A global marketplace where futures and options on everything from interest rates and stock indexes to crops, energy, and even crypto are traded, with the CME Globex platform setting benchmarks used around the world. It began life in 1898 as the Chicago Butter and Egg Board, a regulated market for trading perishable dairy and eggs, and took its current shape through the 2007 merger of the Chicago Mercantile Exchange and the Chicago Board of Trade. Its clearing house also steps in as the buyer to every seller and seller to every buyer, helping both sides trade with confidence.
Q2 2026 revenue rose 14.5% to $1.88B and operating margin widened to 69.7% on 22% volume growth
Trading volume stayed elevated after Q1's geopolitical spike. rose 14.5% to $1,880.1M and rose 21.4% to $3.18 as widened 2.2 points to 69.7%, driven by a 22% increase in contract volume. The quarter extends the growth that began with the Q1 volatility, with $1.5B left on the .
Key takeaways
Total contract volume rose 22% to 2.21B contracts in Q2 2026, led by metals up 130%, energy up 37%, and interest rates up 24%, lifting clearing and transaction fees 15% to $1.54B and 14.5% to $1,880.1M.
rose 18.2% to $1,309.7M and widened 2.2 points to 69.7%, even as total expenses rose 7% to $570.4M on higher salaries and technology support.
rose 21.4% to $3.18 and rose 20.7% to $1,154.3M; increased 47% to $201.2M as higher investment income from collateral reinvestment was largely offset by higher distributions to clearing firms.
Section summaries
Management's Discussion and Analysis
Q2 2026 revenue rose 1% to $1.71B on higher market data fees, while net income grew 2% to $1.04B despite a 6% expense increase.
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Total clearing and transaction fees fell 3% to $1.35B in Q2 as a 1% contract volume decline and a 2% lower average rate per contract offset six-month gains driven by early-2026 volatility.
fell 5% to $0.652 due to a higher mix of lower-priced micro contracts, partially offsetting the volume-driven fee gain.
Market data increased 15% to $224.1M on higher usage, new customer segments, and price increases; grew 12.8% to $1,259.9M and the company held $2.4B cash with $2.2B remaining under its .
What changed
Q2 2026 volume of 22% growth followed the 15% Q2 2025 rise and the 10% Q3 2025 drop, confirming the geopolitical volatility from Q1 2026 sustained into the quarter rather than fading.
fell 5% to $0.652 after the 2% Q2 2025 decline and the 5% Q3 2025 rise, continuing the micro-contract mix pressure flagged after the February 2025 fee increase.
The $2.2B remaining carried from the $3.0B program authorized in FY2024, of which $264M was repurchased in 2025 and $2.2B remained at Q1 2026 end.
Total assets rose to $202.0B at Q2 2026, up 28.0% from $157.8B, extending the collateral buildup that reached $198.4B at FY2025 year-end.
securities clearing for U.S. Treasury and repo, approved December 2025 to launch in 2026, was not reported as launched in this Q2 filing; the Q1 2026 flag for a Q2 launch remains open.
What to watch
Q3 2026 total contract volume against the 22% Q2 rise to see if geopolitical volatility sustains or reverts toward the 10% Q3 2025 drop.
Q3 2026 after the 5% Q2 decline to see if micro-contract mix persists against the February 2025 fee increase.
Launch timing of securities clearing and its effect on clearing-firm collateral balances from the $202.0B total asset base.
Pace of the remaining $2.2B during Q3 2026.
Market data and information services surged 20% to $238.1M in Q2, driven by higher usage, new customer segments, and price increases.
Total expenses rose 6% to $599.1M in Q2, primarily due to higher license fees tied to record equity volumes, increased technology support for the Google Cloud project, and a rent expense gain in the prior year.
Non- grew 10% to $220.6M in Q2 as lower distributions of interest earned on collateral to clearing firms more than offset a decline in investment income.
reached $2.21B for the first six months, and the company had $2.1B in unrestricted cash with $1.5B remaining under its authorization as of June 30, 2026.
Quantitative and Qualitative Disclosures About Market Risk
We are subject to various market risks, including those caused by changes in interest rates, credit, foreign currency exchange rates and equity prices. There have not been material changes in our exposure to market risk since December 31, 2025. Refer to Item 7A. of CME Group’s A…
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We are subject to various market risks, including those caused by changes in interest rates, credit, foreign currency exchange rates and equity prices. There have not been material changes in our exposure to market risk since December 31, 2025. Refer to Item 7A. of CME Group’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026, for additional information.
The disclosure under “Legal and Regulatory Matters” in Note 7. Contingencies in the Notes to Unaudited Consolidated Financial Statements in Item 1 of Part I of this report is incorporated herein by reference. Such disclosure includes updates to the legal proceedings disclosed in…
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The disclosure under “Legal and Regulatory Matters” in Note 7. Contingencies in the Notes to Unaudited Consolidated Financial Statements in Item 1 of Part I of this report is incorporated herein by reference. Such disclosure includes updates to the legal proceedings disclosed in the company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026.
There have been no material changes in the company's risk factors from those disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026. 32 Table of Contents
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There have been no material changes in the company's risk factors from those disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026.
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