CME Group (CME) financials
NASDAQ · Financial Services · Financial - Data & Stock Exchanges · 3,875 employees · CEO Terrence A. Duffy
- Price
- $303.14 +2.27%
- Market cap
- $109B
- Enterprise value
- $110B
- Last report
- Q3 '26 filed 2026-10-23
- Next report
- 2027-02-03 EPS est. $3.01
Revenue (TTM)$6.97B+9.0% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)65.7%+0.7 pp vs a year agoOperating income $4.58B
Net income (TTM)$4.4B+17.3% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$4.33B+6.1% vs a year agoCapex $93.7M
Diluted EPS (TTM)$12.19+18.1% vs a year agoSum of the last 4 quarters
Net cash-$1.1B-28.7% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $109B EV $110B
- Revenue
- $6.97B Trailing 12 months
- Revenue growth
- +9% FY2026 consensus
- Profit margin
- 63.1% Net income / revenue, TTM
- P/E
- 24.7× Forward 24.5× (FY2026)
- P/S
- 15.6× Price / sales, TTM
- EV / EBITDA
- 16.5× TTM
- Free cash flow
- $4.33B Trailing 12 months
- Net income
- $4.4B Trailing 12 months
- Revenue estimate
- $7.09B FY2026 consensus
- Earnings
- 2027-02-03 Revenue est. $1.76B
- Dividend
- $11.30 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-21): revenue beat by 1.3%, EPS beat by 1.0%Revenue $1.74B vs $1.71B expected (+1.3%); EPS $3.02 vs $2.99 (+1.0%).
- Revenue growth accelerating: 13.0% year on yearQ3 '26 revenue $1.74B, against an average of 5.1% over the four quarters before.
- Operating margin 65.7% (TTM), +0.7 pp on a year agoOperating income grew 10.1% while revenue grew 9.0%.
- 20.7% of pre-tax profit is non-operatingPre-tax income $5.77B vs operating income $4.58B (TTM). Gains on equity stakes and other one-off items lift net income and EPS - operating income is the cleaner measure of the business.
- Capex 1.3% of revenue (a year ago 1.2%)$93.7M invested in the last 4 quarters (+21.4% on a year earlier). Free cash flow $4.33B = 98.5% of net income.
- Returned $6.1B to shareholders = 140.8% of free cash flowBuybacks $2.02B (a year earlier $42.1M), dividends $4.09B, stock-based pay $75.5M (TTM). More than the free cash flow: paid from cash or debt.
- Diluted share count down 0.5% in a year359M diluted shares in Q3 '26, 360M a year earlier.
- Net debt $1.1BCash + short-term investments $2.33B, debt incl. leases $3.43B; a year ago net debt $851M.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $1.74B | $1.54B | +13.0% |
| Gross margin | 94.0% | 84.5% | +9.5 pp |
| Operating income | $1.14B | $973M | +17.4% |
| Operating margin | 65.7% | 63.3% | +2.4 pp |
| Net income | $1.04B | $908M | +14.2% |
| Diluted EPS | $2.89 | $2.49 | +16.1% |
| Operating cash flow | $1.09B | $968M | +12.2% |
| Capex | $15.8M | $18.4M | -14.1% |
| Free cash flow | $1.07B | $950M | +12.7% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $0 | $24M | -100.0% |
Reported vs consensus
2026-10-21| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $1.74B | $1.71B | +1.3% |
| EPS (as estimated) | $3.02 | $2.99 | +1.0% |
From the report of 2026-10-21 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| clearing and transaction fees | $1.38B | +12.2% | 79.3% | $5.6B | +8.0% | |
| MarketData | $243M | +20.0% | 14.0% | $913M | +17.6% | |
| OtherRevenue | $116M | +8.3% | 6.7% | $458M | +5.3% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $4.43B
- Capex
- -$93.7M
- Buybacks
- -$2.02B
- Dividends
- -$4.09B
- Acquisitions
- $1.58B
- Net debt issued
- $0
- Stock-based compensation
- $75.5M
- Free cash flow
- $4.33B
- Returned to shareholders / FCF
- 140.8%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 24.7× | 25.2× | 22.7× – 31.3× |
| EV / EBITDA | 16.5× | 17.2× | 15.2× – 21.0× |
| EV / Sales | 15.7× | 14.4× | 12.2× – 17.6× |
| Price / FCF | 25.0× | 25.1× | 20.3× – 36.0× |
| Price / Book | 4.1× | 2.9× | 2.2× – 3.4× |
| FCF yield | 4.0% | 4.1% | 2.8% – 4.9% |
| Return on invested capital | 9.7% | 7.2% | 5.6% – 8.5% |
| Return on equity | 16.2% | 11.8% | 9.6% – 14.1% |
Analysts
Consensus target $321.63 (+6.1%)
range $270.00 – $367.00 · rating Hold
Strong buy0
Buy15
Hold18
Sell4
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $7.09B | +8.7% | $12.39 | +11.0% | 24.5× | 9 |
| FY2027 | $7.49B | +5.7% | $13.24 | +6.8% | 22.9× | 10 |
| FY2028 | $7.96B | +6.3% | $14.27 | +7.8% | 21.2× | 3 |
| FY2029 | $8.55B | +7.3% | $15.56 | +9.0% | 19.5× | 1 |
| FY2030 | $8.87B | +3.7% | $16.90 | +8.6% | 17.9× | 1 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 256 figures CME Group Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $67.7M | $74.9M | -9.6% | $71.8M | $79.9M | -10.1% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $788M | $643M | +22.6% | $639M | $573M | +11.5% |
| Accounts Receivable, Allowance for Credit Loss | $10M2025-12-31 | $9M | +11.1% | $10M | $9M | +11.1% |
| Accounts Receivable, Allowance for Credit Loss, Current | $9.1M | $9.2M | -1.1% | $1.3M2011-12-31 | $1.6M | -18.8% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $1.02B | $983M | +3.7% | $1.01B | $1.02B | -1.8% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $55.5M | $43.4M | +27.9% | $81.9M | -$106M | +177.6% |
