CME

The end of an earnings season can be a great time to discover new stocks and assess how companies are handling the current business environment. Let’s take a look at how CME Group (NASDAQ:CME) and the rest of the financial exchanges & data stocks fared in Q2. Financial exchanges and data providers operate trading platforms and sell market information. They enjoy relatively stable revenue from trading fees and subscriptions, increasing demand for data analytics, and expansion opportunities in emerging markets. Challenges include regulatory oversight of market structure, competition from alternative trading venues, and substantial technology investments needed to maintain low-latency trading infrastructure and data security. The 10 financial exchanges & data stocks we track reported a satisfactory Q2. As a group, revenues beat analysts’ consensus estimates by 1.6%. Thankfully, share prices of the companies have been resilient as they are up 8.4% on average since the latest earnings results. Born from the Chicago Mercantile Exchange founded in 1898 as a butter and egg trading venue, CME Group (NASDAQ:CME) operates the world's largest derivatives marketplace where traders can buy and sell futures and options contracts across interest rates, equities, currencies, commodities, and more. CME Group reported revenues of $1.71 billion, flat year on year. This print exceeded analysts’ expectations by 1.7%. Overall, it was a satisfactory quarter for the company with a decent beat of analysts’ EBITDA estimates. Interestingly, the stock is up 16% since reporting and currently trades at $275.30. Is now the time to buy CME Group? Access our full analysis of the earnings results here, it’s free. Founded in 1984 by Joe Mansueto with just $80,000 in personal savings, Morningstar (NASDAQ:MORN) provides independent investment data, research, and analysis tools that help investors, advisors, and institutions make informed financial decisions. Morningstar reported revenues of $663.2 million, up 9.6% year on year, outperforming analysts’ expectations by 2.2%. The business had a very strong quarter with an impressive beat of analysts’ EBITDA and EPS estimates. The market seems happy with the results as the stock is up 8.8% since reporting. It currently trades at $216.12. Is now the time to buy Morningstar? Access our full analysis of the earnings results here, it’s free. Tracing its roots back to 1860 when it published the first railroad industry manual, S&P Global (NYSE:SPGI) provides credit ratings, market intelligence, commodity data, automotive analytics, and financial indices that help investors and businesses make decisions. S&P Global reported revenues of $4.15 billion, up 10.4% year on year, exceeding analysts’ expectations by 1%. Still, it was a slower quarter as it posted full-year EPS guidance slightly missing analysts’ expectations and a significant miss of analysts’ EPS estimates. As expected, the stock is down 1.9% since the results and currently trades at $431.50. Read our full analysis of S&P Global’s results here. Originally known as Morgan Stanley Capital International before becoming independent in 2007, MSCI (NYSE:MSCI) provides critical decision support tools, indexes, and analytics that help global investors understand risk and return factors and build more effective investment portfolios. MSCI reported revenues of $867 million, up 12.2% year on year. This result met analysts’ expectations. Zooming out, it was a mixed quarter as it recorded a miss of analysts’ EBITDA estimates. MSCI had the weakest performance against analyst estimates of the whole group. The stock is down 9.7% since reporting and currently trades at $564.21. Read our full, actionable report on MSCI here, it’s free. Originally founded in 1971 as the world's first electronic stock market, Nasdaq (NASDAQ:NDAQ) operates global exchanges and provides technology, data, and corporate services that help companies, investors, and financial institutions navigate capital markets. Nasdaq reported revenues of $1.5 billion, up 14.9% year on year. This print surpassed analysts’ expectations by 3%. It was a very strong quarter as it also produced an impressive beat of analysts’ EBITDA and EPS estimates. The stock is up 7.9% since reporting and currently trades at $98.13. Read our full, actionable report on Nasdaq here, it’s free. Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership. Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products. By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals. Want to invest in winners with rock-solid fundamentals? Check out our Top 6 Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.

