Intercontinental Exchange, Inc., together with its subsidiaries, engages in the provision of market infrastructure, data services, and technology solutions for financial institutions, corporations, and government entities in the United States, the United Kingdom, the European Union, Singapore, India, Abu Dhabi, Israel, and Canada. It operates through three segments: Exchanges, Fixed Income and Data Services, and Mortgage Technology. The company operates regulated marketplaces for listing, trading, and clearing an array of derivatives contracts and financial securities, such as commodities, interest rates, foreign exchange, and equities, as well as corporate and exchange-traded funds; and trading venues, including regulated exchanges and clearing houses. It also offers energy, agricultural and metals, and financial futures and options; and cash equities and equity options, and over-the-counter and other markets, as well as listings and data and connectivity services. In addition, the company provides fixed income data and analytic, fixed income execution, CDS clearing, and other multi-asset class data and network services. Further, it offers proprietary and comprehensive mortgage origination platform, which serves residential mortgage loans; closing solutions that provides customers connectivity to the mortgage supply chain and facilitates the secure exchange of information; data and analytics services; and Data as a Service for lenders to access data and origination information. Intercontinental Exchange, Inc. was founded in 2000 and is headquartered in Atlanta, Georgia.

Intercontinental Exchange looks like a high-quality but already expensive business with strong profitability and moderate balance-sheet risks. Revenue for TTM increased to 2.98 billion, and net income rose to 1.41 billion, confirming the resilience of the model and solid operating discipline. The net profit margin of 37.67% and operating margin of 49.63% are noticeably above industry medians, while the gross margin is holding around 98.5%, which is a very strong level for an exchange and infrastructure platform. ROE of 13.59% and ROA of 2.35% also look convincing and are improving year by year, although ROI remains slightly below the median, which does not allow for too aggressive a valuation premium. At the same time, the valuation multiples remain high: P/S of 9.16, P/B of 3.14, and P/FCF of 23.02 are significantly above the industry median, meaning the market is already pricing in a substantial portion of the quality. P/E of 17.92 looks more moderate, but it is still above the industry benchmark, so room for further valuation expansion is limited. The debt burden is not critical, but a debt/equity ratio of 0.63 and the increase in long-term debt to 18.62 billion require caution, especially against the backdrop of a very low quick ratio, which formally points to weak immediate liquidity. The current ratio of about 1.02 shows that short-term solvency is generally only at the edge of normal, but without a meaningful buffer. The dividend yield of 0.32% remains low, although it is gradually increasing, so the dividend factor supports the valuation only weakly. Strong growth in net income, EBITDA, and operating income over the years is an obvious positive, but it is already partially reflected in the premium multiples. Overall, the fundamentals justify maintaining a positive view on the company; however, due to the expensive valuation and certain balance-sheet constraints, only a small conservative downward adjustment is appropriate. For an investor, this is not a story of deep undervaluation, but of a high-quality asset with solid metrics, where there is upside potential, though it is limited by the current price.

Intercontinental Exchange Inc.

Сильный индекс, без изменений. Быки в растерянности.

Strong index, flat. The bulls are confused.

Сильный индекс, без изменений. Рынок на стороне быков.

Strong index, flat. The market is on the bulls' side.

Сильный индекс, незначительно упал. Приток средств в лонги на высоком уровне.

Strong index, slightly down. Inflow of funds into longs at a high level.

ICE demonstrates strong profitability and growth, but trades at a notable premium to the industry, so the valuation looks high-quality, but not cheap.

The following companies are expected to report earnings prior to market open on 07/30/2026. Visit our Earnings Calendar for a full list of expected earnings releases.
Mastercard Incorporated (MA)is reporting for the quarter ending June 30, 2026. The financial transactions company's consensus earnings per share forecast from the 12 analysts that follow the stock is $4.77. This value represents a 14.94% increase compared to the same quarter last year. In the past year MA has beat the expectations every quarter. The highest one was in the 1st calendar quarter where they beat the consensus by 4.55%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for MA is 28.70 vs. an industry ratio of 25.30, implying that they will have a higher earnings growth than their competitors in the same industry.
Bristol-Myers Squibb Company (BMY)is reporting for the quarter ending June 30, 2026. The biomedical (gene) company's consensus earnings per share forecast from the 8 analysts that follow the stock is $1.59. This value represents a 8.90% increase compared to the same quarter last year. In the past year BMY has beat the expectations every quarter. The highest one was in the 1st calendar quarter where they beat the consensus by 9.72%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for BMY is 10.03 vs. an industry ratio of -10.80, implying that they will have a higher earnings growth than their competitors in the same industry.
Altria Group (MO)is reporting for the quarter ending June 30, 2026. The tobacco company's consensus earnings per share forecast from the 4 analysts that follow the stock is $1.50. This value represents a 4.17% increase compared to the same quarter last year. MO missed the consensus earnings per share in the 4th calendar quarter of 2025 by -0.76%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for MO is 13.13 vs. an industry ratio of 17.90.
Sanofi (SNY)is reporting for the quarter ending June 30, 2026. The large cap pharmaceutical company's consensus earnings per share forecast from the 4 analysts that follow the stock is $1.10. This value represents a 22.22% increase compared to the same quarter last year. SNY missed the consensus earnings per share in the 2nd calendar quarter of 2025 by -6.25%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for SNY is 9.18 vs. an industry ratio of 19.50.
Southern Company (SO)is reporting for the quarter ending June 30, 2026. The electric power utilities company's consensus earnings per share forecast from the 6 analysts that follow the stock is $1.00. This value represents a 9.89% increase compared to the same quarter last year. SO missed the consensus earnings per share in the 4th calendar quarter of 2025 by -1.79%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for SO is 21.13 vs. an industry ratio of 19.00, implying that they will have a higher earnings growth than their competitors in the same industry.
Trane Technologies plc (TT)is reporting for the quarter ending June 30, 2026. The technology services company's consensus earnings per share forecast from the 4 analysts that follow the stock is $4.27. This value represents a 10.05% increase compared to the same quarter last year. In the past year TT has beat the expectations every quarter. The highest one was in the 1st calendar quarter where they beat the consensus by 3.95%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for TT is 31.57 vs. an industry ratio of 10.20, implying that they will have a higher earnings growth than their competitors in the same industry.
KKR & Co. Inc. (KKR)is reporting for the quarter ending June 30, 2026. The finance/investment management company's consensus earnings per share forecast from the 6 analysts that follow the stock is $1.27. This value represents a 27.00% increase compared to the same quarter last year. Zacks Investment Research reports that the 2026 Price to Earnings ratio for KKR is 18.53 vs. an industry ratio of 14.70, implying that they will have a higher earnings growth than their competitors in the same industry.
Valero Energy Corporation (VLO)is reporting for the quarter ending June 30, 2026. The oil refining company's consensus earnings per share forecast from the 5 analysts that follow the stock is $9.87. This value represents a 332.89% increase compared to the same quarter last year. In the past year VLO has beat the expectations every quarter. The highest one was in the 1st calendar quarter where they beat the consensus by 37.46%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for VLO is 8.16 vs. an industry ratio of 1.60, implying that they will have a higher earnings growth than their competitors in the same industry.
Quanta Services, Inc. (PWR)is reporting for the quarter ending June 30, 2026. The engineering company's consensus earnings per share forecast from the 7 analysts that follow the stock is $3.03. This value represents a 34.67% increase compared to the same quarter last year. In the past year PWR has beat the expectations every quarter. The highest one was in the 1st calendar quarter where they beat the consensus by 34.66%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for PWR is 45.97 vs. an industry ratio of 9.80, implying that they will have a higher earnings growth than their competitors in the same industry.
Intercontinental Exchange Inc. (ICE)is reporting for the quarter ending June 30, 2026. The securities exchange company's consensus earnings per share forecast from the 7 analysts that follow the stock is $1.84. This value represents a 1.66% increase compared to the same quarter last year. In the past year ICE has beat the expectations every quarter. The highest one was in the 1st calendar quarter where they beat the consensus by 3.52%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for ICE is 19.07 vs. an industry ratio of 22.80.
Enterprise Products Partners L.P. (EPD)is reporting for the quarter ending June 30, 2026. The oil/gas company's consensus earnings per share forecast from the 5 analysts that follow the stock is $0.74. This value represents a 12.12% increase compared to the same quarter last year. Zacks Investment Research reports that the 2026 Price to Earnings ratio for EPD is 13.18 vs. an industry ratio of 5.40, implying that they will have a higher earnings growth than their competitors in the same industry.
The Cigna Group (CI)is reporting for the quarter ending June 30, 2026. The hmo company's consensus earnings per share forecast from the 6 analysts that follow the stock is $7.58. This value represents a 5.28% increase compared to the same quarter last year. In the past year CI has beat the expectations every quarter. The highest one was in the 1st calendar quarter where they beat the consensus by 2.23%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for CI is 9.91 vs. an industry ratio of 20.10.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Pre-Market Earnings Report for July 30, 2026 : MA, BMY, MO, SNY, SO, TT, KKR, VLO, PWR, ICE, EPD, CI

