CME Group Inc. Reports Fourth Consecutive Year of Record Annual Revenue, Adjusted Operating Income, Adjusted Net Income and Adjusted Earnings Per Share for 2025
Rhea-AI Summary
CME Group (NASDAQ: CME) reported record annual revenue of $6.52 billion for 2025, up 6%, and record annual adjusted operating income, adjusted net income and adjusted EPS. Fourth-quarter 2025 revenue was $1.65 billion, net income was $1.18 billion and diluted EPS was $3.24 (adjusted EPS $2.77).
Highlights include record average daily volume of 28.1 million contracts for 2025, market data revenue of $803.1 million (up 13%), cash of $4.6 billion, debt of $3.4 billion, and dividends paid of $3.9 billion in 2025.
Positive
- Record annual revenue of $6.52B
- Market data revenue +13% to $803.1M
- Record 2025 average daily volume of 28.1M contracts
- Dividends paid of $3.9B in 2025; $30B returned since 2012
Negative
- Long-term debt increased to $3.42B
- Other non-operating expense widened to $4.83B
News Market Reaction
On the day this news was published, CME gained 0.53%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
CME is up 0.79% while key peers ICE, COIN, MCO, NDAQ and SPGI are all down between -4.4% and -8.9%, suggesting today’s strength is stock-specific rather than sector-driven.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 28 | Sponsorship agreement | Positive | +0.6% | Multiyear jersey patch and branding deal with Chicago White Sox. |
| Jan 27 | Volume record | Positive | +0.1% | New single-day record in metals futures and options volumes. |
| Jan 21 | Volume record | Positive | -0.3% | Record natural gas futures and options trading activity. |
| Jan 15 | Volume update | Positive | -1.0% | Record August ADV across multiple asset classes and geographies. |
| Jan 15 | Economic index data | Negative | -1.0% | Ag Economy Barometer and related farm indices declined to low levels. |
Recent CME headlines tied to records and partnerships have generally seen modest price moves, with a mix of aligned and divergent reactions around operationally positive news.
Over the past few weeks, CME has highlighted record activity across metals and natural gas futures, along with a new White Sox jersey sponsorship. These updates, on Jan 21 and Jan 27, 2026, underscored strong contract volumes but produced only small price changes (from -0.30% to +0.55%). Today’s record 2025 revenue and earnings extend that momentum, building on a pattern of operational records and steady, generally modest price responses.
Market Pulse Summary
This announcement details record $6.5 billion in 2025 revenue, record adjusted operating income and adjusted EPS, plus strong Q4 metrics, highlighting robust derivatives and market data demand. Recent news has also featured multiple volume records across asset classes. Investors following CME may focus on how sustainable these activity levels are, the balance between operating and non-operating income, capital returns through dividends, and future product or technology initiatives described by management.
Key Terms
average daily volume technical
non-GAAP financial
central counterparty clearing technical
variable dividend policy financial
performance bonds and guaranty fund contributions financial
forward-looking statements regulatory
Regulation FD regulatory
AI-generated analysis. Not financial advice.
- Record annual revenue of
$6.5 billion 6% - Record annual market data revenue of
$803 million 13%
The company reported revenue of
Total revenue for full-year 2025 was
"Last year, CME Group delivered the best year in our history and our fourth consecutive year of record revenue, adjusted operating income, adjusted net income and adjusted earnings per share," said Terry Duffy, CME Group Chairman and Chief Executive Officer. "In a risk-always-on environment, client demand for our products and services generated record average daily volume of 28.1 million contracts, including
