SEC EDGAR · 10-Q

10-Q – 2026-07-24 – cme-20260630.htm

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Omsättning

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 33
• the costs associated with protecting our intellectual property rights and our ability to operate our business without violating the intellectual property rights of others; | • decreases in revenue from our market data as a result of decreased demand or changes to regulations in various jurisdictions; | 3
3. Revenue Recognition | The company generates revenue from customers from the following sources:
3. Revenue Recognition | The company generates revenue from customers from the following sources: | Clearing and transaction fees. Clearing and transaction fees include per-contract charges for trade matching, clearing, trading on the company's electronic trading platforms, portfolio reconciliation and compression services, risk mitigation, and other fees. Clearing and transaction fees are assessed upfront at the time of trade execution. As such, the company recognizes the majority of the fee revenue upon successful execution of the trade. The minimal remaining portion of the fee revenue relat
The company generates revenue from customers from the following sources: | Clearing and transaction fees. Clearing and transaction fees include per-contract charges for trade matching, clearing, trading on the company's electronic trading platforms, portfolio reconciliation and compression services, risk mitigation, and other fees. Clearing and transaction fees are assessed upfront at the time of trade execution. As such, the company recognizes the majority of the fee revenue upon successful execution of the trade. The minimal remaining portion of the fee revenue relat | The nature of contracts gives rise to several types of variable consideration, including volume-based pricing tiers, customer incentives associated with market maker programs and other fee discounts. The company includes fee discounts and incentives in the estimated transaction price when there is a basis to reasonably estimate the amount of the fee reduction. These estimates are based on historical experience, anticipated performance, and best judgment at the time. Because of the company's cert
The nature of contracts gives rise to several types of variable consideration, including volume-based pricing tiers, customer incentives associated with market maker programs and other fee discounts. The company includes fee discounts and incentives in the estimated transaction price when there is a basis to reasonably estimate the amount of the fee reduction. These estimates are based on historical experience, anticipated performance, and best judgment at the time. Because of the company's cert | Market data and information services. Market data and information services represent revenue from the dissemination of market data to subscribers, distributors, and other third-party licensees of market data. Pricing for market data is primarily based on the number of reportable devices used as well as the number of subscribers enrolled under the arrangement. Fees for these services are generally billed monthly. Market data services are satisfied over time and revenue is recognized on a monthly | Other. Other revenues include certain access and communication fees, fees for collateral management, equity membership subscription fees, and fees for trade order routing through agreements from various strategic relationships. Access and communication fees are charged to customers that utilize various telecommunications networks and communications services. Fees for these services are generally billed monthly and the associated fee revenue is recognized as billed. Collateral management fees are
Market data and information services. Market data and information services represent revenue from the dissemination of market data to subscribers, distributors, and other third-party licensees of market data. Pricing for market data is primarily based on the number of reportable devices used as well as the number of subscribers enrolled under the arrangement. Fees for these services are generally billed monthly. Market data services are satisfied over time and revenue is recognized on a monthly | Other. Other revenues include certain access and communication fees, fees for collateral management, equity membership subscription fees, and fees for trade order routing through agreements from various strategic relationships. Access and communication fees are charged to customers that utilize various telecommunications networks and communications services. Fees for these services are generally billed monthly and the associated fee revenue is recognized as billed. Collateral management fees are | 12
and are billed monthly. This fee revenue is recognized monthly as billed as the customers receive and consume the benefits of the services. The company also has an equity membership program which provides equity members the option to pay a monthly subscription fee in satisfaction of their existing requirement to hold CME Group Class A common stock. Choosing to pay this fee in lieu of holding Class A shares is entirely voluntary and the client's choice. Fee revenue under this program is earned mo | The following table represents a disaggregation of revenue from contracts with customers by product line for the quarters and six months ended June 30, 2026 and 2025:

Rörelseresultat

Total Expenses 599.1 562.7 1,169.5 1,097.0 | Operating Income 1,107.1 1,129.3 2,416.8 2,237.3
Non-Operating Income (Expense) | Investment income 1,429.7 1,518.4 2,819.0 2,411.1
Equity in net earnings of unconsolidated subsidiaries 97.7 99.0 200.1 187.2 | Other non-operating income (expense) ( 1,263.2 ) ( 1,372.4 ) ( 2,510.1 ) ( 2,174.8 ) | Total Non-Operating Income (Expense) 220.6 201.0 421.8 337.8
Other non-operating income (expense) ( 1,263.2 ) ( 1,372.4 ) ( 2,510.1 ) ( 2,174.8 ) | Total Non-Operating Income (Expense) 220.6 201.0 421.8 337.8 | Income before Income Taxes 1,327.7 1,330.3 2,838.6 2,575.1
Reclassification of net unrealized (gains) losses to interest expense and other non-operating income (expense) ( 1.0 ) ( 1.1 ) ( 2.1 ) ( 2.0 ) | Income tax benefit (expense) 0.2 0.3 0.5 0.5
and first six months of 2025. In the second quarter and first six months of of 2026, expenses related to the distribution of interest earned on collateral reinvestments were $ 1,265.7 million and $ 2,514.9 million, respectively, compared with $ 1,374.5 million and $ 2,179.3 million in the second quarter and first six months of 2025. The earnings from cash performance bonds and guaranty fund contributions are included in investment income and the expense related to the distribution of interest ea | Clearing House Contract Settlement. The clearing house marks-to-market open positions at least onc e each business day (twice each business day for all futures and options contracts). Based on values derived from the mark-to-market process, the clearing house requires payments from clearing firms whose positions have lost value and makes payments to clearing firms whose positions have gained value. Under the extremely unlikely scenario of simultaneous default by every clearing firm who has open
The chief operating decision maker (CODM) reviews the financial results of CME Group consolidated on an ongoing basis throughout the year. As a single segment, the segment profitability measure is consolidated net income. Consolidated net income informs key operating decisions as made by the CODM, which include bonus allocation, discretionary share-based awards, liquidity and cash needs, new product development, existing product expansion and product discontinuation. Consolidated net income is d | The CODM evaluates current period consolidated net income performance as compared to prior periods, budgeted results and forecasts. The CODM reviews consolidated revenues as disaggregated by the following: clearing and transaction fees as a combination of rate per contract and average daily volume for each major asset class, market data fee revenue and other revenue. The significant expense categories are consistent with those presented on the face of the consolidated statements of income. The c
Operating margin 64.9 % 66.7 % 67.4 % 67.1 % | Non-operating income (expense) $ 220.6 $ 201.0 10 $ 421.8 $ 337.8 25 | Effective tax rate 21.5 % 22.9 % 22.6 % 23.1 %

Periodens resultat

Net Income $ 1,041.8 $ 1,025.1 $ 2,196.1 $ 1,981.3
2026 2025 2026 2025 | Net Income $ 1,041.8 $ 1,025.1 $ 2,196.1 $ 1,981.3 | Other comprehensive income (loss), net of tax:
Balance at December 31, 2025 4,584 358,950 3 $ 22,213.1 $ 6,433.2 $ 81.9 $ 28,728.2 | Net income 2,196.1 2,196.1 | Other comprehensive income (loss) ( 27.0 ) ( 27.0 )
Balance at March 31, 2026 — 361,790 3 $ 21,674.2 $ 4,884.6 $ 59.4 $ 26,618.2 | Net income 1,041.8 1,041.8 | Other comprehensive income (loss) ( 4.5 ) ( 4.5 )
Balance at December 31, 2024 4,584 359,602 3 $ 22,406.6 $ 4,185.8 $ ( 105.5 ) $ 26,486.9 | Net income 1,981.3 1,981.3 | Other comprehensive income (loss) 150.9 150.9
Balance at March 31, 2025 4,584 359,646 3 $ 22,419.6 $ 4,685.9 $ ( 74.8 ) $ 27,030.7 | Net income 1,025.1 1,025.1 | Other comprehensive income (loss) 120.2 120.2
Cash Flows from Operating Activities | Net income $ 2,196.1 $ 1,981.3 | Adjustments to reconcile net income to net cash provided by operating activities:
Net income $ 2,196.1 $ 1,981.3 | Adjustments to reconcile net income to net cash provided by operating activities: | Stock-based compensation 46.6 41.9

Resultat per aktie

Earnings per Share Attributable to Common Shareholders of CME Group: | Basic $ 2.89 $ 2.81 $ 6.11 $ 5.44
12. Earnings Per Share | The company calculates basic earnings per share for the quarter ended June 30, 2026 by dividing net income by the weighted average number of shares of all classes of common stock outstanding for each reporting period. Diluted earnings per share reflects the increase in shares using the treasury stock method to reflect the impact of an equivalent number of shares of common stock if restricted stock awards were converted into common stock. The company uses the two-class method for calculating basi
The following table presents the earnings per share calculation for the periods presented:

Kassaflöde

Supplemental Disclosure of Cash Flow Information | Income taxes paid, net of refunds $ 689.7 $ 579.6
Supplemental cash flow information related to leases was as follows:
Given our cash flow generation, our ability to pay down debt levels and our ability to refinance existing debt facilities if necessary, we expect to maintain an investment grade rating. If our ratings are downgraded below investment grade within certain specified time periods due to a change of control, we are required to make an offer to repurchase our fixed rate notes at a price equal to 101% of the principal amount, plus accrued and unpaid interest. No report of any rating agency is incorpora | Liquidity and Cash Management . Cash and cash equivalents, excluding restricted cash and restricted cash equivalents, t otaled $2.1 billion and $4.4 billion at June 30, 2026 and December 31, 2025, respectively. The balance retained in cash and cash equivalents is a function of anticipated or possible short-term cash needs, prevailing interest rates, our corporate investment policy and alternative investment choices. A majority of our cash and cash equivalents balance is invested in money market

Likvida medel

Current Assets: | Cash and cash equivalents $ 2,144.2 $ 4,416.9 | Marketable securities 131.4 125.0
Reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents: | Cash and cash equivalents $ 2,144.2 $ 1,981.3 | Short-term restricted cash 4.4 6.5
Given our cash flow generation, our ability to pay down debt levels and our ability to refinance existing debt facilities if necessary, we expect to maintain an investment grade rating. If our ratings are downgraded below investment grade within certain specified time periods due to a change of control, we are required to make an offer to repurchase our fixed rate notes at a price equal to 101% of the principal amount, plus accrued and unpaid interest. No report of any rating agency is incorpora | Liquidity and Cash Management . Cash and cash equivalents, excluding restricted cash and restricted cash equivalents, t otaled $2.1 billion and $4.4 billion at June 30, 2026 and December 31, 2025, respectively. The balance retained in cash and cash equivalents is a function of anticipated or possible short-term cash needs, prevailing interest rates, our corporate investment policy and alternative investment choices. A majority of our cash and cash equivalents balance is invested in money market | We maintain a shar e repurchase program under which we are authorized to repurchase up to $3.0 billion of our outstanding Class A common stock, par value $0.01 per share (the common stock), from time to time through open market transactions, block trades, privately negotiated purchase transactions or other purchase techniques and may include purchases effected pursuant to one or more trading plans established pursuant to Rule 10b5-1 under the Exchange Act. The timing of any repurchases and the n

Nettoskuld

Net income $ 2,196.1 $ 1,981.3 | Adjustments to reconcile net income to net cash provided by operating activities: | Stock-based compensation 46.6 41.9
Other ( 16.9 ) — | Net Cash Provided by Operating Activities 2,207.0 2,175.1
Net Cash Used in Investing Activities ( 52.4 ) ( 34.0 )
Other ( 4.6 ) ( 4.5 ) | Net Cash (Used in) Provided by Financing Activities ( 5,974.8 ) 40,210.6
Liquidity and Capital Resources | Sources and Uses of Cash . Net cash provided by operating activities increased in the first six months of 2026 when compared with the same period in 2025, which was largely due to an increase in trading volume and higher interest earned on reinvestment of collateral, net of distributions. Cash used in investing activities remained relatively consistent in the first six months of 2026 when compared with the same period in 2025. Cash used in financing activities was higher during the first six mon | Debt Instruments . The following table summarizes our debt outstanding at June 30, 2026:

Eget kapital

Shareholders’ Equity: | Preferred stock, $ 0.01 par value, 10,000 shares authorized at June 30, 2026 and December 31, 2025; no shares issued and outstanding as of June 30, 2026 and 4,584 issued and outstanding as of December 31, 2025
Accumulated other comprehensive income (loss) 54.9 81.9 | Total CME Group Shareholders’ Equity 26,520.4 28,728.2
Comprehensive | Income (Loss) Total CME Group Shareholders’ Equity | Balance at December 31, 2025 4,584 358,950 3 $ 22,213.1 $ 6,433.2 $ 81.9 $ 28,728.2
Comprehensive | Income (Loss) Total CME Group Shareholders’ Equity | Balance at March 31, 2026 — 361,790 3 $ 21,674.2 $ 4,884.6 $ 59.4 $ 26,618.2
Comprehensive | Income (Loss) Total CME Group Shareholders’ Equity | Balance at December 31, 2024 4,584 359,602 3 $ 22,406.6 $ 4,185.8 $ ( 105.5 ) $ 26,486.9
Comprehensive | Income (Loss) Total CME Group Shareholders’ Equity | Balance at March 31, 2025 4,584 359,646 3 $ 22,419.6 $ 4,685.9 $ ( 74.8 ) $ 27,030.7
(1) We maintained a forward-starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable effectively became fixed at a rate of 4.73%. | We maintain a $2.3 billion multi-currency revolving senior credit facility with various financial institutions, which matures in April 2030. The proceeds from this facility can be used for general corporate purposes, which includes providing liquidity for our clearing house in certain circumstances at CME Group's discretion and, if necessary, for maturities of commercial paper. As long as we are not in default under this facility, we have the option to increase it up to $3.3 billion with the con | We maintain a 364-day multi-currency revolving secured credit facility with a consortium of domestic and international banks to be used in certain situations by the clearing house. The facility provides for borrowings of up to $7.0 billion. We may use the proceeds to provide temporary liquidity in the unlikely event a clearing firm fails to promptly discharge an obligation to the clearing house operated by CME, in the event of a liquidity constraint or default by a depositary (custodian for our

