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Jack Henry & Associates, Inc. Reports Third Quarter Fiscal 2026 Results

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6 months ago

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Third quarter summary:

GAAP revenue increased 8.7% and GAAP operating income increased 11.8% for the fiscal three months ended March 31, 2026, compared to the prior fiscal year quarter.Non-GAAP adjusted revenue increased 7.3% and non-GAAP adjusted operating income increased 7.3% for the fiscal three months ended March 31, 2026, compared to the prior fiscal year quarter.1GAAP EPS was $1.71 per diluted share for the fiscal three months ended March 31, 2026, compared to $1.52 per diluted share in the prior fiscal year quarter representing growth of 12.2%.Stock repurchases for the fiscal three months ended March 31, 2026, were $159 million at an average of $162 per share.

Fiscal year-to-date summary:

GAAP revenue increased 8.0% and GAAP operating income increased 20.6% for the fiscal year-to-date period ended March 31, 2026, compared to the prior fiscal year-to-date period.Non-GAAP adjusted revenue increased 7.6% and non-GAAP adjusted operating income increased 16.7% for the fiscal year-to-date period ended March 31, 2026, compared to the prior fiscal year-to-date period.1GAAP EPS was $5.41 per diluted share for the fiscal year-to-date period ended March 31, 2026, compared to $4.49 per diluted share in the prior fiscal year-to-date period representing growth of 20.4%.Cash and cash equivalents were $20.6 million at March 31, 2026, and $39.9 million at March 31, 2025.Debt outstanding for credit facilities was $90 million at March 31, 2026, and $170 million at March 31, 2025.Stock repurchases for fiscal year-to-date period ended March 31, 2026, were $284 million at an average of $160 per share.

Full year fiscal 2026 guidance (Dollars in millions):3

Current

GAAP

Low

High

Revenue

$2,521

$2,533

Operating margin4

24.7 %

24.9 %

EPS

$6.78

$6.87

Non-GAAP5

Adjusted revenue

$2,479

$2,491

Adjusted operating margin

23.9 %

24.1 %

MONETT, Mo., May 5, 2026 /PRNewswire/ — Jack Henry & Associates, Inc. (Nasdaq: JKHY), a leading financial technology provider, today announced results for fiscal third quarter ended March 31, 2026.

1 See tables below on page 4 reconciling non-GAAP financial measures to GAAP.

2See table below on page 14 reconciling net income to non-GAAP EBITDA.

3 The full fiscal year guidance assumes no additional acquisitions or dispositions will be made during fiscal year 2026.

4Operating margin is calculated by dividing operating income by revenue.

5See tables below on page 9 reconciling fiscal year 2026 GAAP to non-GAAP guidance.

According to Greg Adelson, President and CEO, “We delivered very strong third-quarter financial results, reflecting our differentiated set of modern solutions, unwavering focus on helping banks and credit unions win in the markets they serve, and disciplined execution across our business. Sales momentum remained strong, highlighted by 17 competitive core wins in the quarter, our best third quarter for new core wins in the last seven years. The sales pipeline is increasing, fueled by increased technology spending and competitive uncertainty, positioning Jack Henry well for driving long-term growth and value creation.”

Operating Results

Revenue, operating expenses, operating income, and net income for the fiscal three and nine months ended March 31, 2026, compared to the fiscal three and nine months ended March 31, 2025, were as follows:

Revenue

(Unaudited, dollars in thousands)

Three Months Ended

March 31,

%
Change

Nine Months Ended

March 31,

%
Change

2026

2025

2026

2025

Revenue

Services and Support

$    365,149

$    330,792

10.4 %

$  1,087,808

$   1,010,498

7.7 %

Percentage of Total Revenue

57.4 %

56.5 %

57.2 %

57.4 %

Processing

271,096

254,295

6.6 %

812,508

749,418

8.4 %

Percentage of Total Revenue

42.6 %

43.5 %

42.8 %

42.6 %

REVENUE

$   636,245

$    585,087

8.7 %

$  1,900,316

$    1,759,916

8.0 %

Services and support revenue increased for the fiscal three months ended March 31, 2026, primarily driven by growth in data processing and hosting revenue within private and public cloud revenue of 9.4% and higher deconversion revenue by $9,021. Processing revenue increased for the fiscal three months ended March 31, 2026, primarily driven by growth in digital and transaction revenue of 9.9%, card revenue of 3.6%, and faster payments revenue of 46.4%.Services and support revenue increased for the fiscal nine months ended March 31, 2026, primarily driven by growth in data processing and hosting revenue within private and public cloud revenue of 8.9% and higher deconversion revenue by $20,094. Processing revenue increased for the fiscal nine months ended March 31, 2026, primarily driven by growth in digital and transaction revenue of 12.8%, card revenue of 6.2%, and faster payments revenue of 50.5%.For the fiscal three months ended March 31, 2026, core segment revenue increased 9.2%, payments segment revenue increased 7.0%, complementary segment revenue increased 8.7%, and corporate services segment revenue increased 27.5%. For the fiscal three months ended March 31, 2026, core segment non-GAAP adjusted revenue increased 8.6%, payments segment non-GAAP adjusted revenue increased 4.7%, complementary segment non-GAAP adjusted revenue increased 7.2%, and corporate services non-GAAP adjusted segment revenue increased 27.1%. Total non-GAAP adjusted revenue increased 7.3% for the same period (see revenue lines of segment break-out tables on pages 5 and 6 below for a reconciliation of GAAP segment revenue to non-GAAP adjusted segment revenue).For the fiscal nine months ended March 31, 2026, core segment revenue increased 5.9%, payments segment revenue increased 8.0%, complementary segment revenue increased 9.5%, and corporate services segment revenue increased 14.5%. For the fiscal nine months ended March 31, 2026, core segment non-GAAP adjusted revenue increased 7.4%, payments segment non-GAAP adjusted revenue increased 6.5%, complementary segment non-GAAP adjusted revenue increased 8.4%, and corporate services non-GAAP adjusted segment revenue increased 14.2%. Total non-GAAP adjusted revenue increased 7.6% for the same period (see revenue lines of segment break-out tables on pages 7 and 8 below for a reconciliation of GAAP segment revenue to non-GAAP adjusted segment revenue).

