--- title: "Cboe Global Markets (CBOE) Margin Strength And 43.9% EPS Growth Test Slower Growth Narrative" type: "News" locale: "en" url: "https://longbridge.com/en/news/284977126.md" description: "Cboe Global Markets (CBOE) reported strong Q4 2025 earnings with revenue of $1.2 billion and EPS of $2.98, reflecting a 43.9% growth in earnings. Despite a trailing net margin of 23.2%, forecasts suggest slower growth at 4.2% annually. The stock trades at a P/E of 31.3x, above its DCF fair value of $282.39, raising concerns about valuation amid slowing growth expectations. Analysts predict earnings could reach $1.4 billion by 2029, but the outlook remains mixed due to the disparity between past performance and future growth projections." datetime: "2026-05-02T21:58:06.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/284977126.md) - [en](https://longbridge.com/en/news/284977126.md) - [zh-HK](https://longbridge.com/zh-HK/news/284977126.md) --- # Cboe Global Markets (CBOE) Margin Strength And 43.9% EPS Growth Test Slower Growth Narrative Cboe Global Markets (CBOE) just opened Q1 2026 earnings season with a solid set of headline figures, anchored by Q4 2025 revenue of US$1.2b and basic EPS of US$2.98, alongside trailing twelve month revenue of US$4.7b and EPS of US$10.46 that reflect its latest run rate. Over recent quarters the company has seen revenue move from US$1.11b in Q4 2024 to US$1.20b in Q4 2025, while quarterly EPS shifted from US$1.87 to US$2.98. This sets up a story where higher earnings and a 23.2% trailing net margin give investors a results season focused on profitability quality and staying power. See our full analysis for Cboe Global Markets. With the raw numbers on the table, the next step is to see how this earnings profile lines up against the key narratives around Cboe’s growth, risks, and overall profitability story. See what the community is saying about Cboe Global Markets BATS:CBOE Earnings & Revenue History as at May 2026 ## Margins Hold At 23.2% While Growth Slows - Cboe’s trailing net profit margin sits at 23.2%, compared with 18.6% a year earlier, alongside trailing twelve month revenue of US$4.7b and net income of about US$1.1b. - What stands out for the bullish narrative is that recent 43.9% earnings growth and a five year earnings growth rate of 23.3% per year sit next to forecast revenue and earnings growth of only about 4.2% per year. This heavily supports the idea that past expansion in derivatives and data is already visible in the numbers, but also tests how much further margin gains can realistically go if top line growth slows to those forecast levels. - Bulls point to high margin, recurring data and index licensing revenue as a driver of earnings quality, and the current 23.2% net margin against last year’s 18.6% fits that story of stronger profitability. - At the same time, forecasts of around 4.2% annual growth in both revenue and earnings are much lower than the 43.9% earnings growth just reported over the past year, which challenges the idea that the recent pace can be extrapolated. Over the last year Cboe’s expanding margins and earnings growth have made the bullish case look very compelling. If that is the view you lean toward it is worth seeing how supporters connect these numbers to future growth in more detail in the **🐂 Cboe Global Markets Bull Case**. ## P/E At 31.3x With DCF Fair Value Below Price - The shares trade on a 31.3x P/E at a price of US$326.96, compared with a US Capital Markets industry average of 42.4x and a peer average of 29.7x, while the DCF fair value cited is US$282.39. - Bears highlight that the share price is above the DCF fair value and only modestly below the 31.3x P/E implied by the 303.86 analyst price target. This fits a cautious view that a lot of the recent 43.9% earnings growth and 23.2% margin is already reflected in the valuation and that slower forecast growth of about 4.2% per year could limit upside from here. - The gap between the current US$326.96 share price and the US$282.39 DCF fair value provides a concrete reference point for those arguing the shares screen as expensive on that metric. - With the analyst price target of 303.86 sitting below today’s price and forecasts calling for mid single digit growth, skeptics can reasonably question how much room is left if growth normalises to those levels. Skeptical investors often focus on the spread between price, fair value estimates, and slower forecast growth. If that sounds like your concern it is worth seeing how that case is laid out in full in the **🐻 Cboe Global Markets Bear Case**. ## LTM EPS Of US$10.46 Underpins Mixed Growth Story - On a trailing basis, EPS totals US$10.46 with trailing twelve month revenue of US$4.7b, compared with trailing revenue of US$4.1b and net income of US$761m a year ago. - Consensus narrative points to broad based growth in derivatives, data, and global trading, and the trailing numbers back that up on profitability. Yet the combination of 23.2% net margin, 43.9% earnings growth, and forecasts of roughly 4.2% annual revenue and earnings growth gives you a mixed picture where the recent past looks strong but the forward pace embedded in models is much more measured. - The move from US$4.1b to US$4.7b in trailing revenue and from US$761m to about US$1.1b in trailing net income lines up with the view that data and international segments have been important earnings contributors. - However, analysts expecting earnings to reach about US$1.4b by around 2029 with profit margins rising to 46.3% are assuming a very different phase compared with the last 12 months, so it helps to think about whether that shift from high growth to slower, higher margin expansion matches your own expectations. ## Next Steps To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Cboe Global Markets on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves. Mixed signals on growth and valuation can be confusing, so it helps to review the numbers, weigh both sides, and decide what fits your plan. To see how the current story balances optimism with concern, take a close look at the 3 key rewards and 1 important warning sign. ## See What Else Is Out There Cboe’s key weak spot is that forecasts of roughly 4.2% annual growth sit next to a 31.3x P/E and a share price above DCF fair value. If slow forecast growth and a premium valuation leave you hesitant, you may want to compare this setup with companies screening as high quality and potentially cheaper through the 51 high quality undervalued stocks. _This article by Simply Wall St is general in nature. **We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.** It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned._ ### **New:** AI Stock Screener & Alerts Our new AI Stock Screener scans the market every day to uncover opportunities. • Dividend Powerhouses (3%+ Yield) • Undervalued Small Caps with Insider Buying • High growth Tech and AI Companies Or build your own from over 50 metrics. 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