CME Group (CME) FY2025 10-K Annual Report
CME Group (CME) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 26, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
CME Group FY2025 10-K Analysis
Business Overview
- • Global derivatives exchange operator: trading, clearing, and data services across interest rates, equities, FX, commodities, and crypto
- • Two new 2025 platform launches: BrokerTec Chicago (second CLOB for cash U.S. Treasuries co-located with futures) and FX Spot+ (connects OTC spot FX with futures liquidity)
- • CMESC received SEC approval in December 2025 to become a securities clearing agency, targeting U.S. Treasury (Dec 2026) and repo (June 2027) clearing mandates
- • Record ADV of 28.1 million contracts in 2025; micro products +32% YoY, Asia Pacific trading hours volume +13% YoY
- • Joint venture with FanDuel (Flutter Entertainment) launched December 2025 — retail prediction markets app covering financial, economic, and sporting event contracts
Management Discussion & Analysis
- • Revenue $6,520.6M in 2025, up ~6.4% YoY from $6,130.1M; clearing & transaction fees $5,281.1M (+5.9%), market data $803.1M (+13.1%)
- • Operating margin 64.9% vs 64.1% in 2024; net income $4,072.2M vs $3,525.8M; diluted EPS $11.16 vs $9.67
- • Best segment: market data +$92.9M YoY; contract volume up 5.6% to 7,060.4M driven by interest rates (+3.6%) and equity indexes (+8.2%); FX weakest, volume down ~5%
- • Operating cash flow $4,277.1M vs $3,690.5M; capex guided ~$85M for 2026; $2.7B remaining under $3.0B buyback authorization; variable dividend $6.15/share plus quarterly $1.30/share declared Feb 2026
- • Key risks: tariff uncertainty, Fed rate policy, competitive intensity; OSTTRA JV sold in Q4 2025 generating $306.1M gain; Google Cloud transformation ongoing with shifting cost profile
Risk Factors
- • FMX Futures Exchange and prediction market platforms (via FanDuel JV) directly targeting CME's derivatives and event-contract segments; litigation ongoing across multiple jurisdictions
- • Basel III Endgame and potential GSIB capital surcharge changes could raise bank clearing firm capital requirements, reducing their trading activity in CME markets
- • CyrusOne data center cooling failure (November 27, 2025) forced temporary market halt; single largest data center represents unhedged operational concentration
- • $3.4B total debt outstanding as of December 31, 2025, with $2.3B additional borrowing capacity; fixed-cost structure amplifies earnings risk in low-volume environments
- • 85% of 2025 derivatives contract volume from members holding board seats and conflicting economic interests vs. Class A shareholders
CME Group FY2025 Key Financial MetricsXBRL
Revenue
$6.5B
▲ +6.4% YoY
Net Income
$4.1B
▲ +15.5% YoY
Operating Margin
64.9%
▲ +73bp YoY
Net Margin
62.5%
▲ +494bp YoY
ROE
14.2%
▲ +86bp YoY
Total Assets
$198.4B
▲ +44.4% YoY
EPS (Diluted)
$11.16
▲ +15.4% YoY
Operating Cash Flow
$4.3B
▲ +15.9% YoY
Source: XBRL data from CME Group FY2025 10-K filing on SEC EDGAR. All figures in USD.
Other CME Group Annual Reports
Get deeper insights on CME Group
Access full AI analysis, insider trading data, fund holdings, and cross-signal detection on SignalX.