Cboe Global Markets, Inc. CBOE is expected to witness an improvement in its top and bottom lines when it reports second-quarter 2026 results on July 31, before market open.
The Zacks Consensus Estimate for CBOE’s second-quarter revenues is pegged at $708.5 million, indicating a 20.6% increase from the year-ago reported figure.
The consensus estimate for earnings is pegged at $3.45 per share. The Zacks Consensus Estimate for CBOE’s second-quarter earnings has moved 5.8% north in the past 30 days. The estimate suggests a year-over-year decrease of 40.2%.
CBOE’s Solid Earnings Surprise History
CBOE’s earnings beat the Zacks Consensus Estimate in the trailing four quarters, the average surprise being 5.35%.
What the Zacks Model Unveils for Cboe Global
Our proven model predicts an earnings beat for CBOE this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. That is the case here, as you can see below.
You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Earnings ESP: CBOE has an Earnings ESP of +0.77%. This is because the Most Accurate Estimate of $3.48 is pegged higher than the Zacks Consensus Estimate of $3.45.
Cboe Global Markets, Inc. Price and EPS Surprise
Zacks Rank: CBOE currently has a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Factors Likely to Shape CBOE’s Q2 Results
Solid growth in index options, along with higher transaction and clearing fees, access and capacity charges, market data revenues and regulatory fees, is likely to support Cboe Global Markets’ second-quarter results.
Derivatives Markets revenues are expected to have benefited from increased transaction and clearing fees, driven by stronger trading volumes across Cboe’s options exchanges. Its performance is likely to have received additional support from robust activity in proprietary products, including VIX futures and VIX and SPX options, as well as healthy growth in multi-listed options trading. However, lower regulatory fees may have partially offset these gains.
Cboe Data Vantage revenues are likely to have improved on higher access and capacity fees and proprietary market data revenues. Increased customer demand for logical and physical ports across the Options, North American Equities, and Europe and Asia Pacific segments is likely to have boosted connectivity-related revenues. Market data fees are also expected to have benefited from solid demand across these businesses.
Net transaction and clearing fees are likely to have gained from higher Cboe European Equities matched average daily notional value, Global FX average daily notional value and Cboe Clear Europe net settlement volumes.
Continued share repurchases are also expected to have supported second-quarter earnings per share.
CBOE’s Price Performance & Valuation
The stock has outperformed the industry, but underperformed its sector and the S&P 500 in the second quarter of 2026.
Image Source: Zacks Investment Research
The stock is trading at a forward 12-month price-to-earnings value of 21.27X, higher than the industry average of 20.54. CBOE is cheap compared to Nasdaq NDAQ but expensive compared to Intercontinental Exchange ICE.
Image Source: Zacks Investment Research
Investment Thesis
Cboe Global Markets holds a dominant position in the U.S. listed options market through its ownership of multiple options exchanges, consistently maintaining the industry's leading market share.
The company has also built a diversified business through acquisitions and international expansion. Cboe Global is further strengthening its long-term growth profile through strategic acquisitions and investments that expand its global footprint, product portfolio and capital markets infrastructure. The company is also investing in digital assets, carbon markets and next-generation trading technologies while introducing innovative derivatives products to meet evolving client demand.
At the same time, management is optimizing its portfolio and cost structure. The company has agreed to divest its Canada and Australia exchanges and expects these actions to reduce adjusted operating expenses in 2026, improving overall efficiency.
The company's disciplined capital allocation supports strategic investments while maintaining a strong balance sheet and robust free cash flow generation.
How to Play CBOE Stock
A diversified business mix with recurring revenues, accelerated growth banking on recurring non-transaction revenues, use of technology and prudent buyouts poise CBOE well for growth. Its VGM Score of A instills confidence.
Given affordable valuation, solid growth projections and optimistic analyst sentiment, it’s time to add this stock to one’s portfolio.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Should CBOE Stock Be in Your Portfolio Ahead of Q2 Earnings?

