Customer concentration— top 2 customers 25% of revenue
2 customers
— 25% of revenue (first six months of 2026)
“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.”
One customer
— 10% of revenue (first six months of 2026)
“One individual firm represented at least 10% of our clearing and transaction fees in the first six months of 2026.”
CME Group reported third-quarter 2026 revenue of 1,737.3, up 13%, net income of 1,036.9, up 14%, and diluted earnings per common share of 2.89, up 16%; nine-month operating cash flow was 3,292.9.
CME Group reported record third-quarter performance, with daily volume of 29.4 million contracts, revenue of $1.7 billion up 13%, adjusted operating income of $1.2 billion up 15%, and open interest over 133 million contracts.
CME Group Inc. reported third-quarter 2026 revenue of $1.7 billion, operating income of $1.1 billion and net income of $1.0 billion; diluted earnings per share were $2.89, and average daily volume reached a third-quarter record 29.4 million contracts.
On September 24, 2026, CME Group Inc. filed a certificate of elimination that removed all matters relating to its Series G Non-Voting Convertible Preferred Stock; no shares were issued or outstanding.
TL;DR.CME delivered double-digit revenue and net-income growth, record Q3 volume of 29.4 million contracts, record market-data revenue, a new high of $100 billion in average daily capital efficiencies, and nearly $1 billion of shareholder returns. Risks include delays to compute futures and 24/7 oil, pending perpetuals litigation, Google Cloud transition costs, and a 3.6% year-over-year decline in energy open interest.
Bullish
+Q3 average daily volume reached a third-quarter record of 29.4 million contracts, while non-U.S. ADV reached a third-quarter high of 9 million contracts.
+Open interest reached 128 million contracts at quarter-end and exceeded 133 million contracts in October.
+Market data revenue reached a record $243 million and increased 20%.
+CME launched single-stock futures, e-nano equity index futures, and 24/7 trading in one-ounce gold and 100-ounce silver contracts.
+CME generated a new high of $100 billion in average daily capital efficiencies.
Bearish
−Compute-futures launch remained pending regulatory approval, and the agency timing was unknown.
−The Google Cloud transition creates variable-cost and duplicative-infrastructure risks.
−Energy open interest declined 3.6% year over year as of September 30, 2026.
From the call
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
1,591 of 1,726 funds reported for Sep 30 · net +10.1M sh shares · +148 new
Insider flowDistributing
Net -$9.6M over 90 days · 88% sells
Short interestRising
1.50% of shares out · ▲ +7.3% MoM · 2.4 days cover
Volume signalNormal
Volume near normal
Institution breadthSteady
1,726 holders — mid 3-yr range
Squeeze score58
elevated · 0–100
Fundamentals
Excellent
Revenue growth+6%
Y/Y
EPS growth+15%
Y/Y
Free cash flow$4.2B
ValuationP/E 26.1
below peers
Buyback$1.0B
remaining
Quant / Vol
risk profile
Moderate
Volatility25%
annualized · 1-yr
Max drawdown−33%
past year
ATR2.1%
of price · 14-day
Blended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
what management promised — and delivered
Latest guidance
· from the Earnings Call filed Feb 4, 2026
Total adjusted operating expenses, excluding license fees
· 2026Non-GAAP$1.7B
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Financial Data & Stock Exchanges — same industry group
CME Group reported third-quarter 2026 revenue of 1,737.3, up 13%, net income of 1,036.9, up 14%, and diluted earnings per common share of 2.89, up 16%; nine-month operating cash flow was 3,292.9.
Dividends per share over the trailing 365 days by ex-date · buyback figures as last
reported in SEC filings ("spent" derived as authorized − remaining; when several
programs run concurrently, authorized is their combined total per the newest filing) ·
components shown separately — trailing-year buyback spend isn't tracked, so no
combined shareholder yield is derived.
