CBOE Reports Q1 Net Income of $384.1M as Shares Pull Back from 52-Week High

Cboe Global Markets, Inc. (BATS: CBOE) reported first-quarter net income of $384.1 million, or $3.66 per share, according to a company release. Shares fell $5.51 (1.80%) to $300.09 on the session, retreating from a 52-week high of $309.56 reached earlier in the period.

Q1 2026 At a Glance

• Net income: $384.1 million for the quarter ended Q1 2026
• Net income per share: $3.66
• Trailing P/E: 28.8x; Forward P/E: 22.5x
• Net margin: 23.3%
• Gross margin: 51.5%
• Operating margin: 36.2%
• Revenue growth (YoY): 8.7%
• Earnings growth (YoY): 60.5%
• Market capitalization: $31.4 billion
• 52-week range: $212.75 – $309.56

What Drove the Results

The 60.5% year-over-year growth in net income stands out as the headline achievement this quarter, reflecting both top-line momentum and meaningful operating leverage. Revenue expanded 8.7% on a year-over-year basis, while an operating margin of 36.2% and gross margin of 51.5% point to disciplined cost management across the business.

The result also highlights the structural profitability of Cboe's exchange and data services model. With a forward P/E of 22.5x — notably below the trailing multiple of 28.8x — the market appears to be pricing in continued earnings expansion, consistent with the growth trajectory reported this quarter.

Wall Street View

Analyst sentiment on (BATS: CBOE) remains broadly constructive but mixed. As of April 1, 2026, the consensus stood at 3 Strong Buy, 6 Buy, 11 Hold, and 3 Sell recommendations — unchanged from the prior month's reading on March 1, 2026. The stability in ratings suggests analysts are largely in a wait-and-see posture following the recent run-up toward 52-week highs, with the Hold cohort representing the plurality view.

Investor Takeaway

Cboe Global Markets delivered a quarter marked by strong net income growth and solid margin performance, though the stock's proximity to its 52-week high of $309.56 and a mixed analyst consensus — with 11 of 23 tracked analysts rating the shares a Hold — suggest the near-term upside may already be reflected in current valuations. The forward P/E of 22.5x implies the market expects continued earnings progress, making execution on revenue growth the key factor to watch. Investors should weigh the company's demonstrated profitability against a consensus that has not shifted despite the strong quarterly result.