CME demonstrates significant pricing power with gross margins consistently hovering around 86% over the last ten quarters, reflecting the scalability of its core transactional business.
| 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 |
|---|
| Sales/Revenue | 6.76B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 5.84B | 5.61B | 5.28B | 4.75B | 4.27B | 3.85B | 4.03B | 3.97B | 3.64B | 3.08B | 3.05B | 2.75B | 2.53B | 2.38B | 2.38B | 2.76B | 2.53B | 2.08B | 2.06B | 1.4B | 789.88M | 625.39M | 483.49M | 489.46M | 429.22M | 361.56M | 0 |
| Gross Margin % | 86.34% | 86.09% | 86.13% | 85.15% | 85% | 82.15% | 82.46% | 81.54% | 84.4% | 84.53% | 84.89% | 82.52% | 81.23% | 81.13% | 81.58% | 84.21% | 84.26% | 79.74% | 80.42% | 79.65% | 72.47% | 70.29% | 67.01% | 91.31% | 91.5% | 91.16% | - |
| Gross Profit Growth % | - | 6.32% | 11.15% | 11.34% | 10.74% | -4.33% | 1.46% | 9.13% | 18.06% | 0.94% | 11.17% | 8.58% | 6.14% | 0.18% | -13.93% | 9.15% | 21.48% | 1.16% | 47.24% | 77.09% | 26.3% | 29.35% | -1.22% | 14.03% | 18.71% | - | - |
| Operating Expenses | 1.4B | 1.38B | 1.35B | 1.31B | 1.25B | 1.21B | 1.39B | 1.38B | 1.03B | 745.9M | 824.7M | 756.6M | 760M | 745.1M | 685.8M | 422.9M | 532.5M | 489.1M | 544.48M | 322.25M | 169.03M | 344.25M | 314.69M | 283.33M | 252.85M | 237.72M | 234.63M |
| OpEx % of Revenue | - | 21.23% | 21.99% | 23.56% | 24.91% | 25.75% | 28.46% | 28.38% | 23.89% | 20.47% | 22.94% | 22.74% | 24.42% | 25.38% | 23.53% | 12.89% | 17.73% | 18.72% | 21.26% | 18.35% | 15.51% | 38.69% | 43.61% | 52.86% | 53.9% | 59.93% | 103.57% |
| Selling, General & Admin | 150.2M | 150.5M | 132.7M | 144.4M | 137.4M | 151.7M | 191.3M | 174.1M | 166.1M | 117.6M | 144.4M | 215.3M | 225.8M | 208.6M | 203.8M | 203.6M | 192.4M | 165.5M | 141.7M | 137M | 96.25M | 59.79M | 50.41M | 230.32M | 204.34M | 200.08M | 5.22M |
| SG&A % of Revenue | - | 2.31% | 2.16% | 2.59% | 2.74% | 3.23% | 3.92% | 3.58% | 3.85% | 3.23% | 4.02% | 6.47% | 7.25% | 7.1% | 6.99% | 6.21% | 6.41% | 6.33% | 5.53% | 7.8% | 8.83% | 6.72% | 6.99% | 42.97% | 43.56% | 50.44% | 2.3% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 4.43B | 4.23B | 3.93B | 3.44B | 3.02B | 2.65B | 2.64B | 2.59B | 2.61B | 2.31B | 2.2B | 1.99B | 1.77B | 1.64B | 1.69B | 2.02B | 1.83B | 1.59B | 1.58B | 1.05B | 620.86M | 477.63M | 355.42M | 206.13M | 176.37M | 123.84M | -8.08M |
| Operating Margin % | 65.57% | 64.86% | 64.13% | 61.58% | 60.08% | 56.4% | 54.01% | 53.16% | 60.51% | 63.4% | 61.21% | 59.78% | 56.82% | 55.75% | 58.05% | 61.61% | 60.96% | 60.82% | 61.78% | 59.82% | 56.96% | 53.68% | 49.26% | 38.45% | 37.6% | 31.22% | -3.57% |
| Operating Income Growth % | - | 7.58% | 14.43% | 13.92% | 14.01% | 0.3% | 1.92% | -0.76% | 12.85% | 5% | 10.65% | 12.46% | 8.03% | -3.25% | -16.28% | 10.38% | 15.23% | 0.44% | 50.62% | 69.2% | 29.99% | 34.38% | 72.43% | 16.87% | 42.42% | 1632.13% | - |
| EBITDA | 4.65B | 4.5B | 4.27B | 3.79B | 3.38B | 3.03B | 3.1B | 4.87B | 4.37B | 3.64B | 3.69B | 2.12B | 1.9B | 1.77B | 1.83B | 2.15B | 1.96B | 1.72B | 1.72B | 1.16B | 693.64M | 545.85M | 412.35M | 259.14M | 224.88M | 161.48M | 25.41M |
| EBITDA Margin % | 68.82% | 69.08% | 69.63% | 67.9% | 67.31% | 64.62% | 63.51% | 100% | 101.45% | 100% | 102.66% | 63.66% | 61.08% | 60.35% | 62.75% | 65.52% | 65.29% | 65.65% | 67.14% | 65.84% | 63.64% | 61.35% | 57.15% | 48.34% | 47.94% | 40.71% | 11.21% |
| EBITDA Growth % | 5.37% | 5.53% | 12.67% | 12.13% | 11.48% | -2.3% | -36.28% | 11.35% | 19.95% | -1.25% | 74.27% | 11.41% | 7.27% | -3.11% | -14.92% | 9.62% | 14.32% | -0.24% | 48.73% | 66.68% | 27.08% | 32.38% | 59.12% | 15.24% | 39.26% | 535.6% | - |
| D&A (Non-Cash Add-back) | 219.7M | 275M | 336.8M | 352.6M | 362.6M | 385.4M | 464.4M | 2.28B | 1.76B | 1.33B | 1.49B | 129.2M | 132.6M | 135.1M | 136.9M | 128.5M | 129.9M | 126.3M | 137.34M | 105.65M | 72.78M | 68.22M | 56.93M | 53.02M | 48.51M | 37.64M | 33.49M |
