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
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
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
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 ↗
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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
•Legal fees were higher primarily due to the class action lawsuit litigation in the second and third 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 ↗