CME Group Inc., together with its subsidiaries, operates contract markets for the trading of futures and options on futures contracts worldwide. It offers futures and options products based on interest rates, equity indexes, foreign exchange, agricultural commodities, energy, and metals, as well as fixed income and foreign currency trading services. The company also provides clearing house services, including clearing, settling, and guaranteeing futures and options contracts, and cleared swaps products traded through its exchanges; and trade processing and risk mitigation services. In addition, the company offers a range of market data services, including real-time and historical data services. It serves professional traders, financial institutions, institutional and individual investors, corporations, manufacturers, producers, governments, and central banks. The company was formerly known as Chicago Mercantile Exchange Holdings Inc. and changed its name to CME Group Inc. in July 2007. The company was founded in 1898 and is headquartered in Chicago, Illinois.

CME Group Inc.

It has been about a month since the last earnings report for CME Group (CME). Shares have lost about 1.4% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is CME due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.
CME Group Q3 Earnings and Revenues Beat Estimates on Higher Volumes
CME Group reported third-quarter 2024 adjusted earnings per share of $2.68, which beat the Zacks Consensus Estimate by 1.1%. The bottom line increased 19.1% year over year.
Quarterly results benefited from a record in trading volumes. Average daily volume increased in its six asset classes, with average daily volume (ADV) up 20% in commodities and 28% in financial markets.
Performance in Detail
CME Group’s revenues of $1.6 billion increased 18.4% year over year. The year-over-year increase was primarily due to higher clearing and transaction fees (up 19.5% year over year), market data and information services (up 6.3% year over year) and other (28.8% year over year). The top line beat the Zacks Consensus Estimate by 0.7%.
Total expenses rose 8.2% year over year to $560.2 million, attributable to higher compensation and benefits, technology, and licensing and other fee agreements. It exceeded our estimate of $500.3 million.
Operating income increased 24.8% from the prior-year quarter to $1 billion. Our estimate was $954.4 million.
ADV was 28.2 million contracts, including record non-U.S. ADV, with EMEA up 30% and Asia up 28% year over year. The total average rate per contract was 66.6 cents.
Financial Update
As of Sept. 30, 2024, CME Group had $2.3 billion of cash and marketable securities, down 19.5% from the 2023-end level. As of Sept. 30, 2024, long-term debt was $2.7 billion, down 21.8% from 2023-end. As of Sept. 30, 2024, CME had shareholders' equity worth $28.2 billion, up 5.5% from the end of 2023.
Capital Deployment
CME Group paid out $419 billion in dividends, taking the payout to $25.6 billion since the implementation of the variable dividend policy in early 2012.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed an upward trend in fresh estimates.
VGM Scores
At this time, CME has a poor Growth Score of F, however its Momentum Score is doing a lot better with a C. Charting a somewhat similar path, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.
Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise CME has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.
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CME (CME) Down 1.4% Since Last Earnings Report: Can It Rebound?