Antal aktier

Yes ☐ No ☒ | The number of shares outstanding of each of the registrant’s classes of common stock as of July 8, 2026 was as follows: 359,576,125 shares of Class A common stock, $0.01 par value; 625 shares of Class B-1 common stock, $0.01 par value; 813 shares of Class B-2 common stock, $0.01 par value; 1,287 shares of Class B-3 common stock, $0.01 par value; and 413 shares of Class B-4 common stock, $0.01 par value. | 1
Liquidity and Cash Management . Cash and cash equivalents, excluding restricted cash and restricted cash equivalents, t otaled $2.1 billion and $4.4 billion at June 30, 2026 and December 31, 2025, respectively. The balance retained in cash and cash equivalents is a function of anticipated or possible short-term cash needs, prevailing interest rates, our corporate investment policy and alternative investment choices. A majority of our cash and cash equivalents balance is invested in money market | We maintain a shar e repurchase program under which we are authorized to repurchase up to $3.0 billion of our outstanding Class A common stock, par value $0.01 per share (the common stock), from time to time through open market transactions, block trades, privately negotiated purchase transactions or other purchase techniques and may include purchases effected pursuant to one or more trading plans established pursuant to Rule 10b5-1 under the Exchange Act. The timing of any repurchases and the n | 31
Period Total Number of Shares (or Units) Purchased (1) | Average Price

Antal anställda

(1) CME Group maintains a share repurchase program under which CME Group is authorized to repurchase up to $3.0 billion of its outstanding Class A common stock, par value $0.01 per share (the common stock) as announced on December 5, 2024. The share repurchase program has no expiration date. | (2) Includes an aggregate of 31 shares of Class A common stock surrendered to satisfy employees' tax obligations upon the vesting of restricted stock. | (3) Includes an aggregate of 122 shares of Class A common stock surrendered to satisfy employee's tax obligations upon the vesting of restricted stock.

Fulltext

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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________________________________________________
FORM 10-Q
_________________________________________________________
(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026
- OR -

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                to                
Commission file number 001-31553
CME GROUP INC.
(Exact name of registrant as specified in its charter)

Delaware   36-4459170
(State or other jurisdiction of
incorporation or organization)   (I.R.S. Employer
Identification No.)

20 South Wacker Drive Chicago Illinois   60606
(Address of principal executive offices)   (Zip Code)

( 312 ) 930-1000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)  
Securities registered pursuant to Section 12(b) of the Act:    

Title of each class Trading symbol Name of each exchange on which registered
Class A Common Stock CME The Nasdaq Stock Market

    Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.             Yes    ☒     No   ☐
    Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).                        Yes    ☒     No   ☐
    Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒
Accelerated filer
☐

Non-accelerated filer  
☐
Smaller reporting company
☐

Emerging growth company
☐

     If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
     Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    
                                                 Yes    ☐     No   ☒
The number of shares outstanding of each of the registrant’s classes of common stock as of July 8, 2026 was as follows: 359,576,125 shares of Class A common stock, $0.01 par value; 625 shares of Class B-1 common stock, $0.01 par value; 813 shares of Class B-2 common stock, $0.01 par value; 1,287 shares of Class B-3 common stock, $0.01 par value; and 413 shares of Class B-4 common stock, $0.01 par value.
1

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  CME GROUP INC.
FORM 10-Q
INDEX

    Page

PART I. FINANCIAL INFORMATION
3

Item 1. Financial Statements
5

Consolidated Balance Sheets at June 30 , 2026 and December 31, 2025
5

Consolidated Statements of Income for the Quarters and Six Months Ended June 30 , 2026 and 2025
6

Consolidated Statements of Comprehensive Income for the Quarters and Six Months Ended June 30 , 2026 and 2025
7

Consolidated Statements of Equity for the Quarters and Six Months Ended June 30 , 2026 and 2025
8

Consolidated Statements of Cash Flows for the Six Months Ended June 30 , 2026 and 2025
10

Notes to Unaudited Consolidated Financial Statements
12

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
23

Item 3. Quantitative and Qualitative Disclosures About Market Risk
32

Item 4. Controls and Procedures
32

PART II. OTHER INFORMATION
32

Item 1. Legal Proceedings
32

Item 1A. Risk Factors
32

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
33

Item 5. Other Information
33

Item 6. Exhibits
34

SIGNATURES
35

2

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PART I. FINANCIAL INFORMATION
Certain Terms
All references to “options” or “options contracts” in the text of this document refer to options on futures contracts.
Further information about CME Group and its products can be found at http://www.cmegroup.com. Information made available on our website does not constitute a part of this Quarterly Report on Form 10-Q.
Information about Contract Volume and Average Rate per Contract
Unless otherwise noted, all amounts regarding contract volume and average rate per contract are for CME Group's listed futures and options on futures contracts and exclude CME Group's event contracts.
Trademark Information
CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc. (CME), CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. BrokerTec is a trademark of BrokerTec Americas LLC and EBS is a trademark of EBS Group Limited. Dow Jones, Dow Jones Industrial Average, S&P 500 and S&P are service and/or trademarks of Dow Jones Trademark Holdings LLC, Standard & Poor's Financial Services LLC and S&P Dow Jones Indices LLC, as the case may be, and have been licensed for use by CME. All other trademarks are the property of their respective owners.
Forward-Looking Statements
From time to time, in this Quarterly Report on Form 10-Q as well as in other written reports and verbal statements, we discuss our expectations regarding future performance. These forward-looking statements are identified by their use of terms and phrases such as “believe,” “anticipate,” “could,” “estimate,” “intend,” “may,” “plan,” “expect” and similar expressions, including references to assumptions. These forward-looking statements are based on currently available competitive, financial and economic data, current expectations, estimates, forecasts and projections about the industries in which we operate and management's beliefs and assumptions. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or implied in any forward-looking statements. We want to caution you not to place undue reliance on any forward-looking statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the factors that might affect our performance are:
• increasing competition by foreign and domestic entities, including increased competition from new entrants into our markets and consolidation of existing entities; our ability to keep pace with rapid technological developments, including our ability to complete the development, implementation and maintenance of the enhanced functionality required by our customers while maintaining reliability and ensuring that such technology is not vulnerable to security risks;
• our ability to continue introducing innovative and competitive new products and services on a timely, cost-effective basis, including through our electronic trading capabilities, and derive revenues that are commensurate with our efforts and expectations, and our ability to maintain the competitiveness of our existing products and services;
• our ability to adjust our fixed costs and expenses if our revenues decline;
• our ability to manage variable costs associated with CME Group's transition to the Google Cloud, and minimizing the duplicative costs of maintaining both on-premise and Google Cloud environments during the transition;
• the resilience of our electronic platforms and the soundness of our business continuity and disaster recovery plans, including in the event of cyberattacks and cyberterrorism or as impacted by a failure of or disruption at one of our suppliers;
• our ability to maintain existing customers at substantially similar trading levels, develop strategic relationships and attract new customers;
• our ability to expand and globally offer our products and services;
• changes in regulations, including the impact of any changes in laws or government policies with respect to our products or services or our industry, such as any changes to regulations and policies that require increased financial and operational resources from us or our customers, as well as the impact of tariffs and tax policy changes, restrictions on our ability to offer CME Group products and services in specific geographies or to specific customers or limitations or changes in underlying/physical product flows across geographies;
• the costs associated with protecting our intellectual property rights and our ability to operate our business without violating the intellectual property rights of others;
• decreases in revenue from our market data as a result of decreased demand or changes to regulations in various jurisdictions;
3

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• changes in our rate per contract due to shifts in the mix of the products traded, the trading venue and the mix of customers (whether the customer receives member or non-member fees or participates in one of our various incentive programs) and the impact of our tiered pricing structure;
• the ability of our credit and liquidity risk management practices to adequately protect us from the credit risks of clearing firms and other counterparties, and to satisfy the margin and liquidity requirements associated with the BrokerTec matched principal business;
• the ability of our compliance and risk management programs to effectively monitor and manage our risks, including our ability to prevent errors and misconduct and protect our infrastructure against security breaches and misappropriation of our intellectual property assets;
• our dependence on third-party providers and exposure to risk from third parties, including risks related to the performance, reliability and security of technology used by, or facilities provided by, our third-party providers and third-party providers that our clients and third-parties rely on;
• our reliance on third-party distribution partners, including independent software vendors (ISVs), futures commission merchants (FCMs), introducing brokers, broker-dealers, regulatory reporting and data distributors and platform operators, and other partners, for facilitating trading and for market data information, and potential impacts from changes in their business models and priorities;
• volatility in commodity, equity and fixed income prices, and price volatility of financial benchmarks and instruments such as interest rates, equity indices, fixed income instruments and foreign exchange rates; economic, social, political and market conditions, including the volatility of the capital and credit markets and the impact of economic conditions on the trading activity of our current and potential customers;
• our ability to accommodate increases in contract volume and market data and order transaction traffic across the entire trade cycle and the ability to implement enhancements meeting our regulatory obligations and customer needs without failure or degradation of the performance of our trading and clearing systems;
• our ability to execute our growth strategy and maintain our growth effectively;
• our ability to manage the risks, control the costs and achieve the synergies associated with and benefits from our strategy for acquisitions, investments, alliances, strategic partnerships and joint ventures;
• variances in earnings on cash accounts and collateral that our clearing house holds;
• impact of CME Group pricing/fee level and structure and incentive changes;
• impact of aggregation services and internalization on trade flow and volumes;
• any negative financial impacts from changes to the terms of intellectual property and index rights;
• our ability to continue to generate funds and/or manage our indebtedness to allow us to continue to invest in our business;
• industry, channel partner and customer consolidation and/or concentration;
• decreases in trading and clearing activity;
• the imposition of a transaction tax or user fee on futures and options transactions and/or repeal of the 60/40 tax treatment of such transactions;
• increases in effective tax rates, borrowing costs or changes in tax policy;
• our ability to maintain our brand and reputation; and
• the unfavorable resolution of material legal proceedings.
For a detailed discussion of these and other factors that might affect our performance, see Item 1A. of our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission on February 26, 2026 and Item 1A. in Part II of this Quarterly Report on Form 10-Q.
4

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ITEM 1. FINANCIAL STATEMENTS

CME GROUP INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(dollars in millions, except par value data; shares in thousands)

June 30, 2026 December 31, 2025
(unaudited)
Assets
Current Assets:
Cash and cash equivalents $ 2,144.2   $ 4,416.9  
Marketable securities 131.4   125.0  
Accounts receivable, net of allowance of $ 9.1 and $ 10.0
753.1   639.2  
Other current assets (includes $ 4.4 and $ 6.5 in restricted cash)
491.7   522.1  
Performance bonds and guaranty fund contributions 158,110.7   159,656.1  
Total current assets 161,631.1   165,359.3  
Property, net of accumulated depreciation and amortization of $ 993.7 and $ 1,005.7
351.2   362.7  
Intangible assets—trading products 17,175.3   17,175.3  
Intangible assets—other, net 2,494.6   2,610.7  
Goodwill 10,505.8   10,514.7  
Other assets 2,518.6   2,401.5  
Total Assets $ 194,676.6   $ 198,424.2  

Liabilities and Equity
Current Liabilities:
Accounts payable $ 68.0   $ 71.8  

Other current liabilities 538.6   568.8  
Performance bonds and guaranty fund contributions 158,110.7   159,656.1  
Total current liabilities 158,717.3   160,296.7  
Long-term debt 3,424.2   3,422.3  
Deferred income tax liabilities, net 5,220.9   5,242.2  
Other liabilities 793.8   734.8  
Total Liabilities 168,156.2   169,696.0  

Shareholders’ Equity:
Preferred stock, $ 0.01 par value, 10,000 shares authorized at June 30, 2026 and December 31, 2025; no shares issued and outstanding as of June 30, 2026 and 4,584 issued and outstanding as of December 31, 2025
—   —  
Class A common stock, $ 0.01 par value, 1,000,000 shares authorized at June 30, 2026 and December 31, 2025; 359,275 and 358,950 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
3.6   3.6  
Class B common stock, $ 0.01 par value, 3 shares authorized, issued and outstanding as of June 30, 2026 and December 31, 2025
—   —  
Additional paid-in capital 21,004.4   22,209.5  
Retained earnings 5,457.5   6,433.2  
Accumulated other comprehensive income (loss) 54.9   81.9  
Total CME Group Shareholders’ Equity 26,520.4   28,728.2  

Total Liabilities and Equity $ 194,676.6   $ 198,424.2  
    
See accompanying notes to unaudited consolidated financial statements.
5

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CME GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(dollars in millions, except per share data; shares in thousands)
(unaudited)
 

