Cboe Global Markets shares rose 6.8% on 2026-10-30, closing at $335.53 after finishing the prior session at $314.25, following third-quarter results that beat analyst expectations and an increase to the company's full-year revenue growth outlook. Adjusted diluted earnings per share of 3.63 topped the 3.43 consensus estimate, a beat of 5.7%.
A fourth straight earnings beat
GAAP diluted EPS reached a record 4.08, up 43.2% from the third quarter of 2025. Net revenue, the exchange operator's preferred top-line measure, rose to $712.2 million, up 17.6% year on year, and net income climbed to $428.2 million, up 42.4%. The quarter marked Cboe's fourth consecutive beat against consensus in each of its last 4 reports. Management pointed to record options trading activity, including a jump in index options volume, and to growth in the company's data business as drivers, and lifted its 2026 organic revenue growth target alongside the results.
The size of Friday's jump
The advance ranks as Cboe's largest one-day gain since 1 May 2026. It was roughly 3.0x the size of the company's typical daily move over the past year, which has averaged 2.3% in either direction, and trading volume ran at 1.9x the stock's 30-day average. The reaction looks specific to Cboe rather than a market-wide swing: the S&P 500 fell 1.8% the same session, while the median move among other covered exchange and data companies was a gain of 1.5%, well short of Cboe's own advance.
A buyback disclosure muddies the timing
Not every element of the day's coverage points to the same cause. Diluted shares outstanding were down 0.1% over the past year, so the earnings beat reflects underlying profit growth rather than a shrinking share count; Cboe has not attributed any share-count change to repurchases in its results release. For readers wanting the fuller history behind this quarter's numbers, Cboe's full company analysis sets the results against prior periods.
What Cboe's 6.8% jump means for Fundamentalytics' $540.00 value estimate
Cash generation has been the standout trend behind this quarter's numbers. Trailing-twelve-month free cash flow margin reached 47.9%, up 34.6 percentage points from a year earlier. In our discounted cash flow model, which assumes a stage-one growth rate of 14.3%, a one-percentage-point change in free cash flow margin shifts the model's value per share by −2.0%; if the past year's entire margin gain were to persist, the model value would move by 233.7%. Growth assumptions carry comparable weight: lowering the stage-one growth rate by five percentage points would move model value by −24.0%, while raising it by five points would move it by 30.9%; a one-point rise in the discount rate would move it by −15.3%. These are model values under stated assumptions, not a comparison with the share price.
What would undo this quarter's reaction is a slowdown in options trading volumes or a result that falls short of the newly raised guidance; what would confirm it is continued double-digit growth in net revenue and free cash flow when Cboe next reports.