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CME Group (CME) stock

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NASDAQ: CME Nasdaq Financial Exchanges & Data Next results ~February 3, 2027

B+ Fundamentals grade

CME Group operates derivatives exchanges and a clearing house, offering exchange-traded futures and options alongside cleared-only interest rate swaps and event contracts. It also provides foreign exchange spot and forward contracts and fixed income products, spanning interest rates, equity indexes, foreign exchange, energy, agricultural commodities and metals. Trading takes place mainly on its electronic CME Globex platform, with some open outcry dealing (limited to SOFR options) and privately negotiated transactions.

Customers include regulated institutions, exchange members and individuals, with most trades billed through clearing firms. The majority of revenue comes from clearing and transaction fees charged per contract or on notional value. The group also earns subscription-based market data and information services fees from subscribers and distributors, plus access, connectivity and co-location charges, collateral management and other fees.

A cash markets business matches buyers and sellers through BrokerTec (fixed income) and EBS (foreign exchange). The group trades internationally, with premises in Chicago, New York, the UK and India, and partners with Google Cloud. It expanded through acquisitions including CBOT Holdings, NYMEX Holdings and NEX; electronic dealing accounted for 93% of volume.

Based on CME Group's 10-K filed February 26, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$280

Cash-flow model

Base case. Range ~$210–$370 across our lower- and higher-growth cases (4.1%–14.1% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 11% above our base value.

Price used: $306.24, November 2, 2026

CME Group valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter CME Group files

10-Q filed October 23: CME

Model value +13.4%

Revenue for the twelve months to September 2026 reached $6.97bn, up 9.0% on a year earlier. That marks an acceleration from the 5.1% pace a quarter before. Free-cash-flow margin slipped to 62.1% from 63.8% a year earlier. We lift the fundamentals grade from B to B+, and our model value rises from $253 to $287 a share. Against a share price of $306, the rating stays Hold. At that level, the market is pricing in roughly 9.5% a year of cash-flow growth over five years. That sits close to the 8.3% a year revenue growth the company has actually delivered.

Source: 10-Q filed October 23, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where CME stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $6.77bn, up 5.1% on a year earlier, slower than 7.5% a quarter earlier. That puts it 7 of 8 for growth among the financial exchanges & data companies we cover. Free-cash-flow margin fell to 62.2% from 63.7% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $258 a share, against a share price of $295. At that price, our model says the market is pricing in about 9.5% a year of cash-flow growth for five years, close to the 7.6% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 3, 2027 (estimated)

CME Group's trailing-twelve-month revenue grew 9.0% year on year, with a free-cash-flow margin of 62.1%. Where it stands out: operating margin of 65.7% ranks 1 of 11 financial exchanges & data companies we cover. Where it lags: change in share count of 0.2% ranks 11 of 11 financial exchanges & data companies we cover.

Our discounted-cash-flow model values the business at ~$280 per share in the base case (~$210–$370 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Net margin expanding: TTM net margin reached 63.5%, up 4.4pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 3.9 points higher than a quarter earlier.
  • High operating margin. 65.7% of revenue is left as operating profit, against a median of 40.5% for financial exchanges & data companies we cover.
  • Strong cash generation. 62.1% of revenue turned into free cash flow, against a median of 37.6% for financial exchanges & data companies we cover.

Things to watch

  • Below peers: change in share count. Change in share count of 0.2% ranks 11 of 11 financial exchanges & data companies we cover (median -1.7%).

Latest results: FY2026 Q3

Filed October 23, 2026
Earnings per share
$3.02 against an average estimate of $2.99: beat by 1.0%
Revenue
$1.74bn, up 13.0% on a year earlier
Share reaction
+3.6% in the first session after the results on October 21, 2026, against -0.7% for the S&P 500
Next report
October 21, 2026; average EPS estimate $3.03

CME Group's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.0%
  • 1 week-0.6%
  • 1 month+16.4%
  • This year+16.0%
  • 1 year+19.8%
  • 5 years+71.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$7B
Operating margin
65.7%
Net margin
63.5%
EPS (TTM, diluted)
$12.28

Growth

Revenue growth
+9.0%
Change in growth rate
+3.9 pts
Share count change
+0.2%

Cash

Free cash flow (TTM)
$4.3B
FCF margin
62.1%
Stock pay % of revenue
1.4%

Earnings

Last results
October 21, 2026
Next results (est.)
February 3, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Insider trade
  3. Our research
  4. Results
  5. Governance
  6. Insider trade
  7. Leadership
  8. Announcement
  9. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

CME Group valuation models and calculator

What the price is pricing in

The share price implies about 9.9% a year of cash-flow growth for five years.That is close to the 8.3% a year revenue growth CME Group has delivered.

