Every material Form 8-K Cboe Global Markets has filed with the SEC since May 01, 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Cboe Global Markets reported third quarter 2026 net revenue of $712.2 million and diluted EPS of $4.08, driven by growth across its options, equities, and data businesses. Reflecting strong year-to-date performance, the company raised its full-year organic net revenue growth target and lowered its adjusted operating expense guidance.
Diluted EPS for the quarter reached $4.08, up 43 percent year over year.
Net revenue for the quarter rose 18 percent to $712.2 million.
Full-year 2026 organic total net revenue growth target was increased to high teens.
Adjusted operating expense guidance for 2026 was decreased to $830 to $845 million.
Cboe Exchange signed a Master License Agreement with S&P Opco, LLC, effective September 28, 2026 and running until December 31, 2051, extending its rights to the S&P 500 index for standardized options. Updated per-contract license fees start January 1, 2027, and Cboe estimates they will have a de minimis impact on its 2027 net revenue growth.
Agreement effective September 28, 2026, through December 31, 2051
No impact on 2026 royalty fee terms; updated fees begin January 1, 2027
Cboe estimates a de minimis impact on 2027 net revenue growth and will give 2027 organic net revenue guidance with fourth quarter earnings in February
SPX options set a record 970.6 million contracts in 2025, with average daily volume of 3.9 million contracts, up 25%
Cboe reported second-quarter 2026 net revenue of $731.6 million, up 25% from a year earlier, and diluted EPS of $3.35, up 50%. It raised its 2026 organic total net revenue growth target to 'mid to high teens', which signals higher expected growth for shareholders, while cutting 2026 adjusted operating expense guidance by $11 million tied to the expected third-quarter sale of Cboe Australia.
Net revenue of $731.6 million, up 25%; Options net revenue of $473.9 million, up 30%
Diluted EPS of $3.35, up 50%; adjusted diluted EPS of $3.56, up 45%
2026 organic total net revenue growth target raised to 'mid to high teens' from 'low double-digit to mid teens'
2026 adjusted operating expense guidance of $838 to $853 million reaffirmed, reduced by $11 million for the expected Cboe Australia sale
On July 24, 2026, Cboe entered into a Third Amended and Restated Credit Agreement with Bank of America as administrative agent, providing a senior unsecured $400 million five-year revolving credit facility that matures July 24, 2031. The company may increase commitments by up to $200 million, to $600 million total, subject to lender agreement, and the facility replaces the prior agreement dated February 25, 2022.
Facility size: $400 million senior unsecured revolving credit, with a $25 million swing line sub-facility
Potential expansion: up to $200 million additional commitments, for a total of $600 million, subject to lender agreement
Maturity: July 24, 2031, unless terminated earlier
Financial covenants: minimum interest coverage ratio of 4.00 to 1.00 and maximum leverage ratio of 3.50 to 1.00, with step-ups to 4.25 and 4.00 under specified conditions
Cboe Global Markets, as guarantor, signed an amended and restated agreement extending the credit facility of its subsidiary Cboe Clear Europe N.V. until June 25, 2027. The aggregate commitment remains €1.2 billion, or €1.7 billion after the accordion increase, and the filing describes the changes as routine updates to the facility rather than a change in size.
Facility term extended to June 25, 2027
Aggregate commitment maintained at €1.2 billion; €1.7 billion including the accordion increase
Bank of America Europe DAC serves as co-ordinator and facility agent; Citibank N.A., London Branch, as security agent
Agreement dated June 23, 2026, to be effective June 26, 2026
Cboe reported first-quarter 2026 diluted EPS of $3.66, up 54% from a year earlier, on net revenue of $728.9 million, up 29%. The company raised its 2026 organic net revenue growth target and lowered its adjusted operating expense guidance, while announcing further strategic realignment actions with pre-tax restructuring charges of $36 million to $46 million and a planned workforce reduction of about 20% when combined with earlier actions.
