CME GROUP INC.

Previous wording

We estimate the following net changes in clearing and transaction fees based on the changes in total contract volumes and the changes in average rate per contract for futures and options during the second quarter and first six months of 2026 when compared with the same periods in 2025.

Current wording

We estimate the following net changes in clearing and transaction fees based on the changes in total contract volumes and the changes in average rate per contract for futures and options during the third quarter and first nine months of 2026 when compared with the same periods in 2025.

Previous wording

The following table summarizes average daily contract volume for our key equity index and cryptocurrency products.

Current wording

The following table summarizes average daily contract volume for our key equity index and cryptocurrency products. The figures below include Micro E-mini and E-nano contract volumes.

Previous wording

Equity index contract volumes increased in the second quarter and first six months of 2026 when compared with the same periods in 2025. We believe these increases were due to the geopolitical conflict in the Middle East in early 2026, which caused significant uncertainty throughout the equity markets. In addition, market shifts in the Nasdaq-100 and Russell 2000 resulted in additional volume within both complexes.

Current wording

Equity index contract volumes increased in the third quarter and first nine months of 2026 when compared with the same periods in 2025. We believe these increases were due to market skepticism surrounding AI related spending which resulted in additional volumes within the Nasdaq-100 product suite. In addition, the continued geopolitical conflict in the Middle East has caused significant uncertainty throughout the equity markets as a whole and has led to the broader increase in volumes for our equity product suite.

Previous wording

The geopolitical conflict in the Middle East in early 2026 disrupted crucial supply chain routes and created higher uncertainty within the crude oil markets. We believe this contributed to higher crude oil volume in the first six months of 2026 when compared with the same period in 2025.

Current wording

Energy contract volumes increased in the third quarter and first nine months of 2026 when compared with the same periods in 2025, which we believe were due to higher overall volatility. The continued geopolitical conflict in the Middle East disrupted crucial supply chain routes and created higher uncertainty within the crude oil markets. We believe this contributed to higher energy volumes in the third quarter and first nine months of 2026 when compared with the same periods in 2025.

Previous wording

Overall commodity contract volumes increased in the second quarter and first six months of 2026 when compared with the same periods in 2025. The heightened geopolitical conflict in the Middle East in early 2026 caused disruptions within the grain market supply routes. The conflict also caused a greater demand for crop-based fuels as a result of crude oil pricing uncertainties. We believe these factors contributed to higher overall commodity volume in the second quarter and first six months of 2026 compared with the same periods in 2025.

Current wording

Overall commodity contract volumes increased in the third quarter and first nine months of 2026 when compared with the same periods in 2025. We believe these increases were due to the continued geopolitical conflict between Russia and Ukraine, which has caused significant disruptions within the wheat market supply routes. In addition, adverse weather conditions led to lower overall crop yields resulting in higher overall grain volumes. We believe these factors contributed to higher overall commodity volumes in the third quarter and first nine months of 2026 compared with the same periods in 2025.

Previous wording

Overall metals contract volumes increased during the second quarter and first six months of 2026, when compared to the same periods in 2025, driven primarily by heightened market volatility. Precious metals volume growth was largely driven by geopolitical tensions in the Middle East early in 2026, which drove market participants to gold and silver. While the demand subsequently eased within the gold market, sustained volume growth was further supported by increased adoption of precious metals micro contracts among our retail client base.

Current wording

Overall metals contract volumes increased during the third quarter and first nine months of 2026, when compared to the same periods in 2025, driven primarily by heightened market volatility in early 2026. Precious metals volume growth was largely driven by ongoing geopolitical tensions across the globe, which drove market participants to the gold and silver markets. While precious metals prices have fallen as a result of rising bond yields, sustained volume growth has been supported by increased adoption of precious metals micro contracts among our retail client base. We believe these factors contributed to higher overall metals volumes in the third quarter and first nine months of 2026 when compared with the same periods in 2025.