Operating Expenses and Operating Income

(Unaudited, dollars in thousands)

Three Months Ended

March 31,

% Change

Nine Months Ended

March 31,

% Change

2026

2025

2026

2025

Cost of Revenue

$   363,922

$   340,586

6.9 %

$ 1,063,476

$   1,016,868

4.6 %

Percentage of Total Revenue6

57.2 %

58.2 %

56.0 %

57.8 %

Research and Development

45,110

39,411

14.5 %

126,615

120,192

5.3 %

Percentage of Total Revenue6

7.1 %

6.7 %

6.7 %

6.8 %

Selling, General, and Administrative

72,166

66,350

8.8 %

211,965

209,839

1.0 %

Percentage of Total Revenue6

11.3 %

11.3 %

11.2 %

11.9 %

OPERATING EXPENSES

481,198

446,347

7.8 %

1,402,056

1,346,899

4.1 %

OPERATING INCOME

$   155,047

$     138,740

11.8 %

$   498,260

$     413,017

20.6 %

Operating Margin6

24.4 %

23.7 %

26.2 %

23.5 %

Cost of revenue increased for the fiscal three months ended March 31, 2026, compared to the fiscal three months ended March 31, 2025, primarily due to higher personnel costs, including compensation and benefit costs, partially related to a headcount increase in the trailing twelve months, higher direct costs generally consistent with increases in related lines of revenue, as well as increased amortization of intangible assets.Cost of revenue increased for the fiscal nine months ended March 31, 2026, compared to the fiscal nine months ended March 31, 2025, primarily due to higher personnel costs, including compensation and benefit costs, partially related to a headcount increase in the trailing twelve months, higher direct costs generally consistent with increases in related lines of revenue, and increased amortization of intangible assets. Personnel cost increases over the prior year period were tempered by lower than normal medical claims earlier in the fiscal year.Research and development expense increased for the fiscal three and nine months ended March 31, 2026, compared to the fiscal three and nine months ended March 31, 2025, primarily due to higher personnel costs (net of capitalization), including compensation and benefit costs, partially related to a headcount increase in the trailing twelve months.Selling, general, and administrative expense increased for the fiscal three months ended March 31, 2026, compared to the fiscal three months ended March 31, 2025, primarily due to higher personnel costs, including compensation and benefit costs, partially related to a headcount increase in the trailing twelve months.Selling, general, and administrative expense increased for the fiscal nine months ended March 31, 2026, compared to the fiscal nine months ended March 31, 2025, primarily due to higher personnel costs, including compensation and benefit costs, partially related to a headcount increase in the trailing twelve months and the higher gain on assets, net, in the current fiscal year period of $5,267 compared to the prior fiscal year period. Personnel cost increases over the prior year period were tempered by lower than normal medical claims earlier in the fiscal year.

Net Income

(Unaudited, in thousands,

except per share data)

Three Months Ended

March 31,

% Change

Nine Months Ended

March 31,

% Change

2026

2025

2026

2025

Income Before Income Taxes

$      158,541

$       141,908

11.7 %

$      513,052

$      426,087

20.4 %

Provision for Income Taxes

35,647

30,800

15.7 %

121,503

97,943

24.1 %

NET INCOME

$      122,894

$         111,108

10.6 %

$      391,549

$      328,144

19.3 %

Diluted earnings per share

$            1.71

$           1.52

12.2 %

$          5.41

$          4.49

20.4 %

Effective tax rates for the fiscal three and nine months ended March 31, 2026, and 2025, were 22.5% and 23.7% and 21.7% and 23.0%, respectively.

According to Mimi Carsley, CFO and Treasurer, “During the third quarter, we delivered strong growth in several key revenue areas, including continued expansion in cloud revenue and solid performance from our faster payments products and digital offerings. We anticipate relative weakness to the year to date in fiscal Q4 non-GAAP revenue and margins consistent with previously stated expectations. Based on our positive outlook, we have increased our full year non-GAAP revenue, non-GAAP margin expansion, and GAAP EPS guidance.”

6Operating margin is calculated by dividing operating income by revenue. Operating margin plus operating expense components as a percentage of total revenue may not equal 100% due to rounding.

Impact of Non-GAAP Adjustments

The tables below show our revenue, operating income, and net income for the fiscal three and nine months ended March 31, 2026, compared to the fiscal three and nine months ended March 31, 2025, excluding the impacts of deconversions in the fiscal quarter and fiscal year-to-date periods ended March 31, 2026, and March 31, 2025, the acquisition in the current fiscal quarter and fiscal year-to-date period, the gain on assets, net, in the current fiscal year-to-date period, and the impact of a contract change in the prior fiscal quarter and fiscal year-to-date period.

(Unaudited, dollars in thousands)

Three Months Ended
March 31,

% Change

Nine Months Ended
March 31,

% Change

2026

2025

2026

2025

GAAP Revenue*

$  636,245

$   585,087

8.7 %

$ 1,900,316

$  1,759,916

8.0 %

Adjustments:

Deconversion revenue

(18,665)

(9,644)

(33,504)

(13,410)

Revenue related to a contract change

—

(1,201)

—

(14,672)

Revenue from the acquisition

(1,651)

—

(3,595)

—

NON-GAAP ADJUSTED REVENUE*

$   615,929

$   574,242

7.3 %

$ 1,863,217

$ 1,731,834

7.6 %

GAAP Operating Income

$   155,047

$   138,740

11.8 %

$  498,260

$    413,017

20.6 %

Adjustments:

Operating income from deconversions

(14,635)

(6,851)

(25,337)

(9,724)

Operating income related to a contract change

—

(209)

—

(2,178)

Gain on assets, net

—

—

(6,829)

—

Operating loss from the acquisition

833

—

1,817

—

NON-GAAP ADJUSTED OPERATING INCOME

$   141,245

$    131,680

7.3 %

$   467,911

$    401,115

16.7 %

Non-GAAP Adjusted Operating Margin**

22.9 %

22.9 %

25.1 %

23.2 %

GAAP Net Income

$   122,894

$     111,108

10.6 %

$  391,549

$   328,144

19.3 %

Adjustments:

Net income from deconversions

(14,635)

(6,851)

(25,337)

(9,724)

Net income related to a contract change

—

(209)

—

(2,178)

Gain on assets, net

—

—

(6,829)

—

Net loss from the acquisition

833

—

1,817

—

Tax impact of adjustments***

3,313

1,694

7,284

2,857

NON-GAAP ADJUSTED NET INCOME

$    112,405

$    105,742

6.3 %

$ 368,484

$   319,099

15.5 %

*GAAP revenue is comprised of services and support and processing revenues (see page 2). Services and support revenue less deconversion revenue for the three months ended March 31, 2026, and 2025, which was $18,665 for the current fiscal year quarter and $9,644 for the prior fiscal year quarter, and reducing the three months ended March 31, 2025, amount also for revenue related to a contractual change of $1,201, results in non-GAAP adjusted services and support revenue growth of 8.3% quarter over quarter. Processing revenue less revenue from the acquisition for the three months ended March 31, 2026, of $1,651, results in non-GAAP adjusted processing revenue growth of 6.0% quarter over quarter.

