CME Group Inc. Reports All-Time Record Revenue, Adjusted Operating Income, Adjusted Net Income and Adjusted Earnings Per Share for Q2 2025

Rhea-AI Summary

CME Group (NASDAQ: CME) reported exceptional Q2 2025 financial results with multiple record-breaking metrics. The company achieved record revenue of $1.7 billion, up 10% year-over-year, and record average daily volume (ADV) of 30.2 million contracts, a 16% increase from Q2 2024.

Key financial highlights include operating income of $1.1 billion, net income of $1.0 billion, and adjusted diluted earnings per share of $2.96. The company's performance was notably boosted by a 57% increase in new retail traders, contributing to record Micros ADV of 4.1 million contracts.

As of June 30, 2025, CME Group maintained a strong financial position with $2.2 billion in cash and $3.4 billion of debt. The company has distributed $29.1 billion in dividends since implementing its variable dividend policy in 2012, including approximately $3.0 billion in the first half of 2025.

Positive

• Record revenue of $1.7 billion, up 10% year-over-year
• Record ADV of 30.2 million contracts, 16% increase from Q2 2024
• 57% year-over-year increase in new retail traders
• Record Micros ADV of 4.1 million contracts
• Strong cash position of $2.2 billion
• Substantial shareholder returns with $3.0 billion in dividends paid in H1 2025

Negative

• Interest and borrowing costs increased to $44.0 million from $40.1 million year-over-year
• Operating expenses rose to $562.7 million from $531.9 million in Q2 2024

Insights

Financial Analyst

CME posts stellar Q2 with record revenue, trading volumes, and significant retail trader growth, strengthening its market position.

CME Group delivered exceptional Q2 2025 results across all key metrics. Revenue reached a record $1.7 billion, increasing 10% year-over-year, while average daily volume (ADV) surged to an all-time high of 30.2 million contracts, up 16% from Q2 2024.

Diving into the financials, CME posted operating income of $1.1 billion and net income of $1.0 billion. On an adjusted basis, which provides a clearer picture of operational performance, net income reached $1.1 billion with diluted EPS of $2.96.

The revenue breakdown shows clearing and transaction fees generated $1.4 billion, representing approximately 82% of total revenue. The average rate per contract was $0.690, while market data revenue contributed $198 million, growing 13.2% compared to the previous year.

CME's balance sheet remains robust with $2.2 billion in cash and $3.4 billion in debt as of June 30, 2025. The company continues its strong shareholder return policy, paying approximately $3.0 billion in dividends during the first half of 2025. Since implementing its variable dividend policy in 2012, CME has returned an impressive $29.1 billion to shareholders.

Perhaps most notable is the 57% year-over-year increase in new retail traders, driving record Micros ADV of 4.1 million contracts. This significant expansion of CME's user base demonstrates the company's successful strategy to broaden market accessibility beyond institutional clients, creating a more diverse revenue stream and expanding its market reach.

The record performance occurred across multiple asset classes, indicating CME's diversified product offerings are resonating with clients seeking risk management solutions in various market conditions. With strong execution on both financial metrics and strategic initiatives to expand its customer base, CME Group has positioned itself for continued growth.

• Record revenue of $1.7 billion, up 10% from Q2 2024
• Record average daily volume (ADV) of 30.2 million contracts, up 16% from Q2 2024

CHICAGO, July 23, 2025 /PRNewswire/ -- CME Group Inc. (NASDAQ: CME) today reported financial results for the second quarter of 2025.

The company reported revenue of $1.7 billion and operating income of $1.1 billion for the second quarter of 2025. Net income was $1.0 billion and diluted earnings per common share were $2.81. On an adjusted basis, net income was $1.1 billion and diluted earnings per common share were $2.96. Financial results presented on an adjusted basis for the second quarter of 2025 and 2024 exclude certain items, which are detailed in the reconciliation of non-GAAP results.¹

"Demand for CME Group benchmark futures and options reached an all-time high in Q2 as clients around the globe turned to our markets to manage their business risks across asset classes," said Terry Duffy, CME Group Chairman and Chief Executive Officer. "During the quarter, our average daily volume rose 16% to a record 30.2 million contracts, driving double-digit growth and setting new records for revenue, adjusted operating income, adjusted net income and adjusted earnings per share. Notably, the number of new retail traders at CME Group increased 57% year over year, contributing to record Micros ADV of 4.1 million contracts in Q2 and demonstrating the appeal of our products to a broader base of users."

1. A reconciliation of the non-GAAP financial results mentioned to the respective GAAP figures can be found within the Reconciliation of GAAP to non-GAAP Measures chart at the end of the financial statements and earnings presentation materials.

Clearing and transaction fees revenue for second-quarter 2025 totaled $1.4 billion. The total average rate per contract was $0.690. Market data revenue totaled $198 million for second-quarter 2025.