Previous wording

The average rate per contract decreased in the second quarter and first six months of 2026 when compared with the same periods in 2025. The decrease was largely due to an increase in micro contract volume, specifically within equities, energy and metals, as well as higher member trading as a percentage of total volume. In the first six months of 2026, the decrease was partially offset by a change in product mix. Energy and metal contract volume increased by 1 percentage point as a percent of total volume, while other products collectively decreased by 1 percentage point. In general, energy and metals products have a higher rate per contract compared with the remaining contracts. In addition, the overall decrease in the second quarter of 2026 was partially offset by an increase in certain clearing and transaction fees which went into effect on April 1, 2026.

Current wording

The average rate per contract decreased in the third quarter and first nine months of 2026 when compared with the same periods in 2025. The decreases were largely due to increases in micro contract volumes, specifically within equities, energy and metals, which carry a lower overall rate per contract, as well as higher member trading as a percentage of total volume. The decrease was partially offset by a change in product mix. For the fist nine months of 2026, energy contract volume increased by 1 percentage point as a percent of total volume, while interest rate contract volume decreased by 1 percentage point. In general, energy contracts have a higher average rate per contract compared with other product lines. In addition, the overall decrease was partially offset by an increase in certain clearing and transaction fees which went into effect on April 1, 2026.

Previous wording

Total clearing and transaction fees revenues in the second quarter and first six months of 2026 include $73.9 million and $150.5 million, respectively, of transaction fees attributable to the cash markets business, compared with $74.6 million and $145.6 million, respectively, in the second quarter and first six months of 2025. This revenue includes BrokerTec Americas LLC's fixed income volume and EBS's foreign exchange volume.

Current wording

Total clearing and transaction fees revenues in thethird quarter andfirst nine months of 2026 include $74.0 million and $224.5 million, respectively, of transaction fees attributable to the cash markets business, compared with $69.8 million and $215.4 million, respectively, in thethird quarter andfirst nine months of 2025. This revenue includes BrokerTec Americas LLC's fixed income volume and EBS's foreign exchange volume.

Previous wording

The related average daily notional value for the first quarter of 2026 and 2025 were as follows:

Current wording

The related average daily notional value for the third quarter andfirst nine months of 2026 and 2025 were as follows:

Previous wording

Overall average daily notional values for the cash markets business were higher in the second quarter and first six months of 2026 when compared with the same periods in 2025 due to higher overall volatility. We believe this was due to the heightened geopolitical conflict in the Middle East, which caused significant macro-economic uncertainty throughout the global economy. However, more certainty surrounding the Federal Reserves interest rate policy decision led to lower overall U.S. Treasury volumes in second quarter and first six months of 2026 when compared with the same periods in 2025. We believe these factors led to higher overall cash market volume in the second quarter and first six months of 2026 compared with the same periods in 2025.

Current wording

Overall average daily notional values for the cash markets business were higher in the third quarter and first nine months of 2026 when compared with the same periods in 2025 due to higher overall volatility. We believe these increases were due to the continued geopolitical conflict in the Middle East, which caused significant macro-economic uncertainty throughout the global economy. In addition, global monetary policy shifts and uncertainty surrounding future policy decisions led to the overall increases in foreign exchange volumes in the third quarter and first nine months of 2026 when compared with the same periods in 2025.

Previous wording

We bill a substantial portion of our clearing and transaction fees directly to our clearing firms. The majority of clearing and transaction fees received from clearing firms represent charges for trades executed and cleared on behalf of their customers. One individual firm represented at least 10% of our clearing and transaction fees in the first six months of 2026. Should a clearing firm withdraw, we believe that the customer portion of the firm’s trading activity would likely transfer to another clearing firm of the exchange. Therefore, we do not believe we are exposed to significant risk from the ongoing loss of revenue received from or through a particular clearing firm.

Current wording

We bill a substantial portion of our clearing and transaction fees directly to our clearing firms. The majority of clearing and transaction fees received from clearing firms represent charges for trades executed and cleared on behalf of their customers. One individual firm represented at least 10% of our clearing and transaction fees in the first nine months of 2026. Should a clearing firm withdraw, we believe that the customer portion of the firm’s trading activity would likely transfer to another clearing firm of the exchange. Therefore, we do not believe we are exposed to significant risk from the ongoing loss of revenue received from or through a particular clearing firm.

