— Know what they know.
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Not Investment Advice

CME

NASDAQ · USD
CME Group Inc.
Financial Services · Financial - Data & Stock Exchanges
CEO Terrence A. Duffy Employees 3,875 R&D / revenue 0.0%
Last price
$293.87+1.52%last session
Market cap
$105.7B
P/E (TTM)
24.8x
From 52w high
−10.7%
From 52w low
+34.6%
1-year return
+12.5%
RSI 14 · vs SMA200
71.4 · +5.6%
IS score
56.5/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

CME   SPY   XLF (sector ETF) · weekly closes
90100110120Jan 26Apr 26Jul 26Oct 26SPY 116CME 112XLF 107

Score DNA

Each bar is a 0-100 score within the scored universe
75
Profitability
53
Growth
56
Value
74
Momentum
65
Risk (safety)
80
Quality
60
Balance sheet
82
Earnings quality

Flags

Strengths
✓ Insider buying
Warnings
▲ Share count rising
Observations
Moat model: Narrow, Efficient ScalePiotroski 6 / 9Beta 0.283 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
3
$0.16M bought
Form 144 notices (12m): 13, $26.0M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
0
No disclosed purchases
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−90
166 new holders, 232 closed
1,700 filers hold 89.7% · 656 added, 668 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+203
1,338 funds adding shares
1,135 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
40.7%
20-day avg 39.2%, 50-day avg 42.7%
Latest 1.5 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$6.5B
Revenue growth YoY+6.4%
Gross margin86.1%
Operating income$4.2B
Operating margin64.9%
Net income$4.0B
Net margin62.0%
EPS (diluted)$11.16
Cash flow
Operating cash flow$4.3B
Capital expenditure$83.5M
Free cash flow$4.2B
FCF conversion (FCF / OCF)98.0%
Stock-based compensation$94.8M
FCF less SBC$4.1B
Buybacks$266.1M
Dividends$3.9B
Balance sheet & returns
Cash & short-term investments$4.5B
Total debt$3.5B
Net cash$1.1B
Shareholders' equity$28.7B
Goodwill & intangibles$30.3B
Debt / equity0.13
ROE (TTM)15.5%
ROIC (TTM)9.4%
Operating margin by fiscal year
56.4%FY202160.1%FY202261.6%FY202364.1%FY202464.9%FY2025
Revenue $4.7B (FY2021) to $6.5B (FY2025), a 8.6% CAGR.

Valuation

P/E (TTM)24.8x
EV / EBITDA19.3x
Price / sales15.60x
Price / FCF25.1x
FCF yield3.99%
Buyback yield0.25%
SBC / revenue1.5%
Price / book3.99x
Forward P/E FY202623.9x
Forward P/E FY202722.6x
Forward P/E FY202820.9x
Forward multiples divide today's price by Street EPS estimates. Street mean target $300.57 across 7 analysts last quarter is theirs, not ours.

CME vs industry median

33 companies in Financial - Data & Stock Exchanges
Gross margin 81.9% 71.8% Operating margin 65.1% 38.3% Net margin 63.1% 26.4% ROIC 9.4% 13.4%
CME (TTM)Industry median Asset turnover 0.03 vs industry 0.26 · financial leverage 7.34

Earnings delivery

Next report 2026-10-21 · consensus EPS $2.98
92%
beat rate, 11 of 12 quarters
+1.5%
median EPS surprise
6
longest beat streak
+1+4+2+1+1+2+0+2+2+1+1+3
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-25 to 2026-07-22. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
CME CME Group Inc. $105.7B24.8x15.5%63.1%+6.4% +12.5%
ICE Intercontinental Exchange, I $90.7B22.7x13.9%35.9%−0.6% +5.7%
SPGI S&P Global Inc. $126.7B26.1x15.1%29.4%+9.7% −8.8%
MCO Moody's Corporation $84.0B30.7x80.2%40.2%+11.7% +3.7%
NDAQ Nasdaq, Inc. $52.5B27.1x16.5%20.0%+7.3% +7.2%
COIN Coinbase Global, Inc. $45.7Bn/m-7.8%-29.5%−21.0% —
MSCI MSCI Inc. $41.4B31.3x-76.0%39.4%+11.6% —
TRU TransUnion $14.2B19.3x18.1%19.3%+12.4% —
12-month window: SPY +15.9%, sector ETF XLF +7.2%. Past returns describe history only.

