CME CME Group Inc. - Class A Common Stock

NASDAQ · Financial Services · View on SEC EDGAR ↗
$269.86
Price · Aug 19, 2026
Fundamentals as of Jul 24, 2026
52W Range
$218–$328
47% of range
Analyst Rating
BUY
21 analysts
Price Target
$284
+5% upside
P/E (TTM)
24.5
ROE
14.8%
Net Profit Margin
62.5%

About CME Group Inc. - Class A Common Stock Company overview from Wikipedia

CME Group Inc., headquartered in Chicago, Illinois, operates exchanges and provides clearing services for trading in financial derivatives such as futures contracts, options, and swaps. Its exchanges include the Chicago Mercantile Exchange (CME), the Chicago Board of Trade (CBOT), the New York Mercantile Exchange (NYMEX), and the Commodity Exchange (COMEX). The company also owns 27% of S&P Dow Jones Indices. The company operates the Globex Trading System, an electronic trading platform that allows customers in approximately 150 countries to trade futures and options contracts. The company also operates two platforms for spot market trading: BrokerTec, which facilitates dealer-to-dealer trading in fixed-income products, and EBS, which provides spot trading in foreign exchange markets. CME Clearing serves as a counterparty to every transaction cleared by the company.

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CME Group Inc. (formerly Chicago Mercantile Exchange Holdings Inc.), headquartered in Chicago, Illinois, operates exchanges and provides clearing services for trading in financial derivatives such as futures contracts, options, and swaps. Its exchanges include the Chicago Mercantile Exchange (CME), the Chicago Board of Trade (CBOT), the New York Mercantile Exchange (NYMEX), and the Commodity Exchange (COMEX). The company also owns 27% of S&P Dow Jones Indices. The company operates the Globex Trading System, an electronic trading platform that allows customers in approximately 150 countries to trade futures and options contracts. The company also operates two platforms for spot market trading: BrokerTec, which facilitates dealer-to-dealer trading in fixed-income products, and EBS, which provides spot trading in foreign exchange markets. CME Clearing serves as a counterparty to every transaction cleared by the company.

Financial derivatives traded on CME's exchanges are tied to interest rates (primarily SOFR or United States Treasury securities; 51% of 2025 volume), stock market indexes (primarily E-mini contracts on the S&P 500 and Nasdaq-100; 26% of 2025 volume), energy-related products (primarily oil and natural gas; 10% of 2025 volume), agricultural products (primarily corn, soybeans, and wheat; 7% of 2025 volume), exchange currencies (primarily with the Euro, Japanese yen, British pound, and Australian dollar; 3% of 2025 volume), metals (primarily gold, silver, and copper; 3% of 2025 volume), and cryptocurrency (primarily Bitcoin and Ether; negligible volume in 2025). Institutional trading represents 85% to 90% of the company's trading volume.

In 2025, 81% of the company's revenues were from clearing and transaction fees, 12% of revenues were from market data fees, and 7% of revenues were from other sources, primarily access and communication fees. In 2025, over 7 billion futures and options contracts were traded on the company's platforms; the company received average fees of $0.70 per contract traded. The company has witnessed increased trading volumes during periods of high market volatility.

History

The Chicago Mercantile Exchange (CME), was founded in 1898 as a nonprofit corporation. In 1919, it established its clearing house. In 1982, CME introduced the first successful stock index futures contract, helping change equity risk management and creating today's equity index derivatives market. In 2000, CME demutualized and became a joint stock company. In 2002, CME Holdings Company, the parent company of CME, became a public company via an initial public offering.

In June 2007, the company, in partnership with Dubai Holding and Oman Investment Authority, launched the Dubai Mercantile Exchange, of which it owns 33%.

In July 2007, CME merged with the holding company for the Chicago Board of Trade, founded in 1848, in an $8 billion transaction that created the world's largest financial market, and became CME Group Inc., a CME/Chicago Board of Trade Company.

In August 2008, CME Group acquired New York Mercantile Exchange (NYMEX), owner of both the NYMEX exchange and the Commodity Exchange (COMEX), for $8.9 billion in cash and CME Group stock.

In February 2010, CME Group agreed to purchase 90% of Dow Jones & Company's financial-indexes business, including the Dow Jones Industrial Average. CME Group and Dow Jones & Company subsequently contributed the Dow Jones Indexes to the formation of S&P Dow Jones Indices, with CME Group receiving a 24.4% ownership interest and Dow Jones & Company receiving a 2.6% ownership interest in the joint venture. In April 2013, CME Group purchased the Dow Jones & Company interest for $80 million, increasing CME Group's interest in S&P Dow Jones Indices from 24.4% to 27.0%.

In May 2010, the 2010 flash crash was caused when Navinder Singh Sarao, a British financial trader, used spoofing algorithms to place orders for thousands of E-Mini S&P futures contracts via CME's Globex platform. He later replaced or modified those orders at least 19,000 times before they were cancelled. The event led to the implementation of coordinated cross-market trading curbs; CME's Globex platform had automatically halted trading, while the New York Stock Exchange did not.

In March 2012, Phupinder Gill, was promoted from president and chief operating officer to CEO of the company.

In July 2012, the company sold Credit Market Analysis Limited to S&P Global.

In December 2012, CME Group acquired the Kansas City Board of Trade, the dominant venue for the sale of hard red winter wheat, for $126 million in cash.

In October 2014, the company announced 150 layoffs.

In February 2015, the company announced it will close most open outcry trading pits since they were replaced by electronic trading platforms.

In March 2016, the firm announced the sale of its suburban Chicago data center in Aurora, Illinois to CyrusOne for $130 million, in a leaseback transaction.

In November 2016, Gill retired as CEO and Terrence A. Duffy, then executive chairman and president of the company, took on an expanded role as its CEO.

In November 2018, CME Group acquired London-based NEX Group for $5.5 billion.

In September 2021, the company, in partnership with IHS Market (later S&P Global), formed OSTTRA, a provider of post-trade solutions for the global OTC market. In October 2025, OSTTRA was sold to investment funds managed by KKR & Co. for $3.1 billion.

In November 2021, CME agreed to move its trading systems to Google Cloud under a 10-year partnership; Google invested $1 billion for 4,584,020 shares ($217/share) of CME.

In July 2023, the company announced approximately 100 layoffs.

In May 2024, the company launched trading in spot Bitcoin. It has offered trading in Bitcoin futures contracts since 2017.

In December 2025, the company formed a joint venture with FanDuel, of which CME owns 51%, to launch a prediction markets mobile app that offers retail customers event contracts based on major financial and economic benchmarks as well as on sports. CME handles the clearing aspects while FanDuel handles the technology aspects.

In February 2026, the company announced plans to launch future contracts for trading in rare-earth elements. In May 2026, the company announced plans to launch futures contracts for trading in uranium.

Effective March 2027, Terrence A. Duffy will resign as CEO and will be replaced by CFO Lynne Fitzpatrick.

Corporate affairs

Finances

Board governance

The company's board of directors consists of 19 members, compared to an average of 11 members for companies in the S&P 500. Holders of Class B shares, representing owners of exchange seats, have the right to elect 6 members. In August 2018, the company offered holders of Class B shares about $10 million to relinquish control of their board seats. The proposal was rejected by shareholders. A similar proposal was introduced in 2026 but failed to reach the required quorum of Class B shareholders.