  • Priced in9.9%
  • Last 12 months9.0%
  • 3 years a year9.2%
  • 5 years a year8.3%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($302.70, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$280
Price used
$302.70close November 3, 2026
Implied change
▼ 9%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of CME Group's free cash flow after stock-based pay with after-tax interest added back ($4.2B, FY2026 Q3 TTM), growing 6.7% and 7.7% in the next two years (forecasts, guidance and its record), then back to 9.1% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$210–~$370 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of CME Group's free cash flow after stock-based pay ( $4.2B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value CME Group as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 7.9%: the 10-year Treasury yield (4.9%) plus a beta of 0.67 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$280 ~$210–$370 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$190 ~$150–$300 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$100 ~$82–$130 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$120 ~$100–$130 Included
Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. ~$7.3 ~$76–$330 Left out: out of range vs price (0.02x)
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$140 ~$120–$170 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$180 ~$100–$280 5 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare CME Group with brokers, investment banks and exchanges in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −25%
  • Revenue growth 5 points higher ▲ +33%
  • Free-cash-flow margin 1 point lower ▼ −2%
  • Last year's free-cash-flow margin change, if it persists ▼ −3%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $167$227$308$414$553$732
8.5% $127$171$229$305$404$531
10% $103$137$181$240$315$411

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$60.54$81.09$107.31$141.81$155.52$145.65$188.58$145.41$190.96$220.39$264.09$306.24
Market value$20.5bn$27.5bn$36.5bn$48.7bn$55.7bn$52.2bn$67.7bn$52.2bn$68.6bn$79.3bn$95.2bn$110.5bn
+ Net debt (− = net cash)$537m$363m$330m$3.0bn$2.2bn$1.8bn$610m$718m$513m$536m−$245m$1.2bn
Enterprise value$21.0bn$27.8bn$36.8bn$51.8bn$57.9bn$54.0bn$68.3bn$52.9bn$69.2bn$79.9bn$94.9bn$111.7bn
Multiples
Price / sales 6.1x7.6x10.0x11.3x11.4x10.7x14.4x10.4x12.3x12.9x14.6x15.8x
Price / earnings 16.4x17.9x9.0x24.8x26.3x24.8x25.7x19.4x21.3x22.5x23.4x24.9x
Price / free cash flow 14.4x16.8x21.9x21.0x23.0x20.7x29.7x17.6x20.3x22.1x22.7x25.5x
EV / EBITDA 9.9x12.0x15.2x19.0x21.1x19.4x24.5x16.8x19.4x19.7x21.9x23.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

66 /100

Moderate moat

How hard CME Group's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 2.2% of total assets over 10 years.

  • Durability 20 / 20

    Operating margin has been a median 61.7%; its worst year was 53.7%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 55.7% of revenue.

  • Discipline 17 / 20

    The diluted share count rose 0.6% over five years; stock-based pay has been a median 1.6% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (71 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $12.40 +11% $7.1bn +9%
Next $13.23 +7% $7.5bn +5%

Next year's EPS estimate has moved +2.3% in 90 days, across 16 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.1% on 90 days ago. In the last 30 days, 8 analysts raised CME Group's forecast and 2 cut it.

