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CME · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
A flat quarter at a very high altitude — clearing fees slipped 2.6% off last year's record volatility-driven volumes, but 20% growth in market data and steady expense discipline kept the 65% operating margin and nudged net income up 1.6%; the exchange monopoly compounds even in quiet markets.
Net Income
$1,042M
up 1.6% y/y
Total Revenues
$1,706M
up 0.8% y/y
Operating Income
$1,107M
down 2.0% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Clearing & Transaction Fees | $1,352 · -2.6% |
| Market Data & Information | $238 · +20.2% |
| Other Revenues | $116 · +9.2% |
| Total Revenues | $1,706 · +0.8% |
| Compensation & Benefits | $234 · +5.4% |
| Technology | $83 · +17.5% |
| Licensing & Fee Agreements | $109 · +13.4% |
| Amortization of Intangibles* | $56 · -0.2% |
| Depreciation & Amortization* | $28 · +3.3% |
| Professional Fees | $29 · -22.2% |
| Other Expenses | $60 · +12.6% |
| Operating Income | $1,107 · -2.0% · 64.9% margin |
| Investment & Other, net | $221 · +9.8% · after collateral pass-through |
| Pre-Tax Income | $1,328 · -0.2% |
| Income Tax | $286 · ETR 21.5% |
| Net Income | $1,042 · +1.6% · $2.88/sh · 61% margin |
Verdict: a flat quarter at a very high altitude — clearing fees slipped 2.6% off last year's record volatility-driven volumes, but 20% growth in market data and steady expense discipline kept the 65% operating margin and nudged net income up 1.6%; the exchange monopoly compounds even in quiet markets.
Interest rates remain the biggest product line ($433M fees, −6% off record hedging volumes); equity indexes $324M (+7%). Investment income ($1,430M) is mostly collateral interest passed back to clearing firms ($1,263M) — only the spread stays.
Source and notation
* marks non-cash / ≈ estimated. 'Investment & Other, net' combines investment income, collateral pass-through to clearing firms, JV earnings and borrowing costs. Source: CME Group 10-Q (SEC EDGAR).
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Chart: “CME Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/cme/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/cme/q2-2026"><img src="https://whoreportstoday.com/t/cme/q2-2026/sankey.png" alt="CME Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/cme/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/cme/q2-2026">CME Q2 2026 earnings chart (Who Reports Today)</a>
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- Clearing and transaction fees fell 2.6% to $1,352M against a Q2 2025 that was a record (rate-hedging frenzy); H1 fees are still up 6.2% y/y — the comparison, not the business, is the headwind.
- Market data and information services grew 20.2% to $238M — repricing plus more subscribers; it is quietly approaching 14% of total revenue.
- The gross investment income line ($1,430M) is mostly optics: interest earned on clearing-member collateral, of which $1,263M is paid straight back to the firms ('other non-operating expense') — CME keeps only the spread.
- Equity in unconsolidated subsidiaries added $98M — the S&P Dow Jones Indices and OSTTRA joint ventures keep paying.
- Operating margin stayed at 64.9% — expenses grew 6.5% ($599M) on technology (+17%) and licensing fees (+13%), the costs of higher data/index revenues.
- Interest rate products remain the franchise: $433M of fees (25% of revenue) even in a quieter quarter; equity index products +7.4% to $324M.
- Effective tax rate eased to 21.5% from 22.9% — most of the modest net income growth (+1.6%) came from below the operating line.
What distorts the picture in this report and what to watch beyond the headlines.
CME — CME Group operates one of the world's largest derivatives exchanges, facilitating trading in futures and options contracts.
Based in the United States, it covers a wide range of asset classes including interest rates, equity indexes, and commodities.
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