,662.6 $ 2,216.5 equivalents Financial 41.2 36.1 investments Accounts 500.1 391.4 receivable, net Margin deposits, default fund, and 2,992.6 1,618.2 interoperability fund Income taxes 97.5 67.9 receivable Assets held for 169.6 — sale Other current 103.4 91.3 assets Total current 6,567.0 4,421.4 assets Investments 39.1 32.4 Property and 145.7 133.1 equipment, net Operating lease right of use 100.1 111.0 assets Goodwill 3,048.2 3,150.5 Intangible 1,168.8 1,297.2 assets, net Other assets, 157.7 159.7 net Total assets $ 11,226.6 $ 9,305.3 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable and accrued $ 377.7 $ 686.9 liabilities Current portion of long-term 649.8 — debt Section 31 fees 46.9 0.2 payable Deferred revenue 12.5 6.9 Margin deposits, default fund, and 2,992.6 1,618.2 interoperability fund Income taxes 0.8 50.1 payable Liabilities held 10.5 — for sale Total current 4,090.8 2,362.3 liabilities Long-term debt 794.5 1,442.9 Non-current unrecognized tax 24.9 15.8 benefits Deferred income 237.1 185.3 taxes Non-current operating lease 108.0 120.9 liabilities Other non-current 44.8 39.8 liabilities Total 5,300.1 4,167.0 liabilities Stockholders’ Equity: Preferred stock — — Common stock 1.0 1.0 Treasury stock, -166.2 -1.5 at cost Additional 1,617.9 1,565.1 paid-in capital Retained 4,469.0 3,543.6 earnings Accumulated other comprehensive 4.8 30.1 income, net Total stockholders’ 5,926.5 5,138.3 equity Total liabilities and $ 11,226.6 $ 9,305.3 stockholders’ equity
In addition to disclosing results determined in accordance with GAAP, Cboe Global Markets has disclosed certain non-GAAP measures of operating performance. These measures are not in accordance with, or a substitute for, GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. The non-GAAP measures provided in this press release include organic net revenue, adjusted operating expenses, adjusted operating income, adjusted operating margin, adjusted net income allocated to common stockholders, adjusted diluted earnings per share, effective tax rate on adjusted earnings, adjusted income before income taxes, operating EBITDA, operating EBITDA margin, adjusted operating EBITDA, adjusted operating EBITDA margin, EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, adjusted cash, and net revenue in constant currency.
Management believes that the non-GAAP financial measures presented in this press release provide additional and comparative information to assess trends in our core operations and a means to evaluate period-to-period comparisons. Non-GAAP financial measures disclosed by management are provided as additional information to investors in order to provide them with an alternative method for assessing our financial condition and operating results. The tables below show the reconciliation of each financial measure from GAAP to non-GAAP. The non-GAAP financial measures exclude the impact of those items detailed below and are referred to as adjusted financial measures.
(1) These amounts represent the revenues less cost of revenues associated with the Cboe Australia business, which was sold on July 31, 2026. Prior period amounts have been adjusted to provide a period-over-period comparison.
(1) 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.
(2) 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.
(3) This amount represents the net gain recognized upon the sale of our Cboe Australia business to TMX Group Limited.
(4) 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.
(5) 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.
(6) 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.
(7) 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.
(8) 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.
(9) The company sponsors deferred compensation plans held in a trust. The expenses or income related to the deferred compensation plans are included in compensation and benefits ($0.7 million and $2.9 million in expense for the three months ended September 30, 2026 and 2025, respectively, and $4.9 million and $6.4 million in expense for the nine months ended September 30, 2026 and 2025, respectively) and are directly offset by deferred compensation income and expenses included in earnings on investments, net, and dividends included in other income, net ($0.7 million and $2.9 million in income, expense, and dividends in the three months ended September 30, 2026 and 2025, respectively, and $4.9 million and $6.4 million in income, expense, and dividends for the nine months ended September 30, 2026 and 2025, respectively) on the condensed consolidated statements of income. The deferred compensation plans' expenses are not excluded from adjusted operating expenses and do not have an impact on income before income taxes.
(10) Adjusted operating margin represents adjusted operating income divided by revenues less cost of revenues.
EBITDA (earnings before interest, income taxes, depreciation and amortization) and Adjusted EBITDA are widely used non-GAAP financial measures of operating performance. These metrics are presented as supplemental information that the company believes are useful to investors to evaluate the company's results because they exclude certain items that are not directly related to the company’s core operating performance. Operating EBITDA is calculated by adding back to operating income depreciation and amortization. Adjusted Operating EBITDA is calculated by adding back to Operating EBITDA relevant adjustments. Operating EBITDA margin represents Operating EBITDA divided by revenues less cost of revenues. Adjusted Operating EBITDA margin represents Adjusted Operating EBITDA divided by revenues less cost of revenues. EBITDA is calculated by adding back to net income interest (income) expense, net, income tax expense, 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. Adjusted EBITDA margin represents Adjusted EBITDA divided by revenues less cost of revenues. Relevant adjustments are detailed in the reconciliations that follow. Operating EBITDA, Adjusted Operating EBITDA, EBITDA, and Adjusted EBITDA should not be considered as substitutes either for net income, as an indicator of the company’s operating performance, or for cash flow as a measure of the company’s liquidity. In addition, because Operating EBITDA, Operating EBITDA margin, Adjusted Operating EBITDA, Adjusted Operating EBITDA margin, EBITDA, EBITDA margin, Adjusted EBITDA, and Adjusted EBITDA margin may not be calculated identically by all companies, the presentation here may not be comparable to other similarly titled measures of other companies.
Reconciliation of Cash and Cash Equivalents to Table 8 Adjusted Cash (in millions) 2026 September 30, 2025 December 31, ────────────────────────────────────────────────────────────────────────────── Cash and cash $ 2,662.6 $ 2,216.5 equivalents Cash and cash equivalents (included in 57.4 — assets held for sale) Financial 41.2 36.1 investments Less deferred compensation plan -40.7 -35.8 assets Less cash collected for — — Section 31 Fees Adjusted Cash $ 2,720.5 $ 2,216.8
(1) Net revenue in constant currency is calculated by converting the current period GAAP net revenue in local currency using the foreign currency exchange rates that were in effect during the previous comparable period.
