Subtext

Cboe Global Markets, Inc. CBOE

SectorFinancials
Transcripts56
Date range2011-08-04 – 2025-05-02
Calls charted56

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-18-9+0+9+182011 Q22013 Q12014 Q42016 Q32018 Q22020 Q12021 Q42023 Q32011 Q2 · Overall: +0.22011 Q3 · Overall: +2.92011 Q4 · Overall: +7.12012 Q1 · Overall: +1.62012 Q2 · Overall: +5.02012 Q3 · Overall: -0.72012 Q4 · Overall: +5.42013 Q1 · Overall: +2.52013 Q2 · Overall: +0.12013 Q3 · Overall: -2.42013 Q4 · Overall: -0.82014 Q1 · Overall: +1.32014 Q2 · Overall: -0.12014 Q3 · Overall: -1.02014 Q4 · Overall: +8.02015 Q1 · Overall: +0.32015 Q2 · Overall: +5.72015 Q3 · Overall: +9.62015 Q4 · Overall: -0.42016 Q1 · Overall: +2.02016 Q2 · Overall: +6.62016 Q3 · Overall: +2.12016 Q4 · Overall: +4.22017 Q1 · Overall: +7.02017 Q2 · Overall: +11.62017 Q3 · Overall: +10.82017 Q4 · Overall: +7.62018 Q1 · Overall: +6.92018 Q2 · Overall: +8.62018 Q3 · Overall: -1.02018 Q4 · Overall: +4.82019 Q1 · Overall: -0.52019 Q2 · Overall: +5.42019 Q3 · Overall: +8.82019 Q4 · Overall: +7.22020 Q1 · Overall: -0.42020 Q2 · Overall: +5.82020 Q3 · Overall: +11.82020 Q4 · Overall: +8.82021 Q1 · Overall: +10.32021 Q2 · Overall: +13.32021 Q3 · Overall: +11.42021 Q4 · Overall: +11.42022 Q1 · Overall: +12.82022 Q2 · Overall: +15.42022 Q3 · Overall: +9.62022 Q4 · Overall: +13.82023 Q1 · Overall: +11.12023 Q2 · Overall: +12.02023 Q3 · Overall: +12.12023 Q4 · Overall: +13.52024 Q1 · Overall: +12.72024 Q2 · Overall: +14.92024 Q3 · Overall: +12.02024 Q4 · Overall: +13.92025 Q1 · Overall: +9.6
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-40-20+0+20+402011 Q22013 Q12014 Q42016 Q32018 Q22020 Q12021 Q42023 Q32011 Q2 · CEO: +3.52011 Q3 · CEO: +14.12011 Q4 · CEO: +8.72012 Q1 · CEO: +5.72012 Q2 · CEO: +4.12012 Q3 · CEO: +2.52012 Q4 · CEO: +10.12013 Q1 · CEO: +4.32013 Q2 · CEO: +0.02013 Q3 · CEO: -4.52013 Q4 · CEO: -2.22014 Q1 · CEO: +1.92014 Q2 · CEO: +1.52014 Q3 · CEO: -1.32014 Q4 · CEO: +9.82015 Q1 · CEO: +8.02015 Q2 · CEO: +16.52015 Q3 · CEO: +9.82015 Q4 · CEO: +7.12016 Q1 · CEO: +4.32016 Q2 · CEO: +7.62016 Q3 · CEO: +10.12016 Q4 · CEO: +14.42017 Q1 · CEO: +14.82017 Q2 · CEO: +15.12017 Q3 · CEO: +16.12017 Q4 · CEO: +18.42018 Q1 · CEO: +5.52018 Q2 · CEO: +11.42018 Q3 · CEO: +2.42018 Q4 · CEO: +0.02019 Q1 · CEO: +6.02019 Q2 · CEO: +8.72019 Q3 · CEO: +8.52019 Q4 · CEO: +20.42020 Q1 · CEO: +1.82020 Q2 · CEO: +11.42020 Q3 · CEO: +19.12020 Q4 · CEO: +17.52021 Q1 · CEO: +18.42021 Q2 · CEO: +22.32021 Q3 · CEO: +16.82021 Q4 · CEO: +23.72022 Q1 · CEO: +17.02022 