Financial Analysis

DEBT In March 2025, the Company completed an offering of $750.0 million of its 4.4% fixed rate notes due March 2030 and also repaid the $750.0 million of 3% fixed rate notes due March 2025. Short-term debt consisted of the following at December 31, 2025 and 2024: (in millions) 2025 2024 $750.0 million fixed rate notes due March 2025, stated rate of 3.00% (1) $ $ 749.8 Total short-term debt $ $ 749.8 _______________ (1) The company maintained a forward-starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable on the notes effectively became fixed at a rate of 3.11%. Long-term debt outstanding consisted of the following at December 31, 2025 and 2024: (in millions) 2025 2024 $500.0 million fixed rate notes due June 2028, stated rate of 3.75% $ 498.9 $ 498.5 $750.0 million fixed rate notes due March 2030, stated rate of 4.4% 742.1 $750.0 million fixed rate notes due March 2032, stated rate of 2.65% 744.6 743.7 $750.0 million fixed rate notes due September 2043, stated rate of 5.30% (1) 744.6 744.3 $700.0 million fixed rate notes due June 2048, stated rate of 4.15% 692.1 691.7 Total long-term debt $ 3,422.3 $ 2,678.2 _______________ (1) The company maintained a forward-starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable on the notes effectively became fixed at a rate of 4.73%. Short term and long-term debt maturities, at par va …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table represents a disaggregation of revenue from contracts with customers for the years ended December 31, 2025, 2024 and 2023: (in millions) 2025 2024 2023 Interest rates $ 1,719.6 $ 1,659.6 $ 1,558.4 Equity indexes 1,170.4 1,095.3 1,036.4 Foreign exchange 197.0 198.5 190.0 Agricultural commodities 658.1 585.1 508.5 Energy 813.2 800.5 702.8 Metals 354.7 284.3 224.7 BrokerTec fixed income 151.1 145.1 152.1 EBS foreign exchange 132.6 131.6 132.6 Interest Rate Swap 84.4 88.2 83.0 Total clearing and transaction fees 5,281.1 4,988.2 4,588.5 Market data 803.1 710.2 663.7 Other 436.4 431.7 326.7 Total revenues $ 6,520.6 $ 6,130.1 $ 5,578.9 Timing of Revenue Recognition Services transferred at a point in time $ 5,170.8 $ 4,887.4 $ 4,491.1 Services transferred over time 1,328.1 1,223.0 1,069.7 One-time charges and miscellaneous revenues 21.7 19.7 18.1 Total revenues $ 6,520.6 $ 6,130.1 $ 5,578.9

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STOCK-BASED PAYMENTS CME Group adopted an Omnibus Stock Plan under which stock-based awards may be made to employees. A total of 40.2 million Class A shares have been reserved for awards under the plan. Awards totaling 26.2 million shares have been granted and are outstanding or have been exercised under the plan as of December 31, 2025. Awards granted generally vest over a four-year period, with 25% vesting one year after the grant date and on that same date in each of the following three years. Total compensation expense for all stock-related awards (including ESPP) and total income tax benefit recognized on the consolidated statements of income for these awards at December 31, 2025, 2024 and 2023 were as follows: (in millions) 2025 2024 2023 Compensation expense $ 95.6 $ 90.4 $ 83.7 Income tax benefit recognized 20.0 19.2 14.2 At December 31, 2025, there was $148.6 million of total unrecognized compensation expense related to employee stock-based compensation arrangements that had not yet vested. The total unrecognized expense is expected to be recognized over a weighted average period of 2.2 years. In 2025, the company granted 304,784 shares of restricted Class A common stock and restricted stock units with respect to 11,072 shares of Class A common stock. Restricted common stock and restricted stock units generally have a vesting period of two to four years. The fair value related to these grants was $81.8 million, which is recognized as compensation expense on an accele …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

FAIR VALUE MEASUREMENTS The company uses a three-level classification hierarchy of fair value measurements for disclosure purposes: Level 1 inputs, which are considered the most reliable evidence of fair value, consist of quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 inputs consist of observable market data, such as quoted prices for similar assets and liabilities in active markets, or inputs other than quoted prices that are directly observable. Level 3 inputs consist of unobservable inputs which are derived and cannot be corroborated by market data or other entity-specific inputs. The companys level 1 assets generally include investments in publicly traded mutual funds, equity securities and corporate debt securities with quoted market prices. In general, the company uses quoted prices in active markets for identical assets to determine the fair value of marketable securities. The companys level 2 assets and liabilities generally consist of long-term debt notes. The fair values of the long-term debt notes were based on quoted market prices in an inactive market. The companys level 3 assets and liabilities include certain investments that were adjusted to fair value. Recurring Fair Value Measurements. Financial assets recorded at fair value on the consolidated balance sheets as of December 31, 2025 and 2024 were classified in their entirety based on the lowest level of input that was significant to each asset's fair value measureme …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

