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Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Ben Budish | Barclays | 12 questions · 8% challenging |
| Brian Bedell | Deutsche Bank | 12 questions · 0% challenging |
| Mike Cyprys | Morgan Stanley | 12 questions · 0% challenging |
| Patrick Moley | Piper Sandler | 11 questions · 0% challenging |
| Simon Clinch | Redburn Atlantic | 10 questions · 0% challenging |
| Bill Katz | TD Cowen | 9 questions · 0% challenging |
| Dan Fannon | Jefferies | 9 questions · 0% challenging |
| Craig Siegenthaler | Bank of America | 7 questions · 14% challenging |
| Ken Worthington | JPMorgan | 7 questions · 14% challenging |
| Chris Allen | KBW | 7 questions · 0% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Morgan Stanley | 1 analyst | 12 questions · 0% challenging |
| KBW | 2 analysts | 12 questions · 0% challenging |
| Deutsche Bank | 1 analyst | 12 questions · 0% challenging |
| Barclays | 1 analyst | 12 questions · 8% challenging |
| Piper Sandler | 1 analyst | 11 questions · 0% challenging |
| Redburn Atlantic | 1 analyst | 10 questions · 0% challenging |
| Bank of America | 2 analysts | 9 questions · 11% challenging |
| Jefferies | 1 analyst | 9 questions · 0% challenging |
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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 | Regulation Policy | Subscriber Growth | Revenue Growth | Innovation & R&D | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 4 | 3 | 6 | 6 | 5 | 4 | 3 | 3 |
| 2025Q1 | 5 | 3 | 3 | 3 | 4 | 2 | ||
| 2025Q2 | 8 | 3 | 2 | 4 | 3 | 2 | 2 | 2 |
| 2025Q3 | 4 | 7 | 4 | 3 | 2 | 2 | 1 | 1 |
| 2025Q4 | 1 | 3 | 1 | 2 | 2 | 1 | 2 | 3 |
| 2026Q1 | 3 | 6 | 6 | 2 | 3 | 3 | 3 | 4 |
| 2026Q2 | 5 | 5 | 6 | 1 | 3 | 1 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | |
|---|---|---|---|---|---|---|---|
| Demand | 4 | 5 | 8 | 4 | 1 | 3 | 5 |
| Product Launch | 3 | 3 | 3 | 7 | 3 | 6 | 5 |
| Competitive Dynamics | 6 | 3 | 2 | 4 | 1 | 6 | 6 |
| Pricing | 6 | 3 | 4 | 3 | 2 | 2 | 1 |
| Regulation Policy | 5 | 3 | 2 | 2 | 3 | 3 | |
| Subscriber Growth | 4 | 4 | 2 | 2 | 1 | 3 | 1 |
| Revenue Growth | 3 | 2 | 2 | 1 | 2 | 3 | 1 |
| Innovation & R&D | 3 | 2 | 1 | 3 | 4 |
Calendar quarter Q1 2026Earnings call Apr 22, 2026
FY2026 Q1 in brief
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.
Newest quarter FY2026 Q3 is part of Pro · see what Pro adds →
GAAP revenue YoY +14.5% → base 7. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
Sources. Tellvest earnings-call sentiment score for CME Group (CME), FY2026 Q1: 7/10. Scores: CME Group’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: CME daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
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| 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% | 60.6% |
| FY2025 Q3 | $1.54B | -3.0% | $2.49 | -0.4% | 63.3% | 59.1% |
| FY2025 Q4 | $1.65B | +8.1% | $3.24 | +35.0% | 61.8% | 71.7% |
| FY2026 Q1Selected | $1.88B | +14.5% | $3.18 | +21.4% | 69.7% | 62.1% |
| FY2026 Q2 | $1.71B | +0.8% | $2.88 | +2.5% | 64.9% | 61.1% |
| FY2026 Q3 | $1.74B | +13.0% | $2.89 | +16.1% | 65.7% | 59.7% |
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).
