CME Group Inc.

Welcome to the CME Group fourth quarter 2025 earnings call. At this time, I would like to inform all participants that your lines have been placed on a listen-only mode until the question and answer session of today's call. I would now like to turn the call over to Adam Minnick. Please go ahead.

Good morning, and I hope you're all doing well today. We released our earnings commentary earlier this morning, which provides extensive details on the fourth quarter and full year results for 2025. I will start with the Safe Harbor language, then I'll turn it over to Terry. Statements made on this call and in the other reference documents on our website that are not historical facts are forward-looking statements. These statements are not guarantees of future performance. They involve risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or implied in any statement. Detailed information about factors that may affect our performance can be found in the filings with the SEC, which are on our website. Lastly, in the earnings release, you will see a reconciliation between GAAP and non-GAAP measures following the financial statements. With that, I'll turn the call over to Terry.

Thanks, Adam, and thank you all for joining us this morning. I'll keep my opening remarks brief to highlight what was quite simply a the most successful year in CME Group's history. Following that, Lynn will provide an overview of our financial results and our 2026 guidance. In addition to Lynn, we have other members of our management team present to answer questions after the prepared remarks. 2025 marked our fifth consecutive year of record volume, with average daily volume increasing 6% to 28.1 million contracts, This growth was broad-based, including all-time record in our interest rate, energy, metals, agricultural, and crypto complexes. It was also a record year for our international business, which averaged 8.4 million contracts per day, up 8% from the previous record set in 2024. Global participants continue to choose the deep and liquid markets at CME Group to manage their risk. In addition to our record volume results, we continue to deliver unmatched capital efficiencies for our customers. In the most recent quarter, our customers' average daily margin savings reached $80 billion across all six asset classes, representing an increase of approximately $20 billion over the past year. The ability to offset margin across asset classes isn't just a nice benefit, it's a necessity for our clients. Due to the diversity of our asset classes, this offering is a unique benefit for our market participants. In December, we received approval from the U.S. Securities and Exchange Commission for CME securities clearing. We are on track to launch this new clearinghouse later this year in advance of the SEC's U.S. Treasury clearing mandate. This, combined with our work to extend CME FIC cross-margining to end-user clients in early 2026, will unlock even more capital efficiencies for the industry. Innovation continues to accelerate our growth, and in Q4, we expanded our retail footprint throughout the launch of event contracts on financial and commodity products, economic indicators, and sports. This initiative represents the next step in our multi-year strategy to expand our customer base by providing greater access to markets for the next generation of traders. While still early days, these products are delivering promising initial results and generated traction with previously untapped customer segments. Over 68 million of these event contracts have traded in the six weeks since launch, including over 7 million markets-related contracts. Our retail-focused products also drove strong performance in 2025 with micro-products up 59%. in q4 to a record 4.4 million contracts per day. The one ounce gold contract that we launched last year has been successful with q4 volume of 66,000 per day. Next week, we will be launching 100 ounce silver contract which will help the retail community manage exposure or invest in that commodity at a time when the precious metals markets are very active. Finally, in 2025 was a record-breaking year for CME cryptocurrency trading at CME Group. In the fourth quarter, average value volume across the complex of $379,000 was up 92% and represented over $13 billion in notional value traded per day. This strength has continued into 2026, and next week we will be expanding our cryptocurrency offering at the launch of Cardano, Chainlink, and Stellar Futures on February 9th. we'll begin offering 24-7 trading for our entire crypto suite next quarter to enable our customers to hedge exposure to the underlying cash markets for these products, which currently trade throughout the weekend. As markets continue to evolve, we will strategically evaluate whether other asset classes would also benefit from 24-7. We've carried the momentum from a record-setting year in 2026 with new volume records in January. While The macro landscape grows increasingly complex. We remain focused on providing the premier risk management tools our clients need to navigate market shifts. With that, I'll turn the call over to Lynn to review the financial results in more detail.