Derivatives marketplace operator CME Group Inc. (NASDAQ:CME) has reported financial results for the second quarter of 2024, which include record quarterly revenues, record adjusted net income and earnings per share, the company’s highest Q2 average daily volume (ADV) in company history (26 million contracts), and year-over-year growth across every asset class.
CME Group reported revenue of $1.5 billion and operating income of $1.0 billion for the second quarter of 2024. Net income was $883 million and diluted earnings per common share were $2.42. On an adjusted basis, net income was $932 million and diluted earnings per common share were $2.56. Financial results presented on an adjusted basis for the second quarter of 2024 and 2023 exclude certain items, which are detailed in the reconciliation of non-GAAP results.
CME Group Chairman and Chief Executive Officer Terry Duffy said,
“As escalating uncertainties drove an increased need for risk management across all asset classes, CME Group achieved record Q2 volume and generated record revenue, adjusted net income and adjusted earnings per share. During the quarter, and for the first time in more than a decade, our volume and open interest grew in every asset class, with overall ADV up 16% in commodities and 13% in financial markets. We also reached significant records in many of our U.S. Treasury products where ADV increased 36% to 8.2 million contracts.
“As we move through the remainder of 2024, we will continue to focus on delivering capital efficiencies, bringing new products to market and creating additional value for our clients through our partnership with Google Cloud.”
Second-quarter 2024 average daily volume (ADV) was 25.9 million contracts, including non-U.S. ADV, which reached a record 7.8 million contracts.
Clearing and transaction fees revenue for second-quarter 2024 totaled $1.2 billion. The total average rate per contract was $0.708. Market data revenue totaled $175 million for second-quarter 2024.
As of June 30, 2024, the company had approximately $2.0 billion in cash (including $225 million deposited with Fixed Income Clearing Corporation, which is included in other current assets) and $3.4 billion of debt. The company paid dividends during the second quarter of approximately $419 million. The company has returned approximately $25.2 billion to shareholders in the form of dividends since the implementation of the variable dividend policy in early 2012.
The full CME Group Q2 results release can be seen here.
About CME Group
As the world’s leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world’s leading central counterparty clearing providers, CME Clearing.