1. A reconciliation of the non-GAAP financial results mentioned to the respective GAAP figures can be found within the Reconciliation of Adjusted Operating Income and Adjusted Net Income and Adjusted Diluted Earnings per Common Share charts at the end of the financial statements. |
Fourth-quarter 2025 average daily volume (ADV) was the all-time highest fourth quarter with 27.4 million contracts, up
Clearing and transaction fees revenue for fourth-quarter 2025 totaled
As of December 31, 2025, the company had approximately
CME Group will hold a Q&A conference call to discuss fourth-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. 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, cryptocurrencies, 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
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. Except as required by the federal securities laws, we undertake no obligation to update any forward-looking statement, release publicly any revisions to any forward-looking statements or report the occurrence of unanticipated events, 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; the resilience of our electronic platforms and the soundness of our business continuity and disaster recovery plans, including in the event of cyberattacks and cyberterrorism or as impacted by a failure of or disruption at one of our suppliers; 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, or facilities provided 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, 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 and existing geopolitical tensions or 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 meeting our regulatory obligations and customer needs without failure or degradation of the performance of our trading and clearing systems; 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 and benefits from our strategy for acquisitions, investments and alliances, strategic partnerships and joint ventures; variances in earnings on cash accounts and collateral that our clearing house holds; 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) | ||||
December 31, 2025 | December 31, 2024 | |||
ASSETS | ||||
Current Assets: | ||||
Cash and cash equivalents | $ 4,416.9 | $ 2,892.4 | ||
Marketable securities | 125.0 | 113.2 | ||
Accounts receivable, net of allowance | 639.2 | 573.1 | ||
Other current assets (includes | 522.1 | 559.4 | ||
Performance bonds and guaranty fund contributions | 159,656.1 | 98,895.4 | ||
Total current assets | 165,359.3 | 103,033.5 | ||
Property, net of accumulated depreciation and amortization | 362.7 | 386.2 | ||
Intangible assets—trading products | 17,175.3 | 17,175.3 | ||
Intangible assets—other, net | 2,610.7 | 2,821.6 | ||
Goodwill | 10,514.7 | 10,486.9 | ||
Other assets | 2,401.5 | 3,543.5 | ||
Total Assets | $ 198,424.2 | $ 137,447.0 | ||
LIABILITIES AND EQUITY | ||||
Current Liabilities: | ||||
Accounts payable | $ 71.8 | $ 79.9 | ||
Short-term debt | — | 749.8 | ||
Other current liabilities | 568.8 | 2,588.8 | ||
Performance bonds and guaranty fund contributions | 159,656.1 | 98,895.4 | ||
Total current liabilities | 160,296.7 | 102,313.9 | ||
Long-term debt | 3,422.3 | 2,678.2 | ||
Deferred income tax liabilities, net | 5,242.2 | 5,246.8 | ||
Other liabilities | 734.8 | 721.2 | ||
Total Liabilities | 169,696.0 | 110,960.1 | ||
CME Group Shareholders' Equity | 28,728.2 | 26,486.9 | ||
Total Liabilities and Equity | $ 198,424.2 | $ 137,447.0 | ||
CME Group Inc. and Subsidiaries | ||||||||||||||||
Consolidated Statements of Income | ||||||||||||||||
(dollars in millions, except per share amounts; shares in thousands) | ||||||||||||||||
Quarter Ended December 31, | Year Ended December 31, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Revenues | ||||||||||||||||
Clearing and transaction fees | $ 1,327.9 | $ 1,232.3 | $ 5,281.1 | $ 4,988.2 | ||||||||||||
