tickdelta
Sign in

Tickdelta is free for now. Sign up and get Pro free

← Screener

CMECME Group

Financials · Exchanges & Brokers · Nasdaq
Compare with peers → Embed
The 10-K against last year's

95 changes: 21 added, 11 removed, 62 reworded, 1 quiet changes

10-K Feb 26, 2026 vs Feb 27, 2025
Risk FactorsRedline ↓
14.0%
of the text changed · 9,582 words now
11.2%
of the text changed · 9,292 words now
Legal ProceedingsRedline ↓
26.0%
of the text changed · 448 words now
Accounting PoliciesRedline ↓
9.5%
of the text changed · 3,324 words now

10-K 0001156375-26-000009 (2026-02-26) vs 10-K 0001156375-25-000021 (2025-02-27)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Accounting Policies 229 words changed in this paragraph; it is 31% similar to last year's version.
In November 2024, September 2025, the FASB issued final an accounting standards update that clarifies and modernizes the accounting for costs related to internal-use software. The guidance requiring public business removes all references to project stages and clarifies the threshold entities apply to begin capitalizing costs. With the removal of all references to project stages, the new guidance requires entities to provide disclosures, in tabular format, of each relevant expense line item on the face begin capitalizing software costs when both of the income statement in continuing operations as disaggregated into following occur: (a) management, with the following: purchases relevant authority, implicitly or explicitly authorizes and commits to funding a computer software project and (b) it is probable that the project will be completed and the software will be used to perform the function intended. The guidance specifies that the property, plant, and equipment disclosure requirements apply to capitalized software costs, regardless of inventory, employee compensation, depreciation, intangible asset amortization and depreciation, depletion and amortization of capitalized acquisition, exploration and development how those costs recognized as part of oil- and gas-producing activities, or other amounts of depletion expense. Specified expenses, gains, or losses that are already disclosed under existing U.S. GAAP are required to be included presented in the disaggregated income statement expense line item disclosures, and any remaining amounts need to be described qualitatively. financial statements. The disclosures are guidance is effective beginning in 2027, and required 2028, on an interim and annual and interim basis. Entities may apply the guidance prospectively using a prospective, retrospective, or retrospectively. modified transition approach. Early adoption is permitted. Adoption of this guidance is not expected to have a material impact on our consolidated financial statements.

Source: Item 8, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001156375-26-000009 vs Item 8, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001156375-25-000021

Risk Factors 152 words changed in this paragraph; it is 44% similar to last year's version.
A substantial part of our working capital may be at risk if a clearing firm defaults on its obligations to our clearing house and its margin and guaranty fund deposits are insufficient to meet its obligations. Additionally, BrokerTec Americas is exposed to the potential risk of loss in the event a counterparty fails to meet its obligations. Although Later in 2026, we expect to launch clearing services for U.S. Treasury cash and repo transactions. While we have policies a long history in, and procedures to help ensure that our clearing firms and other counterparties can satisfy their obligations, these policies and procedures may not succeed in detecting problems or preventing defaults. We also have in place various measures intended to enable us to cure any default and maintain liquidity. However, we cannot guarantee that these measures will be sufficient to protect market participants from a default or that we will not be adversely affected in the event of a significant default. In addition, we have established a fund (currently $98.0 million) to provide payments, up to certain maximum levels, to qualified family farmers, ranchers and other agricultural industry participants who use our products and who suffer losses to their segregated account balances if their clearing firm becomes insolvent. deep understanding of, risk

Source: Item 1A, 10-K 0001156375-26-000009 vs Item 1A, 10-K 0001156375-25-000021

MD&A 113 words changed in this paragraph; it is 31% similar to last year's version.
Overall energy contract volume increased in 2024 2025 when compared with 2023. 2024, due to higher overall volatility. We believe crude oil volatility was higher as a result of geopolitical tensions across the increase globe, a shift in volume is due to uncertainty in global supply levels, and the global energy markets caused by multiple geopolitical conflicts in the Middle East potential economic impacts of anticipated and Eastern Europe. In addition, implemented tariffs. Natural gas volatility remained high as a result of uncertain weather conditions throughout and a shift in supplies in the year led to an increase U.S. in overall natural gas volume. We also believe the increase in volume is due our additional client outreach efforts 2025, which impacted prices throughout the year. We believe these factors contributed to higher overall energy volume in 2025 compared with 2024.