Recent 8-K filings

2026-09-25Bylaws Amendment
2026-09-09Officer/Director Change; Exhibits
2026-08-11Regulation FD; Exhibits
2026-07-22Earnings Release; Exhibits
2026-06-17Officer/Director Change; Regulation FD; Exhibits
2026-06-10Shareholder Vote

Context

Shares outstanding359,579,268
Free float98.6%
Institutional ownership89.7%
Beta0.28
Dividend yield3.85%
Last dividend$1.30 on 2026-09-09
50 / 200-day average$273.17 / $278.60
Large-cap Financial Services median P/E14.0x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where CME sits among 11 scored companies in Financial - Data & Stock Exchanges (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureCMEIndustry medianIndustry percentileSector median
P/E (TTM) 24.7x 23.6x
56th		 11.9x
PEG (P/E ÷ 3-yr EPS CAGR) 1.98 1.40
78th		 1.04
Price / sales 15.6x 7.9x
100th		 2.5x
Price / book 4.0x 4.0x
44th		 1.3x
Price / tangible book —
Price / free cash flow 25.1x 22.7x
80th		 11.8x
Price / operating cash flow 24.5x 22.1x
80th		 11.7x
Enterprise value $106.8B $47.6B
80th		 $3.4B
EV / sales 15.8x 8.6x
100th		 6.0x
EV / EBITDA 19.5x 17.6x
67th		 13.0x
EV / EBIT 20.5x 20.9x
44th		 15.5x
EV / free cash flow 25.4x 24.1x
70th		 15.9x
Earnings yield 4.0% 4.0%
50th		 7.9%
FCF yield 4.0% 4.4%
20th		 6.3%
Operating cash flow yield 4.1% 4.5%
20th		 7.8%
Graham number (per share) $139.38 $81.79
88th		 $50.71

Profitability (TTM)

MeasureCMEIndustry medianIndustry percentileSector median
Gross margin 81.9% 70.9%
90th		 71.9%
EBITDA margin 80.9% 37.4%
100th		 37.9%
Operating margin 65.1% 31.6%
100th		 23.3%
EBIT margin 76.8% 29.2%
100th		 23.3%
Net margin 63.1% 30.5%
100th		 18.7%
NOPAT margin 49.7% 25.5%
100th		 18.7%
FCF margin 62.2% 38.8%
100th		 23.3%
Operating cash flow margin 63.6% 40.7%
100th		 26.7%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 2.1% 22.3%
0th		 20.1%
Stock comp / revenue 1.5% 2.2%
20th		 0.7%
Effective tax rate 23.6% 22.2%
80th		 21.0%

Returns on capital

MeasureCMEIndustry medianIndustry percentileSector median
ROE (on average equity) 15.7% 17.3%
33rd		 11.9%
ROA 2.3% 8.0%
10th		 1.4%
ROIC 12.2% 12.2%
50th		 7.8%
ROCE 14.5% 13.1%
60th		 5.8%
Return on tangible assets 2.8% 10.5%
20th		 2.0%
Cash ROIC (OCF / invested capital) 15.6% 24.9%
40th		 11.4%
Gross profitability (GP / assets) 2.8% 18.9%
0th		 10.3%
ROIC, 3-yr average 10.3% 15.3%
40th		 7.1%
ROIC, 5-yr average 11.4% 12.8%
44th		 7.3%
ROE, 5-yr average 12.6% 13.8%
44th		 10.7%
Incremental ROIC -41.1% -41.1%
50th		 8.4%

