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CME Group Inc

CME Group Inc. Reports All-Time Record Revenue, Adjusted Operating Income, Adjusted Net Income and Adjusted Earnings Per Share for Q1 2025

  • Record revenue of $1.6 billion, up 10% from Q1 2024
  • Record average daily volume (ADV) of 29.8 million contracts, with broad- based growth in every asset class

CHICAGO , April 23, 2025 /PRNewswire/ -- CME Group Inc. (NASDAQ: CME) today reported financial results for the first quarter of 2025.

The company reported revenue of $1.6 billion and operating income of $1.1 billion for the first quarter of 2025. Net income was $956 million and diluted earnings per common share were $2.62. On an adjusted basis, net income was $1.0 billion and diluted earnings per common share were $2.80. Financial results presented on an adjusted basis for the first quarter of 2025 and 2024 exclude certain items, which are detailed in the reconciliation of non-GAAP results.1

"Amid heightened economic uncertainty, CME Group operated with exceptional resilience as clients turned to our markets in record numbers to hedge business risks across asset classes," said Terry Duffy, CME Group Chairman and Chief Executive Officer. "This increased demand drove our Q1 ADV to a new high of 29.8 million contracts and generated record revenue, adjusted operating income, adjusted net income and adjusted earnings per share for the quarter. Commodities grew 19%, financials increased 12%, and our ADV outside the U.S. reached a new high of 8.8 million contracts, up 19% year over year. Looking ahead, we remain focused on providing the products, services and efficiencies to benefit market participants as they navigate this risk-always-on environment."

1. A reconciliation of the non-GAAP financial results mentioned to the respective GAAP figures can be found within the Reconciliation of GAAP to non-GAAP Measures chart at the end of the financial statements and earnings presentation materials.

Clearing and transaction fees revenue for first-quarter 2025 totaled $1.3 billion. The total average rate per contract was $0.686. Market data revenue totaled $195 million for first-quarter 2025.

As of March 31, 2025 the company had $1.6 billion in cash (including $200 million deposited with Fixed Income Clearing Corporation, which is included in other current assets) and $3.4 billion of debt. The company paid dividends during the first quarter of approximately $2.6 billion. The company has returned $28.6 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 first-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 under Events & Presentations. An archived recording will be available for up to two months after the call.

As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing. 

CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and, E-mini are trademarks of Chicago Mercantile Exchange Inc.CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. BrokerTec and EBS are trademarks of BrokerTec Europe LTD and EBS Group LTD, respectively. The S&P 500 Index is a product of S&P Dow Jones Indices LLC ("S&P DJI"). "S&P®", "S&P 500®", "SPY®", "SPX®", US 500 and The 500 are trademarks of Standard & Poor's Financial Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners.

