CME Group Inc.
- Open
- 284.15
- Day high
- 287.44
- Day low
- 282.87
- Prev close
- 285.80
- Volume
- 3.0M
- Mkt cap
- $102.7B
- P/E (TTM)
- 24.1
- EPS (TTM)
- $11.85
- P/B
- 3.9
- P/S
- 15.2
- Yield
- 3.94%
- Per share
- $11.25
- ▲Insiders net buying $78K over the last 3 months (2 open-market buys, 0 sales)
- 🏛Institutions mixed (13F)
CME Group Inc. (CME) is a Financial Services company listed on NASDAQ. The stock is up 8% over the past year. Over the trailing 3 months, insiders filed 2 open-market buys and 0 sales (SEC Form 4). Drillr has 4 published research articles covering CME.
CME Group Inc. (CME) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 12 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CME earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 22, 2026 | $2.92 | $2.99 | +2.5% | $1.7B | +1.0% |
| Apr 22, 2026 | $3.33 | $3.36 | +0.7% | $1.9B | +0.6% |
| Feb 4, 2026 | $2.75 | $2.77 | +0.7% | $1.6B | +0.1% |
| Oct 22, 2025 | $2.63 | $2.68 | +1.9% | $1.5B | +0.5% |
| Jul 23, 2025 | $2.91 | $2.96 | +1.7% | $1.7B | +0.4% |
| Apr 23, 2025 | $2.80 | $2.80 | +0.0% | $1.6B | -0.2% |
| Feb 12, 2025 | $2.46 | $2.52 | +2.4% | $1.5B | +0.7% |
| Oct 23, 2024 | $2.66 | $2.68 | +0.8% | $1.6B | -0.3% |
| Jul 24, 2024 | $2.53 | $2.56 | +1.2% | $1.5B | -0.1% |
| Feb 14, 2024 | $2.28 | $2.37 | +3.9% | $1.4B | +0.8% |
| Oct 25, 2023 | $2.22 | $2.25 | +1.4% | $1.3B | -0.3% |
| Jul 26, 2023 | $2.20 | $2.30 | +4.5% | $1.4B | +1.5% |
CME insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 29, 2026 | SHEPARD WILLIAM Rdirector | Grant | 645 | $225.00 |
| Jun 29, 2026 | SIEGEL HOWARD Jdirector | Grant | 422 | $225.00 |
| Jun 29, 2026 | Lucas Deborah Jdirector | Grant | 645 | $225.00 |
| Jun 29, 2026 | Bitsberger Timothy S.director | Grant | 645 | $225.00 |
| Jun 29, 2026 | Maloney Patrick Wdirector | Grant | 645 | $225.00 |
| Jun 29, 2026 | Kaye Daniel Gdirector | Grant | 645 | $225.00 |
| Jun 29, 2026 | Hobert William Wdirector | Grant | 422 | $225.00 |
| Jun 29, 2026 | Suskind Dennisdirector | Grant | 645 | $225.00 |
| Jun 29, 2026 | SHEPARD WILLIAM Rdirector | Buy | 325 | $230.57 |
| Jun 29, 2026 | GEPSMAN MARTIN Jdirector | Grant | 645 | $225.00 |
| Jun 29, 2026 | Cook Elizabeth Adirector | Grant | 645 | $225.00 |
| Jun 29, 2026 | Ford Harold Eugene Jr.director | Grant | 422 | $225.00 |
| Jun 29, 2026 | Ford Harold Eugene Jr.director | Grant | 645 | $225.00 |
| Jun 29, 2026 | Lockett Phyllis Mdirector | Grant | 645 | $225.00 |
| Jun 29, 2026 | SIEGEL HOWARD Jdirector | Grant | 645 | $225.00 |
Source: CME SEC Form 4 filings, latest Jun 29, 2026. For informational purposes only — not investment advice.
See the full CME insider & 13F page →CME research & analysis
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Morgan Stanley's launch of the lowest-cost Bitcoin ETF marks a milestone in institutional adoption, benefiting custodians like COIN and BK, exchanges CME/NDAQ, issuer MS, and proxy MSTR. Analysis ranks COIN top for its ETF custody dominance amid record volumes and diversification. Watch ETF inflows and crypto derivatives growth as key catalysts.
MSTRCOINBKCFTC vs. Illinois: Why IBKR, CME, and DKNG Are the Prediction Market Winners
CFTC's lawsuit against Illinois boosts prediction markets by asserting federal control, favoring platforms like IBKR's ForecastEx and CME's event contracts. DraftKings, Robinhood, and Coinbase gain from product launches, while JPMorgan eyes indirect entry. Ranked: IBKR > CME > DKNG.
