CBOE$CBOE
Cboe Global Markets Inc. · Q2 2020 earnings
Q2 2020 earnings · · Investor relations
Briefing
Cboe's Q2 2020 performance was driven by record trading volumes in U.S. equities and multi-listed options, coupled with effective expense management and strategic acquisitions.
Cboe Global Markets reported a 5% increase in net revenue, driven by record trading volumes in U.S. equities and multi-listed options. The company's adjusted EPS increased by 16%, reflecting the benefits of its diversified business model and expense discipline. Strategic growth initiatives, including acquisitions and product expansions, contributed to the company's strong performance.
- Record trading volumes in U.S. equities and multi-listed options.
- Net transaction fees up 2% and non-transaction net revenue up 7%.
- Adjusted operating expenses down 7% due to expense discipline.
- Adjusted EBITDA margin of 71.1% demonstrates operating scale.
Headline financials
Revenue & EPS history
Cboe · Revenue · Quarterly
$297M
Revenue by segment
Cboe · $297M total across 5 segments · Q2 2020
- Options$151M—50.7%
- North American Equities$90.6M—30.5%
- Europe and APAC$21.1M—7.1%
- Futures$20.9M—7.0%
- Global FX$13.7M—4.6%
Forward guidance
Cboe provided full-year 2020 adjusted operating expenses guidance in the range of $436 million to $444 million. The effective tax rate on adjusted earnings is expected to be between 26.5% and 28.5%. Capital expenditures are projected to be $65 million to $70 million.
Tailwinds
- Continued growth in core proprietary products.
- Disciplined expense management.
- Integration progress of information solutions acquisitions.
- Commenced integration of EuroCCP.
- Balance sheet flexibility.
Headwinds
- COVID-19 impact on travel and promotional expenses.
- COVID-19 impact on professional fees.
- COVID-19 impact on pace of hiring.
- Uncertainty due to market volatility.
- Potential delays in EuroCCP integration.
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 Q2 2020
+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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