CME
CME Group Inc.272.95
+0.77+0.28%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A reaffirms strength, adds color.
Q&A largely reaffirmed the scripted story of record volumes and innovation, but spotlighted customer resilience amid volatility: open interest steady, all segments growing despite metals margin hikes that propelled silver to new highs. Prediction markets gained new market makers and robust retail partner pipelines, with CME avoiding legal battles if CFTC deems them legal swaps. Management detailed flexible pricing shifts away from annual announcements and confirmed Austro proceeds for buybacks. AI poses no disintermediation risk. Watch prediction adoption and cross-margining launches.
Key Stats
Market Cap
98.43BP/E (TTM)
26.45Basic EPS (TTM)
10.32Dividend Yield
0.02%Recent Filings
10-K
FY2025 results
CME Group posted record FY2025 average daily volume of 28.1 million contracts, up 6% y/y, with clearing and transaction fees rising 6% to $5.3B on stronger interest rates, metals, and energy momentum. Q4 accelerated key trends: metals ADV soared 34% y/y on safe-haven demand, energy up 8%, while electronic trading hit 93% of volume. Cash markets added $284M in fees, buoyed by 21% higher U.S. repo notional. Strong cash generation funded $266M buybacks and robust liquidity with $3.4B debt. Volumes thrive on volatility. Yet global market volatility threatens sustained momentum.
8-K
Record revenue, surging volumes
CME Group posted record 2025 revenue of $6.5 billion, up 6% from 2024, with market data revenue hitting $803 million, up 13%. Q4 revenue reached $1.6 billion on record ADV of 27.4 million contracts, up 7%, while non-U.S. volume grew 9%. Cash stands at $4.6 billion after $3.9 billion in dividends. Volumes crush records.
10-Q
Q3 FY2025 results
CME Group posted Q3 revenues of $1.54B, down 3% y/y yet up solidly 6% YTD to $4.87B, as clearing fees dipped 5% y/y from softer volumes while market data jumped 14% y/y. Operating income held at $973M (63% margin), with expenses ticking up 1%; diluted EPS steady at $2.49 on 360M shares, matching YTD $7.92. Cash from operations hit $3.14B YTD; $2.4B cash backs $3.4B long-term debt (rates 2.65%-5.30%, first due 2028) plus $2.3B revolver availability. Volumes swung on tariff uncertainty and Fed clarity. OSTTRA sale closed October 10 for ~$1.55B proceeds share, eyeing $300M Q4 gain. Rock-solid clearing risk management prevails. Competition heats from new entrants.
8-K
Q3 revenue $1.5B, record data fees
CME Group reported Q3 2025 revenue of $1.5B, down slightly from last year, with operating income at $973M and net income $908M; adjusted net income hit $978M. Clearing fees reached $1.2B at $0.702 average rate per contract, while market data soared to a record $203M. Volumes dipped to second-highest Q3 ADV ever. Cash stands at $2.6B amid $3.4B debt.
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