Quarter Ended Six Months Ended
  June 30, June 30,
  2026 2025 2026 2025
Revenues
Clearing and transaction fees $ 1,352.5   $ 1,388.0   $ 2,895.1   $ 2,725.3  
Market data and information services 238.1   198.1   462.2   392.6  
Other 115.6   105.9   229.0   216.4  
Total Revenues 1,706.2   1,692.0   3,586.3   3,334.3  
Expenses
Compensation and benefits 233.5   221.6   456.5   428.3  
Technology 83.3   70.9   159.9   136.6  
Professional fees and outside services 29.1   37.4   57.3   65.9  
Amortization of purchased intangibles 56.0   56.1   112.1   111.3  
Depreciation and amortization 28.2   27.3   55.4   54.6  
Licensing and other fee agreements 109.1   96.2   215.9   192.8  
Other 59.9   53.2   112.4   107.5  
Total Expenses 599.1   562.7   1,169.5   1,097.0  
Operating Income 1,107.1   1,129.3   2,416.8   2,237.3  

Non-Operating Income (Expense)
Investment income 1,429.7   1,518.4   2,819.0   2,411.1  
Interest and other borrowing costs ( 43.6 ) ( 44.0 ) ( 87.2 ) ( 85.7 )
Equity in net earnings of unconsolidated subsidiaries 97.7   99.0   200.1   187.2  
Other non-operating income (expense) ( 1,263.2 ) ( 1,372.4 ) ( 2,510.1 ) ( 2,174.8 )
Total Non-Operating Income (Expense) 220.6   201.0   421.8   337.8  
Income before Income Taxes 1,327.7   1,330.3   2,838.6   2,575.1  
Income tax provision 285.9   305.2   642.5   593.8  

Net Income $ 1,041.8   $ 1,025.1   $ 2,196.1   $ 1,981.3  

Earnings per Share Attributable to Common Shareholders of CME Group:
Basic $ 2.89   $ 2.81   $ 6.11   $ 5.44  
Diluted 2.88   2.81   6.06   5.43  
Weighted Average Number of Common Shares:
Basic 360,684   359,658   360,005   359,636  
Diluted 361,282   360,355   362,233   360,297  

See accompanying notes to unaudited consolidated financial statements.
6

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CME GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
(unaudited)

Quarter Ended Six Months Ended
June 30, June 30,
2026 2025 2026 2025
Net Income $ 1,041.8   $ 1,025.1   $ 2,196.1   $ 1,981.3  
Other comprehensive income (loss), net of tax:
Investment securities:
Net unrealized holding gains (losses) arising during the period —   ( 0.1 ) ( 0.1 ) 0.1  

Investment securities, net —   ( 0.1 ) ( 0.1 ) 0.1  
Defined benefit plans:
Net change in defined benefit plans arising during the period ( 0.1 ) —   ( 2.2 ) ( 1.2 )
Amortization of net actuarial (gains) losses included in compensation and benefits expense ( 0.1 ) ( 0.1 ) ( 0.1 ) ( 0.1 )
Income tax benefit (expense) 0.1   —   0.5   0.3  
Defined benefit plans, net ( 0.1 ) ( 0.1 ) ( 1.8 ) ( 1.0 )
Derivative investments:

Reclassification of net unrealized (gains) losses to interest expense and other non-operating income (expense) ( 1.0 ) ( 1.1 ) ( 2.1 ) ( 2.0 )
Income tax benefit (expense) 0.2   0.3   0.5   0.5  
Derivative investments, net ( 0.8 ) ( 0.8 ) ( 1.6 ) ( 1.5 )
Foreign currency translation:
Foreign currency translation adjustments ( 4.7 ) 128.7   ( 26.6 ) 164.3  

Income tax benefit (expense) 1.1   ( 7.5 ) 3.1   ( 11.0 )
Foreign currency translation, net ( 3.6 ) 121.2   ( 23.5 ) 153.3  
Other comprehensive income (loss), net of tax ( 4.5 ) 120.2   ( 27.0 ) 150.9  
Comprehensive Income $ 1,037.3   $ 1,145.3   $ 2,169.1   $ 2,132.2  

See accompanying notes to unaudited consolidated financial statements.

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CME GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(dollars in millions, except per share data; shares in thousands)
(unaudited)  

Six Months Ended, June 30, 2026
Preferred Stock (Shares) Class A
Common
Stock
(Shares) Class B
Common
Stock
(Shares) Preferred Stock, Common
Stock and
Additional
Paid-in
Capital Retained
Earnings Accumulated
Other
Comprehensive
Income (Loss) Total CME Group Shareholders’ Equity
Balance at December 31, 2025 4,584   358,950   3   $ 22,213.1   $ 6,433.2   $ 81.9   $ 28,728.2  
Net income 2,196.1   2,196.1  
Other comprehensive income (loss) ( 27.0 ) ( 27.0 )
Dividends on common stock of $ 8.75 per share
( 3,171.8 ) ( 3,171.8 )

Conversion of Series G preferred stock to Class A common stock ( 4,584 ) 4,584  
Vesting of issued restricted Class A common stock 96   ( 22.2 ) ( 22.2 )
Shares issued to Board of Directors 14   3.1   3.1  
Shares issued under Employee Stock Purchase Plan 16   4.3   4.3  
Repurchase of Class A common stock (1)
( 4,385 ) ( 1,236.9 ) ( 1,236.9 )
Stock-based compensation 46.6   46.6  
Balance at June 30, 2026 —   359,275   3   $ 21,008.0   $ 5,457.5   $ 54.9   $ 26,520.4  

Quarter Ended, June 30, 2026
Preferred Stock (Shares) Class A
Common
Stock
(Shares) Class B
Common
Stock
(Shares) Preferred Stock, Common
Stock and
Additional
Paid-in
Capital Retained
Earnings Accumulated
Other
Comprehensive
Income (Loss) Total CME Group Shareholders’ Equity
Balance at March 31, 2026 —   361,790   3   $ 21,674.2   $ 4,884.6   $ 59.4   $ 26,618.2  
Net income 1,041.8   1,041.8  
Other comprehensive income (loss) ( 4.5 ) ( 4.5 )
Dividends on common stock of $ 1.30 per share
( 468.9 ) ( 468.9 )

Vesting of issued restricted Class A common stock 1   ( 0.2 ) ( 0.2 )
Shares issued to Board of Directors 14   3.1   3.1  
Shares issued under Employee Stock Purchase Plan 16   4.3   4.3  
Repurchase of Class A common stock (1)
( 2,546 ) ( 698.2 ) ( 698.2 )
Stock-based compensation 24.8   24.8  
Balance at June 30, 2026 —   359,275   3   $ 21,008.0   $ 5,457.5   $ 54.9   $ 26,520.4  

(1) In December 2024, the board of directors approved a share repurchase program (the Share Repurchase Program), which authorizes the repurchase of up to $ 3.0  billion of CME Group Class A common stock at prevailing market prices. During the three and six months ended June 30, 2026, 2,546,284 and 4,384,776 shares of outstanding Class A common stock were repurchased, respectively. The average price was $ 273.14 per share for a total of $ 0.7  billion (excluding excise tax) during the second quarter of 2026 and $ 280.87 per share for a total of $ 1.2  billion (excluding excise tax) for the first six months of 2026. The remaining aggregate amount under the existing Share Repurchase Program is $ 1.5  billion. Shares are retired upon repurchase and not held as treasury stock.

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CME GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(dollars in millions, except per share data; shares in thousands)
(unaudited)  

Six Months Ended, June 30, 2025
Preferred Stock (Shares) Class A
Common
Stock
(Shares) Class B
Common
Stock
(Shares) Preferred Stock, Common
Stock and
Additional
Paid-in
Capital Retained
Earnings Accumulated
Other
Comprehensive
Income (Loss) Total CME Group Shareholders’ Equity
Balance at December 31, 2024 4,584   359,602   3   $ 22,406.6   $ 4,185.8   $ ( 105.5 ) $ 26,486.9  
Net income 1,981.3   1,981.3  
Other comprehensive income (loss) 150.9   150.9  
Dividends on common and preferred stock of $ 2.50 per share
( 912.2 ) ( 912.2 )

Vesting of issued restricted Class A common stock 50   ( 8.8 ) ( 8.8 )
Shares issued to Board of Directors 11   3.0   3.0  
Shares issued under Employee Stock Purchase Plan 16   4.2   4.2  
Repurchase of Class A common stock (1)
( 32 ) ( 8.2 ) ( 8.2 )
Stock-based compensation 41.9   41.9  
Balance at June 30, 2025 4,584   359,647   3   $ 22,438.7   $ 5,254.9   $ 45.4   $ 27,739.0  

Quarter Ended, June 30, 2025
Preferred Stock (Shares) Class A
Common
Stock
(Shares) Class B
Common
Stock
(Shares) Preferred Stock, Common
Stock and
Additional
Paid-in
Capital Retained
Earnings Accumulated
Other
Comprehensive
Income (Loss) Total CME Group Shareholders’ Equity
Balance at March 31, 2025 4,584   359,646   3   $ 22,419.6   $ 4,685.9   $ ( 74.8 ) $ 27,030.7  
Net income 1,025.1   1,025.1  
Other comprehensive income (loss) 120.2   120.2  
Dividends on common and preferred stock of $ 1.25 per share
( 456.1 ) ( 456.1 )

Vesting of issued restricted Class A common stock 6   ( 0.6 ) ( 0.6 )
Shares issued to Board of Directors 11   3.0   3.0  
Shares issued under Employee Stock Purchase Plan 16   4.2   4.2  
Repurchase of Class A common stock (1)
( 32 ) ( 8.2 ) ( 8.2 )
Stock-based compensation 20.7   20.7  
Balance at June 30, 2025 4,584   359,647   3   $ 22,438.7   $ 5,254.9   $ 45.4   $ 27,739.0  

(1) In December 2024, the board of directors approved a share repurchase program (the Share Repurchase Program), which authorizes the repurchase of up to $ 3.0  billion of CME Group Class A common stock at prevailing market prices. During the three and six months ended June 30, 2025, 32,265 shares of outstanding Class A common stock were repurchased at an average price of $ 253.05 per share for a total of $ 8.2  million The remaining aggregate amount under the existing Share Repurchase Program is $ 3.0 billion. Shares are retired upon repurchase and not held as treasury stock.

See accompanying notes to unaudited consolidated financial statements.
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CME GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)  
  Six Months Ended
June 30,
  2026 2025
Cash Flows from Operating Activities
Net income $ 2,196.1   $ 1,981.3  
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation 46.6   41.9  
Amortization of purchased intangibles 112.1   111.3  
Depreciation and amortization 55.4   54.6  

Net realized and unrealized (gains) losses on investments 19.1   ( 2.6 )

Deferred income taxes ( 8.2 ) ( 20.7 )
Change in:
Accounts receivable ( 112.9 ) ( 95.4 )
Other current assets 37.8   ( 24.6 )
Other assets ( 141.9 ) 29.8  
Accounts payable ( 3.8 ) 12.5  
Income taxes payable ( 40.4 ) 28.3  
Other current liabilities ( 49.4 ) 67.9  
Other liabilities 113.4   ( 9.2 )
Other ( 16.9 ) —  
Net Cash Provided by Operating Activities 2,207.0   2,175.1  

Cash Flows from Investing Activities
Proceeds from maturities of available-for-sale marketable securities 2.0   4.8  
Purchases of available-for-sale marketable securities ( 2.2 ) ( 3.8 )
Purchases of property, net
( 45.4 ) ( 32.6 )

Investments in privately-held equity investments ( 6.8 ) ( 2.4 )

Net Cash Used in Investing Activities ( 52.4 ) ( 34.0 )

Cash Flows from Financing Activities

Proceeds from debt, net of issuance costs —   742.3  
Repayment of debt —   ( 750.0 )
Cash dividends ( 3,165.7 ) ( 3,022.7 )

Repurchase of Class A common stock, including costs ( 1,236.9 ) ( 8.2 )
Change in performance bond and guaranty fund contributions ( 1,545.4 ) 43,262.5  
Employee taxes paid on restricted stock vesting ( 22.2 ) ( 8.8 )
Other ( 4.6 ) ( 4.5 )
Net Cash (Used in) Provided by Financing Activities ( 5,974.8 ) 40,210.6  

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CME GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
(in millions)
(unaudited)  

Six Months Ended
June 30,
2026 2025
Net change in cash, cash equivalents, restricted cash and restricted cash equivalents $ ( 3,820.2 ) $ 42,351.7  
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period 164,079.5   101,794.1  
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, End of Period $ 160,259.3   $ 144,145.8  

Reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents:
Cash and cash equivalents $ 2,144.2   $ 1,981.3  
Short-term restricted cash 4.4   6.5  

Restricted cash and restricted cash equivalents (performance bonds and guaranty fund contributions) 158,110.7   142,158.0  
Total $ 160,259.3   $ 144,145.8  

Supplemental Disclosure of Cash Flow Information
Income taxes paid, net of refunds $ 689.7   $ 579.6  
Interest paid 70.2   65.0  

See accompanying notes to unaudited consolidated financial statements.
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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

1. Basis of Presentation
The consolidated financial statements consist of CME Group Inc. (CME Group) and its subsidiaries (collectively, the company), including Chicago Mercantile Exchange Inc. (CME), Board of Trade of the City of Chicago, Inc. (CBOT), New York Mercantile Exchange, Inc. (NYMEX), Commodity Exchange, Inc. (COMEX) and NEX Group Limited (NEX). The clearing house is operated by CME.
The accompanying interim consolidated financial statements have been prepared by CME Group without audit. Certain notes and other information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted. In the opinion of management, the accompanying consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) considered necessary to present fairly the financial position of the company at June 30, 2026 and December 31, 2025 and the results of operations and cash flows for the periods indicated. Quarterly results are not necessarily indicative of results for any subsequent period.
The accompanying consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto in CME Group’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (SEC) on February 26, 2026.