Q2 · CEO: +21.22022 Q3 · CEO: +16.32022 Q4 · CEO: +20.72023 Q1 · CEO: +13.92023 Q2 · CEO: +14.42023 Q3 · CEO: +15.72023 Q4 · CEO: +24.92024 Q1 · CEO: +19.72024 Q2 · CEO: +34.42024 Q3 · CEO: +21.82024 Q4 · CEO: +32.52025 Q1 · CEO: +27.72011 Q2 · CFO: +3.92011 Q3 · CFO: +5.42011 Q4 · CFO: +7.72012 Q1 · CFO: +8.12012 Q2 · CFO: +17.62012 Q3 · CFO: +1.32012 Q4 · CFO: +9.12013 Q1 · CFO: +1.92013 Q2 · CFO: +2.82013 Q3 · CFO: +0.02013 Q4 · CFO: +3.32014 Q1 · CFO: +8.02014 Q2 · CFO: -0.52014 Q3 · CFO: +3.32014 Q4 · CFO: +11.42015 Q1 · CFO: -9.72015 Q2 · CFO: +0.82015 Q3 · CFO: +10.62015 Q4 · CFO: -3.02016 Q1 · CFO: +5.52016 Q2 · CFO: +3.32016 Q3 · CFO: -1.02016 Q4 · CFO: +1.82017 Q1 · CFO: +6.72017 Q2 · CFO: +9.52017 Q3 · CFO: +10.32017 Q4 · CFO: +11.22018 Q1 · CFO: +17.92018 Q2 · CFO: +11.42018 Q3 · CFO: +4.32018 Q4 · CFO: +11.12019 Q1 · CFO: +1.62019 Q2 · CFO: +3.32019 Q3 · CFO: +13.32019 Q4 · CFO: +4.72020 Q1 · CFO: +3.02020 Q2 · CFO: +4.32020 Q3 · CFO: +7.62020 Q4 · CFO: +5.72021 Q1 · CFO: +7.82021 Q2 · CFO: +8.32021 Q3 · CFO: +10.52021 Q4 · CFO: +7.32022 Q1 · CFO: +14.52022 Q2 · CFO: +17.32022 Q3 · CFO: +15.12022 Q4 · CFO: +13.32023 Q1 · CFO: +13.62023 Q2 · CFO: +13.92023 Q3 · CFO: +16.32023 Q4 · CFO: +15.62024 Q1 · CFO: +10.22024 Q2 · CFO: +17.92024 Q3 · CFO: +20.92024 Q4 · CFO: +8.12025 Q1 · CFO: +9.3
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-26-13+0+13+262011 Q22013 Q12014 Q42016 Q32018 Q22020 Q12021 Q42023 Q32011 Q2 · Prepared remarks: +10.02011 Q3 · Prepared remarks: +15.32011 Q4 · Prepared remarks: +8.12012 Q1 · Prepared remarks: +9.62012 Q2 · Prepared remarks: +13.62012 Q3 · Prepared remarks: +4.32012 Q4 · Prepared remarks: +11.42013 Q1 · Prepared remarks: +6.12013 Q2 · Prepared remarks: +5.42013 Q3 · Prepared remarks: +2.82013 Q4 · Prepared remarks: +2.62014 Q1 · Prepared remarks: +4.82014 Q2 · Prepared remarks: -0.32014 Q3 · Prepared remarks: +3.92014 Q4 · Prepared remarks: +11.02015 Q1 · Prepared remarks: +3.92015 Q2 · Prepared remarks: +9.22015 Q3 · Prepared remarks: +12.52015 Q4 · Prepared remarks: +9.22016 Q1 · Prepared remarks: +9.52016 Q2 · Prepared remarks: +7.52016 Q3 · Prepared remarks: +6.22016 Q4 · Prepared remarks: +8.02017 Q1 · Prepared remarks: +7.72017 Q2 · Prepared remarks: +14.32017 Q3 · Prepared remarks: +13.42017 Q4 · Prepared remarks: +18.42018 Q1 · Prepared remarks: +11.02018 Q2 · Prepared remarks: +12.52018 Q3 · Prepared remarks: +6.12018 Q4 · Prepared remarks: +7.82019 Q1 · Prepared remarks: +4.42019 Q2 · Prepared remarks: +3.82019 Q3 · Prepared