Q124 CME earnings

earnings summary

Earnings Results: • Record adjusted quarterly financial results driven by strong Q1 activity across business lines • Average daily volume (ADV) of 26.4 million contracts, third highest quarterly ADV in CME Group’s history • Record quarterly ADV for treasuries at 7.8 million contracts and overall options at 5.9 million contracts • Adjusted net income of $894 million and adjusted EPS of $2.49, both up 3% from Q1 2023

Future Guidance: • April activity building on Q1 trends; ADV up 4% year-to-date through April 22 • Metals ADV up 76% in April; complex reached highest daily volume in history on April 12 • Adjusted expense guidance maintained for full year • Ongoing focus on providing risk management products and driving earnings growth

Themes, Trends, Market Conditions, and Sentiment: CME Group delivered strong results in the first quarter of 2024, driven by robust activity across all six asset classes. Despite the absence of specific macro events or Fed rate changes, the company achieved record levels in various segments, including treasury futures, options, and non-U.S. ADV. The need for risk management globally continues to grow, with market participants navigating a wide range of views on the health of the global economy and nuanced interpretations of economic indicators.

The company’s multi-asset class offering is in higher demand than ever, as evidenced by the strong start in the second quarter, with ADV up 4% year-to-date through April 22. CME Group remains focused on providing deep, liquid markets across global benchmarks to deliver operational and capital efficiencies to its clients.

Notable quotes: • Terry Duffy: “Our performance in the first quarter was strong evidence of the ever-growing need for risk management globally.” • Terry Duffy: “CME Group continues to provide deep liquid markets across global benchmarks to deliver the most operational and capital efficiencies to market participants. CME Group’s multi-asset class offering, is in higher demand today than ever.”

The company maintains its adjusted expense guidance for the full year and continues to prioritize the development of risk management products while driving earnings growth for shareholders. Overall, CME Group demonstrates resilience and growth potential in an environment characterized by diverse opinions and the need for efficient risk management tools.