Cboe Global Markets (CBOE) reported July 2026 trading volumes with multi-listed options average daily volume up 28.4% year-over-year (YoY) and index options average daily volume up 34%.
On Aug. 13, the company raised its quarterly cash dividend for the third quarter of 2026 by 19% to $0.86 per share from $0.72. The new dividend is payable Sept. 15 to shareholders of record on Aug. 31 and marks the 16th straight year of annual increases.
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Shares of Cboe Global Markets have risen over 20% in the past 52 weeks, and the company now has a market cap of nearly $30.9 billion.
The previous forward annualized dividend was $2.88, or a yield near 1%. The latest increase will push that higher. Most recent quarterly earnings came in at $3.56 per share. Volumes are still strong, and the dividend streak continues.
Does the mix of better derivatives activity and a nearly 20% bigger quarterly dividend make Cboe Global Markets a more interesting high-yield exchange stock right now? Let’s take a closer look.
The Numbers Behind the Raise
Cboe Global Markets operates exchanges for options, equities, futures, and foreign exchange. It is especially strong in index derivatives and the market data business that brings in steady recurring revenue.
CBOE stock is up 20% over the past 52 weeks and 18% year-to-date (YTD).
www.barchart.com That run has pushed the forward price-to-earnings ratio to 21.26x, well above the sector average of 11.69x.
On Aug. 13, the company raised its quarterly dividend 19% to $0.86 from $0.72. The new payment goes out on Sept. 15 to shareholders of record on Aug. 31. This is the 16th straight year of higher dividends. The old annual rate was $2.88, or a 0.97% yield based on the $0.72 paid on May 29. The latest increase will push that yearly total higher.
The raise rests on strong second-quarter numbers. Diluted earnings per share hit $3.35, up 50%. Adjusted diluted EPS came in at $3.56, up 45%. Net revenue reached a record $731.6 million, up 25% from $587.3 million a year earlier, with gains across every line. Operating expenses rose to $255.6 million from $248.2 million, mostly from severance tied to the realignment and higher bonuses. Adjusted operating expenses only climbed $3.4 million to $216.7 million. The effective tax rate dropped to 28.6% from 29.7%, and the adjusted rate fell to 28.5% from 29.8%.
Management also lifted its full-year 2026 organic total net revenue growth target to the mid-to-high teens from the earlier low-double-digit to mid-teens range. The Data Vantage organic growth outlook moved up to the low teens. Adjusted operating expense guidance stayed at $838 million to $853 million, while capital spending guidance rose to $98 million to $108 million.
What’s Fueling Cboe’s Momentum
Cboe Clear Europe is adding fixed-income instruments to its Securities Financing Transactions clearing service starting Aug. 24. The expansion covers certain EU, Swiss, and UK government and corporate bonds for all lenders and borrowers; it also includes U.S. Treasuries and corporate bonds.
Treasuries and U.S. corporate bonds for non-U.S. participants. Settlement will go through Euroclear Bank for European and Swiss names, CREST for UK names, the Federal Reserve for U.S. Treasuries, and the Depository Trust Company for U.S. corporate bonds. This builds on the equity and ETF SFT service already in place.
Cboe has also launched the first products in its new prediction markets suite, Cboe Predicts. These are binary option contracts based on the Mini-S&P 500 Index ($XSP), listed under the symbols XSPBW and XSPBX. The contracts are available on Interactive Brokers and are expected to roll out at Charles Schwab in the coming months, with additional retail platforms to follow. XSP is scaled to one-tenth the size of standard SPX options, allowing traders to take a “yes” position that pays $100 if the index settles at or above a specified level or a “no” position that pays $100 if it settles below.
Cboe Global Markets also signed a multi-year deal with CNBC for daily live market coverage from the Chicago trading floor. Starting April 6, CNBC has been broadcasting real-time analysis of news, volatility, and options activity from the floor across its TV and digital channels. The partnership comes after total U.S. options volume hit 15.2 billion contracts in 2025, up 26% from the previous record year.
Wall Street’s Take on CBOE Stock
Cboe Global Markets is set to report its next quarterly results on Oct. 30. For the current quarter ending September 2026, the average earnings estimate is $3.37. That would be a 26.22% jump from the $2.67 earned in the same period last year. Full-year 2026 consensus sits at $13.78 per share, up 29.15% from the $10.67 posted in 2025.
TD Cowen analyst Bill Katz kept his “Hold” rating but raised the price target from $304 to $315. He pointed to better near-term prospects thanks to solid derivatives volumes and the recent earnings that support the higher dividend.
On the same day, Barclays stuck with its “Overweight” rating and moved its target from $347 to $354. The firm highlighted stronger-than-expected revenue and an improved earnings outlook that can fund both further investment and the bigger payouts to shareholders.
Overall, the 18 analysts covering the stock give it a consensus “Hold” rating. Their average price target of $313.13 points to about 6% upside from recent levels.
www.barchart.com Conclusion
The combination of stronger derivatives volumes and a nearly 20% larger quarterly dividend does make CBOE a more compelling high-yield exchange stock right now. Record options activity, the fixed-income clearing expansion, prediction-market products, and the CNBC partnership all point to multiple growth levers that can keep cash flowing to shareholders. With 16 straight years of dividend increases and raised 2026 guidance already in place, the payout looks sustainable. Shares are most likely to grind higher over the coming quarters as the new products ramp, and earnings estimates continue to climb, though the consensus Hold rating suggests gains may stay measured rather than explosive.
On the date of publication, Ebube Jones did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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