A month has gone by since the last earnings report for CME Group (CME). Shares have added about 6.5% in that time frame, outperforming the S&P 500. But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is CME due for a pullback? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent drivers for CME Group Inc. before we dive into how investors and analysts have reacted as of late. CME Q2 Earnings Beat Estimates on Record Market Data GrowthCME Group's second-quarter 2026 adjusted earnings of $2.99 per share beat the Zacks Consensus Estimate of $2.91 by 2.7%. The bottom line increased 1% from the year-ago quarter. Revenues of $1.70 billion surpassed the consensus estimate of $1.68 billion by 1.2% and rose 1% year over year.The quarter benefited from record market data revenues and resilient trading activity, with average daily volume reaching 29.8 million contracts, the third-highest quarterly level in the company's history. Revenue growth was driven by record market data and information services revenues, which rose 20% year over year to $238.1 million. Clearing and transaction fee revenues totaled $1.35 billion, while total revenues increased to $1.71 billion from $1.69 billion in the prior-year quarter.The company also generated $115.6 million in other revenues, which grew 9.2% year over year. Total average rate per contract improved to 67.8 cents from 65.2 cents in the first quarter of 2026, reflecting lower volume tiering and a lower member mix. Trading activity remained strong despite lapping a record second quarter of 2025. Average daily volume totaled 29.8 million contracts, representing the company's third-highest quarterly ADV.Financial products averaged 24.2 million contracts daily, while commodities averaged 5.7 million. Equity Index ADV increased 13% year over year to 8.6 million contracts, Agricultural products ADV rose 6% to a record quarterly level of 2.1 million, and Metals ADV advanced 5% to 865,000 contracts. Non-U.S. ADV reached 9.1 million contracts, marking the third-highest international quarterly volume in the company's history. Total expenses increased to $599.1 million from $562.7 million in the year-ago quarter. Operating income was $1.11 billion compared with $1.13 billion a year earlier.On an adjusted basis, operating expenses were $521.2 million and adjusted operating income totaled $1.19 billion. Adjusted operating margin remained strong at 69.5%, while adjusted net income increased 1% year over year to $1.08 billion. CME continued to broaden its product lineup during the quarter. The company commenced 24/7 trading for its cryptocurrency futures suite and announced that 1-Ounce Gold futures would also begin trading around the clock.Management also unveiled plans to launch Single Stock futures during the third quarter of 2026, introduce Compute futures later this year, roll out Treasury Link in the fourth quarter and expand CME Securities Clearing. These initiatives are intended to broaden the customer base and strengthen risk-management capabilities across asset classes. CME ended the quarter with approximately $2.3 billion in cash and $3.4 billion of debt. During the quarter, the company paid regular dividends of approximately $468 million and repurchased $695 million of common shares.Management expects full-year adjusted operating expenses, excluding license fees, of approximately $1.695 billion and capital expenditures, net of leasehold improvement allowances, of roughly $85 million. The adjusted effective tax rate is projected to be at the low end of the previously communicated 23.5-24.5% range. July trading activity has remained strong, with average daily volume trending toward the highest July in company history. In the past month, investors have witnessed a downward trend in estimates review. At this time, CME has a poor Growth Score of F, a score with the same score on the momentum front. Charting a somewhat similar path, the stock has a score of D on the value side, putting it in the bottom 40% for this investment strategy. Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending downward for the stock, and the magnitude of these revisions looks promising. Notably, CME has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CME Group Inc. (CME) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