2. Accounting Policies
Newly Adopted Accounting Policies . In July 2025, the FASB issued an accounting standards update which provides a practical expedient when estimating the amount of expected credit losses on current accounts receivable and current contract assets. This update permits entities to assume that current conditions as of the balance sheet date do not change for the remaining life of the current accounts receivable and current contract assets. Therefore, entities will not need to develop reasonable and supportable forecasts of future economic conditions. The practical expedient must be applied consistently across all current accounts receivable and current contract assets. The company adopted this standard on January 1, 2026, and has elected to apply the practical expedient. The adoption of this guidance did not have a material impact on our consolidated financial statements.

3. Revenue Recognition
The company generates revenue from customers from the following sources:
Clearing and transaction fees. Clearing and transaction fees include per-contract charges for trade matching, clearing, trading on the company's electronic trading platforms, portfolio reconciliation and compression services, risk mitigation, and other fees. Clearing and transaction fees are assessed upfront at the time of trade execution. As such, the company recognizes the majority of the fee revenue upon successful execution of the trade. The minimal remaining portion of the fee revenue related to settlement activities performed after trade execution is recognized over the short-term period that the contract is outstanding, based on management’s estimates of the average contract lifecycle. These estimates are based on various assumptions to approximate the amount of fee revenue to be attributed to services performed through contract settlement, expiration, or termination. For cleared trades, these assumptions include the average number of days that a contract remains in open interest, contract turnover, average revenue per day, and revenue remaining in open interest at the end of each period.
The nature of contracts gives rise to several types of variable consideration, including volume-based pricing tiers, customer incentives associated with market maker programs and other fee discounts. The company includes fee discounts and incentives in the estimated transaction price when there is a basis to reasonably estimate the amount of the fee reduction. These estimates are based on historical experience, anticipated performance, and best judgment at the time. Because of the company's certainty in estimating these amounts, they are included in the transaction price of contracts.
Market data and information services. Market data and information services represent revenue from the dissemination of market data to subscribers, distributors, and other third-party licensees of market data. Pricing for market data is primarily based on the number of reportable devices used as well as the number of subscribers enrolled under the arrangement. Fees for these services are generally billed monthly. Market data services are satisfied over time and revenue is recognized on a monthly basis as the customers receive and consume the benefit of the market data services. However, the company also maintains certain annual license arrangements with one-time upfront fees. The fees for annual licenses are initially recorded as a contract liability and recognized as revenue monthly over the term of the annual period.
Other. Other revenues include certain access and communication fees, fees for collateral management, equity membership subscription fees, and fees for trade order routing through agreements from various strategic relationships. Access and communication fees are charged to customers that utilize various telecommunications networks and communications services. Fees for these services are generally billed monthly and the associated fee revenue is recognized as billed. Collateral management fees are charged to clearing firms that have collateral on deposit with the clearing house to meet their minimum performance bond and guaranty fund obligations on the exchange. These fees are calculated based on daily collateral balances
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and are billed monthly. This fee revenue is recognized monthly as billed as the customers receive and consume the benefits of the services. The company also has an equity membership program which provides equity members the option to pay a monthly subscription fee in satisfaction of their existing requirement to hold CME Group Class A common stock. Choosing to pay this fee in lieu of holding Class A shares is entirely voluntary and the client's choice. Fee revenue under this program is earned monthly as billed over the contractual term. Pricing for strategic relationships may be driven by customer levels and activity. There are fee arrangements which provide for monthly as well as quarterly payments in arrears. Revenue is recognized monthly for strategic relationship arrangements as the customers receive and consume the benefits of the services.
The following table represents a disaggregation of revenue from contracts with customers by product line for the quarters and six months ended June 30, 2026 and 2025:

  Quarter Ended
June 30, Six Months Ended
June 30,
(in millions) 2026 2025 2026 2025
Interest rates $ 433.0   $ 461.6   $ 954.2   $ 897.9  
Equity indexes 324.0   301.6   639.6   605.8  
Foreign exchange 49.8   52.4   106.6   105.8  
Agricultural commodities 183.8   174.7   351.3   339.0  
Energy 187.0   217.4   450.7   433.8  
Metals 76.7   85.1   195.1   156.0  
BrokerTec fixed income 40.1   37.1   80.3   72.9  
EBS foreign exchange 33.8   37.5   70.2   72.7  
Interest rate swap 24.3   20.6   47.1   41.4  
Total clearing and transaction fees 1,352.5   1,388.0   2,895.1   2,725.3  
Market data and information services 238.1   198.1   462.2   392.6  
Other 115.6   105.9   229.0   216.4  
Total revenues $ 1,706.2   $ 1,692.0   $ 3,586.3   $ 3,334.3  

Timing of Revenue Recognition
Services transferred at a point in time $ 1,323.4   $ 1,361.7   $ 2,840.4   $ 2,670.8  
Services transferred over time 377.3   324.7   734.6   652.9  
One-time charges and miscellaneous revenues 5.5   5.6   11.3   10.6  
Total revenues $ 1,706.2   $ 1,692.0   $ 3,586.3   $ 3,334.3  

The timing of revenue recognition, billings and cash collections results in billed accounts receivable, and customer advances and deposits (contract liabilities) on the consolidated balance sheets. Certain fees for transactions, annual licenses, and other revenue arrangements are billed upfront before revenue is recognized, which results in the recognition of contract liabilities. These liabilities are recognized on the consolidated balance sheets on a contract-by-contract basis upon commencement of services under the customer contract. These upfront customer payments are recognized as revenue over time as the obligations under the contracts are satisfied. Changes in the contract liability balances during the second quarter of 2026 were not materially impacted by any other factors. The balance of contract liabilities was $ 52.8 million and $ 16.7 million as of June 30, 2026 and December 31, 2025, respectively.

4. Performance Bonds and Guaranty Fund Contributions
Performance Bonds and Guaranty Fund Contribution Reinvestment. CME reinvests cash performance bonds and guaranty fund contributions and distributes a portion of the interest earned back to the clearing firms. The reinvestment of cash can include certain commercial and central bank deposits, government securities, reverse repurchase agreements, and money market funds. CME has been designated as a systemically important financial market utility by the Financial Stability Oversight Council and is authorized to maintain cash accounts at the Federal Reserve Bank of Chicago. At June 30, 2026, CME maintained $ 138.5  billion within the cash account at the Federal Reserve Bank of Chicago. The cash deposit at the Federal Reserve Bank of Chicago is included within performance bonds and guaranty fund contributions on the consolidated balance sheets. Cash performance bonds and guaranty fund contributions are included as restricted cash and restricted cash equivalents on the consolidated statements of cash flows.
In the second quarter and first six months of 2026, earnings from cash performance bond and guaranty fund contributions were $ 1,388.8  million and $ 2,759.8  million, respectively, compared with $ 1,487.6  million and $ 2,361.2  million in the second quarter
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and first six months of 2025. In the second quarter and first six months of of 2026, expenses related to the distribution of interest earned on collateral reinvestments were $ 1,265.7  million and $ 2,514.9  million, respectively, compared with $ 1,374.5  million and $ 2,179.3  million in the second quarter and first six months of 2025. The earnings from cash performance bonds and guaranty fund contributions are included in investment income and the expense related to the distribution of interest earned is included in other non-operating income (expense) on the consolidated statements of income.
Clearing House Contract Settlement. The clearing house marks-to-market open positions at least onc e each business day (twice each business day for all futures and options contracts). Based on values derived from the mark-to-market process, the clearing house requires payments from clearing firms whose positions have lost value and makes payments to clearing firms whose positions have gained value. Under the extremely unlikely scenario of simultaneous default by every clearing firm who has open positions with unrealized losses, the maximum exposure at the time of default related to futures and options on futures positions would be one half of a business day of changes in fair value of all open positions, before considering the clearing house's ability to access defaulting clearing firms' collateral deposits. For cleared interest rate swap contracts, the maximum exposure at the time of default related to the clearing house's guarantee would be one full business day of changes in fair value of all open positions, before considering the clearing house's ability to access defaulting clearing firms' collateral.
During the first six months of 2026, the clearing house transferred an average of approximately $ 8.7  billion a day through its clearing systems for settlement from clearing firms whose positions had lost value to clearing firms whose positions had gained value. The clearing house reduces its guarantee exposure through initial and maintenance performance bond requirements and mandatory guaranty fund contributions. Management has assessed the fair value of the company’s settlement guarantee liability by taking the following factors into consideration: the design and operations of the clearing risk management process, the financial safeguard packages in place, historical evidence of default by a clearing firm and the estimated probability of potential payouts by the clearing house. Based on the assessment performed, management estimates the guarantee liability to be nominal and therefore has not recorded any liability at June 30, 2026 and December 31, 2025. The company does not have a history of significant losses recognized on performance bond collateral as posted by our clearing firms, and management currently does not anticipate any future credit losses on its performance bond assets. Accordingly, the company has not provided an allowance for credit losses on these performance bond deposits, nor has it recorded any liabilities to reflect an allowance for credit losses related to our off-balance sheet credit exposures and guarantees.
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5. Intangible Assets and Goodwill
Intangible assets consisted of the following at June 30, 2026 and December 31, 2025:
 

  June 30, 2026 December 31, 2025
(in millions) Assigned Value Accumulated
Amortization Net Book
Value Assigned Value Accumulated
Amortization Net Book
Value
Amortizable Intangible Assets:
Clearing firm, market data and other customer relationships $ 4,695.3   $ ( 2,661.8 ) $ 2,033.5   $ 4,703.0   $ ( 2,557.5 ) $ 2,145.5  

Technology-related intellectual property 62.5   ( 62.5 ) —   62.5   ( 62.5 ) —  
Other 73.3   ( 62.2 ) 11.1   73.9   ( 58.7 ) 15.2  
Total amortizable intangible assets $ 4,831.1   $ ( 2,786.5 ) $ 2,044.6   $ 4,839.4   $ ( 2,678.7 ) $ 2,160.7  

Indefinite-Lived Intangible Assets:
Trade names 450.0   450.0  
Total intangible assets – other, net $ 2,494.6   $ 2,610.7  
Trading products (1)
$ 17,175.3   $ 17,175.3  

(1) Trading products represent futures and options products acquired in our business combinations with CBOT Holdings, Inc., NYMEX Holdings, Inc. and The Board of Trade of Kansas City, Missouri, Inc. Clearing and transaction fees are generated through the trading of these products. These trading products, most of which have traded for decades, require authorization from the Commodity Futures Trading Commission (CFTC). Product authorizations from the CFTC have no term limits.
Total amortization expense for intangible assets w a s $ 56.0 million and $ 56.1 million for the quarters ended June 30, 2026 and 2025, respectively. Total amortization expense for intangible assets was $ 112.1 million and $ 111.3 million for the six months ended June 30, 2026 and 2025 , respectively. During the six months ended June 30, 2026, the net book value of amortizable intangible assets includ ed $ 4.1  million of foreign currency translation for the period.
As of June 30, 2026, the future estimated amortization expense related to amortizable intangible assets is expected to be as follows:

(in millions)  Amortization Expense
Remainder of 2026 $ 111.1  
2027 220.9  
2028 214.4  
2029 214.4  
2030 214.4  
2031 214.4  
Thereafter 855.0  

Goodwill activity consisted of the following for the periods ended June 30, 2026 and December 31, 2025 :

(in millions) Goodwill
Balance at December 31, 2024 $ 10,486.9  
Foreign currency translation 27.8  
Balance at December 31, 2025 10,514.7  
Foreign currency translation ( 8.9 )
Balance at June 30, 2026 $ 10,505.8  

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6. Debt
Long-term debt consisted of the following at June 30, 2026 and December 31, 2025: 

(in millions) June 30, 2026 December 31, 2025
$ 500.0 million fixed rate notes due June 2028, stated rate of 3.75 %
$ 499.2   $ 498.9  
$ 750.0 million fixed rate notes due March 2030, stated rate of 4.40 %
743.0   742.1  
$ 750.0 million fixed rate notes due March 2032, stated rate of 2.65 %
745.0   744.6  
$ 750.0 million fixed rate notes due September 2043, stated rate of 5.30 % (1)
744.7   744.6  
$ 700.0 million fixed rate notes due June 2048, stated rate of 4.15 %
692.3   692.1  
Total long-term debt $ 3,424.2   $ 3,422.3  

(1) The company maintained a forward-starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable on the notes effectively became fixed at a rate of 4.73 %.
Long-term debt maturities, at par value, were as follows at June 30, 2026:  

(in millions) Par Value
2027 $ —  
2028 500.0  
2029 —  
2030 750.0  
2031 —  
Thereafter 2,200.0  

7. Contingencies
Legal and Regulatory Matters. In the normal course of business, the company discusses matters with its regulators raised during regulatory examinations or otherwise subject to their inquiry and oversight. These matters could result in censures, fines, penalties or other sanctions. Management believes the outcome of any resulting actions will not have a material impact on the company's consolidated financial position or results of operations. However, the company is unable to predict the outcome or the timing of the ultimate resolution of these matters, or the potential fines, penalties or injunctive or other equitable relief, if any, that may result from these matters.
A putative class action complaint was filed January 15, 2014 in the Circuit Court of Cook County, Chancery Division, against CME Group Inc. and the Board of Trade of the City of Chicago, Inc. The plaintiffs, certain Class B shareholders of CME Group and Class B members of CBOT, allege breach of contract and breach of the implied covenant of good faith and fair dealing for violations of their core rights granted in the defendants’ respective Certificates of Incorporation. On December 2, 2021, the court granted the plaintiffs’ motion for certification of a damages-only class. In early 2024, the defendants moved for summary judgment on all claims. On April 16, 2025, the court granted the motion in part and denied the motion in part, and set the remaining claims for a jury trial. After a three week trial, on July 25, 2025, the jury returned a unanimous verdict in favor of the defendants on all counts. On June 15, 2026, the court denied the plaintiffs' post-trial motions. The plaintiffs have filed a notice of appeal.
In addition, the company is a defendant in, and has potential for, various other legal proceedings arising from its regular business activities. While the ultimate results of such proceedings against the company cannot be predicted with certainty, the company believes that the resolution of any of these matters on an individual or aggregate basis will not have a material impact on its consolidated financial position or results of operations. No accrual was required for contingent legal and regulatory matters as none were probable and estimable as o f June 30, 2026 and December 31, 2025.
Intellect ual Property Indemnifications. Certain agreements with customers and other third parties related to accessing the CME Group platforms, utilizing market data services and licensing CME SPAN and SPAN 2 software may contain indemnifications from intellectual property claims that may be made against them as a result of their use of the applicable products and/or services. The potential future claims relating to these indemnifications cannot be estimated and therefore no liability has been recorded.

