Cboe Global Markets (CBOE): Options Volume Surges, and So Does the Opportunity
Cboe Global Markets is riding a powerful tailwind—and not just because of market volatility.
As the operator of the largest U.S. options exchange, Cboe (formerly the Chicago Board Options Exchange) is one of the most important infrastructure players in modern markets. And right now, its business is booming.
In its July report, the company said June 2025 trading volume hit a new all-time record—including 3.7 million S&P 500 option contracts and 2.1 million zero-day-to-expiry (0DTE) options traded daily. That’s a huge jump, and retail traders now make up over half of that activity. It’s no surprise Cboe’s chart looks like something out of a textbook: a steady, low-volatility uptrend that portfolio managers love to build around.
But here’s what’s even more interesting…
Cboe is steadily reducing its reliance on transaction volume by building out recurring, subscription-based revenue. Its Data and Access Solutions (DnA) division now offers clients access to proprietary data and infrastructure—a move that brings in high-margin, predictable income and improves the company’s overall earnings quality.
Since 2020, revenue is up 5% annually, EPS up 14%, and operating income up 13%, even without wild swings in the market. That kind of consistency is rare.
Earnings are due out Friday, August 1, with analysts looking for $575M in revenue (+12% YoY) and EPS of $2.43 (+13%). Barring a major surprise, the stock’s trend could continue higher into Q3.
Technically, CBOE is holding above its 200-day moving average and recently bounced cleanly off the $220 level. If earnings hit, this could be a strong candidate for both short- and long-term setups.
Let’s keep an eye on Friday. This is one of those quiet outperformers that tends to reward patience.
