CME Class A CME Group Inc. - Class A Common Stock
NASDAQ · Financial Services · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Jul 24, 2026CME Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
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| Ex-date | Split | Type |
|---|---|---|
| July 23, 2012 | 5-for-1 | Forward |
About CME Group Inc. - Class A Common Stock Company overview from Wikipedia
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 ↗
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | CME | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | 22.35Y avg ≈25.3 | ≈25.3 | 23.0 | Undervalued | |
| PEG Ratio | ≈1.6 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | CME | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | 65.1%5Y avg ≈61.4% | ≈61.4% | 41.1% | Top tier | |
| EBITDA Margin | 64.9%5Y avg ≈61.4% | ≈61.4% | 41.1% | Top tier | |
| Pretax Margin (TTM) | 82.6%5Y avg ≈74.4% | ≈74.4% | 38.7% | Top tier | |
| Net Profit Margin (TTM) | 63.3%5Y avg ≈57.5% | ≈57.5% | 27.9% | Top tier | |
| ROA (TTM) | 2.3%5Y avg ≈2.1% | ≈2.1% | 8.9% | Weak | |
| ROE (TTM) | 15.8%5Y avg ≈11.9% | ≈11.9% | 14.3% | In line | |
| ROIC | 11.2%5Y avg ≈9.7% | ≈9.7% | 11.4% | In line |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | CME | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity | 0.05Y avg ≈0.0 | ≈0.0 | 0.7 | Low debt | |
| Current Ratio (MRQ) | 1.05Y avg ≈1.0 | ≈1.0 | 1.0 | In line | |
| Quick Ratio (MRQ) | 0.05Y avg ≈0.0 | ≈0.0 | 0.4 | Low liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | CME | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 6.4%5Y avg ≈6.1% | ≈6.1% | · | · | |
| Revenue CAGR 3Y | 9.1%5Y avg ≈7.7% | ≈7.7% | · | · | |
| Revenue CAGR 5Y | 5.9% | · | · | · | |
| EPS YoY | 15.4%5Y avg ≈14.0% | ≈14.0% | · | · | |
| Net Income YoY | 15.5%5Y avg ≈14.4% | ≈14.4% | · | · | |
| EPS CAGR 3Y | 14.7%5Y avg ≈13.1% | ≈13.1% | · | · | |
| EPS CAGR 5Y | 13.7% | · | · | · | |
| Net Income CAGR 3Y | 14.8%5Y avg ≈13.4% | ≈13.4% | · | · | |
| Net Income CAGR 5Y | 14.1% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | CME | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.05Y avg ≈0.0 | ≈0.0 | 0.3 | Weak | |
| Receivables Turnover | 10.85Y avg ≈10.8 | ≈10.8 | 8.4 | Top tier | |
| Revenue / Employee | ≈$1.7M | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
| Ex-date | Amount | Currency | Yield |
|---|---|---|---|
| Sep 9, 2026 | $1.30 | USD | ≈4.1% |
| Jun 9, 2026 | $1.30 | USD | ≈4.4% |
| Mar 10, 2026 | $7.45 | USD | ≈3.7% |
| Dec 12, 2025 | $1.25 | USD | ≈3.9% |
| Sep 9, 2025 | $1.25 | USD | ≈4.1% |
| Jun 9, 2025 | $1.25 | USD | ≈4.0% |
| Mar 7, 2025 | $1.25 | USD | ≈4.1% |
| Dec 27, 2024 | $5.80 | USD | ≈4.5% |
| Dec 9, 2024 | $1.15 | USD | ≈4.2% |
| Sep 9, 2024 | $1.15 | USD | ≈4.5% |
| Jun 7, 2024 | $1.15 | USD | ≈4.9% |
| Mar 7, 2024 | $1.15 | USD | ≈4.5% |
| Dec 27, 2023 | $5.25 | USD | ≈4.6% |
| Dec 7, 2023 | $1.10 | USD | ≈4.2% |
| Sep 7, 2023 | $1.10 | USD | ≈4.3% |
| Jun 8, 2023 | $1.10 | USD | ≈4.7% |
| Mar 9, 2023 | $1.10 | USD | ≈4.8% |
| Dec 27, 2022 | $4.50 | USD | ≈5.1% |
| Dec 8, 2022 | $1.00 | USD | ≈4.1% |
| Sep 8, 2022 | $1.00 | USD | ≈3.5% |
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Jul 22, 2026 | $2.99 | $2.94 | 1.8% |
| March 31, 2026 | $3.36 | $3.40 | -1.2% | |
| Dec. 31, 2025 | $2.77 | $2.77 | -0.01% | |
| Sept. 30, 2025 | $2.68 | $2.66 | 0.76% | |
| June 30, 2025 | $2.96 | $2.95 | 0.43% | |
| March 31, 2025 | $2.80 | $2.84 | -1.3% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $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 | $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 | $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 | $-4.83B | $-3.66B | $-4.69B | $-1.86B | $343M | $-122M | $-535M | $-570M | $-328M | $-41M | $-43M | $2M | |
| Pretax Income | $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 | $1.26B | $1.02B | $927M | $799M | $737M | $616M | $574M | $814M | $-1.54B | $754M | $710M | $644M | |
| Net Income | $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) | $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) | $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) | 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) | 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 | $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
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $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 | $125M | $113M | $112M | $96M | $115M | $101M | $83M | $73M | $90M | $83M | $72M | $75M | |
| Receivables | $639M | $573M | $536M | $483M | $434M | $461M | $492M | $553M | $360M | $364M | $358M | $341M | |
| Other Current Assets | $522M | $559M | $1.14B | $530M | $428M | $307M | $364M | $430M | $368M | $172M | $229M | $196M | |
| Current Assets | $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) | $363M | $386M | $410M | $456M | $505M | $579M | $544M | $449M | $400M | $425M | $492M | $509M | |
| PP&E (Gross) | $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 | $1.01B | $1.02B | $933M | $1.15B | $1.04B | $961M | $868M | $761M | $677M | $597M | $789M | $741M | |
| Goodwill | $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 | $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 | $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 | $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 | $72M | $80M | $91M | $121M | $49M | $69M | $62M | $116M | $31M | $26M | $29M | $37M | |
| Short-term Debt | $0 | $750M | $0 | $16M | $749M | $0 | $0 | $574M | $0 | · | · | · | |
| Current Liabilities | $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 | $237M | $289M | $344M | $384M | $449M | $492M | $515M | · | · | · | · | · | |
| Deferred Tax | $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 | $735M | $721M | $798M | $826M | $896M | $1.06B | $1.16B | $745M | $616M | $561M | $396M | $376M | |
| Total Liabilities | $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 | $0 | $750M | $0 | $16M | $749M | · | $0 | $574M | · | · | · | · | |
