CME Group Inc.

CME · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000
Valuation
Market cap	$98,473	$83,687	$75,815	$60,492	$82,108	$65,429	$72,139	$67,610	$52,490	$41,457	$32,562	$29,645	$26,102	$16,785	$16,214	$21,332	$22,296	$12,223	$30,015	$17,686	$12,611	$7,672	$2,365	$1,269	$1,234	$1,234
Enterprise value	$97,353	$84,109	$76,216	$61,114	$82,604	$67,170	$74,278	$70,611	$96,915	$79,279	$68,579	$70,879	$26,427	$17,986	$26,565	$23,020	$24,307	$14,831	$29,131	$14,336	$8,954	$6,924	$1,555	($1,882)	($657)	$1,210
P/E (TTM) at period end	24.49×	24.04×	23.80×	22.77×	31.37×	31.08×	34.08×	34.46×	12.92×	27.02×	26.11×	26.30×	26.72×	18.73×	8.95×	22.42×	27.00×	17.08×	45.58×	43.42×	41.10×	34.94×	19.37×	13.49×	18.07×	–
P/S (TTM) at period end	15.10×	13.65×	13.59×	12.05×	17.51×	13.40×	14.82×	15.69×	14.40×	11.53×	9.79×	9.52×	8.89×	5.76×	4.94×	7.10×	8.53×	4.77×	17.09×	16.23×	14.17×	10.63×	4.41×	2.70×	3.11×	5.45×
P/B at period end	3.43×	3.16×	2.84×	2.25×	3.00×	2.48×	2.76×	2.60×	2.34×	2.04×	1.58×	1.42×	1.23×	0.78×	0.75×	1.06×	1.16×	0.65×	2.44×	11.64×	11.27×	9.44×	4.20×	2.84×	4.97×	7.54×
EV / EBITDA (TTM)	22.45×	20.79×	21.40×	19.40×	29.58×	24.07×	27.05×	25.90×	39.99×	34.03×	32.38×	37.29×	14.91×	9.83×	12.36×	11.74×	14.17×	8.63×	25.17×	20.59×	16.40×	16.79×	6.00×	(8.37×)	(4.07×)	47.62×
EV / Sales (TTM)	14.93×	13.72×	13.66×	12.18×	17.61×	13.75×	15.26×	16.39×	26.59×	22.05×	20.61×	22.77×	9.00×	6.17×	8.10×	7.66×	9.30×	5.79×	16.59×	13.15×	10.06×	9.60×	2.90×	(4.01×)	(1.66×)	5.34×
Returns
Return on equity	14.0%	13.1%	11.9%	9.9%	9.6%	8.0%	8.1%	7.6%	18.1%	7.5%	6.1%	5.4%	4.6%	4.2%	8.4%	4.7%	4.3%	3.8%	5.4%	26.8%	27.4%	27.0%	21.7%	21.1%	27.5%	(3.6%)
Return on invested capital	11.7%	11.3%	9.8%	8.4%	7.4%	7.2%	7.2%	6.4%	3.5%	2.5%	2.2%	1.8%	4.6%	4.0%	5.9%	4.7%	4.3%	4.2%	5.4%	35.2%	56.8%	46.6%	32.2%	98.5%	39.8%	(3.4%)
Dividend yield	4.0%	4.3%	4.3%	4.4%	2.7%	3.2%	2.4%	3.2%	3.8%	4.3%	4.1%	5.0%	2.3%	7.3%	2.3%	1.4%	1.4%	5.0%	0.5%	0.5%	0.5%	0.5%	0.9%	1.4%	–	–
Financial health
Current ratio	1.03×	1.01×	1.02×	1.01×	1.01×	1.01×	1.03×	1.01×	1.03×	1.03×	1.03×	1.02×	1.05×	1.14×	1.14×	1.13×	1.03×	1.03×	1.22×	1.46×	1.34×	1.33×	1.10×	1.11×	1.08×	1.35×
Debt / equity	0.12×	0.13×	0.13×	0.13×	0.13×	0.13×	0.14×	0.17×	0.10×	1.96×	1.84×	2.04×	0.14×	0.13×	0.10×	0.33×	0.12×	0.17×	0.01×	0.34×	–	–	0.00×	0.01×	0.03×	0.04×
Effective tax rate	23.6%	22.4%	22.3%	22.9%	21.8%	22.6%	21.3%	29.3%	(60.8%)	32.9%	36.3%	36.4%	38.9%	46.5%	6.3%	44.7%	42.6%	42.7%	39.9%	39.4%	39.6%	40.3%	40.7%	39.0%	40.3%	41.3%
Share count
Diluted shares outstanding	360	360	360	359	359	359	358	344	340	339	338	336	334	332	334	332	333	295	221	176	174	172	170	150	146	144