StoneX Group Inc. SNEX combines rapid earnings growth, expanding client activity and acquisition-driven scale. The complication is price. Shares trade above both their five-year median valuation and the Zacks sub-industry multiple, raising the bar for continued execution.That leaves investors weighing two credible forces. Earnings momentum and broader client engagement support the bull case, while revenue-capture pressure, higher costs and a richer multiple argue for discipline. The Zacks Consensus Estimate calls for fiscal 2026 earnings of $4.35 per share, up from $2.62 in fiscal 2025. Fiscal 2027 earnings are projected at $4.45 per share, indicating that the current earnings step-up is expected to hold rather than fully reverse. Earnings Estimates Image Source: Zacks Investment Research The fiscal 2026 consensus revenue estimate implies 41.9% year-over-year growth. StoneX's diversified platform, elevated trading volumes and acquisition activity support that outlook, while higher platform utilization and cross-selling could help sustain profitability as the business scales. Sales Estimates Image Source: Zacks Investment Research SNEX trades at 14.59X forward 12-month earnings. That compares with its five-year median of 10.75X and the industry's 13.28X, so investors are paying a premium to StoneX's own history and its peer group.The premium is manageable if earnings continue to expand, but it leaves less room for disappointment. Slower trading activity, weaker cross-selling or continued pressure on revenue capture could weigh on earnings momentum and compress the valuation multiple. P/E F12M Image Source: Zacks Investment Research Global Prime is one of the clearest growth avenues. The business serves more than 700 accounts with almost $16 billion in client balances and generated nearly $140 million in net operating revenues over the trailing 12 months. StoneX is also investing in automation and artificial intelligence to expand Payments without proportionate cost growth.Industry activity offers useful context. Interactive Brokers Group IBKR reported record client accounts and total client daily average revenue trades in the second quarter of 2026. CME Group Inc. CME reported record June average daily volume of 30.6 million contracts, up 19% year over year. Those trends underscore the broader opportunity for platforms that monetize sustained market participation. Payments remains a pressure point because revenue per million has been declining even as volume grows. Self-Directed/Retail also weakened, with operating revenues down 13% in the fiscal third quarter as lower foreign-exchange and contracts-for-difference activity hurt results.Costs are rising with expansion. Total fixed compensation and other expenses increased 22% year over year in the latest quarter, while non-trading technology and support costs climbed 43%. Net bad debt expense also increased in the first nine months of fiscal 2026, adding another risk if market volatility produces greater client stress. The decision is not simply buy or avoid. StoneX has enough earnings momentum and business expansion to support a constructive view, but the current valuation means investors are relying on continued execution. For those sensitive to entry price, waiting for a better valuation could still be reasonable. Over the past week, shares of StoneX have declined 14%. One Week Price Performance Image Source: Zacks Investment Research SNEX currently sports a Zacks Rank #1 (Strong Buy). Likewise, Interactive Brokers sports a Zacks Rank #1, while CME Group has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.StoneX also has a VGM Score of A and Momentum Score of A, along with a Value Score of B and Growth Score of B. The combination of a top Zacks Rank with A or B Style Scores is generally favorable for near-term stock selection, but it does not remove the valuation, margin and credit risks investors should weigh. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report StoneX Group Inc. (SNEX) : Free Stock Analysis Report CME Group Inc. (CME) : Free Stock Analysis Report Interactive Brokers Group, Inc. (IBKR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

StoneX Group Inc. SNEX paired a sizable fiscal third-quarter earnings beat with broader contributions from its expanded platform. Earnings, operating revenues and net income all rose sharply year over year as Commercial and Institutional activity strengthened.The next question is whether that momentum can extend beyond the quarter. Progress on R.J. O’Brien integration synergies supports the case, although retail weakness, revenue-capture pressure and a larger expense base remain important offsets. Fiscal third-quarter 2026 earnings rose 85.2% year over year to $1.00 per share, topping the Zacks Consensus Estimate of 76 cents by 31.6%. Operating revenues increased 43.3% to $1.47 billion and exceeded the consensus mark of $1.32 billion. Earnings Surprise History Image Source: Zacks Investment Research Net income more than doubled to $127.9 million from $63.4 million. Net operating revenues also advanced 47% to $719.7 million, reflecting gains across listed derivatives, over-the-counter derivatives, securities, physical contracts and interest and fees earned on client balances. Commercial operating revenues jumped 97% to $452.2 million. Segment income increased 119% to $181.4 million as listed derivatives, over-the-counter derivatives and physical contracts