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Management credibility scorecard

CME Group (CME)

4 quarters tracked (Q4'25 to Q3'26) · latest call October 21, 2026
Get the next CME call sheet
92%
Kept of 12 resolved
11
Kept or exceeded
1
Missed
11
Still pending
Share count, 3 yrs/yr · flat

Score History

QuarterCall dateDisclosureFinancial qualityKeptMissed
Q3'26October 21, 20268/122 medium, 5 low flags30Call sheet →
Q2'26July 22, 20266/122 high, 4 medium, 2 low flags21Call sheet →
Q1'26April 22, 202611/123 medium, 3 low flags30Call sheet →
Q4'25February 4, 20269/121 medium, 6 low flags30Call sheet →
Disclosure: the 6-item rubric, each scored 0-2, out of 12. Financial quality: flagged indicators by severity. Kept and missed count the prior-quarter promises scored on that call.

Promise Ledger · All Quarters

MarkedStatusPromise
Q3'26DeliveredI think we'll know more at the end of August as it relates to what the CFTC's response is to the court to our case
Period ended before the Q3 call; management provided the promised update: motion to dismiss filed and opposed, with full briefing expected to the judge in December.
Q3'26PendingWe're also partnering with Silicon Data to launch a pioneering Compute Futures market later this year
Period ('later this year', 2026) has not technically ended, but the CFTC comment period only concludes November 9th with timing described as 'still unknown', making an on-time 2026 launch increasingly unlikely.
Q3'26PendingIn the fourth quarter, we plan to launch Treasury Link
Period has not ended (Q4 2026). Treasury Link is live in a new release environment for client testing as of the Q3 call, consistent with an on-track Q4 launch.
Q3'26DeliveredThis weekend we are launching twenty-four seven trading of our one-ounce gold contract
Confirmed live and expanded to also include the 100-ounce silver contract by Q3.
Q3'26DeliveredNext week, we will be launching Single Stock futures
Launched and generated 350,000 contracts / $3.5B notional by the Q3 call.
Q2'26DeliveredFICC cross-margining for end clients April 30
Approved and launched as promised
Q2'26MissedContinue momentum from record 2025
Q2 showed clear deceleration across key metrics
Q2'26PendingTwo agricultural products migrating to cloud by year-end
Not mentioned this quarter, concerning silence
Q2'26PendingMicro Equity Index options to be financially settled
Filed but not yet implemented
Q2'26PendingDallas facility opening summer for cloud testing
Still on track per management but no specific date given
Q2'26Delivered24/7 crypto trading scheduled to go live May 29
Launched on schedule with $1.5B traded over first 8 weekends
Q1'26PendingAgricultural products cloud migration by end of year
Dallas testing facility opens summer 2026, two products by year-end
Q1'26DeliveredExtend CME FICC cross-margining to end users early 2026
April 30 launch confirmed with regulatory approval
Q1'26PendingLaunch CME Securities Clearing later in 2026
Still on track with SEC approval received
Q1'26PendingBegin 24/7 crypto trading next quarter (Q1 2026)
Specific May 29 launch date provided, on track
Q1'26ExceededExpand crypto offering with new futures products
Added Cardano, Chainlink, and Stellar futures launching February 9
Q1'26DeliveredLaunch event contracts on financial and commodity products in Q4 2025
Launched December 2025, over 68M contracts traded in six weeks
Q4'25DeliveredTotal adjusted operating expenses for 2025 of approximately $1.625 billion
Came in exactly at guidance with $10M reduction during year
Q4'25PendingTokenized cash initiative rolling out 'this year' (Q3)
Now pushed to 2026 launch timeline
Q4'25DeliveredBrokerTec Chicago launch (mentioned as recent launch)
Launched October 6, $1B+ notional traded, though volume seems modest
Q4'25PendingExtension of cross-margin agreement with DTCC to enable margin savings to end user clients
Still waiting for SEC approval, not CFTC as previously indicated
Q4'25Pending24/7 trading of cryptocurrency futures beginning early next year
Now confirmed for 'next quarter' launch timeline
Q4'25DeliveredLaunch event contracts beginning later this year (Q3 guidance)
Launched in December with 68M contracts traded in 6 weeks
Each row is a promise from the prior call, scored against the quarter in "Marked". Kept-promise rate counts resolved promises only; pending is excluded.
Promise-kept rate counts resolved promises only (pending excluded).
Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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