| Retained Earnings | $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 | $82M | $-106M | $-56M | $-133M | $54M | $135M | $3M | $5M | $14M | $-14M | $-81M | $6M | |
| Stockholders' Equity | $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 | $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
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $108M | $115M | $126M | $135M | $148M | $153M | $159M | $119M | $113M | $129M | $129M | $133M | |
| Stock-based Comp | $95M | $90M | $83M | $84M | $75M | $96M | $73M | $96M | $58M | $66M | $61M | $55M | |
| Deferred Tax | $-6M | $-66M | $-75M | $-23M | $35M | $-42M | $-4M | $114M | $-2.45B | $-83M | $63M | $79M | |
| Amort. of Intangibles | $223M | $222M | $227M | $228M | $238M | $311M | $315M | $130M | $96M | $96M | $99M | $101M | |
| Operating Cash Flow | $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 | $84M | $94M | $76M | $90M | $127M | $198M | $246M | $117M | $82M | $92M | $114M | $141M | |
| Investing Cash Flow | $1.50B | $-83M | $21M | $-490M | $58M | $-176M | $-153M | $-1.89B | $180M | $54M | $18M | $-199M | |
| Debt Issued | · | · | · | · | · | $0 | $0 | $1.19B | $0 | $0 | $744M | $0 | |
| Net Debt Issued | · | · | · | · | · | $0 | $0 | $1.19B | $0 | $0 | $744M | $0 | |
| Dividends Paid | $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 | $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 | $62.29B | $8.68B | $-44.86B | $-22.82B | $72.37B | $49.79B | $-2.20B | $-529M | $-54M | $165M | $326M | $-1.10B | |
| Free Cash Flow | $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
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 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 | 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 | 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 | 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 | 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 | 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 | 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
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 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 | 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 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | · | · | · | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 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 | 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
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue / Share | $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 | $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 | $5.00 | $10.40 | $9.65 | $8.50 | $5.90 | $5.90 | $5.50 | $4.55 | $6.14 | $5.65 | $4.90 | $4.40 | |
| EPS (TTM) | $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
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 6.4% | 9.9% | 11.2% | 7.0% | -4.0% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 9.1% | 9.3% | 4.5% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 5.9% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 15.4% | 9.1% | 19.7% | 1.5% | 24.2% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 14.7% | 9.9% | 14.7% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 13.7% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 15.5% | 9.3% | 19.9% | 2.1% | 25.2% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 14.8% | 10.2% | 15.3% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 14.1% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividends Paid CAGR 5Y | 13.3% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $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 | $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 | 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 | 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 | 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 | $3.93B | $3.58B | $3.24B | $2.63B | $2.19B | $2.11B | $1.70B | $2.15B | $1.99B | $1.79B | $1.34B | $1.50B |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.71B | $1.88B | $1.65B | $1.54B | $1.69B | $1.64B | $1.53B | $1.58B | $1.53B | $1.49B | $1.44B | $1.34B | $1.36B | $1.44B | $1.23B | $1.24B | |
| Operating Expenses | $599M | $570M | $629M | $565M | $563M | $534M | $578M | $560M | $532M | $528M | $576M | $518M | $522M | $528M | $489M | $488M | |
| Operating Income | $1.11B | $1.31B | $1.02B | $973M | $1.13B | $1.11B | $947M | $1.02B | $1.00B | $960M | $863M | $820M | $839M | $914M | $739M | $750M | |
| Other Non-op | $-1.26B | $-1.25B | $-1.26B | $-1.40B | $-1.37B | $-802M | $-838M | $-920M | $-937M | $-965M | $-961M | $-1.16B | $-1.43B | $-1.15B | $-581M | $-217M | |
| Pretax Income | $1.33B | $1.51B | $1.58B | $1.18B | $1.33B | $1.24B | $1.10B | $1.18B | $1.15B | $1.11B | $1.01B | $974M | $1.02B | $1.16B | $880M | $867M | |
| Income Tax | $286M | $357M | $396M | $269M | $305M | $289M | $222M | $264M | $271M | $258M | $191M | $224M | $239M | $273M | $200M | $204M | |
| Net Income | $1.04B | $1.15B | $1.18B | $908M | $1.03B | $956M | $875M | $913M | $883M | $855M | $814M | $750M | $778M | $884M | $680M | $662M | |
| EPS (Basic) | $2.89 | $3.25 | $3.25 | $2.49 | $2.81 | $2.63 | $2.40 | $2.51 | $2.43 | $2.35 | $2.24 | $2.06 | $2.14 | $2.43 | $1.87 | $1.82 | |
| EPS (Diluted) | $2.88 | $3.18 | $3.24 | $2.49 | $2.81 | $2.62 | $2.40 | $2.50 | $2.42 | $2.35 | $2.23 | $2.06 | $2.14 | $2.43 | $1.87 | $1.82 | |
| Shares (Basic) | 360,684,000 | 359,318,000 | · | 359,686,000 | 359,658,000 | 359,613,000 | · | 359,400,000 | 359,330,000 | 359,258,000 | · | 359,020,000 | 358,940,000 | 358,933,000 | 358,715,000 | 358,641,000 | |
| Shares (Diluted) | 361,282,000 | 363,208,000 | · | 360,422,000 | 360,355,000 | 360,227,000 | · | 359,989,000 | 359,869,000 | 359,833,000 | · | 359,619,000 | 359,429,000 | 359,313,000 | 359,288,000 | 359,205,000 | |
| EBITDA | $1.11B | $1.31B | · | $973M | $1.13B | $1.11B | · | $1.02B | $1.00B | $960M | · | $820M | $839M | $914M | $739M | $750M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.14B | $2.39B | $4.42B | $2.45B | $1.98B | $1.41B | $2.89B | $2.32B | $1.79B | $1.44B | $2.91B | $2.30B | $1.88B | $1.57B | $2.13B | $1.88B | |