As of June 30, 2025 the company had $2.2 billion in cash (including $200 million deposited with Fixed Income Clearing Corporation, which is included in other current assets) and $3.4 billion of debt. The company paid dividends during the first six months of the year of approximately $3.0 billion. The company has returned $29.1 billion to shareholders in the form of dividends since the implementation of the variable dividend policy in early 2012.

CME Group will hold a Q&A conference call to discuss second-quarter 2025 results at 8:30 a.m. Eastern Time today. A live audio webcast of the Q&A call will be available on the Investor Relations section of CME Group's website at investor.cmegroup.com under Events & Presentations. An archived recording will be available for up to two months after the call.

As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing. 

CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and, E-mini are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. BrokerTec and EBS are trademarks of BrokerTec Europe LTD and EBS Group LTD, respectively. The S&P 500 Index is a product of S&P Dow Jones Indices LLC ("S&P DJI"). "S&P®", "S&P 500®", "SPY®", "SPX®", US 500 and The 500 are trademarks of Standard & Poor's Financial Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners.

Statements in this press release that are not historical facts are forward-looking statements.  These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or implied in any forward-looking statements. We want to caution you not to place undue reliance on any forward-looking statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the factors that might affect our performance are increasing competition by foreign and domestic entities, including increased competition from new entrants into our markets and consolidation of existing entities; our ability to keep pace with rapid technological developments, including our ability to complete the development, implementation and maintenance of the enhanced functionality required by our customers while maintaining reliability and ensuring that such technology is not vulnerable to security risks; our ability to continue introducing innovative and competitive new products and services on a timely, cost-effective basis, including through our electronic trading capabilities, and derive revenues that are commensurate with our efforts and expectations, and our ability to maintain the competitiveness of our existing products and services; our ability to adjust our fixed costs and expenses if our revenues decline; our ability to manage variable costs relating to CME Group's transition to the Google Cloud and minimize duplicative costs during the transition between maintaining the on-premise environment and the Google Cloud environment; our ability to maintain existing customers at substantially similar trading levels, develop strategic relationships and attract new customers; our ability to expand and globally offer our products and services; changes in regulations, including the impact of any changes in laws or government policies with respect to our products or services or our industry, such as any changes to regulations and policies that require increased financial and operational resources from us or our customers, as well as the impact of tariffs and tax policy changes and the related uncertainty thereof, restrictions on our ability to offer CME Group products and services in specific geographies or to specific customers or limitations or changes in underlying/physical product flows across geographies; the costs associated with protecting our intellectual property rights and our ability to operate our business without violating the intellectual property rights of others; decreases in revenue from our market data as a result of decreased demand or changes to regulations in various jurisdictions; changes in our rate per contract due to shifts in the mix of the products traded, the trading venue and the mix of customers (whether the customer receives member or non-member fees or participates in one of our various incentive programs) and the impact of our tiered pricing structure; the ability of our credit and liquidity risk management practices to adequately protect us from the credit risks of clearing members and other counterparties, and to satisfy the margin and liquidity requirements associated with the BrokerTec matched principal business; the ability of our compliance and risk management programs to effectively monitor and manage our risks, including our ability to prevent errors and misconduct and protect our infrastructure against security breaches and misappropriation of our intellectual property assets; our dependence on third-party providers and exposure to risk through third parties, including risks related to the performance, reliability and security of technology used by our third-party providers and third-party providers that our clients and third-parties rely on; our reliance on third-party distribution partners, including independent software vendors (ISVs), Futures Commission Merchants (FCMs), introducing brokers, broker-dealers around the world, regulatory reporting and data distributors and platform operators, and other partners, for facilitating trading and for market data information, and potential impacts from changes in their business models and priorities; volatility in commodity, equity and fixed income prices, and price volatility of financial benchmarks and instruments such as interest rates, equity indices, fixed income instruments and foreign exchange rates; economic, social, political and market conditions, including new or existing geopolitical  conflicts, the volatility of the capital and credit markets and the impact of economic conditions on the trading activity of our current and potential customers; our ability to accommodate increases in contract volume and market data and order transaction traffic across the entire trade cycle and the ability to implement enhancements without failure or degradation of the performance of our trading and clearing systems and meeting our regulatory reporting obligations; our ability to execute our growth strategy and maintain our growth effectively; our ability to manage the risks, control the costs and achieve the synergies associated with our strategy for acquisitions, investments and alliances, including those associated with the performance of our joint ventures with S&P Dow Jones (S&P Dow Jones Indices LLC) in index services, our primary business and distribution partners' actions and our partnership with Google Cloud, including our ability to manage the successful implementation of our agreements with Google and our data center partners; variances in earnings on cash accounts and collateral that our clearing house holds for its clients; impact of CME Group pricing/fee level and structure and incentive changes; impact of aggregation services and internalization on trade flow and volumes; any negative financial impacts from changes to the terms of intellectual property and index rights; our ability to continue to generate funds and/or manage our indebtedness to allow us to continue to invest in our business; industry, channel partner and customer consolidation and/or concentration; decreases in trading and clearing activity; the imposition of a transaction tax or user fee on futures and options transactions and/or repeal of the 60/40 tax treatment of such transactions; increases in effective tax rates, borrowing costs, or changes in tax policy; our ability to maintain our brand and reputation; and the unfavorable resolution of material legal proceedings.  For a detailed discussion and additional information concerning these and other factors that might affect our performance, see our other recent periodic filings, including our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission ("SEC") on February 27, 2025, under the caption "Risk Factors".

