| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 29 | 23.4x | 17.8x | Bottom tier | |
Growth | 55 | 5.1% | 7.1% | Around median | |
Quality | 85 | — | — | Top tier | |
Safety | 21 | — | — | Bottom tier | |
Capital Return | 77 | 4.07% | 2.12% | Top tier | |
Momentum | 41 | 0.7% | 2.9% | Around median | |
Sentiment | 74 | 10 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
CME Group operates regulated markets for futures, options, and risk management instruments across interest rates, equity indexes, foreign exchange, energy, metals, cryptocurrencies, and commodities. Its economic model relies on trading and clearing fees tied to contract volume and the rate per contract, alongside market data revenue; the average rate per contract was $0.678 in Q2 FY2026. The group primarily serves institutions, which accounted for 94% of trading volume in the first half of FY2026, while pooled liquidity and cross-margining help clients save more than $95 billion in margin requirements on an average daily basis.
CME Group recorded revenue exceeding $1.7 billion in Q2 FY2026, up 1% from Q2 FY2025, making it the highest second-quarter revenue in its history and the second-highest quarterly revenue after Q1 FY2026. Net income according to EDGAR was approximately $1.0 billion and earnings per share were $2.88, while adjusted net income was $1.1 billion and adjusted diluted earnings per share were $2.99. Adjusted operating income reached $1.2 billion with an adjusted operating margin of 69.5%, while the adjusted net income margin was 63.4%.
Average daily trading volume was 29.8 million contracts in Q2 FY2026, the second-highest level for a second quarter in the company's history and within 1% of the record set a year earlier, with open interest up 8% year over year and 16% since the beginning of FY2026. Market data recorded record revenue of $238 million, up 20%, marking the thirty-third consecutive quarter of annual growth and the eighth consecutive quarter of record revenue. At the product level, average equity index contract volume was 8.6 million contracts per day, up 13%, while cryptocurrency futures and options grew 32% compared with Q2 FY2025.
The analyst consensus on CME stock is neutral, with an average price target of $299 and a wide range between $260 and $330, while the 52-week range extends from $218.31 to $329.16. The average target is approximately 9% below the 52-week range high, while the highest target is close to that high, and the breadth of the targets indicates fundamental disagreement about the sustainability of record volumes and competitive and regulatory risks. The data did not provide a usable price-to-earnings ratio value, so a reliable earnings-based comparison cannot be built using it.
Figures in the text are as of 2026-08-26; the live price is shown at the top of the page.
Revenue exceeded $1.7 billion, up 1% from Q2 FY2025, setting a second-quarter revenue record for the company. Net income according to EDGAR was approximately $1.0 billion and earnings per share were $2.88, while adjusted net income reached $1.1 billion and adjusted diluted earnings per share reached $2.99. The company recorded an adjusted operating margin of 69.5% and an adjusted net income margin of 63.4%, with adjusted expenses of $521 million.
Management said on the July 22, 2026 call that institutions accounted for 94% of trading volume during the first half of FY2026 and that perpetual contracts do not provide the price and time certainty required for institutional hedging. CME's cryptocurrency suite generated trading volume of between $4.5 billion and $6.5 billion per day, compared with approximately $270 million for Kalshi's perpetual Bitcoin contract during July 2026. CME's daily cryptocurrency open interest also ranged between $9 billion and $10 billion in June and July 2026, compared with $10 million for the referenced perpetual product, but the expansion of these products remains a potential competitive risk in the retail market.
Automated analysis for informational purposes only — not investment advice.
Market data revenue reached $238 million in Q2 FY2026, representing 20% annual growth and 6.2% sequential growth. The number of professional subscribers increased 3.5% compared with the previous quarter, while performance-based simulated trading device accounts increased 56% annually. However, revenue included approximately $7 million in audit and catch-up payments for prior periods, which are nonrecurring amounts that may fluctuate between quarters.
The company introduced continuous trading for cryptocurrency futures in Q2 FY2026, and trading during the first eight weekends exceeded $1.5 billion. It also launched single-stock futures on 22 names with support from more than 35 retail broker partners and plans to launch Treasury Link in Q4 FY2026. It is also working with Silicon Data on Compute Futures to track the spot hourly rental cost of NVIDIA H100 units during FY2026.
Copper volumes increased 4% since the beginning of FY2026, and physical copper in COMEX warehouses reached just under 700 thousand short tons. The steel suite also recorded record open interest, and the metals business achieved the second-best second quarter in its history during Q2 FY2026. Management believes that the focus on U.S. supply chains strengthens demand for CME benchmarks in copper, battery metals, and steel.
CME Group returned approximately $1.2 billion to shareholders in Q2 FY2026, including $468 million in regular quarterly dividends and $695 million through share repurchases. The average analyst target is $299, with the lowest target at $260 and the highest at $330, compared with a 52-week range of $218.31 to $329.16. The consensus remains neutral, and the absence of a usable price-to-earnings ratio value in the data prevents an accurate valuation of the stock based on this multiple.