INTANGIBLE ASSETS AND GOODWILL Intangible assets consisted of the following at December 31, 2025 and 2024: 2025 2024 (in millions) Assigned Value Accumulated Amortization Net Book Value Assigned Value Accumulated Amortization Net Book Value Amortizable Intangible Assets: Clearing firm, market data and other customer relationships $ 4,703.0 $ (2,557.5) $ 2,145.5 $ 4,683.5 $ (2,334.4) $ 2,349.1 Technology-related intellectual property 62.5 (62.5) 62.5 (62.5) Other 73.9 (58.7) 15.2 71.1 (48.6) 22.5 Total Amortizable Intangible Assets $ 4,839.4 $ (2,678.7) $ 2,160.7 $ 4,817.1 $ (2,445.5) $ 2,371.6 Indefinite-Lived Intangible Assets: Trade names 450.0 450.0 Total Intangible AssetsOther, Net $ 2,610.7 $ 2,821.6 Trading products (1) $ 17,175.3 $ 17,175.3 _______________ (1) Trading products represent futures and options products acquired in our business combinations with CBOT Holdings, Inc., NYMEX Holdings, Inc. and The Board of Trade of Kansas City, Missouri, Inc. Clearing and transaction fees are generated through the trading of these products. These trading products, most of which have traded for decades, require authorization from the CFTC. Product authorizations from the CFTC have no term limits. The originally assigned useful lives for the amortizable intangible assets as of December 31, 2025 are as follows: Clearing firm, market data and other customer relationships 5 - 30 years Technology-related intellectual property 5 - 9 years Other 3 - 24.5 years Total amortization expen …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

INCOME TAXES The company is subject to regulation under a wide variety of U.S., federal, state and foreign tax laws and regulations. Income before income taxes and the income tax provision consisted of the following for the years ended December 31, 2025, 2024 and 2023: (in millions) 2025 2024 2023 Income before income taxes: Domestic $ 4,807.6 $ 4,305.9 $ 3,900.5 Foreign 522.9 235.5 253.1 Total $ 5,330.5 $ 4,541.4 $ 4,153.6 Income tax provision: Current: Federal $ 920.7 $ 776.9 $ 751.7 State 295.6 252.8 205.8 Foreign 48.1 52.3 44.9 Total 1,264.4 1,082.0 1,002.4 Deferred: Federal (25.8) (49.6) 21.9 State 20.2 (17.0) (33.8) Foreign (0.5) 0.2 (63.1) Total (6.1) (66.4) (75.0) Total Income Tax Provision $ 1,258.3 $ 1,015.6 $ 927.4 Reconciliation of the U.S. federal income tax provision and rate (statutory tax rate) to the effective tax rate is as follows: 2025 2024 2023 (amounts in millions) Amount Percent Amount Percent Amount Percent U.S. federal statutory tax rate $ 1,119.4 21.0 % $ 953.7 21.0 % $ 872.2 21.0 % State and local taxes, net of federal income tax effect (1) 221.0 4.1 % 186.2 4.1 % 147.3 3.5 % Foreign tax effects: United Kingdom Gain on sale of investments (72.3) (1.3) % % (16.2) (0.4) % Other (0.5) % (2.6) (0.1) % (5.4) (0.1) % Other foreign jurisdictions 7.4 0.1 % 13.7 0.3 % (5.3) (0.1) % Effect of cross-border tax laws: Foreign derived intangible income deduction (88.2) (1.7) % (86.4) (1.9) % (69.9) (1.7) % Subpart F income 59.5 1.1 % % 16.3 0.4 % Other, net 12.0 …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

