CME Group Inc - Ordinary Shares - Class A
CME
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+ FollowMarket Cap$110.1B
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Earnings Call Q3 2026
October 21, 2026 - AI Summary
Record trading demand & balance-sheet-friendly growth (good):
- Q3’26 average daily volume (ADV): 29.4m contracts, the highest third-quarter on record, +16% YoY.
- Broad-based growth across all 6 asset classes with double-digit YoY volume increases in every asset class.
- Financial & commodity products volume: each +16% YoY.
- Quarter-end open interest (OI): 128m contracts; today >133m, and OI continues to grow in October (signals healthy participation and margin of safety for volume).
Strong financial results + capital returns (good):
- Revenue: $1.7bn, +13% YoY, record third-quarter revenue. Market data revenue: +20% YoY (and $243m quarterly record for market data).
- Adjusted operating income: $1.2bn, +15% YoY; adjusted operating margin: 69.4%.
- Adjusted diluted EPS: $3.02, +13% YoY; adjusted net income margin: 62.4%.
- Shareholder returns: returned ~$1bn in Q3 ($465m regular dividends + $524m share repurchases).
- YTD (first 3 quarters): revenues +9%, adjusted EPS +11%.
Management outlook for Q4 and year (good):
- Q4 volume running ahead of prior record: management says Q4 volume is surpassing last year’s record Q4 by ~17%.
- YTD through 3Q: ~12% ahead of last year’s record volume.
- Stated focus: keep delivering deep liquidity and maximize customer capital efficiencies, supporting continued earnings strength in what they describe as a volatile macro environment.
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$398.16
30.2% upside
Current Fair Value
30.2% upsideUndervalued by 30.2% based on the discounted cash flow analysis.
Share Statistics
| Market cap | $110.10 Billion |
|---|---|
| Enterprise Value | $111.33 Billion |
| Dividend Yield | $11.30 (3.70%) |
| Earnings per Share | $11.18 |
| Beta | 0.27 |
| Outstanding Shares | 358,019,000 |
Return
| Return on Equity | 16.57% |
|---|---|
| Return on Assets | 2.29% |
| Return on Invested Capital | 2.67% |
Valuation & Multiples
| P/E Ratio | 24.94 |
|---|---|
| PEG | 175.65 |
| Price to Sales | 16.09 |
| Price to Book Ratio | 4.13 |
| Enterprise Value to Revenue | 15.97 |
| Enterprise Value to EBIT | 21.68 |
| Enterprise Value to Net Income | 25 |
| Total Debt to Enterprise | 0.03 |
| Debt to Equity | 0.13 |
Revenue Sources
No data
Insider Trades
Last Earnings Call
Report Date
October 21, 2026
EPS Estimate
$2.99
Average shareholder expectationRevenue Estimate
$1.71 B
Average shareholder expectationNext Earnings Call
Expected Date
October 28, 2026
EPS Estimate
$2.96
Average shareholder expectationRevenue Estimate
$1.69 B
Average shareholder expectationInstitutional Put/Call Ratio
Market sentiment based on institutional option activity.
| Put/Call Ratio | 0.0000▼ 105.97% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.33%▼ 86.77% |
|---|---|
| Total Invested | $3.15B▼ 95.60% |
| Investors Holding | 424▼ 1345.00% |
ESG Score
No data
About CME Group Inc
3,875 employees
CEO: Terrence Duffy CME Group Inc., established in Chicago in 1898, operates global marketplaces for the exchange of futures and options contracts. The company provides a wide array of products, encompassing interest rates, equity indexes, foreign exchange,...