Full text with the tables
Exhibit 99.1
News Release
Page 1 of 15
Cboe Global Markets Reports Results for Third Quarter 2026
Third Quarter Highlights*
• Record Diluted EPS for the Quarter of $4.08, Up 43 percent
•
Adjusted Diluted EPS
1
for the Quarter of $3.63, Up 36 percent
• Net Revenue for the Quarter of $712.2 million, Up 18 percent
• Increases 2026 Organic Total Net Revenue Growth Target
2
to 'high teens' from 'mid to high teens' and Cboe Data Vantage
3
Organic Net Revenue Growth Target
2
to 'mid teens' from 'low teens'
• Decreases 2026 Adjusted Operating Expense Guidance
2
to $830 to $845 million from $838 to $853 million
CHICAGO, IL –
October 30, 2026
–
Cboe Global Markets, Inc. (Cboe: CBOE) today reported financial results for the
third quarter of 2026.
“Our strong momentum continued in the third quarter as we took important steps
to advance our growth strategy,” said Craig Donohue, Chief Executive Officer of
Cboe Global Markets. “First, we extended our exclusive S&P license through 2051,
providing certainty and continuity for our SPX and VIX franchises. Second,
building upon our history of innovation, we advanced our Cboe Predicts offering
and our clearing capabilities through the quarter, and recently received the SEC
approvals needed to list and clear our company-KPI event contracts, in
anticipation of a November launch. Together, these accomplishments strengthen
our core business and enhance our ability to drive growth and create shareholder
value.”
“Cboe posted strong third quarter results, delivering net revenue growth of 18
percent year over year, diluted EPS rose 43 percent to a record $4.08, and
adjusted diluted EPS¹ grew 36 percent to $3.63,” said Jill Griebenow, Cboe
Global Markets Executive Vice President, Chief Financial Officer. “Net revenue
in our Derivatives business rose 22 percent, driven by a 24 percent increase in
index options average daily volume supported by record 0DTE activity. Cash and
Spot Markets net revenue increased 12 percent, while Data Vantage delivered
record quarterly net revenue, up 13 percent from a year ago. Given our strong
year-to-date performance, we are increasing our 2026 total organic net revenue
growth target 2 to ‘high teens’ from ‘mid to high teens’, increasing our Data
Vantage organic net revenue growth target 2 to ‘mid teens’ from ‘low teens’, and
lowering adjusted operating expense guidance to $830 to $845 million from $838
to $853 million.”
* All comparisons are third quarter 2026 compared to the same period in 2025.
(1) A full reconciliation of our non-GAAP results to our GAAP (“Generally
Accepted Accounting Principles”) results is included in the attached tables. See
“Non-GAAP Information” in the accompanying financial tables.
(2) Specific quantifications of the amounts that would be required to reconcile
the company’s organic and inorganic growth guidance, adjusted operating expenses
guidance, and the effective tax rate on adjusted earnings guidance are not
available. Acquisitions are considered organic after 12 months of closing. The
company believes that there is uncertainty and unpredictability with respect to
certain of its GAAP measures, primarily related to acquisition or divestiture
related revenues and costs that would be required to reconcile to GAAP revenues
less cost of revenues, and GAAP operating expenses, which preclude the company
from providing accurate guidance on certain forward-looking GAAP to non-GAAP
reconciliations. The company believes that providing estimates of the amounts
that would be required to reconcile the range of the company’s organic growth,
adjusted operating expenses, and the effective tax rate on adjusted earnings
would imply a degree of precision that would be confusing or misleading to
investors for the reasons identified above. 2026 guidance includes the
anticipated business-as-usual financial contribution from Cboe Canada, which
Cboe announced divestiture plans for in October 2025. 2026 guidance will be
updated as further actions are announced. Given the third quarter sale
completion for Cboe Australia, 2026 total organic net revenue growth guidance
and Data Vantage organic net revenue growth guidance excludes the 2025 and 2026
impact of Cboe Australia in its organic guidance calculation.
(3) Cboe Data Vantage refers to the company's Cboe Data Vantage business
(formerly known as Data and Access Solutions). Cboe Data Vantage is subsequently
referred to as Data Vantage throughout this press release.
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News Release
Page 2 of 15
Consolidated Third Quarter Results
Table 1 below presents selected unaudited condensed consolidated financial
information for the company as reported and on an adjusted basis for the three
months ended September 30, 2026 and 2025.
…
1
…
…
…
…
…
…
…
…
…
…
…
… 3Q… 3Q…
… 3… 3Q… Ch… Ad… Ad… Ch…
──────────────────────────────────────────────────────────────────────────────
…
…
… $ 7… $ 6… 18 % $ 7… $ 6… 18 %
…
…
…
…
… $ 2… $ 2… 6 % $ 2… $ 2… -3 %
…
…
… $ 7… $ — * $ — $ — *
…
…
… $ 5… $ 3… 44 % $ 5… $ 3… 29 %
…
…
… 7… % 6… % 1… pp 7… % 6… % 6… pp
%
…
…
… $ 4… $ 2… 43 % $ 3… $ 2… 36 %
…
…
…
…
…
…
… 5… % 4… % 1… pp 5… % 4… % 7… pp
…
…
…
%
…
… $ 4… $ 2… 43 % $ 3… $ 2… 36 %
…
…
… $ 5… $ 4… 40 % $ 5… $ 4… 28 %
…
…
… 7… % 6… % 1… pp 7… % 6… % 5… pp
…
…
… $ 5… $ 4… 25 % $ 5… $ 4… 27 %
…
… 8… % 7… % 4… pp 7… % 6… % 5… pp
…
• Total revenues less co st of revenues (referred to as “net revenue” 2 ) of
$712.2 million increased 18 percent, compared to $605.5 million in the prior-
year period, a result of increases across all net revenue 2 categories.
• Total operating expenses were $249.4 million versus $235.2 million in the
third quarter of 2025, an increase of $14.2 million. This increase was primarily
due to a $14.0 million incremental reserve recorded related to the company's
notes receivable in connection with the funding of the Consolidated Audit Trail.