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000
Revenue and gross profit
Revenue	$6,972	$6,521	$6,130	$5,579	$5,019	$4,690	$4,884	$4,868	$4,309	$3,645	$3,595	$3,327	$3,112	$2,936	$2,915	$3,281	$3,004	$2,613	$2,561	$1,756	$1,090	$890	$722	$536	$469	$397	$227
Cost of revenue	($1,093)	($907)	($850)	($829)	($753)	($837)	($856)	($899)	($672)	($564)	($543)	($582)	($584)	($554)	($537)	($518)	($473)	($529)	($501)	($357)	($300)	($264)	($238)	($47)	($40)	($35)	–
Gross profit	$5,879	$5,614	$5,280	$4,750	$4,266	$3,853	$4,027	$3,969	$3,637	$3,081	$3,052	$2,745	$2,528	$2,382	$2,378	$2,763	$2,531	$2,084	$2,060	$1,399	$790	$625	$483	$489	$429	$362	–
Operating expenses
Research and development	–	–	–	–	–	–	($198)	($202)	($117)	($102)	($98)	($92)	($90)	($89)	($91)	($94)	($91)	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($1,301)	($1,341)	($1,239)	($1,192)	($1,079)	($1,181)	($1,048)	($1,073)	($838)	($682)	($688)	($676)	($681)	($649)	($624)	($602)	($550)	($166)	($142)	($137)	($96)	($60)	($50)	($230)	($204)	($200)	($5)
Total operating expenses	($1,302)	($1,384)	($1,348)	($1,315)	($1,250)	($1,208)	($1,390)	($1,382)	($1,030)	($770)	($852)	($757)	($760)	($745)	($686)	($742)	($700)	($494)	($477)	($347)	($169)	($148)	($128)	($283)	($253)	($238)	–
Total costs and expenses	($2,394)	($2,291)	($2,199)	($2,143)	($2,004)	($2,044)	($2,246)	($2,280)	($1,702)	($1,334)	($1,395)	($1,338)	($1,344)	($1,299)	($1,223)	($1,260)	($1,173)	($1,024)	($979)	($704)	($469)	($412)	($366)	($330)	($293)	($273)	($235)
Operating income	$4,578	$4,230	$3,932	$3,436	$3,016	$2,645	$2,637	$2,588	$2,608	$2,311	$2,200	$1,989	$1,768	$1,637	$1,692	$2,021	$1,831	$1,589	$1,582	$1,052	$621	$478	$355	$206	$176	$124	($8)
Earnings
EBITDA	–	$4,337	$4,047	$3,562	$3,151	$2,793	$2,791	$2,746	$2,726	$2,424	$2,330	$2,118	$1,901	$1,772	$1,829	$2,150	$1,961	$1,715	$1,720	$1,158	$696	$546	$412	$259	$225	$161	$25
Interest income	$6,014	$5,254	$3,944	$5,275	$2,198	$307	$183	$638	$745	$532	$142	$30	$36	$45	$39	$37	$42	$3	$38	–	–	–	–	–	–	–	–
Interest expense	($174)	($173)	($161)	($159)	($163)	($167)	($166)	($178)	($158)	($117)	($124)	($117)	($119)	($151)	($132)	($117)	($140)	($134)	($56)	($4)	–	–	–	–	–	–	–
