CME exhibits robust cash conversion efficiency, with free cash flow margins frequently exceeding 60% and CapEx to revenue ratios remaining remarkably low at 1-2%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Cash from Operations | 4.42B | 4.28B | 3.69B | 3.45B | 3.06B | 2.4B | 2.72B | 2.67B | 2.44B | 1.84B | 1.72B | 1.52B | 1.29B | 1.28B | 1.22B | 1.35B | 1.36B | 1.08B | 1.2B | 814.37M | 471.7M | 391.59M | 328.81M | 191.15M | 141.14M | 120.57M | 32.97M |
| Operating CF Margin % | - | 65.59% | 60.2% | 61.91% | 60.88% | 51.23% | 55.61% | 54.91% | 56.64% | 50.5% | 47.73% | 45.55% | 41.49% | 43.61% | 41.75% | 41.04% | 45.16% | 41.45% | 46.75% | 46.37% | 43.28% | 44.01% | 45.57% | 35.66% | 30.09% | 30.4% | 14.55% |
| Operating CF Growth % | 57% | 15.89% | 6.85% | 13.02% | 27.21% | -11.53% | 1.6% | 9.51% | 32.62% | 7.25% | 13.24% | 17.34% | 0.85% | 5.24% | -9.62% | -0.74% | 25.23% | -9.53% | 47.01% | 72.65% | 20.46% | 19.1% | 72.02% | 35.43% | 17.06% | 265.7% | - |
| Net Income | 4.24B | 4.04B | 3.53B | 3.23B | 2.69B | 2.64B | 2.11B | 2.12B | 1.96B | 4.06B | 1.53B | 1.25B | 1.13B | 978.1M | 906.7M | 1.81B | 952.1M | 825.8M | 715.49M | 658.53M | 407.35M | 306.86M | 219.56M | 122.13M | 94.07M | 68.3M | -5.91M |
| Depreciation & Amortization | 390.3M | 223.4M | 336.8M | 352.6M | 362.6M | 385.4M | 464.4M | 473.3M | 248.7M | 208.5M | 225.3M | 228.6M | 233.2M | 238.1M | 253.1M | 260.5M | 258M | 251.4M | 238.37M | 142.69M | 75.32M | 68.22M | 56.93M | 53.02M | 48.51M | 37.64M | 33.49M |
| Stock-Based Compensation | 140.1M | 94.8M | 89.5M | 82.9M | 84.3M | 75.2M | 96M | 73.1M | 96.5M | 58M | 66.2M | 60.8M | 54.8M | 54.4M | 61.4M | 51.3M | 40.9M | 33.4M | 0 | 22.85M | 16.36M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -32.1M | -6.1M | -66.4M | -75M | -23.2M | 34.8M | -41.6M | -3.7M | 114.3M | -2.36B | -83M | 63.3M | 78.9M | -6M | 82.2M | -658.7M | 22.3M | -56.9M | -115.11M | -50.58M | -24.85M | -3.25M | 4.26M | 3.31M | -5.64M | -8.88M | 811K |
| Other Non-Cash Items | -450.7M | -217.5M | -3.6M | -37.7M | 36.5M | -568.1M | 31.2M | 48.9M | -32.1M | -115M | -23.3M | 70.8M | -2.3M | 31.2M | -84.6M | 20.8M | 44.4M | 61.2M | 361.78M | 36.86M | 6.92M | 59.05M | 65.48M | 7.4M | 4.04M | 17.22M | 7.31M |
| Working Capital Changes | 102.5M | 138.1M | -191.6M | -95.2M | -95.2M | -161.8M | 59.2M | -34.6M | 49.7M | -16.7M | -3.3M | -155.2M | -200.1M | -15.3M | -2M | -142M | 38.7M | -31.8M | -34.88M | 4.03M | -9.4M | -39.29M | -17.42M | 5.29M | 163K | 6.29M | -2.73M |
| Change in Receivables | -166.1M | -67.1M | -39.4M | -51.5M | -51.1M | -45.7M | 28.2M | 60.8M | -65.5M | 6M | -8.1M | -17.3M | -38.5M | -35.5M | -300K | -13.2M | -28.7M | -14.4M | 0 | -49.93M | -35.88M | 14K | -14K | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | -19.2M | -17.7M | 73.7M | -1.5M | 24.5M | -115.9M | -148M | 30.6M | 48.1M | -93.9M | -18.3M | -168.5M | 0 | 39.25M | 24.13M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -24.8M | -8.1M | -10.7M | -30.8M | 72.5M | -18.6M | 7.4M | -54.1M | 32.3M | 5.1M | -2.6M | -8.2M | 700K | -5.5M | 11.2M | -21M | 6.1M | -24.3M | 0 | 4.59M | 1.62M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 1.49B | 1.5B | -82.6M | 20.9M | -489.8M | 58.4M | -175.5M | -152.6M | -1.89B | 179.9M | 53.7M | 17.9M | -199.1M | 190.5M | -206M | -153.6M | -108.4M | 544.8M | -3.75B | -78.64M | -85.86M | -82.33M | -125.84M | -327.05M | 34.35M | -78.22M | -12.95M |
| Capital Expenditures | -69.3M | -83.5M | -94M | -76.4M | -89.7M | -127.2M | -197.5M | -245.6M | -116.7M | -81.9M | -91.8M | -114.2M | -140.7M | -125.6M | -141.8M | -172.2M | -160M | -157.9M | -200.1M | -163.64M | -87.81M | -85.63M | -67.5M | -63.02M | -56.34M | -16.3M | -11.17M |