Intercontinental Exchange Inc. ICE is expected to register an improvement in both top and bottom lines when it reports second-quarter 2026 results on July 30, before the market opens.
The Zacks Consensus Estimate for ICE’s second-quarter revenues is pegged at $2.63 billion, indicating 3.3% growth from the year-ago reported figure.
The consensus estimate for earnings is pegged at $1.84 per share. The Zacks Consensus Estimate for ICE’s second-quarter earnings has moved down 7.1% over the past 30 days. The estimate suggests a year-over-year increase of 1.7%.
What the Zacks Model Unveils for ICE
Our proven model does not predict an earnings beat for Intercontinental Exchange this time around. This is because the stock does not have the right combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold), which increases the chances of an earnings beat.
Earnings ESP: Intercontinental Exchange has an Earnings ESP of 0.00%. This is because the Most Accurate Estimate of $1.84 per share is pegged the same as the Zacks Consensus Estimate. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Intercontinental Exchange Inc. Price and EPS Surprise
Zacks Rank: ICE has a Zacks Rank #4 (Sell) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Factors Likely to Shape Q2 Results of ICE
ICE’s second-quarter results are likely to benefit from continued strong trends across fixed-income data and analytics and accelerating growth in other data and network services businesses. Continued demand for high-value proprietary data offerings is likely to have added to the upside.
Fixed Income and Data Services revenues are likely to have gained from continued momentum in fixed income data and analytics products, pricing and reference data, index offerings and data network services. Strong demand for proprietary data solutions, expanding index assets under management (AUM) and growth in ICE Global Network and desktop analytics are expected to have supported the segment's performance. The Zacks Consensus Estimate for Fixed Income and Data Services revenues is pegged at $850 million.
Higher trading volumes in interest rate, energy and commodity futures and options markets, along with solid cash equities activity, listing revenues and continued growth in market data and connectivity services, are expected to drive the Exchange segment. The Zacks Consensus Estimate for the Exchange segment revenues is pinned at $1.4 billion.
The Mortgage Technology segment is expected to benefit from higher digital mortgage adoption, improving origination volumes, contractual price increases, new client implementations, increased Encompass loan volumes, growth in Closing Solutions and continued strength in eNote registrations. Management's comments regarding an improved sales pipeline and operational efficiencies are also expected to support results. The Zacks Consensus Estimate for the segment’s revenues is pegged at $545.6 million.
Expenses are likely to have increased owing to higher compensation and benefits, professional expenses, acquisition-related transaction costs, and technology and communication costs. Continued investments in AI capabilities, technology infrastructure and innovation initiatives are also expected to have elevated operating costs during the to-be-reported quarter.
For the second quarter of 2026, GAAP operating expenses are expected to be in the range of $1.28-$1.29 billion. Non-operating expense is anticipated to be between $160 million and $165 million.
ICE reported a 0.5% decrease in second-quarter average daily volume (ADV). Total Agriculture & Metals ADV improved 36% year over year, while total Financials ADV increased 22% in the second quarter. Total Equity Indices ADV increased 8% year over year.
Stocks to Consider
Here are some 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.
Cboe Global Markets, Inc. CBOE has an Earnings ESP of +0.77% and a Zacks Rank of 2 at present. The Zacks Consensus Estimate for second-quarter 2026 earnings is pegged at $3.45 per share, implying an increase of 40.2% from the year-ago reported figure.
CBOE’s earnings beat estimates in each of the last four reported quarters.
Prudential Financial Inc. PRU has an Earnings ESP of +0.45% and a Zacks Rank #3 at present. The Zacks Consensus Estimate for second-quarter 2026 earnings is pegged at $3.39, indicating a 5.3% year-over-year decrease.
PRU’s earnings beat estimates in three of the last four reported quarters.
Skyward Specialty Insurance Group, Inc. SKWD has an Earnings ESP of +1.39% and a Zacks Rank #3 at present. The Zacks Consensus Estimate for second-quarter 2026 earnings is pegged at $1.15, indicating a year-over-year increase of 29.2%.
SKWD’s earnings beat estimates in each of the last four reported quarters
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Is a Beat in Store for Intercontinental Exchange This Q2 Earnings?

