NASDAQ: CME · Financial Exchanges & Data
CME Group
CME Group runs futures and options exchanges — CME, CBOT, NYMEX, and COMEX — and a clearing house, covering interest rates, equity indexes, foreign exchange, agriculture, energy, and metals. It also owns BrokerTec (cash U.S. Treasuries) and EBS (FX) and sells market data. Futures and options average daily volume hit a record 28.1 million contracts in 2025. FY2025 revenue was $6.52 billion and net income $4.07 billion. CME pays a regular dividend plus an annual variable dividend; CFO Lynne Fitzpatrick will succeed Terry Duffy as CEO in 2027.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 17, 2026 10:20 (SEC EDGAR) · Source 10-K filed: February 26, 2026
Built on10-K FY2025 · filed 2026-02-2610-Q (quarter ended 2026-09-30) · filed 2026-10-23
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 6.0%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 64.9%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +3.6 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- -0.3x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.05x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 26.7x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.40
Higher than 33% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 99% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 52% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 17% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 12% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; fiscal FY2025
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$303.01close on 2026-11-04
Market cap$108.77B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 26.7x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 3.8x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 24.8x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 3.9%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 3.7%
At FY2025 year-end: 24.5x
Earnings: fiscal FY2025
At FY2025 year-end: 3.4x
Book value at FY2025 year-end
At FY2025 year-end: 22.4x
EBITDA for FY2025
At FY2025 year-end: 4.3%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$1.54B → $1.74B (vs. a year earlier)↑ +13.0%$1.54B → $1.74B (vs. a year earlier)
- Operating margin63.3% → 65.7% (vs. a year earlier)↑ +2.4 pts63.3% → 65.7% (vs. a year earlier)
- Net income$908M → $1.04B (vs. a year earlier)↑ +14.2%$908M → $1.04B (vs. a year earlier)
- Diluted EPS$2.49 → $2.89 (vs. a year earlier)↑ +16.1%$2.49 → $2.89 (vs. a year earlier)
- Cash$2.14B → $2.2B (vs. previous quarter-end)↑ +2.5%$2.14B → $2.2B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 21, 2026.
Key changes
Q3 average daily volume a record 29.4M contracts. Source sentence
Q3 2026 average daily volume (ADV) climbed to a third-quarter record of 29.4 million contracts, and non-U.S.
Market data revenue a record $243M, up 20%. Source sentence
Market data revenue totaled a record $243 million for third-quarter 2026, an increase of 20%.
Returned nearly $1B to shareholders. Source sentence
The company returned nearly $1 billion to shareholders during the quarter, with $465 million in regular quarterly dividends and $524 million in share repurchases .
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- CME GROUP INC.
- Headquarters
- CHICAGO, IL
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NASDAQ: CME
- Industry
- Financial Exchanges & Data
- CIK
- 1156375
- Website
- https://www.cmegroup.com/ ↗
Workforce (as of FY2025 year-end)
Employees
3,875
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 35–45 days after quarter end (Feb 4, 2026; Feb 12, 2025; Feb 14, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 21–45 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 21, 2026 (+21 days) | Oct 23, 2026 10-Q (+23 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 22, 2026 (+22 days) | Jul 24, 2026 10-Q (+24 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 22, 2026 (+22 days) | Apr 24, 2026 10-Q (+24 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 4, 2026 (+35 days) | Feb 26, 2026 10-K (+57 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 22, 2025 (+22 days) | Oct 24, 2025 10-Q (+24 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 23, 2025 (+23 days) | Jul 25, 2025 10-Q (+25 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 23, 2025 (+23 days) | Apr 30, 2025 10-Q (+30 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 12, 2025 (+43 days) | Feb 27, 2025 10-K (+58 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 23, 2024 (+23 days) | Nov 8, 2024 10-Q (+39 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 24, 2024 (+24 days) | Aug 5, 2024 10-Q (+36 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 24, 2024 (+24 days) | May 1, 2024 10-Q (+31 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 14, 2024 (+45 days) | Feb 28, 2024 10-K (+59 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Interest rates
SOFR and U.S. Treasury futures and options
Examples: SOFR futures, Treasury futures, CME Term SOFR
CME's largest asset class.
