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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549 
_________________________________________________________
FORM 8-K
 
_________________________________________________________
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) April 23, 2025
 
 _________________________________________________________
CME GROUP INC.
(Exact Name of Registrant as Specified in its Charter) 
_________________________________________________________ 
Delaware   001-31553   36-4459170
(State or Other Jurisdiction
of Incorporation)
  (Commission
File No.)
  (IRS Employer
Identification No.)
 
20 South Wacker Drive Chicago Illinois   60606
(Address of Principal Executive Offices)   (Zip Code)
Registrant’s telephone number, including area code: (312) 930-1000
N/A
(Former Name or Former Address, if Changed Since Last Report) 
______________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading symbol Name of each exchange on which registered
Class A Common Stock CME Nasdaq
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) of this chapter or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐
Item 2.02. Results of Operations and Financial Condition.
The information set forth under “Item 2.02. Results Of Operations and Financial Condition,” including the Exhibit attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
Attached and incorporated herein by reference as Exhibit 99.1 is a copy of a press release of CME Group Inc. dated April 23, 2025, reporting CME Group Inc.’s financial results for the quarter ended March 31, 2025.
To supplement CME Group’s financial statements on a GAAP basis, the attached press release includes financial measures that are not in accordance with GAAP, consisting of non-GAAP net income and earnings per share. Management believes that the presentation of non-GAAP net income and earnings per share provide important supplemental information to management and investors about financial and business trends relating to CME Group Inc.’s financial condition and results of operations. Management believes that the use of these non-GAAP financial measures provide a better measure of comparability with the Company’s prior financial reports. Management acknowledges that non-GAAP adjustments may include recurring items. These non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. Pursuant to the requirements of Regulation G, CME Group Inc. has included a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures in the press release.
 
Item 9.01 Financial Statements and Exhibits.
Exhibit
Number
   Description
99.1    
104  The cover page from CME Group Inc.'s Current Report on Form 8-K, formatted in Inline XBRL.




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
  CME Group Inc.
  Registrant
Date: April 23, 2025   By:   /s/ Lynne Fitzpatrick
  Name:

Title:
  Lynne Fitzpatrick

Senior Managing Director, President and Chief Financial Officer

Principal Financial Offer and
Duly Authorized Officer
   




























EX-99.1 2 exhibit9913312025.htm EX-99.1 Document




                                             Exhibit 99.1
approvedpressreleasetemplaa.jpg
Media contact Investor contact
Timothy Barello, 212.299.2256 Adam Minick, 312.340.8365
Laurie Bischel, 312.648.8698 investors@cmegroup.com
news@cmegroup.com CME-G
cmegroup.mediaroom.com
FOR IMMEDIATE RELEASE
CME Group Inc. Reports All-Time Record Revenue, Adjusted Operating Income, Adjusted Net Income and Adjusted Earnings Per Share for Q1 2025
•Record revenue of $1.6 billion, up 10% from Q1 2024
•Record average daily volume (ADV) of 29.8 million contracts, with broad-
based growth in every asset class
CHICAGO, April 23, 2025 - CME Group Inc. (NASDAQ: CME) today reported financial results for the first quarter of 2025.
The company reported revenue of $1.6 billion and operating income of $1.1 billion for the first quarter of 2025. Net income was $956 million and diluted earnings per common share were $2.62. On an adjusted basis, net income was $1.0 billion and diluted earnings per common share were $2.80. Financial results presented on an adjusted basis for the first quarter of 2025 and 2024 exclude certain items, which are detailed in the reconciliation of non-GAAP results.1
    
"Amid heightened economic uncertainty, CME Group operated with exceptional resilience as clients turned to our markets in record numbers to hedge business risks across asset classes,” said Terry Duffy, CME Group Chairman and Chief Executive Officer. “This increased demand drove our Q1 ADV to a new high of 29.8 million contracts and generated record revenue, adjusted operating income, adjusted net income and adjusted earnings per share for the quarter. Commodities grew 19%, financials increased 12%, and our ADV outside the U.S. reached a new high of 8.8 million contracts, up 19% year over year. Looking ahead, we remain focused on providing the products, services and efficiencies to benefit market participants as they navigate this risk-always-on environment."

Clearing and transaction fees revenue for first-quarter 2025 totaled $1.3 billion. The total average rate per contract was $0.686. Market data revenue totaled $195 million for first-quarter 2025.