Services and support revenue less deconversion revenue for the nine months ended March 31, 2026, and 2025 which was $33,504 for the current fiscal year period and $13,410 for the prior fiscal year period, and reducing the nine months ended March 31, 2025, amount also for revenue related to a contractual change of $14,672, results in non-GAAP adjusted services and support revenue growth of 7.3% period over period. Processing revenue less revenue from the acquisition for the three months ended March 31, 2026, of $3,595, results in non-GAAP adjusted processing revenue growth of 7.9% period over period.

**Non-GAAP adjusted operating margin is calculated by dividing non-GAAP adjusted operating income by non-GAAP adjusted revenue.

***The tax impact of adjustments is calculated using a tax rate of 24% for the fiscal three and nine months ended March 31, 2026, and 2025. The tax rate for non-GAAP adjustment items takes a broad look at the Company’s recurring tax adjustments and applies them to non-GAAP revenue that does not have its own specific tax impacts.

The tables below show the segment break-out of revenue and cost of revenue for each period presented, as adjusted for the items above, and include a reconciliation to non-GAAP adjusted operating income presented above.

Three Months Ended March 31, 2026

(Unaudited, dollars in thousands)

Core

Payments

Complementary

Corporate
Services

Total

GAAP REVENUE

$ 195,448

$ 232,720

$          187,489

$   20,588

$ 636,245

Non-GAAP adjustments*

(7,506)

(7,574)

(5,054)

(182)

(20,316)

NON-GAAP ADJUSTED REVENUE

187,942

225,146

182,435

20,406

615,929

GAAP COST OF REVENUE

81,208

119,602

72,192

90,920

363,922

Non-GAAP adjustments*

(1,971)

(1,577)

(482)

(166)

(4,196)

NON-GAAP ADJUSTED COST OF REVENUE

79,237

118,025

71,710

90,754

359,726

GAAP SEGMENT INCOME

$  114,240

$    113,118

$           115,297

$  (70,332)

Segment Income Margin**

58.5 %

48.6 %

61.5 %

(341.6) %

NON-GAAP ADJUSTED SEGMENT INCOME

$ 108,705

$   107,121

$           110,725

$  (70,348)

Non-GAAP Adjusted Segment Income Margin**

57.8 %

47.6 %

60.7 %

(344.7) %

Research and Development

45,110

Selling, General, and Administrative

72,166

Non-GAAP adjustments unassigned to a segment***

(2,318)

NON-GAAP TOTAL ADJUSTED OPERATING EXPENSES

474,684

NON-GAAP ADJUSTED OPERATING INCOME

$  141,245

*Revenue non-GAAP adjustments for the Payments segment were ($1,651) of acquisition revenue and ($5,923) of deconversion revenue. Revenue non-GAAP adjustments for the remainder of the segments were deconversion revenue. Cost of revenue non-GAAP adjustments for the Payments segment were ($1,453) of acquisition costs and ($124) of deconversion costs. Cost of revenue non-GAAP adjustments for the Corporate Services segment were ($160) of acquisition costs and ($6) of deconversion costs. Cost of revenue non-GAAP adjustments for the remainder of the segments were deconversion costs.

**Segment income margin is calculated by dividing segment income by revenue for each segment. Non-GAAP adjusted segment income margin is calculated by dividing non-GAAP adjusted segment income by non-GAAP adjusted revenue for each segment.

***Non-GAAP adjustments unassigned to a segment were deconversion costs of $1,446, research and development costs related to the acquisition of $841, and selling, general, and administrative costs related to the acquisition of $31.

Three Months Ended March 31, 2025

(Unaudited, dollars in thousands)

Core

Payments

Complementary

Corporate
Services

Total

GAAP REVENUE

$  179,052

$  217,449

$          172,442

$     16,144

$  585,087

Non-GAAP adjustments*

(6,039)

(2,394)

(2,324)

(88)

(10,845)

NON-GAAP ADJUSTED REVENUE

173,013

215,055

170,118

16,056

574,242

GAAP COST OF REVENUE

74,713

116,266

69,077

80,530

340,586

Non-GAAP adjustments*

(2,232)

(109)

(519)

(5)

(2,865)

NON-GAAP ADJUSTED COST OF REVENUE

72,481

116,157

68,558

80,525

337,721

GAAP SEGMENT INCOME

$ 104,339

$   101,183

$          103,365

$  (64,386)

Segment Income Margin**

58.3 %

46.5 %

59.9 %

(398.8) %

NON-GAAP ADJUSTED SEGMENT INCOME

$ 100,532

$  98,898

$           101,560

$  (64,469)

Non-GAAP Adjusted Segment Income Margin

58.1 %

46.0 %

59.7 %

(401.5) %

Research and Development

39,411

Selling, General, and Administrative

66,350

Non-GAAP adjustments unassigned to a segment***

(920)

NON-GAAP TOTAL ADJUSTED OPERATING EXPENSES

442,562

NON-GAAP ADJUSTED OPERATING INCOME

$   131,680

*Revenue non-GAAP adjustments for the Core segment were ($1,201) of revenue related to the contractual change and ($4,838) of deconversion revenue. Revenue non-GAAP adjustments for the remainder of the segments were deconversion revenue. Cost of revenue non-GAAP adjustments for the Core segment were cost of revenue related to a contractual change of ($992) and ($1,240) of deconversion costs. Cost of revenue non-GAAP adjustments for the remainder of the segments were deconversion costs.