For Immediate Release
Chicago, IL – July 28, 2026 – Today, Zacks Equity Research discusses CME Group CME, Intercontinental Exchange ICE, Nasdaq Inc. NDAQ and Cboe Global Markets CBOE.
Industry: Securities & Exchanges
Link: https://www.zacks.com/commentary/2961412/4-securities-exchanges-stocks-to-watch-despite-intense-competition
A compelling and diversified product portfolio helps drive the revenues of Zacks Securities and Exchanges industry players. A rise in trading volumes, product expansion through prudent acquisitions and the increased adoption of a greater number of crypto assets are expected to benefit CME Group, Intercontinental Exchange, Nasdaq Inc. and Cboe Global Markets.
Increased focus on accelerating their non-trading revenue base, which comprises market technology, listing and information revenues, infuses dynamism in the business profile of the industry players. The industry is also witnessing increased retail trading. However, alterations in investment patterns and priorities and compliance with regulations pose challenges. With the increasing digitization of financial markets, cyber threats and data breaches continue to pose serious risks.
Mergers and acquisitions are gaining momentum across the industry, with companies leveraging strategic partnerships and acquisitions to fuel growth and innovation. These initiatives help unlock new markets, protect domestic market share, diversify product offerings and reinforce trading platforms. Deloitte observes that exchanges are increasingly embracing consolidation to adapt to rapidly changing technological, regulatory and competitive environments.
About the Industry
The Zacks Securities and Exchanges industry comprises companies that operate electronic marketplaces, which facilitate the buying and selling of stocks, stock options and bonds or commodity contracts. They facilitate trading across a diverse range of products in multiple asset classes and geographies. The companies generate revenues from fees received from the listed companies on their exchanges.
They also provide a range of data and listing services to global financial and commodity markets, including pricing and reference data, exchange data, analytics, feeds, index services, investments, risk management, desktops, and connectivity solutions, as well as corporate and ETF listing services, on the cash equity exchanges. The industry is witnessing increased adoption of crypto assets. Yet, industry players have to comply with a number of regulations, resulting in challenges
4 Trends Shaping the Future of the Securities and Exchanges Industry
Volatility Fueling Trading Volume: Industry revenues primarily come from trade execution, clearing and settlement, listings and trading technology. Elevated volatility typically increases trading volumes and transaction-based fees. A supportive cryptocurrency backdrop, driven by broader adoption and lighter regulation, could further strengthen activity. Exchanges are also investing in tokenization, stablecoins and digital payments to connect traditional finance with blockchain markets. Technavio expects the global securities exchanges market to reach $49.6 billion by 2028, reflecting a 12.1% CAGR. However, declining volatility could reduce trading activity and pressure transaction revenues.
Intense Competition: Traditional exchanges face growing competition from alternative trading systems, off-exchange market makers, newly launched exchanges and digital-asset platforms. These rivals compete aggressively through lower fees, liquidity incentives, faster execution and specialized products. As trading activity spreads across more venues, liquidity fragmentation can reduce the market share and pricing power of established exchanges while increasing the cost and complexity of maintaining competitive technology and connectivity.
Diversification Into Other Recurring Revenue Sources: Securities exchanges are increasingly focusing on recurring revenues to lower reliance on unpredictable trading-driven income. With market volumes often fluctuating, stable revenue streams from data services, listings, clearing, and technology platforms offer consistent cash flows and stronger earnings stability. These revenues also support growth by addressing rising demand for market data, compliance, ESG offerings and digital asset infrastructure.
The players are strengthening their presence in the evolving landscape and thereby enhancing scalability and margins. Increasing focus on accelerating the non-trading revenue base also infuses dynamism in the business profiles of the industry participants. In fact, exchanges are focusing on market data monetization and earning more from data feeds and analytics.
Continuous Investment in Technology, AI in Particular: Industry players are intensifying technology investments to enhance competitiveness and adaptability. There is growing emphasis on creating strategic market models through advanced tools, especially AI, while continually upgrading products and services. Exchanges are increasingly leveraging AI and blockchain to strengthen efficiency and resilience.
Recent advancements use machine learning, automation and algorithms to improve trading accuracy, reduce cyber threats and limit human errors, thereby accelerating trading speed. Moreover, industry players are focusing on automating non-trading operations, which significantly contribute to revenue generation and support sustainable long-term growth.
Zacks Industry Rank Indicates Bleak Prospects
The Zacks Securities and Exchanges industry is housed within the broader Zacks Finance sector. It carries a Zacks Industry Rank #208, which places it in the bottom 16% of the 247 Zacks industries.
The group’s Zacks Industry Rank, which is basically the average of the Zacks Rank of all the member stocks, reflects dull near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperforms the bottom 50% by a factor of more than 2 to 1.
The industry’s positioning in the bottom 50% of the Zacks-ranked industries is a result of a negative earnings outlook for the constituent companies in aggregate. Looking at the aggregate earnings estimate revisions, it appears that analysts have been losing confidence in this group’s earnings growth potential. Estimates for 2026 have decreased 1.7% since April.
Before we present a few securities and exchanges stocks worth considering for your portfolio, let’s take a look at the industry’s recent stock-market performance and valuation picture.
Industry Underperforms Sector and S&P 500
The Zacks Securities and Exchanges industry has underperformed the broader Zacks Finance sector as well as the Zacks S&P 500 composite year to date.
The industry has lost 11.5% against the broader sector’s increase of 6.1% and the Zacks S&P 500 composite’s rise of 7.6% in the said time frame.
Industry's Current Valuation
On the basis of trailing 12-month price-to-earnings (P/E), which is commonly used for valuing exchange stocks, the industry is currently trading at 20.08X compared with the S&P 500’s 20.22X and the sector’s 16.58X.
Over the last five years, the industry has traded as high as 29.62X, as low as 17.59X and at the median of 24.19X.
4 Securities and Exchanges Stocks to Keep An Eye On
We are presenting one Zacks Rank #2 (Buy) stock and three Zacks Rank #3 (Hold) stocks from the Securities and Exchange industry. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Nasdaq: Headquartered in New York, Nasdaq is a leading provider of trading, clearing, marketplace technology, regulatory, securities listing, information, and public and private company services. Its strategy of accelerating its non-trading revenue base, successfully maximizing opportunities as a technology and analytics provider, growing core marketplace businesses and intensifying its focus on Market Technology and Information Services businesses should continue to drive this Zacks Rank #2 stock.
The Zacks Consensus Estimate for 2026 and 2027 earnings per share indicates an increase of 15.8% and 13.2%, respectively, year over year. NDAQ came up with a four-quarter average earnings surprise of 5.67%. The expected long-term earnings growth rate is pegged at 16%, better than the industry average of 12.7%. The consensus mark for 2026 and 2027 earnings has moved 3.9% and 4.8% north, respectively, in the past 30 days.
Cboe Global Markets: Based in Chicago, IL, Cboe Global is one of the largest stock exchange operators by volume in the United States and globally for ETP trading. This Zacks Rank #3 stock is poised for growth, given its expanding product line across asset classes, broadening geographic reach and a diversifying business mix with recurring revenues and technology.
The Zacks Consensus Estimate for the company’s 2026 and 2027 EPS indicates a year-over-year increase of 28% and 5.8%, respectively. The expected long-term earnings growth rate is pegged at 18.9%, better than the industry average. The consensus mark for 2026 and 2027 earnings has moved 1.6% north each, respectively, in the past 30 days. It came up with a four-quarter average earnings surprise of nearly 5.35%.
CME Group: Headquartered in Chicago, IL, CME Group is the largest futures exchange in the world in terms of trading volume as well as notional value traded. Its efforts to expand future products in emerging markets, non-transaction-related opportunities, OTC offerings, cross-selling through alliances, global presence and liquidity should drive growth.
The Zacks Consensus Estimate for 2026 and 2027 EPS indicates a year-over-year increase of 9.6% and 4.7%, respectively. This Zacks Rank #3 company came up with a four-quarter average earnings surprise of 1.27%. The expected long-term earnings growth rate is pegged at 6.7%. The consensus mark for 2026 and 2027 earnings has moved 0.8% and 0.3% north, respectively, in the past seven days.
Intercontinental Exchange: This Atlanta, GA-based company is a leading global operator of regulated exchanges, clearing houses and listings venues and a provider of data services for commodity, financial, fixed-income and equity markets. Its compelling portfolio, expansive risk-management services, strategic buyouts and a solid balance sheet bode well. It is the second-largest global fixed-income provider. This Zacks Rank #3 company, with the largest mortgage network across the United States, remains well-positioned to benefit from accelerated digitization in the U.S. residential mortgage industry.
The Zacks Consensus Estimate for the company’s 2026 and 2027 EPS indicates a year-over-year increase of 15.3% and 8.9%, respectively. It came up with a four-quarter average earnings surprise of 3.44%. The expected long-term earnings growth rate is pegged at 12%.
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
Beyond Nvidia: AI's Second Wave Is Here
The AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. AI’s second wave is moving from infrastructure to implementation and these companies are at the forefront of this transition, positioned to become what Amazon and Google were to the internet era.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Zacks Industry Outlook Highlights CME Group, Intercontinental Exchange, Nasdaq and Cboe Global Markets

