CME Group Inc. Reports Fourth Consecutive Year Of Record Annual Revenue, Adjusted Operating Income, Adjusted Net Income And Adjusted Earnings Per Share For 2025
- Record annual revenue of $6.5 billion, up 6%
- Record annual market data revenue of $803 million, up 13%
CME Group Inc. (NASDAQ: CME) today reported financial results for the fourth quarter and full year of 2025.
The company reported revenue of $1.6 billion and operating income of $1.0 billion for the fourth quarter of 2025. Net income was $1.2 billion and diluted earnings per common share were $3.24. On an adjusted basis, net income was $1.0 billion and diluted earnings per common share were $2.77. Financial results presented on an adjusted basis for the fourth quarter of 2025 and 2024 exclude certain items, which are detailed in the reconciliation of non-GAAP results.1
Total revenue for full-year 2025 was $6.5 billion and operating income was $4.2 billion. Net income was $4.1 billion and diluted earnings per common share were $11.16. On an adjusted basis, net income was $4.1 billion, and diluted earnings per common share were $11.20.
"Last year, CME Group delivered the best year in our history and our fourth consecutive year of record revenue, adjusted operating income, adjusted net income and adjusted earnings per share," said Terry Duffy, CME Group Chairman and Chief Executive Officer. "In a risk-always-on environment, client demand for our products and services generated record average daily volume of 28.1 million contracts, including 12% growth in commodities trading and a 5% increase in financials. In Q4, we achieved the second-highest quarterly revenue in our history as well as the highest Q4 volume on record. Looking ahead, we're focused on further increasing the $80 billion in average daily margin efficiencies we provided our market users in Q4, as well as expanding access through initiatives such as U.S. Treasury clearing, 24/7 cryptocurrency trading and prediction markets."
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1. A reconciliation of the non-GAAP financial results mentioned to the respective GAAP figures can be found within the Reconciliation of Adjusted Operating Income and Adjusted Net Income and Adjusted Diluted Earnings per Common Share charts at the end of the financial statements. |
Fourth-quarter 2025 average daily volume (ADV) was the all-time highest fourth quarter with 27.4 million contracts, up 7% from fourth-quarter 2024. Non-U.S. ADV reached 8.3 million contracts, up 9% compared with the same period in 2024, including Asia up 18% and EMEA up 6%.
Clearing and transaction fees revenue for fourth-quarter 2025 totaled $1.3 billion. The total average rate per contract was $0.707. Market data revenue totaled $208 million for fourth-quarter 2025.
As of December 31, 2025, the company had approximately $4.6 billion in cash (including $200 million deposited with Fixed Income Clearing Corporation (FICC) and included in other current assets) and $3.4 billion of debt. The company paid dividends of approximately $3.9 billion in 2025. The company has returned nearly $30 billion to shareholders in the form of dividends since the implementation of the variable dividend policy in early 2012.
CME Group will hold a Q&A conference call to discuss fourth-quarter 2025 results at 8:30 a.m. Eastern Time today. A live audio webcast of the Q&A call will be available on the Investor Relations section of CME Group's website at investor.cmegroup.com. An archived recording will be available for up to two months after the call.
