CME Group operates derivatives exchanges and central counterparty clearing, BrokerTec fixed-income markets, EBS foreign-exchange markets, and market-data services. Its products span interest rates, equity indexes, currencies, energy, agriculture and metals. It reports one consolidated operating and reportable segment.
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A snapshot of what CME GROUP INC. owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
Browse original filingsSee the original statement for its reporting period, currency, and unit.
3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001156375-24-000010 | Feb 28, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001156375-25-000021 | Feb 27, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001156375-26-000009 | Feb 26, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
CME's transaction-driven business continued to expand through September 2026, with revenue growing faster than operating expenses. However, trading growth is not equivalent to pricing strength: increased participation in lower-priced micro contracts and greater member trading reduced realized revenue per contract despite selected fee increases. The 2025 profit increase also included the completed OSTTRA disposal gain, while most interest earned on clearing collateral was returned to clearing firms. Operating cash generation remained substantial, but 2026 dividends and repurchases exceeded operating cash flow and reduced corporate cash. Restricted customer collateral and undrawn facilities are not distributable liquidity. Cloud migration, clearing guarantees, benchmark licenses, prediction-market regulation and litigation remain material dependencies. Leadership succession is approved but conditional, and the August pricing notice's substantive terms remain unconfirmed.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-09-30 · 8-K · 2026-08-11 · 8-K · 2026-06-16
CME earns execution and clearing fees principally from contracts or notional value traded, supplemented by market data, licensing, connectivity and collateral services. Its integrated clearing house becomes the counterparty to cleared transactions. Most operating expenses do not move directly with volume, allowing revenue growth to expand margins but creating downside exposure when activity falls. Product revenues are not separate segment profits; consolidated net income is the reported segment profitability measure.
Listed-contract volume measures round turns—a purchase and offsetting sale—not dollars of economic exposure. Current volume and average-rate disclosures exclude event contracts, cash markets and interest-rate swaps. Micro contracts, member discounts, volume tiers and product mix can increase contract counts while lowering average revenue per contract. Cash-market notionals are different measures, and European repo figures are denominated in euros rather than U.S. dollars.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-09-30
For 2025, GAAP revenue reached $6,520.6 million, operating income $4,229.5 million and net income $4,072.2 million. Revenue increased 6% and expenses 4%, lifting operating margin to 64.9%. Net income increased 15%, partly because non-operating results included a $306.1 million OSTTRA disposal gain and higher retained collateral interest. The disposal also generated $22.1 million of operating expense; the gain is not recurring transaction revenue.
After the annual filing, third-quarter 2026 revenue increased 13% to $1,737.3 million and net income increased 14% to $1,036.9 million. Nine-month revenue rose 9% to $5,323.6 million and net income 12% to $3,233.0 million. Operating margins reached 65.7% and 66.8%, respectively. Listed volume rose faster than associated fees as realized rates declined. Management chiefly attributes that decline to micro-contract and member mix, partly offset by selected April 1 fee increases. The August pricing communication is separate: its direction, scope, effective date and economic effects are unknown.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-09-30 · 8-K · 2026-08-11
Operating cash flow was $4,277.1 million in 2025, distinct from profit and excluding clearing-collateral principal movements. In the first nine months of 2026 it increased 5% to $3,292.9 million, slower than earnings. Higher receivable funding and cash taxes absorbed cash; large other-current-asset and liability movements partly offset each other without a complete explanation of their composition.
Nine-month cash dividends of $3,630.5 million and repurchases including costs of $1,757.3 million exceeded operating cash flow, contributing to corporate cash falling from $4,416.9 million to $2,198.5 million. Net property purchases used another $61.2 million. The separate $155,179.7 million of restricted clearing cash at September 30 has corresponding liabilities and cannot fund ordinary operations. Neither that collateral nor unused credit commitments should be added to corporate cash.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-09-30
At September 30, 2026, fixed-rate notes had $3,450.0 million principal and $3,425.1 million carrying value, with the next principal maturity in June 2028. The $2.3 billion corporate revolver, maturing April 2030, was undrawn. A separate $7.0 billion secured clearing facility supports specified settlement and default contingencies, with conditional expansion to $10.0 billion—not an additional $10.0 billion. CME reported covenant compliance at September 30, but exact headroom and unconditional drawability are not established.
Sources: 10-Q · 2026-09-30 · 8-K · 2026-04-22
Clearing guarantees, customer and intermediary concentration, licensed benchmarks, competition and largely fixed costs remain central risks. Cloud migration adds execution, supplier and overlapping-infrastructure costs. The November 2025 market halt followed a third-party cooling failure, not a disclosed cyberattack. Member litigation remains open on appeal despite a defense verdict. Class-specific director-election rights survived unsuccessful 2026 removal proposals. The approved CEO transition depends on the 2026 annual filing; announced appointment dates alone do not establish implementation.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-09-30 · 8-K · 2026-06-09 · 8-K · 2026-06-16 · 8-K · 2026-09-09
USD 4.6897 bn
FY2021 · GAAP · consolidated · Attribution: consolidated · Reported currency · comparability: optimization_deconsolidated_september_2021
| Fiscal year | Value | YoY |
|---|---|---|
| 2021 | USD 4.6897 bn | — |
Consolidated GAAP revenue; includes optimization operations before their September 2021 deconsolidation.
Sources: 10-K · 2023-12-31
USD 5.0194 bn
FY2022 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2022 | USD 5.0194 bn | — |
Consolidated GAAP revenue; excludes equity-method investees' revenue and non-operating investment income.
Sources: 10-K · 2023-12-31
USD 6.5206 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 6.5206 bn | 6.4% |
| 2024 | USD 6.1301 bn | 9.9% |
| 2023 | USD 5.5789 bn | — |
Consolidated revenue from clearing and transaction fees, market data and other services.
Sources: 10-K · 2025-12-31
USD 2.6369 bn
FY2021 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2021 | USD 2.6369 bn | — |
GAAP net income before $0.5 million non-controlling-interest allocation; includes the OSTTRA formation gain.
Sources: 10-K · 2023-12-31
USD 2.691 bn
FY2022 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2022 | USD 2.691 bn | — |
GAAP net income before allocation to participating preferred shares.
Sources: 10-K · 2023-12-31
USD 4.0722 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 4.0722 bn | 15.5% |
| 2024 | USD 3.5258 bn | 9.3% |
| 2023 | USD 3.2262 bn | — |
Consolidated GAAP net income before allocation between common and participating preferred shareholders.
Sources: 10-K · 2025-12-31
USD 2.4024 bn
FY2021 · GAAP · consolidated · Attribution: consolidated · Reported currency · comparability: optimization_deconsolidated_september_2021
| Fiscal year | Value | YoY |
|---|---|---|
| 2021 | USD 2.4024 bn | — |
GAAP operating cash flow; includes optimization operations before deconsolidation and excludes the noncash OSTTRA formation gain.
Sources: 10-K · 2023-12-31
USD 3.056 bn
FY2022 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2022 | USD 3.056 bn | — |
GAAP operating cash flow; clearing performance-bond and guaranty-fund principal movements are classified in financing activities.
Sources: 10-K · 2023-12-31
USD 4.2771 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 4.2771 bn | 15.9% |
| 2024 | USD 3.6905 bn | 6.9% |
| 2023 | USD 3.4538 bn | — |
GAAP operating cash flow; excludes clearing-collateral principal movements classified as financing.
Sources: 10-K · 2025-12-31
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