8. Leases
The company has operating leases for corporate offices. The operating leases have remaining lease terms of up to 12 years, some of which include options to extend or renew the leases for up to an additional five years , and some of which include options to early terminate the leases in less than 12 months. Management evaluates whether these options are exercisable at least quarterly in order to determine whether the contract term must be reassessed. For a small number of the leases, primarily
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the international locations, management’s approach is to enter into short-term leases for a lease term of 12 months or less in order to provide for greater flexibility in the local environment. For certain office spaces, the company has entered into arrangements to sublease excess space to third parties, while the original lease contract remains in effect with the landlord.
The company also has one finance lease, which is related to the sale of our data center in 2016. In connection with the sale, the company leased back a portion of the property. The transaction was recognized under the financing method and not as a sale leaseback arrangement.
The right-of-use lease asset is recorded within other assets, and the present value of the lease liability is recorded within other liabilities (segregated between short term and long term) on the consolidated balance sheets. The discount rate applied to the lease payments represents the company’s incremental borrowing rate.
The components of lease costs were as follows:

Quarter Ended
June 30, Six Months Ended
June 30,
(in millions) 2026 2025 2026 2025
Operating lease expense:
Operating lease cost $ 13.6   $ 4.1   $ 25.5   $ 13.8  
Short-term lease cost 0.1   0.1   0.2   0.2  
Total operating lease expense included in other expense $ 13.7   $ 4.2   $ 25.7   $ 14.0  

Finance lease expense:
Interest expense $ 0.5   $ 0.5   $ 0.9   $ 1.0  
Depreciation expense 2.1   2.1   4.3   4.3  
Total finance lease expense $ 2.6   $ 2.6   $ 5.2   $ 5.3  

Sublease revenue included in other revenue $ 3.9   $ 3.3   $ 7.8   $ 6.2  

Supplemental cash flow information related to leases was as follows:

Quarter Ended
June 30, Six Months Ended
June 30,
(in millions) 2026 2025 2026 2025
Cash outflows for operating leases $ 15.8   $ 15.2   $ 29.9   $ 30.3  
Cash outflows for finance lease 4.4   4.3   8.8   8.7  

Supplemental balance sheet information related to leases was as follows:
Operating leases

(in millions) June 30, 2026 December 31, 2025
Operating lease right-of-use assets $ 334.8   $ 210.3  

Operating lease liabilities:
Other current liabilities $ 54.8   $ 46.8  
Other liabilities 343.2   237.4  
Total operating lease liabilities $ 398.0   $ 284.2  

Weighted average remaining lease term (in months) 104 99
Weighted average discount rate 4.4   % 4.1   %

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Finance lease

(in millions) June 30, 2026 December 31, 2025
Finance lease right-of-use assets $ 41.2   $ 45.5  

Finance lease liabilities:
Other current liabilities $ 9.1   $ 9.0  
Other liabilities 37.2   41.7  
Total finance lease liabilities $ 46.3   $ 50.7  

Weighted average remaining lease term (in months) 57 63
Weighted average discount rate 3.5   % 3.5   %

Future minimum lease payments were as follows as of June 30, 2026 for operating and finance leases:

(in millions) Operating Leases
Remainder of 2026 $ 36.8  
2027 66.2  
2028 60.8  
2029 50.5  
2030 49.8  
2031 48.2  
Thereafter 163.6  
Total lease payments 475.9  
Less: imputed interest ( 77.9 )
Present value of lease liability $ 398.0  
    

(in millions) Finance Leases
Remainder of 2026 $ 8.8  
2027 17.8  
2028 17.9  
2029 18.1  
2030 18.3  
2031 4.6  
Thereafter —  
Total lease payments 85.5  
Less: imputed interest ( 39.2 )
Present value of lease liability $ 46.3  

9. Guarantees
Mutual Offset Agreement. CME and Singapore Exchange Limited (SGX) maintain a mutual offset agreement with a current term through April 2027. This agreement enables market participants to open a futures position on one exchange and liquidate it on the other. The term of the agreement will automatically renew for a two-year period after April 2027 unless either party provides advance notice of their intent to terminate. CME can maintain collateral in the form of irrevocable, standby letters of credit. At June 30, 2026, CME was contingently liable to SGX on letters of credit totaling $ 400.0 million . CME also maintains a $ 350.0  million line of credit to meet its obligations under this agreement. Regardless of the collateral, CME guarantees all cleared transactions submitted through SGX and would initiate procedures designed to satisfy these financial obligations in the event of a default, such as the use of performance bonds and guaranty fund contributions of the defaulting clearing firm. Management has assessed the fair value of the company’s guarantee liability under this mutual offset agreement by taking the following factors into consideration: the design and operations of the clearing risk management process, the financial safeguard
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packages in place, historical evidence of default by a clearing firm and the estimated probability of potential payouts by the clearing house. Based on the assessment performed, management estimates the guarantee liability to be nominal and therefore has not recorded any liability at June 30, 2026 and December 31, 2025.
Family Farmer and Rancher Protection Fund. In 2012, the company established the Family Farmer and Rancher Protection Fund (the Fund). The Fund is designed to provide payments, up to certain maximum levels, to family farmers, ranchers and other agricultural industry participants who use the company’s agricultural commodity products and who suffer losses to their segregated account balances due to their CME clearing firm becoming insolvent. Under the terms of the Fund, farmers and ranchers are eligible for up to $ 25,000 per participant. Farming and ranching cooperatives are eligible for up to $ 100,000 per cooperative. The Fund was established with a maximum of $ 100.0 million available for distribution to participants. Since its establishment, the Fund has made payments of approximately $ 2.0 million, which leaves $ 98.0 million available for future claims. If, at any time, payments due to participants were to exceed the amount remaining in the Fund, payments would be pro-rated. Clearing firms and customers must register with the company in advance and provide certain documentation in order to substantiate their eligibility. The company believes that its guarantee liability is nominal and therefore has not recorded any liability at June 30, 2026 and December 31, 2025.

10. Accumulated Other Comprehensive Income (Loss)
The following tables present changes in the accumulated balances for each component of other comprehensive income (loss), including current period other comprehensive income (loss) and reclassifications out of accumulated other comprehensive income (loss):

(in millions) Investment Securities Defined Benefit Plans Derivative Investments Foreign Currency Translation Total
Balance at December 31, 2025 $ —   $ 0.3   $ 56.2   $ 25.4   $ 81.9  
Other comprehensive income (loss) before reclassifications and income tax benefit (expense) ( 0.1 ) ( 2.2 ) —   ( 26.6 ) ( 28.9 )
Amounts reclassified from accumulated other comprehensive income (loss) —   ( 0.1 ) ( 2.1 ) —   ( 2.2 )
Income tax benefit (expense) —   0.5   0.5   3.1   4.1  
Net current period other comprehensive income (loss) ( 0.1 ) ( 1.8 ) ( 1.6 ) ( 23.5 ) ( 27.0 )
Balance at June 30, 2026 $ ( 0.1 ) $ ( 1.5 ) $ 54.6   $ 1.9   $ 54.9  

(in millions) Investment Securities Defined Benefit Plans Derivative Investments Foreign Currency Translation Total
Balance at December 31, 2024 $ ( 0.3 ) $ ( 14.1 ) $ 59.3   $ ( 150.4 ) $ ( 105.5 )
Other comprehensive income (loss) before reclassifications and income tax benefit (expense) 0.1   ( 1.2 ) —   164.3   163.2  

Amounts reclassified from accumulated other comprehensive income (loss) —   ( 0.1 ) ( 2.0 ) —   ( 2.1 )
Income tax benefit (expense) —   0.3   0.5   ( 11.0 ) ( 10.2 )
Net current period other comprehensive income (loss) 0.1   ( 1.0 ) ( 1.5 ) 153.3   150.9  

Balance at June 30, 2025 $ ( 0.2 ) $ ( 15.1 ) $ 57.8   $ 2.9   $ 45.4  

11. Fair Value Measurements
The company uses a three-level classification hierarchy of fair value measurements for disclosure purposes:
• Level 1 inputs, which are considered the most reliable evidence of fair value, consist of quoted prices (unadjusted) for identical assets or liabilities in active markets.
• Level 2 inputs consist of observable market data, such as quoted prices for similar assets and liabilities in active markets, or inputs other than quoted prices that are directly observable.
• Level 3 inputs consist of unobservable inputs which are derived and cannot be corroborated by market data or other entity-specific inputs.
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The company’s level 1 assets generally include investments in publicly traded mutual funds, equity securities and corporate debt securities with quoted market prices. In general, the company uses quoted prices in active markets for identical assets to determine the fair value of marketable securities.
The company’s level 2 assets and liabilities generally consist of long-term debt notes. The fair values of the long-term debt notes were based on quoted market prices in an inactive market.
The company’s level 3 assets and liabilities include certain investments that were adjusted to fair value.
Recurring Fair Value Measurements. Financial assets and liabilities recorded at fair value on the consolidated balance sheet as of June 30, 2026 were classified in their entirety based on the lowest level of input that was significant to each asset and liability’s fair value measurement. The following table presents financial instruments measured at fair value on a recurring basis:

  June 30, 2026
(in millions) Level 1 Level 2 Level 3 Total
Assets at Fair Value:
Marketable securities:
Corporate debt securities $ 6.8   $ —   $ —   $ 6.8  

Mutual funds 123.6   —   —   123.6  
Equity securities 1.0   —   —   1.0  

Total Marketable Securities 131.4   —   —   131.4  

Total Assets at Fair Value $ 131.4   $ —   $ —   $ 131.4  

Non-Recurring Fair Value Measurements. The company recognized impairment charges of $ 28.9 million related to two of its privately-held equity investments during the first six months of 2026. The fair value of one of the investments was estimated to be zero at the impairment date and the fair value of the other investment was estimated to be $ 1.6 million at the impairment date. The company also recognized unrealized gains on investments of $ 7.6 million on equity investments without readily determinable fair values during the first six months of 2026. The fair values of these investments were estimated to be $ 27.7  million at June 30, 2026. This fair value assessment was based on quantitative factors, including observable price changes. The fair value measurement of these investments are considered level 3 and non-recurring. These investments are included in other assets on the consolidated balance sheet.
Fair Values of Debt Notes. The follo wing presents the estimated fair values of long-term debt notes, which are carried at amortized cost on the consolidated balance sheets. The fair values below are classified as level 2 under the fair value hierarchy and were estimated using quoted market prices in inactive markets.
At June 30, 2026, the fair values were as follows:

(in millions) Fair Value Level

$ 500.0 million fixed rate notes due June 2028
$ 495.2   Level 2
$ 750.0 million fixed rate notes due March 2030
748.4   Level 2
$ 750.0 million fixed rate notes due March 2032
677.4   Level 2
$ 750.0 million fixed rate notes due September 2043
749.1   Level 2
$ 700.0 million fixed rate notes due June 2048
584.7   Level 2

