CME Group (CME) FY2025 results: revenue $6.5 billion, up 6.4% on the year

CME Group runs derivatives exchanges, a clearing house, cash trading platforms and a market data business, letting clients trade futures, options, cash and over-the-counter products. Its four derivatives exchanges are CME, CBOT, NYMEX and COMEX. Futures and options average daily volume was 28.1 million contracts in 2025, which the company reports as a record.

The derivatives exchanges

The range covers interest rates, equity indexes, foreign exchange and agricultural, energy and metals commodities, plus cryptocurrencies. The named products are SOFR, U.S. Treasury and Federal Funds in interest rates; E-mini S&P 500, E-mini Nasdaq 100 and E-mini Russell 2000 in equity indexes; euro, Japanese yen, British pound and Australian dollar in foreign exchange; corn, soybean, wheat and livestock in agriculture; WTI crude oil, natural gas and refined products in energy; gold, copper and silver in metals; and Bitcoin, Ether, Solana and XRP in cryptocurrencies.

Trading happens mainly through CME Globex, the electronic system that runs the central limit order book, along with open outcry in Chicago for SOFR options and privately negotiated transactions. CME Direct is the platform for brokers and customers arranging, executing, recording and risk-managing trades across all six major asset classes. The customer base includes professional traders, financial institutions, institutional and individual investors, corporations, manufacturers, producers, governments and central banks. Membership of an exchange carries trading right protections, certain trading fee protections and membership benefit protections, and lets a customer trade specific products at lower fees. 85% of contract volume in 2025 came from trades by members.

Clearing

The clearing house, operated by CME, clears and settles exchange-traded futures and options on futures, exchange-traded swaps and over-the-counter derivatives, with CME ClearPort as the front-end system across asset classes. It serves as the counterparty to every trade, becoming the buyer to each seller and the seller to each buyer, which limits counterparty credit risk. Open positions are marked to market at least twice each business day, taking payments from clearing firms whose positions have lost value and making payments to those whose positions have gained. One firm represented 12% of clearing and transaction fees for 2025.

In December 2025 the subsidiary CME Securities Clearing received approval from the Securities and Exchange Commission to become a securities clearing agency. The company states the goal is to help market participants comply with SEC clearing requirements for U.S. Treasury transactions as of 31 December 2026 and repo transactions as of 30 June 2027, and that it expects to launch the service later in 2026.

Cash markets

BrokerTec and EBS, both run primarily on CME Globex, are the cash businesses. BrokerTec runs global electronic trading for fixed income and money market products, covering cash U.S. Treasuries, European Government Bonds, repo on EU, UK, U.S. and other international G10 governments, emerging market fixed income instruments and Supranational and Agency Bonds, as a dealer-to-dealer platform for banks and non-bank professional trading firms. In 2025 it launched BrokerTec Chicago, a second central limit order book for cash U.S. Treasuries co-located with the U.S. Treasury futures and options markets.

EBS trades global FX products across major and emerging market currencies and Spot Precious Metals. EBS Market is a central limit order book platform for spot FX, Spot Precious Metals and non-deliverable forwards. FX Spot+, launched in 2025, connects the over-the-counter spot FX market with the FX futures complex.

Data services and the cloud

The data business sells proprietary real-time and historical market data from the exchanges and the cash markets, along with derived cash markets pricing, third-party and alternative data sets and analytic tools. CME Group distributes benchmark equity and commodity indices on behalf of third parties and licenses its own benchmarks, including CME Term SOFR Reference Rates and Term €STR Reference Rates, which are administered by its UK regulated subsidiary CME Benchmark Administration Limited. It became the first derivatives marketplace to provide live market data natively on the Google Cloud, under a 10-year strategic partnership entered in 2021, and Google Cloud is developing a private cloud region and a co-location facility in Aurora, Illinois to host the trading of CME Group's futures and options markets in the cloud.

From CME Group's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 26 February 2026: read the full 10-K.