Equity
Equity index futures and options
Examples: E-mini S&P 500, micro contracts
Including micro-sized products for retail traders.
Commodities
Energy, metals, agriculture
Examples: NYMEX crude oil, COMEX gold, CBOT corn and soybeans
Global commodity benchmarks.
Cash markets
BrokerTec and EBS
Examples: Treasury and repo trading, spot FX
From the NEX acquisition.
New products
Event contracts and crypto
Examples: FanDuel prediction markets app, 24/7 crypto futures
Event contracts with FanDuel launched December 2025.
Descriptions are from the FY2025 Form 10-K's Item 1.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
BrokerTec electronic fixed income trading
Cash U.S. Treasuries, European government bonds and repo
U.S. share
—
Not disclosedWorldwide share
Leading position
Company-disclosedPer the 10-K; no percentage is given.
Sources:
07
Recent strategic focusSite analysis
2026 developments from 8-Ks.
CEO succession
President and CFO Lynne Fitzpatrick will succeed Terry Duffy as CEO on the later of March 1, 2027 and the filing of the 2026 10-K; Duffy becomes Executive Chairman through 2027.
Source: 8-K filed 2026-06-17
Record Q3 volume
Q3 2026 revenue was $1.7B, diluted EPS $2.89 ($3.02 adjusted), and ADV a third-quarter record of 29.4M contracts, with double-digit growth in all six asset classes; market data revenue was a record $243M.
Source: 8-K filed 2026-10-21 (Exhibit 99.1)
New products
Launches include single-stock futures, 24/7 one-ounce gold contracts, U.S. Treasury clearing, and compute futures.
Source: 8-K filed 2026-07-22
Capex ÷ D&A (FY2025)
0.78x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$84M ÷ $108M = 0.78x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Where the money goes, over time
Unit: $M. Capex went from $198M in FY2020 to $84M in FY2025
- Capex
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-26
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$6.52B
As reported in the 10-K
Revenue CAGR (5 years)
+6.0%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($6,521M ÷ $4,884M) ^ (1÷5) − 1 = 6.0%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
64.9%▲favorable
+10.9pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$4,230M ÷ $6,521M × 100 = 64.9%
ROE (FY2025)
14.8%▲favorable
6-year average: 11.3%
As reported in the 10-K
P/B (FY2025 end)
3.41x
formulafiscal year-end closing price ÷ book value per share
e.g.$273.08 ÷ $80.03 = 3.41x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
22.4x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($98,022M + $3,422M − $4,417M) ÷ ($4,230M + $108M) = 22.4x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +6.0% a year over 5 years (strong growth)
From $4.88B in FY2020 to $6.52B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 54.0% → 64.9%
How much operating profit is left per $100 of revenue. It moved +10.9 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▼
Equity ratio is 14.5% (relatively heavy reliance on debt)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 11.3% over 6 years (latest: 14.8%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- FanDuel (Flutter Entertainment)
- Google
07 · what it does
Key activities
Futures and options trading and clearing
Listing contracts- Matching trades
Cash markets and OTC
Cash fixed income and FX tradingMarket data and other
Licensing data
06 · what it draws on
Key resources
Futures and options trading and clearing
Exchanges (CME, CBOT, NYMEX, COMEX)- Clearing house and its guaranty funds
Cash markets and OTC
Electronic trading platforms from the NEX acquisitionMarket data and other
Trading data and benchmarks
02 · why customers buy
Value propositions
- Diverse products, deep liquidity, price transparency and technology, which CME believes its customers value.
04 · how it keeps them
Customer relationships
- Central clearing and member trading rights; market data subscriptions.