all recorded substantial year-over-year growth.Institutional operating revenues rose 40% to $875.3 million, while segment income increased 49% to $129.9 million. Securities average daily volume climbed 33% to $12.26 billion, and the R.J. O’Brien acquisition contributed 27 million listed derivatives contracts during the quarter.Trading activity across the broader market provides additional context. CME Group Inc. CME reported a record June average daily volume of 30.6 million contracts, up 19% year over year, while Interactive Brokers Group, Inc. IBKR said total client daily average revenue trades reached a record in its second quarter. R.J. O’Brien integration remains on track to be largely completed in fiscal 2026. Annualized synergies reached about $38 million by the end of the fiscal third quarter and are expected to move closer to $45-$46 million by fiscal year-end.Management remains confident in achieving the $50 million annualized synergy target, with the remaining benefits expected in fiscal 2027. The acquired business is already influencing the operating base through higher listed derivatives activity, client balances and related interest income. As such, the Zacks Consensus Estimate for sales suggests year-over-year growth of 41.9% for fiscal 2026 and 2.9% for fiscal 2027. Sales Estimates Image Source: Zacks Investment Research Self-Directed/Retail operating revenues declined 13% to $96.3 million and segment income fell 36% to $24.9 million. Foreign-exchange and contracts-for-difference operating revenues dropped 19% as average daily volume decreased 27%.Costs also moved higher as the platform expanded. Total fixed compensation and other expenses rose 22% to $314.2 million, fixed compensation and benefits increased 21% and non-trading technology and support costs climbed 43%. These trends raise the importance of continued revenue growth and acquisition benefits. The quarter strengthens the case that StoneX can benefit from broader client activity and integration gains, but the investment setup still depends on execution. Reaching the remaining R.J. O’Brien synergy target while offsetting retail softness and higher costs will be important to sustaining earnings momentum.The Zacks Consensus Estimate calls for fiscal 2026 earnings of $4.35 per share, up from $2.62 in fiscal 2025. Fiscal 2027 earnings are projected at $4.45 per share, indicating that the current earnings step-up is expected to hold rather than fully reverse. Earnings Estimates Image Source: Zacks Investment Research SNEX currently sports a Zacks Rank #1 (Strong Buy). Likewise, Interactive Brokers sports a Zacks Rank #1, while CME Group has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.StoneX also has a Momentum Score of A and VGM Score of A, along with a Value Score of B and Growth Score of B. The combination of a top Zacks Rank with A or B Style Scores points to favorable near-term characteristics, though it does not eliminate integration, cost or revenue-capture risks. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report StoneX Group Inc. (SNEX) : Free Stock Analysis Report CME Group Inc. (CME) : Free Stock Analysis Report Interactive Brokers Group, Inc. (IBKR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Get insights on thousands of stocks from the global community of over 7 million individual investors at Simply Wall St. CME Group’s fair value estimate has been trimmed from US$289.00 to about US$282.36, a reduction of roughly 2.3% that reflects updated model assumptions. This more measured price target sits alongside a split analyst narrative, with some research pointing to strong earnings and product moats, while others highlight competitive threats and softer volume assumptions. As you read on, you will see how these moving parts are shaping the evolving story around CME Group and what to watch next. Analyst Price Targets don't always capture the full story. Head over to our Company Report to find new ways to value CME Group. Morgan Stanley and Rothschild & Co Redburn highlight CME Group’s wide product moat and see benefits from retail trading, prediction markets and ledger technology efficiencies, reflected in price targets of US$330 and US$323. Keefe Bruyette upgraded CME Group to Outperform with a US$305 target and argues that concerns around perpetual futures are overstated, pointing to CME’s index licenses and lower retail exposure. TD Cowen and RBC both acknowledge competitive threats from bitcoin perpetual futures. TD Cowen keeps a Buy rating, and RBC calls the competitive risk for CME Group manageable given product and structural differences. Several firms, including BofA and UBS, updated models after CME Group reported Q2 adjusted EPS of US$2.99, which was above consensus and BofA’s estimate, supporting the view of a resilient earnings profile. JPMorgan, BofA and Barclays maintain more cautious