For Immediate Release
Chicago, IL – August 21, 2025 – Today, Zacks Equity Research discusses S&P Global SPGI, Intercontinental Exchange ICE, CME Group CME, Nasdaq Inc. NDAQ and Cboe Global Markets CBOE.
Industry: Securities & Exchanges
Link: https://www.zacks.com/commentary/2735892/5-securities-exchanges-stocks-to-track-as-industry-dynamics-evolve
A compelling and diversified product portfolio helps drive the revenues of Zacks Securities and Exchanges industry players. A rise in trading volumes, product expansion through prudent acquisitions and the increased adoption of a greater number of crypto assets are expected to benefit S&P Global, Intercontinental Exchange, CME Group, Nasdaq Inc. and Cboe Global Markets. Increased focus on accelerating their non-trading revenue base, which comprises market technology, listing and information revenues, infuses dynamism in the business profile of the industry players.
The industry is expected to get an impetus under the Trump administration, given his crypto favoritism. The sector is also witnessing increased retail trading. However, alterations in investment patterns and priorities and compliance with regulations pose challenges. With the increasing digitization of financial markets, cyber threats and data breaches continue to pose serious risks.
About the Industry
The Zacks Securities and Exchanges industry comprises companies that operate electronic marketplaces, which facilitate the buying and selling of stocks, stock options and bonds or commodity contracts. They facilitate trading across a diverse range of products in multiple asset classes and geographies.
The companies generate revenues from fees received from the listed companies on their exchanges. They also provide a range of data and listing services to global financial and commodity markets, including pricing and reference data, exchange data, analytics, feeds, index services, investments, risk management, desktops, and connectivity solutions, as well as corporate and ETF listing services, on the cash equity exchanges. The industry is witnessing increased adoption of crypto assets. Yet, industry players have to comply with a number of regulations, resulting in challenges.
4 Trends Shaping the Future of the Securities and Exchanges Industry
Volatility Fueling Trading Volume: The industry players are largely dependent on product and service portfolios for revenues. Major services include trade execution, clearing, settlement services for securities and commodity contracts, listing services, plus trading and clearing systems services. Sustainable trading volume growth, driven by trading volatility, fuels transaction and clearing fees. In a pro-crypto environment and easing regulatory control, trading is expected to increase.
Maximizing transaction and clearing fees and the lowering of transaction-based expenses drive profits. Per Technavio, the securities exchanges market in 2028 is expected to reach $49.6 billion at a five-year CAGR of 12.1%, given increasing demand for various investment opportunities. Also, the increased adoption of cryptocurrencies like Bitcoin and Ethereum, among others, is a boon.
Diversification Into Other Recurring Revenue Sources: Securities exchanges are increasingly focusing on recurring revenues to lower reliance on unpredictable trading-driven income. With market volumes often fluctuating, stable revenue streams from data services, listings, clearing, and technology platforms offer consistent cash flows and stronger earnings stability.
These revenues support growth by addressing rising demand for market data, compliance, ESG offerings and digital asset infrastructure. Players are strengthening their presence in the evolving landscape as technology and data providers, leveraging cloud, AI and digital assets and are thereby enhancing scalability and margins. Accelerating the non-trading revenue base also infuses dynamism in the business profiles.
Mergers and Acquisitions: M&As are gaining momentum across the industry, with companies leveraging strategic partnerships and acquisitions to fuel growth and innovation. These initiatives help unlock new markets, diversify product offerings and reinforce trading platforms. Coinbase’s recent acquisition of Deribit underscores this trend, strengthening its position in the derivatives market.
Such strategic deals not only broaden portfolios but also protect domestic market share while driving global expansion. Deloitte noted that exchanges are increasingly embracing consolidation to adapt to rapidly changing technological, regulatory and competitive environments.
Continuous Investment in Technology: Increasing technology investments to enhance competitiveness and adaptability bodes well. There is growing emphasis on creating strategic market models through advanced tools, especially AI, while continually upgrading products and services.
Exchanges are increasingly leveraging AI and blockchain to strengthen efficiency and resilience. Recent advancements use machine learning, automation, and algorithms to improve trading accuracy, reduce cyber threats and limit human errors, thereby accelerating trading speed. Moreover, they are focusing on automating non-trading operations, which significantly contribute to revenue generation and support sustainable long-term growth.
Zacks Industry Rank Indicates Bright Prospects
The Zacks Securities and Exchanges industry is housed within the broader Zacks Finance sector. It carries a Zacks Industry Rank #24, which places it in the top 10% of the 251 Zacks industries.
The group’s Zacks Industry Rank, which is basically the average of the Zacks Rank of all the member stocks, reflects encouraging near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperforms the bottom 50% by a factor of more than 2 to 1.