Adjusted operating expenses 1 of $204.0 million were down $6.2 million compared
to $210.2 million in the third quarter of 2025. This decrease was primarily due
to a decrease in salaries and wages in connection with the company's previously
announced strategic realignment and a decrease in travel and promotional
expenses when compared to the third quarter of 2025.
• The effective tax rate for the third quarter of 2026 was 22.8 percent as
compared with 30.1 percent in the third quarter of 2025. The lower effective tax
rate in 2026 is primarily due to the non-taxable gain on divestiture related to
the sale of Cboe Australia. The effective tax rate on adjusted earnings 1 was
27.6 percent, a decrease of 2.8 percentage points when compared with 30.4
percent in last year’s third quarter. The change was primarily due to changes in
filing positions with state and local taxing authorities.
• Diluted EPS for the third quarter of 2026 increased 43 percent to $4.08
compared to the third quarter of 2025. Adjusted diluted EPS 1 of $3.63 increased
36 percent compared to 2025 third quarter results.
Business Segment Information:
Total Revenues Less
Cost of Revenues by
Business Segment
Table 2 (in millions) 3Q26 3Q25 Change
──────────────────────────────────────────────────────────────────────────────
Options $ 469.5 $ 380.8 23 %
North American 113.5 103.5 10 %
Equities
Europe and Asia 73.3 69.1 6 %
Pacific
Futures 28.2 29.6 -5 %
Global FX 27.7 22.5 23 %
Total $ 712.2 $ 605.5 18 %
(1) A full reconciliation of our non-GAAP results to our GAAP results is
included in the attached tables. See “Non-GAAP Information” in the accompanying
financial tables.
(2) See the attached tables on page 10 for “Net Revenue by Revenue Category.”
*Not meaningful
- More -
News Release
Page 3 of 15
Discussion of Results by Business Segment:
Options:
• Options net revenue of $469.5 million was up $88.7 million, or 23 percent,
from the third quarter of 2025. Net transaction and clearing fees 1 increased
primarily as a result of a 14 percent increase in total options average daily
volume (“ADV”), coupled with a 9 percent increase in total options revenue per
contract (“RPC”) versus the third quarter of 2025. Access and capacity fees were
25 percent higher and market data fees were 14 percent higher as compared to the
third quarter of 2025.
• Net transaction and clearing fees 1 increased $82.5 million, or 24 percent,
reflecting a 24 percent increase in index options ADV and a 10 percent increase
in multi-listed options ADV. Total options RPC increased 9 percent compared to
the third quarter of 2025. The increase in total options RPC was due to a
product mix shift, with index options representing a higher percentage of total
options volume, paired with a 3 percent increase in index options RPC.
• Cboe’s Options exchanges had total market share of 30.5 percent for the third
quarter of 2026, down compared to 30.9 percent in the third quarter of 2025.
North American (N.A.) Equities:
• N.A. Equities net revenue of $113.5 million increased $10.0 million, or 10
percent, from the third quarter of 2025, reflecting higher net transaction and
clearing fees 1 and access and capacity fees.
• Net transaction and clearing fees 1 increased $4.9 million, or 16 percent,
compared to the third quarter of 2025. The increase was driven by improved net
capture rates for on-exchange U.S. Equities exchanges versus the third quarter
of 2025.
• Cboe’s U.S. Equities exchanges had market share of 8.9 percent for the third
quarter of 2026, down compared to 9.8 percent in the third quarter of 2025.
Cboe’s U.S. Equities off-exchange market share was 21.3 percent, up from 17.9
percent in the third quarter of 2025.
Europe and Asia Pacific (APAC):
• Europe and APAC net revenue of $73.3 million increased $4.2 million, or 6
percent, from the third quarter of 2025, reflecting growth in net transaction
and clearing fees 1 . On a constant currency basis 2 , net revenue was $74.1
million, up 7 percent on a year-over-year basis. European Equities average daily
notional value (“ADNV”) traded on Cboe European Equities was €12.4 billion, up 6
percent compared to the third quarter of 2025 driven by stronger industry market
volumes. Cboe Clear Europe net settlement volume reached 4,231.4 thousand
shares, up 19 percent from the third quarter of 2025.
• For the third quarter of 2026, Cboe European Equities had 23.0 percent market
share, down from 25.4 percent in the third quarter of 2025.
Futures:
• Futures net revenue of $28.2 million decreased $1.4 million, or 5 percent,
from the third quarter of 2025 driven by a decrease in net transaction and
clearing fees 1 .
• Net transaction and clearing fees 1 decreased by $1.9 million, reflecting a 7
percent decrease in ADV when compared to the third quarter of 2025.
Global FX:
• Global FX net revenue of $27.7 million increased $5.2 million, or 23 percent,
from the third quarter of 2025. The increase was due to higher net transaction
and clearing fees 1 .
• ADNV traded on the Cboe FX platform was $61.1 billion for the quarter, up 22
percent compared to last year’s third quarter, and net capture rate per one
million dollars traded was $2.91 for the third quarter of 2026, up 1 percent
compared to $2.89 in the third quarter of 2025.
(1) See the attached tables on page 10 for “Net Transaction and Clearing Fees by
Business Segment.”
(2) A full reconciliation of our non-GAAP results to our GAAP results is
included in the attached tables. See “Non-GAAP Information” in the accompanying
financial tables.
- More -
News Release
Page 4 of 15
2026 Fiscal Year Financial Guidance
1
Cboe provided guidance for the 2026 fiscal year as noted below.
• Organic total net revenue growth 2 is expected to be in the 'high teens'
range, up from prior guidance of 'mid to high teens' in 2026.
• Organic net revenue growth 2 from Data Vantage is expected to be in the ‘mid
teens’ range, up from prior guidance of 'low teens' in 2026.
• Adjusted operating expenses 2 in 2026 are expected to be in the range of $830
to $845 million, down from prior guidance of $838 to $853 million. The guidance
excludes the expected amortization of acquired intangible assets of $59 million;
the company adjusts for this amount in its non-GAAP reconciliation.
• Reaffirms depreciation and amortization expense for 2026 is expected to be in
the range of $54 to $58 million, excluding the expected amortization of acquired
intangible assets.
