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    CME
    Earnings call· Dec 2025(Q4 FY25)

    CME GROUP Q4 FY25 earnings call CME

    Feb 4, 2026 Source

    Executive summary

    CME Group Q4 FY25 — Record Volumes and Revenue Growth Driven by Diversified Offerings

    CME Group concluded a record-setting Q4 and full-year 2025, marked by unprecedented trading volumes across diverse asset classes and robust revenue growth. The company continues to expand its offerings with new initiatives like event contracts and securities clearing, aiming to enhance capital efficiencies and attract new customer segments. Management expressed confidence in sustained growth, driven by strategic investments and an evolving product suite.

    Highlights

    7

    • Record annual volume of 28.1 million contracts, up 6% YoY.

    • Record annual revenue of $6.5 billion, up 6% YoY.

    • Adjusted operating margin for FY25 was 69.4%, up 110 bps from 2024.

    • Market data revenue surpassed $800 million for the first time, up 13% from 2024.

    • Q4 FY25 adjusted diluted EPS was $2.77, up 10% from Q4 2024.

    • Average daily margin savings reached $80 billion, an increase of $20 billion over the past year.

    • Crypto average daily volume in Q4 FY25 was $379,000, up 92% YoY, representing over $13 billion in notional value traded per day.

    Concerns

    2

    • Potential litigation over prediction markets

    • Delay in SEC approval for FICC cross-margining for client accounts

    Guidance & targets

    4
    CategoryTargetConfidence
    Total adjusted operating expenses (excluding license fees)
    $1.695 billion
    high materiality
    High
    Total capital expenditures
    $85 million
    medium materiality
    High
    Adjusted effective tax rate
    23.5% and 24.5%
    medium materiality
    High
    Total revenue increase from fee adjustments
    1% to 1.5%
    medium materiality
    Medium

    Operational metrics

    31
    Average daily volume
    28.1 million contractsup 6%
    FY25

    fifth consecutive year of record volume

    International business average daily volume
    8.4 million contractsup 8% from 2024
    FY25

    record year for our international business

    Average daily margin savings
    $80 billionincrease of approximately $20 billion over the past year
    Q4 FY25