Growth

MeasureCMEIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 5.1% 7.3%
30th		 7.1%
Revenue growth (QoQ) -9.2% 1.9%
20th		 2.8%
Revenue CAGR, 3 yr 8.9% 10.0%
20th		 10.8%
Revenue CAGR, 5 yr 8.0% 9.2%
40th		 11.3%
Gross profit CAGR, 3 yr 7.7% 12.9%
30th		 18.0%
Operating income CAGR, 3 yr 11.7% 17.1%
22nd		 8.8%
Net income growth (TTM YoY) 13.7% 18.9%
33rd		 24.7%
Net income CAGR, 3 yr 12.8% 23.2%
22nd		 9.4%
EPS growth (TTM YoY) 13.1% 24.6%
22nd		 25.1%
EPS CAGR, 3 yr 12.5% 22.2%
22nd		 7.3%
EPS CAGR, 5 yr 17.1% 9.6%
89th		 4.2%
FCF growth (TTM YoY) 2.6% 10.8%
20th		 15.9%
FCF CAGR, 3 yr 10.7% 13.0%
40th		 8.5%
Operating cash flow CAGR, 3 yr 10.5% 10.9%
40th		 8.4%
Book value CAGR, 3 yr -1.8% 5.4%
11th		 8.9%
Dividend CAGR, 3 yr 1.6% 2.8%
12th		 1.9%
Sustainable growth rate 0.7% 11.6%
0th		 8.3%

Margin history & stability

MeasureCMEIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 84.7% 63.7%
100th		 63.4%
Operating margin, 3-yr average 64.4% 30.8%
100th		 21.4%
Net margin, 3-yr average 59.4% 25.9%
100th		 16.5%
FCF margin, 3-yr average 62.1% 34.9%
100th		 28.2%
Revenue stability (0-1) 0.98 0.97
60th		 0.86
Earnings stability (0-1) 0.94 0.42
90th		 0.37
Margin stability (0-1) 0.97 0.95
90th		 0.81

Liquidity (latest quarter)

MeasureCMEIndustry medianIndustry percentileSector median
Cash & short-term investments $2.3B $1.5B
70th		 $145.5M
Net cash (− = net debt) −$1.1B −$4.8B
80th		 −$676.0M
Working capital $2.8B $68.3M
90th		 $86.3M
Current ratio 1.02 1.02
50th		 1.19
Quick ratio 1.02 1.02
50th		 1.19
Cash ratio (cash + ST investments / current liabilities) 0.01 0.45
0th		 0.55
Defensive interval (days) 972 days 569 days
90th		 417 days

Leverage & solvency (latest quarter)

MeasureCMEIndustry medianIndustry percentileSector median
Total debt $3.4B $6.5B
30th		 $1.2B
Debt / equity 0.13 0.73
11th		 0.81
Net debt / equity 0.04 0.58
22nd		 0.66
Debt / assets 1.8% 33.8%
10th		 33.5%
Debt / capital 11.4% 42.3%
11th		 44.6%
Debt / EBITDA 0.63 2.13
11th		 3.20
Net debt / EBITDA 0.21 1.60
11th		 2.19
Interest coverage (EBIT / interest) 59.3x 9.2x
100th		 2.9x
Cash interest coverage 49.1x 11.1x
100th		 3.7x
Debt payback (years of OCF) 0.8 yrs 2.7 yrs
10th		 3.7 yrs
Liabilities / assets 86.4% 59.0%
90th		 86.2%
IS credit model rating A+ — —
Implied credit spread (bps) 125 150
20th		 175

Efficiency

MeasureCMEIndustry medianIndustry percentileSector median
Asset turnover 0.04 0.30
0th		 0.15
Fixed asset turnover 19.28 13.70
90th		 11.68
Inventory turnover —
Receivables turnover 9.5 7.1
80th		 8.2
Days sales outstanding 38 days 51 days
20th		 43 days
Days inventory outstanding —
Days payables outstanding 24 days 34 days
30th		 39 days
Cash conversion cycle (days) 14 days 14 days
56th		 0 days
Capex / revenue 1.4% 2.4%
44th		 0.2%
Capex / depreciation 0.35 0.39
44th		 0.13
Operating expense ratio 4.4% 26.5%
0th		 38.9%