Consensus EPS forecast CME Group, last 90 days
$12.00 $12.50 $13.00 $13.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $12.27 Current fiscal year, 60 days ago: $12.27 Current fiscal year, 30 days ago: $12.25 Current fiscal year, 7 days ago: $12.33 Current fiscal year, Now: $12.40 $12.40 Next fiscal year, 90 days ago: $12.94 Next fiscal year, 60 days ago: $12.93 Next fiscal year, 30 days ago: $12.93 Next fiscal year, 7 days ago: $13.03 Next fiscal year, Now: $13.23 $13.23

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $12.27$12.94
60 days ago $12.27$12.93
30 days ago $12.25$12.93
7 days ago $12.33$13.03
Now $12.40$13.23

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $2.99 $3.02 +1.0%
Jun 2026 $2.91 $2.99 +2.8%
Mar 2026 $3.37 $3.36 −0.2%
Dec 2025 $2.74 $2.77 +1.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 21, 2026

No numeric guidance in CME Group's latest earnings release (filed October 21, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows CME Group's revenue by +6.7% next year and +7.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+5.7%, weight 69%) and the company's own record (+9.1%, weight 31%) . How the weights are set.

Analyst recommendations

17 analysts, Oct 2026
Buy953%
Hold635%
Sell212%

Monthly trend

  1. Oct 202654617
  2. Sep 2026535216
  3. Aug 2026436216
  4. Jul 2026544216

Counts of recommendations published by analysts covering CME Group, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.6%
of tradable shares
Days to cover
2.65
at average volume
Short interest, 1 month
−14%
to October 15, 2026
Held by institutions
92%
of shares
Held by insiders
0.4%
of shares
Employees
3,875
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +19.8%

$255.57 on October 31, 2025 to $306.24

ThenNowEffect
Revenue (last 12 months) $6.4bn $6.8bn +5.1%
Net margin 58.6% 63.5% +8.3%
P/E multiple 24.4x 25.7x +5.6%
Share count 360m 361m −0.3%

Biggest factor: net margin.

Last 3 years +66.8%

$183.59 on November 3, 2023 to $306.24

ThenNowEffect
Revenue (last 12 months) $5.2bn $6.8bn +29.3%
Net margin 56.5% 63.5% +12.4%
P/E multiple 22.3x 25.7x +15.4%
Share count 359m 361m −0.6%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CME+30%−23%+31%+15%+20%+16%
Industry peers (median)+44%−28%+33%+18%−3%+9%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CME42%42%67%50%67%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CME−15%−32%−10%−12%−10%−31%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 37% from March 4, 2020 to March 23, 2020. Getting back needed a 60% gain, reached on May 14, 2021, 417 days after the low.

Price behaviour

52-week range
$217.56 – $315.71
From 52-week high
−3.0%
vs 50-day average
+9.1%
vs 200-day average
+10.4%
Volatility (1 year)
25%
Beta vs S&P 500
-0.39

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
10 up, 2 down
typical move ±2.0%
After a week
8 up, 4 down
typical move ±3.2%
After a month
9 up, 2 down
typical move ±5.0%
Results releasedNext dayS&P 500 next day5 days21 days
October 21, 2026 +3.6% −0.7% −0.4% —
July 22, 2026 +7.1% −1.3% +11.8% +14.1%
April 22, 2026 +0.4% +0.6% +1.0% +1.7%
February 4, 2026 +1.5% −1.7% +3.2% +8.2%
October 22, 2025 +0.1% +0.1% −2.6% +2.5%
July 23, 2025 +0.9% +0.9% +1.1% −0.5%
April 23, 2025 −0.9% +3.7% +4.3% +6.2%
February 12, 2025 +3.5% +0.7% +2.7% +7.5%
October 23, 2024 +1.6% −0.7% +0.5% +0.2%
July 24, 2024 +1.0% −2.8% −1.9% +6.2%
April 24, 2024 −2.0% −0.4% −4.0% −2.2%
February 14, 2024 +1.7% +1.6% +5.1% +5.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How CME Group’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.22× the last 60 days’ realised volatility , richer than 59% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

CME CME Group Grade B+ $306.05

Sell the $280 put expiring December 18, 2026 (46 days) for $2.70 a share — $270 per contract.

Previous session · Bid $2.70, ask $3.50, quoted Mon 2 Nov, 17:18 New York time with CME at $306.05. Option prices move with the shares: check the live chain at your broker before trading.