| Short-term Investments | $131M | $124M | $125M | $123M | $118M | $114M | $113M | $112M | $122M | $121M | · | $104M | $107M | $105M | $91M | $95M | |
| Receivables | $753M | $936M | $639M | $643M | $668M | $770M | $573M | $629M | $600M | $628M | · | $558M | $599M | $724M | $580M | $582M | |
| Other Current Assets | $492M | $515M | $522M | $547M | $526M | $462M | $559M | $622M | $568M | $648M | · | $622M | $538M | $547M | $476M | $464M | |
| Current Assets | $161.63B | $169.00B | $165.36B | $152.80B | $145.45B | $123.45B | $103.03B | $103.14B | $88.75B | $97.31B | · | $90.78B | $116.37B | $131.03B | $143.25B | $141.45B | |
| PP&E (Net) | $351M | $355M | $363M | $355M | $363M | $371M | $386M | $386M | $384M | $396M | · | $417M | $430M | $440M | $466M | $482M | |
| PP&E (Gross) | · | · | $1.37B | · | · | · | $1.41B | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | $994M | $1.03B | $1.01B | $983M | $961M | $956M | $1.02B | $1.01B | $985M | $959M | · | $904M | $874M | $1.18B | $1.11B | $1.10B | |
| Goodwill | $10.51B | $10.51B | $10.51B | $10.51B | $10.52B | $10.50B | $10.49B | $10.51B | $10.49B | $10.49B | $10.50B | $10.48B | $10.49B | $10.49B | $10.45B | $10.48B | |
| Intangibles | $2.04B | $2.55B | $2.61B | $2.67B | $2.73B | $2.77B | $2.82B | $2.89B | $2.93B | $2.99B | · | $3.10B | $3.16B | $3.22B | $3.30B | $3.38B | |
| Other Non-current Assets | $2.52B | $2.40B | $2.40B | $3.63B | $3.67B | $3.57B | $3.54B | $3.68B | $3.65B | $3.70B | · | $3.66B | $3.67B | $3.68B | $3.79B | $3.70B | |
| Total Assets | $194.68B | $201.99B | $198.42B | $187.14B | $179.91B | $157.83B | $137.45B | $137.80B | $123.38B | $132.05B | · | $125.60B | $151.30B | $166.04B | $178.43B | $176.67B | |
| Accounts Payable | $68M | $75M | $72M | $75M | $92M | $100M | $80M | $130M | $100M | $111M | · | $54M | $51M | $97M | $95M | $81M | |
| Short-term Debt | · | · | $0 | $0 | $0 | $0 | $750M | $750M | $750M | $749M | · | $0 | $0 | $16M | $14M | $0 | |
| Current Liabilities | $158.72B | $166.00B | $160.30B | $149.59B | $142.79B | $121.42B | $102.31B | $100.82B | $86.97B | $96.10B | · | $87.88B | $113.89B | $129.04B | $140.57B | $139.00B | |
| Capital Leases | $343M | $224M | · | $249M | $253M | $276M | · | $308M | $313M | $333M | · | $351M | $366M | $375M | $387M | $409M | |
| Deferred Tax | $5.22B | $5.22B | $5.24B | $5.22B | $5.23B | $5.24B | $5.25B | $5.31B | $5.31B | $5.32B | · | $5.33B | $5.34B | $5.36B | $5.35B | $5.36B | |
| Other Non-current Liabilities | $794M | $733M | $735M | $726M | $720M | $721M | $721M | $769M | $783M | $804M | · | $809M | $826M | $831M | $835M | $870M | |
| Total Liabilities | $168.16B | $175.38B | $169.70B | $158.95B | $152.17B | $130.80B | $110.96B | $109.58B | $95.74B | $104.90B | · | $97.45B | $123.48B | $138.65B | $150.18B | $148.67B | |
| Total Debt | · | · | · | $0 | $0 | $0 | · | $750M | $750M | $749M | · | $0 | $0 | $16M | $14M | $0 | |
| Retained Earnings | $5.46B | $4.88B | $6.43B | $5.71B | $5.25B | $4.69B | $4.19B | $5.85B | $5.36B | $4.89B | · | $5.96B | $5.61B | $5.23B | $6.11B | $5.80B | |
| AOCI | $55M | $59M | $82M | $43M | $45M | $-75M | $-106M | $-11M | $-95M | $-86M | · | $-117M | $-100M | $-131M | $-100M | $-32M | |
| Stockholders' Equity | $26.52B | $26.62B | $28.73B | $28.19B | $27.74B | $27.03B | $26.49B | $28.22B | $27.64B | $27.15B | · | $28.15B | $27.82B | $27.38B | $28.25B | $28.00B | |
| Liabilities + Equity | $194.68B | $201.99B | $198.42B | $187.14B | $179.91B | $157.83B | $137.45B | $137.80B | $123.38B | $132.05B | · | $125.60B | $151.30B | $166.04B | $178.43B | $176.67B |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $25M | $22M | $29M | $24M | $21M | $21M | $27M | $20M | $19M | $23M | $24M | $19M | $20M | $20M | $19M | $19M | |
| Deferred Tax | $5M | $-13M | $21M | $-7M | $-13M | $-7M | $-44M | $-7M | $-7M | $-7M | $-49M | $-9M | $-8M | $-9M | $-10M | $-7M | |
| Amort. of Intangibles | $56M | $56M | $56M | $56M | $56M | $55M | $55M | $56M | $56M | $55M | $56M | $57M | $57M | $57M | $56M | $57M | |
| Operating Cash Flow | $947M | $1.26B | $1.13B | $968M | $1.06B | $1.12B | $1.02B | $1.00B | $777M | $893M | $1.04B | $857M | $650M | $902M | $658M | $618M | |
| CapEx | $24M | $22M | $32M | $18M | $18M | $14M | $26M | $30M | $18M | $20M | $21M | $20M | $20M | $15M | $24M | $18M | |
| Investing Cash Flow | $-29M | $-23M | $1.55B | $-19M | $-18M | $-16M | $-25M | $-30M | $-5M | $-23M | $-20M | $-20M | $78M | $-17M | $-24M | $-418M | |
| Net Debt Issued | · | $0 | · | · | · | $-750M | · | · | · | · | · | · | · | $0 | · | · | |
| Dividends Paid | $468M | $2.70B | $455M | $455M | $455M | $2.57B | $419M | $418M | $418M | $2.33B | $400M | $400M | $400M | $2.04B | $363M | $363M | |
| Financing Cash Flow | $-8.09B | $2.12B | $9.90B | $6.40B | $21.00B | $19.21B | $-984M | $13.35B | $-9.22B | $1.94B | $2.59B | $-26.47B | $-15.26B | $-9.20B | $1.16B | $-29.67B | |
| Net Change in Cash | $-7.17B | $3.35B | $12.59B | $7.35B | $22.04B | $20.31B | $8M | $14.32B | $-8.45B | $2.81B | $3.61B | $-25.63B | $-14.53B | $-8.31B | $1.79B | $-29.47B | |
| Free Cash Flow | · | $1.24B | · | · | · | $1.10B | · | · | · | $873M | · | · | · | $887M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 64.9% | 69.7% | · | 63.2% | 66.7% | 67.5% | · | 64.6% | 65.3% | 64.5% | · | 61.3% | 61.7% | 63.4% | 60.2% | 60.6% | |
| Net Margin | 61.1% | 61.4% | · | 59.1% | 60.6% | 58.2% | · | 57.6% | 57.6% | 57.5% | · | 56.1% | 57.2% | 61.3% | 55.4% | 53.5% | |
| Pretax Margin | 77.8% | 80.4% | · | 76.5% | 78.6% | 75.8% | · | 74.3% | 75.3% | 74.8% | · | 72.8% | 74.7% | 80.2% | 71.7% | 70.0% | |
| EBITDA Margin | 64.9% | 69.7% | · | 63.2% | 66.7% | 67.5% | · | 64.6% | 65.3% | 64.5% | · | 61.3% | 61.7% | 63.4% | 60.2% | 60.6% | |
| ROA | 0.56% | 0.64% | · | 0.56% | 0.68% | 0.66% | · | 0.69% | 0.64% | 0.57% | · | 0.49% | 0.47% | 0.48% | 0.37% | 0.37% | |
| ROE | 3.8% | 4.3% | · | 3.2% | 3.7% | 3.5% | · | 3.2% | 3.2% | 3.1% | · | 2.7% | 2.8% | 3.2% | 2.5% | 2.4% | |
