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Chicago, Illinois-based Cboe Global Markets, Inc. (CBOE), operates as an exchange holding company. Valued at $23.7 billion by market cap, the company operates a financial options trading platform that provides cutting-edge trading and investment solutions including equities, foreign exchange, indices, data and analytics, and trade reporting solutions.
Shares of this leading provider of market infrastructure and tradable products have outperformed the broader market over the past year. CBOE has gained 24.2% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 9.8%. In 2025, CBOE’s stock rose 16.8%, surpassing the SPX’s marginal dip on a YTD basis.
Narrowing the focus, CBOE’s underperformance is apparent compared to iShares U.S. Broker-Dealers & Securities Exchanges ETF (IAI). The exchange-traded fund has gained about 27.2% over the past year. However, CBOE’s double-digit gains on a YTD basis outshine the ETF’s 6% returns over the same time frame.
CBOE's strong performance was driven by growth in derivatives markets, cash and spot markets, and Data Vantage, resulting in increased revenues. In addition, higher options trading volumes, market data fees, and clearing fees contributed to the improved financial performance.
On May 2, CBOE shares closed up more than 2% after reporting its Q1 results. Its adjusted EPS of $2.50 beat the consensus estimates by 5.9%. The company’s adjusted revenue was $565.2 million, beating the consensus mark by 1.5%.
For the current fiscal year, ending in December, analysts expect CBOE’s EPS to grow 10.6% to $9.52 on a diluted basis. The company’s earnings surprise history is mixed. It beat the consensus estimate in three of the last four quarters while missing the forecast on another occasion.
Among the 17 analysts covering CBOE stock, the consensus is a “Hold.” That’s based on three “Strong Buy” ratings, one “Moderate Buy,” 11 “Holds,” and two “Strong Sells.”
This configuration is less bullish than two months ago, with four analysts suggesting a “Strong Buy,” and three analysts suggesting a “Strong Sell.”
On May 14, Morgan Stanley (MS) downgraded CBOE to an “Underweight” rating with a price target of $215.
While CBOE currently trades above its mean price target of $225, the Street-high price target of $249 suggests a 9.1% upside potential.
