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Sentiment · FY2026 Q2
CME Group delivered record-breaking Q1 results with revenue of $1.9 billion, up 14%, and adjusted EPS of $3.36 rising 20% on record ADV of 36.2 million contracts, the highest quarterly volume in company history. Growth was broad-based across all six asset classes with international expansion accelerating and prediction markets driving new client acquisition. Energy hedging demand surged on geopolitics, and the company affirmed its $1.695 billion expense guidance for the year.
Demand | Product Launch | Competitive Dynamics | Pricing | Subscriber Growth | Regulation Policy | Innovation & R&D | Revenue Growth | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 4 | 3 | 6 | 6 | 4 | 5 | 3 | 3 |
| 2025Q1 | 5 | 3 | 3 | 3 | 4 | 2 | ||
| 2025Q2 | 8 | 3 | 2 | 4 | 2 | 3 | 2 | 2 |
| 2025Q3 | 4 | 7 | 4 | 3 | 2 | 2 | 1 | 1 |
| 2025Q4 | 1 | 3 | 1 | 2 | 1 | 2 | 3 | 2 |
| 2026Q1 | 3 | 6 | 6 | 2 | 3 | 3 | 4 | 3 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 4 | 5 | 8 | 4 | 1 | 3 |
| Product Launch | 3 | 3 | 3 | 7 | 3 | 6 |
| Competitive Dynamics | 6 | 3 | 2 | 4 | 1 | 6 |
| Pricing | 6 | 3 | 4 | 3 | 2 | 2 |
| Subscriber Growth | 4 | 4 | 2 | 2 | 1 | 3 |
| Regulation Policy | 5 | 3 | 2 | 2 | 3 | |
| Innovation & R&D | 3 | 2 | 1 | 3 | 4 | |
| Revenue Growth | 3 | 2 | 2 | 1 | 2 | 3 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin |
|---|---|---|---|---|---|---|
| FY2024 Q4 | $1.53B | +6.0% | $2.40 | +7.1% | 62.1% | 57.3% |
| FY2025 Q1 | $1.64B | +10.4% | $2.62 | +11.5% | 67.5% | 58.2% |
| FY2025 Q2 | $1.69B | +10.4% | $2.81 | +16.1% | 66.7% | 59.8% |
| FY2025 Q3 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Ben Budish | Barclays | 11 (9%) |
| Brian Bedell | Deutsche Bank | 11 (0%) |
| Patrick Moley | Piper Sandler |
| $1.54B |
| -3.0% |
| $2.49 |
| -0.4% |
| 63.3% |
| 59.1% |
| FY2025 Q4 | $1.65B | +8.1% | $3.24 | +35.0% | 61.8% | 70.8% |
| FY2026 Q1 | $1.88B | +14.5% | $3.18 | +21.4% | 69.7% | 61.4% |
| FY2026 Q2 | $1.71B | +0.8% | $2.88 | +2.5% | 64.9% | 61.1% |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
| Mike Cyprys | Morgan Stanley | 10 (0%) |
| Bill Katz | TD Cowen | 8 (0%) |
| Simon Clinch | Redburn Atlantic | 8 (0%) |
| Dan Fannon | Jefferies | 8 (0%) |
| Craig Siegenthaler | Bank of America | 6 (0%) |
| Ken Worthington | JPMorgan | 6 (0%) |
| Chris Allen | KBW | 6 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Barclays | 1 | 11 (9%) |
| KBW | 2 | 11 (0%) |
| Deutsche Bank | 1 | 11 (0%) |
| Piper Sandler | 1 | 10 (0%) |
| Morgan Stanley | 1 | 10 (0%) |
| Bank of America | 2 | 8 (0%) |
| Jefferies | 1 | 8 (0%) |
| Redburn Atlantic | 1 | 8 (0%) |
What CME and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“I know there's a dynamic with the CME fee sort of resetting at the beginning of the year”
Nasdaq licenses its Nasdaq-100 index to CME for futures under a fee-sharing agreement; the annual reset of that CME fee tier affects Nasdaq's index derivative revenue.
“we also will be using that $1.55 billion that we received from the OSTTRA sale and putting that towards repurchases.”
CME received $1.55 billion from the sale of its OSTTRA post-trade JV stake and is deploying the proceeds toward share repurchases.
“You may have seen a press release from Bank of Montreal in the last few weeks, announcing publicly that they have been working with us and Google on the tokenization project.”
Bank of Montreal is publicly participating in CME's cash-tokenization project with Google, indicating BMO's involvement in tokenized-collateral infrastructure.
“Suzanne Sprague is here, and she's been working very closely with both FICC and folks at DTCC and the regulator.”
CME is expanding its FICC/DTCC treasury cross-margining agreement to end-user clients, deepening the CME-DTCC clearing collaboration.
“we started a marketing effort in the middle of March with our partners at FanDuel.”
CME's prediction-markets JV with FanDuel drove 150,000+ new accounts and rising market-based (non-sports) volume, a positive read-through for the FanDuel distribution partnership.
“we are continuing to work with our partners at S&P to make certain that, as we go forward, we're all on the same page.”
CME co-owns the S&P Dow Jones index JV (27%) and pushed back on an S&P 500 perpetual-futures license granted to a third party, but is working with S&P Global to align going forward.
“I think the efficiencies that a hyperscaler like Google will be able to provide to CME and its clients will be second to none.”
CME is migrating markets to Google Cloud and tokenizing cash on the Google Cloud Universal Ledger; management praised Google's efficiencies, a positive read-through for Google Cloud's financial-infrastructure traction.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
CME CME Group | 7 | +14.5% | |
| CBOE Cboe Global Markets | 10 | +6.5% | |
| COIN Coinbase Global | 1 | -30.5% | |
| FDS FactSet | 6 | +7.1% | |
| ICE Intercontinental Exchange | 9 | +13.5% | |
| MCO Moody's Corporation | 7 | +8.1% | |
| MSCI MSCI | 8 | +14.1% | |
| NDAQ Nasdaq, Inc. | 8 | +2.3% | |
| SPGI S&P Global | 8 | +10.4% |