Statements in this press release that are not historical facts are forward-looking statements.  These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or implied in any forward-looking statements. We want to caution you not to place undue reliance on any forward-looking statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the factors that might affect our performance are increasing competition by foreign and domestic entities, including increased competition from new entrants into our markets and consolidation of existing entities; our ability to keep pace with rapid technological developments, including our ability to complete the development, implementation and maintenance of the enhanced functionality required by our customers while maintaining reliability and ensuring that such technology is not vulnerable to security risks; our ability to continue introducing innovative and competitive new products and services on a timely, cost-effective basis, including through our electronic trading capabilities, and derive revenues that are commensurate with our efforts and expectations, and our ability to maintain the competitiveness of our existing products and services; our ability to adjust our fixed costs and expenses if our revenues decline; our ability to manage variable costs relating to CME Group's transition to the Google Cloud and minimize duplicative costs during the transition between maintaining the on-premise environment and the Google Cloud environment; our ability to maintain existing customers at substantially similar trading levels, develop strategic relationships and attract new customers; our ability to expand and globally offer our products and services; changes in regulations, including the impact of any changes in laws or government policies with respect to our products or services or our industry, such as any changes to regulations and policies that require increased financial and operational resources from us or our customers, as well as the impact of tariffs and tax policy changes, restrictions on our ability to offer CME Group products and services in specific geographies or to specific customers or limitations or changes in underlying/physical product flows across geographies; the costs associated with protecting our intellectual property rights and our ability to operate our business without violating the intellectual property rights of others; decreases in revenue from our market data as a result of decreased demand or changes to regulations in various jurisdictions; changes in our rate per contract due to shifts in the mix of the products traded, the trading venue and the mix of customers (whether the customer receives member or non-member fees or participates in one of our various incentive programs) and the impact of our tiered pricing structure; the ability of our credit and liquidity risk management practices to adequately protect us from the credit risks of clearing members and other counterparties, and to satisfy the margin and liquidity requirements associated with the BrokerTec matched principal business; the ability of our compliance and risk management programs to effectively monitor and manage our risks, including our ability to prevent errors and misconduct and protect our infrastructure against security breaches and misappropriation of our intellectual property assets; our dependence on third-party providers and exposure to risk through third parties, including risks related to the performance, reliability and security of technology used by our third-party providers and third-party providers that our clients and third-parties rely on; our reliance on third-party distribution partners, including independent software vendors (ISVs), Futures Commission Merchants (FCMs), introducing brokers, broker-dealers around the world, regulatory reporting and data distributors and platform operators, and other partners, for facilitating trading and for market data information, and potential impacts from changes in their business models and priorities; volatility in commodity, equity and fixed income prices, and price volatility of financial benchmarks and instruments such as interest rates, equity indices, fixed income instruments and foreign exchange rates; economic, social, political and market conditions, including the volatility of the capital and credit markets and the impact of economic conditions on the trading activity of our current and potential customers; our ability to accommodate increases in contract volume and market data and order transaction traffic across the entire trade cycle and the ability to implement enhancements without failure or degradation of the performance of our trading and clearing systems and meeting our regulatory reporting obligations; our ability to execute our growth strategy and maintain our growth effectively; our ability to manage the risks, control the costs and achieve the synergies associated with our strategy for acquisitions, investments and alliances, including those associated with the performance of our joint ventures with S&P Dow Jones (S&P Dow Jones Indices LLC) in index services, our primary business and distribution partners' actions and our partnership with Google Cloud, including our ability to manage the successful implementation of our agreements with Google and our data center partners; variances in earnings on cash accounts and collateral that our clearing house holds for its clients; impact of CME Group pricing/fee level and structure and incentive changes; impact of aggregation services and internalization on trade flow and volumes; any negative financial impacts from changes to the terms of intellectual property and index rights; our ability to continue to generate funds and/or manage our indebtedness to allow us to continue to invest in our business; industry, channel partner and customer consolidation and/or concentration; decreases in trading and clearing activity; the imposition of a transaction tax or user fee on futures and options transactions and/or repeal of the 60/40 tax treatment of such transactions; increases in effective tax rates, borrowing costs, or changes in tax policy; our ability to maintain our brand and reputation; and the unfavorable resolution of material legal proceedings.  For a detailed discussion and additional information concerning these and other factors that might affect our performance, see our other recent periodic filings, including our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission ("SEC") on February 27, 2025, under the caption "Risk Factors".

CME Group Inc. and Subsidiaries

Consolidated Balance Sheets

(in millions)




March 31, 2025


December 31, 2024

ASSETS





Current Assets:





Cash and cash equivalents


$                  1,405.3


$                  2,892.4

Marketable securities


113.9


113.2

Accounts receivable, net of allowance


770.2


573.1

Other current assets (includes $6.3 and $6.3 in restricted cash)


461.5


559.4

Performance bonds and guaranty fund contributions


120,694.5


98,895.4

Total current assets


123,445.4


103,033.5

Property, net of accumulated depreciation and amortization


371.2


386.2

Intangible assets—trading products


17,175.3


17,175.3

Intangible assets—other, net


2,773.2


2,821.6

Goodwill


10,499.5


10,486.9

Other assets


3,567.0


3,543.5

Total Assets


$              157,831.6


$              137,447.0

LIABILITIES AND EQUITY





Current Liabilities:





Accounts payable


$                     100.2


$                       79.9

Short-term debt


—


749.8

Other current liabilities


625.5


2,588.8

Performance bonds and guaranty fund contributions


120,694.5


98,895.4

Total current liabilities


121,420.2


102,313.9

Long-term debt


3,419.4


2,678.2

Deferred income tax liabilities, net


5,240.1


5,246.8

Other liabilities


721.2


721.2

Total Liabilities


130,800.9


110,960.1

Total CME Group Shareholders' Equity


27,030.7


26,486.9

Total Liabilities and Equity


$              157,831.6


$              137,447.0

 

CME Group Inc. and Subsidiaries

Consolidated Statements of Income

(dollars in millions, except per share amounts; shares in thousands)




Quarter Ended

March 31,



2025


2024

Revenues





Clearing and transaction fees


$  1,337.3


$  1,208.9

Market data and information services


194.5


175.4

Other


110.5


103.6

Total Revenues


1,642.3


1,487.9

Expenses





Compensation and benefits


206.7


206.0

Technology


65.7


59.4

Professional fees and outside services


28.5


33.1

Amortization of purchased intangibles


55.2


55.2

Depreciation and amortization


27.3


30.1

Licensing and other fee agreements


96.6


87.9

Other


54.3


56.6

Total Expenses


534.3


528.3

Operating Income


1,108.0


959.6

Non-Operating Income (Expense)