Cash flow & earnings quality

MeasureCMEIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.01 1.19
11th		 1.28
FCF / net income 0.99 1.15
22nd		 1.15
FCF / operating cash flow 97.8% 92.6%
67th		 98.5%
Capex / operating cash flow 2.2% 7.4%
33rd		 0.6%
Accruals ratio -0.0% -2.2%
90th		 -2.0%
Sloan accruals ratio -0.0% -4.6%
90th		 -0.6%
Earnings quality score (0-1) 1.00 1.00
33rd		 0.75

Dividends & buybacks

MeasureCMEIndustry medianIndustry percentileSector median
Dividend yield 3.8% 1.2%
100th		 2.3%
Dividend per share (TTM) $11.30 $2.04
100th		 $1.03
Payout ratio (dividends / net income) 95.4% 29.6%
100th		 30.0%
Dividends / FCF 96.8% 23.2%
100th		 49.0%
Dividend growth (YoY) 5.0% 8.3%
12th		 6.4%
Buyback yield 1.4% 2.7%
20th		 1.7%
Shareholder yield (dividends + buybacks) 5.3% 4.0%
70th		 5.2%
Share count change (YoY) 0.5% -2.5%
100th		 -0.3%
Buybacks, last 5 years $2.7B $3.6B
40th		 $85.3M

Scores & forensic checks

MeasureCMEIndustry medianIndustry percentileSector median
IS score 56 66
10th		 53
IS profitability 75 75
50th		 59
IS growth 53 56
40th		 57
IS value 56 52
60th		 77
IS momentum 74 84
30th		 76
IS risk (safety) 65 100
0th		 65
IS quality 80 79
70th		 71
IS balance sheet 60 52
80th		 51
IS earnings quality 82 74
80th		 74
IS cash flow 83 77
90th		 71
Piotroski F-score (0-9) 6 7
30th		 6
Altman Z-score —
Beneish M-score —
Ohlson O-score −6.77 −7.92
80th		 −6.00
IS credit score 80 74
80th		 68

Per share

MeasureCMEIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $11.79 $11.07
60th		 $3.36
Book value per share $73.21 $26.87
90th		 $28.13
Tangible book per share −$3.41 −$27.93
80th		 $21.49
Revenue per share $18.70 $25.28
20th		 $17.62
FCF per share $11.63 $11.63
50th		 $1.99
Operating cash flow per share $11.90 $11.90
50th		 $2.45
Cash per share $6.28 $7.46
40th		 $1.75

Size (TTM)

MeasureCMEIndustry medianIndustry percentileSector median
Market cap $105.7B $45.7B
90th		 $2.5B
Revenue $6.8B $5.5B
60th		 $1.0B
EBITDA $5.5B $2.1B
80th		 $269.3M
Net income $4.3B $1.4B
90th		 $168.0M
Free cash flow $4.2B $2.0B
80th		 $160.0M
Total assets $194.7B $14.7B
100th		 $8.5B
Shareholders' equity $26.5B $4.8B
80th		 $1.5B
Employees 3,875 10,973
10th		 1,392