Offices

Sponsorships

The company is the title sponsor of the CME Group Tour Championship, the season-ending tournament of the LPGA tour of women's golf.

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

CME Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$269.86
Market Cap
—
P/E (TTM)
24.5
EPS (TTM)
$11.16
Revenue (TTM)
$6.52B
Div Yield
—
ROE
14.8%
Debt/Equity
0.0
52W Range
$218 – $328

CME Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $6.52B
10-point trend, +81.4%
2016-12-31 → 2025-12-31
EPS $11.16
10-point trend, +146.4%
2016-12-31 → 2025-12-31
Free Cash Flow $4.19B
10-point trend, +158.2%
2016-12-31 → 2025-12-31
Margins 62.5%

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
CME
Peer Median
P/E (TTM)
5-point trend, -21.9%
24.5
26.7

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
CME
Peer Median
Operating Margin
5-point trend, +15.0%
64.9%
—
Net Profit Margin
5-point trend, +11.1%
62.5%
30.2%
ROA
5-point trend, +47.6%
2.4%
9.2%
ROE
5-point trend, +53.0%
14.8%
15.6%
ROIC
5-point trend, +53.1%
11.2%
—

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
CME
Peer Median
Debt / Equity
5-point trend, -100.0%
0.0
56.1
Current Ratio
5-point trend, +2.3%
1.0
1.0
Quick Ratio
5-point trend, +53.1%
0.0
—

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
CME
Peer Median
Revenue YoY
5-point trend, +39.0%
6.4%
—
Revenue CAGR 3Y
5-point trend, +39.0%
9.1%
—
Revenue CAGR 5Y
5-point trend, +39.0%
5.9%
—
EPS YoY
5-point trend, +53.1%
15.4%
—
Net Income YoY
5-point trend, +54.4%
15.5%
—

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
CME
Peer Median
EPS (Diluted)
5-point trend, +53.1%
$11.16
—

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
CME
Peer Median
Payout Ratio
5-point trend, +16.3%
96.6%
—

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield
—
Payout Ratio
96.6%
5Y Div CAGR
—
Ex-dateAmount
June 9, 2026$1.3000
March 10, 2026$7.4500
Dec. 12, 2025$1.2500
Sept. 9, 2025$1.2500
June 9, 2025$1.2500
March 7, 2025$1.2500
Dec. 27, 2024$5.8000
Dec. 9, 2024$1.1500
Sept. 9, 2024$1.1500
June 7, 2024$1.1500
March 7, 2024$1.1500
Dec. 27, 2023$5.2500
Dec. 7, 2023$1.1000
Sept. 7, 2023$1.1000
June 8, 2023$1.1000
March 9, 2023$1.1000
Dec. 27, 2022$4.5000
Dec. 8, 2022$1.0000
Sept. 8, 2022$1.0000
June 9, 2022$1.0000

CME Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 21 analysts
  • Strong Buy 2 9.5%
  • Buy 10 47.6%
  • Hold 6 28.6%
  • Sell 3 14.3%
  • Strong Sell 0 0.0%

12-Month Price Target

15 analysts · 2026-08-15
Median target $286.00 +6.0%
Mean target $284.13 +5.3%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
0.00%
Period EPS Actual EPS Est Surprise
June 30, 2026 $2.99 $2.94 0.05%
March 31, 2026 $3.36 $3.40 -0.04%
Dec. 31, 2025 $2.77 $2.77 -0.00%
Sept. 30, 2025 $2.68 $2.66 0.02%
June 30, 2025 $2.96 $2.95 0.01%
March 31, 2025 $2.80 $2.84 -0.04%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
CME — 24.5 6.4% 62.5% 14.8% —
SPGI $156.15B 35.6 7.9% 29.1% 13.9% —
ICE $91.83B 28.1 7.5% 26.2% 11.7% —
MCO — 37.4 8.9% 31.9% 64.5% —
NDAQ $55.35B 31.4 11.7% 21.6% 15.3% 63.5%
MSCI $42.21B 36.6 9.8% 38.4% -67.9% —
COIN $60.57B 50.8 9.4% 17.5% 9.4% —
TW $25.32B 28.4 18.9% 39.6% 13.2% —
FDS $14.05B 24.0 5.4% 25.7% 28.1% —