Previous wording

Market data and information services. During the second quarter and first six months of 2026, overall market data and information services revenues increased when compared with the same periods in 2025, largely due to higher usage of certain products, increased demand by new customer segments, and price increases for certain products.

Current wording

Market data and information services. During the third quarter and first nine months of 2026, overall market data and information services revenues increased when compared with the same periods in 2025, largely due to higher usage of certain products, increased demand by new customer segments, and price increases for certain products.

Previous wording

The two largest resellers of our market data represented approximately 25% of our market data and information services revenue in the first six months of 2026. Despite this concentration, we consider exposure to significant risk of revenue loss to be minimal. In the event that one of these vendors no longer subscribes to our market data, we believe the majority of that vendor’s customers would likely subscribe to our market data through another reseller. Additionally, several of our largest institutional customers that utilize services from our two largest resellers report usage and remit payment of their fees directly to us.

Current wording

The two largest resellers of our market data represented approximately 25% of our market data and information services revenue in the first nine months of 2026. Despite this concentration, we consider exposure to significant risk of revenue loss to be minimal. In the event that one of these vendors no longer subscribes to our market data, we believe the majority of that vendor’s customers would likely subscribe to our market data through another reseller. Additionally, several of our largest institutional customers that utilize services from our two largest resellers report usage and remit payment of their fees directly to us.

Previous wording

Operating expenses increased by $36.4 million and $72.5 million in the second quarter and first six months of 2026 when compared with the same periods in 2025. The following table shows the estimated impacts of key factors resulting in the changes in operating expenses:

Current wording

Operating expenses increased by $30.9 million and $103.4 million in the third quarter and first nine months of 2026 when compared with the same periods in 2025. The following table shows the estimated impacts of key factors resulting in the changes in operating expenses:

Previous wording

Increases in operating expenses in the second quarter and first six months of 2026 when compared with the same periods in 2025 were as follows:

Current wording

Increases in operating expenses in the third quarter and first nine months of 2026 when compared with the same periods in 2025 were as follows:

Previous wording

•License fees expenses were higher primarily due to record volumes for certain equity products.

Current wording

•License fees expenses were higher primarily due to higher volumes for certain equity products.

Previous wording

•The increases in technology support services expense were primarily driven by higher third party services to support the ongoing Google Cloud transformation project.

Current wording

•The increases in technology support services expenses were primarily driven by increased third party services to support the ongoing Google Cloud transformation project.

Previous wording

•Salaries, benefits and employer taxes expenses were higher in the first six months of 2026 as a result of salary increases that went into effect during the first quarter of 2026 as well as an increase in headcount, which was primarily attributable to additional headcount in the company's international locations.

Current wording

•Salaries, benefits and employer taxes expenses were higher in the first nine months of 2026 as a result of salary increases that went into effect during the first quarter of 2026 as well as increases in headcount, which were primarily attributable to additional headcount in the company's international locations.

Previous wording

•Rent expenses were higher primarily due to gains on lease contractions recognized in the first six months of 2025.

Current wording

•Rent expenses were higher primarily due to gains recognized in the first nine months of 2025 due to a reduction in our leased office space and the commencement of the new data center lease in the second quarter of 2026.

Previous wording

•Marketing expense increased as a result of higher sponsorship, media campaigns and event costs in the first six months of 2026.

Current wording

•Marketing expense increased as a result of higher sponsorships, media campaigns and event costs in the first nine months of 2026.

Previous wording

Decreases in operating expenses in the second quarter and first six months of 2026 when compared with the same periods in 2025 were as follows:

Current wording

Decreases in operating expenses in the third quarter and first nine months of 2026 when compared with the same periods in 2025 were as follows:

Previous wording

•Legal fees decreased primarily as a result of expenses incurred for the class action lawsuit litigation in the second quarter of 2025.

Current wording

•Legal fees decreased primarily as a result of expenses incurred for the membership class action lawsuit litigation in the second and third quarter of 2025.

Previous wording

•An increase in our non-qualified deferred compensation liability during the first quarter of 2026, the impact of which does not affect net income because of an equal and offsetting change in investment income, contributed to the increases in compensation and benefits expenses.