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12. Earnings Per Share
The company calculates basic earnings per share for the quarter ended June 30, 2026 by dividing net income by the weighted average number of shares of all classes of common stock outstanding for each reporting period. Diluted earnings per share reflects the increase in shares using the treasury stock method to reflect the impact of an equivalent number of shares of common stock if restricted stock awards were converted into common stock. The company uses the two-class method for calculating basic EPS and the if-converted method for diluted EPS for the six months ended June 30, 2026. This reflects the Series G preferred stock’s status as participating securities until their 1 :1 conversion into 4.6  million Class A common shares on March 5, 2026. Under the two-class method, undistributed or overdistributed earnings are allocated to common stock and participating securities according to their respective rights in undistributed or overdistributed earnings, as if all the earnings for the period had been distributed. Basic earnings per common share is computed by dividing the net income attributable to common shareholders by the weighted average number of common shares outstanding during the period. Net income attributable to common shareholders is reduced for preferred stock dividends earned during the period. Preferred stock also receives a proportionate allocation of undistributed or overdistributed earnings for the period because the shares of the Series G preferred stock have a contractual obligation to share in profits and losses of the company. Diluted earnings per share is computed using the if-converted method for the Series G preferred stock which assumes the conversion of all preferred shares into common shares at the beginning of the period. Accordingly, net income attributable to common shareholders is adjusted to add back the dividends and undistributed or overdistributed earnings previously allocated to the preferred stock, and the weighted average number of common shares outstanding is increased by the number of shares that would have been issued upon conversion of the preferred stock as of the beginning of the period plus potentially dilutive common shares. Anti-dilutive stock awards were as follows for the periods presented:

Quarter Ended
June 30, Six Months Ended
June 30,
(in thousands) 2026 2025 2026 2025

Stock awards 34   —   34   47  
Total 34   —   34   47  

The following table presents the earnings per share calculation for the periods presented:

  Quarter Ended
June 30, Six Months Ended
June 30,
2026 2025 2026 2025
Net Income (in millions)
$ 1,041.8   $ 1,025.1   $ 2,196.1   $ 1,981.3  
Less: preferred stock dividends —   ( 5.7 ) —   ( 11.5 )
Add: overdistributed earnings allocated to preferred stock —   —   4.3   —  
Less: undistributed earnings allocated to preferred stock —   ( 7.2 ) —   ( 13.4 )
Net Income Attributable to Common Shareholders of CME Group - Basic $ 1,041.8   $ 1,012.2   $ 2,200.4   $ 1,956.4  
Less: overdistributed earnings allocated to preferred stock —   —   ( 4.3 ) —  
Net Income Attributable to Common Shareholders of CME Group - Diluted $ 1,041.8   $ 1,012.2   $ 2,196.1   $ 1,956.4  

Weighted Average Number of Common Shares (in thousands) :

Basic 360,684   359,658   360,005   359,636  
Effect of restricted stock and performance shares 598   697   632   661  
Effect of convertible preferred shares —   —   1,596   —  
Diluted 361,282   360,355   362,233   360,297  
Earnings per Common Share Attributable to Common Shareholders of CME Group:
Basic $ 2.89   $ 2.81   $ 6.11   $ 5.44  
Diluted 2.88   2.81   6.06   5.43  

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13. Segment Reporting
The company's business is conducted through one reportable business segment, CME Group consolidated. The company has one operating segment as this is the level at which resource allocation and operating decisions regarding company performance are evaluated and determined by the senior leadership team.
The chief operating decision maker (CODM) reviews the financial results of CME Group consolidated on an ongoing basis throughout the year. As a single segment, the segment profitability measure is consolidated net income. Consolidated net income informs key operating decisions as made by the CODM, which include bonus allocation, discretionary share-based awards, liquidity and cash needs, new product development, existing product expansion and product discontinuation. Consolidated net income is deemed the best indicator of segment performance. Segment assets are not reported to, or used by, the CODM to allocate resources or to assess performance.
The CODM evaluates current period consolidated net income performance as compared to prior periods, budgeted results and forecasts. The CODM reviews consolidated revenues as disaggregated by the following: clearing and transaction fees as a combination of rate per contract and average daily volume for each major asset class, market data fee revenue and other revenue. The significant expense categories are consistent with those presented on the face of the consolidated statements of income. The components of non-operating income are also reviewed by the CODM. It is noted that the level of financial information provided to the CODM is consistent with the financial statement line items as disclosed in our consolidated statements of income.

14. Subsequent Events
The company has evaluated subsequent events through the date the financial statements were issued. The company has determined that there were no subsequent events that met the requirement for recognition or disclosure in the consolidated financial statements.
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion is provided as a supplement to, and should be read in conjunction with, the accompanying unaudited consolidated financial statements and notes in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026.
References in this discussion and analysis to “we” and “our” are to CME Group Inc. (CME Group) and its consolidated subsidiaries, collectively. References to “exchange” are to Chicago Mercantile Exchange Inc. (CME), the Board of Trade of the City of Chicago, Inc. (CBOT), New York Mercantile Exchange, Inc. (NYMEX), and Commodity Exchange, Inc. (COMEX), collectively, unless otherwise noted.

RESULTS OF OPERATIONS
Financial Highlights
The following summarizes significant changes in our financial performance for the periods presented.

  Quarter Ended
June 30,   Six Months Ended
June 30,  
(dollars in millions, except per share data) 2026 2025 Change 2026 2025 Change
Total revenues $ 1,706.2  $ 1,692.0  1  % $ 3,586.3  $ 3,334.3  8  %
Total expenses 599.1  562.7  6  1,169.5  1,097.0  7 
Operating margin 64.9  % 66.7  % 67.4  % 67.1  %
Non-operating income (expense) $ 220.6  $ 201.0  10  $ 421.8  $ 337.8  25 
Effective tax rate 21.5  % 22.9  % 22.6  % 23.1  %
Net income $ 1,041.8  $ 1,025.1  2  $ 2,196.1  $ 1,981.3  11 
Diluted earnings per common share 2.88  2.81  2  6.06  5.43  12 
Cash flows from operating activities 2,207.0  2,175.1  1 

Revenues

  Quarter Ended
June 30, Six Months Ended
June 30,  
(dollars in millions) 2026 2025 Change 2026 2025 Change
Clearing and transaction fees $ 1,352.5  $ 1,388.0  (3) % $ 2,895.1  $ 2,725.3  6  %
Market data and information services 238.1  198.1  20  462.2  392.6  18 
Other 115.6  105.9  9  229.0  216.4  6 
Total Revenues $ 1,706.2  $ 1,692.0  1  $ 3,586.3  $ 3,334.3  8 

Clearing and Transaction Fees
Futures and Options Contracts
The following table summarizes our total contract volume, revenue and average rate per contract for futures and options. Total contract volume includes contracts that are traded on our exchange and cleared through our clearing house and certain cleared-only contracts. Volume is measured in round turns, which is considered a completed transaction that involves a purchase and an offsetting sale of a contract. Average rate per contract is determined by dividing total clearing and transaction fees by total contract volume. Contract volume and average rate per contract disclosures below exclude trading volume for event contracts, the cash markets business as well as interest rate swaps.

Quarter Ended
June 30, Six Months Ended
June 30,
  2026 2025 Change 2026 2025 Change
Total contract volume (in millions)
1,850.2  1,873.4  (1) % 4,060.3  3,689.3  10  %
Clearing and transaction fees (in millions)
$ 1,254.3  $ 1,292.8  (3) $ 2,697.5  $ 2,538.3  6 
Average rate per contract $ 0.678  $ 0.690  (2) $ 0.664  $ 0.688  (3)

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We estimate the following net changes in clearing and transaction fees based on the changes in total contract volumes and the changes in average rate per contract for futures and options during the second quarter and first six months of 2026 when compared with the same periods in 2025.  

(in millions) Quarter Ended Six Months Ended
Increase (decrease) due to change in total contract volume $ (15.8) $ 246.5 
Decreases due to change in average rate per contract (22.7) (87.3)
Net increase (decrease) in clearing and transaction fees $ (38.5) $ 159.2 

Average rate per contract is impacted by our rate structure, including volume-based incentives; product mix; trading venue; and the percentage of volume executed by customers who are members compared with non-member customers. Due to the relationship between average rate per contract and contract volume, the change in clearing and transaction fees attributable to changes in each is only an approximation.
Contract Volume
The following table summarizes average daily contract volume. Contract volume can be influenced by many factors, including political and economic conditions, the regulatory environment and market competition. 

Quarter Ended
June 30, Six Months Ended
June 30,
(amounts in thousands) 2026 2025 Change 2026 2025 Change
Average Daily Volume by Product Line:
Interest rates 14,532 15,472 (6) % 16,586 15,252 9  %
Equity indexes 8,634 7,661 13  8,644 7,827 10 
Foreign exchange 989 1,096 (10) 1,091 1,123 (3)
Energy 2,667 3,082 (13) 3,320 2,993 11 
Agricultural commodities 2,080 1,964 6  2,061 1,961 5 
Metals 941 942 —  1,309 838 56 
Aggregate average daily volume 29,843 30,217 (1) 33,011 29,994 10 
Average Daily Volume by Venue:
CME Globex 27,935 28,097 (1) 30,761 27,916 10 
Open outcry 830 993 (16) 1,034 938 10 
Privately negotiated 1,078 1,127 (4) 1,216 1,140 7 
Aggregate average daily volume 29,843 30,217 (1) 33,011 29,994 10 
Electronic Volume as a Percentage of Total Volume 94  % 93  % 93  % 93  %

Overall market volatility was high in early 2026 due to the heightened geopolitical conflict in the Middle East, which has caused a ripple effect throughout the world economy. In addition, uncertainty remained high within the energy and metals markets as the Middle East conflict caused significant supply disruptions and led market participants to turn to precious metals amid this uncertainty. However, in the second quarter of 2026, overall market volatility subsided relative to periods of very high volatility earlier in the year as market uncertainty tapered. We believe these factors contributed to volume remaining relatively flat in the second quarter of 2026 when compared to the same period in 2025 and an increase in volume in the first six months of 2026 when compared with the same period in 2025.

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Interest Rate Products
The following table summarizes average daily contract volume for our key interest rate products.

   
Quarter Ended
June 30,   Six Months Ended
June 30,  
(amounts in thousands) 2026 2025 Change 2026 2025 Change
SOFR futures and options:
Futures expiring within two years 3,009  3,357  (10) % 3,501  3,145  11  %
Options 1,212  1,464  (17) 1,611  1,403  15 
Futures expiring beyond two years 1,018  1,226  (17) 1,231  1,189  4 
U.S. Treasury futures and options:
10-Year
3,532  3,392  4  3,869  3,580  8 
5-Year
2,078  2,287  (9) 2,320  2,241  4 
2-Year
1,292  1,180  10  1,419  1,161  22 
Treasury Bond
717  839  (15) 814  821  (1)
Ultra T-Note 769  773  (1) 831  795  4 
Ultra T-Bond
483  463  4  496  450  10 
Federal Funds futures and options 380  443  (14) 452  422  7 

In the second quarter of 2026, interest rate contract volume was lower compared with the same period in 2025 due to a decrease in market volatility. We believe this was due to more certainty surrounding the Federal Reserve's future interest rate policy decisions.
Overall interest rate contract volume increased in the first six months of 2026 when compared with same period in 2025 due to periods of high market volatility. We believe this was due to the heightened geopolitical conflict in the Middle East, which led to initial uncertainty surrounding the Federal Reserve's future interest rate policy decisions.
Equity Index and Cryptocurrency Products
The following table summarizes average daily contract volume for our key equity index and cryptocurrency products.

   
Quarter Ended
June 30,   Six Months Ended
June 30,  
(amounts in thousands) 2026 2025 Change 2026 2025 Change
E-mini S&P 500 futures and options
4,420  4,349  2  % 4,546  4,435  3  %
E-mini Nasdaq 100 futures and options
3,191  2,415  32  2,994  2,503  20 
E-mini Russell 2000 futures and options
350  330  6  375  315  19 
E-mini Dow futures and options
262  252  4  285  256  11 
Bitcoin futures and options 116  86  35  142  95  50 
Ether futures and options 89  102  (12) 106  98  8 

Equity index contract volumes increased in the second quarter and first six months of 2026 when compared with the same periods in 2025. We believe these increases were due to the geopolitical conflict in the Middle East in early 2026, which caused significant uncertainty throughout the equity markets. In addition, market shifts in the Nasdaq-100 and Russell 2000 resulted in additional volume within both complexes.
Our cryptocurrency contract volumes increased in the second quarter and first six months of 2026 when compared with the same periods in 2025. We believe the increased volatility resulted in a broader cryptocurrency market repricing.

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Foreign Exchange Products
The following table summarizes average daily contract volume for our key foreign exchange products.  

Quarter Ended
June 30, Six Months Ended
June 30,
(amounts in thousands) 2026 2025 Change 2026 2025 Change
Euro 245  281  (13) % 268  291  (8) %
Japanese Yen 185  213  (13) 197  210  (6)
Australian dollar 122  119  3  143  116  23 
British Pound 107  111  (4) 120  119  1 
Canadian dollar 87  92  (5) 91  112  (18)

In the second quarter and first six months of 2026, overall foreign exchange volumes decreased when compared with the same periods in 2025. Overall market volatility subsided in the second quarter of 2026 following periods of very high volatility in 2025 due to uncertainty surrounding the United State's position on tariffs. However, the geopolitical conflict in the Middle East in early 2026 led to higher Australian dollar contract volumes due to uncertainty in the commodities and energy markets. We believe these factors contributed to lower overall foreign exchange contract volume in the second quarter and first six months of 2026 when compared with the same periods in 2025.
Energy Products
The following table summarizes average daily contract volume for our key energy products.  