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 12
Annual Income Statement data for CME
Metric Trend 202520242023202220212020201920182017201620152014
Revenue 12-point trend, +109.5% $6.52B $6.13B $5.58B $5.02B $4.69B $4.88B $4.87B $4.31B $3.64B $3.60B $3.33B $3.11B
Operating Expenses 12-point trend, +70.5% $2.29B $2.20B $2.14B $2.00B $2.04B $2.25B $2.28B $1.70B $1.33B $1.39B $1.34B $1.34B
Operating Income 12-point trend, +139.2% $4.23B $3.93B $3.44B $3.02B $2.65B $2.64B $2.59B $2.61B $2.31B $2.20B $1.99B $1.77B
Other Non-op 12-point trend, -268644.4% $-4.83B $-3.66B $-4.69B $-1.86B $343M $-122M $-535M $-570M $-328M $-41M $-43M $2M
Pretax Income 12-point trend, +200.9% $5.33B $4.54B $4.15B $3.49B $3.37B $2.72B $2.69B $2.78B $2.53B $2.29B $1.96B $1.77B
Income Tax 12-point trend, +95.2% $1.26B $1.02B $927M $799M $737M $616M $574M $814M $-1.54B $754M $710M $644M
Net Income 12-point trend, +261.3% $4.07B $3.53B $3.23B $2.69B $2.64B $2.11B $2.12B $1.96B $4.06B $1.53B $1.25B $1.13B
EPS (Basic) 12-point trend, +231.8% $11.18 $9.69 $8.87 $7.41 $7.30 $5.88 $5.93 $5.73 $12.00 $4.55 $3.71 $3.37
EPS (Diluted) 12-point trend, +233.1% $11.16 $9.67 $8.86 $7.40 $7.29 $5.87 $5.91 $5.71 $11.94 $4.53 $3.69 $3.35
Shares (Basic) 12-point trend, +7.5% 359,648,000 359,389,000 359,023,000 358,713,000 358,340,000 357,764,000 357,155,000 342,344,000 338,707,000 337,496,000 336,224,000 334,409,000
Shares (Diluted) 12-point trend, +7.2% 360,310,000 359,944,000 359,500,000 359,181,000 358,929,000 358,524,000 358,239,000 343,737,000 340,226,000 338,966,000 337,894,000 336,063,000
EBITDA 12-point trend, +139.2% $4.23B $3.93B $3.44B $3.02B $2.65B $2.64B $2.59B $2.61B $2.31B $2.20B $1.99B $1.77B
Balance Sheet 24
Annual Balance Sheet data for CME
Metric Trend 202520242023202220212020201920182017201620152014
Cash & Equivalents 12-point trend, +223.3% $4.42B $2.89B $2.91B $2.72B $2.83B $1.63B $1.55B $1.37B $1.90B $1.87B $1.69B $1.37B
Short-term Investments 12-point trend, +67.3% $125M $113M $112M $96M $115M $101M $83M $73M $90M $83M $72M $75M
Receivables 12-point trend, +87.3% $639M $573M $536M $483M $434M $461M $492M $553M $360M $364M $358M $341M
Other Current Assets 12-point trend, +165.7% $522M $559M $1.14B $530M $428M $307M $364M $430M $368M $172M $229M $196M
Current Assets 12-point trend, +288.7% $165.36B $103.03B $94.89B $139.08B $161.76B $89.28B $39.57B $41.89B $46.91B $40.03B $37.90B $42.55B
PP&E (Net) 12-point trend, -28.7% $363M $386M $410M $456M $505M $579M $544M $449M $400M $425M $492M $509M
PP&E (Gross) 12-point trend, +9.5% $1.37B $1.41B $1.34B $1.60B $1.54B $1.54B $1.41B $1.21B $1.08B $1.02B $1.28B $1.25B
Accum. Depreciation 12-point trend, +35.7% $1.01B $1.02B $933M $1.15B $1.04B $961M $868M $761M $677M $597M $789M $741M
Goodwill 12-point trend, +38.9% $10.51B $10.49B $10.50B $10.48B $10.53B $10.80B $10.74B $10.81B $7.57B $7.57B $7.57B $7.57B
Intangibles 12-point trend, -18.1% $2.16B $2.82B $3.05B $3.27B $3.53B $4.87B $5.12B $5.50B $2.35B $2.44B $2.54B $2.64B
Other Non-current Assets 12-point trend, +33.0% $2.40B $3.54B $3.69B $3.71B $3.28B $1.96B $2.07B $1.66B $1.39B $1.73B $1.68B $1.81B
Total Assets 12-point trend, +174.7% $198.42B $137.45B $129.71B $174.18B $196.78B $124.66B $75.22B $77.48B $75.79B $69.37B $67.36B $72.24B
Accounts Payable 12-point trend, +94.6% $72M $80M $91M $121M $49M $69M $62M $116M $31M $26M $29M $37M
Short-term Debt 9-point trend, +0.00 $0 $750M $0 $16M $749M $0 $0 $574M $0 · · ·
Current Liabilities 12-point trend, +286.0% $160.30B $102.31B $93.42B $137.69B $160.40B $88.20B $38.52B $41.27B $45.67B $38.95B $36.82B $41.53B
Capital Leases 7-point trend, -53.9% $237M $289M $344M $384M $449M $492M $515M · · · · ·
Deferred Tax 12-point trend, -28.2% $5.24B $5.25B $5.33B $5.36B $5.39B $5.61B $5.64B $5.67B $4.86B $7.29B $7.36B $7.30B
Other Non-current Liabilities 12-point trend, +95.3% $735M $721M $798M $826M $896M $1.06B $1.16B $745M $616M $561M $396M $376M
Total Liabilities 12-point trend, +230.7% $169.70B $110.96B $102.97B $147.30B $169.38B $98.31B $49.06B $51.51B $53.38B $49.03B $46.81B $51.32B
Total Debt 7-point trend, -100.0% $0 $750M $0 $16M $749M · $0 $574M · · · ·
Retained Earnings 12-point trend, +93.9% $6.43B $4.19B $4.46B $4.75B $5.15B $5.00B $5.01B $4.86B $4.50B $2.52B $2.91B $3.32B
AOCI 12-point trend, +1221.0% $82M $-106M $-56M $-133M $54M $135M $3M $5M $14M $-14M $-81M $6M
Stockholders' Equity 12-point trend, +37.3% $28.73B $26.49B $26.74B $26.88B $27.40B $26.35B $26.16B $25.97B $22.41B $20.34B $20.55B $20.92B
Liabilities + Equity 12-point trend, +174.7% $198.42B $137.45B $129.71B $174.18B $196.78B $124.66B $75.22B $77.48B $75.79B $69.37B $67.36B $72.24B
Cash Flow 13
Annual Cash Flow data for CME
Metric Trend 202520242023202220212020201920182017201620152014
D&A 12-point trend, -18.9% $108M $115M $126M $135M $148M $153M $159M $119M $113M $129M $129M $133M
Stock-based Comp 12-point trend, +73.0% $95M $90M $83M $84M $75M $96M $73M $96M $58M $66M $61M $55M
Deferred Tax 12-point trend, -107.7% $-6M $-66M $-75M $-23M $35M $-42M $-4M $114M $-2.45B $-83M $63M $79M
Amort. of Intangibles 12-point trend, +122.1% $223M $222M $227M $228M $238M $311M $315M $130M $96M $96M $99M $101M
Operating Cash Flow 12-point trend, +231.2% $4.28B $3.69B $3.45B $3.06B $2.40B $2.72B $2.67B $2.44B $1.75B $1.73B $1.53B $1.29B
CapEx 12-point trend, -40.7% $84M $94M $76M $90M $127M $198M $246M $117M $82M $92M $114M $141M
Investing Cash Flow 12-point trend, +852.8% $1.50B $-83M $21M $-490M $58M $-176M $-153M $-1.89B $180M $54M $18M $-199M
Debt Issued 7-point trend, +0.00 · · · · · $0 $0 $1.19B $0 $0 $744M $0
Net Debt Issued 7-point trend, +0.00 · · · · · $0 $0 $1.19B $0 $0 $744M $0
Dividends Paid 12-point trend, +162.8% $3.93B $3.58B $3.24B $2.63B $2.19B $2.11B $1.70B $2.15B $1.99B $1.79B $1.34B $1.50B
Financing Cash Flow 12-point trend, +2673.4% $56.51B $5.08B $-48.34B $-25.38B $69.91B $47.25B $-2.34B $-1.08B $-1.99B $-1.62B $-1.22B $-2.20B
Net Change in Cash 12-point trend, +5743.8% $62.29B $8.68B $-44.86B $-22.82B $72.37B $49.79B $-2.20B $-529M $-54M $165M $326M $-1.10B
Free Cash Flow 12-point trend, +264.4% $4.19B $3.60B $3.38B $2.97B $2.28B $2.52B $2.43B $2.32B $1.76B $1.62B $1.40B $1.15B
Profitability 7
Annual Profitability data for CME
Metric Trend 202520242023202220212020201920182017201620152014
Operating Margin 12-point trend, +14.1% 64.9% 64.1% 61.6% 60.1% 56.4% 54.0% 53.2% 60.5% 63.4% 61.3% 59.8% 56.8%
Net Margin 12-point trend, +72.5% 62.5% 57.5% 57.8% 53.6% 56.2% 43.1% 43.5% 45.5% 111.5% 42.7% 37.5% 36.2%
Pretax Margin 12-point trend, +43.6% 81.8% 74.1% 74.5% 69.5% 71.9% 55.7% 55.2% 64.5% 69.3% 63.6% 58.8% 56.9%
EBITDA Margin 12-point trend, +14.1% 64.9% 64.1% 61.6% 60.1% 56.4% 54.0% 53.2% 60.5% 63.4% 61.3% 59.8% 56.8%
ROA 12-point trend, +36.0% 2.4% 2.6% 2.1% 1.5% 1.6% 2.1% 2.8% 2.6% 5.6% 2.2% 1.8% 1.8%
ROE 12-point trend, +175.2% 14.8% 13.2% 12.0% 9.9% 9.6% 7.9% 8.0% 8.0% 18.8% 7.4% 5.9% 5.4%
ROIC 12-point trend, +109.1% 11.2% 11.2% 10.0% 8.6% 7.3% 7.8% 7.8% 7.0% 16.6% 7.3% 6.2% 5.4%
Liquidity & Solvency 3
Annual Liquidity & Solvency data for CME
Metric Trend 202520242023202220212020201920182017201620152014
Current Ratio 12-point trend, +0.7% 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
Quick Ratio 12-point trend, -24.7% 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.1 0.1 0.1 0.0
Debt / Equity 7-point trend, -100.0% 0.0 0.0 0.0 0.0 0.0 · 0.0 0.0 · · · ·
Efficiency 2
Annual Efficiency data for CME
Metric Trend 202520242023202220212020201920182017201620152014
Asset Turnover 12-point trend, -21.1% 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.0 0.0
Receivables Turnover 12-point trend, +11.3% 10.8 11.1 11.0 10.9 10.5 10.2 9.3 9.4 10.1 10.0 9.5 9.7
Per Share 4
Annual Per Share data for CME
Metric Trend 202520242023202220212020201920182017201620152014
Revenue / Share 12-point trend, +95.4% $18.10 $17.03 $15.52 $13.97 $13.07 $13.62 $13.59 $12.54 $10.71 $10.61 $9.85 $9.26
Cash Flow / Share 12-point trend, +208.9% $11.87 $10.25 $9.61 $8.51 $6.69 $7.57 $7.46 $7.10 $5.41 $5.06 $4.48 $3.84
Dividend / Share 12-point trend, +13.6% $5 $10 $10 $8 $6 $6 $6 $5 $6 $6 $5 $4
EPS (TTM) 12-point trend, +233.1% $11.16 $9.67 $8.86 $7.40 $7.29 $5.87 $5.91 $5.71 $11.94 $4.53 $3.69 $3.35
Growth Rates 10
Annual Growth Rates data for CME
Metric Trend 202520242023202220212020201920182017201620152014
Revenue YoY 5-point trend, +260.5% 6.4% 9.9% 11.2% 7.0% -4.0% · · · · · · ·
Revenue CAGR 3Y 3-point trend, +100.7% 9.1% 9.3% 4.5% · · · · · · · · ·
Revenue CAGR 5Y 5.9% · · · · · · · · · · ·
EPS YoY 5-point trend, -36.3% 15.4% 9.1% 19.7% 1.5% 24.2% · · · · · · ·
EPS CAGR 3Y 3-point trend, -0.2% 14.7% 9.9% 14.7% · · · · · · · · ·
EPS CAGR 5Y 13.7% · · · · · · · · · · ·
Net Income YoY 5-point trend, -38.5% 15.5% 9.3% 19.9% 2.1% 25.2% · · · · · · ·
Net Income CAGR 3Y 3-point trend, -3.1% 14.8% 10.2% 15.3% · · · · · · · · ·
Net Income CAGR 5Y 14.1% · · · · · · · · · · ·
Dividend CAGR 5Y 13.3% · · · · · · · · · · ·
Valuation (TTM) 6
Annual Valuation (TTM) data for CME
Metric Trend 202520242023202220212020201920182017201620152014
Revenue TTM 12-point trend, +109.5% $6.52B $6.13B $5.58B $5.02B $4.69B $4.88B $4.87B $4.31B $3.64B $3.60B $3.33B $3.11B
Net Income TTM 12-point trend, +261.3% $4.07B $3.53B $3.23B $2.69B $2.64B $2.11B $2.12B $1.96B $4.06B $1.53B $1.25B $1.13B
P/E 12-point trend, -7.5% 24.5 24.0 23.8 22.7 31.3 31.0 34.0 32.9 12.2 25.5 24.6 26.5
Earnings Yield 12-point trend, +8.2% 4.1% 4.2% 4.2% 4.4% 3.2% 3.2% 2.9% 3.0% 8.2% 3.9% 4.1% 3.8%
Payout Ratio 12-point trend, -27.3% 96.6% 101.7% 100.3% 97.9% 83.0% 100.2% 80.1% 109.6% 49.1% 116.5% 107.7% 132.8%
Annual Payout 12-point trend, +162.8% $3.93B $3.58B $3.24B $2.63B $2.19B $2.11B $1.70B $2.15B $1.99B $1.79B $1.34B $1.50B

