2026 Fiscal Year Financial Guidance

Cboe provided guidance for the 2026 fiscal year as noted below.

• Organic total net revenue growth2 is expected to be in the 'mid single-digit' range in 2026.
• Organic net revenue growth2 from Data Vantage is expected to be in the 'mid to high single-digit' range in 2026.
• Adjusted operating expenses2 in 2026 are expected to be in the range of $864 to $879 million. The guidance excludes the expected amortization of acquired intangible assets of $63 million; the company adjusts for this amount in its non-GAAP reconciliation.
• 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.
• 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.
• Capital expenditures for 2026 are expected to be in the range of $73 to $83 million.