CME Group (CME) Q4 FY2025 earnings: revenue $1.6 billion, up 8.1% on the year

CME Group Inc. (CME) reported revenue of $1.6 billion for Q4 FY2025, the quarter ended 31 December 2025, up 8.1% on the same quarter a year earlier. Net income was $1.2 billion, up 31.6% on the year, and diluted earnings per share $3.24. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.

Revenue

$1.6 billion

+8.1% on the year · +7.2% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

61.8%

62.1% a year earlier

Q1 FY2024Q4 FY2025

Net income

$1.2 billion

+32.9% on the year · +32.9% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$3.24

+35.0% on the year · +30.1% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Full-year adjusted EPS $11.20 vs $10.26: Full-year adjusted diluted EPS was $11.20 against $10.26; GAAP diluted EPS was $11.16 against $9.67. Adjusted net income attributable to common shareholders was $4,036.7 million against $3,692.2 million.
Fourth-quarter volume reached 27.4 million contracts: Fourth-quarter ADV was 27.4 million contracts, up from 25.5 million a year earlier and 25.3 million in the third quarter of 2025.
Average rate per contract rose to $0.707: Average rate per contract was $0.707 in Q4 against $0.701 a year earlier and $0.702 in Q3. Clearing and transaction fees were $1,327.9 million against $1,232.3 million.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	1,649	1,538	1,525	+7.2%	+8.1%
Operating income	1,020	973	947	+4.8%	+7.7%
Operating margin	61.8%	63.3%	62.1%
Pre-tax income	1,578	1,177	1,097	+34.1%	+43.9%
Income tax	396	269	222	+47.0%	+78.2%
Effective tax rate	25.1%	22.9%	20.2%
Net income	1,206	908	908	+32.9%	+32.9%
Net margin	72.5%	59.1%	59.5%
Diluted EPS	$3.24	$2.49	$2.40	+30.1%	+35.0%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	1,134	968	1,018	+17.1%	+11.4%
Capital expenditure	32.5	18.4	26.2	+76.6%	+24.0%
Free cash flow	1,101	950	992	+16.0%	+11.1%
Free cash flow margin	66.8%	61.8%	65.0%
Cash from investing	1,552	-19.1	-25.3
Cash from financing	9,899	6,400	-984	+54.7%
Depreciation and amortisation	n/a	82.6	n/a
Share-based compensation	28.9	24.0	27.1	+20.4%	+6.6%
Dividends paid	455	455	419	-0.1%	+8.6%
Dividend per share	n/a	$1.25	n/a
Diluted shares, weighted	360m	360m	360m	-0.1%	+0.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	28,728	28,190	26,487	+1.9%	+8.5%
Short-term borrowings	0.0	0.0	n/a
Debt	3,422	3,421	3,428	+0.0%	-0.2%
Operating lease liabilities	237	249	289	-4.7%	-17.9%
Finance lease liabilities	41.7	44.0	50.7	-5.2%	-17.8%
Other liabilities	165,995	155,240	107,192	+6.9%	+54.9%
Total liabilities and equity	198,424	187,145	137,447	+6.0%	+44.4%
Fixed assets	363	355	386	+2.1%	-6.1%
Goodwill	10,515	10,514	10,487	+0.0%	+0.3%
Intangible assets	2,611	2,668	2,822	-2.1%	-7.5%
Investments	125	123	113	+1.5%	+10.4%
Trading assets	116	n/a	104		+11.6%
Cash and equivalents	4,417	2,447	2,892	+80.5%	+52.7%
Receivables	639	643	573	-0.6%	+11.5%
Other assets	179,639	170,394	120,069	+5.4%	+49.6%
Total assets	198,424	187,145	137,447	+6.0%	+44.4%

Questions

What was CME Group's revenue in Q4 FY2025?

CME Group (CME) reported revenue of $1.6 billion for Q4 FY2025, the quarter ended 31 December 2025, up 8.1% on the same quarter a year earlier.

How much did CME Group earn in Q4 FY2025?

Net income for Q4 FY2025 was $1.2 billion, up 31.6% on the year, and diluted earnings per share $3.24.

When did CME Group report Q4 FY2025 results?

CME Group filed its 10-K for the year that ended with the quarter on 26 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,147	1,347	1,237	1,228	1,208	1,442	1,360	1,338	1,439	1,488	1,532	1,584	1,525	1,642	1,692	1,538	1,649	1,880	1,706	1,737
Operating income	632	859	750	739	668	914	839	820	863	960	1,001	1,024	947	1,108	1,129	973	1,020	1,310	1,107	1,141
Operating margin	55%	64%	61%	60%	55%	63%	62%	61%	60%	64%	65%	65%	62%	67%	67%	63%	62%	70%	65%	66%
Pre-tax income	799	916	867	880	827	1,157	1,016	974	1,006	1,113	1,154	1,177	1,097	1,245	1,330	1,177	1,578	1,511	1,328	1,355
Tax rate	22%	22%	24%	23%	23%	24%	23%	23%	19%	23%	23%	22%	20%	23%	23%	23%	25%	24%	22%	23%
Net income	625	711	662	680	638	873	768	741	845	844	872	901	908	944	1,025	908	1,206	1,168	1,042	1,037
Net margin	54%	53%	54%	55%	53%	61%	56%	55%	59%	57%	57%	57%	60%	57%	61%	59%	72%	62%	61%	60%
Diluted EPS	$1.69	$1.95	$1.82	$1.87	$1.75	$2.43	$2.14	$2.06	$2.24	$2.35	$2.42	$2.50	$2.40	$2.62	$2.81	$2.49	$3.24	$3.18	$2.88	$2.89
Operating cash flow	668	799	618	658	982	902	650	857	1,044	893	777	1,003	1,018	1,117	1,058	968	1,134	1,260	947	1,086
Capital expenditure	27.3	23.4	17.9	24.0	24.4	15.2	20.5	19.9	20.8	19.8	18.2	29.8	26.2	14.2	18.4	18.4	32.5	21.8	23.6	15.8
Free cash flow	641	776	600	634	957	887	630	837	1,024	873	759	973	992	1,102	1,040	950	1,101	1,238	924	1,070
Dividends paid	327	1,544	363	363	364	2,036	400	400	400	2,328	418	418	419	2,567	455	455	455	2,698	468	465
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 26 February 2026: the filing.