03 · how it reaches them
Channels
- Electronic trading on CME Globex; BrokerTec and EBS platforms; access through clearing firms and brokers.
01 · who it serves
Customer segments
Futures and options trading and clearing
Clearing firms, banks, asset managers, hedge funds, commercial hedgers, retail tradersCash markets and OTC
Banks and dealersMarket data and other
Data vendors, banks, trading firms
09 · where money goes
Cost structure
FY2025, share of revenue ($6.52B)
- Other operating costs (incl. cost of goods sold)35.1%
Operating profit left: 64.9% of revenue. Depreciation & amortization (inside the costs above): $108M. Capital spending: $84M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
Futures and options trading and clearing
Clearing and transaction fees per contractCash markets and OTC
Transaction feesMarket data and other
Market data fees- Benchmark licensing
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Futures and options trading and clearing
Electronic (CME Globex) trading and central clearing of futures and options on interest rates, equity indexes, FX, agricultural commodities, energy, and metals.
01 what it draws on
Inputs & resources
- Exchanges (CME, CBOT, NYMEX, COMEX)
- Clearing house and its guaranty funds
- Google Cloud infrastructure (in transition)
02 what it does
Activities
- Listing contracts
- Matching trades
- Clearing and settling
03 who it serves
Customers
- Clearing firms, banks, asset managers, hedge funds, commercial hedgers, retail traders
04 how money comes in
How it earns
- Clearing and transaction fees per contract
Futures and options trading and clearing: how it makes money
- Clearing and transaction fees were $5.28B in 2025; interest rates were the largest asset class at $1.72B.
- Record ADV of 28.1M contracts in 2025, with volume records in interest rates, agriculture, energy, and metals.
Cash markets and OTC
BrokerTec (U.S. Treasury repo and cash trading), EBS (spot FX), and interest rate swap clearing.
01 what it draws on
Inputs & resources
- Electronic trading platforms from the NEX acquisition
02 what it does
Activities
- Cash fixed income and FX trading
03 who it serves
Customers
- Banks and dealers
04 how money comes in
How it earns
- Transaction fees
Cash markets and OTC: how it makes money
- BrokerTec and EBS generated $283.7M of clearing and transaction fees in 2025.
Market data and other
Real-time and historical market data, benchmarks such as CME Term SOFR, and other services.
01 what it draws on
Inputs & resources
- Trading data and benchmarks
02 what it does
Activities
- Licensing data
03 who it serves
Customers
- Data vendors, banks, trading firms
04 how money comes in
How it earns
- Market data fees
- Benchmark licensing
Market data and other: how it makes money
- Market data revenue was $803M in 2025 (+13%), a record $238M in Q2 2026 and a record $243M (+20%) in Q3 2026.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
CME’s exchanges and clearing house operate under regulators that can fine, suspend or restrict them.
Approvals & licenses
Regulatory compliance
Noncompliance could bring censure, fines, cease-and-desist orders or suspension of business.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Interest rates
1,719.6 (26%)Equity indexes
1,170.4 (18%)Energy
813.2 (12%)Agricultural commodities
658.1 (10%)Metals
354.7 (5%)Foreign exchange
197 (3%)BrokerTec, EBS, and swaps
368.1 (6%)Market data
803.1 (12%)Other
436.4 (7%)
Source: Form 10-K (FY2025) — Revenue Recognition note, disaggregation of revenue CME reports one segment; these are revenues by product line. BrokerTec $151M, EBS $133M, and interest rate swaps $84M are combined.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
CME earns fees on each contract traded and cleared; its clearing house becomes the counterparty to every trade and holds margin and guaranty fund collateral.
Clearing house credit facility
$7B multi-currency secured facility (can rise to $10B)
Typical term: 364-day, amended April 2026
Provides temporary liquidity if a clearing firm fails to meet obligations.