Q1 2026 diluted EPS $3.66, up 54%; net revenue $728.9 million, up 29%; both described as records
2026 organic total net revenue growth target raised to 'low double-digit to mid-teens' from 'mid single-digit'
2026 adjusted operating expense guidance lowered to $838 million to $853 million from $864 million to $879 million
Restructuring charges of approximately $36 million to $46 million, mostly severance, with annualized savings of $40 million to $50 million and $20 million to $25 million realized in 2026
Cboe Global Markets reported record fourth-quarter 2025 net revenue of $671.1 million, up 28 percent, and diluted EPS of $2.97, up 60 percent from the prior-year quarter. The company also set 2026 guidance for mid single-digit organic total net revenue growth and adjusted operating expenses of $864 million to $879 million, which matters to shareholders as a baseline for the year ahead.
Q4 2025 net revenue $671.1 million, up 28 percent; adjusted diluted EPS $3.06, up 46 percent
Full-year 2025 diluted EPS $10.42, up 45 percent; full-year net revenue $2.4 billion, up 17 percent
2026 guidance: organic total net revenue growth 'mid single-digit'; adjusted operating expenses $864 million to $879 million
No share repurchases in Q4 2025; $614.5 million of buyback authorization remained at December 31, 2025
Cboe Global Markets said its Chief Operating Officer, Chris Isaacson, will retire on March 6, 2026, and will consult for the company through December 31, 2026. Scott Johnston, formerly COO of Akuna Capital, is expected to succeed him as COO effective March 7, 2026, after joining on February 17, 2026. The change is a senior executive transition, and the filing reports no financial results.
Chris Isaacson retires at the end of March 6, 2026 and provides consulting services through December 31, 2026, for a fee of $541,666.
Scott Johnston joins February 17, 2026 with a $550,000 base salary, a 130% target bonus, and a $2,735,000 target long-term incentive award.
Johnston is also to receive a $1,000,000 sign-on equity award and a $627,200 cash sign-on bonus.
Cboe also appointed Heidi Fischer as EVP, Global Head of Equities and Spot Markets, and Natan Tiefenbrun will depart the company.
Cboe reported third-quarter 2025 net revenue of $605.5 million, up 14%, and diluted EPS of $2.85, up 38% from a year earlier. The company raised its 2025 organic total net revenue growth guidance and lowered its adjusted operating expense guidance, and it also announced a realignment that includes a sales process for Cboe Australia and Cboe Canada.
Q3 2025 net revenue $605.5 million, up 14%; diluted EPS $2.85, up 38%; adjusted diluted EPS $2.67, up 20%
2025 organic total net revenue growth guidance raised to 'low double-digit to mid-teens' from 'high single-digit'
2025 adjusted operating expense guidance lowered to $827 million to $842 million from $832 million to $847 million
Sales process begun for Cboe Australia and Cboe Canada; annualized run-rate impact estimated at roughly 3% lower net revenue and 8-10% lower adjusted operating expenses
Cboe Global Markets reported second-quarter 2025 results on August 1, 2025, with net revenue of $587.3 million, up 14% from a year earlier, and adjusted diluted EPS of $2.46, up 14%. The company raised its 2025 organic total net revenue growth target to high single digits and lowered its adjusted operating expense guidance, which points to higher expected revenue and slightly lower expected costs for the year.
Net revenue of $587.3 million rose 14% from $513.8 million in Q2 2024, with Derivatives net revenue up 17%.
Diluted EPS of $2.23 rose 68%, primarily due to a non-recurring 2024 impairment; adjusted diluted EPS of $2.46 rose 14%.
2025 organic total net revenue growth target raised to high single digits from mid to high single digits; adjusted operating expense guidance lowered to $832 million to $847 million from $837 million to $852 million.
Cboe plans to suspend Japanese equities operations on August 29, 2025, with normalized annual adjusted operating expense savings of $10 million to $12 million.
Cboe Global Markets approved higher annual equity incentive awards for Chris Isaacson and Patrick Sexton, tied to their expanded global leadership roles. The target value for Isaacson rises to $2,625,000 and for Sexton to $1,310,000, with special 2025 grants to be made July 15, 2025. The change ties more of their pay to multi-year earnings per share and total shareholder return goals.
Isaacson's target annual equity award increased to $2,625,000, including a special 2025 award of $439,726.
Sexton's target annual equity award increased to $1,310,000, including a special 2025 award of $117,260.