Current wording

•A decrease in our non-qualified deferred compensation liability during the third quarter and nine months ended September 30, 2026, the impact of which does not affect net income because of an equal and offsetting change in investment income, contributed to the changes in compensation and benefits expenses.

Previous wording

Investment income. Earnings from cash performance bond and guaranty fund contributions that are reinvested decreased in the second quarter of 2026 when compared with the same period in 2025. This was mainly due to a lower average rate of return despite higher overall reinvestment balances. In the second quarter 2026, earnings from cash performance bond and guaranty fund contributions were $1,388.8 million compared with $1,487.6 million in the second quarter of 2025.

Current wording

Investment income. Earnings from cash performance bond and guaranty fund contributions that are reinvested decreased in the third quarter of 2026 when compared with the same period in 2025. This decrease was mainly due to a lower average rate of return despite higher overall reinvestment balances. In the third quarter 2026, earnings from cash performance bond and guaranty fund contributions were $1,391.7 million compared with $1,514.1 million in the third quarter of 2025.

Previous wording

Earnings from cash performance bond and guaranty fund contributions that are reinvested increased in the first six months of 2026 when compared with the same period in 2025. This was mainly due to higher reinvestment balances despite a lower average rate of return on the reinvestment balances. In the first six months of 2026, earnings from cash performance bond and guaranty fund contributions were $2,759.8 million compared with $2,361.2 million in first six months of 2025. The increase was partially offset by higher net unrealized losses in the first six months of 2026.

Current wording

Earnings from cash performance bond and guaranty fund contributions that are reinvested increased in the first nine months of 2026 when compared with the same period in 2025. This was mainly due to higher reinvestment balances despite a lower average rate of return on the reinvestment balances. In the first nine months of 2026, earnings from cash performance bond and guaranty fund contributions were $4,151.5 million compared with $3,875.3 million in first nine months of 2025. The increase was partially offset by higher net unrealized losses in the first nine months of 2026.

Previous wording

Equity in net earnings (losses) of unconsolidated subsidiaries. Higher income generated from our S&P Dow Jones Indices LLC business venture contributed to an increase in equity in net earnings (losses) of unconsolidated subsidiaries in the first six months of 2026 when compared with 2025. However, in the second quarter of 2026, equity in net earnings (losses) of unconsolidated subsidiaries was lower as a result of the sale of our OSTTRA joint venture which occurred in the fourth quarter of 2025.

Current wording

Equity in net earnings (losses) of unconsolidated subsidiaries. Higher income generated from our S&P Dow Jones Indices LLC business venture contributed to an increase in equity in net earnings (losses) of unconsolidated subsidiaries in the third quarter and first nine months of 2026 when compared with the same periods in 2025. This was partially offset by lower equity in net earnings (losses) of unconsolidated subsidiaries as a result of the sale of our OSTTRA joint venture which occurred in the fourth quarter of 2025.

Previous wording

Other non-operating income (expense). We recognized lower expense related to the distribution of interest earned on performance bond collateral reinvestments to the clearing firms during the second quarter of 2026 when compared with the same period in 2025. This was due to lower interest income earned on our reinvestment balances as a result of a lower Federal Funds rate compared with the same period in 2025. In the second quarter of 2026, expense related to the distribution of interest earned on collateral reinvestments was $1,265.7 million compared with $1,374.5 million the second quarter of 2025.

Current wording

Other non-operating income (expense). We recognized lower expense related to the distribution of interest earned on performance bond collateral reinvestments to the clearing firms during the third quarter of 2026 when compared with the same period in 2025. This decrease was due to lower interest income earned on our reinvestment balances as a result of a lower Federal Funds rate compared with the same period in 2025. In the third quarter of 2026, expense related to the distribution of interest earned on collateral reinvestments was $1,269.0 million compared with $1,399.2 million the third quarter of 2025.

Previous wording

We recognized higher expense related to the distribution of interest earned on performance bond collateral reinvestments to the clearing firms during the first six months of 2026 when compared with the same period in 2025, mainly due to higher overall cash collateral balances. In the first six months of 2026, expense related to the distribution of interest earned on collateral reinvestments was $2,514.9 million, compared with $2,179.3 million in the first six months of 2025.