CME Group Inc. and Subsidiaries
Consolidated Balance Sheets
(in millions)
		June 30, 2025		December 31, 2024
ASSETS
Current Assets:
Cash and cash equivalents		$                 1,981.3		$                  2,892.4
Marketable securities		117.6		113.2
Accounts receivable, net of allowance		667.6		573.1
Other current assets (includes $6.5 and $6.3 in restricted cash)		525.6		559.4
Performance bonds and guaranty fund contributions		142,158.0		98,895.4
Total current assets		145,450.1		103,033.5
Property, net of accumulated depreciation and amortization		362.9		386.2
Intangible assets—trading products		17,175.3		17,175.3
Intangible assets—other, net		2,728.5		2,821.6
Goodwill		10,523.9		10,486.9
Other assets		3,666.3		3,543.5
Total Assets		$             179,907.0		$              137,447.0
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable		$                      92.3		$                       79.9
Short-term debt		—		749.8
Other current liabilities		544.5		2,588.8
Performance bonds and guaranty fund contributions		142,158.0		98,895.4
Total current liabilities		142,794.8		102,313.9
Long-term debt		3,420.4		2,678.2
Deferred income tax liabilities, net		5,232.6		5,246.8
Other liabilities		720.2		721.2
Total Liabilities		152,168.0		110,960.1
Total CME Group Shareholders' Equity		27,739.0		26,486.9
Total Liabilities and Equity		$             179,907.0		$              137,447.0

 

CME Group Inc. and Subsidiaries
Consolidated Statements of Income
(dollars in millions, except per share amounts; shares in thousands)
		Quarter Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Revenues
Clearing and transaction fees		$   1,388.0		$   1,249.9		$  2,725.3		$  2,458.8
Market data and information services		198.1		175.0		392.6		350.4
Other		105.9		107.6		216.4		211.2
Total Revenues		1,692.0		1,532.5		3,334.3		3,020.4
Expenses
Compensation and benefits		221.6		204.7		428.3		410.7
Technology		70.9		64.1		136.6		123.5
Professional fees and outside services		37.4		34.7		65.9		67.8
Amortization of purchased intangibles		56.1		55.5		111.3		110.7
Depreciation and amortization		27.3		28.7		54.6		58.8
Licensing and other fee agreements		96.2		85.9		192.8		173.8
Other		53.2		58.3		107.5		114.9
Total Expenses		562.7		531.9		1,097.0		1,060.2
Operating Income		1,129.3		1,000.6		2,237.3		1,960.2
Non-Operating Income (Expense)
Investment income		1,518.4		1,044.5		2,411.1		2,115.8
Interest and other borrowing costs		(44.0)		(40.1)		(85.7)		(80.0)
Equity in net earnings of unconsolidated subsidiaries		99.0		86.4		187.2		173.6
Other non-operating income (expense)		(1,372.4)		(936.9)		(2,174.8)		(1,901.7)
Total Non-Operating Income (Expense)		201.0		153.9		337.8		307.7
Income before Income Taxes		1,330.3		1,154.5		2,575.1		2,267.9
Income tax provision		305.2		271.3		593.8		529.5
Net Income		$   1,025.1		$       883.2		$  1,981.3		$  1,738.4
Net Income Attributable to Common Shareholders of CME Group		$   1,012.2		$       872.1		$  1,956.4		$  1,716.5
Earnings per Share Attributable to Common Shareholders of CME Group:
Basic		$         2.81		$         2.43		$        5.44		$        4.78
Diluted		2.81		2.42		5.43		4.77
Weighted Average Number of Common Shares:
Basic		359,658		359,330		359,636		359,294
Diluted		360,355		359,869		360,297		359,852

 