  • If CME ends above $280: you keep the $270 — 1.0% on the $28,000 set aside, or 7.7% a year at that pace.
  • If it ends below $280: you buy 100 shares at an effective $277.3, 9% below today's price and 1% below our value of ~$280.
$270 −$5.5k Break-even $277.3 Our value $280 Price $306.05
Profit or loss per contract at expiry, by share price.
Premium
$270
Annualised
7.7%
Break-even
$277.3
Max gain
$270
Chance of buying
~17%
CME CME Group Grade B+ $306.05

Own 100 shares, sell the $330 call expiring December 18, 2026 (46 days) for $3.20 a share — $320 per contract.

Previous session · Bid $3.20, ask $3.80, quoted Mon 2 Nov, 17:18 New York time with CME at $306.05. Option prices move with the shares: check the live chain at your broker before trading.

  • If CME ends below $330: you keep your shares and the $320 — 1.1% extra on the position, 8.3% a year at that pace.
  • If it ends above $330: your shares are sold at $330, a total return of 8.9% including the premium — at or above our value of ~$280.
$2.7k $0 −$6.1k Our value $280 Break-even $302.85 Price $306.05
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$320
Annualised
8.3%
Break-even
$302.85
Max gain
$2,715
Chance of selling
~24%

Collar

Own the shares, buy the $290 put and sell the $330 call, both expiring December 18, 2026 (46 days).

  • Net cost of $1.90 a share ($190 per contract of 100 shares).
  • Worst case at expiry: -5.9%, if the shares fall below $290 (-5.2% from today).
  • Best case at expiry: +7.2%, if the shares rise above $330 (+7.8%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $280: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

CME Group in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) CME Group
$5.5B $6B $6.5B $7B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $5.6B Revenue (TTM), FY24 Q1: $5.6B Revenue (TTM), FY24 Q2: $5.8B Revenue (TTM), FY24 Q3: $6B Revenue (TTM), FY24 Q4: $6.1B Revenue (TTM), FY25 Q1: $6.3B Revenue (TTM), FY25 Q2: $6.4B Revenue (TTM), FY25 Q3: $6.4B Revenue (TTM), FY25 Q4: $6.5B Revenue (TTM), FY26 Q1: $6.8B Revenue (TTM), FY26 Q2: $6.8B Revenue (TTM), FY26 Q3: $7B $7B

Source: SEC EDGAR filings. Retrieved October 24, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $5.6B
FY24 Q1 $5.6B
FY24 Q2 $5.8B
FY24 Q3 $6B
FY24 Q4 $6.1B
FY25 Q1 $6.3B
FY25 Q2 $6.4B
FY25 Q3 $6.4B
FY25 Q4 $6.5B
FY26 Q1 $6.8B
FY26 Q2 $6.8B
FY26 Q3 $7B
Revenue growth, TTM YoY CME Group
4% 6% 8% 10% 12% 14% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 11.1% Revenue growth, TTM YoY, FY24 Q1: 10.0% Revenue growth, TTM YoY, FY24 Q2: 10.7% Revenue growth, TTM YoY, FY24 Q3: 13.0% Revenue growth, TTM YoY, FY24 Q4: 9.9% Revenue growth, TTM YoY, FY25 Q1: 11.7% Revenue growth, TTM YoY, FY25 Q2: 11.2% Revenue growth, TTM YoY, FY25 Q3: 5.8% Revenue growth, TTM YoY, FY25 Q4: 6.4% Revenue growth, TTM YoY, FY26 Q1: 7.5% Revenue growth, TTM YoY, FY26 Q2: 5.1% Revenue growth, TTM YoY, FY26 Q3: 9.0% 9.0%

Source: SEC EDGAR filings. Retrieved October 24, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 11.1%
FY24 Q1 10.0%
FY24 Q2 10.7%
FY24 Q3 13.0%
FY24 Q4 9.9%
FY25 Q1 11.7%
FY25 Q2 11.2%
FY25 Q3 5.8%
FY25 Q4 6.4%
FY26 Q1 7.5%
FY26 Q2 5.1%
FY26 Q3 9.0%
Operating margin (TTM) CME Group
60% 62% 64% 66% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 61.6% Operating margin (TTM), FY24 Q1: 61.9% Operating margin (TTM), FY24 Q2: 62.8% Operating margin (TTM), FY24 Q3: 63.7% Operating margin (TTM), FY24 Q4: 64.1% Operating margin (TTM), FY25 Q1: 64.9% Operating margin (TTM), FY25 Q2: 65.3% Operating margin (TTM), FY25 Q3: 65.0% Operating margin (TTM), FY25 Q4: 64.9% Operating margin (TTM), FY26 Q1: 65.6% Operating margin (TTM), FY26 Q2: 65.1% Operating margin (TTM), FY26 Q3: 65.7% 65.7%

