CME's record Q3 revenue and double-digit volume growth across all asset classes confirm strong secular demand for derivatives clearing amid macro uncertainty. The slight EPS miss vs consensus is negligible given the revenue beat and raised capital return. Watch for continued momentum in interest rate and equity index volumes in Q4, and monitor the cloud migration timeline for potential margin expansion.
Price Chart
Executive Summary
CME Group reported Q3 2026 revenue of $1.74B and adjusted diluted EPS of $3.02, a slight miss vs the $3.03 consensus. Revenue grew 13% YoY to a Q3 record, driven by record market data revenue (+20% YoY) and double-digit volume growth across all six asset classes. Net income rose 14% YoY to $1.04B, and the company returned nearly $1B to shareholders via dividends and buybacks.
Key Financial Metrics
Key Facts
- Q3 2026 total revenue of $1.74B, up 13% YoY from $1.54B — highest Q3 revenue on record
- Adjusted diluted EPS of $3.02 vs consensus of $3.03 (a ~0.3% miss, within rounding)
- Net income of $1.04B, up 14% YoY from $908M
- Market data revenue hit a record $243M, up 20% YoY
- Q3 ADV of 29.4M contracts, a Q3 record, with double-digit volume growth across all six asset classes
- Returned nearly $1B to shareholders: $465M in dividends and $524M in share repurchases
- Cash of $2.4B and debt of $3.4B as of Sep 30, 2026
Financial Impact
Revenue up 13% YoY to $1.74B; adjusted net income up 11% YoY to $1.08B; record market data revenue of $243M (+20% YoY)
Risk Factors
- Slight EPS miss vs consensus ($3.02 vs $3.03) could trigger minor profit-taking
- Interest rate volume declined sequentially from Q1 2026 peak (18.7M ADV to 15.1M) — a sustained slowdown would pressure clearing fee revenue
- Operating expenses grew 5.5% YoY, outpacing revenue growth in some line items (technology +13%, licensing +28%)
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001156375-26-000065 |
| Document: cme-20261021.htm | 0001156375-26-000065 |
| Document: 0001156375-26-000065-index-headers.html | 0001156375-26-000065 |
| Document: 0001156375-26-000065-index.html | 0001156375-26-000065 |
| Document: 0001156375-26-000065.txt | 0001156375-26-000065 |
| 8-K Data (Synthetic) | 0001156375-26-000065 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | Institutional Cluster | $305.71 | awaiting T+60 | — | $305.71 (−0.00%) |
Oct 22, 2026 4d ago | 144 | $305.71 | awaiting T+60 | — | $305.71 (−0.00%) |
Oct 22, 2026 4d ago | ANALYST-UPGRADE | $305.98 | awaiting T+60 | — | $305.71 (−0.09%) |
Oct 21, 2026 5d ago | 8-K | $295.79 | awaiting T+60 | — | $305.71 (+3.35%) |
Oct 21, 2026 5d ago | Press Release | $295.79 | awaiting T+60 | — | $305.71 (+3.35%) |
Oct 2, 2026 24d ago | ANALYST-UPGRADE | $263.14 | awaiting T+60 | — | $305.71 (+16.18%) |
Sep 14, 2026 6w ago | Insider Cluster | $275.09 | awaiting T+60 | — | $305.71 (+11.13%) |
Sep 14, 2026 6w ago | Insider Cluster | $275.09 | awaiting T+60 | — | $305.71 (+11.13%) |
Aug 19, 2026 9w ago | ANALYST-DOWNGRADE | — | awaiting T+60 | — | — |
Jul 22, 2026 13w ago | 8-K | $249.24 $289.46 | ▲ +16.14% | ▲ +12.88% | $305.71 (+22.66%) |
US Market Status
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