The industry’s positioning in the top 50% of the Zacks-ranked industries is a result of a positive earnings outlook for the constituent companies in aggregate. Looking at the aggregate earnings estimate revisions, it appears that analysts have been gaining confidence in this group’s earnings growth potential. Estimates for 2025 have increased 6.9% in a year.
Before we present a few securities and exchanges stocks worth considering for your portfolio, let’s take a look at the industry’s recent stock-market performance and valuation picture.
Industry Outperforms Sector and S&P 500
The Zacks Securities and Exchanges industry has outperformed the broader Zacks Finance sector as well as the Zacks S&P 500 composite year to date. The industry has gained 15% compared with the broader sector’s increase of 10.7% and the Zacks S&P 500 composite’s rise of 9.5% in the said time frame.
Industry's Current Valuation
On the basis of trailing 12-month price-to-earnings (P/E), which is commonly used for valuing exchange stocks, the industry is currently trading at 26.32X compared with the S&P 500’s 22.85X and the sector’s 16.89X.
Over the last five years, the industry has traded as high as 29.62X, as low as 20.4X and at the median of 25.31X.
5 Securities and Exchanges Stocks to Keep An Eye On
We are presenting two Zacks Rank #2 (Buy) stocks and three Zacks Rank #3 (Hold) stocks from the Securities and Exchanges industry. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Nasdaq: Headquartered in New York, Nasdaq is a leading provider of trading, clearing, marketplace technology, regulatory, securities listing, information, and public and private company services. Its strategy of accelerating its non-trading revenue base, successfully maximizing opportunities as a technology and analytics provider, growing core marketplace businesses and intensifying its focus on Market Technology and Information Services businesses should continue to drive this Zacks Rank #2 stock.
The Zacks Consensus Estimate for 2025 and 2026 earnings per share indicates an increase of 17.4% and 11.5%, respectively, year over year. NDAQ came up with a four-quarter average earnings surprise of 4.36%. The expected long-term earnings growth rate is pegged at 13.8%, better than the industry average of 10.4%. The consensus mark for 2025 and 2026 earnings has moved 2.2% and 1.7% north, respectively, in the past 30 days.
S&P Global: Headquartered in New York, this Zacks Rank #2 company is a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide. It remains well-positioned to gain from the growing demand for business information services. While buyouts help it innovate, increase differentiated content and develop products, continued service launches have been aiding the company's growth and enhancing its market reach.
The Zacks Consensus Estimate for 2025 and 2026 earnings per share indicates an increase of 9.2% and 11%, respectively, year over year. SPGI came up with a four-quarter average earnings surprise of 6.06%. The expected long-term earnings growth rate is pegged at 10.9%, better than the industry average. The consensus mark for 2025 and 2026 earnings has moved 0.8% and 0.7% north, respectively, in the past 30 days.
Intercontinental Exchange: This Atlanta, GA-based company is a leading global operator of regulated exchanges, clearing houses and listings venues and a provider of data services for commodity, financial, fixed-income and equity markets. Its compelling portfolio, expansive risk-management services, strategic buyouts and a solid balance sheet bode well.
It is the second-largest global fixed-income provider. This Zacks Rank #3 company, with the largest mortgage network across the United States, remains well-positioned to benefit from accelerated digitization in the U.S. residential mortgage industry.
The Zacks Consensus Estimate for Intercontinental Exchange’s 2025 and 2026 EPS indicates a year-over-year rise of 15% and 10.8%, respectively. The expected long-term earnings growth rate is pegged at 12.1%, better than the industry average.
CME Group: Headquartered in Chicago, IL, CME Group is the largest futures exchange in the world in terms of trading volume as well as notional value traded. Its efforts to expand future products in emerging markets, non-transaction-related opportunities, OTC offerings, cross-selling through alliances, global presence and liquidity should drive growth.
The Zacks Consensus Estimate for this Zacks Rank #3 company’s 2025 and 2026 EPS indicates a year-over-year increase of 8.6% and 3.8%, respectively. It came up with a four-quarter average earnings surprise of 1.62%. The expected long-term earnings growth rate is pegged at 5.1%. The consensus mark for 2025 and 2026 earnings has moved 0.5% and 0.6% north, respectively, in the past 30 days.
Cboe Global Markets: Based in Chicago, IL, Cboe Global is one of the largest stock exchange operators by volume in the United States and globally for ETP trading. This Zacks Rank #3 stock is poised for growth, given its expanding product line across asset classes, broadening geographic reach and a diversifying business mix with recurring revenues and technology.
The Zacks Consensus Estimate for the company’s 2025 and 2026 EPS indicates a year-over-year increase of 11.5% and 5.9%, respectively. The expected long-term earnings growth rate is pegged at 13.8%, better than the industry average. The consensus mark for 2025 and 2026 earnings has moved 0.5% and 0.4% north, respectively, in the past 30 days. It came up with a four-quarter average earnings surprise of nearly 2%.
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
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Zacks Industry Outlook Highlights S&P Global, Intercontinental Exchange, CME, Nasdaq and Cboe Global Markets