Source: SEC EDGAR filings. Retrieved October 24, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 61.6%
FY24 Q1 61.9%
FY24 Q2 62.8%
FY24 Q3 63.7%
FY24 Q4 64.1%
FY25 Q1 64.9%
FY25 Q2 65.3%
FY25 Q3 65.0%
FY25 Q4 64.9%
FY26 Q1 65.6%
FY26 Q2 65.1%
FY26 Q3 65.7%
FCF margin (TTM) CME Group
58% 60% 62% 64% 66% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 60.5% FCF margin (TTM), FY24 Q1: 59.8% FCF margin (TTM), FY24 Q2: 60.2% FCF margin (TTM), FY24 Q3: 60.0% FCF margin (TTM), FY24 Q4: 58.7% FCF margin (TTM), FY25 Q1: 60.9% FCF margin (TTM), FY25 Q2: 63.7% FCF margin (TTM), FY25 Q3: 63.8% FCF margin (TTM), FY25 Q4: 64.3% FCF margin (TTM), FY26 Q1: 64.1% FCF margin (TTM), FY26 Q2: 62.2% FCF margin (TTM), FY26 Q3: 62.1% 62.1%

Source: SEC EDGAR filings. Retrieved October 24, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 60.5%
FY24 Q1 59.8%
FY24 Q2 60.2%
FY24 Q3 60.0%
FY24 Q4 58.7%
FY25 Q1 60.9%
FY25 Q2 63.7%
FY25 Q3 63.8%
FY25 Q4 64.3%
FY26 Q1 64.1%
FY26 Q2 62.2%
FY26 Q3 62.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar CME Group took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $6.5B
  2. Other income $1.1B · 16.9%
  3. Other operating costs $2.3B · 35.1%
  4. Operating income $4.2B · 64.9%
  5. Income tax $1.3B · 19.3%
  6. Net income $4.1B · 62.5%