**Segment income margin is calculated by dividing segment income by revenue for each segment. Non-GAAP adjusted segment income margin is calculated by dividing non-GAAP adjusted segment income by non-GAAP adjusted revenue for each segment.

***Non-GAAP adjustments unassigned to a segment were deconversion costs.

Nine Months Ended March 31, 2026

(Unaudited, dollars in thousands)

Core

Payments

Complementary

Corporate
Services

Total

GAAP REVENUE

$ 576,841

$ 695,588

$          563,414

$   64,473

$ 1,900,316

Non-GAAP adjustments*

(13,775)

(14,399)

(8,632)

(293)

(37,099)

NON-GAAP ADJUSTED REVENUE

563,066

681,189

554,782

64,180

1,863,217

GAAP COST OF REVENUE

229,130

358,306

213,717

262,323

1,063,476

Non-GAAP adjustments*

(3,117)

(4,276)

(1,078)

(260)

(8,731)

NON-GAAP ADJUSTED COST OF REVENUE

226,013

354,030

212,639

262,063

1,054,745

GAAP SEGMENT INCOME

$   347,711

$ 337,282

$         349,697

$ (197,850)

Segment Income Margin**

60.3 %

48.5 %

62.1 %

(306.9) %

NON-GAAP ADJUSTED SEGMENT INCOME

$ 337,053

$  327,159

$          342,143

$ (197,883)

Non-GAAP Adjusted Segment Income Margin

59.9 %

48.0 %

61.7 %

(308.3) %

Research and Development

126,615

Selling, General, and Administrative

211,965

Non-GAAP adjustments unassigned to a segment***

1,981

NON-GAAP TOTAL ADJUSTED OPERATING EXPENSES

1,395,306

NON-GAAP ADJUSTED OPERATING INCOME

$   467,911

*Revenue non-GAAP adjustments for the Payments segment were ($3,595) of acquisition revenue and ($10,804) of deconversion revenue. Revenue non-GAAP adjustments for the remainder of the segments were deconversion revenue. Cost of revenue non-GAAP adjustments for the Payments segment were ($3,863) of acquisition costs and ($413) of deconversion costs. Cost of revenue non-GAAP adjustments for the Corporate Services segment were ($253) of acquisition costs and ($7) of deconversion costs. Cost of revenue non-GAAP adjustments for the remainder of the segments were deconversion costs.

**Segment income margin is calculated by dividing segment income by revenue for each segment. Non-GAAP adjusted segment income margin is calculated by dividing non-GAAP adjusted segment income by non-GAAP adjusted revenue for each segment.

***Non-GAAP adjustments unassigned to a segment were a gain on assets, net, of $6,829 less deconversion costs of $3,551, research and development costs related to the acquisition of $1,213, and selling, general, and administrative costs related to the acquisition of $84.

Nine Months Ended March 31, 2025

(Unaudited, dollars in thousands)

Core

Payments

Complementary

Corporate
Services

Total

GAAP REVENUE

$ 544,948

$ 644,207

$          514,454

$   56,307

$  1,759,916

Non-GAAP adjustments*

(20,777)

(4,341)

(2,857)

(107)

(28,082)

NON-GAAP ADJUSTED REVENUE

524,171

639,866

511,597

56,200

1,731,834

GAAP COST OF REVENUE

225,850

344,023

200,763

246,232

1,016,868

Non-GAAP adjustments*

(13,859)

(180)

(678)

(5)

(14,722)

NON-GAAP ADJUSTED COST OF REVENUE

211,991

343,843

200,085

246,227

1,002,146

GAAP SEGMENT INCOME

$ 319,098

$ 300,184

$           313,691

$ (189,925)

Segment Income Margin**

58.6 %

46.6 %

61.0 %

(337.3) %

NON-GAAP ADJUSTED SEGMENT INCOME

$  312,180

$ 296,023

$            311,512

$ (190,027)

Non-GAAP Adjusted Segment Income Margin

59.6 %

46.3 %

60.9 %

(338.1) %

Research and Development

120,192

Selling, General, and Administrative

209,839

Non-GAAP adjustments unassigned to a segment***

(1,458)

NON-GAAP TOTAL ADJUSTED OPERATING EXPENSES

1,330,719

NON-GAAP ADJUSTED OPERATING INCOME

$    401,115

*Revenue non-GAAP adjustments for the Core segment were ($14,672) of revenue related to the contractual change and ($6,105) of deconversion revenue. Revenue non-GAAP adjustments for the remainder of the segments were deconversion revenue. Cost of revenue non-GAAP adjustments for the Core segment were cost of revenue related to a contractual change of ($12,494) and ($1,365) of deconversion costs. Cost of revenue non-GAAP adjustments for the remainder of the segments were deconversion costs.

**Segment income margin is calculated by dividing segment income by revenue for each segment. Non-GAAP adjusted segment income margin is calculated by dividing non-GAAP adjusted segment income by non-GAAP adjusted revenue for each segment.

***Non-GAAP adjustments unassigned to a segment were deconversion costs.

The table below shows our GAAP to non-GAAP guidance for the fiscal year ending June 30, 2026. Fiscal year 2026 non-GAAP guidance excludes the impacts of deconversion revenue and related operating expenses, acquisition revenues and related operating expenses, the revenues and operating expenses related to a contractual change, and the gain on assets, net, and assumes no additional acquisitions or dispositions will be made during the fiscal year.

