10-Q · July 24, 2026
CME posted record Q2 revenue of $1.706 billion, up 1% year over year, and GAAP diluted EPS of $2.88, up 2%, but both revenue and earnings declined from Q1 2026 as market volatility normalized. Market-data revenue grew…
Earnings analysis · 10-Q
CME earnings analysis
Filed October 23, 2026 · Our reading of the company's report
The latest report
CME delivered record Q3 revenue of $1,737.3 million, up approximately 12.8% year over year, while adjusted EPS of $3.02 exceeded consensus by $0.04. Results benefited from record average daily volume of 29.4 million…
Read full summary
CME delivered record Q3 revenue of $1,737.3 million, up approximately 12.8% year over year, while adjusted EPS of $3.02 exceeded consensus by $0.04. Results benefited from record average daily volume of 29.4 million contracts and 20% growth in market data revenue to $243.1 million, although GAAP EPS was lower at $2.89. No quantitative forward guidance was provided, and the 10-Q states that there were no material changes to risk factors or market-risk exposure.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $2.89
- Segment
- Market data revenue: $243.1 million, up 20% year over year; other segment revenue was not provided in the supplied filing text.
What stood out
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Record revenue growth
Q3 revenue was a record $1,737.3 million, up from $1.71 billion in Q2 2026 and $1.54 billion in Q3 2025, representing approximately 1.6% sequential and 12.8% year-over-year growth.
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Adjusted EPS beat estimates
Adjusted diluted EPS was $3.02, exceeding the $2.98 consensus estimate and increasing from $2.88 in Q2 2026. GAAP diluted EPS was $2.89, reflecting a $0.13 difference from adjusted EPS.
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Record trading volumes
Average daily volume reached a record 29.4 million contracts, supporting the quarterly revenue record and indicating strong trading activity.
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Market data accelerated
Market data revenue increased 20% year over year to $243.1 million, providing a meaningful source of growth beyond transaction-based revenue.
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Share repurchases continued
CME repurchased 2,129,990 shares during the quarter, including 2,047,234 shares under the publicly announced program; $980.6 million remained available under the authorization at September 30, 2026.
What to watch
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GAAP earnings below adjusted EPS
GAAP diluted EPS was $2.89 versus adjusted diluted EPS of $3.02, indicating $0.13 per share of charges or adjustments that reduced reported earnings.
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Capital deployment commitment
The company repurchased 2,129,990 shares during the quarter while $980.6 million remained under the repurchase authorization, representing continued capital deployment that could compete with other uses of cash.
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Market-risk exposure unchanged
The filing states that there have been no material changes in market-risk exposure since December 31, 2025, but CME remains exposed to interest-rate, credit, foreign-exchange and equity-price risks.
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No new risk-factor disclosure
The risk-factor section states that there were no material changes from the December 31, 2025 Form 10-K, so previously disclosed risks remain applicable without a new quantitative update in this filing.
Management's outlook
No quantitative revenue or EPS guidance was disclosed. The filing does not provide a revised outlook, and the supplied 8-K analysis states that forward guidance was not provided.
Earlier filings 2
10-Q · April 24, 2026
CME reported a strong Q1 2026 with total revenue of $1,880.1 million (up 14% YoY), diluted EPS of $3.18 (up 21% YoY) and operating margin expanding to 69.7% from 67.5% a year ago. Volume drove results: total contract…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.