stances with Underweight or Underperform or Equal Weight ratings and lower price targets around US$230 to US$270. They cite softer volume assumptions and competitive pressure from ICE and BGC Group in key contracts. UBS and TD Cowen flag perpetual futures as an ongoing overhang that could constrain valuation multiples. Erste Group warns that a calmer geopolitical backdrop could reduce trading volumes and ease CME Group’s recent revenue momentum. Do your thoughts align with the Bull or Bear Analysts? Perhaps you think there's more to the story. Head to the Simply Wall St Community to discover more perspectives! We've flagged 2 risks for CME Group. See which could impact your investment. Fair value trimmed from US$289.00 to about US$282.36, a reduction of roughly 2.3% that reflects updated model assumptions. Revenue growth adjusted from about 5.36% to roughly 5.59%. Net profit margin moved from about 60.86% to roughly 58.25%. Future P/E brought down from about 27.78x to roughly 27.28x. Discount rate edged up from 7.83% to about 7.84%. Narratives link CME Group’s business story to a financial forecast and fair value, so you can see how news and data fit together. They update automatically when new information comes through, which keeps the core thesis current. Head over to the Simply Wall St Community and follow the Narrative on CME Group to stay up to date on: How global demand for risk management, growing retail engagement and expansion across EMEA and APAC feed into expected trading volumes and revenue. The role of new products such as Micro contracts, crypto offerings and tools like FX Spot+, alongside partnerships with Google Cloud and Nasdaq, in shaping CME Group’s earnings profile. Key risks from DeFi and alternative trading venues, potential regulatory shifts around derivatives and perpetuals, and periods of low volatility that could pressure volumes and margins. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include CME. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Chicago, IL – July 23, 2026– Zacks Director of Research Sheraz Mian says, "For the 81 S&P 500 companies that have reported Q2 results already, total earnings are up +40.6% from the same period last year on +13.3% higher revenues, with 91.4% beating EPS estimates and 81.5% beating revenue estimates." Note: The following is an excerpt from this week's Earnings Trends report. You can access the full report that contains detailed historical actual and estimates for the current and following periods, please click here>>> Here are the key points: The Q2 earnings season is displaying exceptional momentum, characterized by widespread beat rates and an accelerating growth pace. Both earnings and revenue growth—alongside the percentage of positive surprises—are tracking well above recent quarterly averages. While it is still relatively early in the reporting cycle, with results from only 16% of S&P 500 members out, these early results strongly validate the underlying health and resilience of the corporate earnings picture. For the 81 S&P 500 companies that have reported Q2 results already, total earnings are up +40.6% from the same period last year on +13.3% higher revenues, with 91.4% beating EPS estimates and 81.5% beating revenue estimates. This is a notably better showing from these 81 index members relative to other recent periods, both in terms of the earnings and revenue growth rates as well in terms of the beats percentages. The EPS and revenue beats percentages for these 81 index members is matching the 5-year high from 2021 Q3. The Q2 earnings and revenue growth rates have been boosted by Micron's (MU) very strong quarterly results, but the earnings and revenue growth rates would still compare favorably with other recent periods when we exclude Micron from these results. Excluding Micron, Q2 earnings for the remaining 80 index members that have reported Q2 results would be up +20.5% (vs. +40.6% otherwise) on +9.9% higher revenues (vs. +13.3% otherwise). While the big banks and brokerages provided a powerful launchpad for the Q2 earnings season, reporting momentum has rapidly expanded well beyond the Finance sector. The central theme emerging across the broader market remains one of consistent, widespread strength. Companies across a diverse spectrum of industries — ranging from General Motors and AT&T to Wabtec and CME Group — are comfortably topping consensus estimates. More importantly, management commentary across these varied sectors continues to offer reassuring signals regarding underlying demand and operational resilience in their respective markets. The proportion of companies beating both Q2 EPS and revenue estimates is tracking at a 20-quarter high. What makes this achievement particularly impressive is the backdrop: analysts actually revised Q2 estimates upward heading into reporting season. This stands in stark