• Reaffirms the effective tax rate on adjusted earnings 2 for the full year 2026
is expected to be in the range of 27.5 to 29.5 percent. Significant changes in
trading volume, expenses, tax laws or rates, and other items could materially
impact this expectation.
• Reaffirms capital expenditures for 2026 are expected to be in the range of $98
to $108 million.
(1) 2026 guidance includes the anticipated impacts from discontinuing U.S. and
European Corporate Listings, CEDX, and Cboe’s Japanese equities business, as
well as the planned cost reductions in U.S. and European ETP Listings businesses
and several of Cboe's smaller Risk and Market Analytics businesses, as announced
in 2025 and early 2026, as well as anticipated realignment costs.
(2) Specific quantifications of the amounts that would be required to reconcile
the company’s organic and inorganic growth guidance, adjusted operating expenses
guidance, and the effective tax rate on adjusted earnings guidance are not
available. Acquisitions are considered organic after 12 months of closing. The
company believes that there is uncertainty and unpredictability with respect to
certain of its GAAP measures, primarily related to acquisition or divestiture
related revenues and costs that would be required to reconcile to GAAP revenues
less cost of revenues, and GAAP operating expenses, which preclude the company
from providing accurate guidance on certain forward-looking GAAP to non-GAAP
reconciliations. The company believes that providing estimates of the amounts
that would be required to reconcile the range of the company’s organic growth,
adjusted operating expenses, and the effective tax rate on adjusted earnings
would imply a degree of precision that would be confusing or misleading to
investors for the reasons identified above. 2026 guidance includes the
anticipated business-as-usual financial contribution from Cboe Canada, which
Cboe announced divestiture plans for in October 2025. 2026 guidance will be
updated as further actions are announced. Given the third quarter sale
completion for Cboe Australia, 2026 total organic net revenue growth guidance
and Data Vantage organic net revenue growth guidance excludes the 2025 and 2026
impact of Cboe Australia in its organic guidance calculation.
Capital Management
At September 30, 2026, the company had cash and cash equivalents of $2,662.6
million and adjusted cash 3 of $2,720.5 million. Total debt as of September 30,
2026 was $1,444.3 million.
The company paid cash dividends of $90.2 million, or $0.86 per share, during the
third quarter of 2026 and utilized $56.1 million to repurchase approximately 211
thousand shares of its common stock under its share repurchase program at an
average price of $266.17 per share. As of September 30, 2026, the company had
approximately $480.7 million of availability remaining under its existing share
repurchase authorizations. As announced on October 22, 2026, the company's Board
of Directors increased its share repurchase authorization by $550 million. This
new authorization will be in addition to any unused amount remaining under the
company's existing share repurchase authorizations. As of October 28, 2026, the
company had approximately $1.0 billion authorized and available for repurchase.
Earnings Conference Call
Executives of Cboe Global Markets will host a conference call to review its
third quarter financial results today, October 30, 2026, at 8:30 a.m. ET/7:30
a.m. CT. The conference call and any accompanying slides will be publicly
available via live webcast from the Investor Relations section of the company’s
website at www.cboe.com, under Events & Presentations. Participants may also
listen via telephone by dialing (833) 461-5787 (toll-free) or (585) 542-9983
(toll) and using the Conference ID 518-114-684. Telephone participants should
place calls 10 minutes prior to the start of the call. The webcast will be
archived on the company’s website for replay.
(3) A full reconciliation of our non-GAAP results to our GAAP results is
included in the attached tables. See “Non-GAAP Information” in the accompanying
financial tables.
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News Release
Page 5 of 15
About Cboe Global Markets
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. To learn more about Cb oe, visit www.cboe.com.
Cautionary Statements Regarding Forward-Looking Information
This press release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 that involve a number of risks
and uncertainties. You can identify these statements by forward-looking words
such as “may,” “might,” “should,” “expect,” “plan,” “anticipate,” “believe,”
“estimate,” “predict,” “potential,” or “continue,” and the negative of these
terms and other comparable terminology. All statements that reflect our
expectations, assumptions, or projections about the future other than statements
of historical fact are forward-looking statements. These forward-looking
statements, which are subject to known and unknown risks, uncertainties, and
assumptions about us, may include projections of our future financial
performance based on our growth strategies and anticipated trends in our
business. These statements are only predictions based on our current
expectations and projections about future events. There are important factors
that could cause our actual results, level of activity, performance or
achievements to differ materially from those expressed or implied by the
forward-looking statements.
We operate in a very competitive and rapidly changing environment. New risks and
uncertainties emerge from time to time, and it is not possible to predict all
risks and uncertainties, nor can we assess the impact of all factors on our
business or the extent to which any factor, or combination of factors, may cause
actual results to differ materially from those contained in any forward-looking
statements.
Some factors that could cause actual results to differ include: the loss of our
right to exclusively list and trade certain index options and futures products;
economic, political and market conditions; compliance with legal and regulatory
obligations; price and new products and services competition and consolidation
in our industry; decreases in trading or clearing volumes, market data fees, or
a shift in the mix of products traded on our exchanges; legislative or
regulatory changes or changes in tax regimes; our ability to protect our systems
and communication networks from security vulnerabilities and breaches; our
ability to attract and retain skilled management and other personnel; increasing
competition by foreign and domestic entities; our business and operational
dependence on and exposure to risk from third parties; factors that impact the
quality and integrity of our and other applicable indices; our ability to manage
our global operations, growth, and strategic acquisitions, wind-downs,
divestitures or alliances effectively; increases in the cost of the products and
services we use; our ability to operate our business without violating the
intellectual property rights of others and the costs associated with protecting
our intellectual property rights; our ability to minimize the risks, including
our credit, liquidity, market, investment, counterparty, and default risks,
associated with operating our clearinghouses; our ability to accommodate trading
and clearing volume and transaction traffic, including significant increases,
without failure or degradation of performance of our systems; misconduct by
those who use our markets or our products or for whom we clear transactions;
challenges to our use of open source software code; our ability to meet our
compliance obligations, including managing our business interests and our
regulatory responsibilities; the loss of key customers or a significant
reduction in trading or clearing volumes by key customers; damage to our
reputation; the ability of our compliance and risk management methods to
effectively monitor and manage our risks; restrictions imposed by our debt
obligations and our ability to make payments on or refinance our debt
obligations; our ability to maintain an investment grade credit rating;
impairment of our goodwill, long-lived assets, investments, or intangible
assets; the accuracy of our estimates and expectations; and litigation risks and
other liabilities. More detailed information about factors that may cause our
actual results to differ may be found in our filings with the SEC, including in
our Annual Report on Form 10-K for the year ended December 31, 2025 and other
filings made from time to time with the SEC.
