CME Group Inc.
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Range $260 – $330
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About the company
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.
- CEO
- Terrence A. Duffy
- IPO
- 2002
- Employees
- 3,875
- HQ
- Chicago, IL, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $97.97B
- P/E
- 22.99
- Fwd P/E
- 22.24
- PEG
- 1.59
- P/S
- 14.47
- P/B
- 3.70
- EV/EBITDA
- 18.50
- Div Yield
- 4.15%
- Gross Margin
- 81.89%
- Op Margin
- 65.10%
- Net Margin
- 63.08%
- ROE
- 15.53%
- ROIC
- 9.38%
Latest fiscal year · YoY change
- Revenue
- $6.52B+6.4%
- Gross Profit
- $5.61B+6.3%
- Op Income
- $4.23B
- Net Income
- $4.04B+14.7%
- EPS
- $11.18+15.4%
- OCF Growth
- +15.9%
- FCF Growth
- +16.6%
- 52W High
- $329.16
- 52W Low
- $218.31
- 50D MA
- $264.35
- 200D MA
- $278.82
- Beta
- 0.28
- RSI (14)
- 48
- Avg Volume
- 2.70M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
CME Group delivered a record second-quarter revenue result with strong volumes, record market data and continued innovation, while spending much of the call pushing back on perpetual futures as a poor fit for its core institutional business.· July 22, 2026
- Q2 average daily volume was 29.8 million contracts, the second-highest Q2 in company history and within 1% of the record year-ago quarter.
- Revenue was over $1.7 billion, up 1% year over year, with adjusted diluted EPS of $2.99, also up 1% from Q2 2025.
- Market data revenue hit a record $238 million, up 20%, extending the streak to 33 straight quarters of year-over-year growth.
- CME continued returning capital, paying $468 million in dividends and repurchasing $695 million of stock in the quarter.
- Management reiterated that perpetual futures are not a fit for CME’s institutional clients, while highlighting new launches in crypto, metals, single-stock futures, Treasury Link and compute futures.
Revenue was over $1.7 billion in Q2 2026, up 1% from Q2 2025; adjusted diluted EPS was $2.99, up 1% year over year; adjusted operating income was $1.2 billion with a 69.5% adjusted operating margin; adjusted net income was $1.1 billion with a 63.4% margin. Market data revenue was a record $238 million, up 20% year over year. Average daily volume was 29.8 million contracts, the second-highest Q2 in company history, and open interest ended the quarter up 8% year over year and up 16% since the beginning of the year. For the first half of 2026, volume was 10% ahead of last year, open interest was up 8%, revenue was up 8%, and adjusted diluted EPS was up 10%. July-to-date volumes were tracking 18% ahead of last year. The company returned $1.2 billion to shareholders in the quarter, including $468 million in dividends and $695 million in share repurchases.
Terry Duffy framed the quarter as evidence that CME’s core institutional franchise remains strong, citing 29.8 million average daily volume, 94% institutional participation through the first half and record capital efficiencies of over $95 billion in margin savings per day. He spent much of his remarks arguing that perpetual futures are leveraged spot-like products that do not provide the price or time certainty institutional hedgers need, and said CME has not heard customer demand for them. At the same time, he emphasized an active product pipeline, including 24/7 crypto and gold trading, single-stock futures, Treasury Link and compute futures.
Lynne Fitzpatrick highlighted the hard numbers: revenue of over $1.7 billion, adjusted operating income of $1.2 billion, adjusted operating margin of 69.5%, adjusted net income of $1.1 billion and adjusted diluted EPS of $2.99. She noted adjusted expenses of $521 million, or $412 million excluding license fees, and said market data revenue was a record $238 million, up 20%, with 33 consecutive quarters of year-over-year growth. She also pointed to $1.2 billion returned to shareholders, including $468 million in dividends and $695 million in buybacks, and said July volumes were tracking 18% ahead of last year.
Most of the Q&A centered on perpetual futures, with analysts asking whether retail demand, crypto competition or potential equity perps could matter. Management repeatedly answered that CME’s customers, especially institutional hedgers, do not want perpetuals because the funding-rate and auto-liquidation mechanics make them unsuitable for risk management, while Tim McCourt cited much larger crypto volumes and open interest at CME than at a competing perp product. On equity perps, Terry Duffy argued they would likely be swaps, could pose systemic risk through funding-rate and liquidation mechanics, and would raise intellectual-property issues around CME’s index licenses. Other questions focused on market data growth, where management cited pricing, professional subscribers, derived data, simulation accounts and non-recurring audit catch-up payments, and on prediction markets, where CME said sports-related contracts are more like gambling and that monetizing prediction-market data is still early.
