Q3 2026 results
| Metric | Result | Change |
|---|---|---|
| Revenue | $1.7 billion | up 13% |
| Adjusted Operating Income | $1.2 billion | up 15% |
| Adjusted Diluted EPS | $3.02 | up 13% |
| Market Data Revenue | $243 million | up 20% |
| Adjusted Operating Margin | 69.4% | Not stated |
Guidance and outlook
- The company remains firmly on track to deliver another record year.
- Fourth quarter volume is tracking 17% ahead of last year's record fourth quarter.
- Year-to-date volume is tracking 12% ahead of last year's record.
How management sounded
Positive (+7 on our -10 to +10 scale). Management reported record third-quarter volume and revenue, citing strong global demand and innovation, while expressing high confidence in future opportunities. Management sounded more upbeat than on 48% of the 190 calls we cover; most companies sound positive on their own calls, so the comparison says more than the label.
Q&A summary
Compute Futures
Asked: What is the status of the compute futures product and are there hurdles to launching?
Answer: The product is awaiting regulatory approval after the CFTC extended the comment period to November 9, but management remains confident in client demand.
24/7 Trading
Asked: Why was the 10-barrel WTI filing withdrawn?
Answer: Management respected commercial participant concerns regarding staffing costs and the need for infrastructure, though they believe markets are ultimately moving toward 24/7.
Pricing
Asked: Can you provide details on the October 1 pricing changes?
Answer: Pricing changes impacted crypto, grains, interest rates, and micro equities, representing roughly 0.5% to 1% of clearing and transaction fees on an annualized basis.
Capital Priorities
Asked: How are you thinking about capital priorities between buybacks and M&A?
Answer: Management maintains a flexible capital return policy and a low debt load, remaining disciplined and focused on M&A that brings new clients or products.
What to watch before the next call
- Regulatory approval status for Compute Futures following the November 9 comment period deadline.
- The December 7 launch of CME Securities Clearing.
- The outcome of the CFTC perpetuals lawsuit.
