CME Group stock slips as Q3 earnings beat, but expenses disappoint

CME Group (CME) stock dipped 1.2% in Wednesday premarket trading after the derivatives exchange operator's Q3 earnings and revenue topped Wall Street expectations. But expenses also came in higher than analysts expected, and volume wasn't quite as strong as the consensus estimate.

Q3 adjusted EPS of $3.02, beating the average analyst estimate of $2.99, rose from $3.00 in Q2 and $2.49 in last year’s Q3.

Revenue of $1.74B reached a third-quarter record, topping the $1.72B consensus. The top line increased from $1.71B in the previous quarter and from $1.54B a year ago.

"Our average daily volume reached 29.4M contracts, the highest Q3 ADV on record. With double-digit volume growth across all six asset classes," said Chairman and CEO Terry Duffy. "Q3 was our second-highest quarter ever for revenue and adjusted net income."

Clearing and transaction fees climbed to $1.38B from $1.35B in Q2 and $1.23B in Q3 2025. That figure exceeded the Visible Alpha consensus of $1.37B.

Market data and information services revenue grew to $243.1M from $238.1M in the prior quarter and $202.5M in the year-ago period.

Average daily volume of 29.4M contracts, less than the 29.9M Visible Alpha estimate, declined from 29.8M contracts in Q2 and grew from 25.3M in last year’s Q3. Non-U.S. ADV reached a Q3 high of 9M contracts

Total expenses of $595.9M, higher than the Visible Alpha consensus of $568.1M, fell from $599.1M in the prior quarter and rose from $565.0M a year ago.

Q3 rate per contract of $0.679 ticked up from $0.678 in the prior quarter but declined from $0.702 in the year-ago quarter.