> ## Content Index
> Fetch the complete content index at: https://www.bullished.co/llms.txt
> Use this file to discover other available public pages before exploring further.

# CME Spent $533.5 Million On Buybacks In The Third Quarter, Leaving $1.0 Billion Of Its Authorization
- URL: https://www.bullished.co/cme-spent-533-5-million-on-buybacks-in-the-third-quarter-leaving-1-0-billion-of-its-98cde5a5/
- Published: 2026-10-23T19:11:00.000Z
- Updated: 2026-10-23T19:10:59.000Z
- Description: CME's 10-Q ties record trading to the Fed's first rate hike in over three years, even as revenue per contract slipped to $0.679.
- Author: Matteo Parrino
- Tags: Earnings, CME, Industry: Financials

[CME Group](https://www.bullished.co/tag/cme/), which runs futures and options exchanges and a clearing house, [repurchased $533.5 million of its stock](https://www.sec.gov/Archives/edgar/data/0001156375/000115637526000068/cme-20260930.htm?ref=bullished.co) in the third quarter, cutting the remaining buyback authorization to $1.0 billion. The company's 10-Q, filed Friday, also credits the Federal Reserve's first rate hike in over three years for part of the surge in trading volume.

## Buybacks outrun the dividend's cushion

CME bought back 2,047,234 shares in the quarter at an average of $255.81, according to the 10-Q. The remaining authorization stood at $1.0 billion at September 30, down from $1.5 billion at June 30.

The pace slowed from the second quarter, when it repurchased 2,546,284 shares at $273.14, per the [prior quarterly filing](https://www.sec.gov/Archives/edgar/data/0001156375/000115637526000047/cme-20260630.htm?ref=bullished.co). For the first nine months, the company repurchased 6,432,010 shares at an average of $272.89, about $1.8 billion.

Dividends of $3,637.7 million over nine months exceeded net income of $3,233.0 million. Shareholders' equity fell to $26,560.3 million from $28,728.2 million at the end of 2025, while retained earnings rose to $6,028.5 million from $5,457.5 million at June 30.

## Rate hike credited for record volume

The 10-Q blames sticky inflation, which it believes pushed the Fed into its first hike in over three years, for boosting volume. It says the resulting jump in Treasury yields to multi-year highs fueled heavy trading in Treasury products. The prior filing did not carry this language.

Average daily volume rose 16% to 29,445 thousand contracts in the quarter. Interest rate volume rose 13%, equity index volume 23%, and E-mini Nasdaq 100 volume 73%, which the company links to skepticism about AI spending. Ether volume fell 70%.

Total revenue rose 13% to $1,737.3 million and net income 14% to $1,036.9 million, or $2.89 a diluted share, as the company's [earnings release](https://www.sec.gov/Archives/edgar/data/0001156375/000115637526000065/exhibit9919302026.htm?ref=bullished.co) reported on Wednesday. The average rate per contract fell to $0.679 from $0.702 a year earlier, which the filing attributes to more micro contracts and more member trading.

## A collateral pass-through that nets out

The clearing house held $155.2 billion of performance bonds and guaranty fund contributions at September 30, including $139.1 billion in its cash account at the Federal Reserve Bank of Chicago. Earnings on that collateral were $1,391.7 million in the quarter, against $1,269.0 million of interest distributed back to clearing firms.

That is why investment income of $1,418.1 million and other non-operating expense of $1,264.0 million nearly cancel. Operating income rose to $1,141.4 million from $972.6 million.

The plaintiffs in the Class B shareholder suit, who lost a jury verdict in July 2025, have filed a notice of appeal after the court denied their post-trial motions on June 15, 2026.

The $1.0 billion left under the program sets the ceiling on further repurchases, at a pace of $533.5 million last quarter.

### Sources

- [10-Q Filing — CME Group (CME)](https://www.sec.gov/Archives/edgar/data/0001156375/000115637526000068/cme-20260930.htm?ref=bullished.co) — SEC EDGAR
- [10-Q Filing — CME Group (CME), Q2 FY2026 filed 2026-07-24 (comparison basis)](https://www.sec.gov/Archives/edgar/data/0001156375/000115637526000047/cme-20260630.htm?ref=bullished.co) — SEC EDGAR
- [Earnings release (8-K Item 2.02, exhibit9919302026.htm) — CME Group, filed 2026-10-21](https://www.sec.gov/Archives/edgar/data/0001156375/000115637526000065/exhibit9919302026.htm?ref=bullished.co) — SEC EDGAR
- [CME Group Inc. Reports Highest Q3 Revenue on Record for Q3 2026](https://finance.yahoo.com/markets/stocks/articles/cme-group-inc-reports-highest-110000741.html?ref=bullished.co) — Yahoo Finance
- [CME Group stock slips as Q3 earnings beat, but expenses disappoint (CME:NASDAQ) | Seeking Alpha](https://seekingalpha.com/news/4655084-cme-group-stock-slips-as-q3-earnings-beat-but-expenses-disappoint?ref=bullished.co) — seekingalpha.com
- [CME: Q3 Earnings Snapshot | 9news.com](https://www.9news.com/article/syndication/associatedpress/cme-q3-earnings-snapshot/616-75013b98-4291-4bf2-8d7b-ad823ade3f81?ref=bullished.co) — Associated Press
- [CME Group (CME) Stock Climbs On Record Q3 Earnings And Margin Strength](https://finance.yahoo.com/markets/stocks/articles/cme-group-cme-stock-climbs-161322457.html?ref=bullished.co) — Yahoo Finance
- [CME Group 3Q Profit, Revenue Rise on Higher Derivatives Volume](https://www.marketwatch.com/story/cme-group-3q-profit-revenue-rise-on-higher-derivatives-volume-010393e1?ref=bullished.co) — MarketWatch

### More on CME Group

- [CME's Duffy Shelves 24-7 Oil Contract, Keeps Perpetuals Open And Says Single Stock Futures Start Without Prediction Markets](https://www.bullished.co/cmes-duffy-shelves-24-7-oil-contract-keeps-perpetuals-open-and-says-single-stock-futures-d0369ae7/)
- [CME Group's Third-Quarter Revenue Rises To $1.7 Billion From $1.54 Billion, Market Data Hits A Record](https://www.bullished.co/cme-groups-third-quarter-revenue-rises-to-1-7-billion-from-1-54-billion-market-data-hits-a-25ee72b0/)

[All CME Group (CME) coverage →](https://www.bullished.co/tag/cme/)