Current wording

We recognized higher expense related to the distribution of interest earned on performance bond collateral reinvestments to the clearing firms during the first nine months of 2026 when compared with the same period in 2025, mainly due to higher overall cash collateral balances. In the first nine months of 2026, expense related to the distribution of interest earned on collateral reinvestments was $3,783.9 million, compared with $3,578.5 million in the first nine months of 2025.

Previous wording

In the second quarter of 2026, the overall effective tax rate decreased when compared with the same period in 2025 as a result of favorable settlements from state tax examinations. In the first six months of 2026, the overall effective tax rate remained relatively consistent when compared with the same period in 2025.

Current wording

The overall effective tax rate remained relatively consistent in the third quarter and first nine months of 2026 when compared with the same periods in 2025.

Previous wording

Sources and Uses of Cash. Net cash provided by operating activities increased in the first six months of 2026 when compared with the same period in 2025, which was largely due to an increase in trading volume and higher interest earned on reinvestment of collateral, net of distributions. Cash used in investing activities remained relatively consistent in the first six months of 2026 when compared with the same period in 2025. Cash used in financing activities was higher during the first six months of 2026 when compared with the same period in 2025 due to an increase in share repurchases.

Current wording

Sources and Uses of Cash. Net cash provided by operating activities increased in the first nine months of 2026 when compared with the same period in 2025, which was largely due to an increase in trading volume and higher interest earned on reinvestment of collateral, net of distributions. Cash used in investing activities remained relatively consistent in the first nine months of 2026 when compared with the same period in 2025. Cash used in financing activities was higher during the first nine months of 2026 when compared with the same period in 2025 due to a decrease in cash performance bonds and guaranty fund contributions as well as an increase in share repurchases.

Previous wording

We maintain a 364-day multi-currency revolving secured credit facility with a consortium of domestic and international banks to be used in certain situations by the clearing house. The facility provides for borrowings of up to $7.0 billion. We may use the proceeds to provide temporary liquidity in the unlikely event a clearing firm fails to promptly discharge an obligation to the clearing house operated by CME, in the event of a liquidity constraint or default by a depositary (custodian for our collateral), in the event of a temporary disruption with the domestic payments system that would delay payment of settlement variation between us and our clearing firms, or in other cases as provided by the CME rulebook. Clearing firm guaranty fund contributions received in the form of cash or U.S. Treasury securities as well as the performance bond assets (pursuant to the CME rulebook)can be used to collateralize the facility. At June 30, 2026, guaranty fund contributions available to collateralize the facility totaled $10.3 billion. We have the option to increase the line from $7.0 billion to $10.0 billion with the consent of the agent and lenders providing the additional funds. Our 364-day facility contains a requirement that CME remain in compliance with a consolidated tangible net worth test, defined as CME's consolidated shareholder's equity less intangible assets (as defined in the agreement), of not less than $800.0 million. We currently do not have any borrowings outstanding under this facility.

Current wording

We maintain a 364-day multi-currency revolving secured credit facility with a consortium of domestic and international banks to be used in certain situations by the clearing house. The facility provides for borrowings of up to $7.0 billion. We may use the proceeds to provide temporary liquidity in the unlikely event a clearing firm fails to promptly discharge an obligation to the clearing house operated by CME, in the event of a liquidity constraint or default by a depositary (custodian for our collateral), in the event of a temporary disruption with the domestic payments system that would delay payment of settlement variation between us and our clearing firms, or in other cases as provided by the CME rulebook. Clearing firm guaranty fund contributions received in the form of cash or U.S. Treasury securities as well as the performance bond assets (pursuant to the CME rulebook)can be used to collateralize the facility. At September 30, 2026, guaranty fund contributions available to collateralize the facility totaled $10.2 billion. We have the option to increase the line from $7.0 billion to $10.0 billion with the consent of the agent and lenders providing the additional funds. Our 364-day facility contains a requirement that CME remain in compliance with a consolidated tangible net worth test, defined as CME's consolidated shareholder's equity less intangible assets (as defined in the agreement), of not less than $800.0 million. We currently do not have any borrowings outstanding under this facility.