A compelling and diversified product portfolio helps drive the revenues of Zacks Securities and Exchanges industry players. A rise in trading volumes, product expansion through prudent acquisitions and the increased adoption of a greater number of crypto assets are expected to benefit S&P Global SPGI, Intercontinental Exchange ICE, CME Group CME, Nasdaq Inc. NDAQ and Cboe Global Markets CBOE. Increased focus on accelerating their non-trading revenue base, which comprises market technology, listing and information revenues, infuses dynamism in the business profile of the industry players. The industry is expected to get an impetus under the Trump administration, given his crypto favoritism. The sector is also witnessing increased retail trading. However, alterations in investment patterns and priorities and compliance with regulations pose challenges. With the increasing digitization of financial markets, cyber threats and data breaches continue to pose serious risks.
About the Industry
The Zacks Securities and Exchanges industry comprises companies that operate electronic marketplaces, which facilitate the buying and selling of stocks, stock options and bonds or commodity contracts. They facilitate trading across a diverse range of products in multiple asset classes and geographies. The companies generate revenues from fees received from the listed companies on their exchanges. They also provide a range of data and listing services to global financial and commodity markets, including pricing and reference data, exchange data, analytics, feeds, index services, investments, risk management, desktops, and connectivity solutions, as well as corporate and ETF listing services, on the cash equity exchanges. The industry is witnessing increased adoption of crypto assets. Yet, industry players have to comply with a number of regulations, resulting in challenges.
4 Trends Shaping the Future of the Securities and Exchanges Industry
Volatility Fueling Trading Volume: The industry players are largely dependent on product and service portfolios for revenues. Major services include trade execution, clearing, settlement services for securities and commodity contracts, listing services, plus trading and clearing systems services. Sustainable trading volume growth, driven by trading volatility, fuels transaction and clearing fees. In a pro-crypto environment and easing regulatory control, trading is expected to increase. Maximizing transaction and clearing fees and the lowering of transaction-based expenses drive profits. Per Technavio, the securities exchanges market in 2028 is expected to reach $49.6 billion at a five-year CAGR of 12.1%, given increasing demand for various investment opportunities. Also, the increased adoption of cryptocurrencies like Bitcoin and Ethereum, among others, is a boon.
Diversification Into Other Recurring Revenue Sources: Securities exchanges are increasingly focusing on recurring revenues to lower reliance on unpredictable trading-driven income. With market volumes often fluctuating, stable revenue streams from data services, listings, clearing, and technology platforms offer consistent cash flows and stronger earnings stability. These revenues support growth by addressing rising demand for market data, compliance, ESG offerings and digital asset infrastructure. Players are strengthening their presence in the evolving landscape as technology and data providers, leveraging cloud, AI and digital assets and are thereby enhancing scalability and margins. Accelerating the non-trading revenue base also infuses dynamism in the business profiles.
Mergers and Acquisitions: M&As are gaining momentum across the industry, with companies leveraging strategic partnerships and acquisitions to fuel growth and innovation. These initiatives help unlock new markets, diversify product offerings and reinforce trading platforms. Coinbase’s recent acquisition of Deribit underscores this trend, strengthening its position in the derivatives market. Such strategic deals not only broaden portfolios but also protect domestic market share while driving global expansion. Deloitte noted that exchanges are increasingly embracing consolidation to adapt to rapidly changing technological, regulatory and competitive environments.
Continuous Investment in Technology: Increasing technology investments to enhance competitiveness and adaptability bodes well. There is growing emphasis on creating strategic market models through advanced tools, especially AI, while continually upgrading products and services. Exchanges are increasingly leveraging AI and blockchain to strengthen efficiency and resilience. Recent advancements use machine learning, automation, and algorithms to improve trading accuracy, reduce cyber threats and limit human errors, thereby accelerating trading speed. Moreover, they are focusing on automating non-trading operations, which significantly contribute to revenue generation and support sustainable long-term growth.
Zacks Industry Rank Indicates Bright Prospects
The Zacks Securities and Exchanges industry is housed within the broader Zacks Finance sector. It carries a Zacks Industry Rank #24, which places it in the top 10% of the 251 Zacks industries.
The group’s Zacks Industry Rank, which is basically the average of the Zacks Rank of all the member stocks, reflects encouraging near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperforms the bottom 50% by a factor of more than 2 to 1.
The industry’s positioning in the top 50% of the Zacks-ranked industries is a result of a positive earnings outlook for the constituent companies in aggregate. Looking at the aggregate earnings estimate revisions, it appears that analysts have been gaining confidence in this group’s earnings growth potential. Estimates for 2025 have increased 6.9% in a year.
Before we present a few securities and exchanges stocks worth considering for your portfolio, let’s take a look at the industry’s recent stock-market performance and valuation picture.
Industry Outperforms Sector and S&P 500
The Zacks Securities and Exchanges industry has outperformed the broader Zacks Finance sector as well as the Zacks S&P 500 composite year to date. The industry has gained 15% compared with the broader sector’s increase of 10.7% and the Zacks S&P 500 composite’s rise of 9.5% in the said time frame.
Year-to-date Price Performance
Industry's Current Valuation
On the basis of trailing 12-month price-to-earnings (P/E), which is commonly used for valuing exchange stocks, the industry is currently trading at 26.32X compared with the S&P 500’s 22.85X and the sector’s 16.89X.
Over the last five years, the industry has traded as high as 29.62X, as low as 20.4X and at the median of 25.31X, as the chart below shows.
Price-to-Book (P/B) Ratio (TTM)
Price-to-Book (P/B) Ratio (TTM)
5 Securities and Exchanges Stocks to Keep An Eye On
We are presenting two Zacks Rank #2 (Buy) stocks and three Zacks Rank #3 (Hold) stocks from the Securities and Exchanges industry. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Nasdaq: Headquartered in New York, Nasdaq is a leading provider of trading, clearing, marketplace technology, regulatory, securities listing, information, and public and private company services. Its strategy of accelerating its non-trading revenue base, successfully maximizing opportunities as a technology and analytics provider, growing core marketplace businesses and intensifying its focus on Market Technology and Information Services businesses should continue to drive this Zacks Rank #2 stock.
The Zacks Consensus Estimate for 2025 and 2026 earnings per share indicates an increase of 17.4% and 11.5%, respectively, year over year. NDAQ came up with a four-quarter average earnings surprise of 4.36%. The expected long-term earnings growth rate is pegged at 13.8%, better than the industry average of 10.4%. The consensus mark for 2025 and 2026 earnings has moved 2.2% and 1.7% north, respectively, in the past 30 days.
Price and Consensus: NDAQ
S&P Global: Headquartered in New York, this Zacks Rank #2 company is a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide. It remains well-positioned to gain from the growing demand for business information services. While buyouts help it innovate, increase differentiated content and develop products, continued service launches have been aiding the company's growth and enhancing its market reach.
The Zacks Consensus Estimate for 2025 and 2026 earnings per share indicates an increase of 9.2% and 11%, respectively, year over year. SPGI came up with a four-quarter average earnings surprise of 6.06%. The expected long-term earnings growth rate is pegged at 10.9%, better than the industry average. The consensus mark for 2025 and 2026 earnings has moved 0.8% and 0.7% north, respectively, in the past 30 days.
Price and Consensus: SPGI
Intercontinental Exchange: This Atlanta, GA-based company is a leading global operator of regulated exchanges, clearing houses and listings venues and a provider of data services for commodity, financial, fixed-income and equity markets. Its compelling portfolio, expansive risk-management services, strategic buyouts and a solid balance sheet bode well. It is the second-largest global fixed-income provider. This Zacks Rank #3 company, with the largest mortgage network across the United States, remains well-positioned to benefit from accelerated digitization in the U.S. residential mortgage industry.
The Zacks Consensus Estimate for Intercontinental Exchange’s 2025 and 2026 EPS indicates a year-over-year rise of 15% and 10.8%, respectively. The expected long-term earnings growth rate is pegged at 12.1%, better than the industry average.
Price and Consensus: ICE
CME Group: Headquartered in Chicago, IL, CME Group is the largest futures exchange in the world in terms of trading volume as well as notional value traded. Its efforts to expand future products in emerging markets, non-transaction-related opportunities, OTC offerings, cross-selling through alliances, global presence and liquidity should drive growth.
The Zacks Consensus Estimate for this Zacks Rank #3 company’s 2025 and 2026 EPS indicates a year-over-year increase of 8.6% and 3.8%, respectively. It came up with a four-quarter average earnings surprise of 1.62%. The expected long-term earnings growth rate is pegged at 5.1%. The consensus mark for 2025 and 2026 earnings has moved 0.5% and 0.6% north, respectively, in the past 30 days.
Price and Consensus: CME
Cboe Global Markets: Based in Chicago, IL, Cboe Global is one of the largest stock exchange operators by volume in the United States and globally for ETP trading. This Zacks Rank #3 stock is poised for growth, given its expanding product line across asset classes, broadening geographic reach and a diversifying business mix with recurring revenues and technology.
The Zacks Consensus Estimate for the company’s 2025 and 2026 EPS indicates a year-over-year increase of 11.5% and 5.9%, respectively. The expected long-term earnings growth rate is pegged at 13.8%, better than the industry average. The consensus mark for 2025 and 2026 earnings has moved 0.5% and 0.4% north, respectively, in the past 30 days. It came up with a four-quarter average earnings surprise of nearly 2%.
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5 Securities & Exchanges Stocks to Track as Industry Dynamics Evolve