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue $6.52B$6.13B$5.58B$5.02B$4.69B
Operating Margin % 64.9%64.1%61.6%60.1%56.4%
Net Income $4.07B$3.53B$3.23B$2.69B$2.64B
Diluted EPS $11.16$9.67$8.86$7.40$7.29
Balance Sheet
2025-12-312024-12-312023-12-312022-12-312021-12-31
Debt / Equity 0.00.00.00.00.0
Current Ratio 1.01.01.01.01.0
Quick Ratio 0.00.00.00.00.0
Cash Flow
2025-12-312024-12-312023-12-312022-12-312021-12-31
Free Cash Flow $4.19B$3.60B$3.38B$2.97B$2.28B

CME AI Analyst Panel — Bullish and Bearish Views 2026Q2 debate: Claude, Grok, Gemini, ChatGPT on the stock's prospects

Round 1 — Opening Takes

Grok NEUTRAL 0.75
↑ Bullish

CME Group dominates derivatives trading with razor-thin costs, poised to surf any 2026 volatility wave from crypto or commodities. Its 95.97% gross margin means every additional trade volume falls nearly straight to profits, a moat few exchanges match. Launching Avalanche and Sui futures on May 4 (April 9 news) expands its crypto lineup, chasing volumes as Bitcoin stabilizes post-19% drop. Net margin holds at 33.33%, proving resilience even in flat quarters.

↓ Bearish

CME's stalled growth engine risks underperforming if trading volumes normalize post-volatility. ROE at 13.76% trails peers like MCO's 62.81%, showing weaker returns on capital amid flat EPS of $10.45. Debt/equity at 12.14 amplifies risks in a slowdown, with current ratio barely at 1.02 signaling tight liquidity. P/E of 26.16 aligns with peers but buys no momentum.

Claude NEUTRAL 0.68
↑ Bullish

CME is a cash machine in a structurally growing market — futures and options volumes are climbing as institutional hedging demand stays elevated. The 33.33% net margin tells you almost every dollar of revenue drops to the bottom line, which is rare for financial infrastructure. At 26.16 times trailing earnings, the stock trades in line with peers like ICE (27.5x) and below rating agencies like SPGI (29.2x), so the valuation isn't stretched. The crypto futures expansion — Avalanche and Sui launching May 4 — signals management is capturing new asset classes before competitors do, a genuine growth vector.

↓ Bearish

CME's 13.76% ROE is structurally weak for a company with a 12.14 debt-to-equity ratio that high. That leverage isn't generating outsized returns; it's just amplifying ordinary profitability, which raises refinancing risk if rates stay sticky. The stock has drifted sideways for six months — closing at $275 now versus $280 in early May — despite a strong macro backdrop, suggesting the market is pricing in maturity, not growth. The 95.97% gross margin masks a business that's essentially flat-lined: EPS, revenue multiples, and market cap have all stalled for two quarters. Without a catalyst beyond crypto futures, this looks like a mature utility trading on momentum.

