Derivatives market operator CME Group Inc. (NASDAQ:CME) reported financial results for the second quarter of 2024, which included record quarterly revenue, record adjusted net income and earnings per share, the company’s highest average daily volume (ADV) in the company’s second quarter history (26 million contracts) and year-on-year growth in each 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. The financial results presented on an adjusted basis for the second quarter of 2024 and 2023 do not include certain items, which are detailed in the reconciliation of non-GAAP results.
CME Group Chairman and CEO Terry Duffy said:
“As escalating uncertainties led to an increased need for risk management across asset classes, CME Group achieved record volume in the second quarter 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 increased in every asset class, with total ADV up 16% in commodities and 13% in financials. We also saw significant records in many of the US Treasury products, where ADV was up 36% to 8.2 million contracts.
“As we move through the remainder of 2024, we will continue to focus on delivering capital efficiency, bringing new products to market and creating additional value for our customers through our partnership with Google Cloud.”
Q2 2024 average daily volume (ADV) was 25.9 million contracts, including non-US ADV, which reached a record 7.8 million contracts.
Clearing and trading fee revenues for the second quarter of 2024 totaled $1.2 billion. The overall average price per contract was $0.708. Market data revenue reached $175 million for the second quarter of 2024.
As of June 30, 2024, the company had approximately $2.0 billion in cash (including $225 million deposited with the Fixed Income Clearing Corporation, which is included in other current assets) and $3.4 billion in debt. The company paid dividends during the second quarter of about $419 million. The company has returned approximately $25.2 billion to shareholders in the form of dividends since implementing the variable dividend policy in early 2012.
The full CME Group Releases Q2 Results you can see here.
About CME Group
As the world’s leading derivatives market, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios and analyze data – enabling market participants worldwide effectively 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 indices, foreign exchange, energy, agricultural commodities and metals. The company offers futures and options on futures trading through the CME Globex platform, fixed income trading through BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world’s leading CCP clearing providers, CME Clearing.