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CME Group Inc. and Subsidiaries |
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Consolidated Balance Sheets |
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(in millions) |
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December 31, 2025 |
December 31, 2024 |
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ASSETS |
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Current Assets: |
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Cash and cash equivalents |
$ 4,416.9 |
$ 2,892.4 |
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Marketable securities |
125.0 |
113.2 |
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Accounts receivable, net of allowance |
639.2 |
573.1 |
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Other current assets (includes $6.5 and $6.3 in restricted cash) |
522.1 |
559.4 |
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Performance bonds and guaranty fund contributions |
159,656.1 |
98,895.4 |
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Total current assets |
165,359.3 |
103,033.5 |
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Property, net of accumulated depreciation and amortization |
362.7 |
386.2 |
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Intangible assets—trading products |
17,175.3 |
17,175.3 |
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Intangible assets—other, net |
2,610.7 |
2,821.6 |
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Goodwill |
10,514.7 |
10,486.9 |
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Other assets |
2,401.5 |
3,543.5 |
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Total Assets |
$ 198,424.2 |
$ 137,447.0 |
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LIABILITIES AND EQUITY |
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Current Liabilities: |
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Accounts payable |
$ 71.8 |
$ 79.9 |
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Short-term debt |
— |
749.8 |
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Other current liabilities |
568.8 |
2,588.8 |
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Performance bonds and guaranty fund contributions |
159,656.1 |
98,895.4 |
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Total current liabilities |
160,296.7 |
102,313.9 |
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Long-term debt |
3,422.3 |
2,678.2 |
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Deferred income tax liabilities, net |
5,242.2 |
5,246.8 |
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Other liabilities |
734.8 |
721.2 |
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Total Liabilities |
169,696.0 |
110,960.1 |
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CME Group Shareholders' Equity |
28,728.2 |
26,486.9 |
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Total Liabilities and Equity |
$ 198,424.2 |
$ 137,447.0 |
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CME Group Inc. and Subsidiaries |
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Consolidated Statements of Income |
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(dollars in millions, except per share amounts; shares in thousands) |
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Quarter Ended December 31, |
Year Ended December 31, |
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2025 |
2024 |
2025 |
2024 |
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Revenues |
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Clearing and transaction fees |
$ 1,327.9 |
$ 1,232.3 |
$ 5,281.1 |
$ 4,988.2 |
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Market data and information services |
208.0 |
181.6 |
803.1 |
710.2 |
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Other |
112.8 |
111.4 |
436.4 |
431.7 |
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Total Revenues |
1,648.7 |
1,525.3 |
6,520.6 |
6,130.1 |
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Expenses |
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Compensation and benefits |
241.1 |
220.8 |
907.0 |
850.3 |
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Technology |
75.2 |
65.7 |
283.2 |
255.8 |
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Professional fees and outside services |
47.9 |
33.9 |
150.5 |
132.7 |
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Amortization of purchased intangibles |
55.9 |
55.3 |
223.4 |
221.7 |
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Depreciation and amortization |
26.5 |
28.1 |
107.5 |
115.1 |
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Licensing and other fee agreements |
96.6 |
84.0 |
371.0 |
355.4 |
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Other |
85.9 |
90.4 |
248.5 |
267.6 |
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Total Expenses |
629.1 |
578.2 |
2,291.1 |
2,198.6 |
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Operating Income |
1,019.6 |
947.1 |
4,229.5 |
3,931.5 |
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Non-Operating Income (Expense) |
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Investment income |
1,776.7 |
936.5 |
5,736.5 |
4,079.1 |
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Interest and other borrowing costs |
(43.7) |
(40.7) |
(173.4) |
(160.9) |
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Equity in net earnings (losses) of unconsolidated |
88.2 |
91.2 |
371.7 |
350.9 |
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Other non-operating income (expense) |
(1,262.4) |
(837.5) |
(4,833.8) |
(3,659.2) |
