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October 24, 2025 • 4 min read
Today, we're diving into the latest quarterly report from CME Group Inc., the world's leading derivatives marketplace. In their Form 10-Q filing from October 24, 2025, the company provides a detailed look at its financial health through the third quarter of the year. Let's break down the numbers to see what they tell us about CME's performance.
For those unfamiliar, CME Group operates markets for futures and options contracts, which are financial instruments that allow investors and businesses to manage risk or speculate on price movements in assets like interest rates, stock indexes, currencies, and commodities. Their revenue is largely driven by the volume of trades on their platforms.
The third quarter of 2025 presented a mixed picture for CME Group. Total revenues came in at $1.54 billion, a slight 3% decrease from the $1.58 billion reported in the same quarter last year. Net income held steady at $908 million.
The following flow diagram illustrates the company's revenue streams and expenses for the third quarter of 2025, providing a clear path from total revenue to net income.
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The primary reason for the quarterly revenue dip was a 5% decline in "Clearing and transaction fees," which fell to $1.23 billion. This was a direct result of a 10% drop in total contract volume compared to Q3 2024. Several key product areas saw lower Average Daily Volume (ADV):
Despite these declines, there were pockets of strength. Trading in agricultural commodities and metals grew, with ADV up 6% and 13%, respectively. Another bright spot was the "Market data and information services" segment, which saw revenues climb a robust 14% to $202.5 million, showcasing a valuable, recurring revenue stream that is less dependent on daily trading volatility.
While the third quarter was slower, the performance for the first nine months of 2025 tells a more positive story. For the year-to-date, CME Group's total revenues increased by 6% to $4.87 billion. This stronger performance translated directly to the bottom line, with net income growing 9% to $2.89 billion.
This year-to-date growth was fueled by a 5% increase in total contract volume, with notable strength in several product lines over the nine-month period:
This suggests that despite a recent lull, the underlying demand for CME's risk management products remains solid for the year.
Beyond the trading floor, a significant development occurred just after the quarter ended. On October 10, 2025, CME Group and S&P Global sold their 50/50 joint venture, OSTTRA, a provider of post-trade solutions, to KKR for an enterprise value of $3.1 billion. CME expects to record a net gain of approximately $300 million from this sale in the fourth quarter. This strategic divestiture not only brings in a substantial amount of cash but also allows the company to sharpen its focus on its core exchange business.
In conclusion, CME Group's Q3 2025 results reflect a temporary cooling in trading activity in some of its largest markets. However, the strong performance over the first nine months, coupled with growth in its data business and the strategic sale of OSTTRA, paints a picture of a resilient and strategically focused company. The performance of an exchange like CME is always tied to broader market volatility and economic conditions. The key question for investors will be whether the Q3 slowdown was a brief pause or the beginning of a trend toward calmer markets.
Last updated: October 24, 2025