CBOE$CBOE
Cboe Global Markets Inc. · Q1 2022 earnings
Q1 2022 earnings · · Investor relations
Briefing
Cboe's Q1 2022 earnings were reported, revealing a mix of growth and challenges across its segments.
Cboe Global Markets reported a 14% increase in net revenue, reaching $418 million, driven by strong performances in its core derivatives franchise and contributions from European cash equities and Data and Access Solutions. Diluted EPS decreased by 20% to $1.02, while adjusted diluted EPS increased by 13% to $1.73. The company reaffirmed its full-year revenue and expense guidance for 2022.
- Net revenue increased by 14% to $418 million.
- Diluted EPS decreased 20% to $1.02.
- Adjusted diluted EPS increased 13% to $1.73.
- Reaffirmed 2022 adjusted operating expense guidance of $617 to $625 million.
Headline financials
Revenue & EPS history
Cboe · Revenue · Quarterly
$418M
Revenue by segment
Cboe · $418M total across 5 segments · Q1 2022
- Options$219M+20.6%52.4%
- North American Equities$93.1M-3.1%22.3%
- Europe and APAC$57.5M+36.6%13.8%
- Futures$31.2M+2.0%7.5%
- Global FX$17.1M+16.3%4.1%
Forward guidance
Cboe reaffirmed its total organic net revenue growth target for 2022 to be in the range of 5 to 7 percentage points. Organic net revenue from Data and Access Solutions is now expected to increase by approximately 8 to 11 percent in 2022, up from previous guidance of 7 to 10 percent. Reaffirmed adjusted operating expenses in 2022 are expected to be in the range of $617 to $625 million.
Tailwinds
- Total organic net revenue growth is expected to be in the range of 5 to 7 percentage points in 2022.
- Revenue from acquisitions held less than a year is now expected to contribute total net revenue growth in a range of 2 to 3 percentage points in 2022, up from previous guidance of 1 to 3 percentage points.
- Organic net revenue from Data and Access Solutions is now expected to increase by approximately 8 to 11 percent in 2022, from a base of $419 million in 2021, up from previous guidance of 7 to 10 percent.
- Reaffirmed adjusted operating expenses in 2022 are expected to be in the range of $617 to $625 million, from a base of $531 million in 2021.
- Reaffirmed the effective tax rate on adjusted earnings for the full year 2022 is expected to be in the range of 27.5 to 29.5 percent.
Headwinds
- Pending acquisitions of ErisX and NEO now have the potential to add an incremental $30 to $35 million of expenses in 2022, contingent on the timing of closings which are subject to customary closing conditions.
- Uncertainty and unpredictability with respect to certain GAAP measures, primarily related to acquisition-related revenues and expenses.
- Significant changes in trading volume, expenses, tax laws or rates and other items could materially impact the expectation.
- The company believes that providing estimates of the amounts that would be required to reconcile the range of the company’s organic growth, adjusted operating expenses and the effective tax rate on adjusted earnings would imply a degree of precision that would be confusing or misleading to investors.
- The guidance does not take into account the company’s planned acquisitions of ErisX and NEO.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2022
+0.5%
Avg return
Earnings day
+1.7%
Avg return
5 days after
+4.0%
Avg return
30 days after
55%
35 / 64 earnings
Positive
+9.0%
Q1 2026
Best reaction
-7.3%
Q2 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +9.0% | +15.3% | +10.5% | |
| Q3 2025 | +3.7% | +6.2% | +9.0% | |
| Q2 2025 | +2.8% | +2.9% | -2.1% | |
| Q1 2025 | +2.4% | +5.9% | +3.6% | |
| Q4 2025 | +1.3% | +2.4% | +2.9% | |
| Q3 2024 | -1.9% | -5.7% | +1.1% | |
| Q4 2024 | +1.3% | -5.7% | +1.1% | |
| Q2 2024 | +5.7% | +8.9% | +10.6% | |
| Q4 2023 | -1.6% | -0.1% | +1.2% | |
| Q3 2023 | +6.9% | +6.9% | +10.7% | |
| Q2 2023 | +4.5% | +4.4% | +7.4% | |
| Q1 2023 | -0.4% | +1.0% | -1.4% | |
| Q4 2022 | +4.5% | +5.0% | +4.6% | |
| Q3 2022 | +1.9% | -1.3% | +2.7% | |
| Q2 2022 | -7.3% | -6.2% | -4.2% | |
| Q1 2022 | -2.9% | -0.5% | -3.0% | |
| Q4 2021 | +2.8% | +4.0% | +3.3% | |
| Q3 2021 | +1.9% | +2.7% | -1.7% | |
| Q2 2021 | +4.1% | +6.4% | +8.2% | |
| Q1 2021 | +3.3% | +6.1% | +7.7% | |
| Q4 2020 | -3.3% | -5.1% | +10.0% | |
| Q3 2020 | +5.2% | +9.8% | +15.8% | |
| Q2 2020 | -0.6% | -0.3% | +5.6% | |
| Q1 2020 | -5.0% | -1.9% | +7.1% | |
| Q4 2019 | -3.3% | -3.4% | -8.7% | |
| Q3 2019 | -1.4% | -0.6% | +3.3% | |
| Q2 2019 | -0.3% | +2.6% | +3.6% | |
| Q1 2019 | +3.2% | +2.7% | +8.6% | |
| Q4 2018 | -0.9% | +0.0% | -2.8% | |
| Q3 2018 | +1.5% | +0.7% | -2.6% | |
| Q2 2018 | -3.0% | -3.2% | +5.2% | |
| Q1 2018 | -2.2% | -1.5% | -6.7% | |
| Q4 2017 | -0.4% | +3.5% | +12.0% | |
| Q3 2017 | -0.9% | +0.0% | +8.5% | |
| Q2 2017 | -0.4% | +1.9% | +6.3% | |
| Q1 2017 | +3.1% | +2.2% | +8.2% | |
| Q4 2016 | +1.3% | -0.6% | +0.3% | |
| Q3 2016 | +1.7% | +1.2% | +10.1% | |
| Q2 2016 | +0.1% | +0.7% | +0.8% | |
| Q1 2016 | -1.5% | — | — | |
| Q4 2015 | -6.1% | — | — | |
| Q3 2015 | -1.2% | — | — | |
| Q2 2015 | +1.1% | — | — | |
| Q1 2015 | -1.3% | — | — | |
| Q4 2014 | -5.8% | — | — | |
| Q3 2014 | +3.6% | — | — | |
| Q2 2014 | +1.5% | — | — | |
| Q1 2014 | -4.2% | — | — | |
| Q4 2013 | +5.2% | — | — | |
| Q3 2013 | +2.6% | — | — | |
| Q2 2013 | -4.1% | — | — | |
| Q1 2013 | +3.8% | — | — | |
| Q4 2012 | +1.4% | — | — | |
| Q3 2012 | +2.5% | — | — | |
| Q2 2012 | -0.7% | — | — | |
| Q1 2011 | +0.3% | — | — | |
| Q1 2012 | +2.3% | — | — | |
| Q4 2011 | -0.8% | — | — | |
| Q4 2009 | -0.8% | — | — | |
| Q3 2011 | -4.3% | — | — | |
| Q3 2010 | -4.3% | — | — | |
| Q2 2010 | +2.8% | — | — | |
| Q2 2011 | +2.8% | — | — | |
| Q4 2010 | +2.8% | — | — |
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