CME Group (CME 0.33%), the large U.S. derivatives and financial exchange operator, reported record-setting results for the quarter ended June 30, 2025. In its July 23, 2025, earnings release, the company announced revenue of $1.7 billion and adjusted earnings per share of $2.96. Both figures modestly surpassed analyst expectations, with revenue above the $1.69 billion estimate and adjusted EPS beating consensus by $0.05. The quarter saw the firm's operating income and net income rise strongly over last year's period. Management described the quarter as another record-setter, highlighting continued growth in product diversity, new user segments, and successful international expansion.
| Metric | Q2 2025 | Q2 2025 Estimate | Q2 2024 | Y/Y Change |
|---|---|---|---|---|
| Adjusted Earnings per Share (Non-GAAP) | $2.96 | $2.91 | $2.56 | 15.6% |
| Revenue (GAAP) | $1.7 billion | $1.69 billion | $1.53 billion | 10.4% |
| Operating Income | $1.1 billion | $1.0 billion | 12.9% | |
| Net Income | $1.0 billion | $883 million | 16.1% | |
| Clearing and Transaction Fees Revenue | $1.4 billion | $1.25 billion | 11.1% |
Source: Analyst estimates for the quarter provided by FactSet.
Business Overview and Key Success Drivers
CME Group (CME 0.33%) operates the world’s largest derivatives marketplace, where institutions, businesses, and individuals trade futures and options contracts linked to a wide range of financial assets and commodities. Its exchanges—like CME, CBOT, NYMEX, and COMEX—offer products in interest rates, equity indexes, foreign exchange, energy, agricultural commodities, and metals. Beyond trading, the company also provides clearing, settlement, and market data services to customers globally.
The company’s success relies on several main factors: continuing to diversify its product lineup, improving its technology (mainly through its CME Globex electronic platform and cloud initiatives), expanding its global reach, navigating the regulatory landscape, and defending its position against global competitors. Efforts such as rolling out new micro contracts, investing in electronic and cloud trading, and growing international trading volumes have been pivotal.
Quarter in Review: Growth, Expansion, and Product Momentum
During the period, trading activity soared to new heights. The company’s average daily volume (ADV) reached 30.2 million contracts, up 16 % from the prior year quarter. Growth was broad across asset classes: interest rate product volume rose 20 %, equity index contracts advanced 13 %, energy contracts jumped 26 %, and metals contracts increased 9 %. Agricultural commodities and foreign exchange also posted gains, climbing 5 % and 2 %, respectively.
Retail traders provided a major boost. New retail user registrations climbed 57 % year over year, driving strong growth in micro product activity—smaller-sized contracts suited for individuals and smaller institutions. Average daily trading volume in micro contracts hit 4.1 million. The company attributed much of this to its partnerships with platforms that cater to retail investors, such as Robinhood. This trend helped further diversify its user base beyond large institutions.
Clearing and transaction fees, the company's core source of revenue, grew 11 % from a year ago as volumes increased across most major product lines. However, the average rate per contract (RPC), which measures the average fee collected per traded contract, edged down by 2.5 % to $0.690. The decline reflected a mix shift toward lower-fee micro contracts and interest rate products, but the ADV gains more than offset this margin compression. Revenue from market data also contributed, growing 13 %, aided by price increases and subscriber growth in the retail and nonprofessional segments.
On the expense side, costs rose 5.7 %, with technology spending up 11 % due to ongoing migration of core trading and risk management functions into Google Cloud. Compensation and licensing fees also increased, as planned, in line with merit increases and product expansion. The company maintained strong capital discipline while investing in its trading platform and new product initiatives. Notably, CME’s upcoming launch of BrokerTec Chicago aims to further integrate cash and futures markets—specifically, U.S. Treasury securities—and boost its competitive standing in fixed income trading.
The firm’s global expansion remained a highlight. About 30 % of overall trading volume now comes from non-U.S. customers, with average daily international volume reaching a record 8.9 million contracts. Both Europe-Middle East-Africa and Asia Pacific regions saw double-digit volume growth, especially in energy and agriculture futures and options.
Collateral management and cross-margining—ways clients optimize the amount of collateral needed to trade and manage risk—also saw progress. Total margin and guarantee fund contributions at quarter-end reached $142 billion, up from $99 billion at the end of 2024. The company is expanding cross-margining programs, which enable participants to net margins across different products or asset classes, and expects further enhancements as regulatory reviews are completed.
In capital management, dividends topped $3.0 billion in the first half of fiscal 2025, adding to a cumulative $29.1 billion distributed to shareholders since 2012. The pending sale of the AASTRA joint venture is expected to add roughly $1.5 billion in proceeds in early 2026, giving flexibility for future investments or additional capital returns. The company did not announce any increases to its regular dividend payment for the quarter.
Looking Ahead
CME Group management did not provide formal guidance for future quarters or the full year in its latest report. Leadership commented that current activity remains healthy, noting that year-to-date trading volumes are up 20 % versus the same point in 2024. Management expressed confidence in the forward pipeline but stressed that ongoing market volatility and evolving geopolitical and regulatory developments will influence future results.
In the periods ahead, areas to watch include the trend in average rate per contract, further returns from technology investments, and the company’s ability to continue attracting new types of traders and global customers. The finalization of the AASTRA joint venture sale and potential redeployment of capital, continued cloud migration, and rollout of product features like BrokerTec Chicago are all on the radar. Regulatory shifts and competitive pressure from overseas exchanges may also impact market share and product pricing in the next few quarters. The company expects technology, compliance costs, and hiring to continue rising in line with strategic objectives.
The quarterly dividend was unchanged from previous periods at $1.10 per share.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