| ROIC | 3.3% | 3.8% | · | 2.7% | 3.1% | 3.1% | · | 2.7% | 2.7% | 2.6% | · | 2.2% | 2.3% | 2.5% | 2.0% | 2.1% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.0 | 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 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| Debt / Equity | · | · | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| Receivables Turnover | 2.4 | 2.2 | · | 2.4 | 2.7 | 2.3 | · | 2.7 | 2.6 | 2.2 | · | 2.3 | 2.3 | 2.2 | 2.3 | 2.3 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue / Share | $4.72 | $5.18 | · | $4.27 | $4.70 | $4.56 | · | $4.40 | $4.26 | $4.13 | · | $3.72 | $3.78 | $4.01 | $3.42 | $3.44 | |
| Cash Flow / Share | · | $3.47 | · | · | · | $3.10 | · | · | · | $2.48 | · | · | · | $2.51 | · | · | |
| Dividend Paid / Share | $1.30 | $7.45 | · | $1.25 | $1.25 | $1.25 | · | $1.15 | $1.15 | $1.15 | · | $1.10 | $1.10 | $1.10 | $1.00 | $1.00 | |
| EPS (TTM) | $11.79 | $11.72 | · | $10.32 | $10.33 | $9.94 | · | $9.50 | $9.06 | $8.78 | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $6.77B | $6.76B | · | $6.40B | $6.44B | $6.28B | · | $6.04B | $5.80B | $5.63B | · | · | · | · | · | · | |
| Net Income TTM | $4.29B | $4.27B | · | $3.76B | $3.77B | $3.63B | · | $3.47B | $3.30B | $3.20B | · | $3.05B | $2.98B | $2.86B | $2.68B | $2.93B | |
| P/E | 18.7 | 25.2 | · | 26.2 | 26.7 | 26.7 | · | 23.2 | 21.7 | 24.5 | · | · | · | · | · | · | |
| Earnings Yield | 5.3% | 4.0% | · | 3.8% | 3.8% | 3.8% | · | 4.3% | 4.6% | 4.1% | · | · | · | · | · | · | |
| Payout Ratio | · | 233.7% | · | · | · | 268.5% | · | · | · | 272.3% | · | · | · | 230.3% | · | · | |
| Annual Payout | $4.08B | $4.06B | · | $3.90B | $3.86B | $3.82B | · | $3.57B | $3.55B | $3.53B | · | · | · | · | · | · |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| 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 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Debt / Equity | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Current Ratio | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 |
| Quick Ratio | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $4.19B | $3.60B | $3.38B | $2.97B | $2.28B |
Institutional owners (13F) 1,854 filers · $82.8B total · As of Sept. 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.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 156 (-76 vs prior Q) | 223 (+129 vs prior Q) | 664 (-64 vs prior Q) | 679 (+46 vs prior Q) | +2.1M |
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 GROUP INC | $9,802,365,806 | 35,895,583 | 11.84% | Shares |
| BlackRock, Inc. | $6,749,965,373 | 30,566,342 | 8.15% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $5,225,247,660 | 23,661,856 | 6.31% | Shares |
| STATE STREET CORP | $3,609,724,721 | 16,346,170 | 4.36% | Shares |
| MORGAN STANLEY | $2,148,277,844 | 9,728,195 | 2.59% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $2,047,429,125 | 9,271,309 | 2.47% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $2,024,464,325 | 9,167,524 | 2.45% | Shares |
| Capital World Investors | $1,506,571,372 | 6,822,315 | 1.82% | Shares |
| JPMORGAN CHASE & CO | $1,260,711,104 | 5,767,731 | 1.52% | Shares |
| Sanders Capital, LLC | $1,119,109,024 | 5,067,740 | 1.35% | Shares |
| NORGES BANK | $1,064,543,256 | 4,820,646 | 1.29% | Shares |
| AMERIPRISE FINANCIAL INC | $963,367,497 | 4,361,379 | 1.16% | Shares |
| RAYMOND JAMES FINANCIAL INC | $896,030,811 | 4,057,559 | 1.08% | Shares |
| FIL Ltd | $883,859,046 | 4,002,441 | 1.07% | Shares |
| Bank of New York Mellon Corp | $867,313,363 | 3,927,516 | 1.05% | Shares |
| FRANKLIN RESOURCES INC | $846,433,975 | 3,832,966 | 1.02% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $826,466,683 | 2,798,262 | 1.00% | Shares |
| PeakShares LLC | $818,617,000 | 3,707 | 0.99% | Shares |
| GOLDMAN SACHS GROUP INC | $799,346,459 | 3,619,736 | 0.97% | Shares |
| NORTHERN TRUST CORP | $769,543,747 | 3,484,779 | 0.93% | Shares |
| Alphabet Inc. | $769,376,137 | 3,484,020 | 0.93% | Shares |
| ROYAL BANK OF CANADA | $725,353,000 | 3,284,663 | 0.88% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $718,899,478 | 3,255,443 | 0.87% | Shares |
| Capital Wealth Planning, LLC | $711,670,362 | 3,222,707 | 0.86% | Shares |
| Invesco Ltd. | $677,836,245 | 3,069,493 | 0.82% | Shares |
| Capital International Investors | $664,804,805 | 3,011,414 | 0.80% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $629,770,944 | 2,851,836 | 0.76% | Shares |
| BANK OF AMERICA CORP /DE/ | $622,678,807 | 2,819,720 | 0.75% | Shares |
| PineStone Asset Management Inc. | $600,513,398 | 2,719,347 | 0.73% | Shares |
| Fiera Capital Corp | $583,416,740 | 2,641,927 | 0.70% | Shares |
| TWO SIGMA INVESTMENTS, LP | $534,435,320 | 2,420,121 | 0.65% | Shares |
| Legal & General Group Plc | $503,111,078 | 2,278,275 | 0.61% | Shares |
| MARSHALL WACE, LLP | $494,947,163 | 2,241,304 | 0.60% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $481,700,454 | 2,181,318 | 0.58% | Shares |
| NEUBERGER BERMAN GROUP LLC | $465,724,986 | 2,109,647 | 0.56% | Shares |
| CIBC Private Wealth Group LLC | $459,835,485 | 1,701,897 | 0.56% | Shares |
| JANUS HENDERSON GROUP PLC | $456,660,895 | 1,546,179 | 0.55% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $449,298,289 | 2,034,589 | 0.54% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $447,681,429 | 2,027,267 | 0.54% | Shares |
| PRIMECAP MANAGEMENT CO/CA/ | $420,602,316 | 1,904,643 | 0.51% | Shares |
| UBS Group AG | $413,647,880 | 1,873,151 | 0.50% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $400,986,868 | 1,815,817 | 0.48% | Shares |
| JANE STREET GROUP, LLC | $400,916,644 | 1,815,499 | 0.48% | Shares |
| Qube Research & Technologies Ltd | $355,824,925 | 1,611,307 | 0.43% | Shares |
| Amundi | $347,783,400 | 1,574,892 | 0.42% | Shares |
| W1M Asset Management Ltd | $347,510,212 | 1,573,940 | 0.42% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $346,336,837 | 1,480,387 | 0.42% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $342,717,740 | 1,551,958 | 0.41% | Shares |
| CITADEL ADVISORS LLC | $332,443,444 | 1,505,427 | 0.40% | Shares |
| DEUTSCHE BANK AG\ | $330,129,365 | 1,494,948 | 0.40% | Shares |
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.