GAAP to Non-GAAP GUIDANCE (Dollars in
millions, except per share data)

Annual FY’26

Adjusted for
FY26
Comparison

Reported

Contractual
Change

Low

High

FY25

FY25

FY25

GAAP REVENUE

$  2,521

$ 2,533

$       2,375

$    2,375

$            —

     Growth

6.1 %

6.6 %

Deconversions*

37

37

34

34

—

Acquisition

5

5

—

—

—

Contractual change

—

—

16

—

16

NON-GAAP ADJUSTED REVENUE**

$  2,479

$  2,491

$       2,326

$    2,341

$           (16)

     Non-GAAP Adjusted Growth

6.6 %

7.1 %

GAAP OPERATING EXPENSES

$  1,899

$  1,903

$       1,807

$    1,807

$            —

     Growth

5.1 %

5.3 %

Deconversion costs*

12

12

6

6

—

Acquisition costs

8

8

—

—

—

Contractual change

—

—

14

—

14

Gain on assets, net

(7)

(7)

—

—

—

NON-GAAP ADJUSTED OPERATING EXPENSES**

$  1,886

$  1,890

$       1,787

$    1,800

$           (14)

     Non-GAAP Adjusted Growth

5.6 %

5.8 %

GAAP OPERATING INCOME

$    622

$   630

$        569

$     569

$            —

     Growth

9.3 %

10.7 %

GAAP OPERATING MARGIN

24.7 %

24.9 %

23.9 %

23.9 %

NON-GAAP ADJUSTED OPERATING INCOME**

$   593

$    601

$         539

$      541

$            (2)

     Non-GAAP Adjusted Growth

10.1 %

11.5 %

NON-GAAP ADJUSTED OPERATING MARGIN

23.9 %

24.1 %

23.2 %

23.1 %

GAAP EPS

$   6.78

$   6.87

$        6.24

$     6.24

$            —

     Growth

8.7 %

10.0 %

*Deconversion revenue and related operating expenses are based on actual results for fiscal nine months ended March 31, 2026, and estimates for the remainder of the fiscal year 2026. See the Company’s Form 8-K filed with the Securities and Exchange Commission on April 28, 2026.

**GAAP to Non-GAAP revenue, operating expenses, and operating income may not foot due to rounding.

Balance Sheet and Cash Flow Review

Cash and cash equivalents were $21 million at March 31, 2026, compared to $40 million at March 31, 2025.Trade receivables were $282 million at March 31, 2026, and March 31, 2025. The Company had $90 million of borrowings at March 31, 2026, compared to $170 million of borrowings at March 31, 2025.Deferred revenue was $209 million at March 31, 2026, compared to $222 million at March 31, 2025.Stockholders’ equity increased to $2,135 million at March 31, 2026, compared to $2,036 million at March 31, 2025.

*See table below for Net Cash Provided by Operating Activities and on page 14 for Return on Average Stockholders’ Equity. Tables reconciling the non-GAAP measures Free Cash Flow and Net Operating Profit After Tax Return on Invested Capital (NOPAT ROIC) to GAAP measures are on pages 14 and 15. See the Use of Non-GAAP Financial Information section below for the definitions of Free Cash Flow and NOPAT ROIC.

The following table summarizes net cash from operating activities:

(Unaudited, in thousands)

Nine Months Ended March 31,

2026

2025

Net income

$              391,549

$               328,144

Depreciation

31,238

33,125

Amortization

127,462

120,136

Change in deferred income taxes

100,347

(12,765)

Other non-cash expenses

21,512

22,411

Change in receivables

37,379

50,871

Change in deferred revenue

(154,631)

(167,104)

Change in other assets and liabilities*

(95,570)

(60,426)

NET CASH FROM OPERATING ACTIVITIES

$              459,286

$               314,392

*For the fiscal nine months ended March 31, 2026, the change in other assets and liabilities includes the change in prepaid expenses, deferred costs and other of $(61,680), accrued expenses of $(19,137), income taxes of $(8,383), and the change in accounts payable of $(6,370). For the fiscal nine months ended March 31, 2025, the change in other assets and liabilities includes the change in prepaid expenses, deferred costs and other of $(42,989), the change in accrued expenses of $(23,436), and the change in accounts payable of $(9,541) partially offset by the change in income taxes of $15,540.

The following table summarizes net cash from investing activities:

(Unaudited, in thousands)

Nine Months Ended March 31,

2026

2025

Payment for acquisitions

$              (42,390)

$                      —

Capital expenditures

(46,616)

(41,186)

Proceeds from sale of assets

24,572

—

Purchased software

(2,998)

(3,833)

Computer software developed

(140,003)

(130,298)

Purchase of investments

(13,710)

(2,000)

Proceeds from investments

1,000

1,000

NET CASH FROM INVESTING ACTIVITIES

$             (220,145)

$               (176,317)

The following table summarizes net cash from financing activities:

(Unaudited, in thousands)

Nine Months Ended March 31,

2026

2025

Borrowings on credit facilities

$            360,000

$             255,000

Repayments on credit facilities

(270,000)

(235,000)

Purchase of treasury stock

(284,414)

(35,052)

Dividends paid

(127,457)

(122,464)

Net cash from issuance of stock and tax related to stock-based compensation

1,350

1,027

NET CASH FROM FINANCING ACTIVITIES

$            (320,521)

$            (136,489)

Use of Non-GAAP Financial Information

Generally Accepted Accounting Principles (GAAP) is the term used to refer to the standard framework of guidelines for financial accounting in the United States. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions in the preparation of financial statements. In addition to reporting financial results in accordance with GAAP, we have provided certain non-GAAP financial measures, including adjusted revenue, adjusted segment revenue, adjusted operating income, adjusted segment income, adjusted cost of revenue, adjusted segment cost of revenue, adjusted operating expenses, adjusted operating margin, adjusted segment income margin, non-GAAP earnings before interest, taxes, depreciation, and amortization (non-GAAP EBITDA), free cash flow, net operating profit after tax return on invested capital (NOPAT ROIC), and non-GAAP adjusted net income.

We believe non-GAAP financial measures help investors better understand the underlying fundamentals and true operations of our business. Adjusted revenue, adjusted segment revenue, adjusted operating income, adjusted operating margin, adjusted segment income, adjusted segment income margin, adjusted cost of revenue, adjusted segment cost of revenue, adjusted operating expenses, and adjusted net income eliminate one-time deconversion revenue and associated costs, the gain on assets, net, an acquisition, and a contractual change, which management believes are not indicative of the Company’s operating performance. Such adjustments give investors further insight into our performance. Non-GAAP EBITDA is defined as net income attributable to the Company before the effect of interest income, net, taxes, depreciation, and amortization, adjusted for net income before the effect of interest income, net, taxes, depreciation, and amortization attributable to eliminated one-time deconversions, the gain on assets, net, an acquisition, and a contractual change. Free cash flow is defined as net cash from operating activities, less capitalized expenditures, internal use software, and capitalized software, plus proceeds from the sale of assets. NOPAT ROIC is defined as operating income for the trailing four quarters multiplied by one minus the average effective tax rate (ETR) for the trailing four quarters, with the result divided by average invested capital (average of the beginning and ending period balances). Management believes that non-GAAP EBITDA is an important measure of the Company’s overall operating performance and excludes certain costs and other transactions that management deems one time or non-operational in nature; free cash flow is useful to measure the funds generated in a given period that are available for debt service requirements and strategic capital decisions; and NOPAT ROIC is a measure of the Company’s allocation efficiency and effectiveness of its invested capital. For these reasons, management also uses these non-GAAP financial measures in its assessment and management of the Company’s performance.