Source: 8-K filed 2026-04-27
11
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Capital tie / equity stake
FanDuel (Flutter Entertainment)
Joint venture launched in December 2025 offering a prediction markets app with CME's event contracts on financial benchmarks and sporting events.
Source: Form 10-K (FY2025) — Item 1
Business partnership
Google
CME is transitioning its technology to Google Cloud.
Source: Form 10-K (FY2025) — Forward-looking statements and Item 1
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Clearing firms, banks, asset managers, hedge funds, proprietary traders, commercial hedgers, and retail traders through brokers.
Named by the company
No customer is named.
What the filings disclose
- Non-U.S. ADV was a third-quarter high of 9 million contracts in Q3 2026. (8-K filed 2026-10-21 (Exhibit 99.1))
Suppliers
Technology providers, including Google Cloud, and data center operators.
Named by the company
None named in the 10-K or the company’s press releases.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
CME's 10-K names ICE, Cboe, Euronext, HKEX, and Deutsche Börse as competitors, plus new entrants such as FMX Futures Exchange, digital asset platforms, and prediction markets.
Competitors named in the 10-K
Exchanges
- Intercontinental Exchangesite ↗
- Cboe Global Marketssite ↗
- Euronextsite ↗
- Hong Kong Exchanges and Clearing (HKEX)site ↗
- Deutsche Börsesite ↗
Plus FMX Futures Exchange, digital asset platforms, and prediction markets.
Peer group the company chose
2025 compensation peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Exchanges, financial services, technology, and transaction services companies of roughly 0.5–2.5 times CME's size.
- Cboe Global Marketssite ↗
- Invescosite ↗
- Paychexsite ↗
- Equifaxsite ↗
- Mastercardsite ↗
- S&P Globalsite ↗
- Fiservsite ↗
- Moody'ssite ↗
- Charles Schwabsite ↗
- Franklin Templeton (formerly Franklin Resources)site ↗
- Nasdaqsite ↗
- T. Rowe Pricesite ↗
- Intercontinental Exchangesite ↗
- Northern Trustsite ↗
- Western Unionsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-26
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-26
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-26
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-26
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 4,884 | 4,690 | 5,019 | 5,579 | 6,130 | 6,521 |
| Operating income | 2,637 | 2,645 | 3,016 | 3,436 | 3,932 | 4,230 |
| Pretax income | 2,722 | 3,374 | 3,490 | 4,154 | 4,541 | 5,331 |
| Net income (attributable) | 2,106 | 2,637 | 2,691 | 3,226 | 3,526 | 4,072 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | -4.0% | 7.0% | 11.1% | 9.9% | 6.4% |
| Operating margincalcoperating income ÷ revenue × 100 | 54.0% | 56.4% | 60.1% | 61.6% | 64.1% | 64.9% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 43.1% | 56.2% | 53.6% | 57.8% | 57.5% | 62.5% |
| Balance sheet ($M) | ||||||
| Total assets | 124,660 | 196,780 | 174,176 | 129,706 | 137,447 | 198,424 |
| Total equity | 26,352 | 27,399 | 26,879 | 26,738 | 26,487 | 28,728 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 3,444 | 3,445 | 3,422 | 3,425 | 2,678 | 3,422 |
| Equity ratio | 21.1% | 13.9% | 15.4% | 20.6% | 19.3% | 14.5% |
| ROE | 8.0% | 9.8% | 9.9% | 12.0% | 13.2% | 14.8% |
| Cash flow ($M) | ||||||
| Operating CF | 2,716 | 2,402 | 3,056 | 3,454 | 3,691 | 4,277 |
| Investing CF | -175 | 58 | -490 | 21 | -83 | 1,499 |
| Financing CF | 47,247 | 69,909 | -25,382 | -48,339 | 5,077 | 56,510 |
| Free cash flowcalccash flow from operations − capital expenditures | 2,518 | 2,275 | 2,966 | 3,377 | 3,597 | 4,194 |
| Cash and equivalents | 1,633 | 2,835 | 2,720 | 2,912 | 2,892 | 4,417 |
| Per share & other | ||||||
| EPS ($) | 5.87 | 7.29 | 7.40 | 8.86 | 9.67 | 11.16 |
| BVPS ($) | 73.50 | 76.41 | 74.89 | 74.43 | 73.66 | 80.03 |