Company insiders 92 insiders · 39 officers · 55 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Terrence A Duffy | Chairman and CEO | Sept. 15, 2026 A | 62,442 | 0 | 6 | $-21,303,221 |
| 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 | Sept. 16, 2026 F | 26,661 | 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 | Sept. 16, 2026 F | 15,548 | 0 | 0 | $0 |
| Julie Holzrichter | Sr MD Chief Operating Officer | Sept. 16, 2024 A | 40,437 | 0 | 0 | $0 |
| John Clifford Marchese | Sr MD, General Counsel | Sept. 16, 2026 F | 3,598 | 0 | 0 | $0 |
| Timothy Francis Mccourt | Sr MD Global Head Equity & FX | Sept. 16, 2026 F | 13,366 | 0 | 0 | $0 |
| Michael G. Dennis | Global Head of Fixed Income | Sept. 16, 2026 F | 10,682 | 0 | 0 | $0 |
| Julie Winkler | Sr MD Chief Commercial Officer | Sept. 16, 2026 F | 31,561 | 0 | 0 | $0 |
| Jack J Tobin | MD Chief Accounting Officer | Sept. 16, 2026 F | 25,762 | 0 | 0 | $0 |
| Sunil Cutinho | Chief Information Officer | Sept. 16, 2026 F | 25,037 | 0 | 0 | $0 |
| Derek Sammann | Sr MD Gl Hd Commodities Mkts | Sept. 16, 2026 F | 10,134 | 0 | 2 | $-1,984,798 |
| Ken Vroman | Chief Transformation Officer | Sept. 16, 2026 F | 20,232 | 0 | 1 | $-1,594,440 |
| 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 | March 17, 2026 S | 7,192 | 0 | 2 | $-2,128,422 |
| 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 |
| William R Shepard | Director | Sept. 25, 2026 P | 263,289 | 7 | 0 | $666,992 |
| Elizabeth A Cook | Director | Sept. 14, 2026 S | 17,916 | 0 | 2 | $-460,055 |
| 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 |
| 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 | 1 | $-224,400 |
| Bryan T Durkin | Director | June 25, 2026 A | 43,652 | 0 | 1 | $-1,300,530 |
| Charles P Carey | Director | June 25, 2026 A | 6,846 | 0 | 0 | $0 |
| Deborah J Lucas | Director | June 25, 2026 A | 4,533 | 0 | 0 | $0 |
| Howard J Siegel | Director | June 25, 2026 A | 48,858 | 0 | 0 | $0 |
| Martin J Gepsman | Director | June 25, 2026 A | 25,644 | 0 | 1 | $-91,770 |
| Larry G Gerdes | Director | April 25, 2025 S | 36,651 | 0 | 0 | $0 |
| Daniel R Glickman | Director | June 25, 2024 A | 14,756 | 0 | 0 | $0 |
| Terry L Savage | Director | June 25, 2024 A | 18,189 | 0 | 0 | $0 |
| Ana Dutra | Director | June 27, 2022 A | 7,176 | 0 | 0 | $0 |
| Dennis Chookaszian | Director | June 27, 2022 A | 4,106 | 0 | 0 | $0 |
| Yra G Harris | Director | Sept. 25, 2019 A | 1,885 | 0 | 0 | $0 |
| Gedon Hertshten | Director | June 25, 2019 A | 35,687 | 0 | 0 | $0 |
| Alex J Pollock | Director | June 25, 2019 A | 19,849 | 0 | 0 | $0 |
| David J Wescott | Director | June 25, 2019 A | 75,859 | 0 | 0 | $0 |
| Ronald A. Pankau | Director | June 6, 2019 S | 3,400 | 0 | 0 | $0 |
| Jeffrey M. Bernacchi | Director | Feb. 26, 2019 S | 42,004 | 0 | 0 | $0 |
| Michael A Spencer | Director | Nov. 2, 2018 A | 2,353 | 0 | 0 | $0 |
| Leo Melamed | Director | Feb. 5, 2018 S | 10,537 | 0 | 0 | $0 |
| John F Sandner | Director | June 26, 2017 A | 149,218 | 0 | 0 | $0 |
| MILLER WILLIAM P II | Director | June 27, 2016 A | 13,024 | 0 | 0 | $0 |
| Steven E Wollack | Director | Aug. 25, 2014 A | 3,379 | 0 | 0 | $0 |
| Dennis J. Hastert | Director | Aug. 25, 2014 A | 9,235 | 0 | 0 | $0 |
| Bruce F Johnson | Director | Aug. 25, 2014 A | 107,338 | 0 | 0 | $0 |
| C C Odom II | Director | May 21, 2014 S | 3 | 0 | 0 | $0 |
| Jackie M Clegg | Director | March 12, 2014 G | 6,947 | 0 | 0 | $0 |
| James A Donaldson | Director | Nov. 13, 2013 S | 20,093 | 0 | 0 | $0 |
| Christopher Stewart | Director | June 25, 2013 A | 8,411 | 0 | 0 | $0 |
| Joseph Niciforo | Director | June 25, 2013 A | 28,070 | 0 | 0 | $0 |
| Mark E Cermak | Director | June 25, 2013 A | 26,278 | 0 | 0 | $0 |
| Gary M Katler | Director | Feb. 8, 2013 S | 1,000 | 0 | 0 | $0 |
| John L Pietrzak | Director | June 29, 2011 S | 10,702 | 0 | 0 | $0 |
| Robert F Corvino | Director | June 27, 2011 A | 2,768 | 0 | 0 | $0 |
| James E Newsome | Director | June 14, 2010 S | 1,796 | 0 | 0 | $0 |
| Patrick B Lynch | Director | May 25, 2010 A | 2,129 | 0 | 0 | $0 |
| Robert H Steele | Director | Aug. 22, 2008 A | 298 | 0 | 0 | $0 |
| William G Salatich JR | Director | May 27, 2008 A | 221 | 0 | 0 | $0 |
| Elizabeth Harrington | Director | May 25, 2007 A | 400 | 0 | 0 | $0 |
| Myron S Scholes | Director | May 25, 2007 A | 400 | 0 | 0 | $0 |
| James E Oliff | · | July 15, 2016 S | 35,761 | 0 | 0 | $0 |
| Laurent Paulhac | · | Sept. 16, 2013 A | 16,715 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 153 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 |
|---|---|---|---|---|
| LQDH · iShares U.S. ETF Trust | 9.78% | -224,364,000 PA | Sept. 11, 2026 | Daily |
