CME CME Group (CME) Q1 FY26 earnings call
CME enters 2026 from a position of structural strength: simultaneous volume records across all six asset classes and accelerating international adoption show its liquidity moat deepening as clients hedge rate and geopolitical uncertainty. Management's forward stance is to widen the plumbing rather than lift price — cross-margining, tokenized collateral, cloud migration, a stablecoin, and prediction-market distribution all aim to funnel new participants in, accepting lower per-contract economics as the deliberate engine of profitable incremental volume.
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CME operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | This call Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Sep 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Average daily volume | 29.8MThe first quarter average daily volume of 29.8 million contracts not only was the highest quarterly ADV in CME Group's history, it also increased 13% compared to the same period last year.Source: earnings call transcript | 25.3MThe third quarter average daily volume of 25.3 million contracts represented the second highest third quarter average daily volume in our history, following the record quarter a year ago.Source: earnings call transcript | — | 36.2MThe first quarter average daily volume of 36.2 million contracts was the highest quarterly average daily volume in CME Group's history and represented an increase of 22% compared to the same period last year and 6 million contracts a day higher than any previous quarter.Source: earnings call transcript | 29.8MThe second quarter average daily volume of 29.8 million contracts represented the second highest Q2 in our history and was within 1% of our record second quarter a year ago with May and June, particularly strong following the tough April comparison.Source: earnings call transcript | 29.4MThe third quarter average daily volume of 29.4 million contracts was the highest third quarter average daily volume in CME Group's history, and increased 16% compared to the same period last year.Source: earnings call transcript | -1.3% |
| Average daily volume International | 8.8MThis was also a record quarter for our International business, which averaged 8.8 million contracts per day, up 19% from the prior year.Source: earnings call transcript | — | — | 11.4MInternational average daily volume reached a record 11.4 million contracts, a stunning 30% increase in 2025.Source: earnings call transcript | — | 9MThis was a record third quarter for our International business as well, where average daily volume reached 9 million contracts, up 22% versus last year.Source: earnings call transcript | — |
| Average rate per contract | $0.686The average rate per contract for the quarter was strong at $0.686, down 1% from the prior year on 13% volume growth, resulting in the highest quarterly clearing and transaction fees in our history of $1.3 billion, up 11% year-over-year.Source: earnings call transcript | $0.702The average rate per contract for the quarter was $0.702, resulting in clearing and transaction fees of $1.2 billion.Source: earnings call transcript | $0.707The average rate per contract for the quarter was $0.707, driving clearing and transaction fees of $1.3 billion, up 8% from last year.Source: earnings call transcript | $0.652The average rate per contract for the quarter was $0.652.Source: earnings call transcript | $0.678The average rate per contract for the quarter was $0.678, a $0.026 increase from Q1.Source: earnings call transcript | — | +4% |
| Average noncash collateral | $173BFor the quarter, our average cash balances were $79 billion, and we had average noncash collateral of $173 billion.Source: earnings call transcript | $156BOn noncash collateral, we averaged $156 billion, earning 10 basis points.Source: earnings call transcript | — | $171BThen on the noncash in Q1, we had $171 billion on average at that 10 basis points.Source: earnings call transcript | — | — | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
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