Shares of revenue. Source: CME Group's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 2,613 3,004 3,281 2,915 2,936 3,113 3,327 3,595 3,645 4,309 4,868 4,884 4,690 5,019 5,579 6,130 6,521 6,972
EBITDA 1,715 1,961 2,150 1,829 1,772 1,901 2,118 2,330 2,424 2,726 2,746 2,791 2,793 3,151 3,562 4,047 4,337 4,687
Operating income 1,589 1,831 2,021 1,692 1,637 1,768 1,989 2,201 2,311 2,608 2,588 2,637 2,645 3,016 3,436 3,932 4,230 4,578
Net income 826 951 1,812 896 977 1,127 1,247 1,534 4,063 1,962 2,117 2,106 2,637 2,691 3,226 3,526 4,072 4,430
Diluted EPS $2.48 $2.86 $5.43 $2.70 $2.92 $3.35 $3.69 $4.53 $11.94 $5.71 $5.91 $5.87 $7.29 $7.40 $8.86 $9.67 $11.16 $12.28
Growth (year on year)
Revenue +2.0% +15.0% +9.2% −11.2% +0.7% +6.0% +6.9% +8.1% +1.4% +18.2% +13.0% +0.3% −4.0% +7.0% +11.1% +9.9% +6.4% +9.0%
EBITDA −0.2% +14.3% +9.6% −14.9% −3.1% +7.3% +11.4% +10.0% +4.0% +12.5% +0.7% +1.6% +0.1% +12.8% +13.0% +13.6% +7.2% +9.9%
Operating income +0.4% +15.2% +10.4% −16.3% −3.3% +8.0% +12.5% +10.7% +5.0% +12.9% −0.8% +1.9% +0.3% +14.0% +13.9% +14.4% +7.6% +10.1%
Net income +15.4% +15.2% +90.5% −50.5% +9.0% +15.4% +10.6% +23.0% +164.9% −51.7% +7.9% −0.5% +25.2% +2.0% +19.9% +9.3% +15.5% +17.0%
Diluted EPS +2.3% +15.2% +89.9% −50.3% +8.1% +14.7% +10.1% +22.8% +163.6% −52.2% +3.5% −0.7% +24.2% +1.5% +19.7% +9.1% +15.4% +16.8%
Margins
EBITDA margin 65.7% 65.3% 65.5% 62.7% 60.4% 61.1% 63.7% 64.8% 66.5% 63.3% 56.4% 57.1% 59.6% 62.8% 63.8% 66.0% 66.5% 67.2%
Operating margin 60.8% 61.0% 61.6% 58.1% 55.8% 56.8% 59.8% 61.2% 63.4% 60.5% 53.2% 54.0% 56.4% 60.1% 61.6% 64.1% 64.9% 65.7%
Net margin 31.6% 31.7% 55.2% 30.8% 33.3% 36.2% 37.5% 42.7% 111.5% 45.5% 43.5% 43.1% 56.2% 53.6% 57.8% 57.5% 62.5% 63.5%
Free-cash-flow margin 35.4% 39.9% 35.8% 37.0% 39.3% 37.0% 42.6% 45.6% 45.8% 53.9% 49.9% 51.6% 48.5% 59.1% 60.5% 58.7% 64.3% 62.1%
Cash flow
Cash from operations 1,083 1,360 1,346 1,220 1,281 1,291 1,533 1,732 1,751 2,441 2,673 2,716 2,402 3,056 3,454 3,691 4,277 4,427
Capital spending 158 160 172 142 126 141 114 92 82 117 246 198 127 90 76 94 84 94
Free cash flow 925 1,200 1,174 1,078 1,155 1,151 1,418 1,640 1,669 2,324 2,427 2,518 2,275 2,966 3,377 3,597 4,194 4,333
Stock-based pay 33 41 51 61 54 55 61 66 58 97 73 96 75 84 83 90 95 100
Free cash flow after stock pay 892 1,159 1,123 1,017 1,101 1,096 1,358 1,574 1,611 2,228 2,354 2,422 2,200 2,882 3,295 3,507 4,099 4,234
Balance sheet
Cash 261 855 1,042 1,605 2,470 1,366 1,693 1,869 1,904 1,375 1,551 1,633 2,835 2,720 2,912 2,892 4,417 2,199
Total debt 2,015 3,105 5,107 7,107 9,107 2,108 2,229 2,231 2,233 4,401 3,743 3,444 3,445 3,438 3,425 3,428 4,172 3,425
Net debt (negative = net cash) 1,754 2,250 4,065 5,502 6,638 742 537 363 330 3,027 2,192 1,811 610 718 513 536 −245 1,227
Diluted shares 333m 332m 334m 332m 334m 336m 338m 339m 340m 344m 358m 359m 359m 359m 360m 360m 360m 361m
Returned to shareholders
Dividends 306 305 373 1,224 599 1,497 1,343 1,787 1,994 2,150 1,696 2,110 2,189 2,634 3,236 3,584 3,933 4,086
Buybacks 27 575 220 0 0 — — — — — — — — — — — — —
Total returned 333 881 593 1,224 599 1,497 1,343 1,787 1,994 2,150 1,696 2,110 2,189 2,634 3,236 3,584 3,933 4,086