contrast to historical trends, where earnings expectations are typically lowered ahead of time to create an easy bar for companies to clear. Beating these elevated expectations underscores the genuine underlying strength of corporate earnings. As with estimates for Q2, estimates for full-year 2026 have also been steadily going up, particularly since the start of March. Full-year 2026 earnings estimates have increased for 11 of the 16 Zacks sectors since the start of March, with the most pronounced gains at the Energy, Basic Materials, Tech, Industrials, Utilities, and Business Services sectors. On the negative side, estimates have been under pressure for the Transportation, Autos, Medical, and Consumer Discretionary sectors since the start of March. History suggests that these favorable revisions will get a boost from the Q2 earnings season and updated management guidance. Why Haven't You Looked at Zacks' Top Stocks? Since 2000, our top stock-picking strategies have blown away the S&P's +7.7% average gain per year. Amazingly, they soared with average gains of +48.4%, +50.2% and +56.7% per year. Today you can access their live picks without cost or obligation. See Stocks Free >> Follow us on Twitter:  https://twitter.com/zacksresearch Join us on Facebook:  https://www.facebook.com/ZacksInvestmentResearch/ Zacks Investment Research is under common control with affiliated entities (including a broker-dealer and an investment adviser), which may engage in transactions involving the foregoing securities for the clients of such affiliates. Media Contact Zacks Investment Research 800-767-3771 ext. 9339 [email protected] https://www.zacks.com Zacks.com provides investment resources and informs you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms and Conditions of Service" disclaimer. www.zacks.com/disclaimer. Past performance is no guarantee of future results. Inherent in any investment is the potential for loss.This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performancefor information about the performance numbers displayed in this press release. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report AT&T Inc. (T) : Free Stock Analysis Report CME Group Inc. (CME) : Free Stock Analysis Report General Motors Company (GM) : Free Stock Analysis Report Wabtec (WAB) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

CME Group (CME) came out with quarterly earnings of $2.99 per share, beating the Zacks Consensus Estimate of $2.91 per share. This compares to earnings of $2.96 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +2.75%. A quarter ago, it was expected that this parent company of the Chicago Board of Trade and other exchanges would post earnings of $3.37 per share when it actually produced earnings of $3.36, delivering a surprise of -0.3%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. CME, which belongs to the Zacks Securities and Exchanges industry, posted revenues of $1.71 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.34%. This compares to year-ago revenues of $1.69 billion. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. CME shares have lost about 13.1% since the beginning of the year versus the S&P 500's gain of 9.7%. While CME has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for CME was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.93 on $1.69 billion in revenues for the coming quarter and $12.17 on $7.01 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Securities and Exchanges is currently in the bottom 14% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, Nasdaq (NDAQ), has yet to report results for the quarter ended June 2026. The results are expected to be released on July 23. This exchange operator is expected to post quarterly earnings of $0.98 per share in its upcoming report, which represents a year-over-year change of +15.3%. The consensus EPS estimate for the quarter has been revised 2% higher over the last 30 days to the current level. Nasdaq's revenues are expected to be $1.44 billion, up 10.6% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CME Group Inc. (CME) : Free Stock Analysis Report Nasdaq, Inc. (NDAQ) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