Gemini NEUTRAL 0.70
↑ Bullish

CME Group remains a dominant infrastructure play that benefits from market volatility regardless of the asset class. The company maintains an incredible 95.97% gross margin. This means that almost every dollar of revenue flows directly to the top line, reflecting a near-monopoly position in futures clearing. Furthermore, their expansion into new derivatives, like the Avalanche and Sui futures mentioned on April 9, shows they are successfully capturing volume from the crypto sector. At a P/E of 26.16, the market is pricing in steady growth, which is reasonable for a firm that effectively taxes the global financial system.

↓ Bearish

The fundamental growth at CME has completely stalled, leaving the stock stuck in a range with no clear catalyst for a breakout. The return on equity sits at 13.76%. This is a mediocre figure for a financial exchange, suggesting that the company is struggling to deploy its capital efficiently compared to high-growth peers. Additionally, the debt-to-equity ratio is currently 12.14. This high leverage indicates that the company is heavily reliant on borrowed funds to maintain its operations and dividend payouts, which leaves little room for error if trading volumes across their core markets begin to contract.

Chatgpt NEUTRAL 0.62
↑ Bullish

I think CME's core, fee-based model should generate durable cash flow, with meaningful upside from the crypto futures expansion. P/E TTM: 26.16. That suggests CME trades in line with peers for a steady, regulated exchange business. Gross margin TTM: 95.97%. That shows revenue almost all falls to the bottom line, enabling strong cash generation as volumes grow. Debt/Equity: 12.14. Low leverage keeps risk in check and leaves room to fund buybacks and growth initiatives if crypto lines add to revenue.

↓ Bearish

I think CME's upside could be capped if the crypto-derivatives push doesn't deliver volume or if regulatory shifts weigh on margins. P/E TTM: 26.16. That isn't cheap for a slow-growth period; a weak crypto cycle could compress the multiple. ROE TTM: 13.76%. That is below peers like MCO, suggesting CME isn't generating as much earnings from shareholder equity, which raises risk if growth slows. PS TTM: 8.7194. A high price-to-sales multiple makes the stock vulnerable to any revenue dip since investors are paying a premium for growth that may not materialize.

Round 2 — Responses & Rebuttals

Grok

ChatGPT, calling a 12.14 debt-to-equity ratio 'low leverage' overlooks how it magnifies downside risks for CME in a volume slowdown. That means for every dollar of equity, the company carries over $12 in debt, which crushes returns if trading dries up — explaining the mediocre 13.76% ROE versus MCO's 62.81%. It's not a safety net; it's a vulnerability that caps aggressive growth bets like crypto futures.

Claude

I need to push back on Grok's liquidity concern. A current ratio of 1.02 is tight, yes, but that's not the right lens for CME. This is a clearinghouse — they hold customer margin deposits that flow through the balance sheet as both assets and liabilities, which mechanically depresses the current ratio. The real question is whether CME can service its debt and fund operations, and at 33.33% net margin with $98 billion in market cap, that's not in doubt. Grok is conflating accounting structure with actual financial stress, which are different animals. The 12.14 debt-to-equity is real leverage, but it's not a liquidity crisis waiting to happen.

Gemini

Claude, your point about CME's debt-to-equity ratio being a structural weakness is spot on, but I think you are underestimating the impact of their current ratio of 1.02. That metric shows the company has barely enough liquid assets to cover its short-term obligations, leaving almost zero margin for error if market volatility spikes and clearing house capital requirements shift. While the 95.97% gross margin provides a massive buffer for profitability, the tight liquidity suggests management is running the balance sheet dangerously thin to support shareholder returns in a stagnant growth environment.

Chatgpt

Claude, I think your ROE critique misses the bigger cash-flow story CME prints. ROE TTM: 13.76%. That level signals a steady, cash-generating core rather than a high-growth engine, which matters for CME because durable fee-based cash flow underpins buybacks and dividends while it pursues crypto expansion and volatility-driven volumes, offering downside protection if volatility eases but upside if crypto activity re-accelerates.

Round 3 — Final Rebuttals

G
Grok

Gemini, I'm siding with Claude on the current ratio of 1.02 — it's not a red flag for CME because clearinghouses like this hold massive customer margin deposits that boost both current assets and liabilities equally, masking true liquidity strength. The real stress test is operational cash flow, covered by that 33.33% net margin which turns volume into profits effortlessly. Your volatility spike worry overstates the risk when margins provide the buffer.

C
Claude

I want to push back on ChatGPT's framing of CME's ROE as a 'steady cash-generating core.' A 13.76% ROE is not a feature — it's a red flag when you're carrying 12.14 times debt-to-equity. That leverage should be amplifying returns if management deployed it well, but it isn't. Compare that to ICE at 11.63% ROE with similar leverage, or MCO at 62.81% with far less debt. CME's problem isn't that it's boring; it's that the borrowed capital isn't earning its cost. The crypto futures expansion is real, but it's being grafted onto a machine that's already capital-inefficient. Until we see ROE move above 16–17%, the leverage is a drag, not a tool.

G
Gemini

I want to widen the frame here, because we are obsessing over the balance sheet while ignoring the macro regime shift. Grok and Claude, you are missing that CME’s growth is fundamentally tethered to the interest rate cycle, not just internal efficiency. We are currently seeing a flattening yield curve which historically compresses the hedging demand for interest rate futures, CME’s largest revenue driver. When rates stabilize, the volatility that drives their volume dries up. Even if they add new crypto products, those are rounding errors compared to the massive volume of Treasury futures that fuel their 33.33% net margin, or the percentage of revenue kept as pure profit.

C
Chatgpt

Grok, I think the big swing factor for CME in 2026Q2 is regulatory and macro dynamics around crypto derivatives. Metric: crypto derivatives volume. Higher volumes drive clearing and trading fees, so more activity lifts cash flow even if margins stay flat. Gemini, a broader competitive frame shows ICE's Bakkt crypto-derivatives roadmap could cap CME's upside. Metric: ICE's Bakkt roadmap. Faster rollout could siphon crypto-volume growth from CME if Bakkt expands into more products.