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Total Non-Operating Income (Expense) |
558.8 |
149.5 |
1,101.0 |
609.9 |
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Income before Income Taxes |
1,578.4 |
1,096.6 |
5,330.5 |
4,541.4 |
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Income tax provision |
395.5 |
222.0 |
1,258.3 |
1,015.6 |
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Net Income |
$ 1,182.9 |
$ 874.6 |
$ 4,072.2 |
$ 3,525.8 |
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Net Income Attributable to Common Shareholders of |
$ 1,168.0 |
$ 863.7 |
$ 4,021.0 |
$ 3,481.5 |
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Earnings per Share Attributable to Common Shareholders of CME Group: |
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Basic |
$ 3.25 |
$ 2.40 |
$ 11.18 |
$ 9.69 |
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Diluted |
3.24 |
2.40 |
11.16 |
9.67 |
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Weighted Average Number of Common Shares: |
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Basic |
359,633 |
359,568 |
359,648 |
359,389 |
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Diluted |
360,233 |
360,050 |
360,310 |
359,944 |
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CME Group Inc. and Subsidiaries |
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Reconciliation of Adjusted Operating Income |
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(dollars in millions) |
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Quarter Ended December 31, |
Year Ended December 31, |
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2025 |
2024 |
2025 |
2024 |
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Total Revenues |
$ 1,648.7 |
$ 1,525.3 |
$ 6,520.6 |
$ 6,130.1 |
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Real estate-related (costs) credits |
— |
(0.1) |
— |
(1.0) |
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Adjusted Total Revenues |
$ 1,648.7 |
$ 1,525.2 |
$ 6,520.6 |
$ 6,129.1 |
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Total Expenses |
$ 629.1 |
$ 578.2 |
$ 2,291.1 |
$ 2,198.6 |
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Restructuring and severance |
(5.8) |
(1.0) |
(14.8) |
(11.3) |
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Deferred compensation(1) |
(2.6) |
(0.9) |
(14.2) |
(15.9) |
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Amortization of purchased intangibles |
(55.9) |
(55.3) |
(223.4) |
(221.7) |
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Strategic transaction-related (costs) credits |
(19.6) |
— |
(23.6) |
(0.8) |
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Real estate-related (costs) credits |
(0.7) |
— |
6.7 |
1.1 |
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Foreign exchange transaction gains (losses) |
(1.0) |
(0.7) |
(6.1) |
(2.9) |
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Unrealized and realized gains (losses) on assets |
(0.1) |
(0.1) |
(0.5) |
(0.9) |
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Litigation matters or settlements |
— |
— |
(19.4) |
(1.2) |
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Adjusted Total Expenses |
$ 543.4 |
$ 520.2 |
$ 1,995.8 |
$ 1,945.0 |
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Operating Income |
$ 1,019.6 |
$ 947.1 |
$ 4,229.5 |
$ 3,931.5 |
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Adjusted Operating Income |
$ 1,105.3 |
$ 1,005.0 |
$ 4,524.8 |
$ 4,184.1 |
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1. Includes $2.6 million and $14.2 million for a change in our non-qualified deferred compensation liability in the fourth quarter and full-year 2025. This impact does not affect net income or adjusted net income, as the compensation and benefits change has an equal and offsetting change in investment income. |
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CME Group Inc. and Subsidiaries |
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Reconciliation of Adjusted Net Income and Adjusted Diluted Earnings per Common Share |
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(dollars in millions, except per share amounts; shares in thousands) |
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Quarter Ended December 31, |
Year Ended December 31, |
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2025 |
2024 |
2025 |
2024 |
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Net Income |
$ 1,182.9 |
$ 874.6 |
$ 4,072.2 |
$ 3,525.8 |
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Restructuring and severance |
5.8 |
1.0 |
14.8 |
11.3 |
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Amortization of purchased intangibles(1) |
62.7 |
69.0 |
269.9 |
275.9 |
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Strategic transaction-related costs(2) |
25.3 |
— |
31.8 |
0.8 |
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Real estate-related costs (credits) |
0.7 |
— |
(6.7) |
(2.0) |
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Foreign exchange transaction (gains) losses |
1.0 |
0.7 |
6.1 |
2.9 |
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Unrealized and realized (gains) losses on investments |
(349.8) |
8.1 |
(343.7) |
(3.6) |
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Unrealized and realized (gains) losses on assets |
0.1 |
0.1 |
0.5 |
0.9 |
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Litigation matters or settlements |
— |
— |
19.4 |
1.2 |
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Income tax effect related to above |
52.7 |
(15.9) |
2.9 |
(57.2) |
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Other income tax items(3) |