| IGBH · iShares U.S. ETF Trust | 5.29% | -44,422,388 PA | Sept. 11, 2026 | Daily |
| CAMX · ADVISORS' INNER CIRCLE FUND | 4.07% | 10,346 NS | July 31, 2026 | N-PORT |
| CCOR · Listed Funds Trust | 2.97% | 3,094 NS | July 31, 2026 | N-PORT |
| SAWG · ETF Series Solutions | 2.34% | 252 NS | July 31, 2026 | N-PORT |
| FDV · Federated Hermes ETF Trust | 2.24% | 73,552 NS | July 31, 2026 | N-PORT |
| FGSI · First Trust Exchange-Traded Fund IV | 2.13% | 165 NS | July 31, 2026 | N-PORT |
| BDIV · ETF Series Solutions | 1.95% | 486 NS | July 31, 2026 | N-PORT |
| PAYR · Federated Hermes ETF Trust | 1.84% | 3,932 NS | July 31, 2026 | N-PORT |
| TGLB · T. Rowe Price Exchange-Traded Funds… | 1.57% | 1,537 NS | July 31, 2026 | N-PORT |
| IYF · iShares Trust | 1.51% | 240,867 SH | Sept. 11, 2026 | Daily |
| IYG · iShares Trust | 1.37% | 109,898 SH | Sept. 11, 2026 | Daily |
| RSPF · Invesco Exchange-Traded Fund Trust | 1.35% | 18,983 SH | Oct. 2, 2026 | Daily |
| DIVD · EA Series Trust | 1.23% | 982 NS | July 31, 2026 | N-PORT |
| UPSD · ETF Series Solutions | 1.13% | 4,953 NS | July 31, 2026 | N-PORT |
| JDIV · J.P. Morgan Exchange-Traded Fund Tr… | 1.13% | 542 NS | July 31, 2026 | N-PORT |
| FNCL · FIDELITY COVINGTON TRUST | 1.07% | 95,287 NS | July 31, 2026 | N-PORT |
| HUSV · First Trust Exchange-Traded Fund III | 1.03% | 2,844 NS | July 31, 2026 | N-PORT |
| ESMV · iShares Trust | 0.94% | 267 SH | Sept. 11, 2026 | Daily |
| VFH · VANGUARD WORLD FUND | 0.94% | 590,965 SH | Aug. 19, 2026 | Daily |
| SPLV · Invesco Exchange-Traded Fund Trust … | 0.92% | 239,402 SH | Oct. 2, 2026 | Daily |
| LCOW · Pacer Funds Trust | 0.87% | 844 NS | July 31, 2026 | N-PORT |
| USMV · iShares Trust | 0.86% | 745,384 SH | Sept. 11, 2026 | Daily |
| FLRG · FIDELITY COVINGTON TRUST | 0.83% | 9,038 NS | July 31, 2026 | N-PORT |
| VFMV · VANGUARD WELLINGTON FUND | 0.83% | 15,746 SH | Aug. 19, 2026 | Daily |
| FAS · Direxion Shares ETF Trust | 0.81% | 71,407 NS | July 31, 2026 | N-PORT |
| FTLS · First Trust Exchange-Traded Fund III | 0.80% | 74,184 NS | July 31, 2026 | N-PORT |
| SOVF · Elevation Series Trust | 0.74% | 2,416 NS | July 31, 2026 | N-PORT |
| DYNF · BlackRock ETF Trust | 0.62% | 945,050 SH | Sept. 11, 2026 | Daily |
| FQAL · FIDELITY COVINGTON TRUST | 0.62% | 32,865 NS | July 31, 2026 | N-PORT |
| IXG · iShares Trust | 0.62% | 15,674 SH | Sept. 10, 2026 | Daily |
| IIGD · Invesco Exchange-Traded Self-Indexe… | 0.58% | 155,000 | Oct. 2, 2026 | Daily |
| QLV · FlexShares Trust | 0.56% | 3,444 NS | July 31, 2026 | N-PORT |
| ACWV · iShares, Inc. | 0.56% | 68,574 SH | Sept. 11, 2026 | Daily |
| XOEF · iShares Trust | 0.56% | 454 SH | Sept. 11, 2026 | Daily |
| HYGH · iShares U.S. ETF Trust | 0.56% | -46,539,000 PA | Sept. 11, 2026 | Daily |
| JOYT · J.P. Morgan Exchange-Traded Fund Tr… | 0.55% | 2,003 NS | July 31, 2026 | N-PORT |
| FDLO · FIDELITY COVINGTON TRUST | 0.51% | 27,141 NS | July 31, 2026 | N-PORT |
| ACVF · ETF Opportunities Trust | 0.45% | 2,548 NS | July 31, 2026 | N-PORT |
| DGRO · iShares Trust | 0.44% | 690,141 SH | Sept. 11, 2026 | Daily |
| USXF · iShares Trust | 0.40% | 21,538 SH | Sept. 11, 2026 | Daily |
| JMOM · J.P. Morgan Exchange-Traded Fund Tr… | 0.40% | 36,916 NS | July 31, 2026 | N-PORT |
| MGV · VANGUARD WORLD FUND | 0.38% | 227,755 SH | Aug. 19, 2026 | Daily |
| IWX · iShares Trust | 0.37% | 52,105 SH | Sept. 11, 2026 | Daily |
| FYEE · Fidelity Greenwood Street Trust | 0.36% | 2,956 NS | July 31, 2026 | N-PORT |
| PABU · iShares Trust | 0.36% | 32,421 SH | Sept. 11, 2026 | Daily |
| PFM · Invesco Exchange-Traded Fund Trust | 0.35% | 10,237 SH | Oct. 2, 2026 | Daily |
| VIG · VANGUARD SPECIALIZED FUNDS | 0.35% | 2,047,134 SH | Aug. 19, 2026 | Daily |
| FBUF · Fidelity Greenwood Street Trust | 0.34% | 305 NS | July 31, 2026 | N-PORT |
| VYM · VANGUARD WHITEHALL FUNDS | 0.33% | 1,442,368 SH | Aug. 19, 2026 | Daily |
| QUAL · iShares Trust | 0.33% | 558,184 SH | Sept. 11, 2026 | Daily |
| JQUA · J.P. Morgan Exchange-Traded Fund Tr… | 0.33% | 100,353 NS | July 31, 2026 | N-PORT |
| VEGN · ETF Series Solutions | 0.32% | 2,141 NS | July 31, 2026 | N-PORT |
| HAPI · Harbor ETF Trust | 0.30% | 5,555 NS | July 31, 2026 | N-PORT |
| VTV · VANGUARD INDEX FUNDS | 0.30% | 3,445,347 SH | Aug. 19, 2026 | Daily |
| PFIG · Invesco Exchange-Traded Fund Trust … | 0.30% | 405,000 | Oct. 2, 2026 | Daily |
| IQSU · New York Life Investments ETF Trust | 0.30% | 3,609 NS | July 31, 2026 | N-PORT |
| ILCV · iShares Trust | 0.29% | 14,033 SH | Sept. 11, 2026 | Daily |
| DSI · iShares Trust | 0.28% | 55,382 SH | Sept. 11, 2026 | Daily |
| IWD · iShares Trust | 0.27% | 802,955 SH | Sept. 11, 2026 | Daily |
| FHEQ · Fidelity Greenwood Street Trust | 0.26% | 8,964 NS | July 31, 2026 | N-PORT |
