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CME Group
(NASDAQ:CME)
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Rating:79Outperform
Price Target:
$308.00
▲(11.06% Upside)
Action:Reiterated
Date:09/26/26
CME scores well primarily on strong financial performance (exceptional margins, accelerating TTM growth, low leverage) and a positive earnings update highlighting durable volume/open-interest momentum, market-data strength, and active product rollout. The main constraints are mixed near-term technical signals and regulatory uncertainty around certain 24/7 launches/perpetuals, partially offset by a solid dividend yield and reasonable P/E.
Positive Factors
Recurring Market-Data Growth
CME’s sustained market-data expansion adds a recurring revenue stream that is less dependent on any single trading session or contract cycle. Thirty-three consecutive quarters of growth indicates durable customer reliance on its pricing and trading information.
Negative Factors
Margin Compression
Lower gross and EBITDA margins suggest that some recent revenue growth is not translating into profit at the earlier rate. If the pressure persists, it could moderate operating leverage and reduce the earnings benefit CME otherwise receives from its highly scalable marketplace model.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring Market-Data Growth
CME’s sustained market-data expansion adds a recurring revenue stream that is less dependent on any single trading session or contract cycle. Thirty-three consecutive quarters of growth indicates durable customer reliance on its pricing and trading information.
Read all positive factors
CME Group Key Performance Indicators (KPIs)
Any
Revenue by Segment
Shows how much revenue each business unit generates, highlighting which segments are driving growth and which may need strategic adjustments.
Shows how much revenue each business unit generates, highlighting which segments are driving growth and which may need strategic adjustments.
Data provided by:
The Fly
The FlyCME Group (CME) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$94.62B
Dividend Yield4.29%
Average Volume (3M)1.78M
Price to Earnings (P/E)22.2
Beta (1Y)0.16
Revenue Growth5.10%
EPS Growth14.78%
CountryUS
Employees3,875
SectorFinancial
Sector Strength70
IndustryFinancial - Data & Stock Exchanges
Share Statistics
EPS (TTM)11.85
Shares Outstanding359,576,100
10 Day Avg. Volume1,657,900
30 Day Avg. Volume1,780,054
Financial Highlights & Ratios
PEG Ratio1.59
Price to Book (P/B)3.42
Price to Sales (P/S)15.06
P/FCF Ratio23.42
Enterprise Value/Market Cap0.86
Enterprise Value/Revenue12.01
Enterprise Value/Gross Profit14.67
Enterprise Value/Ebitda15.16
Forecast
1Y Price Target
$277.33Price Target Upside<0.01% Upside
Rating ConsensusHold
Number of Analyst Covering12
EPS Forecast (FY)12.27
Revenue Forecast (FY)$7.03B
CME Group Business Overview & Revenue Model
Company Description
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 sp...
How the Company Makes Money
CME Group primarily makes money by charging customers for using its markets and infrastructure. Its largest revenue stream is transaction-based fees from trading futures and options contracts: each time a contract is executed, CME earns fees that ...
CME Group Earnings Call Summary
Earnings Call Date:Jul 22, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 21, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational and financial performance: record Q2 revenue for the quarter, robust ADV and open interest growth, healthy margins, sizeable shareholder returns, and a clear pipeline of product innovation (24/7 trading, Single Stock futures, Compute Futures, Treasury Link). The principal negatives were regulatory uncertainty (CFTC stay and pending litigation), strategic caution and market-risk concerns around perpetual futures, and early-stage monetization for prediction markets. On balance, the positive execution, growth trends and product roadmap materially outweigh the regulatory and product-structure headwinds.Positive Updates
Strong Volume and Open Interest Growth
Average daily volume of 29.8M contracts in Q2 (second-highest Q2 ever, within 1% of prior-year record). Open interest up 8% year-over-year and up 16% since the start of the year. First-half volume 10% ahead of prior year; July-to-date volume tracking ~18% ahead of last year.
Negative Updates
Regulatory Stay on 24/7 Crude Launch and CFTC Uncertainty
CFTC stayed the self-certified 24/7 small crude oil contract (40.2 filing) the day before launch while allowing 24/7 gold, creating regulatory uncertainty and timing risk for product rollouts. Litigation timeline: agency has 60 days to respond (expected end of August), with additional potential delays.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Volume and Open Interest Growth
Average daily volume of 29.8M contracts in Q2 (second-highest Q2 ever, within 1% of prior-year record). Open interest up 8% year-over-year and up 16% since the start of the year. First-half volume 10% ahead of prior year; July-to-date volume tracking ~18% ahead of last year.