Price Forecasts

Model 3M Target 6M Target Reasoning
G Grok 3M Target $272.00 6M Target $285.00 Reasoning I think CME deserves a modest re-rating to recent highs if crypto futures deliver incremental volumes, but flat core growth keeps upside capped near $285. The key catalyst is CME's Q2 2026 earnings release around late July 2026, where Avalanche and Sui futures launch volumes — starting May 4 — could show 5-10% fee revenue lift if crypto stabilizes. The big risk is a flattening yield curve persisting into H2 2026, crimping interest rate futures that drive 70% of volumes and exposing the 12.14 debt/equity leverage. At 26.16 times trailing earnings, that's fair for steady 33% net margins but assumes no EPS growth — any pickup justifies $285.
C Claude 3M Target $282.00 6M Target $295.00 Reasoning CME is a mature cash machine trading at fair value, not a growth story — my thesis is that the stock re-rates higher only if crypto futures volumes materialize and the Fed signals a pivot away from sticky rates that compress hedging demand. The catalyst: CME's Q2 2026 earnings (late July) must show crypto derivatives revenue acceleration — Avalanche and Sui launching May 4 should show up in the print. The risk: if Treasury futures volumes contract because the yield curve stays flat and rate volatility dies, the 33.33% net margin compresses faster than crypto can offset. At 26.16x trailing earnings, CME isn't cheap for a stalled-growth utility, so upside requires proof that new asset classes drive incremental volume, not just cannibalization. My 3m target ($282) reflects modest recovery to May highs; 6m ($295) assumes Q2 earnings beat on crypto traction, justifying a modest multiple expansion to 28x on renewed confidence in the expansion thesis.
G Gemini 3M Target $272.00 6M Target $285.00 Reasoning My thesis is that CME will remain range-bound as the market waits for a definitive shift in interest rate volatility to drive volume. A concrete catalyst for the 6-month target is the August 2026 earnings report, where a sustained uptick in crypto-derivative volumes could finally signal a new growth engine outside of stagnant Treasury futures. Conversely, a sharp decline in market volatility would break my thesis by eroding trading demand. The current P/E of 26.16 means investors are paying a premium for a mature utility, and without a clear catalyst, the stock will likely struggle to justify a higher multiple until volumes accelerate.
C Chatgpt 3M Target $270.00 6M Target $280.00 Reasoning I think CME can drift modestly higher over the next several months as a steady, fee-based infrastructure play benefiting from crypto derivatives expansion, resilience in fee retention, and a supportive macro backdrop. Catalyst: CME's May 4 Avalanche and Sui futures launch could lift volumes if demand materializes. Risk: The biggest risk is crypto volumes disappoint or regulatory changes compress margins. At 266.3 today, the move to 270 and 280 implies a small re-rating.

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Institutional owners (13F) 1,871 filers · $47.5B total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
161 (-66 vs prior Q) 220 (+126 vs prior Q) 646 (-67 vs prior Q) 652 (+22 vs prior Q) +10.1M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
VANGUARD CAPITAL MANAGEMENT LLC $5,225,247,660 23,661,856 11.01% Shares
STATE STREET CORP $3,609,724,721 16,346,170 7.61% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $2,024,464,325 9,167,524 4.27% Shares
GEODE CAPITAL MANAGEMENT, LLC $1,782,052,415 8,069,585 3.76% Shares
Capital World Investors $1,506,571,372 6,822,315 3.17% Shares
Sanders Capital, LLC $1,119,109,024 5,067,740 2.36% Shares
NORGES BANK $1,064,543,256 4,820,646 2.24% Shares
FIL Ltd $849,437,170 3,846,566 1.79% Shares
AMERIPRISE FINANCIAL INC $847,729,365 3,837,709 1.79% Shares
PeakShares LLC $818,617,000 3,707 1.73% Shares
Alphabet Inc. $769,376,137 3,484,020 1.62% Shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP $718,899,478 3,255,443 1.51% Shares
Capital International Investors $664,804,805 3,011,414 1.40% Shares
RAYMOND JAMES FINANCIAL INC $660,821,262 2,992,443 1.39% Shares
Mitsubishi UFJ Asset Management Co., Ltd. $629,770,944 2,851,836 1.33% Shares
PineStone Asset Management Inc. $600,513,398 2,719,347 1.27% Shares
TWO SIGMA INVESTMENTS, LP $534,435,320 2,420,121 1.13% Shares
NEUBERGER BERMAN GROUP LLC $458,664,168 2,077,673 0.97% Shares
VANGUARD FIDUCIARY TRUST CO $449,298,289 2,034,589 0.95% Shares
Capital Wealth Planning, LLC $425,056,209 1,924,812 0.90% Shares
PRIMECAP MANAGEMENT CO/CA/ $420,602,316 1,904,643 0.89% Shares
JANUS HENDERSON GROUP PLC $417,791,164 1,414,564 0.88% Shares
WELLINGTON MANAGEMENT GROUP LLP $385,170,140 1,744,193 0.81% Shares
Qube Research & Technologies Ltd $355,824,925 1,611,307 0.75% Shares
W1M Asset Management Ltd $347,510,212 1,573,940 0.73% Shares
ENVESTNET ASSET MANAGEMENT INC $342,717,740 1,551,958 0.72% Shares
W1M Investment Management Ltd $312,253,205 1,155,894 0.66% Shares
Life Cycle Investment Partners Ltd $299,092,594 1,354,402 0.63% Shares
Sarasin & Partners LLP $290,229,815 1,314,268 0.61% Shares
ALLIANCEBERNSTEIN L.P. $279,036,933 944,767 0.59% Shares
MILLENNIUM MANAGEMENT LLC $264,110,251 1,195,989 0.56% Shares
Capital Research Global Investors $263,642,640 1,193,880 0.56% Shares
Bank Julius Baer & Co. Ltd, Zurich $257,822,202 1,169,066 0.54% Shares
THORNBURG INVESTMENT MANAGEMENT INC $250,075,621 1,132,435 0.53% Shares
M&G PLC $244,821,590 1,107,790 0.52% Shares
Rathbones Group PLC $232,930,821 1,054,797 0.49% Shares
CINCINNATI FINANCIAL CORP $221,271,660 1,002,000 0.47% Shares
Longview Partners (Guernsey) LTD $221,202,319 1,001,686 0.47% Shares
CIBC Bancorp USA Inc. $218,442,131 987,574 0.46% Shares
BlackRock, Inc. $215,557,905 976,126 0.45% Shares
Mawer Investment Management Ltd. $211,100,672 955,942 0.44% Shares
DIMENSIONAL FUND ADVISORS LP $206,928,215 937,046 0.44% Shares
Sumitomo Mitsui Trust Group, Inc. $197,981,548 896,534 0.42% Shares
Legal & General Group Plc $195,446,034 885,052 0.41% Shares
Fayez Sarofim & Co $190,935,844 864,628 0.40% Shares
GOLDMAN SACHS GROUP INC $190,399,291 862,198 0.40% Shares
VICTORY CAPITAL MANAGEMENT INC $184,918,538 837,369 0.39% Shares
VANGUARD ASSET MANAGEMENT, Ltd $180,266,400 816,313 0.38% Shares
UBS Group AG $177,871,719 805,469 0.37% Shares
BNP PARIBAS FINANCIAL MARKETS $176,182,149 797,818 0.37% Shares
MACKENZIE FINANCIAL CORP $176,177,070 797,795 0.37% Shares
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM $175,759,536 595,089 0.37% Shares
JANE STREET GROUP, LLC $175,236,776 793,537 0.37% Shares
Vanguard Global Advisers, LLC $172,934,181 783,110 0.36% Shares
GUARDCAP ASSET MANAGEMENT Ltd $172,130,506 773,225 0.36% Shares
CITADEL ADVISORS LLC $171,787,411 777,917 0.36% Shares
National Pension Service $170,187,277 770,671 0.36% Shares
MARSHALL WACE, LLP $167,395,543 758,029 0.35% Shares
Guinness Asset Management LTD $166,243,220 755,576 0.35% Shares
WORLDQUANT MILLENNIUM ADVISORS LLC $165,715,469 750,421 0.35% Shares
Point72 Asset Management, L.P. $164,223,763 743,666 0.35% Shares
1832 Asset Management L.P. $163,042,764 738,318 0.34% Shares
ROYAL LONDON ASSET MANAGEMENT LTD $158,328,926 716,972 0.33% Shares
Burgundy Asset Management Ltd. $153,333,064 575,337 0.32% Shares
RENAISSANCE TECHNOLOGIES LLC $150,175,221 680,049 0.32% Shares
CANADA PENSION PLAN INVESTMENT BOARD $146,407,861 662,989 0.31% Shares
BARCLAYS PLC $144,904,229 656,180 0.31% Shares
RHUMBLINE ADVISERS $144,356,669 653,701 0.30% Shares
California Public Employees Retirement System $141,761,377 641,948 0.30% Shares
Ensign Peak Advisors, Inc $135,585,866 613,983 0.29% Shares
VOLORIDGE INVESTMENT MANAGEMENT, LLC $128,872,413 583,582 0.27% Shares
TWO SIGMA ADVISERS, LP $126,386,886 462,820 0.27% Shares
Caisse de depot et placement du Quebec $121,443,029 549,939 0.26% Shares
BNP PARIBAS ASSET MANAGEMENT Holding S.A. $121,068,281 548,242 0.26% Shares
Hamlin Capital Management, LLC $118,597,635 537,054 0.25% Shares
Quadrature Capital Ltd $115,178,082 521,569 0.24% Shares
JANE STREET GROUP, LLC $114,323,691 517,700 0.24% Call option
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC $112,902,854 382,268 0.24% Shares
Canoe Financial LP $108,260,141 490,242 0.23% Shares
FEDERATED HERMES, INC. $106,878,408 483,985 0.23% Shares
LPL Financial LLC $104,926,034 475,144 0.22% Shares
SUMITOMO MITSUI FINANCIAL GROUP, INC. $104,197,697 471,846 0.22% Shares
NOMURA ASSET MANAGEMENT INTERNATIONAL INC. $96,480,000 436,899 0.20% Shares
Vontobel Holding Ltd. $95,224,325 431,211 0.20% Shares
HSBC HOLDINGS PLC $93,398,282 422,942 0.20% Shares
JUPITER ASSET MANAGEMENT LTD $93,365,601 430,526 0.20% Shares
STOREBRAND ASSET MANAGEMENT AS $93,203,289 422,059 0.20% Shares
CITADEL ADVISORS LLC $89,016,573 403,100 0.19% Call option
NEW YORK STATE COMMON RETIREMENT FUND $84,149,480 381,060 0.18% Shares
FMR LLC $83,478,060 378,019 0.18% Shares
CAPTRUST FINANCIAL ADVISORS $82,831,334 375,091 0.17% Shares
Pictet Asset Management Holding SA $82,616,036 374,116 0.17% Shares
TD Asset Management Inc $81,494,220 369,036 0.17% Shares
Assenagon Asset Management S.A. $80,657,716 365,248 0.17% Shares
Focus Partners Wealth $80,543,324 364,727 0.17% Shares
OFI INVEST ASSET MANAGEMENT $78,456,180 405,338 0.17% Shares
Wealthspire Advisors, LLC $78,396,872 355,010 0.17% Shares
PARNASSUS INVESTMENTS, LLC $76,281,749 345,432 0.16% Shares
Mariner, LLC $74,683,126 338,199 0.16% Shares
Ninety One UK Ltd $74,513,530 337,425 0.16% Shares