A compelling and diversified product portfolio helps drive the revenues of Zacks Securities and Exchanges industry players. A rise in trading volumes, product expansion through prudent acquisitions and the increased adoption of a greater number of crypto assets are expected to benefit CME Group CME, Intercontinental Exchange ICE, Nasdaq Inc. NDAQ and Cboe Global Markets CBOE. Increased focus on accelerating their non-trading revenue base, which comprises market technology, listing and information revenues, infuses dynamism in the business profile of the industry players. The industry is also witnessing increased retail trading. However, alterations in investment patterns and priorities and compliance with regulations pose challenges. With the increasing digitization of financial markets, cyber threats and data breaches continue to pose serious risks.
Mergers and acquisitions are gaining momentum across the industry, with companies leveraging strategic partnerships and acquisitions to fuel growth and innovation. These initiatives help unlock new markets, protect domestic market share, diversify product offerings and reinforce trading platforms. Deloitte observes that exchanges are increasingly embracing consolidation to adapt to rapidly changing technological, regulatory and competitive environments.
About the Industry
The Zacks Securities and Exchanges industry comprises companies that operate electronic marketplaces, which facilitate the buying and selling of stocks, stock options and bonds or commodity contracts. They facilitate trading across a diverse range of products in multiple asset classes and geographies. The companies generate revenues from fees received from the listed companies on their exchanges. They also provide a range of data and listing services to global financial and commodity markets, including pricing and reference data, exchange data, analytics, feeds, index services, investments, risk management, desktops, and connectivity solutions, as well as corporate and ETF listing services, on the cash equity exchanges. The industry is witnessing increased adoption of crypto assets. Yet, industry players have to comply with a number of regulations, resulting in challenges
4 Trends Shaping the Future of the Securities and Exchanges Industry
Volatility Fueling Trading Volume: Industry revenues primarily come from trade execution, clearing and settlement, listings and trading technology. Elevated volatility typically increases trading volumes and transaction-based fees. A supportive cryptocurrency backdrop, driven by broader adoption and lighter regulation, could further strengthen activity. Exchanges are also investing in tokenization, stablecoins and digital payments to connect traditional finance with blockchain markets. Technavio expects the global securities exchanges market to reach $49.6 billion by 2028, reflecting a 12.1% CAGR. However, declining volatility could reduce trading activity and pressure transaction revenues.
Intense Competition: Traditional exchanges face growing competition from alternative trading systems, off-exchange market makers, newly launched exchanges and digital-asset platforms. These rivals compete aggressively through lower fees, liquidity incentives, faster execution and specialized products. As trading activity spreads across more venues, liquidity fragmentation can reduce the market share and pricing power of established exchanges while increasing the cost and complexity of maintaining competitive technology and connectivity.
Diversification Into Other Recurring Revenue Sources: Securities exchanges are increasingly focusing on recurring revenues to lower reliance on unpredictable trading-driven income. With market volumes often fluctuating, stable revenue streams from data services, listings, clearing, and technology platforms offer consistent cash flows and stronger earnings stability. These revenues also support growth by addressing rising demand for market data, compliance, ESG offerings and digital asset infrastructure. The players are strengthening their presence in the evolving landscape and thereby enhancing scalability and margins. Increasing focus on accelerating the non-trading revenue base also infuses dynamism in the business profiles of the industry participants. In fact, exchanges are focusing on market data monetization and earning more from data feeds and analytics.
Continuous Investment in Technology, AI in Particular: Industry players are intensifying technology investments to enhance competitiveness and adaptability. There is growing emphasis on creating strategic market models through advanced tools, especially AI, while continually upgrading products and services. Exchanges are increasingly leveraging AI and blockchain to strengthen efficiency and resilience. Recent advancements use machine learning, automation and algorithms to improve trading accuracy, reduce cyber threats and limit human errors, thereby accelerating trading speed. Moreover, industry players are focusing on automating non-trading operations, which significantly contribute to revenue generation and support sustainable long-term growth.
Zacks Industry Rank Indicates Bleak Prospects
The Zacks Securities and Exchanges industry is housed within the broader Zacks Finance sector. It carries a Zacks Industry Rank #208, which places it in the bottom 16% of the 247 Zacks industries.
The group’s Zacks Industry Rank, which is basically the average of the Zacks Rank of all the member stocks, reflects dull near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperforms the bottom 50% by a factor of more than 2 to 1.
The industry’s positioning in the bottom 50% of the Zacks-ranked industries is a result of a negative earnings outlook for the constituent companies in aggregate. Looking at the aggregate earnings estimate revisions, it appears that analysts have been losing confidence in this group’s earnings growth potential. Estimates for 2026 have decreased 1.7% since April.
Before we present a few securities and exchanges stocks worth considering for your portfolio, let’s take a look at the industry’s recent stock-market performance and valuation picture.
Industry Underperforms Sector and S&P 500
The Zacks Securities and Exchanges industry has underperformed the broader Zacks Finance sector as well as the Zacks S&P 500 composite year to date.
The industry has lost 11.5% against the broader sector’s increase of 6.1% and the Zacks S&P 500 composite’s rise of 7.6% in the said time frame.
Year-to-Date Price Performance
Industry's Current Valuation
On the basis of trailing 12-month price-to-earnings (P/E), which is commonly used for valuing exchange stocks, the industry is currently trading at 20.08X compared with the S&P 500’s 20.22X and the sector’s 16.58X.
Over the last five years, the industry has traded as high as 29.62X, as low as 17.59X and at the median of 24.19X, as the chart below shows.
12-Month Forward Price-to-Earnings (P/E) Ratio
12-Month Forward Price-to-Earnings (P/E) Ratio
4 Securities and Exchanges Stocks to Keep An Eye On
We are presenting one Zacks Rank #2 (Buy) stock and three Zacks Rank #3 (Hold) stocks from the Securities and Exchange industry. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Nasdaq: Headquartered in New York, Nasdaq is a leading provider of trading, clearing, marketplace technology, regulatory, securities listing, information, and public and private company services. Its strategy of accelerating its non-trading revenue base, successfully maximizing opportunities as a technology and analytics provider, growing core marketplace businesses and intensifying its focus on Market Technology and Information Services businesses should continue to drive this Zacks Rank #2 stock.
The Zacks Consensus Estimate for 2026 and 2027 earnings per share indicates an increase of 15.8% and 13.2%, respectively, year over year. NDAQ came up with a four-quarter average earnings surprise of 5.67%. The expected long-term earnings growth rate is pegged at 16%, better than the industry average of 12.7%. The consensus mark for 2026 and 2027 earnings has moved 3.9% and 4.8% north, respectively, in the past 30 days.
Price and Consensus: NDAQ
Cboe Global Markets: Based in Chicago, IL, Cboe Global is one of the largest stock exchange operators by volume in the United States and globally for ETP trading. This Zacks Rank #3 stock is poised for growth, given its expanding product line across asset classes, broadening geographic reach and a diversifying business mix with recurring revenues and technology.
The Zacks Consensus Estimate for the company’s 2026 and 2027 EPS indicates a year-over-year increase of 28% and 5.8%, respectively. The expected long-term earnings growth rate is pegged at 18.9%, better than the industry average. The consensus mark for 2026 and 2027 earnings has moved 1.6% north each, respectively, in the past 30 days. It came up with a four-quarter average earnings surprise of nearly 5.35%.
Price and Consensus: CBOE
CME Group: Headquartered in Chicago, IL, CME Group is the largest futures exchange in the world in terms of trading volume as well as notional value traded. Its efforts to expand future products in emerging markets, non-transaction-related opportunities, OTC offerings, cross-selling through alliances, global presence and liquidity should drive growth.
The Zacks Consensus Estimate for 2026 and 2027 EPS indicates a year-over-year increase of 9.6% and 4.7%, respectively. This Zacks Rank #3 company came up with a four-quarter average earnings surprise of 1.27%. The expected long-term earnings growth rate is pegged at 6.7%. The consensus mark for 2026 and 2027 earnings has moved 0.8% and 0.3% north, respectively, in the past seven days.
Price and Consensus: CME
Intercontinental Exchange: This Atlanta, GA-based company is a leading global operator of regulated exchanges, clearing houses and listings venues and a provider of data services for commodity, financial, fixed-income and equity markets. Its compelling portfolio, expansive risk-management services, strategic buyouts and a solid balance sheet bode well. It is the second-largest global fixed-income provider. This Zacks Rank #3 company, with the largest mortgage network across the United States, remains well-positioned to benefit from accelerated digitization in the U.S. residential mortgage industry.
The Zacks Consensus Estimate for the company’s 2026 and 2027 EPS indicates a year-over-year increase of 15.3% and 8.9%, respectively. It came up with a four-quarter average earnings surprise of 3.44%. The expected long-term earnings growth rate is pegged at 12%.
Price and Consensus: ICE
Zacks' Research Chief Names "Stock Most Likely to Double"
Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