Investment income


892.7


1,071.3

Interest and other borrowing costs


(41.7)


(39.9)

Equity in net earnings of unconsolidated subsidiaries


88.2


87.2

Other non-operating income (expense)


(802.4)


(964.8)

Total Non-Operating Income (Expense)


136.8


153.8

Income before Income Taxes


1,244.8


1,113.4

Income tax provision


288.6


258.2

Net Income


$      956.2


$      855.2

Net Income Attributable to Common Shareholders of CME Group


$      944.2


$      844.4






Earnings per Share Attributable to Common Shareholders of CME Group:





Basic


$        2.63


$        2.35

Diluted


2.62


2.35

Weighted Average Number of Common Shares:





Basic


359,613


359,258

Diluted


360,227


359,833

 

CME Group Inc. and Subsidiaries

Reconciliation of GAAP to non-GAAP Measures

(dollars in millions, except per share amounts; shares in thousands)








Quarter Ended

March 31,



2025


2024

Net Income


$      956.2


$      855.2

Restructuring and severance


1.1


2.8

Amortization of purchased intangibles(1)


68.2


68.7

Strategic transaction-related costs (credits)


—


1.9

Foreign exchange transaction (gains) losses


2.3


(1.8)

Unrealized and realized (gains) losses on investments


6.5


(2.5)

Unrealized and realized (gains) losses on assets


—


0.8

Litigation matters or settlements


3.3


—

Income tax effect related to above


(16.1)


(14.0)

Other income tax items


(1.6)


—

Adjusted Net Income


$   1,019.9


$      911.1






Adjusted Net Income Attributable to Common Shareholders of CME Group


$   1,007.1


$      899.7






Earnings per Share Attributable to Common Shareholders of CME Group:





     Basic


$        2.63


$        2.35

     Diluted


2.62


2.35






Adjusted Earnings per Share Attributable to Common Shareholders of CME Group:





     Basic


$        2.80


$        2.50

     Diluted


2.80


2.50






Weighted Average Number of Common Shares:





     Basic


359,613


359,258

     Diluted


360,227


359,833

     Preferred shares(2)


4,584


4,584






1. Includes $10.5 million of amortization of purchased intangibles (net of tax) at OSTTRA and $2.5 million of amortization of purchased intangibles at S&P Dow Jones Indices LLC in the first quarter of 2025. This is reported in Equity in net earnings of unconsolidated subsidiaries on the Consolidated Statements of Income.

2. Preferred shares have similar rights as common shares without voting rights.

 

CME Group Inc. and Subsidiaries

Quarterly Operating Statistics




1Q 2024


2Q 2024


3Q 2024


4Q 2024


1Q 2025

Trading Days


61


63


64


64


61

 

Quarterly Average Daily Volume (ADV) (1)

CME Group ADV (in thousands)


Product Line


1Q 2024


2Q 2024


3Q 2024


4Q 2024


1Q 2025

Interest rates


13,839


12,894


14,881


13,244


15,029

Equity indexes


6,856


6,779


7,407


6,343


7,997

Foreign exchange


984


1,075


1,089


969


1,149

Energy


2,412


2,447


2,571


2,519


2,903

Agricultural commodities


1,596


1,877


1,614


1,755


1,958

Metals


675


868


728


673


732

Total


26,360


25,941


28,289


25,503


29,768

Venue











CME Globex


23,985


24,143


26,199


23,684


27,732

Open outcry


1,333


825


1,096


848


881

Privately negotiated


1,043


974


994


971


1,154

Total


26,360


25,941


28,289


25,503


29,768

 

Quarterly Average Rate Per Contract (RPC) (1)

CME Group RPC


Product Line


1Q 2024


2Q 2024


3Q 2024


4Q 2024


1Q 2025

Interest rates


$          0.486


$          0.484


$          0.468


$          0.485


$          0.476

Equity indexes


0.641


0.628


0.616


0.658


0.624

Foreign exchange


0.787


0.754


0.744


0.778


0.762

Energy


1.334


1.297


1.246


1.237


1.222

Agricultural commodities


1.356


1.366


1.346


1.359


1.376

Metals


1.556


1.511


1.540


1.530


1.588

Average RPC


$          0.695


$          0.708


$          0.666


$          0.701


$          0.686


1. ADV and RPC includes futures and options on futures only.

CME-G

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SOURCE CME Group