29.0 |
(18.7) |
20.9 |
(16.8) |
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Adjusted Net Income |
$ 1,010.4 |
$ 918.9 |
$ 4,088.1 |
$ 3,739.2 |
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Adjusted Net Income Attributable to Common |
$ 997.7 |
$ 907.4 |
$ 4,036.7 |
$ 3,692.2 |
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Earnings per Share Attributable to Common Shareholders of CME Group: |
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Basic |
$ 3.25 |
$ 2.40 |
$ 11.18 |
$ 9.69 |
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Diluted |
3.24 |
2.40 |
11.16 |
9.67 |
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Adjusted Earnings per Share Attributable to Common Shareholders of CME Group: |
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Basic |
$ 2.77 |
$ 2.52 |
$ 11.22 |
$ 10.27 |
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Diluted |
2.77 |
2.52 |
11.20 |
10.26 |
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Weighted Average Number of Shares: |
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Basic common shares |
359,633 |
359,568 |
359,648 |
359,389 |
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Diluted common shares |
360,233 |
360,050 |
360,310 |
359,944 |
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Preferred shares(4) |
4,584 |
4,584 |
4,584 |
4,584 |
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1. Includes $3.7 million and $36.1 million of amortization of purchased intangibles (net of tax) at OSTTRA (for activity prior to the divestment) and $2.6 million and $10.0 million of amortization of purchased intangibles at S&P Dow Jones Indices LLC and $0.5 million of amortization of purchased intangibles at FanDuel Prediction Markets Holdings LLC in the fourth quarter and full-year 2025. This is reported in Equity in net earnings of unconsolidated subsidiaries on the Consolidated Statements of Income. |
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2. The values shown above may differ from what is shown in the Reconciliation of Adjusted Operating Income as that schedule does not include adjustment items or portions of items included in non-operating results. |
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3. Other income tax items include expense recognized for changes in state and local deferred tax rates and for the settlement of various tax audits. |
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4. Preferred shares have similar rights as common shares without voting rights. |
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CME Group Inc. and Subsidiaries |
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Quarterly Operating Statistics |
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4Q 2024 |
1Q 2025 |
2Q 2025 |
3Q 2025 |
4Q 2025 |
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Trading Days |
64 |
61 |
62 |
64 |
64 |
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Quarterly Average Daily Volume (ADV)(1) |
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CME Group ADV (in thousands) |
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Product Line |
4Q 2024 |
1Q 2025 |
2Q 2025 |
3Q 2025 |
4Q 2025 |
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Interest rates |
13,244 |
15,029 |
15,472 |
13,378 |
13,010 |
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Equity indexes |
6,343 |
7,997 |
7,661 |
6,278 |
7,738 |
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Foreign exchange |
969 |
1,149 |
1,096 |
834 |
853 |
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Energy |
2,519 |
2,903 |
3,082 |
2,295 |
2,523 |
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Agricultural commodities |
1,755 |
1,958 |
1,964 |
1,712 |
1,787 |
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Metals |
673 |
732 |
943 |
825 |
1,441 |
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Total |
25,503 |
29,768 |
30,217 |
25,322 |
27,353 |
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Venue |
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CME Globex |
23,684 |
27,732 |
28,097 |
23,418 |
25,542 |
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Open outcry |
848 |
881 |
993 |
989 |
816 |
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Privately negotiated |
971 |
1,154 |
1,127 |
915 |
995 |
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Total |
25,503 |
29,768 |
30,217 |
25,322 |
27,353 |
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Quarterly Average Rate Per Contract (RPC)(1) |
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CME Group RPC |
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Product Line |
4Q 2024 |
1Q 2025 |
2Q 2025 |
3Q 2025 |
4Q 2025 |
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Interest rates |
$ 0.485 |
$ 0.476 |
$ 0.481 |
$ 0.487 |
$ 0.486 |
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Equity indexes |
0.658 |
0.624 |
0.635 |
0.652 |
0.611 |
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Foreign exchange |
0.778 |
0.762 |
0.772 |
0.841 |
0.847 |
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Energy |
1.237 |
1.222 |
1.138 |
1.214 |
1.245 |
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Agricultural commodities |
1.359 |
1.376 |
1.435 |
1.423 |
1.427 |
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Metals |
1.530 |
1.588 |
1.456 |
1.505 |
1.295 |
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Average RPC |
$ 0.701 |
$ 0.686 |
$ 0.690 |
$ 0.702 |
$ 0.707 |
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1. ADV and RPC includes futures and options on futures only. |
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