| EBIT | 5.47B | 5.45B | 4.7B | 4.31B | 3.65B | 3.54B | 2.89B | 2.87B | 2.94B | 2.64B | 2.41B | 2.07B | 1.89B | 1.75B | 1.83B | 2.05B | 1.86B | 1.57B | 1.36B | 1.08B | 620.86M | 477.63M | 355.42M | 206.13M | 176.37M | 123.84M | -8.08M |
| Net Interest Income | 1.65B | -129.7M | -160.9M | -159.4M | -162.7M | -166.9M | -166.2M | -178M | -157.7M | -117M | -123.5M | -117.4M | -119.4M | -151.4M | -132.2M | -116.9M | -140.3M | -131.2M | -69.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 1.78B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.8M | 38.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 131.6M | 129.7M | 160.9M | 159.4M | 162.7M | 166.9M | 166.2M | 178M | 157.7M | 117M | 123.5M | 117.4M | 119.4M | 151.4M | 132.2M | 116.9M | 140.3M | 134M | 108.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 5.6B | 5.33B | 4.54B | 4.15B | 3.49B | 3.37B | 2.72B | 2.69B | 2.78B | 2.53B | 2.29B | 1.96B | 1.77B | 1.6B | 1.69B | 1.94B | 1.72B | 1.44B | 1.25B | 1.1B | 671.66M | 508.38M | 367.66M | 206.13M | 154.23M | 114.36M | -8.08M |
| Pretax Margin % | 82.81% | 81.75% | 74.08% | 74.45% | 69.54% | 71.94% | 55.74% | 55.25% | 64.46% | 69.31% | 63.63% | 58.82% | 56.91% | 54.52% | 58.1% | 59.03% | 57.33% | 55.02% | 48.73% | 62.4% | 61.62% | 57.14% | 50.95% | 38.45% | 32.88% | 28.83% | -3.57% |
| Income Tax | 1.34B | 1.27B | 1.02B | 927.4M | 799.3M | 736.7M | 615.7M | 573.8M | 814.1M | -1.54B | 753.5M | 709.8M | 644.5M | 622.9M | 786.7M | 122.1M | 769.8M | 611.7M | 532.48M | 437.27M | 264.31M | 201.52M | 148.1M | 83.99M | 60.16M | 46.06M | -3.34M |
| Effective Tax Rate % | 23.96% | 23.89% | 22.36% | 22.33% | 22.9% | 21.84% | 22.62% | 21.33% | 29.31% | -60.84% | 32.94% | 36.27% | 36.38% | 38.91% | 46.46% | 6.31% | 44.71% | 42.55% | 42.67% | 39.9% | 39.35% | 39.64% | 40.28% | 40.75% | 39.01% | 40.28% | 41.31% |
| 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 | 976.8M | 896.3M | 1.81B | 951.4M | 825.8M | 715.49M | 658.53M | 407.35M | 306.86M | 219.56M | 122.13M | 94.07M | 68.3M | -5.91M |
| Net Margin % | 62.77% | 62.02% | 57.52% | 57.83% | 53.61% | 56.22% | 43.11% | 43.48% | 45.53% | 111.49% | 42.67% | 37.48% | 36.21% | 33.27% | 30.75% | 55.24% | 31.67% | 31.61% | 27.94% | 37.5% | 37.37% | 34.49% | 30.43% | 22.78% | 20.05% | 17.22% | -2.61% |
| Net Income Growth % | 16.98% | 14.71% | 9.29% | 19.89% | 2.07% | 25.23% | -0.53% | 7.86% | -51.71% | 164.87% | 23.02% | 10.64% | 15.39% | 8.98% | -50.54% | 90.49% | 15.21% | 15.42% | 8.65% | 61.66% | 32.75% | 39.76% | 79.77% | 29.84% | 37.72% | 1255.9% | - |
| Net Income (Continuing) | 4.26B | 4.06B | 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 |
| Discontinued Operations | 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 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 31.6M | 30.4M | 46.8M | 0 | 0 | 0 | 0 | 5.7M | 86.6M | 70.3M | 68.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 11.68 | 11.16 | 9.67 | 8.86 | 7.40 | 7.29 | 5.87 | 5.91 | 5.71 | 11.94 | 4.53 | 3.69 | 3.35 | 2.92 | 2.70 | 5.43 | 2.86 | 2.48 | 2.43 | 2.99 | 2.32 | 1.76 | 1.28 | 0.72 | 0.63 | 0.47 | -0.04 |
| EPS Growth % | 17.91% | 15.41% | 9.14% | 19.73% | 1.51% | 24.19% | -0.68% | 3.5% | -52.18% | 163.58% | 22.76% | 10.15% | 14.73% | 8.15% | -50.28% | 89.86% | 15.32% | 2.06% | -18.73% | 28.88% | 31.82% | 37.5% | 77.78% | 14.29% | 34.04% | 1243.55% | - |
| 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 | 2.94 | 2.71 | 5.45 | 2.87 | 2.49 | 2.44 | 3.01 | 2.35 | 1.79 | 1.31 | 0.75 | 0.65 | 0.47 | -0.04 |
| Diluted Shares Outstanding | 363.21M | 360.23M | 359.94M | 359.5M | 359.18M | 358.93M | 358.52M | 358.24M | 343.74M | 340.23M | 338.97M | 337.89M | 336.06M | 334.4M | 332.32M | 333.81M | 332.48M | 332.74M | 294.83M | 220.53M | 175.62M | 174.19M | 172.05M | 169.67M | 150.3M | 146.37M | 143.87M |
