The modest beat and flat revenue growth suggest limited upside catalyst. Watch for trends in ADV and clearing fees in Q3; the record Q1 was boosted by macro volatility, which may not repeat. The buyback provides a floor but doesn't drive growth.
Price Chart
Executive Summary
CME Group reported Q2 2026 adjusted EPS of $2.99, beating consensus of $2.91 by 2.8%, and revenue of $1.71B, slightly above the $1.68B estimate. However, total revenue was essentially flat YoY (+0.8%), and core clearing and transaction fees declined 2.6% YoY. The company highlighted record market data revenue (+20% YoY to $238M) and continued share repurchases ($695M in Q2), but the lack of top-line growth and deceleration from a record Q1 suggest a neutral near-term outlook.
Key Financial Metrics
Key Facts
- Q2 2026 adjusted diluted EPS $2.99 vs consensus $2.91 (beat by 2.8%)
- Total revenue $1,706.2M vs $1,692.0M YoY (+0.8%)
- Clearing and transaction fees $1,352.5M, down 2.6% YoY from $1,388.0M
- Market data revenue record $238.1M, up 20% YoY
- Average daily volume (ADV) 29.8M contracts, third-highest quarterly ADV
- Average rate per contract $0.678, down from $0.690 YoY
- Repurchased $695M in common shares during Q2; paid $468M in dividends
- Cash $2.1B, debt $3.4B as of June 30, 2026
Financial Impact
EPS beat by ~$0.08, revenue beat by ~$26M; no guidance provided
Risk Factors
- Declining average rate per contract and clearing fee revenue trend
- Volume normalization after record Q1
- Execution risk in cloud transition and new product launches
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001156375-26-000042 |
| Document: cme-20260722.htm | 0001156375-26-000042 |
| Document: 0001156375-26-000042-index-headers.html | 0001156375-26-000042 |
| Document: 0001156375-26-000042-index.html | 0001156375-26-000042 |
| Document: 0001156375-26-000042.txt | 0001156375-26-000042 |
| 8-K Data (Synthetic) | 0001156375-26-000042 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 2, 2026 today | ANALYST-UPGRADE | $262.30 awaiting T+5 | awaiting T+5 | — | $263.47 (+0.45%) |
Sep 15, 2026 17d ago | Insider Cluster | $275.09 $267.21 | ▼ −2.86% | ▼ −3.68% | $263.47 (−4.22%) |
Aug 19, 2026 6w ago | ANALYST-DOWNGRADE | — | awaiting T+5 | — | — |
Jul 22, 2026 10w ago | 8-K | $249.24 $265.44 | ▲ +6.50% | ▲ +8.90% | $263.47 (+5.71%) |
Jun 18, 2026 15w ago | ANALYST-UPGRADE | $246.38 $225.00 | ▼ −8.68% | ▼ −7.01% | $263.47 (+6.94%) |
Jun 17, 2026 15w ago | 8-K | $252.54 $231.68 | ▼ −8.26% | ▼ −7.22% | $263.47 (+4.33%) |
Jun 11, 2026 16w ago | ANALYST-UPGRADE | $269.53 $246.38 | ▼ −8.59% | ▼ −9.26% | $263.47 (−2.25%) |
May 19, 2026 19w ago | DEFA14A | $290.04 $277.34 | ▼ −4.38% | ▼ −6.18% | $263.47 (−9.16%) |
May 19, 2026 19w ago | Insider Cluster | $290.04 $277.34 | ▼ −4.38% | ▼ −6.18% | $263.47 (−9.16%) |
Apr 22, 2026 23w ago | 8-K | $285.58 $283.30 | ▲ +0.80% | ▲ +0.85% | $263.47 (+7.74%) |
US Market Status
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