Short answer
CME Group (CME) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $6.5B (+6.4% year over year) and net income of $4.1B.
- Top risk flagged: FMX Futures Exchange and prediction market platforms (via FanDuel JV) directly targeting CME's derivatives and event-contract segments; litigation ongoing across multiple jurisdictions
FY2025 key financial metrics · XBRL
- Revenue
- $6.5B
- +6.4% YoY
- Net income
- $4.1B
- +15.5% YoY
- Operating margin
- 64.9%
- +0.7 pp YoY
- EPS (diluted)
- $11.16
- +15.4% YoY
- ROE
- 14.2%
- +0.9 pp YoY
- Operating cash flow
- $4.3B
- +15.9% YoY
Source: XBRL data from the CME Group (CME) FY2025 10-K on SEC EDGAR. USD.
CME Group FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
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