We do not undertake, and we expressly disclaim, any duty to update any forward-
looking statement whether as a result of new information, future events or
otherwise, except as required by law. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the date
hereof.
The condensed consolidated statements of income and balance sheets are unaudited
and subject to revision.
Cboe Media Contacts: Analyst Contact:
Angela Tu Tim Cave Kenneth Hill, CFA
(646) 856-8734 +44 (0) 7593-506-719 (312) 786-7559
atu@cboe.com tcave@cboe.com khill@cboe.com
CBOE-F
Trademarks:
Cboe ® , Cboe Global Markets ® , Cboe Volatility Index ® , Cboe Clear ® , Cboe
Datashop ® , BIDS Trading ® , BZX ® , BYX ® , EDGX ® , EDGA ® , and VIX ® are
registered trademarks and Cboe Plus SM , Cboe Predicts SM , and Cboe Data
Vantage SM are service marks of Cboe Global Markets, Inc. and its subsidiaries.
All other trademarks and service marks are the property of their respective
owners.
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News Release
Page 6 of 15
Cboe Global Markets, Inc.
Key Performance Statistics by Business Segment
Op…
To…
in…
ADV
(in
th…
To…
Co…
Op…
ADV
(in
th…
Mu…
op…
In…
op…
To…
Op…
Ma…
Sh…
Mu…
op…
To…
Op…
RP…
Mu…
op…
In…
op…
No…
Am…
Eq…
U.…
Eq…
-
Ex…
To…
in…
ADV
(s…
in
bi…
Ma…
sh…
%
Net
ca…
(p…
100
to…
sh…
U.…
Eq…
-
Of…
ADV
(t…
sh…
in
mi…
Of…
ATS
bl…
ma…
sh…
%
(r…
on
a
on…
la…
Net
ca…
(p…
100
to…
sh…
Ca…
Eq…
ADV
(m…
sh…
in
mi…
To…
ma…
sh…
%
Net
ca…
(p…
10…
sh…
in
Ca…
do…
Eu…
and
As…
Pa…
Eu…
Eq…
To…
in…
AD…
(E…
-
in
bi…
Ma…
sh…
%
Net
ca…
(p…
ma…
no…
va…
(b…
in
Eu…
Cb…
Cl…
Eu…
Tr…
cl…
(in 69,… 72,… 68,… 66,… 60,…
th… 21,… 21,… 20,… 19,… 18,…
Fee 15,… 15,… 13,… 13,… 13,…
per 6,0… 6,2… 6,1… 5,4… 4,8…
tr… 30.5 30.0 29.1 29.2 30.9
cl… 24.0 23.5 22.3 22.9 24.9
(in 0.3… 0.3… 0.3… 0.3… 0.2…
Eu… 0.0… 0.0… 0.0… 0.0… 0.0…
Net 0.9… 0.9… 0.9… 0.9… 0.9…
se… 16.9 20.2 20.0 18.6 17.6
vo… 8.9 9.4 9.8 9.4 9.8
(s… 0.0… 0.0… 0.0… 0.0… 0.0…
in 213… 237… 249… 197… 202…
th… 21.3 16.7 16.7 17.0 17.9
Net 0.0… 0.0… 0.0… 0.0… 0.0…
fee 158… 185… 215… 195… 163…
per 13.2 13.1 12.5 12.7 12.5
se… 4.5… 4.3… 4.3… 3.9… 4.1…
(in 54.2 63.4 67.8 49.1 46.1
Eu… 23.0 24.4 25.5 24.8 25.4
Fu… 0.2… 0.2… 0.2… 0.2… 0.2…
ADV 3Q 397… % 2Q 422… % 1Q 434… % 4Q 322… % 3Q 329… %
(in 2026 0.0… % 20… 0.0… % 20… 0.0… % 20… 0.0… % 20… 0.0… %
th… € 4,2… % € 3,9… % € 3,9… % € 3,6… % € 3,5… %
RPC € 1.0… % € 1.0… % € 1.0… % € 1.1… % € 1.0… %
Gl… € 187… % € 222… % € 283… % € 239… % € 200… %
FX € 1.7… % € 1.6… % € 1.6… % € 1.7… % € 1.7… %
──────────────────────────────────────────────────────────────────────────────
AD…
($
- $ 61.1 $ 60.6 $ 70.4 $ 53.3 $ 49.9
in
bi…
Net
ca…
(p…
one $ 2.91 $ 2.96 $ 2.87 $ 2.95 $ 2.89
mi…
do…
tr…
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News Release
Page 7 of 15
ADV = average daily volume; ADNV = average daily notional value.
RPC, 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.
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.
Matched volume represents the total number of shares of equity securities and
ETFs executed on our exchanges.
U.S. Equities - Exchange, “net capture per 100 touched shares” refers to
transaction fees less liquidity payments and routing and clearing costs divided
by the product of one-hundredth ADV of touched shares on BZX, BYX, EDGX and EDGA
and the number of trading days. U.S. Equities - Off-Exchange data reflects BIDS
Trading. For U.S. Equities - Off-Exchange, “net capture per 100 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 ADV of touched
shares on BIDS Trading and the number of trading days for the period.
Canadian Equities, “net capture per 10,000 shares” refers to transaction fees
divided by the product of one-ten-thousandth ADV of shares for Cboe Canada and
the number of trading days. Total market share represents Cboe Canada volume
divided by the total volume of the Canadian Equities market.
European Equities, “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. “Trades cleared” refers to the total number of non-interoperable trades
cleared, “Fee per trade cleared” refers to clearing fees divided by the number
of non-interoperable trades cleared, “Net settlement volume” refers to the total
number of settlements executed after netting, and “Net fee per settlement”
refers to settlement fees less direct costs incurred to settle divided by the
number of settlements executed after netting.