EMPLOYEE BENEFIT PLANS Pension Plans. CME maintains a non-contributory defined benefit cash balance pension plan for eligible employees. CME's plan provides for a pay-based credit added to the cash balance account based on age and earnings and includes salary and cash bonuses in the definition of earnings. Employees who have completed a continuous 12-month period of employment and have reached the age of 21 are eligible to participate. Participant cash balance accounts receive an interest credit equal to the greater of the one-year constant maturity yield for U.S. Treasury notes or 4.0%. Participants become vested in their accounts after three years of service. The measurement date used for the plan is December 31. The following is a summary of the change in projected benefit obligation: (in millions) 2025 2024 Balance at January 1 $ 364.0 $ 351.5 Service cost 22.2 21.9 Interest cost 21.3 18.8 Actuarial (gain) loss 6.1 (9.8) Benefits paid (16.4) (18.4) Balance at December 31 $ 397.2 $ 364.0 The aggregate accumulated benefit obligation was $366.4 million an d $335.6 million at December 31, 2025 and 2024, respectively. The following is a summary of the change in fair value of plan assets: (in millions) 2025 2024 2023 Balance at January 1 $ 367.5 $ 350.8 $ 331.7 Actual return on plan assets 51.5 26.1 38.9 Employer contributions 9.0 3.0 Benefits paid (16.4) (18.4) (22.8) Balance at December 31 $ 402.6 $ 367.5 $ 350.8 The plan assets are classified into a fair value hierarchy in t …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

REVENUE RECOGNITION The company generates revenue from customers from the following sources: Clearing and transaction fees. Clearing and transaction fees include per-contract charges for trade matching, clearing, trading on the company's electronic trading platforms, portfolio reconciliation and compression services, risk mitigation, and other fees. Clearing and transaction fees are assessed upfront at the time of trade execution. As such, the company recognizes the majority of the fee revenue upon successful execution of the trade. The minimal remaining portion of the fee revenue related to settlement activities performed after trade execution is recognized over the short-term period that the contract is outstanding, based on managements estimates of the average contract lifecycle. These estimates are based on various assumptions to approximate the amount of fee revenue to be attributed to services performed through contract settlement, expiration, or termination. For cleared trades, these assumptions include the average number of days that a contract remains in open interest, contract turnover, average revenue per day, and revenue remaining in open interest at the end of each period. The nature of contracts gives rise to several types of variable consideration, including volume-based pricing tiers, customer incentives associated with market maker programs and other fee discounts. The company includes fee discounts and incentives in the estimated transaction price when there …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

18. SEGMENT REPORTING The company's business is conducted through one reportable business segment, CME Group consolidated. The company has one operating segment as this is the level at which resource allocation and operating decisions regarding company performance are evaluated and determined by the senior leadership team. The companys chief operating decision maker (CODM) is the senior leadership team that includes the Chairman and Chief Executive Officer, Chief Information Officer, Senior Managing Director Global Head of Fixed Income, President and Chief Financial Officer, Senior Managing Director and General Counsel, Senior Managing Director Global Head Equities, FX, and Alternative Products, Chief Human Resources Officer, Senior Managing Director Global Head of Commodities Markets, Chief Operating Officer and Global Head of Clearing, Chief Transformation Officer, and Chief Commercial Officer. The members of the senior leadership team represent a cross-functional group of management, which evaluates the companys operating results in order to evaluate performance and make decisions about the companys operating matters. The CODM reviews the financial results of CME Group consolidated on an ongoing basis throughout the year. As a single segment, the segment profitability measure is consolidated net income. Consolidated net income informs key operating decisions as made by the CODM, which include bonus allocation, discretionary share-based awards, liquidity and cash needs, new …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation. The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the U.S. and include the accounts of the company and its subsidiaries. All intercompany transactions and balances have been eliminated. Use of Estimates. The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts on the consolidated financial statements and accompanying notes. Estimates are based on historical experience, where applicable, and assumptions management believes are reasonable under the circumstances. Due to the inherent uncertainty involved with estimates, actual results may differ. Cash and Cash Equivalents. Cash and cash equivalents consist of cash and highly liquid investments with a maturity of three months or less at the time of purchase. Financial Investments. The company maintains short-term and long-term investments, classified as equity method investments, available-for-sale debt securities, equity investments in privately-held entities and trading securities. Available-for-sale debt securities are carried at fair value, with unrealized gains and losses, net of deferred income taxes, reported as a component of accumulated other comprehensive income. Trading securities held in connection with non-qualified deferred compensation plans are recorde …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

SUBSEQUENT EVENTS The company has evaluated subsequent events through the date the financial statements were issued. The company has determined that there were no subsequent events that require disclosure.

