CME Group (NASDAQ: CME) announced its financial results for the first quarter ended March 31, 2026, reporting record revenue of $1.9 billion. This performance represents a 14% increase compared to the $1.67 billion reported in the first quarter of 2025. The growth was primarily driven by record trading activity across the company’s diverse product suite, with average daily volume (ADV) reaching an all-time high of 36.2 million contracts, a 22% increase year-over-year.
Net income for the first quarter was $980 million, or $2.70 per diluted share. On an adjusted basis, net income reached $1.02 billion, or $2.82 per diluted share, surpassing the $2.45 adjusted EPS reported in the same period last year. Operating income for the quarter rose to $1.25 billion, resulting in an operating margin of 65.8%, compared to 64.2% in the first quarter of 2025. Non-operating income included $120 million in investment income, largely attributed to higher interest rates on the company's cash balances and collateral held at the clearing house.
The record ADV of 36.2 million contracts was supported by growth in all six asset classes. Interest rate products remained the largest contributor, with an ADV of 18.5 million contracts, a 25% increase from the prior year. Within this segment, SOFR futures and options reached record levels as market participants managed shifting expectations for central bank policies. Equity index products averaged 8.2 million contracts per day, up 15%, driven by high demand for Micro E-mini futures. Energy products saw a 12% increase to 2.8 million contracts per day, while Agricultural products grew 10% to 1.6 million. Foreign Exchange and Metals volumes rose by 18% and 20%, respectively.
Chairman and Chief Executive Officer Terry Duffy stated that the results reflect the essential role of CME Group in global risk management. The first quarter of 2026 saw unprecedented participation across our global benchmark products, Duffy said in the official release. Our focus on providing deep liquidity and capital efficiency has allowed market participants to navigate complex economic conditions effectively. Chief Financial Officer Lynne Fitzpatrick highlighted the company's operational efficiency, noting that total operating expenses for the quarter were $465 million. Excluding certain items, adjusted operating expenses were $440 million.
CME Group also reported significant growth in its international business, with ADV from outside the United States increasing by 30% to 10.5 million contracts. This growth was particularly strong in the Asia-Pacific and EMEA regions. Additionally, the company continued its technological migration in partnership with Google Cloud, reporting that over 60% of its data services are now cloud-integrated. During the quarter, the company returned approximately $900 million to shareholders through its regular quarterly dividend and ended the period with $2.4 billion in cash and marketable securities.