Market data and information services | 208.0 | 181.6 | 803.1 | 710.2 | ||||||||||||
Other | 112.8 | 111.4 | 436.4 | 431.7 | ||||||||||||
Total Revenues | 1,648.7 | 1,525.3 | 6,520.6 | 6,130.1 | ||||||||||||
Expenses | ||||||||||||||||
Compensation and benefits | 241.1 | 220.8 | 907.0 | 850.3 | ||||||||||||
Technology | 75.2 | 65.7 | 283.2 | 255.8 | ||||||||||||
Professional fees and outside services | 47.9 | 33.9 | 150.5 | 132.7 | ||||||||||||
Amortization of purchased intangibles | 55.9 | 55.3 | 223.4 | 221.7 | ||||||||||||
Depreciation and amortization | 26.5 | 28.1 | 107.5 | 115.1 | ||||||||||||
Licensing and other fee agreements | 96.6 | 84.0 | 371.0 | 355.4 | ||||||||||||
Other | 85.9 | 90.4 | 248.5 | 267.6 | ||||||||||||
Total Expenses | 629.1 | 578.2 | 2,291.1 | 2,198.6 | ||||||||||||
Operating Income | 1,019.6 | 947.1 | 4,229.5 | 3,931.5 | ||||||||||||
Non-Operating Income (Expense) | ||||||||||||||||
Investment income | 1,776.7 | 936.5 | 5,736.5 | 4,079.1 | ||||||||||||
Interest and other borrowing costs | (43.7) | (40.7) | (173.4) | (160.9) | ||||||||||||
Equity in net earnings (losses) of unconsolidated | 88.2 | 91.2 | 371.7 | 350.9 | ||||||||||||
Other non-operating income (expense) | (1,262.4) | (837.5) | (4,833.8) | (3,659.2) | ||||||||||||
Total Non-Operating Income (Expense) | 558.8 | 149.5 | 1,101.0 | 609.9 | ||||||||||||
Income before Income Taxes | 1,578.4 | 1,096.6 | 5,330.5 | 4,541.4 | ||||||||||||
Income tax provision | 395.5 | 222.0 | 1,258.3 | 1,015.6 | ||||||||||||
Net Income | $ 1,182.9 | $ 874.6 | $ 4,072.2 | $ 3,525.8 | ||||||||||||
Net Income Attributable to Common Shareholders of | $ 1,168.0 | $ 863.7 | $ 4,021.0 | $ 3,481.5 | ||||||||||||
Earnings per Share Attributable to Common Shareholders of CME Group: | ||||||||||||||||
Basic | $ 3.25 | $ 2.40 | $ 11.18 | $ 9.69 | ||||||||||||
Diluted | 3.24 | 2.40 | 11.16 | 9.67 | ||||||||||||
Weighted Average Number of Common Shares: | ||||||||||||||||
Basic | 359,633 | 359,568 | 359,648 | 359,389 | ||||||||||||
Diluted | 360,233 | 360,050 | 360,310 | 359,944 | ||||||||||||
CME Group Inc. and Subsidiaries | ||||||||||||||||
Reconciliation of Adjusted Operating Income | ||||||||||||||||
(dollars in millions) | ||||||||||||||||
Quarter Ended December 31, | Year Ended December 31, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Total Revenues | $ 1,648.7 | $ 1,525.3 | $ 6,520.6 | $ 6,130.1 | ||||||||||||
Real estate-related (costs) credits | — | (0.1) | — | (1.0) | ||||||||||||
Adjusted Total Revenues | $ 1,648.7 | $ 1,525.2 | $ 6,520.6 | $ 6,129.1 | ||||||||||||
Total Expenses | $ 629.1 | $ 578.2 | $ 2,291.1 | $ 2,198.6 | ||||||||||||
Restructuring and severance | (5.8) | (1.0) | (14.8) | (11.3) | ||||||||||||
Deferred compensation(1) | (2.6) | (0.9) | (14.2) | (15.9) | ||||||||||||
Amortization of purchased intangibles | (55.9) | (55.3) | (223.4) | (221.7) | ||||||||||||
Strategic transaction-related (costs) credits | (19.6) | — | (23.6) | (0.8) | ||||||||||||
Real estate-related (costs) credits | (0.7) | — | 6.7 | 1.1 | ||||||||||||
Foreign exchange transaction gains (losses) | (1.0) | (0.7) | (6.1) | (2.9) | ||||||||||||
Unrealized and realized gains (losses) on assets | (0.1) | (0.1) | (0.5) | (0.9) | ||||||||||||
Litigation matters or settlements | — | — | (19.4) | (1.2) | ||||||||||||
Adjusted Total Expenses | $ 543.4 | $ 520.2 | $ 1,995.8 | $ 1,945.0 | ||||||||||||
Operating Income | $ 1,019.6 | $ 947.1 | $ 4,229.5 | $ 3,931.5 | ||||||||||||
Adjusted Operating Income | $ 1,105.3 | $ 1,005.0 | $ 4,524.8 | $ 4,184.1 | ||||||||||||
1. Includes | ||||||||||||||||
CME Group Inc. and Subsidiaries | ||||||||
Reconciliation of Adjusted Net Income and Adjusted Diluted Earnings per Common Share | ||||||||
(dollars in millions, except per share amounts; shares in thousands) | ||||||||
