CME Group Inc. (NASDAQ:CME) reported fourth-quarter results on Wednesday that narrowly exceeded market expectations, while the derivatives exchange operator also delivered its fourth straight year of record annual revenue.
Adjusted earnings per share for the quarter came in at $2.77, edging past analysts’ estimates of $2.75. Revenue totaled $1.65 billion, slightly ahead of the $1.64 billion consensus. Shares rose 0.64% in pre-market trading following the announcement.
For full-year 2025, CME Group posted record revenue of $6.5 billion, up 6% from the prior year. Market data revenue also reached an all-time high of $803 million, reflecting a 13% year-on-year increase. Trading activity remained strong, with fourth-quarter average daily volume climbing to 27.4 million contracts, the highest fourth-quarter level on record and up 7% from the same period in 2024.
“Last year, CME Group delivered the best year in our history and our fourth consecutive year of record revenue, adjusted operating income, adjusted net income and adjusted earnings per share,” said Terry Duffy, CME Group Chairman and Chief Executive Officer. “In a risk-always-on environment, client demand for our products and services generated record average daily volume of 28.1 million contracts.”
International markets were a key driver in the quarter, with non-U.S. average daily volume rising 9% year over year to 8.3 million contracts. Activity in Asia stood out with an 18% increase, while EMEA volumes grew by 6%.
Clearing and transaction fees generated $1.3 billion in fourth-quarter revenue, with an average rate per contract of $0.707. Market data revenue contributed $208 million during the quarter.
CME Group ended 2025 with a solid balance sheet, holding roughly $4.6 billion in cash against $3.4 billion in debt. The company returned about $3.9 billion to shareholders in dividends during the year, lifting total capital returned to nearly $30 billion since the introduction of its variable dividend policy in early 2012.