CME · Earnings call · 2026Q3T · Full report

Operating Expense Trends

CME GROUP INC. · 2026-10-21 · Importance 31 · Surprise 6

Adjusted expenses totaled $532 million in the third quarter and were $428 million excluding license fees. Management attributed the increase in license fees primarily to strong equity activity, with equity-complex volume up 23% year over year. The license-fee impact was therefore linked to higher activity rather than a separately stated cost-reduction or restructuring program.