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CME Group Q4 Earnings and Revenues Top Estimates, ADV Rises Y/Y
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Key Takeaways
CME posted Q4 EPS of $2.77, beating estimates, while revenues rose 8.1% year over year to $1.6B.
CME revenue growth was driven by higher clearing and transaction fees and 14.5% jump in market data services.
CME achieved a record 27.4M ADV, led by Equities and Metals, while Interest Rate and Forex volumes fell.
CME Group (CME - Free Report) reported fourth-quarter 2025 adjusted earnings per share of $2.77, which beat the Zacks Consensus Estimate by 0.7%. The bottom line improved 9.9% year over year.
Quarterly results reflected improved revenues due to higher clearing and transaction fees and market data and information services as well as higher trading volumes.
Shares gained 0.6% in the pre-market trading session to reflect the outperformance.
CME Group’s revenues of $1.6 billion increased 8.1% year over year. The year-over-year increase was primarily due to higher clearing and transaction fees (up 7.8%) and market data and information services (up 14.5%). The top line beat the Zacks Consensus Estimate by 1.3%.
Total expenses rose 8.8% year over year to $629.1 million, attributable to higher compensation and benefits, technology, professional fees, and outside services, as well as licensing and other fee agreements.
Operating income increased 7.7% from the prior-year quarter to $1 billion.
Average daily volume (ADV) was a record 27.4 million contracts, up 7% year over year. This was due to higher quarterly volumes in Equities and Metals. Agricultural ADV reached 1.8 million contracts, up 2% year on year. Interest Rate and Forex ADV declined 2% and 12%, respectively. The total average rate per contract was 70.7 cents.
Full-Year Highlights
Adjusted earnings were $11.16 per share, up 15.4% year over year. Earnings missed the consensus estimate by 2 cents.
Revenues were a record $6.5 billion, up 6% year over year. Revenues came in line with the consensus estimate.
Operating income was $4.2 billion, up 7.7% year over year.
Financial Update
As of Dec 31, 2025, CME Group had $4.5 billion of cash and marketable securities, up 51.1% from the 2024-end level.
Long-term debt was $3.4 billion, up 27.7% from 2024-end.
As of Dec 31, 2025, CME had shareholders' equity worth $28.7 billion, up 8.5% from the end of 2024.
Capital Deployment
CME Group paid out $3.9 billion in dividends during 2025, taking the payout to $30 billion since the implementation of the variable dividend policy in early 2012.
Nasdaq, Inc. (NDAQ - Free Report) reported fourth-quarter 2025 adjusted earnings per share of 96 cents, beating the Zacks Consensus Estimate by 5.5%. The bottom line improved 26.3% year over year. Nasdaq’s net revenues of $1.4 billion increased 13% year over year. The top line beat the Zacks Consensus Estimate by 1.7%.
Annualized Recurring Revenue (ARR) increased 10% year over year. Annualized SaaS revenues rose 11% and represented 38% of ARR. Organic growth was 13%.
Nasdaq expects 2026 non-GAAP operating expenses to be in the range of $2.455 billion to $2.535 billion.
Upcoming Releases
Cboe Global Markets, Inc. (CBOE - Free Report) is set to release fourth-quarter 2025 earnings on Feb. 6. The Zacks Consensus Estimate for fourth-quarter earnings per share is pegged at $2.81, indicating an increase of 33.8% from the year-ago reported figure.
CBOE delivered an earnings surprise in each of the three reported quarters of 2025.
Intercontinental Exchange Inc. (ICE - Free Report) is set to release fourth-quarter 2025 earnings on Feb. 5. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at $1.67 per share, indicating an increase of 9.8% from the year-ago reported figure.
ICE delivered an earnings surprise in each of the three reported quarters of 2025.
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CME Group Q4 Earnings and Revenues Top Estimates, ADV Rises Y/Y
Key Takeaways
CME Group (CME - Free Report) reported fourth-quarter 2025 adjusted earnings per share of $2.77, which beat the Zacks Consensus Estimate by 0.7%. The bottom line improved 9.9% year over year.
Quarterly results reflected improved revenues due to higher clearing and transaction fees and market data and information services as well as higher trading volumes.
Shares gained 0.6% in the pre-market trading session to reflect the outperformance.
CME Group Inc. Price, Consensus and EPS Surprise
CME Group Inc. price-consensus-eps-surprise-chart | CME Group Inc. Quote
Performance in Detail
CME Group’s revenues of $1.6 billion increased 8.1% year over year. The year-over-year increase was primarily due to higher clearing and transaction fees (up 7.8%) and market data and information services (up 14.5%). The top line beat the Zacks Consensus Estimate by 1.3%.
Total expenses rose 8.8% year over year to $629.1 million, attributable to higher compensation and benefits, technology, professional fees, and outside services, as well as licensing and other fee agreements.
Operating income increased 7.7% from the prior-year quarter to $1 billion.
Average daily volume (ADV) was a record 27.4 million contracts, up 7% year over year. This was due to higher quarterly volumes in Equities and Metals. Agricultural ADV reached 1.8 million contracts, up 2% year on year. Interest Rate and Forex ADV declined 2% and 12%, respectively. The total average rate per contract was 70.7 cents.
Full-Year Highlights
Adjusted earnings were $11.16 per share, up 15.4% year over year. Earnings missed the consensus estimate by 2 cents.
Revenues were a record $6.5 billion, up 6% year over year. Revenues came in line with the consensus estimate.
Operating income was $4.2 billion, up 7.7% year over year.
Financial Update
As of Dec 31, 2025, CME Group had $4.5 billion of cash and marketable securities, up 51.1% from the 2024-end level.
Long-term debt was $3.4 billion, up 27.7% from 2024-end.
As of Dec 31, 2025, CME had shareholders' equity worth $28.7 billion, up 8.5% from the end of 2024.
Capital Deployment
CME Group paid out $3.9 billion in dividends during 2025, taking the payout to $30 billion since the implementation of the variable dividend policy in early 2012.
Zacks Rank
CME Group currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Peer Release
Nasdaq, Inc. (NDAQ - Free Report) reported fourth-quarter 2025 adjusted earnings per share of 96 cents, beating the Zacks Consensus Estimate by 5.5%. The bottom line improved 26.3% year over year. Nasdaq’s net revenues of $1.4 billion increased 13% year over year. The top line beat the Zacks Consensus Estimate by 1.7%.
Annualized Recurring Revenue (ARR) increased 10% year over year. Annualized SaaS revenues rose 11% and represented 38% of ARR. Organic growth was 13%.
Nasdaq expects 2026 non-GAAP operating expenses to be in the range of $2.455 billion to $2.535 billion.
Upcoming Releases
Cboe Global Markets, Inc. (CBOE - Free Report) is set to release fourth-quarter 2025 earnings on Feb. 6. The Zacks Consensus Estimate for fourth-quarter earnings per share is pegged at $2.81, indicating an increase of 33.8% from the year-ago reported figure.
CBOE delivered an earnings surprise in each of the three reported quarters of 2025.
Intercontinental Exchange Inc. (ICE - Free Report) is set to release fourth-quarter 2025 earnings on Feb. 5. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at $1.67 per share, indicating an increase of 9.8% from the year-ago reported figure.
ICE delivered an earnings surprise in each of the three reported quarters of 2025.