Global FX, “net capture per one million dollars traded” refers to transaction
fees less liquidity payments, if any, divided by the Spot and SEF products of
one-thousandth of ADNV traded on the Cboe FX Markets and the number of trading
days, divided by two, which represents the buyer and seller that are both
charged on the transaction.
Average transaction fees per contract can be affected by various factors,
including exchange fee rates, volume-based discounts, and transaction mix by
contract type and product type.
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Cboe Global Markets, Inc. and Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)
Three and Nine Months Ended September 30, 2026 and 2025
(in
mill… Three Nine
exce… Months Months
per Ended Ended
share Septem… Septe…
amou… 30, 30,
Reve… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Cash
and $ 511.3 $ 415.0 $ 1,573.8 $ 1,403…
spot
mark…
Data 182.6 162.1 545.5 472.9
Vant…
Deri… 664.9 564.6 1,955.1 1,633…
mark…
Total 1,358… 1,141.7 4,074.4 3,510…
Reve…
Cost
of
Reve…
Liqu… 403.8 453.3 1,303.6 1,266…
paym…
Rout…
and 19.2 20.0 60.0 60.3
clea…
Regu…
fees
cost 143.9 — 297.8 238.4
of
reve…
Roya…
fees
and
other 79.7 62.9 240.3 187.4
cost
of
reve…
Total
Cost 646.6 536.2 1,901.7 1,752…
of
Reve…
Reve…
Less
Cost 712.2 605.5 2,172.7 1,758…
of
Reve…
Oper…
Expe…
Comp…
and 132.7 129.2 415.3 373.3
bene…
Depr…
and 27.7 30.9 85.3 91.1
amor…
Tech…
supp… 27.9 26.6 81.7 78.9
serv…
Prof…
fees
and 24.7 21.6 65.4 67.2
outs…
serv…
Trav…
and 8.4 12.0 29.6 26.6
prom…
expe…
Faci… 6.2 6.4 18.5 19.6
costs
Acqu… — 0.2 — 0.4
costs
Impa…
of 1.4 4.5 1.4 21.6
asse…
Other 20.4 3.8 31.1 16.0
expe…
Total
Oper… 249.4 235.2 728.3 694.7
Expe…
Gain
on 71.5 — 71.5 —
dive…
net
Oper… 534.3 370.3 1,515.9 1,063…
Inco…
Non-…
Inco…
(Exp…
Inte… -13.1 -13.3 -39.6 -39.0
expe…
Inte… 22.7 14.3 58.6 34.0
inco…
Earn…
on 1.6 52.7 13.7 48.3
inve…
net
Other
inco… 9.0 6.1 16.1 8.3
net
Total
Non-… 20.2 59.8 48.8 51.6
Inco…
(Exp…
Inco…
Befo…
Inco… 554.5 430.1 1,564.7 1,114…
Tax
Prov…
Inco…
tax 126.3 129.3 397.7 328.4
prov…
Net 428.2 300.8 1,167.0 786.5
Inco…
Net
inco…
allo… -1.5 -1.5 -4.4 -3.9
to
part…
secu…
Net
Inco…
Allo… $ 426.7 $ 299.3 $ 1,162.6 $ 782.6
to
Comm…
Stoc…
Net
Inco…
Per
Share
Allo…
to
Comm…
Stoc…
Basic
earn… $ 4.08 $ 2.86 $ 11.11 $ 7.47
per
share
Dilu…
earn… 4.08 2.85 11.08 7.45
per
share
Weig…
aver…
shar…
used
in
comp…
inco…
per
shar…
Basic 104.5 104.6 104.6 104.7
Dilu… 104.7 104.9 104.9 105.1
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News Release
Page 9 of 15
Cboe Global Markets, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
September 30, 2026 and December 31, 2025
(in millions)
Assets
Current assets: September 30,2026 December 31,2025
──────────────────────────────────────────────────────────────────────────────
Cash and cash $ 2,662.6 $ 2,216.5
equivalents
Financial 41.2 36.1
investments
Accounts 500.1 391.4
receivable, net
Margin deposits,
default fund,
and 2,992.6 1,618.2
interoperability
fund
Income taxes 97.5 67.9
receivable
Assets held for 169.6 —
sale
Other current 103.4 91.3
assets
Total current 6,567.0 4,421.4
assets
Investments 39.1 32.4
Property and 145.7 133.1
equipment, net
Operating lease
right of use 100.1 111.0
assets
Goodwill 3,048.2 3,150.5
Intangible 1,168.8 1,297.2
assets, net
Other assets, 157.7 159.7
net
Total assets $ 11,226.6 $ 9,305.3
Liabilities and
Stockholders’
Equity
Current
liabilities:
Accounts payable
and accrued $ 377.7 $ 686.9
liabilities
Current portion
of long-term 649.8 —
debt
Section 31 fees 46.9 0.2
payable
Deferred revenue 12.5 6.9
Margin deposits,
default fund,
and 2,992.6 1,618.2
interoperability
fund
Income taxes 0.8 50.1
payable
Liabilities held 10.5 —
for sale
Total current 4,090.8 2,362.3
liabilities
Long-term debt 794.5 1,442.9
Non-current
unrecognized tax 24.9 15.8
benefits
Deferred income 237.1 185.3
taxes
Non-current
operating lease 108.0 120.9
liabilities
Other
non-current 44.8 39.8
liabilities
Total 5,300.1 4,167.0
liabilities
Stockholders’
Equity:
Preferred stock — —
Common stock 1.0 1.0
Treasury stock, -166.2 -1.5
at cost
Additional 1,617.9 1,565.1
paid-in capital
Retained 4,469.0 3,543.6
earnings
Accumulated
other
comprehensive 4.8 30.1
income,
net
Total
stockholders’ 5,926.5 5,138.3
equity
Total
liabilities and $ 11,226.6 $ 9,305.3
stockholders’
equity
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News Release
Page 10 of 15
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… 1… 1… 6… 5… 1… 9… 8… …
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News Release
Page 11 of 15
Non-GAAP Information
In addition to disclosing results determined in accordance with GAAP, Cboe
Global Markets has disclosed certain non-GAAP measures of operating performance.