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-25Shepard William R
Director
 Open-market buy 293$268.76$78,626263,289
2026-09-16Winkler Julie
Sr MD Chief Commercial Officer
 Tax withholding 359$272.46$97,81331,561
2026-09-16Vroman Ken
Chief Transformation Officer
 Tax withholding 308$272.46$83,91820,232
2026-09-16Tobin Jack J
MD Chief Accounting Officer
 Tax withholding 51$272.46$13,89525,762
2026-09-16Sprague Suzanne
COO & Global Head of Clearing
 Tax withholding 308$272.46$83,91815,548
2026-09-16Sammann Derek
Sr MD Gl Hd Commodities Mkts
 Tax withholding 359$272.46$97,81310,134
2026-09-16Mccourt Timothy Francis
Sr MD Global Head Equity & FX
 Tax withholding 364$272.46$99,17513,366
2026-09-16Marchese John Clifford
Sr MD, General Counsel
 Tax withholding 44$272.46$11,9883,598
2026-09-16Fitzpatrick Lynne
President and CFO
 Tax withholding 359$272.46$97,81326,661
2026-09-16Dennis Michael G.
Global Head of Fixed Income
 Tax withholding 274$272.46$74,65410,682
2026-09-16Cutinho Sunil
Chief Information Officer
 Tax withholding 359$272.46$97,81325,037
2026-09-15Winkler Julie
Sr MD Chief Commercial Officer
 Award / grant 2,864$275.09$787,85832,974

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarMayJunAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired3460,336$15.9M
Open-market buyAcquired3632$156,812
Open-market saleDisposed656,253$16.5M
OtherDisposed327,503—
OtherAcquired327,503—
Tax withholdingDisposed3910,412$2.9M
—Disposed10—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 13 notices · 89,540 shares · $26.0M
FiledFilerShares proposedEst. proceeds
2026-09-16Jonathan Marcus388$106,102
2026-09-14Elizabeth Anne Cook Trust500$140,052
2026-05-18Hilda Piell 1998 Tr5,753$1.8M
2026-05-15Terrence Duffy35,000$10.4M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 12 trades (3 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-06-16Gilbert CisnerosHouseSale$1,001 - $15,0002026-07-03
2026-06-16Gilbert CisnerosHouseSale (Partial)$1,001 - $15,0002026-07-03
2026-06-15Gilbert Ray CisnerosHouseSale (Partial)$1,001 - $15,0002026-07-03
2026-01-09Gilbert CisnerosHousePurchase$1,001 - $15,0002026-02-16
2024-01-17Thomas R. CarperSenatePurchase$1,001 - $15,0002024-02-02
2024-01-17Thomas R. CarperSenatePurchase$1,001 - $15,0002024-02-01
2024-01-17Thomas Richard CarperSenatePurchase$1,001 - $15,0002024-02-01
2023-01-11Thomas R. CarperSenatePurchase$1,001 - $15,0002023-02-02
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.30,566,342$6.7B8.50%
VANGUARD CAPITAL MANAGEMENT LLC23,661,856$5.2B6.58%
STATE STREET CORP16,346,170$3.6B4.55%
GEODE CAPITAL MANAGEMENT, LLC9,271,309$2.0B2.58%
VANGUARD PORTFOLIO MANAGEMENT LLC9,167,524$2.0B2.55%
Capital World Investors6,822,315$1.5B1.90%
MORGAN STANLEY5,328,243$1.2B1.48%
Sanders Capital, LLC5,067,740$1.1B1.41%
NORGES BANK4,820,646$1.1B1.34%
JPMORGAN CHASE & CO4,589,007$1.0B1.28%
AMERIPRISE FINANCIAL INC4,361,379$963.4M1.21%
RAYMOND JAMES FINANCIAL INC4,057,559$896.0M1.13%
FIL Ltd4,002,441$883.9M1.11%
FRANKLIN RESOURCES INC3,832,753$846.4M1.07%
GOLDMAN SACHS GROUP INC3,619,736$799.3M1.01%

Institutional ownership by quarter

2023-092026-0689.7%
% of shares held by 13F filers
2023-092026-061,700
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,70089.7%166656668232
2026-03-311,79088.8%203723630102
2025-12-311,71989.4%22070458991
2025-09-301,63187.5%123653611118
2025-06-301,64989.1%17369754790
2025-03-311,58789.7%21059855591
2024-12-311,49188.1%21058848871
2024-09-301,38186.9%12551455599
2024-06-301,37486.7%12257747899
2024-03-311,36987.4%13054949498
2023-12-311,35787.4%22052543464
2023-09-301,22186.7%11346943058