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 6 checks passed · September 30, 2026
What it owns · $192.1bn
Short-term assets $159.1bnLonger-term assets $33.0bn
What it owes, and who funded it · $192.1bn
Short-term liabilities $156.1bnLonger-term liabilities $9.4bnShareholders' equity $26.6bn
  • Short-term assets cover short-term liabilities $159.1bn of assets due within a year against $156.1bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $159.1bn short-term assets against $9.4bn of longer-dated liabilities.
  • More cash than debt $2.2bn of cash against $3.4bn of debt.
  • Debt below 40% of shareholders' equity Debt is 13% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 12% to 13% over five years.
  • A year's operating cash flow covers at least 20% of debt $4.4bn of operating cash flow against $3.4bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From CME Group's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$4.1B
Diluted share count
+0.2%
year over year
Total shareholder yield
3.7%
dividends 3.7% + buybacks 0.0% of market value
Dividend payout ratio
92%
of net income paid out
Days sales outstanding
41 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in financial exchanges & data
Last 12 months unless stated CME MCO COIN NDAQ CBOE ICE Median
Revenue, last 12 months $7.0bn $8.2bn $5.6bn $9.1bn $5.3bn $14.0bn $5.3bn
Revenue growth, last 12 months 9.0% 9.0% −26.6% 11.5% 14.3% 12.1% 9.4%
Revenue growth, 3-year average 9.2% 12.6% 26.5% 15.1% 11.5% 13.5% 12.4%
Revenue growth, latest quarter 13.0% 0.8% −35.0% 20.9% 19.0% 20.7% 12.4%
Gross margin — 74.6% — 63.2% 53.9% — 63.1%
Operating margin 65.7% 44.6% 3.6% 29.8% 36.4% 40.6% 40.5%
Operating margin, 3-year average 64.8% 42.4% 19.6% 26.7% 31.2% 38.4% 38.4%
Net margin 63.5% 35.3% −12.5% 22.8% 28.0% 29.6% 29.6%
Cash from operations / revenue 63.5% 40.7% 25.0% 27.8% 49.7% 41.0% 40.7%
Free-cash-flow margin 62.1% 36.4% 25.0% 24.7% 47.9% 37.6% 36.4%
Free-cash-flow margin, 3-year average 62.0% 34.0% 31.2% 23.7% 33.6% 35.5% 34.0%
Stock pay / revenue 1.4% 2.9% 16.9% 1.9% 1.0% 2.0% 2.9%
Change in share count 0.2% −2.5% −0.9% −1.7% −0.1% −1.3% −1.7%

Median of all 11 companies we cover in financial exchanges & data. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

11 financial exchanges & data companies
Measure Company Peer median Rank
Revenue growth Growth 9.0% 9.4% 8 of 11
Change in growth rate Growth +3.9pp +0.4pp 3 of 11
Operating margin Profitability 65.7% 40.5% 1 of 11
Net margin Profitability 63.5% 29.6% 1 of 11
Free-cash-flow margin Cash generation 62.1% 37.6% 1 of 8
Stock pay as % of revenue Cash generation 1.4% 2.9% 2 of 11
Long-term debt as % of assets Balance sheet 1.8% 21.7% 1 of 8
Change in share count Balance sheet 0.2% -1.7% 11 of 11
Days sales outstanding Balance sheet 41 days 44 days 3 of 6

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Clearingandtransactionfees $5.3B 81.0% ▲ 5.9%
Market Data $803M 12.3% ▲ 13.1%
Other Revenue $436M 6.7% ▲ 1.1%

From CME Group's 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$70.9B
Institutions reporting
1,682
Shares held vs prior quarter
0.0%
Positions opened / closed
133 / 230

