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CME Group (CME) investor relations material
CME Group Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary23 Jul, 2025
Executive summary
Achieved record Q2 2025 performance with revenue of $1.7 billion, up 10% year-over-year, and average daily volume surpassing 30 million contracts, up 16%.
Net income reached $1.03 billion, with adjusted net income at $1.1 billion and diluted EPS at $2.96, all up 16% year-over-year.
Broad-based growth across all asset classes, with notable records in interest rates, agricultural commodities, metals, and energy.
International business set a new high with 9.2 million contracts per day, up 18%, led by EMEA and APAC.
Retail participation surged, with over 90,000 new retail traders, a 56% increase, and record micro contract volumes.
Financial highlights
Q2 revenue reached $1.7 billion, up 10% year-over-year, with clearing and transaction fees at $1.4 billion and market data revenue at $198 million.
Adjusted operating income was $1.2 billion, up 14% year-over-year; operating margin improved to 71%.
Adjusted net income and diluted EPS reached record highs at $1.1 billion and $2.96, both up 16% year-over-year.
Cash and cash equivalents stood at $2.2 billion at quarter-end; dividends paid totaled $3.0 billion in the first half.
Capital expenditures were $19 million in Q2 2025.
Outlook and guidance
Full-year adjusted operating expenses (excluding license fees) now expected at $1.635 billion, $15 million below prior guidance, representing 3% growth.
Management expects continued market volatility and demand for risk management products amid global uncertainties.
Ongoing investments in technology, including Google Cloud migration, are anticipated to support future growth.
All other guidance remains unchanged.
Explain the drivers behind record Micros ADV.
How does Google Cloud transition impact costs?
Detail the nature of the OSTTRA joint venture.
How will debt levels impact risk management?
Assess CME's role in the crypto ecosystem.
How does Google partnership aid tokenization?
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Q3 202522 Oct, 2025
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Frequently asked questions
Specialized Exchanges
CME Group Inc. is an American company operating various financial derivatives exchanges. It owns and operates the Chicago Mercantile Exchange, Chicago Board of Trade, New York Mercantile Exchange, and The Commodity Exchange. It also has partial ownership and is one of the largest operators of financial derivatives in the world. Through its exchanges, the company enables trading in currencies, energy, commodities, options, futures, and more. The company is headquartered in Chicago and is traded on the Nasdaq.
Roots Tracing to the Late 1800s
The CME Group, originally known as the Chicago Mercantile Exchange, traces its origins back to 1898 when the Chicago Butter and Egg Board was established. In 1919, this organization was renamed the Chicago Mercantile Exchange (CME). Throughout the 20th century, the CME introduced various contracts, including frozen pork belly futures in the 1960s and the world’s first financial futures in the 1970s. In 2007, the Chicago Mercantile Exchange and the Chicago Board of Trade combined to form the CME Group, making it one of the world's largest derivatives exchange operators. The company continued its growth with the acquisition of the New York Mercantile Exchange in 2008 and the COMEX, further solidifying its position in the futures and options market. Today, the CME Group provides a platform for trading a diverse range of products including commodities, interest rates, equities, and foreign exchange contracts.
The Trading
The CME Group-owned exchanges facilitate a vast array of trading activities spanning multiple asset classes. Commodities, both agricultural (like wheat, corn, and soybeans) and non-agricultural (such as gold, oil, and natural gas), form a significant portion of the traded contracts. Additionally, the exchanges offer a platform for financial derivatives, including interest rate futures, equity index futures, and foreign exchange contracts. Options on these futures contracts are also actively traded. Furthermore, the CME Group provides trading in alternative investment products, such as real estate and weather derivatives. These diverse offerings cater to a wide range of market participants, from hedgers trying to mitigate price risk to speculators aiming to profit from price fluctuations.
A Complement to Stock Markets
CME Group-owned exchanges complement traditional stock markets (like the ones operated by ICE and Nasdaq) by offering derivatives that provide risk management and hedging opportunities. While stock markets allow investors to buy and sell shares of individual companies, CME facilitates the trading of futures and options on assets like commodities, interest rates, and indexes. This allows investors to hedge against price fluctuations, protect their portfolios, and speculate on broad market movements without buying the underlying assets directly. Additionally, CME's 24-hour trading cycle provides continuous access, bridging time zones across global markets. In essence, while stock markets offer direct equity investments, CME Group provides tools for active trading, diversification, risk mitigation, and enhanced market accessibility.
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