4 Securities & Exchanges Stocks to Watch Despite Intense Competition

Wall Street analysts forecast that IntercontinentalExchange (ICE) will report quarterly earnings of $1.84 per share in its upcoming release, pointing to a year-over-year increase of 1.7%. It is anticipated that revenues will amount to $2.63 billion, exhibiting an increase of 3.3% compared to the year-ago quarter.
Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 2% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.
Before a company announces its earnings, it is essential to take into account any changes made to earnings estimates. This is a valuable factor in predicting the potential reactions of investors toward the stock. Empirical research has consistently shown a strong correlation between trends in earnings estimate revisions and the short-term price performance of a stock.
While investors typically use consensus earnings and revenue estimates as indicators of quarterly business performance, exploring analysts' projections for specific key metrics can offer valuable insights.
Given this perspective, it's time to examine the average forecasts of specific ICE metrics that are routinely monitored and predicted by Wall Street analysts.
Analysts forecast 'Revenues- Exchanges Segment (less transaction-based)' to reach $1.45 billion. The estimate points to a change of +32.1% from the year-ago quarter.
Analysts predict that the 'Revenues- Fixed Income and Data Services Segment' will reach $850.12 million. The estimate indicates a year-over-year change of +42.4%.
According to the collective judgment of analysts, 'Revenues- Mortgage Technology Segment- Servicing software' should come in at $220.39 million. The estimate indicates a year-over-year change of +0.2%.
Based on the collective assessment of analysts, 'Revenues- Mortgage Technology Segment- Data and analytics' should arrive at $73.43 million. The estimate indicates a change of +11.3% from the prior-year quarter.
Analysts' assessment points toward 'Average Daily Volume of contracts traded (ADV) in Lots - Energy futures and options' reaching 4.93 million. Compared to the current estimate, the company reported 5.52 million in the same quarter of the previous year.
Analysts expect 'Average Daily Volume of contracts traded (ADV) in Lots - Financial futures and options' to come in at 5.21 million. Compared to the present estimate, the company reported 4.08 million in the same quarter last year.
The collective assessment of analysts points to an estimated 'Average Daily Volume of contracts traded (ADV) in Lots - Total Futures & Options' of 10.74 million. The estimate is in contrast to the year-ago figure of 10.06 million.
The consensus estimate for 'Average Daily Volume of contracts traded (ADV) in Lots - Agricultural and metals futures and options' stands at 591.48 thousand. The estimate is in contrast to the year-ago figure of 459.00 thousand.
It is projected by analysts that the 'Number of contracts traded - Total' will reach 614 . The estimate compares to the year-ago value of 627 .
The consensus among analysts is that 'Number of contracts traded - Financial futures and options' will reach 305 . The estimate compares to the year-ago value of 257 .
The combined assessment of analysts suggests that 'Number of contracts traded - Agricultural and metals futures and options' will likely reach 37 . Compared to the current estimate, the company reported 28 in the same quarter of the previous year.
The average prediction of analysts places 'Number of contracts traded - Energy futures and options' at 272 . The estimate compares to the year-ago value of 342 .
View all Key Company Metrics for ICE here>>>
Shares of ICE have experienced a change of +17.7% in the past month compared to the +0.8% move of the Zacks S&P 500 composite. With a Zacks Rank #3 (Hold), ICE is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
Zacks' Research Chief Names "Stock Most Likely to Double"
Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.
This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.
Free: See Our Top Stock And 4 Runners Up
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

