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Research Alert: Cme: Q1 Eps Miss Despite Record Results; Margin Expands To 72.8%

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CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

CME Group Inc. (CME) posted strong Q1 2026 results with adjusted EPS of $3.36 vs. $2.80 in the prior year, missing consensus by $0.01, while revenue of $1.88B grew 14% Y/Y but missed estimates by 1%. Despite the misses, this was a record quarter with revenue, market data, net income, and EPS all hitting record highs. We attribute the misses to lofty expectations rather than company weakness, as CME demonstrated exceptional operational performance. ADV surged 22% to a record 36.2M contracts with broad-based growth across all six asset classes, led by metals (+130% Y/Y) and energy (+37%). However, the rate per contract declined 5% to $0.652, pressuring profitability. Market data revenue accelerated 15% to a record $224M, continuing double-digit growth and providing valuable recurring revenue stability. We believe CME's extraordinary 72.8% operating margin (+170 bps Y/Y) reinforces the quality of its market infrastructure franchise while investing in strategic initiatives.

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