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CME Group

CME Nasdaq Financial Exchanges & Data Financials FY2016–FY2025

CME Group's revenue rose 6.4% to $6.5 billion in fiscal 2025. Its operating margin was 64.9%, up from 64.1% a year earlier. Free cash flow was $4.2 billion, up 16.6%. It paid out $3.9 billion in dividends and buybacks, 94% of free cash flow. The diluted share count rose 0.1%.

Last close · Oct 23, 2026

$305.71

0.1%
Value it Compare
Revenue Total sales reported in the income statement.
$6.5B
6.4% vs prior year
Operating margin Operating income as a share of revenue.
64.9%
0.7 pts
Net income Profit after all expenses, interest and tax.
$4.1B
15.5%
Free cash flow Cash from operations minus capital spending.
$4.2B
16.6%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
11.9%
0.6 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$109.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
25.1x
On $12.19 EPS (TTM)

What CME Group does

No business description yet.

Legal name
CME GROUP INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001156375-26-000009
0001156375

Revenue and margins

CME Group had $6.5B of revenue in fiscal 2025, up 6.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 10.5% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $4.2B in fiscal 2025, 64.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

CME Group returned $3.9B to shareholders in fiscal 2025, 94% of free cash flow. The diluted share count rose 0.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value CME Group yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $1.1B and divides by 360.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 25.1x · peers 28.0x · sector 13.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably CME Group can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $2.9B$2.8B$3.0B$3.0B$4.5B
Debt incl. finance leases $4.2B$3.4B$3.4B$3.4B$3.4B
Net debt / EBITDA 0.5x0.2x0.1x0.1x−0.3x
Debt / equity 0.2x0.1x0.1x0.1x0.1x
Interest coverage 15.9x18.5x21.6x24.4x24.4x
Current ratio 1.0x1.0x1.0x1.0x1.0x
Quick ratio 1.0x1.0x1.0x1.0x1.0x
Total assets $196.8B$174.2B$129.7B$137.4B$198.4B
Total liabilities $169.4B$147.3B$103.0B$111.0B$169.7B
Shareholders' equity $27.4B$26.9B$26.7B$26.5B$28.7B
Net debt (− = net cash) $1.2B$622M$402M$422M−$1.1B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.6M

1 insider

Sold, 12 months

$20.9M

7 insiders

Of sales under plans

5%

$1.1M

DateInsiderTradeSharesPriceValueFiling
Oct 22, 2026 Martin J GepsmanDirector Sold 400 $302.50 $0.1M Form 4
Sep 25, 2026 William R ShepardDirector Bought 293 $268.76 $0.1M Form 4
Sep 14, 2026 Elizabeth A CookDirector Sold 500 $280.11 $0.1M Form 4
Sep 10, 2026 Terrence A DuffyChairman and CEO, Director Sold 15,000 $274.44 $4.1M Form 4
Jun 25, 2026 William R ShepardDirector Bought 339 $230.57 $0.1M Form 4
May 18, 2026 Hilda Harris PiellSr MD & Chief HR Officer Sold 5,753 $304.63 $1.8M Form 4
May 15, 2026 Terrence A DuffyChairman and CEO, Director Sold 35,000 $298.51 $10.4M Form 4
Mar 26, 2026 William R ShepardDirector Bought 1,470 $297.38 $0.4M Form 4
Mar 17, 2026 Jonathan L MarcusSr MD General Counsel Sold plan 3,291 $333.37 $1.1M Form 4
Mar 12, 2026 Ken VromanChief Transformation Officer Sold 5,160 $309.00 $1.6M Form 4
Mar 6, 2026 Elizabeth A CookDirector Sold 1,000 $320.00 $0.3M Form 4
Feb 23, 2026 Bryan T DurkinDirector Sold 4,200 $309.65 $1.3M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✓
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✕ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✓ ✓ ✓
F-score 6 / 85 / 87 / 8
Accruals ratio −0.2%−0.1%−0.1%
Altman Z'' 0.640.580.59