Quarter Ended December 31, | Year Ended December 31, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Net Income | $ 1,182.9 | $ 874.6 | $ 4,072.2 | $ 3,525.8 | ||||
Restructuring and severance | 5.8 | 1.0 | 14.8 | 11.3 | ||||
Amortization of purchased intangibles(1) | 62.7 | 69.0 | 269.9 | 275.9 | ||||
Strategic transaction-related costs(2) | 25.3 | — | 31.8 | 0.8 | ||||
Real estate-related costs (credits) | 0.7 | — | (6.7) | (2.0) | ||||
Foreign exchange transaction (gains) losses | 1.0 | 0.7 | 6.1 | 2.9 | ||||
Unrealized and realized (gains) losses on investments | (349.8) | 8.1 | (343.7) | (3.6) | ||||
Unrealized and realized (gains) losses on assets | 0.1 | 0.1 | 0.5 | 0.9 | ||||
Litigation matters or settlements | — | — | 19.4 | 1.2 | ||||
Income tax effect related to above | 52.7 | (15.9) | 2.9 | (57.2) | ||||
Other income tax items(3) | 29.0 | (18.7) | 20.9 | (16.8) | ||||
Adjusted Net Income | $ 1,010.4 | $ 918.9 | $ 4,088.1 | $ 3,739.2 | ||||
Adjusted Net Income Attributable to Common | $ 997.7 | $ 907.4 | $ 4,036.7 | $ 3,692.2 | ||||
Earnings per Share Attributable to Common Shareholders of CME Group: | ||||||||
Basic | $ 3.25 | $ 2.40 | $ 11.18 | $ 9.69 | ||||
Diluted | 3.24 | 2.40 | 11.16 | 9.67 | ||||
Adjusted Earnings per Share Attributable to Common Shareholders of CME Group: | ||||||||
Basic | $ 2.77 | $ 2.52 | $ 11.22 | $ 10.27 | ||||
Diluted | 2.77 | 2.52 | 11.20 | 10.26 | ||||
Weighted Average Number of Shares: | ||||||||
Basic common shares | 359,633 | 359,568 | 359,648 | 359,389 | ||||
Diluted common shares | 360,233 | 360,050 | 360,310 | 359,944 | ||||
Preferred shares(4) | 4,584 | 4,584 | 4,584 | 4,584 | ||||
1. Includes | ||||||||
2. The values shown above may differ from what is shown in the Reconciliation of Adjusted Operating Income as that schedule does not include adjustment items or portions of items included in non-operating results. | ||||||||
3. Other income tax items include expense recognized for changes in state and local deferred tax rates and for the settlement of various tax audits. | ||||||||
4. Preferred shares have similar rights as common shares without voting rights. | ||||||||
CME Group Inc. and Subsidiaries | ||||||||||
Quarterly Operating Statistics | ||||||||||
4Q 2024 | 1Q 2025 | 2Q 2025 | 3Q 2025 | 4Q 2025 | ||||||
Trading Days | 64 | 61 | 62 | 64 | 64 | |||||
Quarterly Average Daily Volume (ADV)(1) | ||||||||||
CME Group ADV (in thousands) | ||||||||||
Product Line | 4Q 2024 | 1Q 2025 | 2Q 2025 | 3Q 2025 | 4Q 2025 | |||||
Interest rates | 13,244 | 15,029 | 15,472 | 13,378 | 13,010 | |||||
Equity indexes | 6,343 | 7,997 | 7,661 | 6,278 | 7,738 | |||||
Foreign exchange | 969 | 1,149 | 1,096 | 834 | 853 | |||||
Energy | 2,519 | 2,903 | 3,082 | 2,295 | 2,523 | |||||
Agricultural commodities | 1,755 | 1,958 | 1,964 | 1,712 | 1,787 | |||||
Metals | 673 | 732 | 943 | 825 | 1,441 | |||||
Total | 25,503 | 29,768 | 30,217 | 25,322 | 27,353 | |||||
Venue | ||||||||||
CME Globex | 23,684 | 27,732 | 28,097 | 23,418 | 25,542 | |||||
Open outcry | 848 | 881 | 993 | 989 | 816 | |||||
Privately negotiated | 971 | 1,154 | 1,127 | 915 | 995 | |||||
Total | 25,503 | 29,768 | 30,217 | 25,322 | 27,353 | |||||
Quarterly Average Rate Per Contract (RPC)(1) | ||||||||||
CME Group RPC | ||||||||||
Product Line | 4Q 2024 | 1Q 2025 | 2Q 2025 | 3Q 2025 | 4Q 2025 | |||||
Interest rates | $ 0.485 | $ 0.476 | $ 0.481 | $ 0.487 | $ 0.486 | |||||
Equity indexes | 0.658 | 0.624 | 0.635 | 0.652 | 0.611 | |||||
Foreign exchange | 0.778 | 0.762 | 0.772 | 0.841 | 0.847 | |||||
Energy | 1.237 | 1.222 | 1.138 | 1.214 | 1.245 | |||||
Agricultural commodities | 1.359 | 1.376 | 1.435 | 1.423 | 1.427 | |||||
Metals | 1.530 | 1.588 | 1.456 | 1.505 | 1.295 | |||||
Average RPC | $ 0.701 | $ 0.686 | $ 0.690 | $ 0.702 | $ 0.707 | |||||
1. ADV and RPC includes futures and options on futures only. | ||||||||||
CME-G
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