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-29SCHEDULE 13GVanguard Capital Management7.5%27,044,709
2026-03-26SCHEDULE 13G/AThe Vanguard Group0.0%0
2026-03-05SCHEDULE 13G/AThe Vanguard Group10.1%36,248,559
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.13%$3.0B
VSMPX0.13%$3.0B
VTSAX0.13%$3.0B
VTI0.13%$3.0B
VFIAX0.14%$2.5B
VFFSX0.14%$2.5B

Share structure

Shares outstanding359,579,268
Float354,645,836
Free float98.6%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$4.7B$5.0B$5.6B$6.1B$6.5B
Cost of revenue$837.0M$753.1M$828.6M$850.3M$907.0M
Gross profit$3.9B$4.3B$4.8B$5.3B$5.6B
R&D$0$0$0$0$0
SG&A$151.7M$137.4M$144.4M$132.7M$150.5M
Operating income$2.6B$3.0B$3.4B$3.9B$4.2B
EBITDA$3.9B$4.0B$4.7B$5.0B$5.7B
Pretax income$3.4B$3.5B$4.2B$4.5B$5.3B
Income tax$736.7M$799.3M$927.4M$1.0B$1.3B
Net income$2.6B$2.7B$3.2B$3.5B$4.0B
EPS, diluted$7.29$7.40$8.86$9.67$11.16
Diluted shares358.9M359.2M359.5M359.9M360.2M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$2.9B$2.8B$3.0B$3.0B$4.5B
Receivables$434.5M$483.2M$535.6M$573.1M$639.2M
Inventory$0$0$0$0$0
Total current assets$161.8B$139.1B$94.9B$103.0B$5.2B
PP&E, net$505.3M$455.5M$409.5M$386.2M$573.0M
Goodwill & intangibles$31.2B$30.9B$30.7B$30.5B$30.3B
Total assets$196.8B$174.2B$129.7B$137.4B$198.5B
Accounts payable$48.8M$121.4M$90.6M$79.9M$71.8M
Total current liabilities$160.4B$137.7B$93.4B$102.3B$55.8M
Long-term debt$2.7B$3.4B$3.4B$2.7B$3.4B
Total liabilities$169.4B$147.3B$103.0B$111.0B$169.8B
Shareholders' equity$27.4B$26.9B$26.7B$26.5B$28.7B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$2.6B$2.7B$3.2B$3.5B$4.0B
Depreciation & amortization$385.4M$362.6M$352.6M$336.8M$223.4M
Stock-based compensation$75.2M$84.3M$82.9M$89.5M$94.8M
Change in working capital−$161.8M−$95.2M−$95.2M−$191.6M$138.1M
Operating cash flow$2.4B$3.1B$3.5B$3.7B$4.3B
Capital expenditure−$127.2M−$89.7M−$76.4M−$94.0M−$83.5M
Free cash flow$2.3B$3.0B$3.4B$3.6B$4.2B
Investing cash flow$58.4M−$489.8M$20.9M−$82.6M$1.5B
Net debt issued / repaid$0−$15.2M−$16.4M$0−$9.4M
Buybacks$0−$24.8M−$21.4M−$33.0M−$266.1M
Dividends paid−$2.2B−$2.6B−$3.2B−$3.6B−$3.9B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin82.2%85.0%85.1%86.1%86.1%
Operating margin56.4%60.1%61.6%64.1%64.9%
Net margin56.2%53.6%57.8%57.5%62.0%
FCF margin48.5%59.1%60.5%58.7%64.3%
ROE9.8%9.9%12.0%13.2%14.6%
ROIC7.4%8.5%9.8%11.3%11.5%
ROA1.6%1.5%2.1%2.6%2.4%
Debt / equity0.130.130.130.130.13
Interest coverage21.2x22.5x27.1x29.2x31.4x
Current ratio1.011.011.021.0192.97
Revenue growth−4.0%+7.0%+11.1%+9.9%+6.4%
EPS growth+25.1%+2.0%+19.7%+9.2%+14.7%
P/E at year end26.6x20.1x22.0x23.3x24.3x
EV / EBITDA at year end18.0x13.6x15.3x16.4x17.1x
FCF yield at year end3.25%5.49%4.76%4.38%4.26%
Dividend payout83.0%97.9%100.3%101.7%97.2%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
clearing and transaction fees$3.8B$4.1B$4.6B$5.0B$5.3B
MarketData$576.9M$610.9M$663.7M$710.2M$803.1M
OtherRevenue$347.7M$265.8M$326.7M$431.7M$436.4M