ICE (ICE) Q2 Earnings Preview: What You Should Know Beyond the Headline Estimates

In the latest look at the underlying components of the S&P 500 ordered by largest market capitalization, Emerson Electric Co. (Symbol: EMR) has taken over the #144 spot from Intercontinental Exchange Inc (Symbol: ICE), according to The Online Investor.
Market capitalization is an important data point for investors to keep an eye on, for various reasons. The most basic reason is that it gives a true comparison of the value attributed by the stock market to a given company's stock. Many beginning investors look at one stock trading at $10 and another trading at $20 and mistakenly think the latter company is worth twice as much — that of course is a completely meaningless comparison without knowing how many shares of each company exist. But comparing market capitalization (factoring in those share counts) creates a true "apples-to-apples" comparison of the value of two stocks. In the case of Emerson Electric Co. (Symbol: EMR), the market cap is now $81.16 billion, versus Intercontinental Exchange Inc (Symbol: ICE) at $80.99 billion.
Below is a chart of Emerson Electric Co. versus Intercontinental Exchange Inc plotting their respective size rank within the S&P 500 over time (EMR plotted in blue; ICE plotted in green):
Below is a three month price history chart comparing the stock performance of EMR vs. ICE:
Another reason market capitalization is important is where it places a company in terms of its size tier in relation to peers — much like the way a mid-size sedan is typically compared to other mid-size sedans (and not SUV's). This can have a direct impact on which mutual funds and ETFs are willing to own the stock. For instance, a mutual fund that is focused solely on Large Cap stocks may for example only be interested in those companies sized $10 billion or larger. Another illustrative example is the S&P MidCap index which essentially takes the S&P 500 index and "tosses out" the biggest 100 companies so as to focus solely on the 400 smaller "up-and-comers" (which in the right environment can outperform their larger rivals). So a company's market cap, especially in relation to other companies, carries great importance, and for this reason we at The Online Investor find value to putting together these rankings daily.
Examine the full EMR market cap history vs. the full ICE market cap history.
At the closing bell, EMR is up about 2%, while ICE is up about 1.9% on the day Friday.
Further EMR Research:
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Emerson Electric Takes Over #144 Spot From Intercontinental Exchange

The market expects CBOE Global (CBOE) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.
The earnings report, which is expected to be released on July 31, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on theearnings call it's worth handicapping the probability of a positive EPS surprise.
Zacks Consensus Estimate
This holding company for the Chicago Board Options Exchange is expected to post quarterly earnings of $3.41 per share in its upcoming report, which represents a year-over-year change of +38.6%.
Revenues are expected to be $708.54 million, up 20.6% from the year-ago quarter.
Estimate Revisions Trend
The consensus EPS estimate for the quarter has been revised 0.9% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.
Price, Consensus and EPS Surprise
Earnings Whisper
Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for CBOE?
For CBOE, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +1.83%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination indicates that CBOE will most likely beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?
Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that CBOE would post earnings of $3.37 per share when it actually produced earnings of $3.70, delivering a surprise of +9.79%.
Over the last four quarters, the company has beaten consensus EPS estimates four times.
Bottom Line
An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
CBOE appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Expected Results of an Industry Player
Another stock from the Zacks Securities and Exchanges industry, IntercontinentalExchange (ICE), is soon expected to post earnings of $1.84 per share for the quarter ended June 2026. This estimate indicates a year-over-year change of +1.7%. Revenues for the quarter are expected to be $2.63 billion, up 3.3% from the year-ago quarter.
The consensus EPS estimate for ICE has been revised 2% lower over the last 30 days to the current level. However, an equal Most Accurate Estimate has resulted in an Earnings ESP of 0.00%.
This Earnings ESP, combined with its Zacks Rank #3 (Hold), makes it difficult to conclusively predict that ICE will beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Should You Invest in Cboe Global Markets, Inc. (CBOE)?
Before you invest in Cboe Global Markets, Inc. (CBOE), want to know the best stocks to buy for the next 30 days? Check out Zacks Investment Research for our free report on the 7 best stocks to buy.
Zacks Investment Research has been committed to providing investors with tools and independent research since 1978. For more than a quarter century, the Zacks Rank stock-rating system has more than doubled the S&P 500 with an average gain of +24.08% per year. (These returns cover a period from January 1, 1988 through May 6, 2024.)
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

