Q3 FY26 · Ended Sep 30, 2026 · View SEC filing
Index options carry the company's profit
Options bring 54.0% of revenue but 62.9% of operating income, because proprietary SPX and VIX products are exclusive to Cboe.
For investorsWhat has to hold for index options to keep carrying profit?
For foundersOwning the product nobody else can list
Rebates, royalties, routing and the SEC fee take 47.6% of revenue, so net revenue is the measure that counts.
Operating expenses fell to 35.0% of net revenue from 38.8%, helped by a realignment that lowered salaries.
The $71.5M Cboe Australia gain is not a recurring source of profit, and the filing credits it for the lower tax rate.
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Business Lens describes Cboe Global Markets from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