Quarter Ended
June 30, Six Months Ended
June 30,
(amounts in thousands) 2026 2025 Change 2026 2025 Change
WTI crude oil 1,465  1,517  (3) % 1,763  1,372  29  %
Natural gas 658  871  (24) 868  970  (11)
Refined products 341  437  (22) 428  431  (1)
Brent crude oil 186  232  (20) 243  195  25 

Energy contract volumes decreased in the second quarter of 2026 when compared with the same period in 2025, which we believe was due to lower overall volatility. Despite the ongoing geopolitical conflict in the Middle East, tensions eased within the region leading to broader price stabilization during the second quarter.
The geopolitical conflict in the Middle East in early 2026 disrupted crucial supply chain routes and created higher uncertainty within the crude oil markets. We believe this contributed to higher crude oil volume in the first six months of 2026 when compared with the same period in 2025.

Agricultural Commodity Products
The following table summarizes average daily contract volume for our key agricultural commodity products.  

Quarter Ended
June 30, Six Months Ended
June 30,
(amounts in thousands) 2026 2025 Change 2026 2025 Change
Corn 673  591  14  % 631  630  —  %
Soybean 351  391  (10) 384  387  (1)
Wheat 326  267  22  312  266  17 

Overall commodity contract volumes increased in the second quarter and first six months of 2026 when compared with the same periods in 2025. The heightened geopolitical conflict in the Middle East in early 2026 caused disruptions within the grain market supply routes. The conflict also caused a greater demand for crop-based fuels as a result of crude oil pricing uncertainties. We believe these factors contributed to higher overall commodity volume in the second quarter and first six months of 2026 compared with the same periods in 2025.

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Metal Products
The following table summarizes average daily volume for our key metal products.  

Quarter Ended
June 30, Six Months Ended
June 30,
(amounts in thousands) 2026 2025 Change 2026 2025 Change
Gold 639  667  (4) % 865  569  52  %
Silver 167  117  43  285  109  160 
Copper 100  99  1  115  105  9 

Overall metals contract volumes increased during the second quarter and first six months of 2026, when compared to the same periods in 2025, driven primarily by heightened market volatility. Precious metals volume growth was largely driven by geopolitical tensions in the Middle East early in 2026, which drove market participants to gold and silver. While the demand subsequently eased within the gold market, sustained volume growth was further supported by increased adoption of precious metals micro contracts among our retail client base.
Average Rate per Contract
The average rate per contract decreased in the second quarter and first six months of 2026 when compared with the same periods in 2025. The decrease was largely due to an increase in micro contract volume, specifically within equities, energy and metals, as well as higher member trading as a percentage of total volume. In the first six months of 2026, the decrease was partially offset by a change in product mix. Energy and metal contract volume increased by 1 percentage point as a percent of total volume, while other products collectively decreased by 1 percentage point. In general, energy and metals products have a higher rate per contract compared with the remaining contracts. In addition, the overall decrease in the second quarter of 2026 was partially offset by an increase in certain clearing and transaction fees which went into effect on April 1, 2026.
Cash Markets Business
Total clearing and transaction fees revenues in the second quarter and first six months of 2026 include $73.9 million and $150.5 million, respectively, of transaction fees attributable to the cash markets business, compared with $74.6 million and $145.6 million, respectively, in the second quarter and first six months of 2025 . This revenue includes BrokerTec Americas LLC's fixed income volume and EBS's foreign exchange volume.

Quarter Ended
June 30, Six Months Ended
June 30,
(amounts in millions) 2026 2025 Change 2026 2025 Change
BrokerTec fixed income transaction fees $ 40.1  $ 37.1  8  % $ 80.3  $ 72.9  10  %
EBS foreign exchange transaction fees 33.8  37.5  (10) 70.2  72.7  (3)

The related average daily notional value for the first quarter of 2026 and 2025 were as follows:

Quarter Ended
June 30, Six Months Ended
June 30,
(amounts in billions) 2026 2025 Change 2026 2025 Change
U.S. Repo $ 397.3  $ 362.9  9  % $ 395.2  $ 347.3  14  %
European Repo (in euros) 364.0  310.9  17  366.1  318.4  15 
U.S. Treasury 91.4  114.1  (20) 99.6  112.9  (12)
Spot FX 67.2  73.7  (9) 71.9  72.3  (1)

Overall average daily notional values for the cash markets business were higher in the second quarter and first six months of 2026 when compared with the same periods in 2025 due to higher overall volatility. We believe this was due to the heightened geopolitical conflict in the Middle East, which caused significant macro-economic uncertainty throughout the global economy. However, more certainty surrounding the Federal Reserves interest rate policy decision led to lower overall U.S. Treasury volumes in second quarter and first six months of 2026 when compared with the same periods in 2025. We believe these factors led to higher overall cash market volume in the second quarter and first six months of 2026 compared with the same periods in 2025.
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Concentration of Revenue
We bill a substantial portion of our clearing and transaction fees directly to our clearing firms. The majority of clearing and transaction fees received from clearing firms represent charges for trades executed and cleared on behalf of their customers . One individual firm represented at least 10% of our clearing and transaction fees in the first six months of 2026. Should a clearing firm withdraw, we believe that the customer portion of the firm’s trading activity would likely transfer to another clearing firm of the exchange. Therefore, we do not believe we are exposed to significant risk from the ongoing loss of revenue received from or through a particular clearing firm.
Other Sources of Revenue
Market data and information services . During the second quarter and first six months of 2026, overall market data and information services revenues increased when compared with the same periods in 2025, largely due to higher usage of certain products, increased demand by new customer segments, and price increases for certain products.
The two largest resellers of our market data represented approximately 25% of our market data and information services revenue in the first six months of 2026. Despite this concentration, we consider exposure to significant risk of revenue loss to be minimal. In the event that one of these vendors no longer subscribes to our market data, we believe the majority of that vendor’s customers would likely subscribe to our market data through another reseller. Additionally, several of our largest institutional customers that utilize services from our two largest resellers report usage and remit payment of their fees directly to us.

Expenses

   
Quarter Ended
June 30,   Six Months Ended
June 30,  
(dollars in millions) 2026 2025 Change 2026 2025 Change
Compensation and benefits $ 233.5  $ 221.6  5  % $ 456.5  $ 428.3  7  %
Technology 83.3  70.9  18  159.9  136.6  17 
Professional fees and outside services 29.1  37.4  (22) 57.3  65.9  (13)
Amortization of purchased intangibles 56.0  56.1  —  112.1  111.3  1 
Depreciation and amortization 28.2  27.3  3  55.4  54.6  2 
Licensing and other fee agreements 109.1  96.2  13  215.9  192.8  12 
Other 59.9  53.2  12  112.4  107.5  4 
Total Expenses $ 599.1  $ 562.7  6  $ 1,169.5  $ 1,097.0  7 

Operating expen ses increased by $36.4 million and $72.5 million in the second quarter and first six months of 2026 when compared with the same periods in 2025. The following table shows the estimated impacts of key factors resulting in the changes in operating expenses:  

   
Quarter Ended
June 30, 2026 Six Months Ended
June 30,
   
Amount  of
Change Change as  a
Percentage of
Total Expenses Amount of
Change Change as a
Percentage of
Total Expenses
(dollars in millions)
License fees $ 12.9  2  % $ 23.1  2  %
Technology support services 11.6  2  21.1  2 
Rent expense 9.4  2  11.9  1 
Salaries, benefits and employer taxes (0.3) —  10.0  1 
Non-qualified deferred compensation 4.7  1  6.2  1 
Marketing expenses 2.4  —  5.0  1 
Stock-based compensation 4.1  1  4.7  1 
Currency fluctuation (3.3) (1) (6.4) (1)
Legal fees (6.2) (1) (7.4) (1)
Other expenses, net 1.1  —  4.3  — 
Total increase $ 36.4  6  % $ 72.5  7  %

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Increases in operating expenses in the second quarter and first six months of 2026 when compared with the same periods in 2025 were as follows:
• License fees expenses were higher primarily due to record volumes for certain equity products.
• The increases in technology support services expense were primarily driven by higher third party services to support the ongoing Google Cloud transformation project.
• Rent expenses were higher primarily due to gains on lease contractions recognized in the first six months of 2025.
• Salaries, benefits and employer taxes expenses were higher in the first six months of 2026 as a result of salary increases that went into effect during the first quarter of 2026 as well as an increase in headcount, which was primarily attributable to additional headcount in the company's international locations.
• An increase in our non-qualified deferred compensation liability during the first quarter of 2026, the impact of which does not affect net income because of an equal and offsetting change in investment income, contributed to the increases in compensation and benefits expenses.
• Marketing expense increased as a result of higher sponsorship, media campaigns and event costs in the first six months of 2026.
• Stock-based compensation expenses increased due to higher expense related to performance awards compared to the same period in 2025.
Decreases in operating expenses in the second quarter and first six months of 2026 when compared with the same periods in 2025 were as follows:
• In the second quarter and first six months of 2026, we recognized a net loss of $0.3 million and a net gain of $0.5 million, respectively, compared with a net losses of $3.6 million and $5.9 million, respectively, during the same periods in 2025, due to currency exchange rate fluctuations. Gains and losses from exchange rate fluctuations are recognized in the consolidated statements of net income when subsidiaries with a U.S. dollar functional currency hold certain monetary assets and liabilities denominated in foreign currencies.
• Legal fees decreased primarily as a result of expenses incurred for the class action lawsuit litigation in the second quarter of 2025.

Non-Operating Income (Expense)

   
Quarter Ended
June 30,   Six Months Ended
June 30,  
(dollars in millions) 2026 2025 Change 2026 2025 Change
Investment income $ 1,429.7  $ 1,518.4  (6) % $ 2,819.0  $ 2,411.1  17  %
Interest and other borrowing costs (43.6) (44.0) (1) (87.2) (85.7) 2 
Equity in net earnings of unconsolidated subsidiaries 97.7  99.0  (1) 200.1  187.2  7 
Other non-operating income (expense) (1,263.2) (1,372.4) (8) (2,510.1) (2,174.8) 15 
Total Non-Operating $ 220.6  $ 201.0  10  $ 421.8  $ 337.8  25 

Investment income. Earnings from cash performance bond and guaranty fund contributions that are reinvested decreased in the second quarter of 2026 when compared with the same period in 2025. This was mainly due to a lower average rate of return despite higher overall reinvestment balances. In the second quarter 2026, earnings from cash performance bond and guaranty fund contributions were $1,388.8 million compared with $1,487.6 million in the second quarter of 2025.
Earnings from cash performance bond and guaranty fund contributions that are reinvested increased in the first six months of 2026 when compared with the same period in 2025. This was mainly due to higher reinvestment balances despite a lower average rate of return on the reinvestment balances. In the first six months of 2026, earnings from cash performance bond and guaranty fund contributions were $2,759.8 million compared with $2,361.2 million in first six months of 2025. The increase was partially offset by higher net unrealized losses in the first six months of 2026.
Equity in net earnings (losses) of unconsolidated subsidiaries. Higher income generated from our S&P Dow Jones Indices LLC business venture contributed to an increase in equity in net earnings (losses) of unconsolidated subsidiaries in the first six months of 2026 when compared with 2025. However, in the second quarter of 2026, equity in net earnings (losses) of unconsolidated subsidiaries was lower as a result of the sale of our OSTTRA joint venture which occurred in the fourth quarter of 2025.
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Other non-operating income (expense). We recognized lower expense related to the distribution of interest earned on performance bond collateral reinvestments to the clearing firms during the second quarter of 2026 when compared with the same period in 2025. This was due to lower interest income earned on our reinvestment balances as a result of a lower Federal Funds rate compared with the same period in 2025. In the second quarter of 2026, expense related to the distribution of interest earned on collateral reinvestments was $1,265.7 million compared with $1,374.5 million the second quarter of 2025.
We recognized higher expense related to the distribution of interest earned on performance bond collateral reinvestments to the clearing firms during the first six months of 2026 when compared with the same period in 2025, mainly due to higher overall cash collateral balances. In the first six months of 2026, expense related to the distribution of interest earned on collateral reinvestments was $2,514.9 million, compared with $2,179.3 million in the first six months of 2025.

Income Tax Provision
The following table summarizes the effective tax rates for the periods presented:  

2026 2025

Quarter ended June 30 21.5  % 22.9  %
Six months ended June 30 22.6  23.1 

In the second quarter of 2026, the overall effective tax rate decreased when compared with the same period in 2025 as a result of favorable settlements from state tax examinations. In the first six months of 2026, the overall effective tax rate remained relatively consistent when compared with the same period in 2025.