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
CME Group CME $109.6B 6.4% 64.9% 64.3% 11.9% 25.1x 7
Coinbase COIN $43.3B 9.4% 20.0% 31.9% 14.5% — 4 Compare →
Moody's MCO $83.8B 8.9% 43.4% 33.4% 31.1% 29.5x 9 Compare →
Nasdaq NDAQ $57.8B 11.7% 28.2% 24.1% 9.5% 28.0x 9 Compare →
Cboe Global Markets CBOE $35.7B 15.1% 31.1% 35.7% 22.8% 26.5x 9 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $3.6B $3.6B $4.3B $4.9B $4.9B $4.7B $5.0B $5.6B $6.1B $6.5B
Operating income $2.2B $2.3B $2.6B $2.6B $2.6B $2.6B $3.0B $3.4B $3.9B $4.2B
Interest expense $124M $117M $158M $178M $166M $167M $163M $159M $161M $173M
Pretax income $2.3B $2.5B $2.8B $2.7B $2.7B $3.4B $3.5B $4.2B $4.5B $5.3B
Income tax $754M −$1.5B $814M $574M $616M $737M $799M $927M $1.0B $1.3B
Net income $1.5B $4.1B $2.0B $2.1B $2.1B $2.6B $2.7B $3.2B $3.5B $4.1B
Diluted EPS $4.53 $11.94 $5.71 $5.91 $5.87 $7.29 $7.40 $8.86 $9.67 $11.16
Diluted shares 0.34B 0.34B 0.34B 0.36B 0.36B 0.36B 0.36B 0.36B 0.36B 0.36B
Cash flow
Cash from operations $1.7B $1.8B $2.4B $2.7B $2.7B $2.4B $3.1B $3.5B $3.7B $4.3B
Capital expenditure $91.8M $81.9M $117M $246M $198M $127M $89.7M $76.4M $94.0M $83.5M
Free cash flow $1.6B $1.7B $2.3B $2.4B $2.5B $2.3B $3.0B $3.4B $3.6B $4.2B
Depreciation and amortization $129M $113M $119M $159M $153M $148M $135M $126M $115M $108M
Stock-based compensation $66.2M $58.0M $96.5M $73.1M $96.0M $75.2M $84.3M $82.9M $89.5M $94.8M
Acquisitions $0.0M $0.0M $1.8B $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $1.8B $2.0B $2.1B $1.7B $2.1B $2.2B $2.6B $3.2B $3.6B $3.9B
Dividends and buybacks $1.8B $2.0B $2.1B $1.7B $2.1B $2.2B $2.6B $3.2B $3.6B $3.9B
Balance sheet
Cash and short-term investments $2.0B $2.0B $1.4B $1.6B $1.7B $2.9B $2.8B $3.0B $3.0B $4.5B
Total debt $2.2B $2.2B $4.4B $3.7B $3.4B $4.2B $3.4B $3.4B $3.4B $3.4B
Finance lease liabilities $0.0M $0.0M $0.0M $98.9M $91.5M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $40.0B $46.9B $41.9B $39.6B $89.3B $161.8B $139.1B $94.9B $103.0B $165.4B
Current liabilities $38.9B $45.7B $41.3B $38.5B $88.2B $160.4B $137.7B $93.4B $102.3B $160.3B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $425M $400M $449M $544M $579M $505M $456M $410M $386M $363M
Total assets $69.4B $75.8B $77.5B $75.2B $124.7B $196.8B $174.2B $129.7B $137.4B $198.4B
Total liabilities $49.0B $53.4B $51.5B $49.1B $98.3B $169.4B $147.3B $103.0B $111.0B $169.7B
Shareholders' equity $20.3B $22.4B $25.9B $26.1B $26.3B $27.4B $26.9B $26.7B $26.5B $28.7B
Margins
Operating margin 61.2% 63.4% 60.5% 53.2% 54.0% 56.4% 60.1% 61.6% 64.1% 64.9%
EBITDA margin 64.8% 66.5% 63.3% 56.4% 57.1% 59.6% 62.8% 63.8% 66.0% 66.5%
Net margin 42.7% 111.5% 45.5% 43.5% 43.1% 56.2% 53.6% 57.8% 57.5% 62.5%
FCF margin 45.6% 45.8% 53.9% 49.9% 51.6% 48.5% 59.1% 60.5% 58.7% 64.3%
Returns
Return on capital 7.1% 10.7% 7.2% 7.1% 7.2% 7.3% 8.3% 9.8% 11.3% 11.9%
Return on capital employed 7.2% 7.6% 7.9% 7.1% 7.2% 7.3% 8.3% 9.4% 11.0% 11.6%
Return on equity 7.5% 19.0% 8.1% 8.1% 8.0% 9.8% 9.9% 12.0% 13.3% 14.8%
Return on assets 2.2% 5.6% 2.6% 2.8% 2.1% 1.6% 1.5% 2.1% 2.6% 2.4%
Growth
Revenue growth 8.1% 1.4% 18.2% 13.0% 0.3% −4.0% 7.0% 11.2% 9.9% 6.4%
Net income growth 23.0% 164.9% −51.7% 7.9% −0.5% 25.2% 2.1% 19.9% 9.3% 15.5%
EPS growth 22.8% 163.6% −52.2% 3.5% −0.7% 24.2% 1.5% 19.7% 9.1% 15.4%
FCF growth 15.7% 1.8% 39.2% 4.4% 3.8% −9.7% 30.4% 13.9% 6.5% 16.6%
Share count change 0.3% 0.4% 1.0% 4.2% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
Financial health
Net debt / EBITDA 0.1x 0.1x 1.1x 0.8x 0.7x 0.5x 0.2x 0.1x 0.1x −0.3x
Debt / equity 0.1x 0.1x 0.2x 0.2x 0.1x 0.2x 0.1x 0.1x 0.1x 0.1x
Interest coverage 17.8x 19.8x 16.5x 14.5x 15.9x 15.9x 18.5x 21.6x 24.4x 24.4x
Current ratio 1.0x 1.0x 1.0x 1.0x 1.0x 1.0x 1.0x 1.0x 1.0x 1.0x
Quick ratio 1.0x 1.0x 1.0x 1.0x 1.0x 1.0x 1.0x 1.0x 1.0x 1.0x
Capital allocation
Capex / revenue 2.6% 2.3% 2.7% 5.1% 4.0% 2.7% 1.8% 1.4% 1.5% 1.3%
Stock comp / revenue 1.8% 1.6% 2.2% 1.5% 2.0% 1.6% 1.7% 1.5% 1.5% 1.5%
Payouts / FCF 109.0% 119.4% 92.5% 69.9% 83.8% 96.2% 88.8% 95.8% 99.7% 93.8%
Quality scores
Piotroski F-score 5.0 4.0 4.0 7.0 6.0 3.0 5.0 6.0 5.0 7.0
Altman Z'' 0.9 1.0 1.0 1.1 0.6 0.4 0.5 0.6 0.6 0.6
Accruals ratio −0.3% 3.2% −0.6% −0.7% −0.6% 0.2% −0.2% −0.2% −0.1% −0.1%

Source: SEC EDGAR XBRL filings (CIK 0001156375). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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