Special awards are split equally between RSUs vesting in three annual installments from February 19, 2026, and performance share units tied to EPS and total shareholder return over a three-year period.
The Compensation Committee and Board approved the increases on July 14, 2025.
Cboe Global Markets, as guarantor, agreed on June 24, 2025 to amend and restate the credit facility of its subsidiary Cboe Clear Europe N.V., effective June 27, 2025. The deal extends the facility's term to June 26, 2026 and keeps the commitment at Euro 1.2 billion, or Euro 1.7 billion after the accordion increase. The filing describes this as a routine renewal with updated legal provisions, not a change in committed capacity.
Facility term extended to June 26, 2026
Aggregate commitment maintained at Euro 1.2 billion; Euro 1.7 billion after accordion increase
Lenders include Bank of America Europe Designated Activity Company (co-ordinator and facility agent) and Citibank N.A., London Branch (security agent)
Other provisions updated for changes in applicable laws and regulations
Cboe Global Markets said Executive Vice President and Global President David Howson will leave the company, with his employment ending August 1, 2025. The filing says his resignation was not due to any disagreement with the company, and CEO Craig Donohue will also take the title of President after the transition, while Cathy Clay and Chris Isaacson expand their leadership roles.
David Howson's employment ends at the end of the day on August 1, 2025; he is returning to the UK after three years as Global President.
Under a Letter Agreement dated May 27, 2025, Howson keeps pro rata portions of certain time-based and performance-based restricted stock units that would vest in February 2026, with the rest forfeited.
Performance-based units retained by Howson will be paid out based on target performance through the end of each award's performance period.
Craig Donohue will assume the title of President after Howson's departure; Cathy Clay and Chris Isaacson take on expanded global roles.
At its May 6, 2025 annual meeting, Cboe Global Markets stockholders elected all 12 board nominees, approved a non-binding advisory vote on executive pay, and approved the Third Amended and Restated Long-Term Incentive Plan. Stockholders also ratified KPMG LLP as the independent auditor for 2025 and approved a stockholder proposal on political spending, which passed 45,950,093 to 35,947,178. The votes set the board and the compensation framework for the coming year.
All 12 director nominees were elected, including William M. Farrow, III and Edward J. Fitzpatrick, to constitute the entire board.
Long-term incentive plan approved with 77,813,354 votes for and 4,309,543 against.
Advisory say-on-pay proposal approved with 76,990,384 votes for and 4,832,201 against.
Political spending proposal approved with 45,950,093 votes for and 35,947,178 against.
Cboe Global Markets reported record first-quarter 2025 net revenue of $565.2 million, up 13% from a year earlier, and diluted EPS of $2.37, up 21%. The company raised its 2025 organic total net revenue growth target to mid to high single digits from mid single digits, which signals stronger expected top-line growth for shareholders.
Net revenue of $565.2 million, up 13% from $502.1 million in Q1 2024; the release describes this as a record
Diluted EPS of $2.37, up 21%; adjusted diluted EPS of $2.50, up 16%
2025 organic total net revenue growth target raised to mid to high single digits from mid single digits; adjusted operating expense guidance reaffirmed at $837 to $852 million
Paid $66.4 million in cash dividends ($0.63 per share) and repurchased $30.0 million of stock in Q1; about $649.8 million of repurchase authorization remained at March 31, 2025
Cboe Global Markets said CEO Fredric Tomczyk will retire and resign as CEO effective May 7, 2025, and that Craig Donohue, former Chairman of the Board at the Options Clearing Corporation, will succeed him as CEO and join the board on the same date. Tomczyk will stay an employee in an advisory role until June 30, 2025, and remain a director, subject to re-election at the May 6, 2025 annual meeting. The filing says his retirement was not the result of any disagreement with the company.
Fredric Tomczyk resigns as CEO effective May 7, 2025, and stays on the board subject to re-election on May 6, 2025
Craig Donohue, 63, becomes CEO and a board member effective May 7, 2025
Donohue's base salary is $1,300,000, with a 150% target bonus and a $6,000,000 sign-on equity award subject to 3-year cliff vesting
Donohue's employment agreement runs to May 7, 2030, with severance of 200% of base salary and target bonus on termination without cause or for good reason
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