| Dividend per share ($) | 5.90 | 6.85 | 8.50 | 9.65 | 10.40 | 11.15 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 100.5% | 94.0% | 114.9% | 108.9% | 107.5% | 99.9% |
| P/E (x) | 31.0 | 31.3 | 22.7 | 23.8 | 24.0 | 24.5 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 24.0 | 29.6 | 19.4 | 21.4 | 20.6 | 22.4 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 2.48 | 2.99 | 2.25 | 2.83 | 3.15 | 3.41 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $1.74B+13.0% | $1.14B+17.4% | $1.04B+14.2% | $2.89 |
| 2026-06-30 | $1.71B+0.8% | $1.11B-2.0% | $1.04B+1.6% | $2.88 |
| 2026-03-31 | $1.88B+14.5% | $1.31B+18.2% | — | $3.18 |
| 2025-12-31 † | $1.65B+8.1% | $1.02B+7.7% | — | — |
| 2025-09-30 | $1.54B | $973M | $908M | $2.49 |
| 2025-06-30 | $1.69B | $1.13B | $1.03B | $2.81 |
| 2025-03-31 | $1.64B | $1.11B | — | $2.62 |
| 2024-12-31 † | $1.53B | $947M | — | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
10.6%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$4,230M × (1 − 23%) ÷ $30,658M × 100 = 10.6%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
7.04%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $98.02B ÷ ($98.02B + $3.42B) = 96.6%
e.g.Debt weight: $3.42B ÷ ($98.02B + $3.42B) = 3.4%
e.g.WACC: 7.2% × 96.6% + 5.1% × (1 − 23%) × 3.4% = 7.04%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 5.8%–8.7% and ROIC − WACC runs +1.9 to +4.8 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 7.04% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.40 (price-derived adjusted beta, but correlation with the market is low (R² 0.01), so reliability is limited)
- Equity risk premium
- 5.5%
- Cost of equity
- 7.15%
- Cost of debt
- 5.07%
- Tax rate
- 23% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 97% : 3%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 7.04%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.40 (price-derived adjusted beta. Raw β 0.10, R² 0.01, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.099 + 0.33 = 0.396
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.4 × 5.5% = 7.2%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
3.1%
Perpetual FCF growth: g = r − FCF ÷ EV = 7.0% − 3.9%
Past FCF growth (FY2020–FY2025)
+10.7%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+6.0%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $4.19B (operating CF − capex); enterprise value $107.65B = market cap $108.77B (latest close, 2026-11-04) + debt $3.42B − cash and short-term investments $4.54B; r = WACC of 7.0% using this page’s default assumptions (β 0.40, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$107.53B
FCF $4.19B ÷ (7.0% − 3.1%)
Theoretical ÷ actual enterprise value
1.00x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 5.0% | 6.0% | 7.0% | 8.0% | 9.0% |
|---|---|---|---|---|---|
| 0% | 0.78x | 0.65x | 0.56x | 0.49x | 0.43x |
| 2% | 1.30x | 0.97x | 0.78x | 0.65x | 0.56x |
| 4% | 3.90x | 1.95x | 1.30x | 0.97x | 0.78x |
| 6% | — | — | 3.90x | 1.95x | 1.30x |
| 8% | — | — | — | — | 3.90x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.08x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -0.1%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 79%
Most profit comes from core operations.
- ✓
Days sales outstanding: 34 → 34 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-26
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-26
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$4,277M ÷ $4,072M = 1.05x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$4,230M ÷ $5,331M × 100 = 79%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($573M + $639M) ÷ 2 ÷ $6,521M × 365 = 34 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else — Class A shares, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 89.5%
- Directors & officers (shares)
- 0.3%
- Everyone else (est.)