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the Global X Adaptive US Factor ETF (Symbol: AUSF) where we have detected an approximate $83.2 million dollar outflow -- that's a 11.1% decrease week over week (from 16,560,002 to 14,730,002). Among the largest underlying components of AUSF, in trading today CME Group (Symbol: CME) is down about 0.1%, Intercontinental Exchange Inc (Symbol: ICE) is down about 0.6%, and Kellanova (Symbol: K) is lower by about 0.1%. For a complete list of holdings, visit the AUSF Holdings page » The chart below shows the one year price performance of AUSF, versus its 200 day moving average:
Looking at the chart above, AUSF's low point in its 52 week range is $38.5484 per share, with $45.92 as the 52 week high point — that compares with a last trade of $45.33. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Dividend Growth Stocks
Funds Holding BANX
Institutional Holders of SBEU
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Noteworthy ETF Outflows: AUSF, CME, ICE, K

The following are the top rated Financial stocks according to Validea's Growth Investor model based on the published strategy of Martin Zweig. This strategy looks for growth stocks with persistent accelerating earnings and sales growth, reasonable valuations and low debt.
CME GROUP INC (CME) is a large-cap growth stock in the Investment Services industry. The rating according to our strategy based on Martin Zweig is 92% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: CME Group Inc. provides a derivatives marketplace. The Company enables clients to trade futures, options, cash and over the counter (OTC) markets, optimize portfolios, and analyze data. It exchanges offer a range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange (FX), energy, agricultural products and metals. It offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and FX trading on the EBS platform. In addition, it operates central counterparty clearing provider, CME Clearing. Its products provide a means for hedging, speculation and asset allocation related to the risks associated with, among other things, interest rate sensitive instruments, and changes in the prices of agricultural, energy and metal commodities. It provides clearing and settlement services for a range of exchange-traded futures and options on futures contracts and OTC derivatives.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of CME GROUP INC
X FINANCIAL (ADR) (XYF) is a small-cap value stock in the Consumer Financial Services industry. The rating according to our strategy based on Martin Zweig is 85% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: X FINANCIAL is a China-based company principally engaged in the provision of technology-driven personal finance services. The Companys products primarily include Xiaoying Card Loan and Xiaoying Preferred Loan. The Company is also engaged in the provision of investment opportunities to investors through its wealth management platform, Xiaoying Wealth Management. The Companys WinSAFE risk control system builds risk profiles of its prospective borrowers upon data from credit information providers.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of X FINANCIAL (ADR)
PINNACLE FINANCIAL PARTNERS INC (PNFP) is a mid-cap value stock in the Money Center Banks industry. The rating according to our strategy based on Martin Zweig is 85% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Pinnacle Financial Partners, Inc. is a financial holding company. The Company operates through its wholly owned subsidiary, Pinnacle Bank (the Bank). The Bank is a Tennessee state-chartered bank. It offers a range of lending products, including commercial, real estate and consumer loans to individuals, businesses, and professional entities. The Bank is also focused on offering core deposits, including savings, noninterest-bearing checking, interest-bearing checking, money market and certificate of deposit accounts, including access to products offered through various IntraFi Network Deposit programs. It also provides fiduciary and investment services through its Trust & Investment Services department. Its treasury management services include, online wire origination, automated bill pay services, positive pay, and others. It operates approximately 137 offices, including 50 in Tennessee, 41 in North Carolina, 21 in South Carolina, 11 in Virginia, four in Georgia, and four in Alabama.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of PINNACLE FINANCIAL PARTNERS INC
THIRD COAST BANCSHARES INC (TCBX) is a small-cap value stock in the Money Center Banks industry. The rating according to our strategy based on Martin Zweig is 85% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Third Coast Bancshares, Inc. is a bank holding company. The Company is operating primarily in the Greater Houston, Dallas-Fort Worth, and Austin-San Antonio markets through its wholly owned subsidiary, Third Coast Bank (the Bank). The Bank conducts banking operations through approximately 19 branches encompassing the four metropolitan areas in Texas. It is focused on providing commercial banking solutions to small and medium-sized businesses and professionals with operations in its markets. The Bank's deposits include checking accounts, money market accounts, savings accounts, a variety of certificates of deposit and individual retirement accounts. It offers traditional bank products such as checking, savings, money markets, and CD accounts, as well as a full range of banking services including retail and commercial online banking platforms, mobile banking apps, debit cards, credit cards, a suite of treasury management solutions, merchant card services and customer digital solutions.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of THIRD COAST BANCSHARES INC
COMMUNITY TRUST BANCORP INC (CTBI) is a small-cap value stock in the Money Center Banks industry. The rating according to our strategy based on Martin Zweig is 77% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Community Trust Bancorp, Inc. (CTBI) is a bank holding company. CTBI owns all the capital stock of one commercial bank and one trust company, serving small and mid-sized communities in eastern, northeastern, central, and south-central Kentucky, southern West Virginia, and northeastern Tennessee. The commercial bank is Community Trust Bank, Inc., Pikeville, Kentucky (CTB) and the trust company is Community Trust and Investment Company, Lexington, Kentucky (CTIC). Through its subsidiaries, CTBI engages in a wide range of commercial and personal banking and trust and wealth management activities, which include accepting time and demand deposits; making secured and unsecured loans to corporations, individuals, and others; providing cash management services to corporate and individual customers; issuing letters of credit; renting safe deposit boxes; and providing funds transfer services. The lending activities of CTB include making commercial, construction, mortgage, and personal loans.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of COMMUNITY TRUST BANCORP INC
About Martin Zweig: During the 15 years that it was monitored, Zweig's stock recommendation newsletter returned an average of 15.9 percent per year, during which time it was ranked number one based on risk-adjusted returns by Hulbert Financial Digest. Zweig has managed both mutual and hedge funds during his career, and he's put the fortune he's compiled to some interesting uses. He has owned what Forbes reported was the most expensive apartment in New York, a $70 million penthouse that sits atop Manhattan's Pierre Hotel, and he is a collector of all sorts of pop culture and historical memorabilia -- among his purchases are the gun used by Clint Eastwood in "Dirty Harry", a stock certificate signed by Commodore Vanderbilt, and even two old-fashioned gas pumps similar to those he'd seen at a nearby gas station while growing up in Cleveland, according to published reports.
About Validea: Validea is aninvestment researchservice that follows the published strategies of investment legends. Validea offers both stock analysis and model portfolios based on gurus who have outperformed the market over the long-term, including Warren Buffett, Benjamin Graham, Peter Lynch and Martin Zweig. For more information about Validea, click here
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Validea's Top Financial Stocks Based On Martin Zweig - 8/15/2025

Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in CME Group (Symbol: CME), where a total volume of 9,301 contracts has been traded thus far today, a contract volume which is representative of approximately 930,100 underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 45.3% of CME's average daily trading volume over the past month, of 2.1 million shares. Especially high volume was seen for the $290 strike call option expiring August 15, 2025, with 2,181 contracts trading so far today, representing approximately 218,100 underlying shares of CME. Below is a chart showing CME's trailing twelve month trading history, with the $290 strike highlighted in orange:
Chipotle Mexican Grill Inc (Symbol: CMG) saw options trading volume of 95,904 contracts, representing approximately 9.6 million underlying shares or approximately 43.7% of CMG's average daily trading volume over the past month, of 22.0 million shares. Especially high volume was seen for the $37.50 strike put option expiring November 21, 2025, with 22,992 contracts trading so far today, representing approximately 2.3 million underlying shares of CMG. Below is a chart showing CMG's trailing twelve month trading history, with the $37.50 strike highlighted in orange:
And American Express Co. (Symbol: AXP) options are showing a volume of 11,531 contracts thus far today. That number of contracts represents approximately 1.2 million underlying shares, working out to a sizeable 43.6% of AXP's average daily trading volume over the past month, of 2.6 million shares. Especially high volume was seen for the $287.50 strike put option expiring August 15, 2025, with 822 contracts trading so far today, representing approximately 82,200 underlying shares of AXP. Below is a chart showing AXP's trailing twelve month trading history, with the $287.50 strike highlighted in orange:
For the various different available expirations for CME options, CMG options, or AXP options, visit StockOptionsChannel.com.
Dividend Giants Widely Held By ETFs
Institutional Holders of IBET
Funds Holding ENNV
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Notable Tuesday Option Activity: CME, CMG, AXP

At Holdings Channel, we have reviewed the latest batch of the 24 most recent 13F filings for the 06/30/2025 reporting period, and noticed that CME Group (Symbol: CME) was held by 12 of these funds. When hedge fund managers appear to be thinking alike, we find it is a good idea to take a closer look.
Before we proceed, it is important to point out that 13F filings do not tell the whole story, because these funds are only required to disclose their long positions with the SEC, but are not required to disclose their short positions. A fund making a bearish bet against a stock by shorting calls, for example, might also be long some amount of stock as they trade around their overall bearish position. This long component could show up in a 13F filing and everyone might assume the fund is bullish, but this tells only part of the story because the bearish/short side of the position is not seen.
Having given that caveat, we believe that looking at groups of 13F filings can be revealing, especially when comparing one holding period to another. Below, let's take a look at the change in CME positions, for this latest batch of 13F filers:
Aggregate Change:
+9,692
+$38,580
In terms of shares owned, we count 6 of the above funds having increased existing CME positions from 03/31/2025 to 06/30/2025, with 2 having decreased their positions and 3 new positions. Worth noting is that Kohmann Bosshard Financial Services LLC, included in this recent batch of 13F filers, exited CME common stock as of 06/30/2025.
Looking beyond these particular funds in this one batch of most recent filers, we tallied up the CME share count in the aggregate among all of the funds which held CME at the 06/30/2025 reporting period (out of the 4,846 we looked at in total). We then compared that number to the sum total of CME shares those same funds held back at the 03/31/2025 period, to see how the aggregate share count held by hedge funds has moved for CME. We found that between these two periods, funds increased their holdings by 1,388,239 shares in the aggregate, from 109,868,514 up to 111,256,753 for a share count increase of approximately 1.26%. The overall top three funds holding CME on 06/30/2025 were:
We'll keep following the latest 13F filings by hedge fund managers and bring you interesting stories derived from a look at the aggregate information across groups of managers between filing periods. While looking at individual 13F filings can sometimes be misleading due to the long-only nature of the information, the sum total across groups of funds from one reporting period to another can be a lot more revealing and relevant, providing interesting stock ideas that merit further research, like CME Group (Symbol: CME).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

See Which Of The Latest 13F Filers Holds CME

In recent trading, shares of CME Group Inc (Symbol: CME) have crossed above the average analyst 12-month target price of $220.18, changing hands for $226.55/share. When a stock reaches the target an analyst has set, the analyst logically has two ways to react: downgrade on valuation, or, re-adjust their target price to a higher level. Analyst reaction may also depend on the fundamental business developments that may be responsible for driving the stock price higher — if things are looking up for the company, perhaps it is time for that target price to be raised.
There are 11 different analyst targets within the Zacks coverage universe contributing to that average for CME Group Inc, but the average is just that — a mathematical average. There are analysts with lower targets than the average, including one looking for a price of $197.00. And then on the other side of the spectrum one analyst has a target as high as $235.00. The standard deviation is $15.138.
But the whole reason to look at the average CME price target in the first place is to tap into a "wisdom of crowds" effort, putting together the contributions of all the individual minds who contributed to the ultimate number, as opposed to what just one particular expert believes. And so with CME crossing above that average target price of $220.18/share, investors in CME have been given a good signal to spend fresh time assessing the company and deciding for themselves: is $220.18 just one stop on the way to an even higher target, or has the valuation gotten stretched to the point where it is time to think about taking some chips off the table? Below is a table showing the current thinking of the analysts that cover CME Group Inc:
»
Current
1 Month Ago
2 Month Ago
3 Month Ago
Strong buy ratings:
5
5
5
4
Buy ratings:
1
1
1
1
Hold ratings:
6
6
6
7
Sell ratings:
0
0
0
0
Strong sell ratings:
1
1
0
1
Average rating:
2.31
2.31
2.08
2.46
The average rating presented in the last row of the above table above is from 1 to 5 where 1 is Strong Buy and 5 is Strong Sell. This article used data provided by Zacks Investment Research via Quandl.com. Get the latest Zacks research report on CME — FREE.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

