Cboe Global Markets (BATS:CBOE) held its annual meeting of stockholders virtually, with shareholders approving the company’s director nominees, executive compensation proposal and auditor ratification while rejecting a shareholder proposal seeking the right to act by written consent.
William Farrow, non-executive chairman of the board, presided over the meeting and introduced the company’s director nominees and senior executives. He also thanked Alex Maturi, who did not stand for re-election as a director, for his service to Cboe.
Shareholders Vote on Four Proposals
Shareholders voted on four proposals: the election of directors, a non-binding resolution on executive compensation, the ratification of KPMG LLP as the company’s independent registered public accounting firm for fiscal 2026 and a shareholder proposal regarding the right to act by written consent.
Farrow said the board recommended votes in favor of the director nominees, executive compensation and auditor ratification proposals, and recommended a vote against the shareholder proposal.
John Chevedden, a shareholder and private investor, presented the written-consent proposal. He argued that shareholders should be able to act by written consent as a way to put forward matters without waiting for an annual meeting. Chevedden said the existing right to call a special meeting, which requires support from 25% of outstanding shares, was “unattainable” based on historical experience.
Farrow said management recommended shareholders vote against the proposal and referred investors to the proxy statement for the board’s explanation.
Cboe Highlights 2025 Results and 2026 Momentum
During the business update portion of the meeting, Cboe reported record net revenue of $2.4 billion for 2025, up 17% year over year. The company also said adjusted diluted earnings per share rose 24% to $10.67.
The company said the results were supported by double-digit net revenue growth in every major category. Its derivatives category grew 22% in 2025, driven by strong volumes in multi-listed and proprietary index options products. Cboe Data Vantage grew 10% year over year, while cash and spot markets increased 15%, supported by robust industry volumes.
The company also said momentum continued into 2026, with Cboe reporting record quarterly results for the first quarter.
Strategic Realignment and Growth Priorities
Cboe said it has made progress on its strategic plan following a strategic review and adoption of a more rigorous financial framework. The company said it announced a strategic realignment to prioritize investment in core businesses that drive earnings.
As part of that shift, Cboe said it has exited non-core activities, optimized resource allocation and initiated the sale of its Canadian and Australian businesses. The company said it reached definitive agreements to sell both businesses last month.
Looking ahead, Cboe said it plans to allocate resources more effectively, including adding talent in emerging areas and increasing investments in financial and economic event markets, tokenized products and clearing services in Europe and the United States.
The company also said it intends to strengthen regional sales, marketing and investor education to bring products, innovations and market expertise closer to customers globally.
Question on Analyst Views
During the shareholder question-and-answer portion, Ken Hill, senior vice president of finance and treasurer, grouped two questions asking about analyst views, including Barclays trimming its price target in March 2026 and UBS maintaining a neutral stance. The questions asked whether future growth had already been priced into Cboe’s share price.
The company declined to comment on specific analyst reports or the stock price, noting that roughly 15 to 20 analysts cover Cboe. It said it continues to see “very strong macroeconomic” and “very strong secular” trends supporting growth across its core businesses. The company also emphasized its focus on optimizing core operations, delivering long-term shareholder value and expanding into areas such as event contracts, tokenized financial instruments and clearing capabilities.
Preliminary Voting Results
Sexton reported preliminary voting results from the Inspector of Elections. More than 94% of shares cast voted in favor of each director nominee, and all nominees were elected to serve as directors. More than 92% of shares cast supported the non-binding executive compensation resolution.
More than 99% of shares represented at the meeting voted to ratify KPMG as Cboe’s independent registered public accounting firm for fiscal 2026.
The shareholder proposal on the right to act by written consent was rejected, with more than 57% of shares cast voting against it. Sexton said final voting results will be reported in a Form 8-K filing within four business days.
About Cboe Global Markets (BATS:CBOE)
Cboe Global Markets, Inc, through its subsidiaries, operates as an options exchange worldwide. It operates through six segments: Options, North American Equities, Europe and Asia Pacific, Futures, Global FX, and Digital. The Options segment trades in listed market indices. The North American Equities segment trades in listed U.S. and Canadian equities. This segment also offers exchange-traded products (ETP) transaction and listing services. The Europe and Asia Pacific segment provides pan-European listed equities and derivatives transaction services, ETPs, exchange-traded commodities, and international depository receipts, as well as ETP listings and clearing services.
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