| Additional Paid in Capital, Common Stock | $20.5B | $22.4B | -8.8% | $22.2B | $22.4B | -0.9% |
| Amortization of Intangible Assets | $56M | $56.2M | -0.4% | $223M | $222M | +0.8% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 296K | 0 | – | 71K | 89K | -20.2% |
| Assets | $192B | $187B | +2.6% | $198B | $137B | +44.4% |
| Assets, Current | $159B | $153B | +4.1% | $165B | $103B | +60.5% |
| Assets, Fair Value Disclosure | $131M | – | – | – | – | – |
| Cash and Cash Equivalents, at Carrying Value | $2.2B | $2.45B | -10.1% | $4.42B | $2.89B | +52.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $157B | $151B | +3.9% | $164B | $102B | +61.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$2.88B | $7.35B | -139.2% | $62.3B | $8.68B | +617.2% |
| Common Stock, Dividends, Per Share, Cash Paid | $1.30 | $1.25 | +4.0% | $5.602011-12-31 | $4.60 | +21.7% |
| Common Stock, Dividends, Per Share, Declared | – | – | – | $5.00 | $10.40 | -51.9% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $1.04B | $906M | +14.5% | $4.26B | $3.48B | +22.5% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $1.13B2026-03-31 | $987M | +14.7% | $3.3B2023-12-31 | $2.5B | +31.9% |
| Conversion of Stock, Shares Converted | 4.58M2026-03-31 | – | – | – | – | – |
| Convertible Preferred Stock, Shares Issued upon Conversion | 4.58M2026-03-31 | – | – | – | – | – |
| Costs and Expenses | $596M | $565M | +5.5% | $2.29B | $2.2B | +4.2% |
| Current Federal Tax Expense (Benefit) | – | – | – | $921M | $777M | +18.5% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $48.1M | $52.3M | -8.0% |
| Current Income Tax Expense (Benefit) | – | – | – | $1.26B | $1.08B | +16.9% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $296M | $253M | +16.9% |
| Debt Securities, Trading, and Equity Securities, FV-NI | $116M2025-12-31 | $104M | +11.6% | $116M | $104M | +11.6% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$25.8M | -$49.6M | +48.0% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$500K | $200K | -350.0% |
| Deferred Income Tax Expense (Benefit) | -$4.2M | -$6.7M | +37.3% | -$6.1M | -$66.4M | +90.8% |
| Deferred Income Tax Liabilities, Net | $5.21B | $5.22B | -0.2% | $5.24B | $5.25B | -0.1% |
| Deferred Revenue | $35M | $31.3M | +11.8% | $12.7M2022-12-31 | $15.2M | -16.4% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $20.2M | -$17M | +218.8% |
| Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | $2M2025-12-31 | $3M | -33.3% | $2M | $3M | -33.3% |
| Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $19.3M2025-12-31 | $22.1M | -12.7% | $19.3M | $22.1M | -12.7% |
| Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $10.1M2025-12-31 | $12.2M | -17.2% | $10.1M | $12.2M | -17.2% |
| Defined Contribution Plan, Cost | – | – | – | $22M | $20.8M | +5.8% |
| Depreciation | $27.4M | $26.4M | +3.8% | – | – | – |
| Depreciation, Depletion and Amortization, Nonproduction | – | – | – | $108M | $115M | -6.6% |
| Dividends, Cash | $466M | $457M | +2.1% | $2.48B2021-12-31 | $2.12B | +17.1% |
| Earnings Per Share, Basic | $2.90 | $2.49 | +16.5% | $11.18 | $9.69 | +15.4% |
| Earnings Per Share, Diluted | $2.89 | $2.49 | +16.1% | $11.16 | $9.67 | +15.4% |
| Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | – | – | – | $1.12B | $954M | +17.4% |
| Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | – | – | – | 21.0% | 21.0% | 0.0% |
| Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | – | – | – | -$500K | -$2.6M | +80.8% |
| Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | – | – | – | 0.0% | -0.1% | +100.0% |
| Effective Income Tax Rate Reconciliation, Disposition of Business, Amount | – | – | – | -$72.3M | $0 | – |
| Effective Income Tax Rate Reconciliation, Disposition of Business, Percent | – | – | – | -1.3% | 0.0% | – |
| Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | – | – | – | $7.4M | $13.7M | -46.0% |
| Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | – | – | – | 0.1% | 0.3% | -66.7% |
| Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | – | – | – | $12M | -$49M | +124.5% |
| Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | – | – | – | 0.3% | -1.0% | +130.0% |
| Effective Income Tax Rate Reconciliation, Percent | – | – | – | 23.6% | 22.4% | +5.4% |
| Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | – | – | – | $221M | $186M | +18.7% |
| Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | – | – | – | 4.1% | 4.1% | 0.0% |
| EffectiveIncomeTaxRateReconciliationCrossBorderTaxEffectAmount | – | – | – | $59.5M | $0 | – |
| EffectiveIncomeTaxRateReconciliationCrossBorderTaxEffectPercent | – | – | – | 1.1% | 0.0% | – |
| Equity Securities without Readily Determinable Fair Value, Amount | $0 | – | – | – | – | – |
| Equity Securities without Readily Determinable Fair Value, Impairment Loss, Cumulative Amount | $28.9M | – | – | – | – | – |
| Finance Lease, Interest Expense | $400K | $500K | -20.0% | $1.9M | $2.2M | -13.6% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-01