| Basic Shares Outstanding | 359.32M | 359.63M | 359.39M | 359.02M | 358.71M | 358.34M | 357.76M | 357.15M | 342.34M | 338.71M | 337.5M | 336.22M | 334.41M | 332.68M | 331.25M | 332.74M | 331.5M | 331.83M | 293.69M | 218.77M | 173.48M | 171.57M | 167.72M | 163.46M | 145.33M | 143.87M | 143.87M |
| Dividend Payout Ratio | - | 97.25% | 101.66% | 100.29% | 97.86% | 83.04% | 100.23% | 80.13% | 109.57% | 49.06% | 116.5% | 107.73% | 132.8% | 61.33% | 136.59% | 20.57% | 32.09% | 37.01% | 85.98% | 23.02% | 21.49% | 20.62% | 15.97% | 16.89% | 18.38% | - | - |
Competitive Treasury clearing encroachment
As reported in financial statements, CME maintains a robust gross margin profile, consistently hovering around 86% over the last ten quarters, which underscores the significant pricing power and operational efficiency inherent in its vertically integrated clearinghouse model compared to broader exchange peers like Nasdaq or Cboe.
The stability of these margins suggests that the company successfully retains its pricing power despite the commoditized nature of electronic trading. Investors should monitor whether future competitive pressures from new entrants force a structural reduction in the rate per contract, which could threaten this high-margin baseline.
Based on recent SEC filings, CME demonstrates exceptional operating leverage, with operating margins reaching 69.7% in 2026Q1, as the company effectively manages its fixed-cost infrastructure while scaling transaction volumes across its core interest rate and commodity product suites without proportional increases in overhead expenses.
The ability to expand operating margins during periods of high volume suggests that the incremental cost of processing additional trades remains negligible. This operational profile implies that the company is well-positioned to capture significant bottom-line growth if market volatility continues to drive elevated trading activity.
According to reported figures, CME's net income has shown consistent resilience, with net margins frequently exceeding 57% and reaching a peak of 70.8% in 2025Q4, indicating that the company's profitability is largely driven by core transactional activity rather than non-operating items or tax anomalies.
While stock-based compensation remains a recurring expense, its impact appears relatively contained relative to the company's massive revenue base. The consistency of these earnings suggests a high-quality business model that is less susceptible to the accounting volatility often seen in more capital-intensive financial services firms.
As highlighted in recent market developments, the emergence of the FMX Futures Exchange and potential SEC-mandated clearing changes pose a credible threat to CME's long-standing monopoly in U.S. Treasury futures, which may eventually erode the cross-margining efficiencies that currently underpin the company's structural competitive advantage.
Short-sellers may focus on the potential for these regulatory and competitive shifts to decouple execution from clearing, which would fundamentally alter the company's revenue capture. Investors should remain cautious regarding the long-term durability of the current rate per contract if these new market entrants gain meaningful liquidity traction.
Quick answers to the most common questions about buying CME stock.
CME Group Inc. (CME) is profitable, generating $4.04B in net income for the fiscal year ending 2025 with a net profit margin of 62.0%.
CME Group Inc. (CME) reported an operating income of $4.23B, resulting in an operating profit margin of 64.9%. This margin reflects the operational efficiency of the business before interest and taxes.
CME Group Inc. (CME) generated $5.61B in gross profit for the year, representing a gross profit margin of 86.1%. This demonstrates the company's core pricing power and production efficiency.