JPMDKNGHOODIran War Hits Insurance Markets: CB and TRV Premiums Surge — Is the Rally Sustainable?
JPM CEO Jamie Dimon's prediction markets comments spotlight growth potential for exchanges like CME and brokers like IBKR. We rank six players by exposure, with CME leading on scale and profitability. Banks' entry could multiply volumes but intensify competition.
JPMDKNGHOOD
CME Group Inc. company profile
Overview
CME Group Inc. (NASDAQ:CME) is the world's leading derivatives marketplace, operating as a financial exchange and clearinghouse that facilitates trading in futures and options contracts. Founded in 1898 as the Chicago Mercantile Exchange, the company transformed from a traditional agricultural commodities exchange into a global financial infrastructure provider through strategic acquisitions and technological innovation. The company went public in 2002 and adopted its current name in 2007 following the merger with the Chicago Board of Trade. Today, CME Group operates multiple exchanges and serves as a critical component of global financial markets, providing risk management tools and price discovery mechanisms for participants worldwide.
Business
CME Group operates in the financial derivatives industry, which provides instruments that allow market participants to hedge risk, speculate on price movements, and discover fair market prices for underlying assets. The company's core business revolves around operating electronic trading platforms where futures contracts and options on futures are bought and sold. A futures contract is a standardized agreement to buy or sell a specific asset at a predetermined price on a future date, while options provide the right (but not obligation) to buy or sell futures contracts at specific prices. The company operates across six major asset classes, each serving different market needs: 1. Interest Rate Products (~40-45% of volume): These include futures and options based on U.S. Treasury securities, federal funds rates, and other interest rate benchmarks. These products allow banks, corporations, and investment managers to hedge against interest rate fluctuations. The company successfully managed the transition from LIBOR to SOFR (Secured Overnight Financing Rate) benchmarks. 2. Equity Index Products (~25-30% of volume): Futures and options contracts based on major stock market indices like the S&P 500, NASDAQ, and international equity indices. These allow investors to gain exposure to broad market movements or hedge equity portfolios without buying individual stocks. 3. Energy Products (~15-20% of volume): Contracts for crude oil, natural gas, refined petroleum products, and renewable energy certificates. These serve oil companies, utilities, airlines, and other energy-intensive businesses that need to manage price volatility in energy markets. 4. Agricultural Products (~10-15% of volume): Traditional commodity futures for corn, soybeans, wheat, livestock, and dairy products. These serve farmers, food processors, and agricultural traders who need to hedge against weather, disease, and market price risks. 5. Metals Products (~5-10% of volume): Futures for precious metals (gold, silver) and base metals (copper, aluminum). These serve mining companies, manufacturers, and investors seeking portfolio diversification or inflation hedges. 6. Foreign Exchange Products (~5-10% of volume): Currency futures and options that allow multinational corporations, banks, and investors to hedge against foreign exchange rate fluctuations. The company has also expanded into cryptocurrency derivatives, offering Bitcoin and Ethereum futures, and cleared swaps, which are over-the-counter derivatives that are centrally cleared to reduce counterparty risk.
Revenue model
CME Group operates a multi-faceted business model centered on transaction fees, clearing services, and market data. The company generates revenue primarily through clearing and transaction fees charged for each futures and options contract traded on its platforms. These fees typically range from less than $1 to several dollars per contract, depending on the product and customer type, with institutional customers often receiving volume discounts. The company's revenue streams include: 1. Transaction and Clearing Fees (~85% of revenue): CME charges fees for each contract traded and cleared through its systems. As both the exchange operator and central counterparty clearinghouse, the company captures revenue from both sides of each transaction. Higher trading volumes directly translate to increased revenue, making the business highly scalable with relatively fixed costs. 2. Market Data Services (~10% of revenue): The company sells real-time and historical price data, market analytics, and reference rates to financial institutions, trading firms, and data vendors. This creates a recurring subscription-based revenue stream that grows with the number of subscribers and data products offered. 3. Investment Income and Other Services (~5% of revenue): This includes returns on invested customer margin deposits, technology services, and other ancillary offerings. The business model benefits from several factors that can increase margins: market volatility drives higher trading volumes as participants seek risk management tools; regulatory changes that mandate central clearing of derivatives; economic uncertainty that increases hedging activity; and international expansion that diversifies revenue sources. The company's international business now represents approximately 30% of total volume, providing geographic diversification. Factors that could pressure margins include increased competition from new electronic trading platforms; regulatory changes that could fragment liquidity; technology disruption from blockchain-based trading systems; and economic stability that reduces demand for risk management products. The company also faces ongoing technology infrastructure costs and the need for continuous investment in cybersecurity and system reliability.