remarks: +4.12019 Q4 · Prepared remarks: +12.12020 Q1 · Prepared remarks: +0.82020 Q2 · Prepared remarks: +12.82020 Q3 · Prepared remarks: +17.92020 Q4 · Prepared remarks: +15.12021 Q1 · Prepared remarks: +17.72021 Q2 · Prepared remarks: +16.22021 Q3 · Prepared remarks: +18.92021 Q4 · Prepared remarks: +14.92022 Q1 · Prepared remarks: +22.32022 Q2 · Prepared remarks: +22.62022 Q3 · Prepared remarks: +20.02022 Q4 · Prepared remarks: +19.92023 Q1 · Prepared remarks: +15.02023 Q2 · Prepared remarks: +14.92023 Q3 · Prepared remarks: +18.22023 Q4 · Prepared remarks: +19.12024 Q1 · Prepared remarks: +17.62024 Q2 · Prepared remarks: +22.12024 Q3 · Prepared remarks: +19.62024 Q4 · Prepared remarks: +21.22025 Q1 · Prepared remarks: +15.62011 Q2 · Q&A responses: -1.02011 Q3 · Q&A responses: -2.22011 Q4 · Q&A responses: +10.22012 Q1 · Q&A responses: +3.82012 Q2 · Q&A responses: -13.12012 Q3 · Q&A responses: -0.62012 Q4 · Q&A responses: +3.82013 Q1 · Q&A responses: +1.62013 Q2 · Q&A responses: -2.32013 Q3 · Q&A responses: -3.32013 Q4 · Q&A responses: -1.22014 Q1 · Q&A responses: +2.92014 Q2 · Q&A responses: +3.12014 Q3 · Q&A responses: +0.02014 Q4 · Q&A responses: +7.42015 Q1 · Q&A responses: +0.92015 Q2 · Q&A responses: +5.42015 Q3 · Q&A responses: +10.12015 Q4 · Q&A responses: -1.62016 Q1 · Q&A responses: -0.82016 Q2 · Q&A responses: +7.62016 Q3 · Q&A responses: +2.42016 Q4 · Q&A responses: +4.42017 Q2 · Q&A responses: +12.32017 Q3 · Q&A responses: +12.42017 Q4 · Q&A responses: +4.82018 Q1 · Q&A responses: +8.32018 Q2 · Q&A responses: +10.72018 Q3 · Q&A responses: -2.22018 Q4 · Q&A responses: +4.42019 Q1 · Q&A responses: -1.32019 Q2 · Q&A responses: +7.42019 Q3 · Q&A responses: +12.02019 Q4 · Q&A responses: +6.92020 Q1 · Q&A responses: +3.12020 Q2 · Q&A responses: +5.82020 Q3 · Q&A responses: +10.92020 Q4 · Q&A responses: +8.82021 Q1 · Q&A responses: +10.92021 Q2 · Q&A responses: +14.62021 Q3 · Q&A responses: +8.72021 Q4 · Q&A responses: +10.72022 Q1 · Q&A responses: +8.72022 Q2 · Q&A responses: +12.52022 Q3 · Q&A responses: -1.02022 Q4 · Q&A responses: +13.92023 Q1 · Q&A responses: +7.72023 Q2 · Q&A responses: +11.02023 Q3 · Q&A responses: +12.52023 Q4 · Q&A responses: +12.62024 Q1 · Q&A responses: +13.22024 Q2 · Q&A responses: +13.22024 Q3 · Q&A responses: +8.12024 Q4 · Q&A responses: +11.12025 Q1 · Q&A responses: +8.2