What CME said about other companies on its FY2026 Q1 call, and what other companies said about CME on their calls covering the same calendar quarter (Q1 2026). Each company's own fiscal quarter is shown next to its name. 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 signal 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 signal for Google Cloud's financial-infrastructure traction.
| Company | Score | Trend | Rev YoY | Headline |
|---|---|---|---|---|
| CMECME Group | 7 | +14.5% | Record Volume Across All Six Asset Classes | |
| CBOECboe Global Markets | 10 | +6.5% | Cboe Global Markets posted record net revenue of $729 million, up 29% year-over-year, with adjusted diluted EPS rising 48% to a record $3.70 (GAAP EPS was $3.66) | |
| COINCoinbase Global | 1 | -30.5% | Coinbase reported a Q1 net loss of $394 million as total revenue declined 21% quarter-over-quarter amid a broad crypto market downturn that crushed transaction revenue across all segments | |
| FDSFactSet | 6 | +7.1% | FactSet delivered its fourth consecutive quarter of ASV growth acceleration at 6.7%, powered by double-digit Data Solutions growth across all firm types and rapid adoption of AI capabilities including the MCP Server with 120+ clients since December launch | |
| ICEIntercontinental Exchange | 9 | +13.5% | ICE delivered record Q1 net revenues of $3 billion, up 18%, with adjusted EPS of $2.35 surging 37% year-over-year as record exchange volumes spanned all asset classes and the global energy franchise underwent structural repricing | |
| MCOMoody's Corporation | 7 | +8.1% | Record Rated Issuance Driven by AI Infrastructure | |
| MSCIMSCI | 8 | +14.1% | MSCI delivered over 13% organic revenue growth and nearly 14% adjusted EPS growth, with the ABF run rate hitting $872 million on $103 billion in record inflows and hedge funds driving subscription acceleration, marking record Q1 results across multiple dimensions | |
| NDAQNasdaq, Inc. | 8 | +2.3% | Nasdaq delivered net revenue of $1.4 billion with 13% growth as FinTech achieved record revenue with ACV bookings surging over 50% and 80% cloud-based, while Capital Markets Technology grew 20% with broad-based demand | |
| SPGIS&P Global | 8 | +10.4% | S&P Global grew Q1 2026 revenue 10% (9% organic constant currency) with adjusted diluted EPS up 14% year-over-year, as Ratings demonstrated resilience amid macro volatility and Indices delivered double-digit growth across all product lines |
Record Volume Across All Six Asset Classes
Cboe Global Markets posted record net revenue of $729 million, up 29% year-over-year, with adjusted diluted EPS rising 48% to a record $3.70 (GAAP EPS was $3.66)
Coinbase reported a Q1 net loss of $394 million as total revenue declined 21% quarter-over-quarter amid a broad crypto market downturn that crushed transaction revenue across all segments
FactSet delivered its fourth consecutive quarter of ASV growth acceleration at 6.7%, powered by double-digit Data Solutions growth across all firm types and rapid adoption of AI capabilities including the MCP Server with 120+ clients since December launch
| Company | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 |
|---|---|---|---|---|---|---|
| CME | 6 | 8 | 7 | 4 | 7 | 7 |
| CBOE | 7 | 8 | 8 | 9 | 9 | 10 |
| COIN | 9 | 7 | 5 | 9 | 1 | 1 |
| FDS | 6 | 6 | 5 | 7 | 6 | 6 |
| ICE | 8 | 8 | 9 | 5 | 8 | 9 |
| MCO | 8 | 4 | 7 | 10 | 9 | 7 |
| MSCI | 6 | 7 | 7 | 7 | 7 | 8 |
| NDAQ | 9 | 8 | 8 | 8 | 8 | 8 |
| SPGI | 9 | 7 | 7 | 10 | 8 | 8 |
ICE delivered record Q1 net revenues of $3 billion, up 18%, with adjusted EPS of $2.35 surging 37% year-over-year as record exchange volumes spanned all asset classes and the global energy franchise underwent structural repricing
MSCI delivered over 13% organic revenue growth and nearly 14% adjusted EPS growth, with the ABF run rate hitting $872 million on $103 billion in record inflows and hedge funds driving subscription acceleration, marking record Q1 results across multiple dimensions
Nasdaq delivered net revenue of $1.4 billion with 13% growth as FinTech achieved record revenue with ACV bookings surging over 50% and 80% cloud-based, while Capital Markets Technology grew 20% with broad-based demand
S&P Global grew Q1 2026 revenue 10% (9% organic constant currency) with adjusted diluted EPS up 14% year-over-year, as Ratings demonstrated resilience amid macro volatility and Indices delivered double-digit growth across all product lines