| LRGF · iShares Trust | 0.25% | 34,160 SH | Sept. 11, 2026 | Daily |
| GLBL · Pacer Funds Trust | 0.24% | 10 NS | July 31, 2026 | N-PORT |
| MPLY · Strategy Shares | 0.23% | 135 NS | July 31, 2026 | N-PORT |
| EGLE · Global X Funds | 0.22% | 18 NS | July 31, 2026 | N-PORT |
| VONV · VANGUARD SCOTTSDALE FUNDS | 0.22% | 218,145 SH | Aug. 19, 2026 | Daily |
| EVUS · iShares Trust | 0.21% | 2,909 SH | Sept. 11, 2026 | Daily |
| EUSA · iShares, Inc. | 0.21% | 14,620 SH | Sept. 11, 2026 | Daily |
| RSP · Invesco Exchange-Traded Fund Trust | 0.20% | 711,115 SH | Oct. 2, 2026 | Daily |
| BSCU · Invesco Exchange-Traded Self-Indexe… | 0.20% | 5,569,000 | Oct. 2, 2026 | Daily |
| DIVB · iShares Trust | 0.19% | 14,473 SH | Sept. 11, 2026 | Daily |
| USCL · iShares Trust | 0.19% | 19,182 SH | Sept. 11, 2026 | Daily |
| TOPC · iShares Trust | 0.18% | 220 SH | Sept. 11, 2026 | Daily |
| ROUS · Lattice Strategies Trust | 0.18% | 4,825 NS | July 31, 2026 | N-PORT |
| CRBN · iShares Trust | 0.18% | 7,568 SH | Sept. 11, 2026 | Daily |
| IWL · iShares Trust | 0.18% | 14,001 SH | Sept. 11, 2026 | Daily |
| CATH · Global X Funds | 0.17% | 8,370 NS | July 31, 2026 | N-PORT |
| XVV · iShares Trust | 0.17% | 4,184 SH | Sept. 11, 2026 | Daily |
| SIZE · iShares Trust | 0.16% | 2,552 SH | Sept. 11, 2026 | Daily |
| QVML · Invesco Exchange-Traded Fund Trust … | 0.16% | 10,185 SH | Oct. 2, 2026 | Daily |
| CHRI · Global X Funds | 0.16% | 47 NS | July 31, 2026 | N-PORT |
| XCLR · Global X Funds | 0.16% | 21 NS | July 31, 2026 | N-PORT |
| IVW · iShares Trust | 0.16% | 432,386 SH | Sept. 11, 2026 | Daily |
| XTR · Global X Funds | 0.16% | 28 NS | July 31, 2026 | N-PORT |
| XYLD · Global X Funds | 0.15% | 18,736 NS | July 31, 2026 | N-PORT |
| IVV · iShares Trust | 0.15% | 4,567,047 SH | Sept. 11, 2026 | Daily |
| PTLC · Pacer Funds Trust | 0.15% | 18,315 NS | July 31, 2026 | N-PORT |
| XRMI · Global X Funds | 0.15% | 280 NS | July 31, 2026 | N-PORT |
| MGC · VANGUARD WORLD FUND | 0.15% | 72,285 SH | Aug. 19, 2026 | Daily |
| TOV · EA Series Trust | 0.15% | 1,458 NS | July 31, 2026 | N-PORT |
| BBUS · J.P. Morgan Exchange-Traded Fund Tr… | 0.15% | 49,637 NS | July 31, 2026 | N-PORT |
| ILCB · iShares Trust | 0.15% | 6,996 SH | Sept. 11, 2026 | Daily |
| IUSG · iShares Trust | 0.15% | 178,744 SH | Sept. 11, 2026 | Daily |
| VOTE · TCW ETF Trust | 0.15% | 6,085 NS | July 31, 2026 | N-PORT |
| BKLC · BNY Mellon ETF Trust | 0.15% | 30,160 NS | July 31, 2026 | N-PORT |
| IVE · iShares Trust | 0.15% | 264,945 SH | Sept. 11, 2026 | Daily |
| PBP · Invesco Exchange-Traded Fund Trust | 0.15% | 2,141 SH | Oct. 2, 2026 | Daily |
| XYLG · Global X Funds | 0.15% | 350 NS | July 31, 2026 | N-PORT |
| PBUS · Invesco Exchange-Traded Fund Trust … | 0.15% | 62,720 SH | Oct. 2, 2026 | Daily |
| PEVC · Pacer Funds Trust | 0.14% | 13 NS | July 31, 2026 | N-PORT |
| IYY · iShares Trust | 0.14% | 15,617 SH | Sept. 11, 2026 | Daily |
| IWB · iShares Trust | 0.14% | 250,778 SH | Sept. 11, 2026 | Daily |
| ESGV · VANGUARD WORLD FUND | 0.14% | 81,710 SH | Aug. 19, 2026 | Daily |
| IUSV · iShares Trust | 0.14% | 139,904 SH | Sept. 11, 2026 | Daily |
| DFUS · Dimensional ETF Trust | 0.14% | 108,458 NS | July 31, 2026 | N-PORT |
| SPUU · Direxion Shares ETF Trust | 0.14% | 1,367 NS | July 31, 2026 | N-PORT |
| VOXP · Advisors Series Trust | 0.14% | 30 NS | July 31, 2026 | N-PORT |
| QDPL · Pacer Funds Trust | 0.14% | 8,699 NS | July 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.14% | 99,843 SH | Sept. 11, 2026 | Daily |
| ITOT · iShares Trust | 0.14% | 471,761 SH | Sept. 11, 2026 | Daily |
| JFLI · J.P. Morgan Exchange-Traded Fund Tr… | 0.13% | 236 NS | July 31, 2026 | N-PORT |
| VV · VANGUARD INDEX FUNDS | 0.13% | 423,190 SH | Aug. 19, 2026 | Daily |
| VOOG · VANGUARD ADMIRAL FUNDS | 0.13% | 150,756 SH | Aug. 19, 2026 | Daily |
| PRF · Invesco Exchange-Traded Fund Trust | 0.12% | 45,305 SH | Oct. 2, 2026 | Daily |
| PHDG · Invesco Actively Managed Exchange-T… | 0.12% | 283 SH | Oct. 2, 2026 | Daily |
| VOO · VANGUARD INDEX FUNDS | 0.12% | 9,412,266 SH | Aug. 19, 2026 | Daily |
| VOOV · VANGUARD ADMIRAL FUNDS | 0.12% | 36,717 SH | Aug. 19, 2026 | Daily |
| VONE · VANGUARD SCOTTSDALE FUNDS | 0.12% | 59,866 SH | Aug. 19, 2026 | Daily |
| HCMT · Direxion Shares ETF Trust | 0.12% | 2,521 NS | July 31, 2026 | N-PORT |
| LQDI · iShares U.S. ETF Trust | 0.12% | -470,000 PA | Sept. 11, 2026 | Daily |
| TOK · iShares Trust | 0.12% | 1,003 SH | Sept. 11, 2026 | Daily |
| BSCS · Invesco Exchange-Traded Self-Indexe… | 0.11% | 4,054,000 | Oct. 1, 2026 | Daily |
| SPXL · Direxion Shares ETF Trust | 0.11% | 28,328 NS | July 31, 2026 | N-PORT |