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Debt Long-term debt consisted of the following at June 30, 2026 and December 31, 2025: (in millions) June 30, 2026 December 31, 2025 $500.0 million fixed rate notes due June 2028, stated rate of 3.75% $ 499.2 $ 498.9 $750.0 million fixed rate notes due March 2030, stated rate of 4.40% 743.0 742.1 $750.0 million fixed rate notes due March 2032, stated rate of 2.65% 745.0 744.6 $750.0 million fixed rate notes due September 2043, stated rate of 5.30% (1) 744.7 744.6 $700.0 million fixed rate notes due June 2048, stated rate of 4.15% 692.3 692.1 Total long-term debt $ 3,424.2 $ 3,422.3 (1) The company maintained a forward-starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable on the notes effectively became fixed at a rate of 4.73%. Long-term debt maturities, at par value, were as follows at June 30, 2026: (in millions) Par Value 2027 $ 2028 500.0 2029 2030 750.0 2031 Thereafter 2,200.0 …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table represents a disaggregation of revenue from contracts with customers by product line for the quarters and six months ended June 30, 2026 and 2025: Quarter Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Interest rates $ 433.0 $ 461.6 $ 954.2 $ 897.9 Equity indexes 324.0 301.6 639.6 605.8 Foreign exchange 49.8 52.4 106.6 105.8 Agricultural commodities 183.8 174.7 351.3 339.0 Energy 187.0 217.4 450.7 433.8 Metals 76.7 85.1 195.1 156.0 BrokerTec fixed income 40.1 37.1 80.3 72.9 EBS foreign exchange 33.8 37.5 70.2 72.7 Interest rate swap 24.3 20.6 47.1 41.4 Total clearing and transaction fees 1,352.5 1,388.0 2,895.1 2,725.3 Market data and information services 238.1 198.1 462.2 392.6 Other 115.6 105.9 229.0 216.4 Total revenues $ 1,706.2 $ 1,692.0 $ 3,586.3 $ 3,334.3 Timing of Revenue Recognition Services transferred at a point in time $ 1,323.4 $ 1,361.7 $ 2,840.4 $ 2,670.8 Services transferred over time 377.3 324.7 734.6 652.9 One-time charges and miscellaneous revenues 5.5 5.6 11.3 10.6 Total revenues $ 1,706.2 $ 1,692.0 $ 3,586.3 $ 3,334.3

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Fair Value Measurements The company uses a three-level classification hierarchy of fair value measurements for disclosure purposes: Level 1 inputs, which are considered the most reliable evidence of fair value, consist of quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 inputs consist of observable market data, such as quoted prices for similar assets and liabilities in active markets, or inputs other than quoted prices that are directly observable. Level 3 inputs consist of unobservable inputs which are derived and cannot be corroborated by market data or other entity-specific inputs. The companys level 1 assets generally include investments in publicly traded mutual funds, equity securities and corporate debt securities with quoted market prices. In general, the company uses quoted prices in active markets for identical assets to determine the fair value of marketable securities. The companys level 2 assets and liabilities generally consist of long-term debt notes. The fair values of the long-term debt notes were based on quoted market prices in an inactive market. The companys level 3 assets and liabilities include certain investments that were adjusted to fair value. Recurring Fair Value Measurements. Financial assets and liabilities recorded at fair value on the consolidated balance sheet as of June 30, 2026 were classified in their entirety based on the lowest level of input that was significant to each asset and liabilitys fair …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Intangible Assets and Goodwill Intangible assets consisted of the following at June 30, 2026 and December 31, 2025: June 30, 2026 December 31, 2025 (in millions) Assigned Value Accumulated Amortization Net Book Value Assigned Value Accumulated Amortization Net Book Value Amortizable Intangible Assets: Clearing firm, market data and other customer relationships $ 4,695.3 $ (2,661.8) $ 2,033.5 $ 4,703.0 $ (2,557.5) $ 2,145.5 Technology-related intellectual property 62.5 (62.5) 62.5 (62.5) Other 73.3 (62.2) 11.1 73.9 (58.7) 15.2 Total amortizable intangible assets $ 4,831.1 $ (2,786.5) $ 2,044.6 $ 4,839.4 $ (2,678.7) $ 2,160.7 Indefinite-Lived Intangible Assets: Trade names 450.0 450.0 Total intangible assets other, net $ 2,494.6 $ 2,610.7 Trading products (1) $ 17,175.3 $ 17,175.3 (1) Trading products represent futures and options products acquired in our business combinations with CBOT Holdings, Inc., NYMEX Holdings, Inc. and The Board of Trade of Kansas City, Missouri, Inc. Clearing and transaction fees are generated through the trading of these products. These trading products, most of which have traded for decades, require authorization from the Commodity Futures Trading Commission (CFTC). Product authorizations from the CFTC have no term limits. Total amortization expense for intangible assets w a s $56.0 million and $56.1 million for the quarters ended June 30, 2026 and 2025, respectively. Total amortization expense for intangible assets was $112.1 million and $111.3 mill …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Leases The company has operating leases for corporate offices. The operating leases have remaining lease terms of up to 12 years, some of which include options to extend or renew the leases for up to an additional five years, and some of which include options to early terminate the leases in less than 12 months. Management evaluates whether these options are exercisable at least quarterly in order to determine whether the contract term must be reassessed. For a small number of the leases, primarily the international locations, managements approach is to enter into short-term leases for a lease term of 12 months or less in order to provide for greater flexibility in the local environment. For certain office spaces, the company has entered into arrangements to sublease excess space to third parties, while the original lease contract remains in effect with the landlord. The company also has one finance lease, which is related to the sale of our data center in 2016. In connection with the sale, the company leased back a portion of the property. The transaction was recognized under the financing method and not as a sale leaseback arrangement. The right-of-use lease asset is recorded within other assets, and the present value of the lease liability is recorded within other liabilities (segregated between short term and long term) on the consolidated balance sheets. The discount rate applied to the lease payments represents the companys incremental borrowing rate. The components of …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Newly Adopted Accounting Policies . In July 2025, the FASB issued an accounting standards update which provides a practical expedient when estimating the amount of expected credit losses on current accounts receivable and current contract assets. This update permits entities to assume that current conditions as of the balance sheet date do not change for the remaining life of the current accounts receivable and current contract assets. Therefore, entities will not need to develop reasonable and supportable forecasts of future economic conditions. The practical expedient must be applied consistently across all current accounts receivable and current contract assets. The company adopted this standard on January 1, 2026, and has elected to apply the practical expedient. The adoption of this guidance did not have a material impact on our consolidated financial statements.

