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CME Group Inc. Reports Record First-Quarter 2024 Financial Results Amid Market Volatility
CHICAGO, April 24, 2024 — CME Group Inc. (NASDAQ: CME), the world's leading and most diverse derivatives marketplace, today announced robust financial results for the first quarter of 2024. Demonstrating strong performance across multiple sectors, the company achieved record levels in adjusted net income and earnings per share as markets navigated through persistent economic and geopolitical challenges.
Financial Performance Highlights
- Revenue: CME Group reported a revenue of $1.5 billion for the first quarter.
- Operating Income: Operating income stood strong at $960 million.
- Net Income: The company recorded a net income of $855 million, with adjusted net income reaching $911 million.
- Earnings Per Share: Diluted earnings per share were $2.35, rising to an adjusted $2.50 on a per-share basis.
These results exclude certain items detailed in the reconciliation of non-GAAP results provided at the end of the financial statements.
Operational Success
The first quarter saw CME Group reaching new milestones in trading volumes:
- U.S. Treasury Futures and Options: Average daily volume (ADV) grew by 12% year-over-year, setting a new record with 7.8 million contracts per day.
- Commodities Markets: ADV in commodities markets rose by 14% to 4.7 million contracts.
- Overall ADV: The company's total ADV for the quarter was 26.4 million contracts, including a record 7.4 million contracts from non-U.S. activities.
Revenue Breakdown
- Clearing and Transaction Fees: This core revenue stream brought in $1.2 billion, with the average rate per contract at $0.695.
- Market Data Revenue: Contributed $175 million to the quarter’s total revenue.
Financial Position and Shareholder Returns
As of March 31, 2024, CME Group maintained a strong liquidity position with approximately $1.7 billion in cash, inclusive of $225 million deposited with Fixed Income Clearing Corporation. The company's total debt stood at $3.4 billion.
Remarkably, CME Group paid dividends of approximately $2.3 billion during the quarter. Since early 2012, when the variable dividend policy was implemented, the company has returned about $24.8 billion to shareholders in the form of dividends.
Executive Commentary
Terry Duffy, Chairman and Chief Executive Officer of CME Group, commented on the results, "Our record-setting performance this quarter reflects the trust that market participants place in our platform, especially during times of uncertainty. Our U.S. Treasury futures and commodities markets have seen exceptional volumes, demonstrating the critical role we play in global markets."
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