These measures are not in accordance with, or a substitute for, GAAP, and may be
different from or inconsistent with non-GAAP financial measures used by other
companies. The non-GAAP measures provided in this press release include organic
net revenue, adjusted operating expenses, adjusted operating income, adjusted
operating margin, adjusted net income allocated to common stockholders, adjusted
diluted earnings per share, effective tax rate on adjusted earnings, adjusted
income before income taxes, operating EBITDA, operating EBITDA margin, adjusted
operating EBITDA, adjusted operating EBITDA margin, EBITDA, EBITDA margin,
adjusted EBITDA, adjusted EBITDA margin, adjusted cash, and net revenue in
constant currency.
Management believes that the non-GAAP financial measures presented in this press
release provide additional and comparative information to assess trends in our
core operations and a means to evaluate period-to-period comparisons. Non-GAAP
financial measures disclosed by management are provided as additional
information to investors in order to provide them with an alternative method for
assessing our financial condition and operating results.
The tables below show the reconciliation of each financial measure from GAAP to
non-GAAP. The non-GAAP financial measures exclude the impact of those items
detailed below and are referred to as adjusted financial measures.
R…
of
R…
L…
C…
of T…
R… M…
… to E… C…
5 O… S… a…
… N… 3… S… … …
… R… 2… M… 2… 2… … 2… 2… … 2… 2… … 2…
──────────────────────────────────────────────────────────────────────────────
…
…
…
… $ 1… $ … $ … $ … $ … $ … $ … $ …
…
…
…
…
… -… … … … — — … …
…
…
…
… $ 1… $ … $ … $ … $ … $ … $ … $ …
…
N…
M…
E…
S…
3…
C…
a… D… D… T…
S… V… M…
M…
2… 2… 2… 2… 2… 2… 2… 2…
…
…
…
… $ 4… $ … $ … $ … $ … $ … $ … $ …
…
…
…
…
… -… … … … — — … …
…
…
…
… $ 4… $ … $ … $ … $ … $ … $ … $ …
…
(1) These amounts represent the revenues less cost of revenues associated with
the Cboe Australia business, which was sold on July 31, 2026. Prior period
amounts have been adjusted to provide a period-over-period comparison.
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News Release
Page 12 of 15
Reconciliation of GAAP and Non-GAAP Information
Tab…
6
(in
mil…
exc…
per…
and
per
sha…
amo…
Rec…
of
Net
Inc…
All…
to
Com…
Sto…
to
Non… Three Nine
(As Mont… Mon…
sho… Ended End…
in Sept… Sep…
Tab… 30, 30,
1) 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net
inc…
all… $ 426.7 $ 299.3 $ 1,16… $ 782…
to
com…
sto…
Non…
adj…
Acq…
cos… — 0.2 — 0.4
(1)
Amo…
of
acq… 14.1 17.2 45.4 52.8
int…
ass…
(2)
Gain
on
div… -71.5 — -71.5 —
net
(3)
Pro…
for
not… 14.0 — 14.0 —
rec…
(4)
Str…
rea… 16.7 7.0 45.5 24.6
cos…
(5)
Exe…
com… 0.6 0.6 1.8 1.0
adj…
(6)
Non…
inv…
adj… -2.1 -51.0 -11.6 -51…
net
(7)
Tot…
Non… -28.2 -26.0 23.6 27.1
adj…
Inc…
tax
exp…
rel… -10.7 6.5 -24.6 -7.7
to
the
ite…
abo…
Def…
tax -1.7 — -2.3 -1.0
re-…
(8)
Tax
res… — — -11.4 —
(8)
Sta…
rate -6.6 — -6.6 —
cha…
(8)
Net
inc…
all…
to
par…
sec… 0.1 — 0.1 -0.3
-
eff…
on
rec…
ite…
Adj… $ 379.6 $ 279.8 $ 1,14… $ 800…
ear…
Rec…
of
Dil…
EPS
to
Non…
Dil…
ear…
per $ 4.08 $ 2.85 $ 11.08 $ 7.45
com…
sha…
Per
sha…
imp…
of -0.45 -0.18 -0.20 0.17
non…
adj…
not…
abo…
Adj…
dil…
ear… $ 3.63 $ 2.67 $ 10.88 $ 7.62
per
com…
sha…
Rec…
of
Ope…
Mar…
to
Non…
Rev…
less
cost $ 712.2 $ 605.5 $ 2,17… $ 1,7…
of
rev…
Ope…
exp… $ 249.4 $ 235.2 $ 728.3 $ 694…
(9)
Ope…
exp…
non… 45.4 25.0 106.7 78.8
adj…
not…
abo…
Adj…
ope… $ 204.0 $ 210.2 $ 621.6 $ 615…
exp…
Ope… $ 534.3 $ 370.3 $ 1,51… $ 1,0…
inc…
Ope…
non…
adj… -26.1 25.0 35.2 78.8
not…
abo…
Adj…
ope… $ 508.2 $ 395.3 $ 1,55… $ 1,1…
inc…
Adj…
ope… 71.4 % 65.3 % 71.4 % 65.0 %
mar…
(10)
Rec…
of
Inc…
Tax
Rate
to
Non…
Inc…
bef… $ 554.5 $ 430.1 $ 1,56… $ 1,1…
inc…
tax…
Non…
adj… -28.2 -26.0 23.6 27.1
not…
abo…
Adj…
inc…
bef… $ 526.3 $ 404.1 $ 1,58… $ 1,1…
inc…
tax…
Inc…
tax $ 126.3 $ 129.3 $ 397.7 $ 328…
exp…
Non…
adj… 19.0 -6.5 44.9 8.7
not…
abo…
Adj…
inc… $ 145.3 $ 122.8 $ 442.6 $ 337…
tax
exp…
Adj…
inc… 27.6 % 30.4 % 27.9 % 29.5 %
tax
rate
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News Release
Page 13 of 15
(1) 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.
(2) 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.
(3) This amount represents the net gain recognized upon the sale of our Cboe
Australia business to TMX Group Limited.
(4) 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.
(5) 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.