The quarter showed durable core momentum: record Q2 revenue, strong volume trends, rising open interest and continued market data acceleration. Management also pointed to a robust product pipeline and said new launches are aligned with customer demand, which could support growth in the second half of 2026.
The main risk discussed was competitive pressure from perpetual futures and other direct-to-customer or retail-first trading formats, especially if those products gain traction in crypto or equities. Management also acknowledged regulatory uncertainty, including the CFTC stay on the 24/7 crude oil contract and the broader legal fight over whether perpetuals are futures or swaps.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 98.6%
- Shares Outstanding
- 359.58M
- Float Shares
- 354.62M
of shares held by institutions
1,865 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Congressional trading
Senate and House stock disclosures for CME, newest first.
| Member | Type | Traded | |
|---|---|---|---|
| Gilbert Ray CisnerosHouse · CA31 | Sell | Jun 16, 26 | Filing → |
| Gilbert Ray CisnerosHouse · CA31 | Buy | Jan 9, 26 | Filing → |
| Julie JohnsonHouse · TX32 | Sell | Dec 18, 25 | Filing → |
| Julie JohnsonHouse · TX32 | Sell | Nov 13, 25 | Filing → |
| Val HoyleHouse · OR04 | Sell | Sep 23, 25 | Filing → |
| Ro KhannaHouse · CA17 | Buy | Sep 29, 25 | Filing → |
| Val HoyleHouse · OR04 | Buy | May 21, 25 | Filing → |
| Ro KhannaHouse · CA17 | Sell | Aug 26, 25 | Filing → |
| Ro KhannaHouse · CA17 | Sell | Aug 26, 25 | Filing → |
| Julie JohnsonHouse · TX32 | Sell | Aug 14, 25 | Filing → |
| Julie JohnsonHouse · TX32 | Buy | Aug 11, 25 | Filing → |
| Julie JohnsonHouse · TX32 | Buy | Jul 22, 25 | Filing → |
| Jefferson ShreveHouse · IN06 | Sell | May 12, 25 | Filing → |
| Robert P. BresnahanHouse · PA08 | Buy | Apr 8, 25 | Filing → |
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Vanguard Group Inc | 35.90M | ▲ 588.51K |
| Blackrock, Inc. | 30.57M | ▼ 881.91K |
| Vanguard Capital Management LLC | 23.66M | ▲ 294.57K |
| State Street Corp | 16.35M | ▲ 290.88K |
| Morgan Stanley | 9.73M | ▲ 321.35K |
| Geode Capital Management, LLC | 9.27M | ▲ 124.42K |
| Vanguard Portfolio Management LLC | 9.17M | ▲ 138.24K |
| Capital World Investors | 6.82M | ▼ 114.17K |
| Jpmorgan Chase & Co | 5.77M | ▼ 6.44M |
| Sanders Capital, LLC | 5.07M | ▲ 906.55K |
| Norges Bank | 4.82M | ▲ 4.82M |
| Ameriprise Financial Inc | 4.36M | ▲ 627.83K |
Held by 1,944 ETFs
Biggest fund positions in CME by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Sep 11, 26 | Marchese John Clifford | other | 0 |
| Sep 14, 26 | Cook Elizabeth A | sell | 500 |
| Sep 10, 26 | DUFFY TERRENCE A | sell | 14,372 |
| Sep 10, 26 | DUFFY TERRENCE A | sell | 628 |
| Jun 25, 26 | Tierney Robert J JR | other | 645 |
| Jun 25, 26 | GEPSMAN MARTIN J | other | 645 |
| Jun 25, 26 | SHEPARD WILLIAM R | buy | 324.782 |
| Jun 25, 26 | SHEPARD WILLIAM R | buy | 14.318 |
| Jun 25, 26 | SHEPARD WILLIAM R | other | 422 |
| Jun 25, 26 | SHEPARD WILLIAM R | other | 645 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our CME coverage
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Headlines from third-party outlets — TickerSpark isn't affiliated with these sources.