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CME Sees Record Volumes Offset by Pricing Pressure; Data Services Momentum Remains Strong, RBC Says

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CME (CME) reported record average daily volumes across all asset classes and regions in Q1, but gains were partially offset by lower revenue per contract, RBC Capital said in a Wednesday note.

RBC noted that Market Data and Information Services remains a key strength, with revenue growth accelerating to about 15% year over year, driven by subscriber growth, pricing initiatives, and new product adoption.

Management projects revenue growth for 2026 of about 8.5% year over year to roughly $7.07 billion, slightly below consensus estimates of 9.1%, driven by clearing and transaction fees, market data and information services, and other revenues. Adjusted earnings per share is projected at $12.27 versus $12.34 consensus, according to the report.

The brokerage expects continued momentum in data services and retail-driven trading activity but flagged tougher year-over-year comparisons in Q2 due to prior-period macro volatility, while maintaining a constructive outlook on CME's structural growth drivers.

RBC maintained its sector perform rating on the stock with a price target of $302.

Price: $283.06, Change: $-2.65, Percent Change: -0.93%

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