(6) 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.
(7) 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.
(8) 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.
(9) The company sponsors deferred compensation plans held in a trust. The
expenses or income related to the deferred compensation plans are included in
compensation and benefits ($0.7 million and $2.9 million in expense for the
three months ended September 30, 2026 and 2025, respectively, and $4.9 million
and $6.4 million in expense for the nine months ended September 30, 2026 and
2025, respectively) and are directly offset by deferred compensation income and
expenses included in earnings on investments, net, and dividends included in
other income, net ($0.7 million and $2.9 million in income, expense, and
dividends in the three months ended September 30, 2026 and 2025, respectively,
and $4.9 million and $6.4 million in income, expense, and dividends for the nine
months ended September 30, 2026 and 2025, respectively) on the condensed
consolidated statements of income. The deferred compensation plans' expenses are
not excluded from adjusted operating expenses and do not have an impact on
income before income taxes.
(10) Adjusted operating margin represents adjusted operating income divided by
revenues less cost of revenues.
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News Release
Page 14 of 15
EBITDA Reconciliations
EBITDA (earnings before interest, income taxes, depreciation and amortization)
and Adjusted EBITDA are widely used non-GAAP financial measures of operating
performance. These metrics are presented as supplemental information that the
company believes are useful to investors to evaluate the company's results
because they exclude certain items that are not directly related to the
company’s core operating performance. Operating EBITDA is calculated by adding
back to operating income depreciation and amortization. Adjusted Operating
EBITDA is calculated by adding back to Operating EBITDA relevant adjustments.
Operating EBITDA margin represents Operating EBITDA divided by revenues less
cost of revenues. Adjusted Operating EBITDA margin represents Adjusted Operating
EBITDA divided by revenues less cost of revenues. EBITDA is calculated by adding
back to net income interest (income) expense, net, income tax expense, 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. Adjusted EBITDA margin represents Adjusted EBITDA
divided by revenues less cost of revenues. Relevant adjustments are detailed in
the reconciliations that follow. Operating EBITDA, Adjusted Operating EBITDA,
EBITDA, and Adjusted EBITDA should not be considered as substitutes either for
net income, as an indicator of the company’s operating performance, or for cash
flow as a measure of the company’s liquidity. In addition, because Operating
EBITDA, Operating EBITDA margin, Adjusted Operating EBITDA, Adjusted Operating
EBITDA margin, EBITDA, EBITDA margin, Adjusted EBITDA, and Adjusted EBITDA
margin may not be calculated identically by all companies, the presentation here
may not be comparable to other similarly titled measures of other companies.
Ta…
7
Re…
of
Op…
In…
to
Op…
EB…
and
Ad…
Op…
EB… (in Thr… Nine
(P… mil… Mon… Mon…
Ta… exc… End… Sep… End… Sept…
1) per… 2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Op… $ 534… $ 370… $ 1,51… $ 1,0…
in…
De…
and 27.7 30.9 85.3 91.1
am…
Op… $ 562… $ 401… $ 1,60… $ 1,1…
EB…
Op…
EB… 78.9 % 66.3 % 73.7 % 65.7 %
Ma…
No…
ad…
not
in…
in
the
ab…
li…
it…
Ac… $ — $ 0.2 $ — $ 0.4
co…
Ga…
on -71… — -71.5 —
di…
net
Pr…
for 14.0 — 14.0 —
no…
re…
St…
re… 16.7 7.0 45.5 24.6
co…
Ex…
co… 0.6 0.6 1.8 1.0
ad…
Ad…
Op… $ 521… $ 409… $ 1,59… $ 1,1…
EB…
Ad…
Op… 73.3 % 67.5 % 73.2 % 67.1 %
EB…
Ma…
Re…
of
Net
In…
Al…
to
Co…
St… 2026 2025 2026 2025
to
EB…
and
Ad…
EB…
(P…
Ta…
1)
Net
in…
al… $ 426… $ 299… $ 1,16… $ 782…
to
co…
st…
In…
(i… -9.6 -1.0 -19.0 5.0
ex…
net
In…
tax 126… 129… 397.7 328…
pr…
De…
and 27.7 30.9 85.3 91.1
am…
EB… $ 571… $ 458… $ 1,62… $ 1,2…
EB… 80.2 % 75.7 % 74.9 % 68.7 %
Ma…
No…
ad…
not
in…
in
the
ab…
li…
it…
Ac… $ — $ 0.2 $ — $ 0.4
co…
Ga…
on -71… — -71.5 —
di…
net
Pr…
for 14.0 — 14.0 —
no…
re…
St…
re… 16.7 7.0 45.5 24.6
co…
Ex…
co… 0.6 0.6 1.8 1.0
ad…
No…
in… -2.1 -51… -11.6 -51…
ad…
net
Ad… $ 528… $ 415… $ 1,60… $ 1,1…
EB…
Ad…
EB… 74.2 % 68.6 % 73.9 % 67.2 %
Ma…
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News Release
Page 15 of 15
Reconciliation of
Cash and Cash
Equivalents to Table 8
Adjusted Cash (in millions) 2026 September 30, 2025 December 31,
──────────────────────────────────────────────────────────────────────────────
Cash and cash $ 2,662.6 $ 2,216.5
equivalents
Cash and cash
equivalents
(included in 57.4 —
assets held for
sale)
Financial 41.2 36.1
investments
Less deferred
compensation plan -40.7 -35.8
assets
Less cash
collected for — —
Section 31 Fees
Adjusted Cash $ 2,720.5 $ 2,216.8
Recon…
of
GAAP
Net
Reven…
to
Net
Reven… Three Nine
in Table 9 Months Months
Const… (in EndedS… EndedS…
Curre… millio… 2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Europe
and
Asia $ 73.3 $ 69.1 $ 243.0 $ 203.6
Pacif…
net
reven…
Const…
curre… 0.8 — -9.2 —
adjus…
Europe
and
Asia
Pacif…
net $ 74.1 $ 69.1 $ 233.8 $ 203.6
reven…
in
const…
curre…
(1) Net revenue in constant currency is calculated by converting the current
period GAAP net revenue in local currency using the foreign currency exchange
rates that were in effect during the previous comparable period.
###