    across all 6 asset classes

    Event contracts traded
    68 million
    6 weeks since launch

    since launch

    Markets-related event contracts traded
    7 million
    6 weeks since launch

    since launch

    Micro products average daily volume
    4.4 million contractsup 59%
    Q4 FY25

    record

    1-ounce gold contract volume
    66,000
    Q4 FY25

    launched last year

    Crypto average daily volume
    $379,000up 92%
    Q4 FY25

    record-breaking year for CME cryptocurrency trading

    Crypto notional value traded per day
    $13 billion
    Q4 FY25

    represented over $13 billion in notional value traded per day

    Total revenue
    $6.5 billiongrew 6% compared to 2024
    FY25

    fourth consecutive year of record revenues

    Market data revenue
    $800 millionup 13% from 2024
    FY25

    surpassed $800 million for the first time

    Adjusted operating margin
    69.4%up 110 basis points from 2024
    FY25

    for the year

    Adjusted net income
    $4.1 billion
    FY25

    fourth consecutive year of record adjusted net income

    Adjusted earnings per share growth
    9%
    FY25

    for the year

    Revenue
    $1.65 billion8% increase from Q4 '24
    Q4 FY25

    generated revenue of $1.65 billion

    Average rate per contract
    $0.707
    Q4 FY25

    driving clearing and transaction fees

    Clearing and transaction fees
    $1.3 billionup 8% from last year
    Q4 FY25

    driving clearing and transaction fees

    Market data revenue
    $208 millionup 15%
    Q4 FY25

    reached a new record level

    Adjusted expenses
    $543 million
    Q4 FY25

    for the quarter

    Adjusted operating income
    $1.1 billion
    Q4 FY25

    for the quarter

    Adjusted effective tax rate
    23.7%
    Q4 FY25

    for the quarter

    Adjusted diluted EPS
    $2.7710% higher than Q4 2024
    Q4 FY25

    came in at $2.77 per share

    Cash balance
    $4.6 billion
    end of Q4 FY25

    at the end of the quarter

    Share repurchases
    $256 million
    Q4 FY25

    repurchased in shares during the fourth quarter

    Share repurchases
    $276 million
    thus far in 2026

    additional shares repurchased

    Dividends paid
    $455 million
    Q4 FY25

    paid dividends in the fourth quarter

    Dividends paid
    $3.9 billion
    FY25

    paid dividends in 2025

    Google Cloud spending
    $29 million
    Q4 FY25

    majority in tech line related to consumption charges

    FICC cross-margining savings
    $1.5 billion
    2024

    generated record savings for those firms

    FICC offsets (interest rate complex)
    $25 billion
    daily

    includes futures, swaps, and cash products

    FICC offsets uptick
    several hundred million
    recent months

    over the last $500 million or so

    Product announcements

    6
    ProductTypeDetails
    CME Securities Clearinglaunch
    CME FICC cross-margining to end-user clientsexpansion
    Event contracts on financial and commodity products, economic indicators and sportslaunch
    100-ounce silver contractlaunch
    Cardano, Chainlink and Stellar futureslaunch
    24/7 trading for entire crypto suiteexpansion

    Deals & partnerships

    3
    FanDuelpartnership

    Partnership to distribute event contracts, especially sports-related ones, to a new customer base.

    Googletechnology partnership / migration

    Migration of non-ultra-low latency systems to Google Cloud completing early 2026. Purpose-built Chicago region for ultra-low latency markets for client testing in 2027.

    DTCC / FICCarrangement / partnership

    Arrangement for FICC cross-margining, which has seen an uptick in participants and offsets.

    Risks & headwinds

    2
    Potential litigation over prediction marketsongoing

    not going to get bogged down in a bunch of litigation

    Mitigation: CME will only participate as long as contracts are overseen by CFTC as legal swaps; will not pursue if litigation is unfavorable.

    Delay in SEC approval for FICC cross-margining for client accountsshortly (expected)

    still waiting from the SEC to approve

    Mitigation: Management is hoping for approval shortly.

    Q&A highlights

    8

    How is the customer base performing amidst volatility, especially given margin requirement increases in metals?

    Management stated the customer base is very healthy across all asset classes, citing the silver market's new historic high despite margin changes as an example of resilience. Institutional base is growing double digits, and open interest is steady to increasing.

    “I would say, overall, the customer is very healthy throughout all the different asset classes, but I wanted to call out your example of silver.”

    asked by Daniel Fannon · answered by Terrence Duffy

    2 min read6 chapters

    Detailed Narrative

    01

    Record Performance and Diversified Growth

    CME Group achieved its fifth consecutive year of record volume in 2025, with average daily volume increasing 6% to 28.1 million contracts. This growth was broad-based, encompassing all-time records in interest rate, energy, metals, agricultural, and crypto complexes. International business also set a new record, averaging 8.4 million contracts per day, up 8% from 2024, demonstrating global participant engagement.

    02

    Capital Efficiencies and Innovation

    The company continues to deliver significant capital efficiencies, with customers' average daily margin savings reaching $80 billion in Q4, an increase of $20 billion year-over-year. Key initiatives like the approval of CME Securities Clearing and the extension of CME FICC cross-margining to end-users in early 2026 are expected to further unlock capital efficiencies and reinforce CME's position as a premier risk management destination.

    03

    Expansion into Retail and Crypto Markets

    CME Group expanded its retail footprint with the launch of event contracts on financial, commodity, economic, and sports products, which have seen over 68 million contracts traded in six weeks, including 7 million markets-related contracts. Micro products grew 59% in Q4 to a record 4.4 million contracts per day. The crypto complex also saw record trading, with Q4 average daily volume up 92% to 379,000, representing over $13 billion in notional value traded per day. New crypto futures and 24/7 trading are planned for 2026.

    04

    Market Data Strength

    Market data revenue surpassed $800 million for the first time in 2025, growing 13% from 2024, marking the 31st consecutive quarter of growth. This robust performance is attributed to new user expansion (50%), product innovation (25%), and pricing integrity (25%), with core subscription revenue accelerating. The company emphasizes the critical role of its proprietary data for clients' risk management and trading strategies, which AI is seen to enhance rather than disrupt.

    05

    Pricing Strategy Evolution

    CME Group is shifting its transaction fee adjustment strategy from an annual December aggregation to a more real-time, continuous evaluation process. This change aims to align fee adjustments with ongoing business value delivery and new initiative launches, with recent adjustments expected to increase total revenue by 1% to 1.5% based on 2025 activity. This flexible approach allows for dynamic responses to market conditions and product evolution.

    06

    Google Cloud Migration Update

    The migration to Google Cloud is progressing as planned, with non-ultra-low latency migration completing in early 2026. The purpose-built Chicago region for ultra-low latency markets is on track for client testing in 2027, with related expenses for 2025 totaling around $100 million. This strategic investment aims to enhance technological capabilities and client experience.

    AI-generated summary of the company’s earnings call. Not investment advice.