Top buyers and sellers, Q2 2026: 791 institutions bought and 889 sold ; the biggest buyer was Jane Street Group, LLC (+1.5M shares) and the biggest seller Jpmorgan Chase & Co (−6.4M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $6.7B 30.6M 9.5% ▼ 2.8%
Vanguard Capital Management LLC $5.2B 23.7M 7.4% ▲ 1.3%
State Street Corp $3.6B 16.3M 5.1% ▲ 1.8%
Morgan Stanley $2.1B 9.7M 3.0% ▲ 3.4%
Geode Capital Management, LLC $2B 9.3M 2.9% ▲ 1.4%
Vanguard Portfolio Management LLC $2B 9.2M 2.9% ▲ 1.5%
Capital World Investors $1.5B 6.8M 2.1% ▼ 1.6%
Jpmorgan Chase & Co $1.3B 5.8M 1.8% ▼ 52.8%
Sanders Capital, LLC $1.1B 5.1M 1.6% ▲ 21.8%
Norges Bank $1.1B 4.8M 1.5% —
Ameriprise Financial Inc $963M 4.4M 1.4% ▲ 16.8%
Raymond James Financial Inc $896M 4.1M 1.3% ▼ 7.3%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not CME Group's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $666,921 7 trades by 1 insider, last 12 months Insider sales History → $35.8M 21 trades by 12 insiders · 6% under pre-set plans
Net ▼ $35.1M net selling
Insider Date Trade Shares Price Value
Winkler Julie Sr MD Chief Commercial Officer November 2, 2026 Sell 10,079 $305.15 $3.1M
Cutinho Sunil Chief Information Officer October 27, 2026 Sell 5,000 $298.70 $1.5M
Gepsman Martin J Director October 22, 2026 Sell 400 $302.50 $121,000
Shepard William R Director September 25, 2026 Buy 293 $268.76 $78,626
Cook Elizabeth A Director September 14, 2026 Sell 500 $280.11 $140,055
Duffy Terrence A Chairman and CEO September 10, 2026 Sell 628 $275.03 $172,719
Duffy Terrence A Chairman and CEO September 10, 2026 Sell 14,372 $274.41 $3.9M
Shepard William R Director June 25, 2026 Buy 325 $230.57 $74,885
Shepard William R Director June 25, 2026 Buy 14 $230.57 $3,301
Piell Hilda Harris Sr MD & Chief HR Officer May 18, 2026 Sell 5,753 $304.63 $1.8M
Duffy Terrence A Chairman and CEO May 15, 2026 Sell 9,004 $299.58 $2.7M
Duffy Terrence A Chairman and CEO May 15, 2026 Sell 25,996 $298.14 $7.8M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 48 trades and filings

In the last 12 months, 2 members of Congress disclosed 1 purchase and 3 sales of CME Group shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded June 16, 2026, filed July 2, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded January 9, 2026, filed February 13, 2026
  • Julie Johnson(D-TX 32):Sale (full), $1,001 - $15,000, traded December 18, 2025, filed January 15, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 3, 2027 estimated from the company's past filing pattern, not announced

  • October 21, 2026
  • July 22, 2026
  • April 22, 2026
  • February 4, 2026
  • October 22, 2025
  • July 23, 2025

Recent SEC filings

Data status

When each part of this page on CME Group was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

CME Group in brief

What does CME Group do?
CME Group is a US-listed company in the financial exchanges & data industry. Its financial year ends in December.
What is CME Group's stock ticker?
CME Group trades under the ticker CME on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is CME Group's revenue, and how fast is it growing?
Over its most recent trailing twelve months, CME Group reported revenue of $7B, 9.0% higher than a year earlier, according to its SEC filings.
What is CME Group's free cash flow?
CME Group's free-cash-flow margin is 62.1% of revenue over the trailing twelve months, ranking 1 of the 8 financial exchanges & data companies we cover.
What is CME Group's fair value (intrinsic value) per share?
Our discounted-cash-flow model of CME Group's free cash flow after stock-based pay gives ~$280 per share in the base case, and ~$210–$370 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are CME Group's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is CME Group's market cap?
On November 2, 2026, CME Group's market capitalisation was about $111B, with a price-to-earnings ratio of 24.9 and net debt of $1.2B. Market figures come from third-party market data and may be delayed.
Does CME Group pay a dividend?
Yes: CME Group paid $4.1B in dividends over the trailing twelve months, a dividend yield of 3.72% and a payout ratio of 92.2%.
How much debt does CME Group have?
CME Group's debt-to-equity ratio is 12.9%, from its latest balance sheet (12.4% five years earlier). The financial health section below sets out its other solvency checks.
Who are CME Group's competitors?
In our Financial Exchanges & Data peer group, the companies closest to CME Group are Moody's Corporation, Coinbase, Nasdaq, Inc., Cboe Global Markets and Intercontinental Exchange. The side-by-side comparison below sets their revenue, margins and growth against CME Group's.
Are insiders buying or selling CME Group stock?
Over the last 12 months, CME Group's directors and officers reported 7 open-market purchases and 21 sales on Form 4. The insider trading page charts every trade.
When is CME Group's next earnings date?
Around February 3, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — CME Group announces its own schedule.