Street estimates by fiscal year

Next report 2026-10-21 · consensus EPS $2.98 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$7.1B$7.0B – $7.2B$12.32$12.18 – $12.521023.9x
2027$7.4B$7.1B – $7.6B$13.01$12.14 – $13.741022.6x
2028$7.9B$7.5B – $8.1B$14.05$13.22 – $14.82320.9x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-22$2.91$2.99+2.7%$1.7B$1.7B+1.4%
2026-04-22$3.34$3.36+0.6%$1.9B$1.9B+0.3%
2026-02-04$2.75$2.77+0.7%$1.6B$1.6B+0.1%
2025-10-22$2.63$2.68+1.9%$1.5B$1.5B+0.5%
2025-07-23$2.91$2.96+1.7%$1.7B$1.7B+0.4%
2025-04-23$2.80$2.800.0%$1.6B$1.6B−0.2%
2025-02-12$2.46$2.52+2.4%$1.5B$1.5B+0.7%
2024-10-23$2.66$2.68+0.8%$1.6B$1.6B−0.3%
2024-07-24$2.53$2.56+1.2%$1.5B$1.5B−0.1%
2024-04-24$2.45$2.50+2.0%$1.5B$1.5B+0.8%
2024-02-14$2.28$2.37+3.9%$1.4B$1.4B+0.8%
2023-10-25$2.22$2.25+1.4%$1.3B$1.3B−0.3%
2023-07-26$2.20$2.30+4.5%$1.3B$1.4B+1.5%
2023-04-26$2.38$2.42+1.7%$1.4B$1.4B+3.5%
2023-02-08$1.88$1.92+2.1%$1.2B$1.2B−0.3%
2022-10-26$1.94$1.98+2.1%$1.2B$1.2B+0.5%
2022-07-27$1.93$1.97+2.1%$1.2B$1.2B−0.7%
2022-04-27$2.00$2.11+5.5%$1.3B$1.3B+1.5%
2022-02-09$1.64$1.66+1.2%$1.2B$1.1B−1.8%
2021-10-27$1.55$1.60+3.2%$1.2B$1.1B−6.4%
2021-07-28$1.61$1.64+1.9%$1.2B$1.2B−0.7%
2021-04-28$1.75$1.79+2.3%$1.2B$1.3B+2.3%
2021-02-10$1.37$1.39+1.5%$1.1B$1.1B+1.5%
2020-10-28$1.41$1.38−2.1%$1.1B$1.1B−2.1%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
1.306-151.506-221.406-291.107-060.707-131.107-201.007-270.608-030.508-100.708-170.608-240.708-31
Week ofNotionalSharesTrades
2026-08-31$692.4M2,449,58279,853
2026-08-24$560.5M1,995,69870,424
2026-08-17$687.5M2,539,78985,040
2026-08-10$546.9M2,067,63879,617
2026-08-03$556.2M2,107,06379,682
2026-07-27$965.9M3,665,253113,523

