CBOE Stock Forecast & Price Target

Cboe Global Markets is well positioned by its dominant options franchise, which generates around 60% of revenue and is reinforced by exclusive SPX and VIX licensing through 2051, giving it durable pricing power and a strong first-mover advantage. Its 3Q26 beat, 17.6% total net revenue growth, 71.4% adjusted operating margin, and $3.63 adjusted EPS show that high-margin core derivatives, Data Vantage strength, and cost discipline are already translating into superior earnings leverage. The outlook is further supported by international expansion, BATS and other acquisitions, and emerging growth vectors such as KPI event contracts and extended trading hours, which could broaden volumes while a fortress balance sheet and rising buybacks add capital-return support.

Cboe Global Markets is viewed negatively because its core options franchise, which generates around 60% of revenue, faces slowing growth as 0DTE demand matures, competition intensifies, and a cyclical downturn in ADV could pressure trading volumes. The outlook is also clouded by reliance on an exclusive S&P Global contract for its proprietary S&P 500 and VIX index options, since any loss of exclusivity would threaten a key profit pool, while muted volatility and weaker retail activity could further restrain RPC growth. Although FCF generation is strong and the firm has expanded through the 2017 BATS acquisition and later international deals, management’s limited appetite for larger acquisitions and a building net cash balance suggest capital may not be deployed in a way that earns an adequate return.