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Revenue Recognition The company generates revenue from customers from the following sources: Clearing and transaction fees. Clearing and transaction fees include per-contract charges for trade matching, clearing, trading on the company's electronic trading platforms, portfolio reconciliation and compression services, risk mitigation, and other fees. Clearing and transaction fees are assessed upfront at the time of trade execution. As such, the company recognizes the majority of the fee revenue upon successful execution of the trade. The minimal remaining portion of the fee revenue related to settlement activities performed after trade execution is recognized over the short-term period that the contract is outstanding, based on managements estimates of the average contract lifecycle. These estimates are based on various assumptions to approximate the amount of fee revenue to be attributed to services performed through contract settlement, expiration, or termination. For cleared trades, these assumptions include the average number of days that a contract remains in open interest, contract turnover, average revenue per day, and revenue remaining in open interest at the end of each period. The nature of contracts gives rise to several types of variable consideration, including volume-based pricing tiers, customer incentives associated with market maker programs and other fee discounts. The company includes fee discounts and incentives in the estimated transaction price when there …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Segment Reporting The company's business is conducted through one reportable business segment, CME Group consolidated. The company has one operating segment as this is the level at which resource allocation and operating decisions regarding company performance are evaluated and determined by the senior leadership team. The chief operating decision maker (CODM) reviews the financial results of CME Group consolidated on an ongoing basis throughout the year. As a single segment, the segment profitability measure is consolidated net income. Consolidated net income informs key operating decisions as made by the CODM, which include bonus allocation, discretionary share-based awards, liquidity and cash needs, new product development, existing product expansion and product discontinuation. Consolidated net income is deemed the best indicator of segment performance. Segment assets are not reported to, or used by, the CODM to allocate resources or to assess performance. The CODM evaluates current period consolidated net income performance as compared to prior periods, budgeted results and forecasts. The CODM reviews consolidated revenues as disaggregated by the following: clearing and transaction fees as a combination of rate per contract and average daily volume for each major asset class, market data fee revenue and other revenue. The significant expense categories are consistent with those presented on the face of the consolidated statements of income. The components of non-operatin …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Accounting Policies Newly Adopted Accounting Policies . In July 2025, the FASB issued an accounting standards update which provides a practical expedient when estimating the amount of expected credit losses on current accounts receivable and current contract assets. This update permits entities to assume that current conditions as of the balance sheet date do not change for the remaining life of the current accounts receivable and current contract assets. Therefore, entities will not need to develop reasonable and supportable forecasts of future economic conditions. The practical expedient must be applied consistently across all current accounts receivable and current contract assets. The company adopted this standard on January 1, 2026, and has elected to apply the practical expedient. The adoption of this guidance did not have a material impact on our consolidated financial statements.

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Subsequent Events The company has evaluated subsequent events through the date the financial statements were issued. The company has determined that there were no subsequent events that met the requirement for recognition or disclosure in the consolidated financial statements.

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