CME Group (CME) Q4 2025 earnings summary

Executive summary

• Achieved record annual revenue of $6.5 billion, up 6% year-over-year, with adjusted net income of $4.1 billion and adjusted diluted EPS of $11.20, both up 9%.

• Fifth consecutive year of record average daily volume, reaching 28.1 million contracts, with broad-based growth across all asset classes and international markets.

• Expanded product innovation, including Event Contracts, FanDuel Predicts, DraftKings Predictions, and new crypto offerings, driving engagement from new retail and institutional clients.

• Announced SEC approval for a new securities clearing house, with launch expected in 2026.

• Achieved highest Q4 volume on record and second-highest quarterly revenue in company history.

Financial highlights

• 2025 revenue reached $6.5 billion, up 6% year-over-year, with record revenues in five of six asset classes.

• Adjusted net income was $4.1 billion, with adjusted EPS up 9% year-over-year to $11.20.

• Q4 revenue was $1.65 billion, up 8% from Q4 2024; adjusted operating margin for the year was 69.4%.

• Market data revenue surpassed $800 million for the first time, up 13% year-over-year.

• Cash at quarter-end was $4.6 billion, including $1.3 billion in OSTTRA proceeds; debt was $3.4 billion.

Outlook and guidance

• 2026 adjusted operating expenses (excluding license fees) expected to be ~$1.695 billion, reflecting core growth and investments in new initiatives.

• Capital expenditures projected at $85 million; adjusted effective tax rate between 23.5%-24.5%.

• Fee adjustments and market data changes expected to increase total revenue by 1%-1.5% on similar activity to 2025.

• Focused on expanding access through U.S. Treasury clearing, 24/7 cryptocurrency trading, and prediction markets.

• Plans to further increase average daily margin efficiencies for market users.