Core Viewpoint - CME Group's third-quarter 2025 earnings report shows adjusted earnings per share of $2.68, surpassing estimates, but revenues have declined year-over-year due to lower clearing and transaction fees and trading volumes [2][3]. Financial Performance - Revenues for CME Group were $1.5 billion, reflecting a 2.9% decrease year-over-year, primarily driven by lower clearing and transaction fees [3]. - Total expenses increased by 0.8% year-over-year to $565 million, exceeding estimates due to higher compensation, technology, and professional fees [3]. - Operating income fell by 5% from the prior year to $972.6 million, below the estimated $1 billion [4]. Trading Volume and Rates - Average daily volume (ADV) reached a record of 25.3 million contracts, down 10.4% year-over-year, with declines across various product lines [4]. - The total average rate per contract was 70.2 cents [4]. Financial Position - As of September 30, 2025, CME Group had $3.6 billion in cash and marketable securities, an 8.5% decrease from the end of 2024 [5]. - Long-term debt increased by 27.7% to $3.4 billion, while shareholders' equity rose by 6.4% to $28.2 billion [5]. Capital Deployment - CME Group distributed $3.5 billion in dividends during the first nine months of 2025, totaling $29.5 billion since the introduction of the variable dividend policy in early 2012 [6]. Market Sentiment - Recent estimates have remained flat, indicating a stable outlook from investors [7]. - CME Group holds a Zacks Rank of 3 (Hold), suggesting an expectation of in-line returns in the coming months [10]. VGM Scores - CME Group has a poor Growth Score of F, a Momentum Score of B, and a Value Score of D, placing it in the bottom 40% for value investors, resulting in an overall VGM Score of F [8].

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