| CapEx % of Revenue | 1.03% | 1.28% | 1.53% | 1.37% | 1.79% | 2.71% | 4.04% | 5.05% | 2.71% | 2.25% | 2.55% | 3.43% | 4.52% | 4.28% | 4.87% | 5.25% | 5.33% | 6.04% | 7.81% | 9.32% | 8.06% | 9.62% | 9.35% | 11.76% | 12.01% | 4.11% | 4.93% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 124.2M | 1.63B | 113.2M | 111.7M | 96M | 115M | 100.9M | 83.2M | 72.9M | 90.1M | 83.3M | 72.5M | 74.7M | 68.4M | 56.6M | 47.6M | 4.09B | 6.02B | 310.1M | 203.31M | 2.9B | 3.05B | 389.95M | 627.04M | 2.81B | 1.83B | 0 |
| Other Investing | -20.6M | 0 | 0 | 0 | 0 | 39.3M | 0 | 0 | 0 | 261.8M | 145.5M | 7M | 1.7M | 192.4M | 151.5M | -154.7M | 39.7M | -3.1M | -80.58M | -105.68M | -6.71M | -1.87M | -6.49M | -7.62M | -3.07M | -15.38M | -29.35M |
| Cash from Financing | 39.41B | 56.51B | 5.08B | -48.34B | -25.38B | 69.91B | -2.46B | -2.34B | -1.08B | -1.99B | -1.59B | -1.21B | -2.2B | -606M | -448.4M | -1.01B | -653.4M | -1.67B | 2B | -859.93M | -27.22M | -55.93M | -30.53M | -18.23M | 94.67M | -3.9M | -3.61M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -8.8M | -266.1M | -33M | -21.4M | -24.8M | 965M | -41.4M | -36.8M | 398.4M | 36.7M | 51.8M | -17.2M | 53.3M | 73.7M | 22.1M | -220.4M | 31.8M | -27M | -224M | -908.93M | 16.43M | 7.33M | 6.05M | 7.88M | 117.46M | 0 | 0 |
| Dividends Paid | -4.06B | -3.93B | -3.58B | -3.24B | -2.63B | -2.19B | -2.11B | -1.7B | -2.15B | -1.99B | -1.79B | -1.34B | -1.5B | -599.1M | -1.22B | -372.8M | -912.8M | -305.6M | -615.19M | -151.58M | -87.54M | -63.26M | -35.07M | -20.63M | -17.29M | 0 | 0 |
| Share Repurchases | -547.5M | -266.1M | -33M | -21.4M | -24.8M | 0 | -41.4M | -36.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -220.4M | -575.3M | -27M | -224.03M | -949.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 43.49B | 60.72B | 8.69B | -45.07B | -22.71B | 71.13B | -2.2M | 53.6M | -447.9M | -28.5M | 11.7M | 83.2M | -2.4M | -79.3M | 6.1M | 8.1M | 19.5M | -432.5M | -85.65M | 37.73M | 43.88M | -7.33M | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 3.01B | 1.52B | 8.68B | -44.86B | -22.82B | 72.37B | 81.9M | 179.4M | -528.8M | 35M | 176M | 326.5M | -1.1B | 865M | 562.4M | 187.1M | 594.6M | -37.3M | -547.42M | -124.19M | 358.61M | 253.33M | 172.44M | -154.14M | 270.16M | 38.45M | 16.41M |
| Free Cash Flow | 4.35B | 4.19B | 3.6B | 3.38B | 2.97B | 2.28B | 2.52B | 2.43B | 2.32B | 1.76B | 1.62B | 1.4B | 1.15B | 1.15B | 1.07B | 1.17B | 1.2B | 925.2M | 997.1M | 650.73M | 383.89M | 305.97M | 261.31M | 128.13M | 84.8M | 104.27M | 21.8M |
| FCF Margin % | 64.38% | 64.31% | 58.67% | 60.54% | 59.1% | 48.51% | 51.56% | 49.86% | 53.93% | 48.25% | 45.18% | 42.12% | 36.97% | 39.33% | 36.88% | 35.79% | 39.83% | 35.41% | 38.93% | 37.06% | 35.22% | 34.39% | 36.21% | 23.9% | 18.08% | 26.29% | 9.62% |
| FCF Growth % | 13.72% | 16.6% | 6.49% | 13.86% | 30.38% | -9.65% | 3.75% | 4.44% | 32.16% | 8.27% | 15.92% | 21.76% | -0.36% | 7.43% | -8.44% | -1.86% | 29.31% | -7.21% | 53.23% | 69.51% | 25.47% | 17.09% | 103.94% | 51.11% | -18.67% | 378.31% | - |
| FCF per Share | 11.98 | 11.64 | 9.99 | 9.39 | 8.26 | 6.34 | 7.02 | 6.78 | 6.76 | 5.17 | 4.79 | 4.15 | 3.42 | 3.45 | 3.23 | 3.52 | 3.60 | 2.78 | 3.38 | 2.95 | 2.19 | 1.76 | 1.52 | 0.76 | 0.56 | 0.71 | 0.15 |
| FCF Conversion (FCF/Net Income) | 1.03x | 1.06x | 1.05x | 1.07x | 1.14x | 0.91x | 1.29x | 1.26x | 1.24x | 0.45x | 1.12x | 1.22x | 1.15x | 1.31x | 1.36x | 0.74x | 1.43x | 1.31x | 1.67x | 1.24x | 1.16x | 1.28x | 1.50x | 1.57x | 1.50x | 1.77x | -5.58x |
