Cboe Global Markets, Inc. (CBOE): A Bull Case Theory

We came crossed a bullish thesis on Cboe Global Markets, Inc. on The Diversified Fins Analyst’s Substack by Collin Cook. In this article, we volition summarize the bulls’ thesis on CBOE. Cboe Global Markets, Inc.'s share was trading astatine $270.60 as of February 12th. CBOE’s trailing and forward P/E were 25.78 and 24.51  respectively according to Yahoo Finance.

Cboe Global Markets, Inc., done its subsidiaries, operates arsenic an options speech successful the United States and internationally. CBOE delivered a beardown 4Q25, posting grounds nett gross of $671 million, up 11% sequentially and 28% year-over-year, driven by broad-based spot crossed its concern lines.

Derivatives Markets gross roseate 38% Y/Y to $386 million, fueled by robust options activity, portion Cash and Spot Markets accrued 27% Y/Y and Data Vantage grew 9% Y/Y. Expense maturation remained controlled astatine 8% Y/Y, allowing operating margins to grow 620 ground points to 67.1%, with adjusted EPS reaching a grounds $3.06, up 45% Y/Y and up of statement expectations. The 4th reflected almighty operating leverage arsenic gross outpaced costs and operating income exceeded Street estimates.

Momentum was peculiarly evident successful the options franchise, which present represents 65% of full revenue, its highest premix successful years. Nine of the 10 highest SPX trading days connected grounds occurred successful 4Q25 oregon aboriginal 1Q26, VIX options acceptable a 3rd consecutive yearly measurement record, and renewed involvement successful Russell 2000 options drove volumes to decennary highs. International enlargement continues to summation traction, including retail broker additions successful Korea and Taiwan, reinforcing structural maturation successful derivatives. Meanwhile, 90% of Data Vantage maturation was volume-driven, with planetary clients present comprising 45% of information sales.

Strategically, CBOE is streamlining operations done the merchantability of its Australia and Canada businesses and the closure of CEDX, portion investing successful securities financing, prediction markets, and extended-hours trading. With mid-single-digit integrated gross guidance, disciplined disbursal growth, and caller merchandise catalysts, CBOE appears good positioned to prolong durable maturation supported by steadfast lawsuit request and innovation.

Previously, we covered a bullish thesis on Cboe Global Markets, Inc. (CBOE) by Stock Picker’s Corner successful March 2025, which highlighted the company’s quality to payment from marketplace volatility, rising retail options activity, and semipermanent net maturation supported by structural manufacture tailwinds. CBOE’s banal terms has appreciated by astir 28.14% since our coverage. Collin Cook shares a akin presumption but emphasizes connected grounds 4Q25 results and operating leverage.