CME Group Reaches Analyst Target Price

Cboe Global Markets, Inc. CBOE reported second-quarter 2025 adjusted earnings of $2.46 per share, which beat the Zacks Consensus Estimate by 1.6%. The bottom line increased 14.4% year over year.
The quarterly results benefited from growth in market data, access and capacity fees, an increase in options average daily volume, higher net transaction, clearing fees and non-transaction revenues.
Cboe Global Markets, Inc. Price, Consensus and EPS Surprise
Operational Details
Total adjusted revenues of CBOE Global were a record $587.3 million, which improved 14% year over year on the back of an increase in derivatives markets, Data Vantage, and cash and spot markets net revenues. The top line beat the Zacks Consensus Estimate by 2.6%.
Options revenues climbed 19% year over year to $364.8 million. The improvement was driven by growth in market data and access and capacity fees and an increase in net transaction and clearing fees as a result of an increase in total options average daily volume.
Revenues of North American Equities totaled $98.4 million, which remained flat year over year, reflecting higher access and capacity fees and industry market data fees, offset by lower net transaction and clearing fees.
Europe and Asia Pacific revenues increased 30% year over year to $70.4 million, reflecting growth in net transaction and clearing fees and non-transaction revenues.
Futures net revenues decreased 14% year over year to $30.1 million due to 19% decrease in net transaction and clearing fees.
Global FX net revenues rose 19% year over year to $23.6 million, primarily due to higher net transaction and clearing fees.
Adjusted operating expenses were $213.3 million, which increased 8.2% year over year. This increase was primarily due to higher compensation and benefits, depreciation and amortization, and technology support services. It was partially offset by lower travel and promotional expenses and professional fees and outside services. Our estimate was $221.4 million.
Adjusted operating income grew 18.5% year over year to $374 million. Our estimate was $342.5 million.
Adjusted operating margin came in at 63.7%, which expanded 230 basis points (bps) year over year. Adjusted EBITDA margin of 65.1% contracted 120 bps year over year.
Financial Update
CBOE Global exited the second quarter with cash and cash equivalents of $1.26 billion, which increased 36.5% from the 2024-end level. As of June 30, 2025, total assets of $9 billion rose 16.2% from the 2024-end figure.
CBOE’s long-term debt was $1.4 billion, which inched up 0.06% from the 2024-end level. Total shareholders’ equity was $4.7 billion, up 9% from the Dec. 31, 2024, figure.
Share Repurchase and Dividend Update
In the second quarter, CBOE Global paid out cash dividends worth $66.4 million or 63 cents per share and bought back shares worth $35.3 million. As of June 30, 2025, CBOE had approximately $614.5 million left under its current share repurchase authorization.
2025 Guidance Updated
CBOE anticipates organic total net revenue growth to be in the high single-digit range, up from the previous guidance.
The company reaffirmed Data Vantage’s organic net revenue growth range of mid to high single digits.
The company expects adjusted operating expenses to be in the range of $832 million to $847 million, down from previous guidance of $837-$852 million. The guidance excludes the expected amortization of acquired intangible assets of $70 million.
CBOE estimates depreciation and amortization expense to be in the range of $53-$57 million in 2025, down from previous guidance of $55-$59 million, excluding the expected amortization of acquired intangible assets.
Cboe Global estimates depreciation and amortization expenses in the range of $43-$47 million, excluding the expected amortization of acquired intangible assets.
CBOE reaffirms the effective tax rate on adjusted earnings to be in the range of 28.5% to 30.5%.
CBOE reaffirms capital expenditures in 2025 to be in the range of $75-$85 million.
Zacks Rank
CBOE Global currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Securities and Exchanges
Intercontinental Exchange ICE reported second-quarter 2025 adjusted earnings per share of $1.81, which beat the Zacks Consensus Estimate by 2.3%. The bottom line increased 19.1% on a year-over-year basis. Intercontinental’s net revenues were a record $2.5 billion, up 9.8% year over year. The top line beat the Zacks Consensus Estimate by 0.7%.
Total operating expenses decreased 0.4% year over year to $1.3 billion. This can be primarily attributed to lower rent and occupancy and selling, general and administrative expenses. Our estimate was also $1.3 billion. Adjusted operating expenses were $983 million in the quarter, up 3.8% year over year. Our estimate was $1 billion. Adjusted operating income rose 13.9% year over year to $1.6 billion. Our estimate was $1.4 billion. Adjusted operating margin expanded 200 bps year over year to 61%.
Nasdaq NDAQ reported second-quarter 2025 adjusted earnings per share of 85 cents, which beat the Zacks Consensus Estimate by 6.3%. The bottom line improved 24% year over year. Nasdaq’s net revenues of $1.3 billion increased 13% year over year. Organic net revenue growth was 12%. The top line beat the Zacks Consensus Estimate by 2.4%.
Annualized Recurring Revenue (ARR) increased 10% year over year to $2.9 billion. Organic growth was 9%. Annualized SaaS revenues increased 13% and represented 37% of ARR. Capital Access Platforms' revenues, adjusted, were $527 million, up 9% year over year. The increase was primarily driven by higher revenues from all business lines. Our estimate was $517.6 million.
CME Group CME reported second-quarter 2025 operating income of $2.96 per share, which beat the Zacks Consensus Estimate by 1.7%. The bottom line improved 15.6% year over year. CME Group’s revenues of $1.7 billion increased 10.4% year over year. The year-over-year increase was primarily due to higher clearing and transaction fees (up 11% year over year) and market data and information services (up 13.2% year over year). The top line beat the Zacks Consensus Estimate by 0.5%.
Total expenses rose 5.8% year over year to $562.7 million, attributable to higher compensation and benefits, technology, professional fees and outside services and licensing and other fee agreements. It exceeded our estimate of $513.7 million. Operating income increased 12.9% from the prior-year quarter to $1.1 billion. Our estimate was $1.1 billion.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Cboe Global Q2 Earnings Surpass Estimates on Higher Revenues