Non-GAAP financial measures used by the Company may not be comparable to similarly titled non-GAAP measures used by other companies. Non-GAAP financial measures have no standardized meaning prescribed by GAAP and therefore, are unlikely to be comparable with calculations of similar measures for other companies.

Any non-GAAP financial measures should be considered in context with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP measures. Reconciliations of the non-GAAP financial measures to related GAAP measures are included.

About Jack Henry & Associates, Inc.®

Jack Henry® (Nasdaq: JKHY) is a well-rounded financial technology company that strengthens connections between financial institutions and the people and businesses they serve. We are an S&P 500 company that prioritizes openness, collaboration, and user centricity — offering banks and credit unions a vibrant ecosystem of internally developed modern capabilities as well as the ability to integrate with leading fintechs. For 50 years, Jack Henry has provided technology solutions to enable clients to innovate faster, strategically differentiate, and successfully compete while serving the evolving needs of their accountholders. We empower approximately 7,400 clients with people-inspired innovation, personal service, and insight-driven solutions that help reduce the barriers to financial health. Additional information is available at www.jackhenry.com.

Statements made in this news release that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Because forward-looking statements relate to the future, they are subject to inherent risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to, those discussed in the Company’s Securities and Exchange Commission filings, including the Company’s most recent reports on Form 10-K and Form 10-Q, particularly under the heading Risk Factors. Any forward-looking statement made in this news release speaks only as of the date of the news release, and the Company expressly disclaims any obligation to publicly update or revise any forward-looking statement, whether because of new information, future events or otherwise.

Quarterly Conference Call

The Company will hold a conference call on May 6, 2026, at 7:45 a.m. Central Time, and investors are invited to listen at www.jackhenry.com. A webcast replay will be available approximately one hour after the event at ir.jackhenry.com/corporate-events-and-presentations and will remain available for one year.

Condensed Consolidated Statements of Income (Unaudited)

(Dollars in thousands, except per share data)

Three Months Ended March 31,

% Change

Nine Months Ended March 31,

% Change

2026

2025

2026

2025

REVENUE

$       636,245

$       585,087

8.7 %

$     1,900,316

$      1,759,916

8.0 %

Cost of Revenue

363,922

340,586

6.9 %

1,063,476

1,016,868

4.6 %

Research and Development

45,110

39,411

14.5 %

126,615

120,192

5.3 %

Selling, General, and Administrative

72,166

66,350

8.8 %

211,965

209,839

1.0 %

EXPENSES

481,198

446,347

7.8 %

1,402,056

1,346,899

4.1 %

OPERATING INCOME

155,047

138,740

11.8 %

498,260

413,017

20.6 %

Interest income

4,869

5,899

(17.5) %

18,194

21,406

(15.0) %

Interest expense

(1,375)

(2,731)

(49.7) %

(3,402)

(8,336)

(59.2) %

Interest Income, net

3,494

3,168

10.3 %

14,792

13,070

13.2 %

INCOME BEFORE INCOME TAXES

158,541

141,908

11.7 %

513,052

426,087

20.4 %

Provision for Income Taxes

35,647

30,800

15.7 %

121,503

97,943

24.1 %

NET INCOME

$        122,894

$           111,108

10.6 %

$       391,549

$       328,144

19.3 %

Diluted net income per share

$             1.71

$             1.52

$           5.41

$           4.49

Diluted weighted average shares outstanding

71,978

73,013

72,433

73,058

Consolidated Balance Sheet Highlights (Unaudited)

(In thousands)

March 31,

% Change

2026

2025

Cash and cash equivalents

$        20,573

$        39,870

(48.4) %

Receivables

282,463

282,162

0.1 %

Total assets

3,050,557

2,932,018

4.0 %

Accounts payable and accrued expenses

$        212,133

$       201,389

5.3 %

Current and long-term debt

90,000

170,000

(47.1) %

Deferred revenue

208,742

221,828

(5.9) %

Stockholders’ equity

2,134,811

2,036,431

4.8 %

Calculation of Non-GAAP Earnings Before Interest Income, Net, Income Taxes, Depreciation and Amortization (Non-GAAP EBITDA)

Three Months Ended March 31,

% Change

Nine Months Ended March 31,

% Change

(Dollars in thousands)

2026

2025

2026

2025

Net income

$        122,894

$           111,108

$       391,549

$       328,144

Net interest

(3,494)

(3,168)

(14,792)

(13,070)

Taxes

35,647

30,800

121,503

97,943

Depreciation and amortization

53,653

51,013

158,700

153,261

Less: Net income before interest expense, taxes, depreciation and amortization attributable to eliminated one-time adjustments*

(14,275)

(7,060)

(31,290)

(11,901)

NON-GAAP EBITDA

$       194,425

$        182,693

6.4 %

$      625,670

$       554,377

12.9 %

*The fiscal third quarter 2026 and 2025 adjustments for net income before interest expense, taxes, depreciation and amortization were for deconversions of ($14,636) and an acquisition of $361, and were for deconversions of $6,851 and a contract change of $209, respectively. The fiscal year-to-date 2026 and 2025 adjustments were for deconversions of ($25,337), a gain on assets, net, of ($6,829), and an acquisition of $876, and were for deconversions of ($9,723) and a contractual change of ($2,178), respectively.

Calculation of Free Cash Flow (Non-GAAP)

Nine Months Ended March 31,

(In thousands)

2026

2025

Net cash from operating activities

$      459,286

$       314,392

Capitalized expenditures

(46,616)

(41,186)

Internal use software

(2,998)

(3,833)

Proceeds from sale of assets

24,572

—

Capitalized software

(140,003)

(130,298)

FREE CASH FLOW

$       294,241

$       139,075

Net income

$       391,549

$       328,144

Operating cash conversion*

117.3 %

95.8 %

Free cash flow conversion (excluding proceeds from sale of assets)*

68.9 %

42.4 %

*Operating cash conversion is net cash from operating activities divided by net income. Free cash flow conversion is free cash flow less proceeds from sale of assets of $24,572 for fiscal 2026 and $0 for fiscal 2025 divided by net income.