Liquidity and Capital Resources
Sources and Uses of Cash . Net cash provided by operating activities increased in the first six months of 2026 when compared with the same period in 2025, which was largely due to an increase in trading volume and higher interest earned on reinvestment of collateral, net of distributions. Cash used in investing activities remained relatively consistent in the first six months of 2026 when compared with the same period in 2025. Cash used in financing activities was higher during the first six months of 2026 when compared with the same period in 2025 due to an increase in share repurchases.
Debt Instruments . The following table summarizes our debt outstanding at June 30, 2026:
(in millions) Par Value
Fixed rate notes due June 2028, stated rate of 3.75% $ 500.0 
Fixed rate notes due March 2030, stated rate of 4.40% 750.0 
Fixed rate notes due March 2032, stated rate of 2.65% 750.0 
Fixed rate notes due September 2043, stated rate of 5.30% (1)
750.0 
Fixed rate notes due June 2048, stated rate of 4.15% 700.0 

 _______________
(1) We maintained a forward-starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable effectively became fixed at a rate of 4.73%.
We maintain a $2.3 billion multi-currency revolving senior credit facility with various financial institutions, which matures in April 2030. The proceeds from this facility can be used for general corporate purposes, which includes providing liquidity for our clearing house in certain circumstances at CME Group's discretion and, if necessary, for maturities of commercial paper. As long as we are not in default under this facility, we have the option to increase it up to $3.3 billion with the consent of the agent and lenders providing the additional funds. This facility is voluntarily pre-payable from time to time without premium or penalty. Under this facility, we are required to remain in compliance with a consolidated net worth test, which is defined as our consolidated shareholders' equity at December 31, 2024, giving effect to share repurchases made and special dividends paid during the term of the agreement (and in no event greater than $2.0 billion in aggregate), multiplied by 0.65. We currently do not have any borrowings outstanding under this facility, but any commercial paper balance if or when outstanding can be backstopped against this facility.
We maintain a 364-day multi-currency revolving secured credit facility with a consortium of domestic and international banks to be used in certain situations by the clearing house. The facility provides for borrowings of up to $7.0 billion. We may use the proceeds to provide temporary liquidity in the unlikely event a clearing firm fails to promptly discharge an obligation to the clearing house operated by CME, in the event of a liquidity constraint or default by a depositary (custodian for our collateral), in the event of a temporary disruption with the domestic payments system that would delay payment of settlement variation between us and our clearing firms, or in other cases as provided by the CME rulebook. Clearing firm guaranty fund contributions received in the form of cash or U.S. Treasury securities as well as the performance bond assets (pursuant to the CME rulebook) can be used to collateralize the facility. At June 30, 2026, guaranty fund contributions available to collateralize
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the facility totaled $10.3 billion. W e have the option to increase the line from $7.0 billion to $10.0 billion with the consent of the agent and lenders providing the additional funds. Our 364-day facility contains a requirement that CME remain in compliance with a consolidated tangible net worth test, defined as CME's consolidated shareholder's equity less intangible assets (as defined in the agreement), of not less than $800.0 million. We currently do not have any borrowings outstanding under this facility.
The indentures governing our fixed rate notes, our $2.3 billion multi-currency revolving senior credit facility and our 364-day multi-currency revolving secured credit facility for $7.0 billion do not contain specific covenants that restrict the ability to pay dividends. These documents, however, do contain other customary financial and operating covenants that place restrictions on the operations of the company that could indirectly affect the ability to pay dividends.
At June 30, 2026, we have excess borrowing capacity for general corporate purposes of approximate ly $2.3 billion und er our multi-currency revolving senior credit facility.
We maintain committed repurchase facility agreements amounting to a total of $1.0 billion. The committed repurchase facilities provide access to cash, secured by non-cash collateral, in the event that one or more of our clearing firms fails to promptly discharge an obligation to the clearing house. The facilities are subject to annual renewal. We currently do not have any borrowings outstanding under these facilities.
We maintain a committed facility of up to $750.0 million for foreign currency conversions. The committed foreign currency facility allows the clearing house to convert cash to another currency within generally accepted local market timeframes in the event that one or more of our clearing firms fails to promptly discharge an obligation to the clearing house. The facility is subject to annual renewal. We currently do not have any foreign currency trades outstanding under this facility.
At June 30, 2026, we were in compliance with the various covenant requirements of all our debt facilities.
CME Group, as a holding company, has no operations of its own. Instead, it relies on dividends declared and paid to it by its subsidiaries in order to provide the funds which it uses to pay dividends to its shareholders.
To satisfy our performance bond obligation with Singapo re Exchange Limited, we may pledge irrevocable standby letters of credit. At June 30, 2026, the letters of credit totaled $400.0 million. We also maintain a $350.0 million line of credit to meet our obligations under this agreement.
The following table summarizes our credit ratings at June 30, 2026:  

     Short-Term    Long-Term     
Rating Agency    Debt Rating    Debt Rating    Outlook
Standard & Poor’s Global Ratings    A1+    AA-    Stable
Moody’s Investors Service, Inc.    P1    Aa3    Stable

Given our cash flow generation, our ability to pay down debt levels and our ability to refinance existing debt facilities if necessary, we expect to maintain an investment grade rating. If our ratings are downgraded below investment grade within certain specified time periods due to a change of control, we are required to make an offer to repurchase our fixed rate notes at a price equal to 101% of the principal amount, plus accrued and unpaid interest. No report of any rating agency is incorporated by reference herein.
Liquidity and Cash Management . Cash and cash equivalents, excluding restricted cash and restricted cash equivalents, t otaled $2.1 billion and $4.4 billion at June 30, 2026 and December 31, 2025, respectively. The balance retained in cash and cash equivalents is a function of anticipated or possible short-term cash needs, prevailing interest rates, our corporate investment policy and alternative investment choices. A majority of our cash and cash equivalents balance is invested in money market mutual funds that invest only in U.S. Treasury securities, U.S. government agency securities and U.S. Treasury security reverse repurchase agreements and short-term bank deposits. Our exposure to credit and liquidity risk is minimal given the nature of the investments. Cash that is not available for general corporate purposes because of regulatory requirements or other restrictions is classified as restricted cash and is included in cash performance bonds and guaranty fund contributions, other current assets or other assets in the consolidated balance sheets. Cash performance bonds and guarantee fund contribution assets are deemed to be restricted cash and restricted cash equivalents.
We maintain a shar e repurchase program under which we are authorized to repurchase up to $3.0 billion of our outstanding Class A common stock, par value $0.01 per share (the common stock), from time to time through open market transactions, block trades, privately negotiated purchase transactions or other purchase techniques and may include purchases effected pursuant to one or more trading plans established pursuant to Rule 10b5-1 under the Exchange Act. The timing of any repurchases and the number of shares repurchased under the share repurchase program are within our discretion and may be affected by various factors, including general market and economic conditions; the market price of the common stock; CME Group’s earnings, financial condition, capital requirements and levels of indebtedness; legal requirements; and other
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considerations. The share re purchase program has no expiration date, does not obligate us to acquire any particular amount of common stock and may be modified, suspended or terminated at any time. As of June 30, 2026, the maximum remaining value of shares to be repurchased was $1.5 billion.
Regulatory Requirements . CME is regulated by the CFTC as a Derivatives Clearing Organization (DCO). DCOs are required to maintain capital, as defined by the CFTC, in an amount at least equal to one year of projected operating expenses as well as cash, liquid securities, or a line of credit at least equal to six months of projected operating expenses. CME was designated by the Financial Stability Oversight Council as a systemically important financial market utility under Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. As a result, CME must comply with CFTC regulations applicable to a systemically important DCO for financial resources and liquidity resources. CME is in compliance with all DCO financial requirements.
CME, CBOT, NYMEX and COMEX are regulated by the CFTC as Designated Contract Markets (DCM). DCMs are required to maintain capital, as defined by the CFTC, in an amount at least equal to one year of projected operating expenses as well as cash, liquid securities or a line of credit at least equal to six months of projected operating expenses. Our DCMs are in compliance with all DCM financial requirements.
BrokerTec Americas LLC is required to maintain sufficient net capital under Securities Exchange Act of 1934, as amended (Exchange Act), Rule 15c3-1 (the Net Capital Rule). The Net Capital Rule focuses on liquidity and is designed to protect securities customers, counterparties, and creditors by requiring that broker-dealers have sufficient liquid resources on hand at all times to satisfy claims promptly. Rule 15c3-3, or the customer protection rule, which complements Rule 15c3-1, is designed to ensure that customer property (securities and funds) in the custody of broker-dealers is adequately safeguarded. By law, both of these rules apply to the activities of registered broker-dealers, but not to unregistered affiliates. The firm began operating as a (k)(2)(i) broker dealer in November 2017 following notification to the Financial Industry Regulatory Authority and the SEC. A company operating under the (k)(2)(i) exemption is not required to lock up customer funds as would otherwise be required under Exchange Act Rule 15c3-3.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are subject to various market risks, including those caused by changes in interest rates, credit, foreign currency exchange rates and equity prices. There have not been material changes in our exposure to market risk since December 31, 2025. Refer to Item 7A. of CME Group’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026, for additional information.

ITEM 4. CONTROLS AND PROCEDURES

(a) Disclosure Controls and Procedures. Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this report. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, our disclosure controls and procedures are effective.
(b) Changes in Internal Control Over Financial Reporting. As required by Rule 13a-15(d) under the Exchange Act, the company’s management, including the company’s Chief Executive Officer and Chief Financial Officer, have evaluated the company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) to determine whether any changes occurred during the quarter covered by this quarterly report that have materially affected, or are reasonably likely to materially affect, the company’s internal control over financial reporting. There were no changes in the company’s internal control over financial reporting which occurred during the fiscal quarter ended June 30, 2026, that have materially affected, or are reasonably likely to materially affect, the company’s internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

The disclosure under “Legal and Regulatory Matters” in Note 7. Contingencies in the Notes to Unaudited Consolidated Financial Statements in Item 1 of Part I of this report is incorporated herein by reference. Such disclosure includes updates to the legal proceedings disclosed in the company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026.

ITEM 1A. RISK FACTORS

There have been no material changes in the company's risk factors from those disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026.
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ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities

Period Total Number of Shares (or Units) Purchased (1)  
Average Price
Paid Per Share (or Unit)  Total Number of
Shares (or Units) Purchased as
Part of Publicly
Announced
Plans or Programs (1)
Maximum Number (or Approximate Dollar Value)
of Shares (or Units) that May Yet Be Purchased Under
the Plans or Programs (in millions) (1)

April 1 to April 30 740,654  (2) $ 291.64  740,623  $ 1,983.8 
May 1 to May 31 638,435  (3) 288.25  638,313  1,799.8 
June 1 to June 30 1,167,853  (4) 253.14  1,167,348  1,504.4 
Total 2,546,942  (5) 2,546,284 

(1) CME Group maintains a share repurchase program under which CME Group is authorized to repurchase up to $3.0 billion of its outstanding Class A common stock, par value $0.01 per share (the common stock) as announced on December 5, 2024. The share repurchase program has no expiration date.
(2) Includes an aggregate of 31 shares of Class A common stock surrendered to satisfy employees' tax obligations upon the vesting of restricted stock.
(3) Includes an aggregate of 122 shares of Class A common stock surrendered to satisfy employee's tax obligations upon the vesting of restricted stock.
(4) Includes an aggregate of 505 shares of Class A common stock surrendered to satisfy employee's tax obligations upon the vesting of restricted stock.
(5) Shares purchased includes an aggregate of 658 shares of Class A common stock surrendered to satisfy employee tax obligations upon the vesting of restricted stock.

ITEM 5. OTHER INFORMATION

On June 1, 2026 , Jonathan Marcus , Senior Managing Director and General Counsel , adopted a trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c). Under the terms of the plan, Mr. Marcus is scheduled to sell an aggregate of up to 1,294 shares of the company's Class A common stock, net of shares withheld to cover taxes, arising from restricted stock awards vesting on September 15, 2026 and March 15, 2027 . The plan expires on the earlier of March 23, 2027 or the completion of all authorized transactions under the plan.

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ITEM 6. EXHIBITS

3.1 Seventeenth Amended and Restated Bylaws of CME Group Inc. (incorporated by reference to Exhibit 3.1 to CME Group Inc.’s Current Report on Form 8-K, filed with the SEC on December 9, 2022).

3.2 Fourth Amended and Restated Certificate of Incorporation of CME Group Inc., as amended (incorporated by reference to Exhibit 3.2 to CME Group Inc.'s Current Report on Form 8-K, filed with the SEC on November 4, 2021).

10.1 Amendment No. 11 to Credit Agreement, dated as of April 22, 2026, among Chicago Mercantile Exchange Inc., certain lenders, Bank of America, N.A., as Administrative Agent, and Citibank, N.A., as Collateral Agent and Collateral Monitoring Agent. (incorporated by reference to Exhibit 10.1 to CME Group Inc.'s Current Report on Form 8-K filed with the SEC on April 27, 2026)

10.2 Transition and Executive Chairman Agreement, dated June 16, 2026, between CME Group Inc. and Terrence A. Duffy. (incorporated by reference to Exhibit 10.1 to CME Group Inc.'s Current Report on Form 8-K filed with the SEC on June 17, 2026)

10.3 Employment Agreement, dated June 16, 2026, between CME Group, Inc. and Lynne C. Fitzpatrick. (incorporated by reference to Exhibit 10.2 to CME Group Inc.'s Current Report on Form 8-K filed with the SEC on June 17, 2026)

31.1    Section 302 Certification—Terrence A. Duffy

31.2    Section 302 Certification—Lynne Fitzpatrick

32.1    Section 906 Certification

101    The following materials from CME Group Inc.’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026, formatted in Inline XBRL (Xtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Equity, (v) the Consolidated Statements of Cash Flows and (vi) Notes to Unaudited Consolidated Financial Statements, tagged as blocks of text.

104    Cover Page Interactive Data File included in the Inline XBRL Document Set for Exhibit 101.

101.DEF    XBRL Taxonomy Extension Definition Linkbase

101.LAB    XBRL Taxonomy Extension Label Linkbase Document

101.PRE    XBRL Taxonomy Extension Presentation Linkbase Document

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 

    CME Group Inc.
(Registrant)

Dated: July 24, 2026     By:    /s/ Lynne Fitzpatrick
      Lynne Fitzpatrick

Senior Managing Director, President and Chief Financial Officer

Principal Financial Offer and
Duly Authorized Officer

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