- 10.2%
- Directors & officers (voting power)
- —
- Institutional-ownership rank
- 197 of 416
- Beta (adjusted)
- 0.40
of Class A shares
individuals and other non-13F holders
not stated in the proxy
1 = most institutional; 47% of covered companies have more
above 1 = swings more than the market
- 322.0M shares reported by 1,704 13F filers ÷ 359.6M Class A shares outstanding on 2026-07-08. Option positions are excluded.
- Only the listed Class A shares are counted; other share classes (often held by founders) are not in this figure.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed None (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-08)
19
Strengths & weaknessesSite analysis
Strengths
1. Record volumes
ADV reached a record 28.1M contracts in 2025, and H1 2026 was the strongest half in CME's history.
Evidence: Form 10-K (FY2025) Item 1; 8-K filed 2026-07-22
2. Very high margins
Operating income was $4.23B on $6.52B of revenue in 2025 (65%).
Evidence: SEC EDGAR XBRL
3. Benchmark products
Owns benchmark contracts across rates, equities, energy, metals, and agriculture, and CME Term SOFR.
Evidence: Form 10-K (FY2025) Item 1
4. Generous capital return
Dividends paid were $3.93B in 2025, including an annual variable dividend; a $6.15 variable dividend was declared in February 2026.
Evidence: Form 10-K (FY2025)
Weaknesses
1. Volume dependence
Most revenue is per-contract fees, so it depends on trading activity.
Evidence: Form 10-K (FY2025) revenue note
2. Clearing firm pressure
Some large clearing firms argue that clearing houses should be utilities or controlled by clearing firms and could push for rule changes.
Evidence: Form 10-K (FY2025) Item 1A
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
24.5x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
4.08%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
100%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
4.3%
(Operating CF − capex) ÷ market cap
1. Large dividends
CME declared regular dividends of $5.00 per share in 2025 plus an annual variable dividend ($6.15 declared in February 2026).
- What has to hold
- Volumes and profits stay high.
- The other side
- The variable dividend can fall when results weaken.
Evidence: Form 10-K (FY2025)
2. Steady growth
EPS rose from $7.29 (2021) to $11.16 (2025).
- What has to hold
- Hedging demand keeps growing.
- The other side
- New competitors target its core products.
Evidence: SEC EDGAR XBRL
P/E, dividend yield, and payout ratio use the FY2025 year-end share price. Dividends per share are declared amounts for the year's results, including the annual variable dividend (for 2025, declared in February 2026). Total assets include clearing members' performance bonds and guaranty fund contributions.
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
No debt due
$4.54B vs. $0
Interest coverage (operating income ÷ interest expense)
24.4x
$4.23B vs. $173M
Free cash flow ÷ dividends paid
1.1x
$4.19B vs. $3.93B (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -4.0% in FY2021 ($4.88B → $4.69B) | Yes, by FY2022 |
| Operating income | No decline in the record | — |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Clearing protections
A $7B secured credit facility for the clearing house, expandable to $10B.
Source: 8-K filed 2026-04-27
Profitability
Operating margin of about 65% in 2025.
Source: SEC EDGAR XBRL
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
CME Group won a jury verdict in July 2025 in a long-running suit by Class B shareholders and CBOT members over their core rights; the plaintiffs are appealing. It otherwise reports routine regulatory discussions and ordinary-course matters.
1 open matter
Class B shareholder core-rights suit
On appealClass actionCertain CME Class B shareholders and CBOT Class B members (Circuit Court of Cook County)
Filed January 2014, alleging breach of contract and of the implied covenant over core rights in the certificates of incorporation. After a three-week trial, the jury returned a unanimous verdict for CME on July 25, 2025. Post-trial motions were denied June 15, 2026.
