The quarter cleared an already elevated bar. Adjusted diluted EPS reached $3.56 versus published consensus of roughly $3.49, while net revenue was $731.6 million versus an external expectation near $708.5 million.
| Metric | 2Q26 | 2Q25 | Change | External expectation |
|---|---|---|---|---|
| Net revenue | $731.6M (Financial Highlights) | $587.3M (Financial Highlights) | +25% | ~$708.5M |
| Adjusted diluted EPS | $3.56 (Table 5) | $2.46 (Table 5) | +45% | ~$3.49 |
| Adjusted operating margin | 70.4% (Table 5) | 63.7% (Table 5) | +6.7 pp | — |
Options supplied the main upside, not just market activity. Options net revenue rose 30% to $473.9 million, driven by 26% higher options ADV and a 6% increase in revenue per contract; index-options ADV grew 32% and index RPC rose 3% (Segment results — Options). That combination indicates both stronger volumes and a richer product mix, rather than a purely volume-driven beat.
The growth was broad, but U.S. exchange share remains the blemish. North American Equities net revenue increased 17%, Europe and APAC rose 20%, and Global FX gained 17% (Segment results). However, U.S. exchange market share fell to 9.4% from 10.5%, even as off-exchange share improved to 18.8% from 14.9% (Operating metrics — North American Equities). The revenue result still beats expectations, but the exchange-share decline is the clearest execution issue beneath the headline.
Management raised the growth outlook, making the beat more durable than a one-quarter surprise. The 2026 organic total net revenue growth target moved from “low double-digit to mid teens” to “mid to high teens,” while Data Vantage growth was raised to “low teens” from “low double-digit” (Guidance update). Adjusted operating-expense guidance was reaffirmed at $838 million to $853 million, with the range reduced by $11 million because of the expected Cboe Australia sale (Guidance section).
Net: this was a genuine beat with higher forward expectations, not merely a record quarter that met the bar. The strongest evidence is the combination of adjusted EPS and net-revenue outperformance, expanding adjusted margin, and an upgraded full-year revenue-growth target; the lower U.S. exchange share keeps the read from being flawless but does not offset the broader upside.
Read the original 8-K on SEC EDGAR ↗