Previous wording

To satisfy our performance bond obligation with Singapore Exchange Limited, we may pledge irrevocable standby letters of credit. At June 30, 2026, the letters of credit totaled $400.0 million. We also maintain a $350.0 million line of credit to meet our obligations under this agreement.

Current wording

To satisfy our performance bond obligation with Singapore Exchange Limited, we may pledge irrevocable standby letters of credit. At September 30, 2026, the letters of credit totaled $450.0 million. We also maintain a $350.0 million line of credit to meet any variation margin obligations, as well as an additional $250.0 million line of credit to meet any initial margin obligations under this agreement.

Previous wording

Liquidity and Cash Management. Cash and cash equivalents, excluding restricted cash and restricted cash equivalents, totaled $2.1 billion and $4.4 billion at June 30, 2026 and December 31, 2025, respectively. The balance retained in cash and cash equivalents is a function of anticipated or possible short-term cash needs, prevailing interest rates, our corporate investment policy and alternative investment choices. A majority of our cash and cash equivalents balance is invested in money market mutual funds that invest only in U.S. Treasury securities, U.S. government agency securities and U.S. Treasury security reverse repurchase agreements and short-term bank deposits. Our exposure to credit and liquidity risk is minimal given the nature of the investments. Cash that is not available for general corporate purposes because of regulatory requirements or other restrictions is classified as restricted cash and is included in cash performance bonds and guaranty fund contributions, other current assets or other assets in the consolidated balance sheets. Cash performance bonds and guarantee fund contribution assets are deemed to be restricted cash and restricted cash equivalents.

Current wording

Liquidity and Cash Management. Cash and cash equivalents, excluding restricted cash and restricted cash equivalents, totaled $2.2 billion and $4.4 billion at September 30, 2026 and December 31, 2025, respectively. The balance retained in cash and cash equivalents is a function of anticipated or possible short-term cash needs, prevailing interest rates, our corporate investment policy and alternative investment choices. A majority of our cash and cash equivalents balance is invested in money market mutual funds that invest only in U.S. Treasury securities, U.S. government agency securities and U.S. Treasury security reverse repurchase agreements and short-term bank deposits. Our exposure to credit and liquidity risk is minimal given the nature of the investments. Cash that is not available for general corporate purposes because of regulatory requirements or other restrictions is classified as restricted cash and is included in cash performance bonds and guaranty fund contributions, other current assets or other assets in the consolidated balance sheets. Cash performance bonds and guarantee fund contribution assets are deemed to be restricted cash and restricted cash equivalents.

Previous wording

We maintain a share repurchase program under which we are authorized to repurchase up to $3.0 billion of our outstanding Class A common stock, par value $0.01 per share (the common stock), from time to time through open market transactions, block trades, privately negotiated purchase transactions or other purchase techniques and may include purchases effected pursuant to one or more trading plans established pursuant to Rule 10b5-1 under the Exchange Act. The timing of any repurchases and the number of shares repurchased under the share repurchase program are within our discretion and may be affected by various factors, including general market and economic conditions; the market price of the common stock; CME Group’s earnings, financial condition, capital requirements and levels of indebtedness; legal requirements; and other considerations. The share repurchase program has no expiration date, does not obligate us to acquire any particular amount of common stock and may be modified, suspended or terminated at any time. As of June 30, 2026, the maximum remaining value of shares to be repurchased was $1.5 billion.

Current wording

We maintain a share repurchase program under which we are authorized to repurchase up to $3.0 billion of our outstanding Class A common stock, par value $0.01 per share (the common stock), from time to time through open market transactions, block trades, privately negotiated purchase transactions or other purchase techniques and may include purchases effected pursuant to one or more trading plans established pursuant to Rule 10b5-1 under the Exchange Act. The timing of any repurchases and the number of shares repurchased under the share repurchase program are within our discretion and may be affected by various factors, including general market and economic conditions; the market price of the common stock; CME Group’s earnings, financial condition, capital requirements and levels of indebtedness; legal requirements; and other considerations. The share repurchase program has no expiration date, does not obligate us to acquire any particular amount of common stock and may be modified, suspended or terminated at any time. As of September 30, 2026, the maximum remaining value of shares to be repurchased was $1.0 billion.