Company insiders 91 insiders · 38 officers · 55 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Terrence A Duffy Chairman and CEO May 15, 2026 S 55,630 0 2 $-10,447,865
GILL PHUPINDER CEO Sept. 19, 2016 S 116,222 0 0 $0
Craig S Donohue CEO April 30, 2012 A 60,982 0 0 $0
James J Mcnulty President & CEO Nov. 13, 2003 S 135,214 0 0 $0
Lynne Fitzpatrick President and CFO March 15, 2025 F 17,594 0 0 $0
John W. Pietrowicz Sr MD Chief Financial Officer Sept. 14, 2022 F 51,867 0 0 $0
Jamie Parisi CFO & Sr MD Finance & Corp Dev Sept. 16, 2014 F 48,353 0 0 $0
David G Gomach MD & CFO June 14, 2004 A 3,290 0 0 $0
Suzanne Sprague COO & Global Head of Clearing March 15, 2025 F 8,767 0 0 $0
Julie Holzrichter Sr MD Chief Operating Officer Sept. 16, 2024 A 40,437 0 0 $0
Hilda Harris Piell Sr MD & Chief HR Officer May 18, 2026 S 27,702 0 1 $-1,752,536
Jonathan L Marcus Sr MD General Counsel May 20, 2025 S 6,708 0 0 $0
Derek Sammann Sr MD Gl Hd Commodities Mkts May 5, 2025 S 8,336 0 0 $0
Timothy Francis Mccourt Sr MD Global Head Equity & FX March 15, 2025 F 7,889 0 0 $0
Julie Winkler Sr MD Chief Commercial Officer March 15, 2025 F 23,928 0 0 $0
Jack J Tobin MD Chief Accounting Officer March 15, 2025 F 23,739 0 0 $0
Sunil Cutinho Chief Information Officer March 15, 2025 F 29,336 0 0 $0
Ken Vroman Chief Transformation Officer March 15, 2025 F 18,758 0 0 $0
Michael G. Dennis Global Head of Fixed Income Sept. 16, 2024 A 6,319 0 0 $0
Sean Tully Sr MD Global Hd Rates & OTC Dec. 15, 2022 A 22,087 0 0 $0
Kathleen M Cronin Sr MD Gen Counsel & Corp Secr March 15, 2022 G 41,466 0 0 $0
Kevin Kometer Sr MD Chief Information Office Feb. 10, 2022 S 63,207 0 0 $0
Kimberly S Taylor Former Sr MD&Pres.Clr&PostTrad Nov. 30, 2017 M 112,465 0 0 $0
Robert Zagotta Sr MD Strategy & Execution Sept. 16, 2016 F 16,240 0 0 $0
Jill A Harley MD & CAO March 16, 2015 M 10,191 0 0 $0
James V. Pieper MD & CAO March 15, 2014 F 4,769 0 0 $0
Linda Dallas Rich Sr MD Govt Rel Legisl Affairs Nov. 22, 2013 M 8,039 0 0 $0
Scot E. Warren Sr MD Equity Index Prod & Svcs Sept. 16, 2013 A 31,772 0 0 $0
Barry C Goldblatt MD Comm Energy & Metal Prods Sept. 15, 2009 A 987 0 0 $0
Richard H Redding MD Products & Services Sept. 15, 2009 A 8,114 0 0 $0
Nancy W Goble MD & CAO Feb. 12, 2008 M 813 0 0 $0
Eileen Keeve MD Organizational Development Aug. 7, 2007 M 1,735 0 0 $0
James R Krause MD & CIO July 2, 2007 M 2,835 0 0 $0
John P Davidson III MD & Chief Corp Dev Officer June 15, 2007 A 1,650 0 0 $0
Mazen Chadid MD Operations Aug. 9, 2006 M 5,860 0 0 $0
John Roth Roberts III MD & CMO June 15, 2006 A 1,150 0 0 $0
Scott Robinson MD Corp. Development June 14, 2004 A 1,100 0 0 $0
Satish Nandapurkar Managing Director Jan. 5, 2004 M 31,800 0 0 $0
Kathryn Benesh Director June 25, 2026 A 2,752 0 0 $0
Rahael Seifu Director June 25, 2026 A 4,739 0 0 $0
Patrick J Mulchrone Director June 25, 2026 A 29,130 0 0 $0
Patrick W Maloney Director June 25, 2026 A 4,743 0 0 $0
Harold Eugene Ford Jr. Director June 25, 2026 A 2,158 0 1 $-263,530
Phyllis M Lockett Director June 25, 2026 A 4,285 0 0 $0
Robert J Tierney JR Director June 25, 2026 A 14,345 0 0 $0
Elizabeth A Cook Director June 25, 2026 A 18,416 0 0 $0
William W Hobert Director June 25, 2026 A 108,006 0 0 $0
Daniel G Kaye Director June 25, 2026 A 4,845 0 0 $0
Timothy S. Bitsberger Director June 25, 2026 A 11,766 0 0 $0
Dennis Suskind Director June 25, 2026 A 3,344 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