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1540.7%
DateShort shareShort volumeTotal volume
2026-10-1540.7%318,817782,768
2026-10-1451.8%401,337774,301
2026-10-1351.3%281,574548,985
2026-10-1242.7%216,577506,903
2026-10-0936.7%457,4021,246,911
2026-10-0824.8%492,8941,991,217
2026-10-0737.9%194,426513,528
2026-10-0645.5%276,397607,615
2026-10-0536.9%203,016550,564
2026-10-0236.2%209,950580,283
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
-0.0Jan+2.5Feb+1.0Mar-1.6Apr+3.1May+0.1Jun-0.7Jul+0.8Aug+1.6Sep+1.1Oct+2.8Nov+1.9Dec
MonthAvg returnUp yearsYears
Jan−0.0%55%20
Feb+2.5%75%20
Mar+1.0%52%21
Apr−1.6%25%20
May+3.1%60%20
Jun+0.1%45%20
Jul−0.7%40%20
Aug+0.8%55%20
Sep+1.6%60%20
Oct+1.1%60%20
Nov+2.8%80%20
Dec+1.9%60%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1471.4
MFI71.2
ADX23.1
Stochastic %K / %D97.9 / 90.4
Williams %R-0.3
CCI186
TSI / signal19.1 / 5.1
Chaikin money flow0.09
ATR$5.94
Bollinger width13.1%
Volume vs 20-day avg1.05x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$272.76 (+7.7%)
SMA 50$273.55 (+7.4%)
SMA 200$278.16 (+5.6%)
EMA 21$276.54 (+6.3%)
EMA 50$272.34 (+7.9%)
EMA 200$271.74 (+8.1%)
Bollinger upper$290.69 (+1.1%)
Bollinger lower$254.84 (+15.3%)
Parabolic SAR$274.26 (+7.2%)
Open the live chart, 110+ indicators

About CME Group Inc.

CME Group Inc., through its various subsidiaries, manages international marketplaces for the exchange of futures and options on futures contracts worldwide. Its extensive array of product offerings includes futures and options linked to a broad spectrum of underlying assets, such as interest rates, equity indices, foreign exchange, agricultural commodities, energy, and metals, alongside fixed-income products. The company additionally furnishes essential clearinghouse services, which entail the verification, settlement, and guarantee of futures, options, and cleared swap agreements traded across its venues. It also offers services for transaction processing and risk mitigation. Furthermore, the organization provides diverse market data services, encompassing both real-time and historical data feeds. Its wide-ranging client base consists of professional traders, financial institutions, both institutional and individual investors, corporations, manufacturers, producers, governments, and central banks. Founded in Chicago, Illinois, in 1898, the enterprise was formerly known as Chicago Mercantile Exchange Holdings Inc. before rebranding as CME Group Inc. in July 2007.

https://www.cmegroup.com

Key executives

NameTitlePayBorn
Terrence A. DuffyChairman & Chief Executive Officer$10.0M1958
Lynne FitzpatrickSenior MD, President & CFO$2.2M1978
Derek SammannSenior MD & Global Head of Commodities Markets$1.6M1968
Julie WinklerSenior MD & Chief Commercial Officer$1.6M1975
Sunil CutinhoChief Information Officer$1.6M1972
Anita LiskeySenior Managing Director of Corporate Marketing & Communications—1965
Hilda Harris PiellSenior MD & Chief Human Resources Officer—1968
Jack TobinMD & Chief Accounting Officer—1964

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Lynne C. Fitzpatrick President and Chief Financial Officer2025$750,000$2.5M$1.3M$4.8M
Derek L. Sammann Global Head of Commodities Markets2025$525,000$1.7M$935,659$3.4M
Julie M. Winkler Chief Commercial Officer2025$525,000$1.7M$935,659$3.4M
Sunil K. Cutinho Chief Information Officer2025$525,000$1.7M$935,659$3.4M

Employees

5k20184k20194k20203k20213k20224k20234k20244k2025

Dividends

Ex-dateAmountPaid
2026-09-09$1.32026-09-25
2026-06-09$1.32026-06-25
2026-03-10$7.452026-03-26
2025-12-12$1.252025-12-30
2025-09-09$1.252025-09-25
2025-06-09$1.252025-06-25
2025-03-07$1.252025-03-26
2024-12-27$5.82025-01-16

Moat model

Narrow · Efficient Scale · 2026-06-30
Cost advantage78
Intangibles39
Switching costs53
Network effect50
Efficient scale80
Our component scores (0-100) and overall 58.1; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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