Calculation of the Return on Average Stockholders’ Equity

March 31,

(In thousands)

2026

2025

Net income (trailing four quarters)

$       519,153

$        429,217

Average stockholder’s equity (period beginning and ending balances)

2,085,621

1,908,181

RETURN ON AVERAGE STOCKHOLDERS’ EQUITY

24.9 %

22.5 %

Calculation of NOPAT ROIC (Non-GAAP)

March 31,

(In thousands)

2026

2025

Operating income (trailing four quarters)

$     653,957

$     538,644

Average Effective Tax Rate (trailing four quarters)

22.8 %

22.8 %

NOPAT operating income (trailing four quarters)*

504,855

415,833

Average invested capital (period beginning and ending balances)

2,215,621

2,118,181

NOPAT ROIC

22.8 %

19.6 %

*NOPAT operating income is calculated by multiplying the trailing four quarters operating income by one minus the average ETR. NOPAT ROIC is calculated by dividing NOPAT operating income by average invested capital (period beginning and ending balances).

FAQ for Analysts / Investors

1.)  Why does fiscal 2025 non-GAAP revenue used for growth calculation not match reported fiscal 2025 non-GAAP revenue?

The restructuring of a third-party agreement has resulted in a $16 million fiscal year-over-year revenue headwind, with $12 million of that coming in the first quarter and $3 million additional in the second and third quarters.The remaining $1 million is expected to impact the fourth quarter.This restructuring has also resulted in a decrease in the related costs and the impact on margins is expected to be minimal.This has been adjusted for a consistent fiscal year-over-year comparison and is included in our fiscal year 2026 guidance (see page 9).

2.) What are some key elements of the outlook for the fourth quarter of fiscal 2026?

We expect the year-over-year revenue growth rates to slow slightly as we face overall tougher prior year comparables from the fourth quarter of fiscal 2025.We expect some contraction in margins in the fourth quarter of fiscal 2026 compared to the fiscal year-to-date period margins that positively benefited from lower than normal expense for medical claims under our self-insured employee healthcare plan, especially during the first and second quarters.

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SOURCE Jack Henry & Associates, Inc.

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dxFeed Introduces ZeroDTE to Bring Greater Transparency to 0DTE Trading Risk

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11 minutes ago

on

October 20, 2026

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NEW YORK, Oct. 20, 2026 /PRNewswire/ — dxFeed, a global provider of market data and financial technology solutions, introduced dxFeed ZeroDTE, a new quantitative analytics solution designed to bring greater transparency and precision to the rapidly growing market for zero-days-to-expiration (0DTE) options.

Developed by dxFeed’s AI & Quant Research team, the solution transforms live SPX and XSP options data into comprehensive pricing and risk analytics, enabling brokers, trading platforms, and analytics providers to give traders a clearer understanding of potential outcomes before entering a trade.

The introduction comes as 0DTE options continue to reshape US derivatives markets. According to Cboe, same-day contracts accounted for approximately 65%* of SPX options trading volume in Q3 2026, averaging a record 3.2 million contracts daily. Yet the analytical tools available to traders have not always kept pace with this growth, particularly when it comes to understanding the risks behind complex, multi-leg strategies — a challenge previously highlighted by Jon Light, Senior Director of Product Management, Devexperts.

Beyond Probability of Profit: Understanding the Full Risk
While conventional trading interfaces typically display strikes, premiums, and margin requirements, ZeroDTE reveals the market-implied probabilities behind each strategy, including the likelihood of retaining the full premium, experiencing a partial loss, or reaching the maximum possible loss.

Unlike traditional probability calculations based on a single implied volatility estimate or delta, the solution analyzes the entire live options chain, incorporating the volatility smile and distribution tails to deliver a consistent view of market-implied outcomes.

Through a single API integration, platforms can provide traders with:

Market-implied probabilities of different profit and loss outcomes.Fair value comparisons against displayed market prices.Maximum profit, maximum loss, and break-even levels for individual strategies.Market-implied distribution of today’s close, derived from live options data.Strategies defined in units of the day’s priced move, so the same structure can be compared across days and market conditions .

Supporting popular structures including iron condors, butterflies, straddles, strangles, and vertical spreads, the service brings sophisticated quantitative analytics directly into the trading experience.

“Retail platforms are good at showing a probability of profit, and most will show the maximum loss as well. What they don’t show is how likely that loss is,” said Anton Antonov, Head of AI & Quant Research at dxFeed. “ZeroDTE puts the odds next to the worst case: the chance of keeping the credit, of a partial loss and of the maximum loss, read from the whole option chain rather than a single volatility number. Rather than predicting where the market will go, we give traders the tools to understand what current options prices imply, evaluate different strategies consistently, and make more informed decisions.”

Expanding dxFeed’s Intelligent Market Data Ecosystem
ZeroDTE marks another milestone in dxFeed’s evolution from market data delivery toward advanced analytics, quantitative research, and intelligent financial technology.

The solution joins dxFeed’s growing portfolio of innovative technologies, including SummerFox, its award-winning AI-powered market intelligence solution; Grenadier, an AI-based market data anomaly detection technology; and dxScript, an AI-assisted scripting environment for custom market analytics and indicators.

Together, these solutions reinforce dxFeed’s commitment to transforming high-quality financial data into accessible, actionable intelligence for the global trading community.

The new analytics capabilities have already been integrated into DXcharts, demonstrating how advanced options risk metrics can be incorporated directly into trading and charting interfaces.

For a deeper look at the technical capabilities, key features, and practical applications of ZeroDTE, explore our in-depth article.

