CME Group（芝加哥商品交易所集團）公佈截至2026年6月30日嘅第二季度業績（10-Q申報），各項財務指標錄得穩健增長。

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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 DriveChicagoIllinois 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 classTrading symbolName of each exchange on which registered
Class A Common StockCMEThe 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

Table of Contents

 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

Table of Contents

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;
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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.
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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, 2026December 31, 2025
(unaudited)
Assets
Current Assets:
Cash and cash equivalents$2,144.2 $4,416.9 
Marketable securities131.4 125.0 
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 contributions158,110.7 159,656.1 
Total current assets161,631.1 165,359.3 
Property, net of accumulated depreciation and amortization of $993.7 and $1,005.7
351.2 362.7 
Intangible assets—trading products17,175.3 17,175.3 
Intangible assets—other, net2,494.6 2,610.7 
Goodwill10,505.8 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 liabilities538.6 568.8 
Performance bonds and guaranty fund contributions158,110.7 159,656.1 
Total current liabilities158,717.3 160,296.7 
Long-term debt3,424.2 3,422.3 
Deferred income tax liabilities, net5,220.9 5,242.2 
Other liabilities793.8 734.8 
Total Liabilities168,156.2 169,696.0 

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 capital21,004.4 22,209.5 
Retained earnings5,457.5 6,433.2 
Accumulated other comprehensive income (loss)54.9 81.9 
Total CME Group Shareholders’ Equity26,520.4 28,728.2 

Total Liabilities and Equity$194,676.6 $198,424.2 
    
See accompanying notes to unaudited consolidated financial statements.
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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 EndedSix Months Ended
 June 30,June 30,
 2026202520262025
Revenues
Clearing and transaction fees$1,352.5 $1,388.0 $2,895.1 $2,725.3 
Market data and information services238.1 198.1 462.2 392.6 
Other115.6 105.9 229.0 216.4 
Total Revenues1,706.2 1,692.0 3,586.3 3,334.3 
Expenses
Compensation and benefits233.5 221.6 456.5 428.3 
Technology83.3 70.9 159.9 136.6 
Professional fees and outside services29.1 37.4 57.3 65.9 
Amortization of purchased intangibles56.0 56.1 112.1 111.3 
Depreciation and amortization28.2 27.3 55.4 54.6 
Licensing and other fee agreements109.1 96.2 215.9 192.8 
Other59.9 53.2 112.4 107.5 
Total Expenses599.1 562.7 1,169.5 1,097.0 
Operating Income1,107.1 1,129.3 2,416.8 2,237.3 

Non-Operating Income (Expense)
Investment income1,429.7 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 subsidiaries97.7 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 Taxes1,327.7 1,330.3 2,838.6 2,575.1 
Income tax provision285.9 305.2 642.5 593.8 

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 
Diluted2.88 2.81 6.06 5.43 
Weighted Average Number of Common Shares:
Basic360,684 359,658 360,005 359,636 
Diluted361,282 360,355 362,233 360,297 

See accompanying notes to unaudited consolidated financial statements.
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CME GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
(unaudited)

Quarter EndedSix Months Ended
June 30,June 30,
2026202520262025
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
CapitalRetained
EarningsAccumulated
Other
Comprehensive
Income (Loss)Total CME Group Shareholders’ Equity
Balance at December 31, 20254,584 358,950 3 $22,213.1 $6,433.2 $81.9 $28,728.2 
Net income2,196.1 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 stock96 (22.2)(22.2)
Shares issued to Board of Directors14 3.1 3.1 
Shares issued under Employee Stock Purchase Plan16 4.3 4.3 
Repurchase of Class A common stock (1)
(4,385)(1,236.9)(1,236.9)
Stock-based compensation46.6 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
CapitalRetained
EarningsAccumulated
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 income1,041.8 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 stock1 (0.2)(0.2)
Shares issued to Board of Directors14 3.1 3.1 
Shares issued under Employee Stock Purchase Plan16 4.3 4.3 
Repurchase of Class A common stock (1)
(2,546)(698.2)(698.2)
Stock-based compensation24.8 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
CapitalRetained
EarningsAccumulated
Other
Comprehensive
Income (Loss)Total CME Group Shareholders’ Equity
Balance at December 31, 20244,584 359,602 3 $22,406.6 $4,185.8 $(105.5)$26,486.9 
Net income1,981.3 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 stock50 (8.8)(8.8)
Shares issued to Board of Directors11 3.0 3.0 
Shares issued under Employee Stock Purchase Plan16 4.2 4.2 
Repurchase of Class A common stock (1)
(32)(8.2)(8.2)
Stock-based compensation41.9 41.9 
Balance at June 30, 20254,584 359,647 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
CapitalRetained
EarningsAccumulated
Other
Comprehensive
Income (Loss)Total CME Group Shareholders’ Equity
Balance at March 31, 20254,584 359,646 3 $22,419.6 $4,685.9 $(74.8)$27,030.7 
Net income1,025.1 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 stock6 (0.6)(0.6)
Shares issued to Board of Directors11 3.0 3.0 
Shares issued under Employee Stock Purchase Plan16 4.2 4.2 
Repurchase of Class A common stock (1)
(32)(8.2)(8.2)
Stock-based compensation20.7 20.7 
Balance at June 30, 20254,584 359,647 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,
 20262025
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 compensation46.6 41.9 
Amortization of purchased intangibles112.1 111.3 
Depreciation and amortization55.4 54.6 

Net realized and unrealized (gains) losses on investments19.1 (2.6)

Deferred income taxes(8.2)(20.7)
Change in:
Accounts receivable(112.9)(95.4)
Other current assets37.8 (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 liabilities113.4 (9.2)
Other(16.9)— 
Net Cash Provided by Operating Activities2,207.0 2,175.1 

Cash Flows from Investing Activities
Proceeds from maturities of available-for-sale marketable securities2.0 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,
20262025
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 period164,079.5 101,794.1 
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 cash4.4 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 paid70.2 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)2026202520262025
Interest rates$433.0 $461.6 $954.2 $897.9 
Equity indexes324.0 301.6 639.6 605.8 
Foreign exchange49.8 52.4 106.6 105.8 
Agricultural commodities183.8 174.7 351.3 339.0 
Energy187.0 217.4 450.7 433.8 
Metals76.7 85.1 195.1 156.0 
BrokerTec fixed income40.1 37.1 80.3 72.9 
EBS foreign exchange33.8 37.5 70.2 72.7 
Interest rate swap24.3 20.6 47.1 41.4 
Total clearing and transaction fees1,352.5 1,388.0 2,895.1 2,725.3 
Market data and information services238.1 198.1 462.2 392.6 
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 time377.3 324.7 734.6 652.9 
One-time charges and miscellaneous revenue