1. A reconciliation of the non-GAAP financial results mentioned to the respective GAAP figures can be found within the Reconciliation of GAAP to non-GAAP Measures chart at the end of the financial statements and earnings presentation materials.


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As of March 31, 2025 the company had $1.6 billion in cash (including $200 million deposited with Fixed Income Clearing Corporation, which is included in other current assets) and $3.4 billion of debt. The company paid dividends during the first quarter of approximately $2.6 billion. The company has returned $28.6 billion to shareholders in the form of dividends since the implementation of the variable dividend policy in early 2012.

CME Group will hold a Q&A conference call to discuss first-quarter 2025 results at 8:30 a.m. Eastern Time today. A live audio webcast of the Q&A call will be available on the Investor Relations section of CME Group's website at investor.cmegroup.com under Events & Presentations. An archived recording will be available for up to two months after the call.

As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing.

CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and, E-mini are trademarks of Chicago Mercantile Exchange Inc. 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 and EBS are trademarks of BrokerTec Europe LTD and EBS Group LTD, respectively. The S&P 500 Index is a product of S&P Dow Jones Indices LLC (“S&P DJI”). “S&P®”, “S&P 500®”, “SPY®”, “SPX®”, US 500 and The 500 are trademarks of Standard & Poor’s Financial Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners.











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Statements in this press release that are not historical facts are forward-looking statements. 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 relating to CME Group’s transition to the Google Cloud and minimize duplicative costs during the transition between maintaining the on-premise environment and the Google Cloud environment; 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; 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 members 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 through third parties, including risks related to the performance, reliability and security of technology used 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 around the world, 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 without failure or degradation of the performance of our trading and clearing systems and meeting our regulatory reporting obligations; 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 our strategy for acquisitions, investments and alliances, including those associated with the performance of our joint ventures with S&P Dow Jones (S&P Dow Jones Indices LLC) in index services, our primary business and distribution partners’ actions and our partnership with Google Cloud, including our ability to manage the successful implementation of our agreements with Google and our data center partners; variances in earnings on cash accounts and collateral that our clearing house holds for its clients; 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 and additional information concerning these and other factors that might affect our performance, see our other recent periodic filings, including our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission ("SEC") on February 27, 2025, under the caption "Risk Factors".

# # #







CME Group Inc. and Subsidiaries
Consolidated Balance Sheets
(in millions)
 
March 31, 2025 December 31, 2024
ASSETS
Current Assets:
Cash and cash equivalents $ 1,405.3  $ 2,892.4 
Marketable securities 113.9  113.2 
Accounts receivable, net of allowance 770.2  573.1 
Other current assets (includes $6.3 and $6.3 in restricted cash) 461.5  559.4 
Performance bonds and guaranty fund contributions 120,694.5  98,895.4 
Total current assets 123,445.4  103,033.5 
Property, net of accumulated depreciation and amortization 371.2  386.2 
Intangible assets—trading products 17,175.3  17,175.3 
Intangible assets—other, net 2,773.2  2,821.6 
Goodwill 10,499.5  10,486.9 
Other assets 3,567.0  3,543.5 
Total Assets $ 157,831.6  $ 137,447.0 
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable $ 100.2  $ 79.9 
Short-term debt —  749.8 
Other current liabilities 625.5  2,588.8 
Performance bonds and guaranty fund contributions 120,694.5  98,895.4 
Total current liabilities 121,420.2  102,313.9 
Long-term debt 3,419.4  2,678.2 
Deferred income tax liabilities, net 5,240.1  5,246.8 
Other liabilities 721.2  721.2 
Total Liabilities 130,800.9  110,960.1 
Total CME Group Shareholders’ Equity 27,030.7  26,486.9 
Total Liabilities and Equity $ 157,831.6  $ 137,447.0 

