Key Points
Revenue rose 10% to $1.7 billion, beating expectations, and reached a record high for the company.
Adjusted EPS came in at $2.96, ahead of estimates and up 15.6% from the prior year.
Strong growth in average daily contract volume, led by increased retail participation and strength across key product lines.
CME Group (NASDAQ:CME), the major derivatives exchange operator known for its futures and options markets, reported financial results for the second quarter of 2025 on July 23, 2025. The company delivered record revenue of $1.7 billion, surpassing the consensus GAAP revenue estimate of $1.69 billion. Adjusted earnings per share were $2.96, topping the $2.91 expectation. These results represent year-over-year growth of 10% in revenue.
The quarter saw notable volume records, robust income growth, and a sizable increase in new retail traders.
Metric
Q2 2025
Q2 2025 Estimate
Q2 2024
Y/Y Change
Revenue
$1.7 billion
$1.69 billion
$1.53 billion
10%
Adjusted EPS
$2.96
$2.91
$2.56
15.6%
Operating income
$1.13 billion
$1.00 billion
12.9%
Net income
$1.00 billion
$883 million
16.1%
Average daily volume (contracts)
30.2 million
25.9 million
16.6%
Understanding CME Group's Business and Key Strategies
CME Group operates global derivatives and futures exchanges where market participants can hedge risk, speculate, or access market pricing. Through its electronic trading platform, CME Globex, it offers products tied to interest rates, stock indexes, commodities like energy and agriculture, foreign exchange, and metals.
Recently, it has focused on expanding the breadth of its product suite, investing in technology, and reaching more international and retail clients. Key success factors include product innovation, strong trading volumes, effective risk management, and the ability to adapt to regulatory change. CME’s moves into micro contracts and partnerships with online trading firms have helped draw in a new generation of users.
Quarter in Focus: Financial and Operational Highlights
The company's revenue reached a quarterly record, up 10% from Q2 2024. Adjusted EPS also set a new high. This growth was powered by a 16% rise in average daily contract volume, led by interest rate futures, which saw average daily volume rise from 12,894 in Q2 2024 to 15,472. Agricultural commodities and metals also saw higher activity. The company’s net income (GAAP) increased to $1.025 billion, rising 16.1% year-over-year. Operating income showed similar strength, highlighting the business’s operating leverage.
Retail engagement saw a dramatic jump. The number of new retail traders surged 57% year over year. Micro contracts—smaller-sized futures designed with retail in mind—hit record volumes, with average daily volume at 4.1 million.
Clearing and transaction fees, which make up the bulk of revenue, totaled $1.4 billion, up 11% from the prior year. The company did note a slight increase in the average rate per contract (RPC), a measure of the average fee earned per trade, from $0.686 in Q1 2025 to $0.690. The average RPC was $0.690, down from $0.708 last year. This was most pronounced in the energy segment, where RPC dropped 12.2% year-over-year, while other asset classes such as interest rates and equity indexes remained relatively stable. Market data revenue grew 13.2% year-over-year. due to both a 3.5 % fee increase and stronger subscriber growth, especially among professionals and retail users.
On the expense side, total outlays rose 5.8% to $563 million compared to Q2 2024, mainly from higher technology costs, which increased 11% year-over-year as CME continued its migration to Google Cloud services. Compensation and benefits were up 8.3% year-over-year, reflecting CME’s ongoing investments. Despite these investments, CME’s operating income margin remained robust, showing the advantages of its scale.
The company paid approximately $3.0 billion in dividends during the first half of 2025. This marks a continued trend of capital returns, bringing total payouts since 2012 to $29.1 billion. Management highlighted an ongoing process to sell its stake in the Aastra joint venture, with proceeds likely to be received in about six months.
Product Trends and Innovations
Interest rate futures and options saw record activity, driven by volatile market conditions and demand for hedging tools. These contracts help traders, financial institutions, and companies manage exposure to changes in interest rates. Energy products, led by contracts on oil (WTI) and natural gas (Henry Hub), posted strong growth in both futures and options, supported by active participation from both domestic and global clients.
Within agriculture, CME continued to grow its complex portfolio of grain, livestock, and soft commodity contracts. Metals trading volumes also improved, and CME’s embrace of smaller contract sizes has been instrumental in reaching new market entrants.
CME’s ongoing move to cloud-based trading infrastructure, through its partnership with Google Cloud, aims to expand access, create efficiencies, and enhance resiliency in the financial markets ecosystem. Internationally, CME’s active outreach resulted in new client growth across Europe, Asia Pacific, and the Middle East, where buy-side and commercial users increased their trading of benchmark contracts.
On the regulatory front, CME continued its policy of proactive margin adjustments—raising the collateral required from market participants to help manage volatile conditions and maintain market integrity. This strategy ensured the exchange’s systems handled periods of high risk smoothly.
Looking Ahead: Outlook and Points to Watch
The earnings release did not indicate any expected changes in capital allocation, beyond noting the planned Aastra joint venture sale and the company’s ongoing commitment to dividends and shareholder returns.
Investors should watch for trends in the average rate per contract, as technology expenses may keep rising as cloud migration continues. Competitive dynamics in overseas markets, especially Europe, present both a challenge and an opportunity for further expansion. Finally, regulatory developments, especially in U.S. Treasury clearing and collateral standards, remain important for CME and its clients.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
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JesterAI is a Foolish AI, based on a variety of Large Language Models (LLMs) and proprietary Motley Fool systems. All articles published by JesterAI are reviewed by our editorial team, and The Motley Fool takes ultimate responsibility for the content of this article. JesterAI cannot own stocks and so it has no positions in any stocks mentioned. The Motley Fool recommends CME Group. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Indicator	TTM Median
P/E	27.59 13.37
Price/Sales	15.71 1.92
P/B	3.65 1.10
P/FCF	25.81 10.25

Indicator	TTM Median
ROE	13.10 10.06
ROA	2.57 1.13
ROI	11.86 6.38
Net Worth	98.79 0.99
Quick Ratio	0.00 1.40
Current Ratio	1.02 0.96

Indicator	TTM Median
Net Profit Margin	56.99 15.86
Operating Margin	64.93 21.72
Gross Margin	100.00 68.17
Return on tangible equity	0.00 12.03

Indicator	TTM Median
EPS	2.80 0.60
EPS Forecast	2.79 0.61
Revenue	1.64B 85.50M
Gross Profit	1.64B —
EBITDA	1.19B —

CME Group Inc.

Fundamental CME

Valuation

Debts

Efficiency

Other ratios

Revenue