Activists & 5%+ owners 2 positions

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
BM&FBOVESPA S.A. — Bolsa de Valores, Mercadorias e Futuros ×2 filings Sept. 15, 2015 — Initial filing — SEC
CME Group Inc. Aug. 11, 2014 — Initial filing M&A / sale SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

ETF ownership Held by 219 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
KBWR · Invesco Exchange-Traded Fund Trust … 3.99% 7,454 NS May 31, 2026 N-PORT
CCOR · Listed Funds Trust 3.23% 3,094 NS April 30, 2026 N-PORT
AGQI · First Trust Exchange-Traded Fund VI… 2.79% 5,703 NS May 31, 2026 N-PORT
SAWG · ETF Series Solutions 2.64% 231 NS April 30, 2026 N-PORT
CAMX · ADVISORS' INNER CIRCLE FUND 2.57% 5,900 NS April 30, 2026 N-PORT
FDV · Federated Hermes ETF Trust 2.51% 65,457 NS April 30, 2026 N-PORT
PAYR · Federated Hermes ETF Trust 2.32% 2,946 NS April 30, 2026 N-PORT
ESN · Northern Lights Fund Trust II 2.28% 23,264 NS May 31, 2026 N-PORT
BDIV · ETF Series Solutions 2.14% 468 NS April 30, 2026 N-PORT
FDIV · EA Series Trust 2.02% 5,092 NS April 30, 2026 N-PORT
IWFG · New York Life Investments Active ET… 1.76% 3,504 NS April 30, 2026 N-PORT
NUDV · Nushares ETF Trust 1.65% 2,594 NS April 30, 2026 N-PORT
TGLB · T. Rowe Price Exchange-Traded Funds… 1.59% 1,218 NS April 30, 2026 N-PORT
JDIV · J.P. Morgan Exchange-Traded Fund Tr… 1.47% 574 NS April 30, 2026 N-PORT
UPSD · ETF Series Solutions 1.43% 5,034 NS April 30, 2026 N-PORT
AUSF · Global X Funds 1.43% 44,242 NS May 31, 2026 N-PORT
NULV · Nushares ETF Trust 1.42% 102,687 NS April 30, 2026 N-PORT
FNCL · FIDELITY COVINGTON TRUST 1.23% 94,447 NS April 30, 2026 N-PORT
FMAG · FIDELITY COVINGTON TRUST 1.20% 10,539 NS April 30, 2026 N-PORT
HUSV · First Trust Exchange-Traded Fund III 1.16% 2,923 NS April 30, 2026 N-PORT
JGLO · J.P. Morgan Exchange-Traded Fund Tr… 1.10% 270,607 NS April 30, 2026 N-PORT
ALTL · Pacer Funds Trust 1.04% 3,470 NS April 30, 2026 N-PORT
FAS · Direxion Shares ETF Trust 1.01% 68,988 NS April 30, 2026 N-PORT
LCOW · Pacer Funds Trust 1.00% 802 NS April 30, 2026 N-PORT
FLRG · FIDELITY COVINGTON TRUST 0.93% 9,166 NS April 30, 2026 N-PORT
UYG · ProShares Trust 0.88% 22,230 NS May 31, 2026 N-PORT
SOVF · Elevation Series Trust 0.83% 2,728 NS April 30, 2026 N-PORT
JOET · Virtus ETF Trust II 0.81% 6,634 NS April 30, 2026 N-PORT
SPVU · Invesco Exchange-Traded Fund Trust … 0.80% 3,966 NS May 31, 2026 N-PORT
CGDG · Capital Group Dividend Growers ETF 0.80% 148,434 NS May 31, 2026 N-PORT
BKDV · BNY Mellon ETF Trust II 0.75% 36,019 NS April 30, 2026 N-PORT
FQAL · FIDELITY COVINGTON TRUST 0.66% 31,427 NS April 30, 2026 N-PORT
JOYT · J.P. Morgan Exchange-Traded Fund Tr… 0.65% 1,936 NS April 30, 2026 N-PORT
QLV · FlexShares Trust 0.63% 3,731 NS April 30, 2026 N-PORT
CGCV · Capital Group Conservative Equity E… 0.57% 36,709 NS May 31, 2026 N-PORT
FDLO · FIDELITY COVINGTON TRUST 0.57% 27,599 NS April 30, 2026 N-PORT
ACVF · ETF Opportunities Trust 0.50% 2,548 NS April 30, 2026 N-PORT
SNPG · DBX ETF Trust 0.44% 217 NS May 29, 2026 N-PORT
JMOM · J.P. Morgan Exchange-Traded Fund Tr… 0.44% 33,269 NS April 30, 2026 N-PORT
TMFC · RBB Fund, Inc. 0.38% 29,388 NS May 31, 2026 N-PORT
VEGN · ETF Series Solutions 0.37% 2,018 NS April 30, 2026 N-PORT
SIXL · EXCHANGE TRADED CONCEPTS TRUST 0.37% 2,575 NS May 31, 2026 N-PORT
FBUF · Fidelity Greenwood Street Trust 0.35% 232 NS April 30, 2026 N-PORT
FYEE · Fidelity Greenwood Street Trust 0.35% 2,011 NS April 30, 2026 N-PORT
HAPI · Harbor ETF Trust 0.34% 5,546 NS April 30, 2026 N-PORT
LOWV · AB Active ETFs, Inc. 0.34% 2,524 NS May 31, 2026 N-PORT
SCHV · SCHWAB STRATEGIC TRUST 0.32% 181,793 NS May 31, 2026 N-PORT
IQSU · New York Life Investments ETF Trust 0.31% 3,442 NS April 30, 2026 N-PORT
GVUS · Goldman Sachs ETF Trust 0.29% 4,331 NS May 31, 2026 N-PORT
EGLE · Global X Funds 0.27% 19 NS April 30, 2026 N-PORT