Read all positive updates
Company Guidance
Management guided that CME Group is tracking strong momentum and rolling out multiple product launches, citing Q2 average daily volume of 29.8 million contracts (second‑highest Q2, within 1% of last year), open interest +8% YoY and +16% YTD, and record capital efficiencies saving customers an average of >$95 billion in margin per day; financials included revenue >$1.7 billion (+1% YoY, record Q2), average rate/contract $0.678 (+$0.026 QoQ), market data revenue $238 million (+20%, 33 consecutive quarters YoY growth), adjusted expenses $521 million ($412M ex‑license), adjusted operating income $1.2 billion (69.5% adjusted operating margin), adjusted net income $1.1 billion and adjusted diluted EPS $2.99 (+1% YoY), and $1.2 billion returned to shareholders ($468M dividends, $695M buybacks). For the first half, volume was +10% YoY, open interest +8%, revenue +8% and adjusted diluted EPS +10%; July‑to‑date volumes are tracking +18% YoY. Crypto and retail metrics showed the crypto suite +32% YoY, crypto futures & options +44% H1 vs H1 2025 (June +76% YoY), ~$4.5–$6.5B/day trading in CME crypto vs ~$270M at a new perp in July, crypto open interest ~$9–$10B vs $10M in that perp, and >$1.5B traded over the first eight weekends of 24/7 crypto; other highlights: equity complex Q2 ADV 8.6M (+13% YoY), June 10.1M (+54% YoY), July ~7.8M (+40–50% YoY), copper volumes +4% YTD with ~700k short tons in COMEX warehouses, prediction markets 525M event contracts since launch (48M market events, 140k accounts, ADV >4M/day), and announced product timing—24/7 gold this weekend, Single Stock futures next week, Treasury Link in Q4, and Compute Futures later this year.CME Group Financial Statement Overview
Summary
Income Statement
92
Very Positive
Balance Sheet
84
Very Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.77B | 6.52B | 6.13B | 5.58B | 5.02B | 4.69B |
| Gross Profit | 5.55B | 5.61B | 5.28B | 4.75B | 4.27B | 3.85B |
| EBITDA | 5.37B | 5.72B | 5.04B | 4.67B | 4.02B | 3.93B |
| Net Income | 4.27B | 4.04B | 3.53B | 3.23B | 2.69B | 2.64B |
Balance Sheet | ||||||
| Total Assets | 194.68B | 198.55B | 137.45B | 129.71B | 174.18B | 196.78B |
| Cash, Cash Equivalents and Short-Term Investments | 2.28B | 4.55B | 3.01B | 3.02B | 2.82B | 2.95B |
| Total Debt | 3.42B | 3.76B | 3.43B | 3.43B | 3.44B | 3.45B |
| Total Liabilities | 168.22B | 169.82B | 110.96B | 102.97B | 147.30B | 169.38B |
| Stockholders Equity | 26.52B | 28.73B | 26.49B | 26.74B | 26.88B | 27.40B |
Cash Flow | ||||||
| Free Cash Flow | 4.21B | 4.19B | 3.60B | 3.38B | 2.97B | 2.28B |
| Operating Cash Flow | 4.31B | 4.28B | 3.69B | 3.45B | 3.06B | 2.40B |
| Investing Cash Flow | 1.48B | 1.50B | -82.60M | 20.90M | -489.80M | 58.40M |
| Financing Cash Flow | 10.32B | 56.51B | 5.08B | -48.34B | -25.38B | 69.91B |
CME Group Technical Analysis
Negative
277.32
Price Trends
269.70
Negative
262.54
Positive
274.47
Negative
Market Momentum
-2.24
Positive
41.50
Neutral
25.49
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CME, the sentiment is Negative. The current price of 277.32 is above the 20-day moving average (MA) of 271.00, above the 50-day MA of 269.70, and above the 200-day MA of 274.47, indicating a bearish trend. The MACD of -2.24 indicates Positive momentum. The RSI at 41.50 is Neutral, neither overbought nor oversold. The STOCH value of 25.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CME.
CME Group Risk Analysis
CME Group disclosed 28 risk factors in its most recent earnings report. CME Group reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
CME Group Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $94.62B | 22.21 | 15.53% | 4.29% | 5.10% | 14.78% | |
79 Outperform | $113.87B | 23.51 | 15.47% | 1.00% | 9.67% | 26.18% | |
77 Outperform | $50.49B | 26.03 | 16.31% | 1.28% | 7.35% | 31.93% | |
76 Outperform | $84.29B | 21.12 | 13.81% | 1.36% | 12.60% | 35.84% | |
74 Outperform | $28.33B | 21.08 | 25.75% | 1.11% | 11.68% | 50.39% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
63 Neutral | $48.28B | -49.59 | -6.89% | ― | -43.42% | -132.70% |
* Financial Sector Average
CME
CME Group
263.14
10.88
4.31%
CBOE
Cboe Global Markets
271.26
36.81
15.70%
ICE
Intercontinental Exchange
150.15
-6.82
-4.34%
SPGI
S&P Global
386.27
-62.19
-13.87%
NDAQ
Nasdaq
90.33
3.31
3.80%
COIN
Coinbase Global
183.00
-203.07
-52.60%
CME Group Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
CME Group Streamlines Capital Structure With Charter Update
Positive
Sep 25, 2026
On September 24, 2026, CME Group Inc. filed a certificate of elimination with Delaware authorities to remove all provisions related to its Series G Non-Voting Convertible Preferred Stock from its certificate of incorporation. At the time of filing...
Business Operations and StrategyExecutive/Board Changes
CME Group Announces Key Senior Leadership Transitions
Positive
Sep 9, 2026
On September 9, 2026, CME Group announced a series of senior leadership changes in its finance and legal divisions, underscoring succession planning ahead of President CFO Lynne Fitzpatrick’s move to the CEO role in March 2027. Jack Tobin, ...
Business Operations and StrategyRegulatory Filings and Compliance
CME Group Announces Updated Pricing and Fee Structure
Neutral
Aug 11, 2026
On August 11, 2026, CME Group Inc., the major derivatives exchange operator, notified clients of pricing changes through Special Executive Report No. 9799 and posted the notice on its website. The company emphasized that the pricing communication,...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.