- Next step
- The plaintiffs have filed a notice of appeal.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
Company statement: CME believes no matter will have a material impact, and no accrual was required for contingent legal and regulatory matters at September 30, 2026.
Based on Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Competition & technology shift
Exchange competition and new entrants
- Company disclosure (summarized from the 10-K)
- Competitors include ICE, Cboe, Euronext, HKEX, Deutsche Börse, the new FMX Futures Exchange, digital asset platforms, and prediction markets.
- Company’s stated mitigation
- New products (micro contracts, options, event contracts) and capital efficiencies for clients.
- This site’s assessment
- Impact Med / Likelihood Med
- 2Law & regulation
Regulation
- Company disclosure (summarized from the 10-K)
- Changes in CFTC and other regulation could affect clearing and trading, including clearing firms' push for open access to clearing.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 3Funding & liquidity
Clearing house default risk
- Company disclosure (summarized from the 10-K)
- A clearing firm default could create losses or liquidity needs at the clearing house.
- Company’s stated mitigation
- Margin, guaranty funds, and a $7B secured credit facility.
- This site’s assessment
- Impact High / Likelihood Low
- 4Information security
Technology and cyber
- Company disclosure (summarized from the 10-K)
- Platform outages, cyberattacks, and the transition to Google Cloud could disrupt trading.
- Company’s stated mitigation
- Business continuity and disaster recovery plans.
- This site’s assessment
- Impact High / Likelihood Low
- 5Demand & macro
Trading activity
- Company disclosure (summarized from the 10-K)
- Lower volatility or hedging needs could reduce volumes and fees.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (6)
Legislation regarding the regulatory market structure applicable to the trading and clearing of spot digital assets is currently being considered in Congress. Read more
It is not yet certain whether the legislation will be signed into law or whether it will have any impact on listed derivatives regulation.
The legal status of certain event-based contracts, most notably those based on sports events, is the subject of litigation in various jurisdictions. Read more
The outcome of these cases, new laws or regulations, or changes in the interpretation of existing laws or regulations could immediately or subsequently impact our ability to offer certain event contracts and could subject us to additional litigation or regulatory scrutiny.
Trading volume in our markets and products is largely driven by the degree of volatility - the magnitude and frequency of fluctuations - in prices and levels of the underlying commodities, securities, indices, financial benchmarks or other instruments. Volatility increases the need to hedge price risk and creates opportunities for investment and speculative or arbitrage trading. Were there to be a sustained period of stability in the prices or levels of the underlying commodities, securities, indices, benchmarks or other instruments of our products, we could experience lower trading volumes, slower growth or declines in revenues.
management from the operation of our derivatives clearing house, the operation of a securities clearing house is new to our business.
Our use of artificial intelligence in our business may be unsuccessful and may give rise to various risks, which could adversely affect our business, reputation or operating results.
Our financial performance depends, in part, on our ability to develop and market new and innovative services that differentiate our products or provide cost efficiencies, while avoiding increased related expenses. Read more
As artificial intelligence is a new and evolving technology in the early stages of commercial use, there are significant risks involved in the development and deployment of artificial intelligence. Moreover, there can be no assurance that our use of artificial intelligence in our business processes, system development, operations, or as part of our product and service offerings will enhance our products or services or augment our business or operating results. Market acceptance of artificial intelligence technologies is uncertain, and we may be unsuccessful in our product development efforts. Our artificial intelligence-related product initiatives and offerings, or use in our…
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 26, 2026 ↗ with the 10-K filed Feb 27, 2025 ↗.
25
What to watch going forwardSite analysis
- CEO transition to Lynne Fitzpatrick in 2027.
- Event contracts and the FanDuel venture.
- Competition from FMX and digital asset platforms.
- Google Cloud migration costs.
- Size of the annual variable dividend.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 17, 2026 10:20 (SEC EDGAR) · Source 10-K filed: February 26, 2026
Built on10-K FY2025 · filed 2026-02-26
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent CME Group’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.