Source: Item 7, 10-K 0001156375-26-000009 vs Item 7, 10-K 0001156375-25-000021

Legal Proceedings 81 words changed in this paragraph; it is 75% similar to last year's version.
A putative class action complaint was filed January 15, 2014 in the Circuit Court of Cook County, Chancery Division, against CME Group Inc. and the Board of Trade of the City of Chicago, Inc. The plaintiffs, certain Class B shareholders of CME Group and Class B members of CBOT, allege breach of contract and breach of the implied covenant of good faith and fair dealing for violations of their core rights granted in the defendants’ respective Certificates of Incorporation. On December 2, 2021, the court granted the plaintiffs’ motion for certification of a damages-only class. In early 2024, the defendants moved for summary judgment on all claims. The On April 16, 2025, the court heard oral argument on that granted the motion on January 31, 2025. Should in part and denied the case proceed past summary judgment in whole or motion in part, the Court has and set the matter remaining claims for a jury trial starting trial. After a three week trial, on July 7, 2025. 25, 2025, the jury returned a unanimous verdict in favor of the defendants on all counts. Plaintiffs have filed a post-trial motion seeking a new trial, and we expect the plaintiffs to appeal the verdict should the post-trial motions be denied.

Source: Item 3, via Note 12 – CONTINGENCIES, 10-K 0001156375-26-000009 vs Item 3, via Note 12 – CONTINGENCIES, 10-K 0001156375-25-000021

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of CME's Risk Factors and MD&A, 10-K 2026-02-26 against 10-K 2025-02-27. Each links to the text at sec.gov.

AddedRisk Factors
Legislation regarding the regulatory market structure applicable to the trading and clearing of spot digital assets is currently being considered in Congress. It is not yet certain whether the legislation will be signed into law or whether it will have any impact on listed derivatives regulation.

Read it in 10-K 2026-02-26 at sec.gov ↗

AddedRisk Factors
The legal status of certain event-based contracts, most notably those based on sports events, is the subject of litigation in various jurisdictions. The outcome of these cases, new laws or regulations, or changes in the interpretation of existing laws or regulations could immediately or subsequently impact our ability to offer certain event contracts and could subject us to additional litigation or regulatory scrutiny.

Read it in 10-K 2026-02-26 at sec.gov ↗

AddedRisk Factors
•market and sell their services more effectively because of their existing customer and alliance partner relationships, as well as their recognized brand names; or

Read it in 10-K 2026-02-26 at sec.gov ↗

AddedRisk Factors
performance, availability, resilience, capacity, security, and speed demanded by our customers, our ability to successfully compete, along with our revenues and profits, will be adversely affected.

Read it in 10-K 2026-02-26 at sec.gov ↗

AddedRisk Factors
Trading volume in our markets and products is largely driven by the degree of volatility - the magnitude and frequency of fluctuations - in prices and levels of the underlying commodities, securities, indices, financial benchmarks or other instruments. Volatility increases the need to hedge price risk and creates opportunities for investment and speculative or arbitrage trading. Were there to be a sustained period of stability in the prices or levels of the underlying commodities, securities, indices, benchmarks or other instruments of our products, we could experience lower trading volumes, slower growth or declines in revenues.

Read it in 10-K 2026-02-26 at sec.gov ↗

AddedRisk Factors
Because our cost structure is largely fixed, if demand for our current products and services declines for any reason, we may not be able to adjust our cost structure to counteract the associated decline in revenues, which would cause our net income to decline.

Read it in 10-K 2026-02-26 at sec.gov ↗

AddedRisk Factors
A substantial part of our working capital may be at risk if a clearing firm defaults on its obligations to our clearing house and its margin and guaranty fund deposits are insufficient to meet its obligations. Additionally, BrokerTec Americas is exposed to the potential risk of loss in the event a counterparty fails to meet its obligations. Later in 2026, we expect to launch clearing services for U.S. Treasury cash and repo transactions. While we have a long history in, and deep understanding of, risk

Read it in 10-K 2026-02-26 at sec.gov ↗

Show the other 13
AddedRisk Factors
To the extent we acquire a new business, the process of integration also may produce unforeseen regulatory and operating difficulties and expenditures and may divert the attention of management from the ongoing operation of our business. To the

Read it in 10-K 2026-02-26 at sec.gov ↗

AddedRisk Factors
available, whether we would be able to obtain such licenses on commercially reasonable terms. If we were unable to obtain such licenses, we may not be able to redesign our products or services at a reasonable cost to avoid infringement, which could materially adversely affect our business, financial condition and operating results.

Read it in 10-K 2026-02-26 at sec.gov ↗

AddedRisk Factors
Our use of artificial intelligence in our business may be unsuccessful and may give rise to various risks, which could adversely affect our business, reputation or operating results.