CME Group Inc. and Subsidiaries
Consolidated Statements of Income
(dollars in millions, except per share amounts; shares in thousands)
Quarter Ended
March 31,
  2025 2024
Revenues
Clearing and transaction fees $ 1,337.3  $ 1,208.9 
Market data and information services 194.5  175.4 
Other 110.5  103.6 
Total Revenues 1,642.3  1,487.9 
Expenses
Compensation and benefits 206.7  206.0 
Technology 65.7  59.4 
Professional fees and outside services 28.5  33.1 
Amortization of purchased intangibles 55.2  55.2 
Depreciation and amortization 27.3  30.1 
Licensing and other fee agreements 96.6  87.9 
Other 54.3  56.6 
Total Expenses 534.3  528.3 
Operating Income 1,108.0  959.6 
Non-Operating Income (Expense)
Investment income 892.7  1,071.3 
Interest and other borrowing costs (41.7) (39.9)
Equity in net earnings of unconsolidated subsidiaries 88.2  87.2 
Other non-operating income (expense) (802.4) (964.8)
Total Non-Operating Income (Expense) 136.8  153.8 
Income before Income Taxes 1,244.8  1,113.4 
Income tax provision 288.6  258.2 
Net Income $ 956.2  $ 855.2 
Net Income Attributable to Common Shareholders of CME Group $ 944.2  $ 844.4 
Earnings per Share Attributable to Common Shareholders of CME Group:
Basic $ 2.63  $ 2.35 
Diluted 2.62  2.35 
Weighted Average Number of Common Shares:
Basic 359,613  359,258 
Diluted 360,227  359,833 









CME Group Inc. and Subsidiaries
Reconciliation of GAAP to non-GAAP Measures
(dollars in millions, except per share amounts; shares in thousands)
Quarter Ended
March 31,
2025 2024
Net Income $ 956.2  $ 855.2 
Restructuring and severance 1.1  2.8 
Amortization of purchased intangibles(1)
68.2  68.7 
Strategic transaction-related costs (credits) —  1.9 
Foreign exchange transaction (gains) losses 2.3  (1.8)
Unrealized and realized (gains) losses on investments 6.5  (2.5)
Unrealized and realized (gains) losses on assets —  0.8 
Litigation matters or settlements 3.3  — 
Income tax effect related to above (16.1) (14.0)
Other income tax items (1.6) — 
Adjusted Net Income $ 1,019.9  $ 911.1 
Adjusted Net Income Attributable to Common Shareholders of CME Group $ 1,007.1  $ 899.7 
Earnings per Share Attributable to Common Shareholders of CME Group:
     Basic $ 2.63  $ 2.35 
     Diluted 2.62  2.35 
Adjusted Earnings per Share Attributable to Common Shareholders of CME Group:
     Basic $ 2.80  $ 2.50 
     Diluted 2.80  2.50 
Weighted Average Number of Common Shares:
     Basic 359,613  359,258 
     Diluted 360,227  359,833 
Preferred shares(2)
4,584  4,584 
1. Includes $10.5 million of amortization of purchased intangibles (net of tax) at OSTTRA and $2.5 million of amortization of purchased intangibles at S&P Dow Jones Indices LLC in the first quarter of 2025. This is reported in Equity in net earnings of unconsolidated subsidiaries on the Consolidated Statements of Income.
2. Preferred shares have similar rights as common shares without voting rights.






CME Group Inc. and Subsidiaries
Quarterly Operating Statistics
 
1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025
Trading Days 61  63  64  64  61 
Quarterly Average Daily Volume (ADV)(1)
CME Group ADV (in thousands)
 
Product Line 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025
Interest rates 13,839  12,894  14,881  13,244  15,029 
Equity indexes 6,856  6,779  7,407  6,343  7,997 
Foreign exchange 984  1,075  1,089  969  1,149 
Energy 2,412  2,447  2,571  2,519  2,903 
Agricultural commodities 1,596  1,877  1,614  1,755  1,958 
Metals 675  868  728  673  732 
Total 26,360  25,941  28,289  25,503  29,768 
Venue
CME Globex 23,985  24,143  26,199  23,684  27,732 
Open outcry 1,333  825  1,096  848  881 
Privately negotiated 1,043  974  994  971  1,154 
Total 26,360  25,941  28,289  25,503  29,768 
Quarterly Average Rate Per Contract (RPC)(1)
CME Group RPC
 
Product Line 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025
Interest rates $ 0.486  $ 0.484  $ 0.468  $ 0.485  $ 0.476 
Equity indexes 0.641  0.628  0.616  0.658  0.624 
Foreign exchange 0.787  0.754  0.744  0.778  0.762 
Energy 1.334  1.297  1.246  1.237  1.222 
Agricultural commodities 1.356  1.366  1.346  1.359  1.376 
Metals 1.556  1.511  1.540  1.530  1.588 
Average RPC $ 0.695  $ 0.708  $ 0.666  $ 0.701  $ 0.686 
1. ADV and RPC includes futures and options on futures only.