*All figures are market-implied from current option prices and are not a forecast or a recommendation

Media Contact:
Kate Zapekina
+49 8999 952020
425091@email4pr.com

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SOURCE dxFeed

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One Third of Florida’s Banks and Credit Unions Not Yet Protected Against Future Quantum Decryption, Open-Source Scan Finds

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11 minutes ago

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October 20, 2026

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Manteiga Foundation publishes a state-of-readiness note on 81 Florida institutions: nothing is broken today, the risk is time, and for most the fix is one setting

MIAMI, Oct. 20, 2026 /PRNewswire/ — Of 81 Florida-headquartered banks and credit unions, 54 already protect their customers’ connections against future quantum decryption and 27 do not yet, according to a state-of-readiness note published today by Manteiga Foundation, a Florida public benefit company. The note, the first from the foundation’s Quantum Ready Labs, lists every institution and its result: quantumreadylabs.com/studies/florida-financial-2026q4.

Nothing is broken today. No account, login or transaction is at risk from what the note describes; every connection tested is encrypted with algorithms no existing computer can break.

The risk is time. Encrypted traffic can be recorded now and decrypted once a large enough quantum computer exists, so anything that must stay confidential for years is already inside the window. That window is narrowing: in 2025 the estimated size of the machine needed to break today’s key exchange fell from about twenty million qubits to under one million, and NIST has set 2030 to begin retiring today’s key exchange and 2035 to end it. Browsers already protect traffic the new way.

The fix is small. The 27 split in two. Ten are Exposed, their sites still on a protocol generation that cannot carry post-quantum protection; the next step is to enable TLS 1.3. Seventeen are At risk, on a modern protocol with the protection not switched on; the next step is one setting, the post-quantum key exchange (X25519MLKEM768), a configuration line or a toggle on current servers. The 54 are Protected (30) or Ready (24). The median score is 85 of 100; the note uses four plain words, no letter grades.

“Nothing is broken today, and that is exactly why this is the moment to act,” said Jaime Manteiga, Co-Founder of Manteiga Foundation. “Confidentiality is the urgent part of the quantum transition, the fix is small, and most of these institutions are one setting away. We built the scanner so that anyone can see where a host stands in a second and what to do next.”

Quantum Ready Labs is free and open source under the MIT licence. Typing a host name at quantumreadylabs.com opens a handful of connections to it, as a browser visit would, and returns the stage, a score for quantum readiness alone, the one next step and the standards cited (NIST IR 8547, FIPS 203, CNSA 2.0), shareable by link or as a five-page PDF; an open API runs the same test for services.

Each institution’s public primary domain was tested on October 18, 2026 with fourteen TLS handshakes and one ordinary connection; no page was opened, no login attempted. Every Exposed result was cross-checked with OpenSSL and curl. The population, from public regulator lists with each domain verified, will be re-scanned quarterly; any institution can run a fresh test at once.

For organizations that want help making the change, the foundation operates N30.ai, its cybersecurity consulting practice. The scanner and its results stay free and open.

About Manteiga Foundation

Manteiga Foundation is a Florida public benefit company at the meeting of technology and art, bringing more beauty into technology through open-source tools for the public good, among them Quantum Ready Labs and medet.ink. manteiga.org.

About N30.ai

N30.ai is Manteiga Foundation’s cybersecurity consulting practice for the post-quantum transition and related security work. More at n30.ai.

Media contact

Jaime Manteiga, Co-Founder, Manteiga Foundation
425109@email4pr.com | 305-709-2909
quantumreadylabs.com/studies/florida-financial-2026q4  |  github.com/manteiga-foundation/quantum-ready-labs

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SOURCE Manteiga Foundation

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CME Group Announces First Trade for Bitcoin Cash and Uniswap Futures

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11 minutes ago

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October 20, 2026

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CHICAGO, Oct. 20, 2026 /PRNewswire/ — CME Group, the world’s leading derivatives marketplace, today announced that FalconX and GSR have executed the first block trade in its new Bitcoin Cash (BCH) and Uniswap (UNI) futures.

“With trading now underway in our Bitcoin Cash and Uniswap futures, we are providing clients with more versatility to manage cryptocurrency risk and exposure through our robust 24/7 marketplace,” said Giovanni Vicioso, Global Head of Cryptocurrency Products at CME Group. “As institutional demand for digital assets continues to grow, we are pleased that investors are turning to CME Group to expand their crypto trading strategies with our regulated and capital-efficient tools.”

“FalconX is pleased to execute the first block trade in CME Group’s new Bitcoin Cash and Uniswap futures alongside GSR. Institutional demand is moving beyond the largest digital assets toward tokens with distinct use cases, like Bitcoin Cash in payments and Uniswap in decentralized finance,” said Griffin Sears, Head of Derivatives, FalconX. “Bringing these assets onto a regulated venue like CME Group gives institutions the hedging and capital-efficient exposure they’ve been asking for, and we look forward to supporting liquidity in these markets as they grow.”

“Providing liquidity in crypto derivatives has long been a cornerstone of GSR’s business, making it a natural fit for us to support CME Group’s new Bitcoin Cash and Uniswap futures from day one,” said Xin Song, CEO of GSR. “We have long believed that expanding institutional-grade derivatives will supercharge institutional adoption of digital assets, and CME Group plays a central role in making that vision a reality.”

The new contracts further extend CME Group’s single-asset cryptocurrency product suite, which includes Bitcoin, Ether, XRP, Solana, Cardano, Chainlink, Stellar, Avalanche‌ and Sui futures. Trading highlights include:

Year-to-date 2026 futures and options average daily volume (ADV) of more than 242,000 contracts ($7.9 billion notional) and average daily open interest (OI) of almost 240,000 contracts ($14.3 billion notional).Nearly $2 billion in year-to-date notional value growth from the 2026 expansion into Cardano, Chainlink, Stellar, Avalanche, and Sui futures.

Bitcoin Cash and Uniswap futures are listed on and subject to the rules of CME. For more information on these products, please visit here.

As the world’s leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, cryptocurrencies, energy, agricultural products and metals.  The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform.  In addition, it operates one of the world’s leading central counterparty clearing providers, CME Clearing. 

CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc.  CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc.  NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc.  COMEX is a trademark of Commodity Exchange, Inc. BrokerTec is a trademark of BrokerTec Americas LLC and EBS is a trademark of EBS Group LTD. The S&P 500 Index is a product of S&P Dow Jones Indices LLC (“S&P DJI”). “S&P®”, “S&P 500®”, “SPY®”, “SPX®”, US 500 and The 500 are trademarks of Standard & Poor’s Financial Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners. 

CME-G

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SOURCE CME Group

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