CME Group Q4 Earnings and Revenues Top Estimates, ADV Rises Y/Y

CME Group CME 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.

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 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 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 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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This article originally published on Zacks Investment Research (zacks.com).

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