Competitive moat
CME Group possesses a substantial economic moat built on network effects and regulatory advantages that create significant barriers to entry. The company's primary moat stems from its role as a central counterparty clearinghouse, where it becomes the buyer to every seller and seller to every buyer, effectively guaranteeing all trades. This creates enormous trust and systemic importance that regulators are reluctant to disrupt. The network effect is particularly powerful in derivatives markets, where liquidity attracts liquidity. Market participants gravitate toward exchanges with the highest trading volumes because they offer the best price discovery, tightest bid-ask spreads, and easiest entry and exit. This creates a self-reinforcing cycle where CME's dominant market share in most asset classes makes it increasingly difficult for competitors to gain meaningful traction. Switching costs represent another significant moat component. Financial institutions invest heavily in technology infrastructure, risk management systems, and operational procedures specifically designed to interface with CME's platforms. Moving to alternative exchanges requires substantial technological and operational changes, staff retraining, and regulatory approvals. The company's regulatory status as a systemically important financial market utility provides additional protection. Regulators have strong incentives to maintain stability in derivatives markets, making them cautious about changes that could fragment liquidity or create systemic risks. However, the moat faces potential challenges from technological disruption, particularly blockchain-based trading systems that could enable decentralized derivatives trading. Regulatory fragmentation could also weaken the moat if authorities mandate trading of certain products on multiple exchanges or allow increased competition from foreign exchanges. Additionally, vertical integration by major banks or trading firms could potentially bypass traditional exchanges for certain products. Despite these potential threats, CME's moat remains strong due to the critical infrastructure role it plays in global financial markets and the substantial network effects that continue to reinforce its market position.
Risks & safety
CME Group demonstrates a strong margin of safety with robust financial metrics and conservative capital management. • Liquidity and Solvency: The company maintains minimal solvency risk with $2.9 billion in cash and short-term investments as of Q1 2025, generating strong free cash flow of $1.1 billion quarterly. The debt-to-equity ratio of 0.13 indicates very conservative leverage. • Operational Cash Generation: Free cash flow of approximately $3.6 billion annually provides substantial cash generation relative to capital requirements. The business model requires minimal ongoing capital expenditure (~$90 million annually), creating significant cash flow conversion. • Valuation Metrics: Trading at 25x P/E ratio and 18x EV/EBITDA, the stock appears reasonably valued for a high-quality infrastructure business with strong competitive positioning. The Graham number of $67 suggests limited downside protection from a pure value perspective. • Balance Sheet Structure: Current ratio of 1.02 reflects the unique nature of the business where customer margin deposits (liabilities) are largely offset by segregated customer assets. This structure is normal for clearinghouses and doesn't indicate liquidity concerns. • Dividend Coverage: Strong earnings coverage of dividends with a history of consistent dividend growth, supported by predictable cash flows from the exchange business model.
Recent development
Over the past few years, CME Group has executed several strategic initiatives to diversify revenue streams and expand market reach. The company has significantly expanded its retail trading segment, partnering with platforms like Robinhood to offer futures trading to individual investors, contributing to 44% growth in new client acquisition in Q1 2025. This retail expansion has generated approximately $1 billion in revenue from new clients acquired over the past five years. International expansion has been a key growth driver, with non-U.S. average daily volume reaching record levels and growing 19% in Q1 2025 to 8.8 million contracts daily. The company has invested in regional sales teams and developed products specifically for international markets, particularly in Europe, Asia, and Latin America. The company has undertaken a major technology modernization initiative, partnering with Google Cloud to build a new private cloud infrastructure in Aurora, Illinois, expected to be operational for testing in early 2026. This migration aims to provide enhanced capabilities for clients while maintaining the reliability and security required for financial markets infrastructure. Product innovation has focused on expanding the options complex, launching new cryptocurrency products (Bitcoin and Ethereum futures), and developing climate-related derivatives. The company introduced BrokerTec Chicago for cash U.S. Treasury trading and FX SPOT Plus to expand its foreign exchange offerings. CME has also emphasized capital efficiency for clients, providing approximately $20 billion in daily margin savings through cross-margining programs and portfolio margining initiatives. The company obtained an FCM (Futures Commission Merchant) license to potentially adapt to future market structure changes and maintain competitive positioning.
CME company profile · for informational purposes only — not investment advice.
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