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CME Group's Q1 Earnings and Revenues Miss Estimates, ADV Rises Y/Y
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Key Takeaways
CME Q1 2026 adjusted EPS of $3.36 and revenues of $1.88B missed consensus estimates.
CME average daily volume hit 36.2M contracts, up 22% Y/Y, driven by heavier client activity.
CME clearing and transaction fees rose to $1.54B. Market data revenues grew to $224.1M.
CME Group (CME - Free Report) delivered first-quarter 2026 adjusted earnings per share of $3.36, up 20% from the year-ago quarter’s $2.80. The bottom line was just shy of the Zacks Consensus Estimate of $3.37, a miss of 0.3%.
Revenues rose 14% year over year to $1.9 billion but missed the consensus mark of $1.914 billion by 1.8%. The quarter’s standout driver was heavier client activity, with average daily volume (ADV) reaching 36.2 million contracts, up 22% from first-quarter 2025.
CME Clearing Fees Power the Quarter’s Top-Line Lift
CME’s revenue growth was led by clearing and transaction fees, which climbed to $1,542.6 million in the first quarter of 2026 from $1,337.3 million a year ago. The performance underscores the benefit of elevated risk-management demand flowing through the company’s core derivatives franchise.
Pricing held up as well. The total average rate per contract was 65.2 cents for the quarter, helping translate stronger activity into fee revenues even as product and venue mix continued to shift across asset classes.
CME Group Market Data Gains Add Another Growth Engine
CME Group also posted solid growth in market data and information services, with revenues rising to $224.1 million from $194.5 million in the year-ago period. Alongside transaction-driven fees, the expansion in market data contributed to broader revenue diversification during an active trading environment.
CME Volume Strength Shows Up Across Product Categories
Beyond the headline increase in overall activity, CME’s operating statistics point to broad-based volume participation. Interest rates remained the largest product line at 18.674 million contracts in quarterly average daily volume, while equity indexes reached 8.655 million and energy climbed to 3.985 million.
Other categories also contributed. Foreign exchange averaged 1.193 million, agricultural commodities 2.042 million and metals 1.682 million, reflecting active trading conditions across the complex. By venue, CME Globex averaged 33.633 million contracts, with open outcry at 1.241 million and privately negotiated volume at 1.357 million.
CME Group Profitability Holds as Capital Return Continues
On the cost side, total expenses increased to $570.4 million in the first quarter of 2026 from $534.3 million in the year-ago quarter, while operating income rose to $1,309.7 million from $1,108 million. On an adjusted basis, operating income was $1,368.4 million, supported by adjusted total expenses of $511.7 million.
CME ended March 31, 2026, with $2.6 billion in cash and $3.4 billion of debt, and returned significant capital during the quarter, paying approximately $2.7 billion in dividends and repurchasing $536 million of common shares.
Zacks Rank
CME Group currently carries a Zacks Rank #3 (Hold).
Nasdaq, Inc. (NDAQ - Free Report) is set to release first-quarter 2026 earnings on April 23. The Zacks Consensus Estimate for first-quarter earnings per share is pegged at 93 cents, indicating an increase of 17.7% from the year-ago reported figure.
NDAQ delivered an earnings surprise in each of the last four reported quarters.
Cboe Global Markets, Inc. (CBOE - Free Report) is set to release first-quarter 2026 earnings on May 1. The Zacks Consensus Estimate for first-quarter earnings per share is pegged at $3.19, indicating an increase of 27.6% from the year-ago reported figure.
CBOE delivered an earnings surprise in each of the last four reported quarters.
Intercontinental Exchange Inc. (ICE - Free Report) is set to release first-quarter 2026 earnings on April 30. The Zacks Consensus Estimate for first-quarter earnings is pegged at $2.19 per share, indicating an increase of 27.3% from the year-ago reported figure.
ICE delivered an earnings surprise in each of the last four reported quarters.
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CME Group's Q1 Earnings and Revenues Miss Estimates, ADV Rises Y/Y
Key Takeaways
CME Group (CME - Free Report) delivered first-quarter 2026 adjusted earnings per share of $3.36, up 20% from the year-ago quarter’s $2.80. The bottom line was just shy of the Zacks Consensus Estimate of $3.37, a miss of 0.3%.
Revenues rose 14% year over year to $1.9 billion but missed the consensus mark of $1.914 billion by 1.8%. The quarter’s standout driver was heavier client activity, with average daily volume (ADV) reaching 36.2 million contracts, up 22% from first-quarter 2025.
CME Group Inc. Price, Consensus and EPS Surprise
CME Group Inc. price-consensus-eps-surprise-chart | CME Group Inc. Quote
CME Clearing Fees Power the Quarter’s Top-Line Lift
CME’s revenue growth was led by clearing and transaction fees, which climbed to $1,542.6 million in the first quarter of 2026 from $1,337.3 million a year ago. The performance underscores the benefit of elevated risk-management demand flowing through the company’s core derivatives franchise.
Pricing held up as well. The total average rate per contract was 65.2 cents for the quarter, helping translate stronger activity into fee revenues even as product and venue mix continued to shift across asset classes.
CME Group Market Data Gains Add Another Growth Engine
CME Group also posted solid growth in market data and information services, with revenues rising to $224.1 million from $194.5 million in the year-ago period. Alongside transaction-driven fees, the expansion in market data contributed to broader revenue diversification during an active trading environment.
CME Volume Strength Shows Up Across Product Categories
Beyond the headline increase in overall activity, CME’s operating statistics point to broad-based volume participation. Interest rates remained the largest product line at 18.674 million contracts in quarterly average daily volume, while equity indexes reached 8.655 million and energy climbed to 3.985 million.
Other categories also contributed. Foreign exchange averaged 1.193 million, agricultural commodities 2.042 million and metals 1.682 million, reflecting active trading conditions across the complex. By venue, CME Globex averaged 33.633 million contracts, with open outcry at 1.241 million and privately negotiated volume at 1.357 million.
CME Group Profitability Holds as Capital Return Continues
On the cost side, total expenses increased to $570.4 million in the first quarter of 2026 from $534.3 million in the year-ago quarter, while operating income rose to $1,309.7 million from $1,108 million. On an adjusted basis, operating income was $1,368.4 million, supported by adjusted total expenses of $511.7 million.
CME ended March 31, 2026, with $2.6 billion in cash and $3.4 billion of debt, and returned significant capital during the quarter, paying approximately $2.7 billion in dividends and repurchasing $536 million of common shares.
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.
Upcoming Releases
Nasdaq, Inc. (NDAQ - Free Report) is set to release first-quarter 2026 earnings on April 23. The Zacks Consensus Estimate for first-quarter earnings per share is pegged at 93 cents, indicating an increase of 17.7% from the year-ago reported figure.
NDAQ delivered an earnings surprise in each of the last four reported quarters.
Cboe Global Markets, Inc. (CBOE - Free Report) is set to release first-quarter 2026 earnings on May 1. The Zacks Consensus Estimate for first-quarter earnings per share is pegged at $3.19, indicating an increase of 27.6% from the year-ago reported figure.
CBOE delivered an earnings surprise in each of the last four reported quarters.
Intercontinental Exchange Inc. (ICE - Free Report) is set to release first-quarter 2026 earnings on April 30. The Zacks Consensus Estimate for first-quarter earnings is pegged at $2.19 per share, indicating an increase of 27.3% from the year-ago reported figure.
ICE delivered an earnings surprise in each of the last four reported quarters.