Cme Group — Income Statement, Cash Flows & Balance Sheet
Is CME Group profitable?
CME Group's core business is growing steadily and generating strong profits, with revenue and earnings both hitting new highs in 2025.
| Metric | 2023 | 2024 | 2025 | Change (2024→2025) |
|---|---|---|---|---|
| Total Revenues ($M) | $5,578.9 | $6,130.1 | $6,520.6 | +6.4% |
| Total Expenses ($M) | $2,143.2 | $2,198.6 | $2,291.1 | +4.2% |
| Operating Income ($M) | $3,435.7 | $3,931.5 | $4,229.5 | +7.6% |
| Net Income ($M) | $3,226.2 | $3,525.8 | $4,072.2 | +15.5% |
| Diluted EPS | $8.86 | $9.67 | $11.16 | +15.4% |
Revenue grew faster than expenses in 2025, pushing operating income higher and expanding margins. Earnings per share grew at an even faster clip, reflecting the strength of the underlying business.
CME Group's income statement includes large offsetting items from its clearinghouse that inflate both revenue and expenses — the core business margin is much cleaner than the headline numbers suggest.
| Item | 2024 | 2025 | Change |
|---|---|---|---|
| Investment income ($M) | $4,079.1 | $5,736.5 | +40.6% |
| Other non-operating expense ($M) | $(3,659.2) | $(4,833.8) | +32.1% |
| Net non-operating contribution ($M) | $609.9 | $1,101.0 | +80.5% |
CME earns interest on cash deposited by clearing firms as collateral and then passes most of it back to those firms — these flows appear on both sides of the income statement. The net benefit grew meaningfully in 2025, but investors should focus on operating income as the cleaner measure of the core business.
Where does CME Group's revenue come from?
Clearing and transaction fees — the fees charged every time a futures or options contract is traded — are the engine of the business, and nearly every major product line grew in 2025.
| Product Line | 2023 | 2024 | 2025 | Change (2024→2025) |
|---|---|---|---|---|
| Interest Rates ($M) | $1,558.4 | $1,659.6 | $1,719.6 | +3.6% |
| Equity Indexes ($M) | $1,036.4 | $1,095.3 | $1,170.4 | +6.9% |
| Agricultural Commodities ($M) | $508.5 | $585.1 | $658.1 | +12.5% |
| Energy ($M) | $702.8 | $800.5 | $813.2 | +1.6% |
| Metals ($M) | $224.7 | $284.3 | $354.7 | +24.8% |
| Market Data ($M) | $663.7 | $710.2 | $803.1 | +13.1% |
Growth was broad-based, with metals and agricultural commodities leading the way, likely reflecting volatile commodity markets that drive traders to use CME's products. Market data — a recurring subscription-like revenue stream — also accelerated meaningfully, adding predictability to the mix.
Does CME Group generate cash?
CME Group converts its profits into cash with impressive consistency, funding a growing dividend entirely from operations.
| Metric | 2023 | 2024 | 2025 | Change (2024→2025) |
|---|---|---|---|---|
| Operating Cash Flow ($M) | $3,453.8 | $3,690.5 | $4,277.1 | +15.9% |
| Capital Expenditures ($M) | $(76.4) | $(94.0) | $(83.5) | -11.2% |
| Free Cash Flow (approx.) ($M) | $3,377.4 | $3,596.5 | $4,193.6 | +16.6% |
| Cash Dividends Paid ($M) | $3,235.5 | $3,584.2 | $3,933.0 | +9.7% |
Free cash flow (operating cash flow minus capital spending, a non-GAAP measure) comfortably covered dividends in every year shown. CME also returned an additional $266 million through share buybacks in 2025, its first repurchase activity in the period shown.
How strong is CME Group's balance sheet?
CME Group carries a modest and manageable debt load relative to its earnings power.
| Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Short-term Debt ($M) | $749.8 | $0 | Paid off |
| Long-term Debt ($M) | $2,678.2 | $3,422.3 | +$744.1M |
| Cash & Equivalents ($M) | $2,892.4 | $4,416.9 | +52.7% |
| Net Income ($M) | $3,525.8 | $4,072.2 | +15.5% |
CME refinanced its maturing debt in early 2025 — paying off $750 million of 3% notes and issuing $750 million of new 4.4% notes — leaving no debt due until 2028. With cash comfortably exceeding short-term obligations and annual earnings well above total debt, the balance sheet is in solid shape. The balance sheet also carries over $27 billion in goodwill and intangible assets from past acquisitions, which is worth noting but is typical for exchange businesses built through mergers.