CME Group Inc. and Subsidiaries
Reconciliation of GAAP to non-GAAP Measures
(dollars in millions, except per share amounts; shares in thousands)
		Quarter Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Net Income		$    1,025.1		$       883.2		$  1,981.3		$  1,738.4
Restructuring and severance		1.4		0.8		2.5		3.6
Amortization of purchased intangibles(1)		69.4		68.9		137.6		137.6
Strategic transaction-related costs (credits)		2.8		(1.1)		2.8		0.8
Real estate-related costs (credits)		(8.1)		(1.0)		(8.1)		(1.0)
Foreign exchange transaction (gains) losses		3.6		(0.3)		5.9		(2.1)
Unrealized and realized (gains) losses on investments		—		(9.2)		6.5		(11.7)
Unrealized and realized (gains) losses on assets		0.4		—		0.4		0.8
Litigation matters or settlements		7.6		—		10.9		—
Income tax effect related to above		(15.5)		(11.0)		(31.6)		(25.0)
Other income tax items(2)		(7.3)		1.9		(8.9)		1.9
Adjusted Net Income		$    1,079.4		$       932.2		$  2,099.3		$  1,843.3
Adjusted Net Income Attributable to Common Shareholders of CME Group		$    1,065.8		$       920.4		$  2,072.9		$  1,820.1
Earnings per Share Attributable to Common Shareholders of CME Group:
Basic		$         2.81		$         2.43		$       5.44		$       4.78
Diluted		2.81		2.42		5.43		4.77
Adjusted Earnings per Share Attributable to Common Shareholders of CME Group:
Basic		$         2.96		$         2.56		$       5.76		$       5.07
Diluted		2.96		2.56		5.75		5.06
Weighted Average Number of Common Shares:
Basic		359,658		359,330		359,636		359,294
Diluted		360,355		359,869		360,297		359,852
Preferred shares(3)		4,584		4,584		4,584		4,584

1. Includes $10.8 million and $21.3 million of amortization of purchased intangibles (net of tax) at OSTTRA and $2.5 million and $4.9 million of amortization of purchased intangibles at S&P Dow Jones Indices LLC in the second quarter and first six months of 2025. This is reported in Equity in net earnings of unconsolidated subsidiaries on the Consolidated Statements of Income.

2. Other income tax items in the second quarter of 2025 includes $7.2 million of benefits resulting from the recognition of a deferred tax asset related to the investment in the OSTTRA joint venture.

3. Preferred shares have similar rights as common shares without voting rights.

 

CME Group Inc. and Subsidiaries
Quarterly Operating Statistics
		2Q 2024		3Q 2024		4Q 2024		1Q 2025		2Q 2025
Trading Days		63		64		64		61		62

 

Quarterly Average Daily Volume (ADV)(1)
CME Group ADV (in thousands)
Product Line		2Q 2024		3Q 2024		4Q 2024		1Q 2025		2Q 2025
Interest rates		12,894		14,881		13,244		15,029		15,472
Equity indexes		6,779		7,407		6,343		7,997		7,661
Foreign exchange		1,075		1,089		969		1,149		1,096
Energy		2,447		2,571		2,519		2,903		3,082
Agricultural commodities		1,877		1,614		1,755		1,958		1,964
Metals		868		728		673		732		943
Total		25,941		28,289		25,503		29,768		30,217
Venue
CME Globex		24,143		26,199		23,684		27,732		28,097
Open outcry		825		1,096		848		881		993
Privately negotiated		974		994		971		1,154		1,127
Total		25,941		28,289		25,503		29,768		30,217

 

Quarterly Average Rate Per Contract (RPC)(1)
CME Group RPC
Product Line		2Q 2024		3Q 2024		4Q 2024		1Q 2025		2Q 2025
Interest rates		$          0.484		$          0.468		$          0.485		$          0.476		$          0.481
Equity indexes		0.628		0.616		0.658		0.624		0.635
Foreign exchange		0.754		0.744		0.778		0.762		0.772
Energy		1.297		1.246		1.237		1.222		1.138
Agricultural commodities		1.366		1.346		1.359		1.376		1.435
Metals		1.511		1.540		1.530		1.588		1.456
Average RPC		$          0.708		$          0.666		$          0.701		$          0.686		$          0.690

1. ADV and RPC includes futures and options on futures only.

CME-G

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SOURCE CME Group

FAQ

What were CME Group's Q2 2025 earnings highlights?

CME Group reported record revenue of $1.7 billion, net income of $1.0 billion, and adjusted earnings per share of $2.96. The company achieved record ADV of 30.2 million contracts.

How much did CME Group's trading volume grow in Q2 2025?

CME Group's average daily volume increased 16% to 30.2 million contracts, reaching an all-time high in Q2 2025.

How much has CME Group returned to shareholders through dividends?

CME Group has returned $29.1 billion to shareholders through dividends since 2012, including $3.0 billion in the first half of 2025.

What was CME Group's retail trading growth in Q2 2025?

CME Group saw a 57% year-over-year increase in new retail traders, contributing to record Micros ADV of 4.1 million contracts.

What is CME Group's current financial position?

As of June 30, 2025, CME Group had $2.2 billion in cash and $3.4 billion of debt.