What caused CME's EPS to remain steady in Q2 and Q3 2024?

CME's EPS remained steady in Q2 and Q3 2024, primarily due to the following factors:

1. **Revenue Growth**: CME's revenue increased by 3.2% year-over-year in Q2 2024, reaching $1.49 billion. This growth was driven by a 12% rise in clearing & transaction fees, a 6% increase in market data & information services, and a 37% growth in other revenues. Similarly, in Q3 2024, revenue increased by 4.3% year-over-year to $1.53 billion. This growth was primarily due to a 12% rise in clearing & transaction fees and a 7% gain in market data & information services.
2. **Cost Management**: CME's operating margin improved from 63.4% to 64.5% in Q1 2024, indicating better cost management. This trend suggests that despite the increase in revenues, CME managed to keep its costs under control, which helped maintain EPS stability.
3. **Dividend Yield**: CME has consistently paid dividends for 23 consecutive years, maintaining a strong dividend yield of 4.29%. While dividends are a significant expense, they can also contribute to stable EPS by reducing the impact of reinvested earnings on the company's overall profitability.
4. **Market Conditions**: The company's performance is also influenced by broader market conditions. In Q2 2024, CME faced expectations of "modestly lower" trading volume starting in Q2 2024, mostly within interest rates. However, the company's revenue growth suggests that it was able to navigate these conditions effectively.

In summary, CME's steady EPS in Q2 and Q3 2024 can be attributed to revenue growth, cost management, dividend yield, and favorable market conditions.