CME Group's CME second-quarter 2026 adjusted earnings of $2.99 per share beat the Zacks Consensus Estimate of $2.91 by 2.7%. The bottom line increased 1% from the year-ago quarter. Revenues of $1.70 billion surpassed the consensus estimate of $1.68 billion by 1.2% and rose 1% year over year.The quarter benefited from record market data revenues and resilient trading activity, with average daily volume reaching 29.8 million contracts, the third-highest quarterly level in the company's history. CME Group Inc. price-consensus-eps-surprise-chart | CME Group Inc. Quote Revenue growth was driven by record market data and information services revenues, which rose 20% year over year to $238.1 million. Clearing and transaction fee revenues totaled $1.35 billion, while total revenues increased to $1.71 billion from $1.69 billion in the prior-year quarter.The company also generated $115.6 million in other revenues, which grew 9.2% year over year. Total average rate per contract improved to 67.8 cents from 65.2 cents in the first quarter of 2026, reflecting lower volume tiering and a lower member mix. Trading activity remained strong despite lapping a record second quarter of 2025. Average daily volume totaled 29.8 million contracts, representing the company's third-highest quarterly ADV.Financial products averaged 24.2 million contracts daily, while commodities averaged 5.7 million. Equity Index ADV increased 13% year over year to 8.6 million contracts, Agricultural products ADV rose 6% to a record quarterly level of 2.1 million, and Metals ADV advanced 5% to 865,000 contracts. Non-U.S. ADV reached 9.1 million contracts, marking the third-highest international quarterly volume in the company's history. Total expenses increased to $599.1 million from $562.7 million in the year-ago quarter. Operating income was $1.11 billion compared with $1.13 billion a year earlier.On an adjusted basis, operating expenses were $521.2 million and adjusted operating income totaled $1.19 billion. Adjusted operating margin remained strong at 69.5%, while adjusted net income increased 1% year over year to $1.08 billion. CME continued to broaden its product lineup during the quarter. The company commenced 24/7 trading for its cryptocurrency futures suite and announced that 1-Ounce Gold futures would also begin trading around the clock.Management also unveiled plans to launch Single Stock futures during the third quarter of 2026, introduce Compute futures later this year, roll out Treasury Link in the fourth quarter and expand CME Securities Clearing. These initiatives are intended to broaden the customer base and strengthen risk-management capabilities across asset classes. CME ended the quarter with approximately $2.3 billion in cash and $3.4 billion of debt. During the quarter, the company paid regular dividends of approximately $468 million and repurchased $695 million of common shares.Management expects full-year adjusted operating expenses, excluding license fees, of approximately $1.695 billion and capital expenditures, net of leasehold improvement allowances, of roughly $85 million. The adjusted effective tax rate is projected to be at the low end of the previously communicated 23.5-24.5% range. July trading activity has remained strong, with average daily volume trending toward the highest July in company history. CME currently sports a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. The Progressive Corporation’s PGR second-quarter 2026 earnings per share of $4.85 beat the Zacks Consensus Estimate by 3.2%. The bottom line, however, decreased 6.1% year over year. Net premiums written were $21.1 billion in the quarter, up 5% from $20.1 billion a year ago.Net premiums earned grew 6% to $21.6 billion. The reported figure met the Zacks Consensus Estimate. Net realized gains on securities were $604 million, up 56% year over year. Combined ratio — the percentage of premiums paid out as claims and expenses — deteriorated 110 basis points from the prior-year quarter’s level to 87.1.The Travelers Companies, Inc. TRV reported second-quarter 2026 core income of $10.04 per share, which beat the Zacks Consensus Estimate of $5.21 by 92.7%. The bottom line climbed 54% year over year. Revenues of $12.09 billion missed the Zacks Consensus Estimate of $12.27 billion by 1.5%.Net investment income rose 14% year over year to $1.07 billion pre-tax ($883 million after tax). The combined ratio improved 670 basis points year over year to 83.6%, reflecting lower catastrophe losses, stronger reserve development and a better underlying combined ratio.W.R. Berkley Corporation WRB reported second-quarter 2026 operating income of $1.27 per share, which beat the Zacks Consensus Estimate by 16.5%. The bottom line increased 21% year over year. W.R. Berkley’s net premiums written were about $3.4 billion, up 2.4% year over year. The figure surpassed our estimate of $3.4 billion.Operating revenues totalled $ 3.8 billion, up 3.6% year over year.  The top line surpassed the consensus estimate by 1.87%. Net investment income grew 10.4% to $418.7 million, supported by higher invested assets and higher portfolio yields. The figure topped our estimate of $407 million. The consensus estimate was $395.6 million. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CME Group Inc. (CME) : Free Stock Analysis Report The Travelers Companies, Inc. (TRV) : Free Stock Analysis Report W.R. Berkley Corporation (WRB) : Free Stock Analysis Report The Progressive Corporation (PGR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research