| Interest Paid | 94.5M | 135.6M | 129.9M | 129.9M | 133.2M | 133.3M | 133.3M | 146.3M | 108.3M | 84.8M | 84.8M | 89.1M | 111.4M | 133.4M | 110.6M | 111.9M | 104.9M | 90.8M | 21.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 1.15B | 1.16B | 1.2B | 1.11B | 973.4M | 755M | 652.7M | 591.2M | 577.4M | 762.8M | 706.7M | 716.6M | 641.5M | 612.2M | 624.4M | 816.1M | 765.9M | 629.7M | 665.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Competitive Treasury clearing encroachment
According to reported financial statements, CME consistently demonstrates high-quality earnings, with the operating cash flow to net income ratio averaging above 1.0 over the last ten quarters, signaling that the company's reported profitability is effectively backed by actual cash generation from its core clearing operations.
The consistent alignment between net income and operating cash flow suggests that CME's accounting practices are conservative and that earnings are not inflated by non-cash accruals. Investors should monitor this ratio closely, as any sustained divergence below parity could indicate a shift in revenue recognition or a deterioration in the efficiency of the clearinghouse's cash collection processes.
As reported in recent filings, CME maintains robust free cash flow margins that frequently exceed 60%, reflecting the company's ability to convert a vast majority of its transactional revenue into distributable cash while operating with minimal capital intensity relative to its massive trading volume throughput.
The stability of these margins suggests that the business model remains highly insulated from inflationary pressures on capital expenditures. This trajectory supports the company's ability to sustain its unique variable dividend policy, provided that market volatility continues to drive the necessary trading volumes to support such high cash conversion.
Based on the provided data, CME's capital expenditure remains remarkably low, with CapEx to revenue ratios often hovering near 1-2%, which underscores the company's transition toward a cloud-based infrastructure that minimizes the need for heavy, recurring investments in physical matching engine hardware and data center facilities.
This low capital intensity is a primary driver of the company's superior return on invested capital compared to peers. While the partnership with Google Cloud may shift some costs to operating expenses, the current data suggests that the firm is successfully avoiding the capital-heavy traps that often plague legacy exchange operators.
According to historical cash flow records, CME utilizes its excess cash primarily to fund a substantial variable dividend program, with periodic outflows reaching $2.7 billion in single quarters, demonstrating a clear management priority to return surplus liquidity to shareholders rather than pursuing dilutive or risky acquisitions.
The company's disciplined approach to capital allocation appears to prioritize shareholder yield over aggressive balance sheet expansion. Investors should note that while this strategy enhances short-term returns, it may leave the company with less dry powder should a significant, industry-altering acquisition opportunity arise to counter competitive threats.
Quick answers to the most common questions about buying CME stock.
CME Group Inc. (CME) generated $4.28B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
CME Group Inc. (CME) generated $4.19B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
CME Group Inc. (CME) spent $83.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, CME Group Inc. (CME) returned $3.93B to shareholders via cash dividends and spent $266.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.