| URTH · iShares, Inc. | 0.11% | 32,823 SH | Sept. 11, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.11% | 11,505,022 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.11% | 30,439 SH | Aug. 19, 2026 | Daily |
| ESGU · iShares Trust | 0.10% | 68,168 SH | Sept. 11, 2026 | Daily |
| DFSU · Dimensional ETF Trust | 0.10% | 8,598 NS | July 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.10% | 45,848 NS | July 31, 2026 | N-PORT |
| ACWI · iShares Trust | 0.10% | 114,795 SH | Sept. 11, 2026 | Daily |
| TILT · FlexShares Trust | 0.09% | 7,742 NS | July 31, 2026 | N-PORT |
| DFUV · Dimensional ETF Trust | 0.09% | 52,649 NS | July 31, 2026 | N-PORT |
| LGDX · Tidal Trust III | 0.08% | 428 NS | July 31, 2026 | N-PORT |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.07% | 299,763 SH | Aug. 19, 2026 | Daily |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.06% | 1,923 SH | Oct. 2, 2026 | Daily |
| DCOR · Dimensional ETF Trust | 0.05% | 6,562 NS | July 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.05% | 92,119 NS | July 31, 2026 | N-PORT |
| DFLV · Dimensional ETF Trust | 0.03% | 8,534 NS | July 31, 2026 | N-PORT |
| RWL · Invesco Exchange-Traded Fund Trust … | 0.03% | 12,278 SH | Oct. 2, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | 0.03% | 2,296 SH | Aug. 19, 2026 | Daily |
| OMFL · Invesco Exchange-Traded Self-Indexe… | 0.01% | 2,481 SH | Oct. 2, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.00% | 16 NS | July 31, 2026 | N-PORT |
| BIV · VANGUARD BOND INDEX FUNDS | · | · | July 15, 2026 | Daily |
| BLV · VANGUARD BOND INDEX FUNDS | · | · | July 15, 2026 | Daily |
| BSV · VANGUARD BOND INDEX FUNDS | · | · | July 15, 2026 | Daily |
| BND · VANGUARD BOND INDEX FUNDS | · | · | July 15, 2026 | Daily |
| VCSH · VANGUARD SCOTTSDALE FUNDS | · | · | July 15, 2026 | Daily |
| VCIT · VANGUARD SCOTTSDALE FUNDS | · | · | July 15, 2026 | Daily |
| VCLT · VANGUARD SCOTTSDALE FUNDS | · | · | July 15, 2026 | Daily |
| VTC · VANGUARD SCOTTSDALE FUNDS | · | · | July 30, 2026 | Daily |
| BNDW · VANGUARD SCOTTSDALE FUNDS | · | · | July 30, 2026 | Daily |
| IAI · iShares Trust | · | 224,022 SH | Sept. 11, 2026 | Daily |
| VCEB · VANGUARD WORLD FUND | · | · | July 30, 2026 | Daily |
CME Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
12-Month Price Target
16 analysts · 2026-10-03Mean target $283.38 +7.7%
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| 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% |
| COIN | $60.57B | 50.8 | 9.4% | 17.5% | 9.4% | · |
| MSCI | $42.21B | 36.6 | 9.8% | 38.4% | -67.9% | · |
| CBOE | · | · | 15.1% | 23.3% | 22.4% | 51.5% |
| TW | $25.32B | 28.4 | 18.9% | 39.6% | 13.2% | · |
| FDS | $14.05B | 24.0 | 5.4% | 25.7% | 28.1% | · |
Latest News Recent headlines mentioning this company
CME AI Analyst Panel — Bullish and Bearish Views 2026Q2 debate: Claude, Grok, Gemini, ChatGPT on the stock's prospects
CME Group is a dominant financial utility that remains trapped in a growth stalemate despite its massive profit margins. Claude and ChatGPT highlighted the firm's ability to generate steady cash, while Gemini and Grok warned that high leverage and stagnant volume growth limit upside. The panel converged on a hold rating, agreeing that the stock needs a clear catalyst from new crypto-derivative volumes to break out of its current range. The firm maintains a 33.33% net margin, yet faces a 13.76...
Round 1 — Opening Takes
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.
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.
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.
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.
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.
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.
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.
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
Round 2 — Responses & Rebuttals
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.
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.
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.
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
Round 3 — Final Rebuttals
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.
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.
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.
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 |
|---|---|---|---|
| Grok | $272.00 | $285.00 | 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. |
| Claude | $282.00 | $295.00 | 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. |
| Gemini | $272.00 | $285.00 | 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. |
| Chatgpt | $270.00 | $280.00 | 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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