- CME Group Q2 2025 delivered record $1.7B revenue and 30.2M average daily volume, up about 10–16% year over year.
- Retail adoption is accelerating, with 90,000+ first-time futures traders in the quarter (+56% YoY) and micro futures at 4.1M ADV.
- CME is expanding access via a Robinhood partnership offering futures across major asset classes, backed by investor education.
- Barron’s frames CME as a retail-futures beneficiary and suggests selling September $270/$260 puts as a bullish-to-neutral strategy.
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The data from CME Group’s Q2 2025 earnings confirm a significant inflection point: the futures market is no longer purely institutional—it is rapidly retailizing. Revenue hit $1.7 billion (a ~10% gain YoY), and ADV of 30.2 million contracts rose ~16%. Crucially, the number of new retail traders rose ~56% YoY with more than 90,000 first-time futures participants in Q2 alone.
Growth in micro futures contracts—4.1 million in ADV—demonstrates CME’s success in lowering the barrier to entry for retail investors. Meanwhile, geographic expansion is reinforcing momentum: international volume (outside U.S.) in Q2 reached a record 9.2 million contracts, up ~18% YoY, with strong growth in EMEA and APAC in key product classes.
CME’s partnership with Robinhood, initiated in January 2025, further widens access; eligible U.S. users are now able to trade futures across equity indices, FX, cryptocurrencies, metals, and energy. Accompanying this rollout are educational initiatives from both CME (such as CME Institute, Futures Fundamentals) and Robinhood, designed to train new users.
From an investment standpoint, these shifts are materially positive for CME’s revenue, margins, and competitive moat. The growing retail base likely supports higher volumes, lower customer acquisition costs (through platforms like Robinhood), and stronger predictability in revenues from retail futures vs. purely institutional flows which can be more volatile.
The options vs. futures comparison is critical: options markets long dominated by retail investors, but higher complexity (Greeks, bid-ask spreads, etc.) may have discouraged many. Futures—particularly micro futures—offer a simpler risk-return profile and therefore are becoming a preferred derivative for retail allocation. [primary article]
Trading strategies around CME: the primary article suggests a bullish or neutral view, offering put sales at the $270 and $260 strikes for September, with stock trading near $274.60 at time of writing. These sell-puts positions gain if stock remains above strike; downside risk similar to owning shares if breached. [primary article]
Open questions remain: What saturation point exists for retail conversion? Can CME sustain double-digit retail growth indefinitely, or will regulatory, capital, or technological limits slow the trend? How will margin volatility from novice futures trading affect clearing and risk management? Finally, how will competitive pressures (other brokers or smaller exchanges) respond?
Supporting Notes
- CME Q2 2025 revenue: $1.7B, up ~10% YoY; adjusted operating income ~$1.1B; ADV 30.2M contracts, up ~16%.
- Retail traders added >90,000 first-time users in Q2 2025, a ~56% YoY increase.
- Micro futures ADV in Q2: 4.1M contracts.
- International (non-U.S.) ADV: 9.2M contracts, +18% YoY; strong gains in EMEA (+15%) and APAC (+30%) regions.
- Robinhood rollout: starting Jan 29, 2025, eligible U.S. customers receive access to CME futures across major asset classes (equity indices, FX, crypto, metals, energy).
- Educational resources from CME Institute and Futures Fundamentals to support retail onboarding.
- Stock price range past 52 weeks: low $193.25 to high $290.79; current ~US$274.60. [primary article]
- Dividend yield ~3.8%, with special annual dividend on excess cash. [primary article]