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World's largest derivatives exchange, operating futures and options markets for rates, equities, FX and commodities.
World's largest derivatives exchange, operating futures and options markets for rates, equities, FX and commodities.
Charges a small fee on every futures and options contract traded and cleared, so earnings follow trading volume, with interest-rate and equity-index contracts the biggest users. Its clearing house stands behind each trade, and it also sells market data. Volumes tend to rise when markets are volatile.
Moat: wide (network effects, scale, regulatory licence). Deep liquidity pools in benchmark futures contracts are extremely hard for new exchanges to replicate.
Headquarters: Chicago, Illinois, US · Founded: 1898 · Employees: 3,875
Size CME (CME) is a United States Financials company (Investment Banks/Brokers) with a market value of $109B, the 114th largest of 3,117 United States companies the cockpit tracks. Shares closed at $305.89 on 6 Nov 2026.
Performance Over six months the shares gained 9.3%, against +5.1% for the median peer and -1.1% for the United States market (cap-weighted) — 9th highest of 19 in its peer set.
Growth Revenue grew 9.0% over the last twelve months (peer median +12.0%); the operating margin is 65.7% (peer median 38.5%).
Valuation It trades at 23.6× forward earnings against a peer median of 19.1× (7th most expensive of 19).
Credit CME has 5 bonds outstanding ($3.45B), rated AA- by the agencies and trading like AA+ at a weighted spread of 46 bp.
Short interest Short interest is 1.4% of the free float (15 Oct 2026).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $6.97B | $6.52B | $6.13B | $5.58B | $5.02B |
| Revenue growth | — | +6% | +10% | +11% | — |
| Gross profit | $5.77B | $5.38B | $5.05B | $4.54B | $4.01B |
| EBITDA | $4.91B | $4.56B | $4.27B | $3.79B | $3.38B |
| Net income | $4.42B | $4.04B | $3.53B | $3.23B | $2.70B |
| Free cash flow | $4.33B | $4.19B | $3.60B | $3.38B | $2.97B |
| Capital expenditure | $93.7M | $83.5M | $94.0M | $76.4M | $89.7M |
| Total debt | $3.85B | $3.76B | $3.82B | $3.88B | $3.95B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| CME CME | $109B | +9% | +9% | 66% | 23.6× | n/a |
| Intercontinental Exchange ICE | $96.3B | +11% | +14% | 47% | 20.1× | n/a |
| Cboe Global Markets CBOE | $36.9B | +2% | +14% | 36% | 23.4× | n/a |
| Nasdaq NDAQ | $59.4B | +21% | +12% | 31% | 23.4× | n/a |
| Deutsche Boerse DB1.DE | $63.8B | +32% | +7% | 41% | 24.7× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CME | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.7% | +1.1% | 5th highest of 19 |
| 6-month return | +9.3% | +5.1% | 9th highest of 19 |
| Distance from 52-week high | -4.3% | -11.9% | 5th highest of 19 |
| Revenue growth (TTM) | +9.0% | +12.0% | 9th lowest of 19 |
| Operating margin | 65.7% | 38.5% | 3rd highest of 19 |
| Forward P/E | 23.6× | 19.1× | 7th most expensive of 19 |
| Bond spread | 46 bp | 83 bp | 3rd tightest of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| CME CME | United States | $109B | +9% | +9% | 66% | 23.6× | n/a | n/a |
| BNY Mellon BNY | United States | $99.4B | +13% | -1% | 37% | 14.7× | n/a | n/a |
| Intercontinental Exchange ICE | United States | $96.3B | +11% | +14% | 47% | 20.1× | n/a | n/a |
| Interactive Brokers IBKR | United States | $129B | -10% | +16% | 87% | 23.9× | n/a | n/a |
| Charles Schwab SCHW | United States | $158B | +3% | +12% | 52% | 12.2× | n/a | n/a |
| Barclays BARC.L | United Kingdom | $75.1B | +1% | +7% | 22% | 8.2× | n/a | n/a |
| Robinhood Markets HOOD | United States | $72.9B | +5% | +22% | 44% | 29.7× | n/a | n/a |
| Deutsche Bank Aktiengesellschaft DBK.DE | Germany | $65.0B | +15% | 0% | 30% | 9.5× | n/a | n/a |
| Deutsche Boerse DB1.DE | Germany | $63.8B | +32% | +7% | 41% | 24.7× | n/a | n/a |
| Macquarie MQG.AX | Australia | $63.5B | +5% | +5% | 20% | 18.1× | n/a | n/a |
| HKEX 0388.HK | Hong Kong | $62.2B | -10% | +23% | 75% | 24.6× | n/a | n/a |
| Nasdaq NDAQ | United States | $59.4B | +21% | +12% | 31% | 23.4× | n/a | n/a |
| CITIC Securities 600030.SS | China | $56.4B | -6% | -16% | 54% | 10.2× | n/a | n/a |
| Goldman Sachs GS | United States | $250B | -8% | +12% | 40% | 12.0× | n/a | n/a |
| State Street STT | United States | $45.0B | +11% | +2% | 33% | 11.1× | n/a | n/a |
| Cboe Global Markets CBOE | United States | $36.9B | +2% | +14% | 36% | 23.4× | n/a | n/a |
| Coinbase COIN | United States | $35.7B | -33% | -48% | -33% | 99.3× | n/a | n/a |
| Tradeweb Markets TW | United States | $29.7B | +17% | +14% | 44% | 27.9× | n/a | n/a |
| Yuanta Financial Holding Co. Lt 2885.TW | Taiwan | $28.1B | +28% | +78% | 28% | 14.2× | n/a | n/a |
CME has 5 bonds outstanding with $3.45B face value. The agencies rate it AA-; its bonds trade like AA+. Weighted yield 5.30%, a spread of 46 bp over government bonds.