CBOE Global (CBOE) Reports Next Week: Wall Street Expects Earnings Growth

Nasdaq, Inc. NDAQ reported second-quarter 2026 non-GAAP earnings of $1.07 per share, up 25% year over year. The figure beat the Zacks Consensus Estimate of 98 cents by 9.18%.
Net revenues increased 15% to $1.5 billion and topped the consensus estimate of $1.4 billion by 3.87%. Growth was broad-based across all three divisions. Annualized recurring revenues rose 11% to $3.3 billion and organic ARR growth reached 12%.
Nasdaq, Inc. Price, Consensus and EPS Surprise
NDAQ Solutions Revenues Gain Momentum
Solutions revenues advanced 17% year over year to $1.16 billion, representing 77% of net revenues. The increase reflected strength across Capital Access Platforms and Financial Technology, with adjusted and organic growth also coming in at 17%.
Annualized SaaS revenues reached $1.23 billion, up 12% on a reported basis and 15% organically. SaaS represented 38% of annualized recurring revenues, underscoring the rising contribution from subscription-based offerings. The recurring mix also provided a steadier complement to transaction-sensitive market revenues.
Nasdaq Capital Access Benefits From Index Strength
Capital Access Platforms revenues climbed 19% to $621 million or 18% on an adjusted basis. Index revenues surged 38% to $271 million, or 35% after excluding a one-time contract modification benefit. Data and Listing Services revenues increased 10% to $217 million, while Workflow and Insights revenues rose 5% to $133 million.
Index exchange-traded product assets under management ended the quarter at $1.11 trillion. Net inflows totaled $51 billion in the quarter and $109 billion over the trailing 12 months. Nasdaq also launched 34 new index products and welcomed seven of the 10 largest operating-company IPOs during the period.
NDAQ Financial Technology Posts Broad-Based Growth
Financial Technology revenues rose 16% to $539 million and increased 15% organically. Financial Crime Management Technology revenues grew 22%, Regulatory Technology gained 15%, and Capital Markets Technology advanced 15% on a reported basis. Financial Technology ARR increased 16% to $1.870 billion.
The division signed 58 new clients, seven cross-sells and 107 upsells. Nasdaq Verafin added 47 small- and medium-sized bank clients and six enterprise deals, while its Agentic AI Workforce expanded to 750 clients. Calypso also broadened its reach to more than 70 countries through new client activity.
Nasdaq Market Services Sets Revenue Record
Market Services net revenues increased 11% to a record $340 million. U.S. equity derivatives trading revenues were $123 million, while U.S. cash equity trading revenues reached $128 million. European cash equity trading contributed $32 million, and U.S. tape plan revenues were $33 million.
Nasdaq held a 29.1% matched share in U.S. multi-listed options and a 14.7% matched share in U.S.-listed cash equities. Its share in Nordic and Baltic cash equities was 74.5%. The Closing Cross also handled record notional values during the Russell reconstitution and June Triple Witch events.
NDAQ Margins Expand as Cash Flow Supports Returns
Non-GAAP operating income rose 19% to $859 million. The non-GAAP operating margin expanded 200 basis points to 57%, as revenue growth outpaced the 10% increase in non-GAAP operating expenses to $641 million. Higher compensation, marketing and technology investments drove the expense increase.
Cash flow from operations totaled $711 million. Nasdaq returned $174 million through dividends and $356 million through share repurchases, while repaying $162 million of debt. Cash and cash equivalents were $520 million at quarter-end, and long-term debt was $8.5 billion.
Nasdaq Raises Expense Outlook for 2026
Nasdaq updated its 2026 non-GAAP operating expense guidance to a range of $2.530 billion to $2.570 billion. The revised outlook reflects higher compensation tied to revenue execution, increased marketing costs amid a stronger IPO environment and continued technology investments.
The company maintained its non-GAAP tax rate guidance in the range of 22.5% to 24.5%. Strategic activity included agreements to sell Nasdaq Fund Secondaries and acquire Dasseti, an AI-powered due diligence platform that will be integrated into eVestment. Nasdaq also advanced tokenized collateral capabilities through Calypso on the Canton Network.
Zacks Rank
NDAQ currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of an Industry Player
CME Group's CME second-quarter 2026 adjusted earnings of $2.99 per share beat the Zacks Consensus Estimate of $2.91 by 2.7%. The bottom line increased 1% from the year-ago quarter. Revenues of $1.70 billion surpassed the consensus estimate of $1.68 billion by 1.2% and rose 1% year over year.
Average daily volume (ADV) totaled 29.8 million contracts, representing the company's third-highest quarterly ADV.
Management expects full-year adjusted operating expenses, excluding license fees, of approximately $1.695 billion and capital expenditures, net of leasehold improvement allowances, of roughly $85 million.
Upcoming Releases
Cboe Global Markets, Inc. CBOE is set to release second-quarter 2026 earnings on July 31. The Zacks Consensus Estimate for second-quarter earnings per share is pegged at $3.41, indicating an increase of 38.6% from the year-ago reported figure.
CBOE delivered an earnings surprise in each of the last four reported quarters.
Intercontinental Exchange Inc. ICE is set to release second-quarter 2026 earnings on July 30. The Zacks Consensus Estimate for second-quarter earnings is pegged at $1.84 per share, indicating an increase of 1.7% from the year-ago reported figure.
ICE delivered an earnings surprise in each of the last four reported quarters.
Zacks' Research Chief Names "Stock Most Likely to Double"
Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.
This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.
Free: See Our Top Stock And 4 Runners Up
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

NDAQ Q2 Earnings Beat Estimates on Index and FinTech Growth

Cboe Global Markets' CBOE revenue growth is being driven by structural market trends, product innovation and an increasingly diversified business model. The company’s revenues have risen by approximately 25% over the past two years, reflecting strength across multiple business lines. Unlike traditional exchanges that rely primarily on cash equity trading, Cboe generates revenues from options, equities, futures, foreign exchange, digital assets and market data.
Its options franchise remains the largest growth engine. Strong institutional demand for SPX and VIX index options for portfolio hedging, income generation and volatility management continues to drive transaction and clearing revenues, while periods of elevated market volatility provide an additional boost to trading activity.
Cboe Global is also expanding its base of recurring, non-transaction revenues through market data, connectivity and access services. These high-margin businesses benefit from growing demand from quantitative firms, algorithmic traders and institutional investors for proprietary market data, making revenues less dependent on trading volumes.
International expansion further strengthens the outlook. Acquisitions across Europe, Canada, Australia and Japan have broadened CBOE’s customer base and created cross-selling opportunities, while investments in foreign exchange and digital asset infrastructure position the company to capture emerging institutional demand.
Although trading activity is inherently cyclical, Cboe Global's increasingly diversified revenue mix provides greater resilience. Growth in recurring revenues, its international operations and continued product innovation reduce reliance on any single business segment. Reflecting these favorable trends, management has raised its outlook and now expects organic net revenue growth in the low double-digit to mid-teens range, compared with its previous guidance of mid-single-digit growth.
What About CBOE’s Peers?
Nasdaq Inc. NDAQ has strengthened its revenue growth profile by expanding beyond exchange trading into financial technology, market data, indexes, and anti-financial crime solutions, building a stable base of recurring subscription revenues. This diversification enables Nasdaq to generate consistent top-line growth despite fluctuations in trading activity and benefit from global demand for its technology platforms.
Intercontinental Exchange ICE has similarly diversified through energy and interest-rate derivatives, mortgage technology and data services. Intercontinental Exchange is steadily increasing recurring revenues from its technology businesses, enhancing revenue visibility. Thus, Intercontinental Exchange remains well-positioned for sustainable long-term revenue growth.
CBOE’s Price Performance
Shares of Cboe Global have lost 0.8% year to date, outperforming the industry, but underperforming sector and S&P 500.
Image Source: Zacks Investment Research
CBOE’s Expensive Valuation
CBOE is currently trading at a forward price-to-earnings multiple of 18.05, lower than the industry average of 18.16.
Image Source: Zacks Investment Research
Estimate Movement for CBOE
The Zacks Consensus Estimate for CBOE’s second and third-quarter 2026 earnings per share (EPS) witnessed no movement in the last seven days. The consensus estimate for 2026 and 2027 earnings has moved 1 cent north each, respectively, in the last seven days.
Image Source: Zacks Investment Research
The consensus estimate for CBOE’s 2026 and 2027 revenues and earnings indicates year-over-year increases.
CBOE stock currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Zacks' Research Chief Names "Stock Most Likely to Double"
Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.
This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.
Free: See Our Top Stock And 4 Runners Up
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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