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CME Group (CME) investor relations material
CME Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary22 Oct, 2025
Executive summary
Q3 2025 average daily volume reached 25.3 million contracts, the second highest Q3 in history, with open interest at a five-year high of 126 million contracts and continued growth into October.
Q3 2025 revenue was $1.54 billion, net income was $908 million, and adjusted EPS was $2.68, with record market data revenue and strong capital returns.
Product innovation included record crypto complex volumes, new launches in Solana and XRP futures, credit futures, 1-Ounce Gold futures, agricultural weekly options, and a partnership with FanDuel for event-based contracts.
Announced 24/7 trading for cryptocurrency futures and options in early 2026.
Market data revenue hit a record $203 million, up 14% year-over-year, driven by international demand.
Financial highlights
Q3 2025 revenue was $1.54 billion, down 3% year-over-year; clearing and transaction fees were $1.2 billion.
Net income for Q3 2025 was $908 million; adjusted net income was $978 million; diluted EPS was $2.49; adjusted EPS was $2.68.
Market data and information services revenue increased 14% in Q3 2025 to a record $203 million.
Operating margin for Q3 2025 was 63.3% (adjusted: 68.4%); adjusted operating income was $1.1 billion.
Cash at quarter-end was $2.6 billion; dividends paid in Q3 were $455 million and $3.5 billion YTD.
Outlook and guidance
Full-year 2025 adjusted operating expenses (excluding license fees) expected at $1.625 billion, $10 million below prior guidance.
Year-to-date adjusted EPS grew 9% over record 2024 levels.
Company expects a $300 million gain in Q4 2025 from the OSTTRA sale.
Management anticipates maintaining investment grade credit ratings and strong liquidity.
What drove the Q3 RPC increase despite lower ADV?
Explain the large Q3 non-operating income swings.
Update on FanDuel and crypto trading impact?
Sports event contracts: Regulatory path forward
OSTTRA sale proceeds: Capital deployment plans
Tokenization's role in 24/7 trading expansion?
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Next CME Group earnings date
Q4 202511 Feb, 2026
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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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