Will Cboe Global's Beat Streak Continue in This Earnings Season?

Cboe Global Markets, Inc. CBOE is expected to register an improvement in its top and bottom lines when it reports third-quarter 2025 results on Oct. 31, before the opening bell.

The Zacks Consensus Estimate for CBOE’s third-quarter revenues is pegged at $579.03 million, indicating 8.8% growth from the year-ago reported figure.

The consensus estimate for earnings is pegged at $2.46 per share. The Zacks Consensus Estimate for CBOE’s third-quarter earnings has moved up 5.5% in the past 30 days. The estimate suggests a year-over-year increase of 10.8%.

What the Zacks Model Unveils for CBOE

Our proven model predicts an earnings beat for Cboe Global this time around. This is because the stock has the right combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) that increases the chances of an earnings beat.

Earnings ESP: Cboe Global has an Earnings ESP of +3.11%. This is because the Most Accurate Estimate of $2.53 is pegged higher than the Zacks Consensus Estimate of $2.46. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Cboe Global Markets, Inc. Price and EPS Surprise

Cboe Global Markets, Inc. price-eps-surprise | Cboe Global Markets, Inc. Quote

Zacks Rank: CBOE carries a Zacks Rank #2 at present.

Factors Likely to Shape Q3 Results of CBOE

Solid index options growth, higher transaction and clearing fees, access and capacity fees, market data fees and regulatory fees are likely to have aided the third-quarter performance of CBOE. 

Higher cash and spot markets and derivatives markets revenues, driven by an increase in transaction and clearing fees, as a result of increased volumes traded on the Cboe options, Cboe U.S. equities, and Cboe European equities exchanges, are expected to have favored the company’s top line in the third quarter. 

Cboe Data Vantage revenues are likely to have benefited from strong new subscription and unit sales, pricing changes, ongoing brand investments, and a solid focus on sales outcomes, as well as increases in access and capacity fees and proprietary market data fees.

Higher regulatory fees and transaction and clearing fees are expected to have favored Cash and Spot Markets. Increases in transaction and clearing fees and regulatory fees are likely to have benefited the Derivatives business.

Access and capacity fees are likely to have been aided by increases in logical port fees in the North American Equities, Options, and Europe and Asia Pacific segments, driven by increased customer demand.

Proprietary market data fees are expected to have been aided by increases in proprietary market data fees in the Options and Europe and Asia Pacific segments. 

Our estimate for market data revenues is pegged at $79.5 million, while the same for access and capacity fees is pegged at $100.1 million.

An increase in net transaction and clearing fees driven by a rise in index options ADV and multi-listed options ADV is likely to have favored Options’ performance in the to-be-reported quarter.

Net transaction and clearing fees are likely to have benefited from an increase in Cboe European equities matched ADNV, a rise in Global FX ADNV, and growth in Cboe Clear Europe net settlement volumes. A decrease in net transaction and clearing fees in the North American Equities segment is likely to have partially offset the increase.

Cboe Global is likely to have benefited from strong proprietary products, VIX futures, VIX and SPX options. Also, the company expects to witness solid growth in multi-listed options trading.

Continued share buybacks are expected to have aided the bottom line in the to-be-reported quarter.

Other Stocks to Consider

Here are some other finance stocks you may want to consider, as our model shows that these, too, have the right combination of elements to post an earnings beat:

Primerica, Inc. PRI has an Earnings ESP of +2.27% and a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for third-quarter 2025 earnings is pegged at $5.51 per share, indicating a year-over-year decrease of 2.9%. 

PRI beat estimates in each of the last four reported quarters.

The Allstate Corporation ALL has an Earnings ESP of +79.39% and carries a Zacks Rank of 3 at present. The Zacks Consensus Estimate for third-quarter 2025 earnings is pegged at $6.73 per share, implying an increase of 72.1% from the year-ago reported figure.

ALL’s earnings beat estimates in each of the last four quarters.

CNA Financial Corporation. CNA has an Earnings ESP of +6.02% and a Zacks Rank #2 at present. The Zacks Consensus Estimate for third-quarter 2025 earnings is pinned at $1.25, suggesting a 15.7% year-over-year increase. 

CNA’s earnings beat estimates in three of the last four quarters while missing in one.

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This article originally published on Zacks Investment Research (zacks.com).

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