Cboe Global Markets (CBOE) official guidance

Rounding out our 2026 guidance, our CapEx guidance increases to $98 million-$108 million, from $73 million-$83 million, as we made incremental investment in our clearing infrastructure and opportunistically pulled forward hardware purchases for future service to lock in lower costs ahead of rising inflationary pressure in the space.

•Capital expenditures for 2026 are expected to be in the range of $98 to $108 million, up from our prior guidance of $73 to $83 million.

Our full year guidance range for CapEx remains $73 million-$83 million, and depreciation and amortization remains in the $56 million-$60 million range.

Reaffirms capital expenditures for 2026 are expected to be in the range of $73 to $83 million.

Our full year guidance range for CapEx is $73 million-$83 million, and our depreciation and amortization is expected to be in the $56 million-$60 million range.

Capital expenditures for 2026 are expected to be in the range of $73 to $83 million.

Depreciation and amortization expenses decreased to $54 million-$58 million, from $56 million-$60 million, reflecting the later in-service timing of certain accelerated purchases.

•Depreciation and amortization expense for 2026 is expected to be in the range of $54 to $58 million, down from our prior guidance of $56 to $60 million, excluding the expected amortization of acquired intangible assets.

Our full year guidance range for CapEx remains $73 million-$83 million, and depreciation and amortization remains in the $56 million-$60 million range.

Reaffirms depreciation and amortization expense for 2026 is expected to be in the range of $56 to $60 million, excluding the expected amortization of acquired intangible assets.

Our full year guidance range for CapEx is $73 million-$83 million, and our depreciation and amortization is expected to be in the $56 million-$60 million range.

Depreciation and amortization expense for 2026 is expected to be in the range of $56 to $60 million, excluding the expected amortization of acquired intangible assets.

We continue to expect a full-year effective tax rate on adjusted earnings of 27.5%-29.5% under current tax laws.

•Reaffirms the effective tax rate on adjusted earnings2 for the full year 2026 is expected to be in the range of 27.5 to 29.5 percent. Significant changes in trading volume, expenses, tax laws or rates, and other items could materially impact this expectation.

We continue to expect the effective tax rate on adjusted earnings under the current tax laws to come in at 27.5%-29.5% for the full year.

Reaffirms the effective tax rate on adjusted earnings2 for the full year 2026 is expected to be in the range of 27.5 to 29.5 percent.

We expect the effective tax rate on adjusted earnings under the current tax laws to come in at 27.5%-29.5% for the full year, with the midpoint of the range 80 basis points below the 2025 rate as a result of an expected decrease in tax expense associated with uncertain tax positions.

The effective tax rate on adjusted earnings2 for the full year 2026 is expected to be in the range of 27.5 to 29.5 percent.

Turning to expenses, our adjusted operating expense guidance holds at $838 million-$853 million for 2026, despite several moving pieces.

•Reaffirms adjusted operating expenses2 in 2026 are expected to be in the range of $838 to $853 million.

In light of the incremental strategic realignment changes announced today, we now expect our strategic realignment to deliver an even greater reduction, approximately 12%-14% on an annualized basis compared to 2025, translating to savings in the range of $100 million-$120 million.

Adjusted operating expenses2 in 2026 are expected to be in the range of $838 to $853 million, down from $864 to $879 million.

We are also introducing our 2026 adjusted operating expense guidance range of $864 million-$879 million, representing 3.3% growth on the low end and 5.1% growth on the high end.

Adjusted operating expenses2 in 2026 are expected to be in the range of $864 to $879 million.

On Data Vantage, we now expect 2026 organic net revenue growth in the low teens range, up from last quarter's low double-digit guidance.

•Organic net revenue growth2 from Data Vantage is expected to be in the ‘low teens’ range, up from prior guidance of 'low double-digit' in 2026.

On a full year basis, we anticipate our Cboe DataVantage organic net revenue growth to be in the low double-digit range.

Organic net revenue growth2 from Data Vantage is expected to be in the ‘low double-digit’ range, up from prior guidance of 'mid to high single-digit' in 2026.

For full year 2026, we are introducing the following guidance. We anticipate our Data Vantage organic net revenue growth to be in the mid to high single digit range, and we expect our total organic net revenue growth to be in the mid single digit range.

Organic net revenue growth2 from Data Vantage is expected to be in the 'mid to high single-digit' range in 2026.

We now expect Cboe total organic net revenue growth in 2026 to be in the mid-to-high teens range, up from last quarter's low double-digit to mid-teens guidance.

•Organic total net revenue growth2 is expected to be in the 'mid to high teens' range, up from prior guidance of 'low double-digit to mid teens' in 2026.

We expect our total organic net revenue growth to be in the low double-digit to mid-teens range.

Organic total net revenue growth2 is expected to be in the 'low double-digit to mid-teens' range, up from prior guidance of 'mid single-digit' in 2026.

For full year 2026, we are introducing the following guidance. We anticipate our Data Vantage organic net revenue growth to be in the mid to high single digit range, and we expect our total organic net revenue growth to be in the mid single digit range.

Organic total net revenue growth2 is expected to be in the 'mid single-digit' range in 2026.

The incremental strategic realignment actions are expected to contribute $40 million-$50 million in annualized expense savings.

As it relates to our 2026 guidance, we anticipate realizing $20 million-$25 million of the additional strategic realignment savings in 2026.

Our 2026 guidance incorporates roughly $20 to $25 million of expected savings in 2026 as a result of the additional actions related to the strategic realignment.

Once complete, we continue to anticipate that these actions will lead to an approximate 3% annualized reduction in net revenue compared to 2025, primarily driven by our strategic decision to exit or scale back non-core and lower return businesses.

•Capital expenditures are expected to be in the range of $73 to $83 million in 2025, down from previous guidance of $75 to $85 million.

•Depreciation and amortization expense is expected to be in the range of $50 to $54 million in 2025, down from previous guidance of $53 to $57 million, excluding the expected amortization of acquired intangible assets.

•Reaffirms the effective tax rate on adjusted earnings1 for the full year 2025 is expected to be in the range of 28.5 to 30.5 percent. Significant changes in trading volume, expenses, tax laws or rates, and other items could materially impact this expectation.