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AI核心结论
CME Group delivered a strong Q1 2026 with revenue rising 14.5% YoY to $1.88B and operating income surging 18.2% to $1.31B, driven by robust trading volumes and an industry-leading operating margin of nearly 70%.
营业收入
$1.88B
同比 ++14.48%
每股收益（基本）
$3.25
同比 ++23.57%
营业利润
$1.31B
同比 ++18.20%
提交于 · 来源: SEC EDGAR 10-Q 原文
Cme Group (CME) Q1 FY2026 营收 $1.88B，同比增长 14.5%。 稀释每股收益 $3.18。
CME Group's total revenue reached $1.88B in Q1 2026, up 14.5% from $1.64B in Q1 2025, reflecting strong demand for derivatives and risk management products across asset classes in a volatile macro environment.
来源: Source: 10-Q Income Statement (XBRL Financial Data)
Operating income grew 18.2% YoY to $1.31B, outpacing revenue growth and expanding the operating margin to approximately 69.7% from 67.5% a year ago — a 220 basis point improvement that underscores CME's highly scalable business model.
来源: Source: 10-Q Income Statement & Key Ratios (XBRL Financial Data)
Basic EPS jumped 23.6% YoY to $3.25 (diluted EPS up 21.4% to $3.18), reflecting both earnings growth and the benefit of share count management, delivering meaningful value to shareholders.
来源: Source: 10-Q Income Statement (XBRL Financial Data)
Operating cash flow reached $1.26B in Q1 2026, up 12.8% from $1.12B in Q1 2025, confirming that earnings growth is translating into real cash generation, though dividends paid of $2.70B exceeded operating cash flow for the quarter.
来源: Source: 10-Q Cash Flow Statement (XBRL Financial Data)
Total assets grew 28.0% YoY to approximately $202.0B, with current assets rising 36.9% to $169.0B, largely reflecting the scale of CME's clearing house operations where client margin deposits and performance bonds are held as both assets and offsetting liabilities.
来源: Source: 10-Q Balance Sheet (XBRL Financial Data)
CME's debt-to-equity ratio stands at approximately 6.59x, which appears elevated at first glance. However, this is largely structural, as CME's clearing house holds substantial client margin deposits that appear on both sides of the balance sheet. Investors should nonetheless monitor the composition of liabilities carefully.
来源: Source: 10-Q Balance Sheet & Key Ratios (XBRL Financial Data)
CME paid $2.70B in dividends during Q1 2026, significantly exceeding its operating cash flow of $1.26B. This gap was bridged by financing activities, suggesting the company relies on external financing or asset liquidation to fund its dividend commitments, which could be unsustainable if earnings decline.
来源: Source: 10-Q Cash Flow Statement (XBRL Financial Data)
CME's current ratio of approximately 1.02x indicates that current assets barely cover current liabilities. While this is partly a structural feature of clearing house operations, it leaves minimal margin for unexpected liquidity demands or market stress events.
来源: Source: 10-Q Balance Sheet & Key Ratios (XBRL Financial Data)
Stockholders' equity declined 1.5% YoY to $26.6B despite strong earnings, suggesting that capital returns (dividends and buybacks) are outpacing retained earnings. Continued erosion of the equity base could pressure the company's financial flexibility over time.
来源: Source: 10-Q Balance Sheet (XBRL Financial Data)
CME's revenue is highly dependent on trading volumes across futures and options markets, which are driven by market volatility. A sustained period of low volatility or reduced hedging activity could materially reduce transaction fee revenue, which is the primary driver of CME's top line.
来源: Source: 10-Q Income Statement (XBRL Financial Data)
Q1 FY2026 实际 EPS $3.36，分析师一致预期 $3.40，不及预期 -1.2%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $1.88B | $1.64B | +14.48% |
营业利润 | $1.31B | $1.11B | +18.20% |
每股收益（基本） | $3.25 | $2.63 | +23.57% |
每股收益（稀释） | $3.18 | $2.62 | +21.37% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $201.99B | $157.83B | +27.98% |
流动资产 | $169B | $123.45B | +36.90% |
总负债 | $175.38B | $130.8B | +34.08% |
流动负债 | $166B | $121.42B | +36.71% |
股东权益 | $26.62B | $27.03B | -1.53% |
现金及等价物 | $2.39B | $1.41B | +70.16% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $1.26B | $1.12B | +12.83% |
投资活动现金流 | $-23M | $-16M | -43.75% |
筹资活动现金流 | $2.12B | $19.21B | -88.98% |
股息支出 | $2.7B | $2.57B | +5.07% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 69.7% | 67.5% | +2.19% |
流动比率 | $1.018 | — | — |
资产负债率 | $6.589 | — | — |
CME Group had a strong Q1 2026, with revenue growing 14.5% YoY to $1.88B and operating income rising 18.2% to $1.31B. Diluted EPS came in at $3.18, up 21.4% from $2.62 in Q1 2025, reflecting robust trading volumes and excellent cost discipline.
CME Group's operating margin in Q1 2026 was approximately 69.7%, up from 67.5% in Q1 2025 — a 220 basis point improvement. This near-70% operating margin is one of the highest in the financial services industry and reflects the highly scalable nature of CME's exchange business.
Yes, CME Group's diluted EPS grew 21.4% YoY to $3.18 in Q1 2026, compared to $2.62 in Q1 2025. Basic EPS also rose 23.6% to $3.25, driven by strong earnings growth across the business.
Key risks include CME's revenue dependence on trading volumes, which can fall sharply during low-volatility periods, and the fact that dividends paid ($2.70B) significantly exceeded operating cash flow ($1.26B) in Q1 2026. Additionally, the company's current ratio of just 1.02x leaves limited liquidity buffer, though this is partly structural given its clearing house operations.
CME Group's financial health appears solid from an earnings perspective, with $1.88B in revenue, $1.26B in operating cash flow, and a near-70% operating margin. However, the balance sheet shows a debt-to-equity ratio of 6.59x and dividends that exceeded operating cash flow, which are worth monitoring, though both are partly explained by CME's role as a central clearing house.