Pre-tax income	$5,772	$5,330	$4,541	$4,154	$3,490	$3,374	$2,722	$2,690	$2,778	$2,526	$2,288	$1,957	$1,771	$1,601	$1,693	$1,936	$1,722	$1,438	$1,248	$1,096	$672	$508	$368	$206	$154	$114	($8)
Income tax expense	($1,356)	($1,258)	($1,016)	($927)	($799)	($737)	($616)	($574)	($814)	$1,537	($754)	($710)	($644)	($623)	($787)	($122)	($770)	($612)	($532)	($437)	($264)	($202)	($148)	($84)	($60)	($46)	$3
Net income	$4,415	$4,072	$3,526	$3,226	$2,691	$2,637	$2,106	$2,116	$1,962	$4,063	$1,534	$1,247	$1,127	$977	$896	$1,812	$951	$826	$716	$658	$407	$307	$220	$122	$94	$68	($6)
Per share
Diluted EPS (GAAP)	$12.19	$11.16	$9.67	$8.86	$7.40	$7.29	$5.87	$5.91	$5.71	$11.94	$4.53	$3.69	$3.35	$2.92	$2.70	$5.43	$2.86	$2.48	$2.43	$2.99	$2.32	$1.76	$1.28	$0.72	$0.63	$0.47	($0.0411)
Basic EPS (GAAP)	$12.29	$11.18	$9.69	$8.87	$7.41	$7.30	$5.88	$5.93	$5.73	$12.00	$4.55	$3.71	$3.37	$2.94	$2.71	$5.45	$2.87	$2.49	$2.44	$3.01	$2.35	$1.79	$1.31	$0.75	$0.65	$0.47	($0.0411)
Basic shares outstanding	359	360	359	359	359	358	358	357	342	339	337	336	334	333	331	333	331	332	294	219	173	172	168	163	145	144	144
Margins
Gross margin	84.3%	86.1%	86.1%	85.1%	85.0%	82.2%	82.5%	81.5%	84.4%	84.5%	84.9%	82.5%	81.2%	81.1%	81.6%	84.2%	84.3%	79.7%	80.4%	79.7%	72.5%	70.3%	67.0%	91.3%	91.5%	91.2%	–
Operating margin	65.7%	64.9%	64.1%	61.6%	60.1%	56.4%	54.0%	53.2%	60.5%	63.4%	61.2%	59.8%	56.8%	55.8%	58.1%	61.6%	61.0%	60.8%	61.8%	59.9%	57.0%	53.7%	49.3%	38.5%	37.6%	31.2%	(3.6%)
Net margin	63.3%	62.5%	57.5%	57.8%	53.6%	56.2%	43.1%	43.5%	45.5%	111.5%	42.7%	37.5%	36.2%	33.3%	30.8%	55.2%	31.7%	31.6%	27.9%	37.5%	37.4%	34.5%	30.4%	22.8%	20.1%	17.2%	(2.6%)

Analyst consensus

Hold37 analysts

Bearish · 4 · Hold · 18 · Bullish · 15

Earnings history

	EPS	Estimate
Q4 2024	$2.52	$2.46	Beat
Q1 2025	$2.80	$2.80	Match
Q2 2025	$2.96	$2.91	Beat
Q3 2025	$2.68	$2.63	Beat
Q4 2025	$2.77	$2.75	Beat
Q1 2026	$3.36	$3.34	Beat
Q2 2026	$2.99	$2.91	Beat
Q3 2026	$3.02	$2.99	Beat

Peers

Company overview

IPO dateDec 6, 2002

CEOTerrence A. Duffy

Employees3,875

SectorFinancial Services

IndustryFinancial - Data & Stock Exchanges

CountryUS

ExchangeNASDAQ Global Select

Websitewww.cmegroup.com

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.

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