Read it in 10-K 2026-02-26 at sec.gov ↗

AddedRisk Factors
Our financial performance depends, in part, on our ability to develop and market new and innovative services that differentiate our products or provide cost efficiencies, while avoiding increased related expenses. As artificial intelligence is a new and evolving technology in the early stages of commercial use, there are significant risks involved in the development and deployment of artificial intelligence. Moreover, there can be no assurance that our use of artificial intelligence in our business processes, system development, operations, or as part of our product and service offerings will enhance our products or services or augment our business or operating results. Market acceptance of artificial intelligence technologies is uncertain, and we may be unsuccessful in our product development efforts. Our artificial intelligence-related product initiatives and offerings, or use in our internal business operations, may give rise to risks related to accuracy, bias, discrimination, intellectual property infringement, misappropriation or leakage of intellectual property, defamation, data privacy and cybersecurity, among others. We are also exposed to risks related to the use of artificial intelligence technologies by third-party service providers, clients and other financial intermediaries. Risks related to our development and use of artificial intelligence include the possibility of new or enhanced laws or regulations or novel enforcement of existing laws related to artificial intelligence, compliance with which may be costly and burdensome or involve changes to our business practices or products, litigation or other legal liability, or additional oversight, audits or enforcement under existing laws or regulations. Our use of artificial intelligence may also give rise to ethical concerns or negative public perceptions, which may cause brand or reputational harm. Additionally, our existing competitors or new entrants may be developing their own artificial intelligence products and technologies, which may be superior in features or functionality, or cost, to our offerings. Any of these factors could adversely affect our business, reputation or operating results.

Read it in 10-K 2026-02-26 at sec.gov ↗

AddedMD&A
Our cryptocurrency contract volume was higher in 2025 when compared to 2024, as a result of the continued broader acceptance of cryptocurrency products.

Read it in 10-K 2026-02-26 at sec.gov ↗

AddedMD&A
Overall energy contract volume increased in 2025 when compared with 2024, due to higher overall volatility. We believe crude oil volatility was higher as a result of geopolitical tensions across the globe, a shift in global supply levels, and the potential economic impacts of anticipated and implemented tariffs. Natural gas volatility remained high as a result of uncertain weather conditions and a shift in supplies in the U.S. in 2025, which impacted prices throughout the year. We believe these factors contributed to higher overall energy volume in 2025 compared with 2024.

Read it in 10-K 2026-02-26 at sec.gov ↗

AddedMD&A
Overall metal contract volume increased in 2025 when compared with 2024. We believe gold and silver volumes increased as a result of increased price volatility caused by investors using these metals as a safe-haven alternative investment due to uncertainty in other markets. In addition, the increase in volume was due to additional use of our metal products by our retail client base. The decrease in copper volume is due to reductions in demand for the metal due to economic instability as well as the continued tariff risk associated with copper. We believe these factors contributed to higher overall metals volume in 2025 when compared with 2024.

Read it in 10-K 2026-02-26 at sec.gov ↗

AddedMD&A
•Professional fees expense increased due to transaction-related costs including banking and legal fees resulting from the sale of the OSTTRA joint venture in the fourth quarter of 2025.

Read it in 10-K 2026-02-26 at sec.gov ↗

AddedMD&A
•The decrease in professional fees related to the Google Cloud transformation project, which began in late 2021, was the result of a shift in need from an overall project consulting focus to a technology migration focus.

Read it in 10-K 2026-02-26 at sec.gov ↗

AddedMD&A
•Occupancy and building operations expense primarily decreased due to gains recognized in 2025 due to a reduction in our leased office space as well as lower rent and data center occupancy costs.

Read it in 10-K 2026-02-26 at sec.gov ↗

AddedMD&A
We maintain a share repurchase program under which we are authorized to repurchase up to $3.0 billion of our outstanding Class A common stock, par value $0.01 per share (the common stock), from time to time through open market transactions, block trades, privately negotiated purchase transactions or other purchase techniques and may include purchases effected pursuant to one or more trading plans established pursuant to Rule 10b5-1 under the Exchange Act. The timing of any repurchases and the number of shares repurchased under the share repurchase program are within our discretion and may be affected by various factors, including general market and economic conditions; the market price of the common stock; CME Group’s earnings, financial condition, capital requirements and levels of indebtedness; legal requirements; and other

Read it in 10-K 2026-02-26 at sec.gov ↗

AddedMD&A
considerations. The share repurchase program has no expiration date, does not obligate us to acquire any particular amount of common stock and may be modified, suspended or terminated at any time. As of December 31, 2025, the maximum remaining value of shares to be repurchased was $2.7 billion.

Read it in 10-K 2026-02-26 at sec.gov ↗

Next Related parties →