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CME Group delivered strong FY2025 results with revenue rising 6.4% to $6.52B and net income surging 15.5% to $4.07B, driven by robust operating leverage and a 64.9% operating margin.
营业收入
$6.52B
同比 ++6.37%
每股收益（基本）
$11.18
同比 ++15.38%
营业利润
$4.23B
同比 ++7.58%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-K 原文
Cme Group (CME) FY2025 营收 $6.52B，同比增长 6.4%。 净利润 $4.07B，同比增长 15.5%，稀释每股收益 $11.16。
CME Group grew total revenue by 6.4% year-over-year to $6.52B in FY2025, up from $6.13B in the prior year, reflecting continued demand for its derivatives and risk management products across interest rates, equities, energy, and agricultural markets.
来源: Source: 10-K Income Statement, Financial Data
Operating income grew 7.6% to $4.23B while the operating margin expanded modestly to 64.9% from 64.1%, demonstrating CME's highly scalable exchange business model where incremental revenue flows efficiently to the bottom line.
来源: Source: 10-K Income Statement, Financial Data
Net income rose 15.5% to $4.07B and diluted EPS increased 15.4% to $11.16, significantly outpacing revenue growth, suggesting favorable non-operating items or tax benefits contributed to bottom-line expansion beyond operating performance alone.
来源: Source: 10-K Income Statement, Financial Data
Operating cash flow grew 15.9% to $4.28B, comfortably covering the $3.93B in dividends paid during FY2025, which itself increased 9.7% year-over-year, underscoring CME's commitment to returning capital to shareholders.
来源: Source: 10-K Cash Flow Statement, Financial Data
Total assets surged 44.4% to $198.4B and total liabilities rose 52.9% to $169.7B, primarily driven by the clearing house's performance bond and guaranty fund obligations, which are typical for a central counterparty clearing business and not indicative of traditional corporate leverage.
来源: Source: 10-K Balance Sheet, Financial Data
CME acts as a central counterparty clearing house, meaning it stands between buyers and sellers in every cleared transaction. A default by a large clearing member during periods of extreme market volatility could expose CME to significant financial losses despite its multi-layered risk management framework. The massive balance sheet expansion (total assets up 44.4% to $198.4B) reflects the scale of these clearing obligations.
来源: Source: 10-K Balance Sheet, Financial Data
CME's revenue is heavily dependent on trading volumes in its core derivatives markets including interest rates, equities, energy, and agricultural products. A sustained period of low market volatility or reduced hedging activity could materially compress trading volumes and transaction fee revenue. This concentration makes CME's top line sensitive to macroeconomic and monetary policy cycles.
来源: Source: 10-K Income Statement, Financial Data
As a systemically important financial market utility (SIFMU), CME operates under extensive oversight from the CFTC, SEC, and international regulators. Changes in derivatives regulations, margin requirements, or clearing mandates could alter competitive dynamics or increase compliance costs. Regulatory shifts in major markets like the EU or Asia could also affect CME's international growth ambitions.
来源: Source: 10-K, Financial Data
CME earns significant investment income on cash collateral posted by clearing members, making its non-operating income sensitive to changes in short-term interest rates. A shift toward a lower interest rate environment by global central banks could reduce this income stream, which may have contributed to the outsized net income growth in FY2025 relative to operating income growth.
来源: Source: 10-K Income Statement, Financial Data
CME's current ratio stands at just 1.03x, meaning current assets of $165.4B barely exceed current liabilities of $160.3B. While much of this reflects the pass-through nature of clearing house collateral flows, any mismatch in the timing of collateral settlements could create short-term liquidity pressure. Investors should monitor this ratio in the context of clearing house operations rather than traditional corporate liquidity standards.
来源: Source: 10-K Balance Sheet, Financial Data
FY2025 实际 EPS $2.77，分析师一致预期 $2.77，不及预期 -0.0%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $6.52B | $6.13B | +6.37% |
营业利润 | $4.23B | $3.93B | +7.58% |
净利润 | $4.07B | $3.53B | +15.50% |
每股收益（基本） | $11.18 | $9.69 | +15.38% |
每股收益（稀释） | $11.16 | $9.67 | +15.41% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $198.42B | $137.45B | +44.36% |
流动资产 | $165.36B | $103.03B | +60.49% |
总负债 | $169.7B | $110.96B | +52.93% |
流动负债 | $160.3B | $102.31B | +56.67% |
股东权益 | $28.73B | $26.49B | +8.46% |
现金及等价物 | $4.42B | $2.89B | +52.71% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $4.28B | $3.69B | +15.89% |
投资活动现金流 | $1.5B | $-82.6M | +1914.53% |
筹资活动现金流 | $56.51B | $5.08B | +1013.16% |
股息支出 | $3.93B | $3.58B | +9.73% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 64.9% | 64.1% | +0.73% |
净利率 | 62.5% | — | — |
净资产收益率 | 14.2% | — | — |
总资产收益率 | 2.1% | — | — |
流动比率 | $1.032 | — | — |
资产负债率 | $5.907 | — | — |
Financial Exchanges & Data 行业其他公司
CME Group had a strong FY2025, with revenue growing 6.4% to $6.52B and net income surging 15.5% to $4.07B. Diluted EPS reached $11.16, up from $9.67 in the prior year, and the operating margin held above 64%, reflecting the company's highly efficient exchange business model.
CME's net income grew 15.5% to $4.07B in FY2025, significantly outpacing its 6.4% revenue growth and 7.6% operating income growth. The outsized net income expansion likely reflects strong non-operating income, potentially from investment returns on clearing member collateral in a higher interest rate environment.
Yes, CME paid $3.93B in dividends in FY2025, up 9.7% from $3.58B in the prior year. This was fully covered by operating cash flow of $4.28B, demonstrating the sustainability of CME's capital return program.
CME's total assets jumped 44.4% to $198.4B in FY2025, driven by its role as a central counterparty clearing house where member collateral and performance bonds flow through the balance sheet. This growth reflects increased clearing activity rather than traditional corporate asset accumulation or debt-funded expansion.
CME's key risks include its role as a clearing house counterparty where a major member default could cause significant losses, concentration of revenue in derivatives trading volumes that are sensitive to market volatility cycles, and regulatory risk as a systemically important financial market utility subject to CFTC and international oversight. Additionally, a declining interest rate environment could reduce investment income on clearing member collateral, which appears to have boosted net income in FY2025.