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$1.71$5.63$9.552011 Q22013 Q12014 Q42016 Q32018 Q22020 Q12021 Q42023 Q32014 Q1: $2.372014 Q2: $2.382014 Q3: $2.402014 Q4: $2.552015 Q1: $2.422015 Q2: $2.252015 Q3: $2.482015 Q4: $2.592016 Q1: $2.632016 Q2: $2.582016 Q3: $2.582016 Q4: $2.542017 Q1: $3.282017 Q2: $3.632017 Q3: $3.802017 Q4: $4.012018 Q1: $4.672018 Q2: $4.772018 Q3: $4.782018 Q4: $4.952019 Q1: $4.972019 Q2: $4.822019 Q3: $4.952019 Q4: $4.942020 Q1: $5.082020 Q2: $5.192020 Q3: $5.052020 Q4: $4.992021 Q1: $5.172021 Q2: $5.432021 Q3: $5.812021 Q4: $5.992022 Q1: $6.222022 Q2: $6.392022 Q3: $6.622022 Q4: $7.082023 Q1: $7.202023 Q2: $7.372023 Q3: $7.582023 Q4: $8.182024 Q1: $8.552024 Q2: $8.812024 Q3: $9.01

Forward P/E

13.6223.2132.812011 Q22013 Q12014 Q42016 Q32018 Q22020 Q12021 Q42023 Q32014 Q1: 23.742014 Q2: 21.132014 Q3: 23.012014 Q4: 24.622015 Q1: 24.262015 Q2: 26.282015 Q3: 26.722015 Q4: 25.492016 Q1: 25.092016 Q2: 25.022016 Q3: 26.262016 Q4: 30.032017 Q1: 24.452017 Q2: 24.792017 Q3: 27.712017 Q4: 31.492018 Q1: 25.572018 Q2: 21.912018 Q3: 22.372018 Q4: 19.812019 Q1: 19.272019 Q2: 22.062019 Q3: 23.382019 Q4: 23.572020 Q1: 14.942020 Q2: 19.472020 Q3: 17.942020 Q4: 18.122021 Q1: 20.062021 Q2: 21.422021 Q3: 21.322021 Q4: 21.682022 Q1: 18.512022 Q2: 17.162022 Q3: 18.362022 Q4: 17.192023 Q1: 16.992023 Q2: 18.832023 Q3: 20.012023 Q4: 21.822024 Q1: 21.472024 Q2: 19.222024 Q3: 23.38

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2015 Q2 tone ↑ +5.4 fwd EPS ↓ -0.17 Tone rose while the forward EPS estimate was cut.
  • 2015 Q4 tone ↓ -10.0 fwd EPS ↑ +0.11 Tone cooled even as the forward EPS estimate rose.
  • 2016 Q2 tone ↑ +4.6 fwd EPS ↓ -0.06 Tone rose while the forward EPS estimate was cut.
  • 2016 Q4 tone ↑ +2.1 fwd EPS ↓ -0.04 Tone rose while the forward EPS estimate was cut.
  • 2017 Q4 tone ↓ -3.2 fwd EPS ↑ +0.21 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q2 tone ↑ +5.9 fwd EPS ↓ -0.16 Tone rose while the forward EPS estimate was cut.
  • 2020 Q1 tone ↓ -7.6 fwd EPS ↑ +0.14 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q3 tone ↑ +6.0 fwd EPS ↓ -0.14 Tone rose while the forward EPS estimate was cut.
  • 2022 Q3 tone ↓ -5.8 fwd EPS ↑ +0.22 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q1 tone ↓ -2.7 fwd EPS ↑ +0.12 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q3 tone ↓ -2.9 fwd EPS ↑ +0.20 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-05-02+9.6——View →
2024 Q42025-02-07+13.9——View →
2024 Q32024-11-01+12.0$9.0123.4View →
2024 Q22024-08-02+14.9$8.8119.2View →
2024 Q12024-05-03+12.7$8.5521.5View →
2023 Q42024-02-02+13.5$8.1821.8View →
2023 Q32023-11-03+12.1$7.5820.0View →
2023 Q22023-08-04+12.0$7.3718.8View →