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AI核心结论
CME reported modest Q2 FY2026 revenue growth to $1.706B and 1.6% net-income growth to $1.042B, but its operating margin narrowed to 64.9% as expenses rose faster than revenue. Source: 10-Q Item 2 MD&A, p.23.
营业收入
$1.71B
同比 ++0.84%
每股收益（基本）
$2.89
同比 ++2.85%
营业利润
$1.11B
同比 -1.97%
提交于 · 来源: SEC EDGAR 10-Q 原文
Cme Group (CME) Q2 FY2026 营收 $1.71B，同比增长 0.8%。 净利润 $1.04B，同比增长 1.6%，稀释每股收益 $2.88。
Total revenue increased 1% year over year to $1.706B. Market data and information services revenue rose 20% to $238.1M, supported by higher product usage, demand from new customer segments, and price increases, while clearing and transaction fees declined 3% to $1.353B. Source: 10-Q Item 2 MD&A, pp.23, 27.
来源: 10-Q Item 2 MD&A, pp.23, 27
Futures and options contract volume declined 1% to 1.850B contracts in Q2 FY2026, while the average rate per contract fell 2% to $0.678. CME estimates that lower volume reduced clearing and transaction fees by $15.8M and lower average rates reduced fees by another $22.7M. Source: 10-Q Item 2 MD&A, pp.23-24.
来源: 10-Q Item 2 MD&A, pp.23-24
Interest-rate average daily volume fell 6%, energy volume declined 13%, and foreign-exchange volume decreased 10% in Q2 FY2026, which management attributed largely to lower volatility and greater certainty around Federal Reserve policy. Offsetting this, equity-index volume increased 13%, agricultural commodities rose 6%, and Bitcoin futures and options volume grew 35%. Source: 10-Q Item 2 MD&A, pp.24-26.
来源: 10-Q Item 2 MD&A, pp.24-26
Operating expenses increased 6% to $599.1M, outpacing the 1% increase in revenue and reducing operating margin to 64.9% from 66.7%. The principal expense increases were technology expense, up 18% to $83.3M, licensing and other fee agreements, up 13% to $109.1M, and compensation and benefits, up 5% to $233.5M; technology spending reflected third-party support for the Google Cloud transformation project. Source: 10-Q Item 2 MD&A, pp.23, 27-28.
来源: 10-Q Item 2 MD&A, pp.23, 27-28
CME had no borrowings outstanding under its $2.3B senior revolving credit facility or its $7.0B clearing-house secured credit facility as of June 30, 2026. Cash used in financing activities was $5.975B for the first six months of 2026, and management stated that the year-over-year increase in financing cash use was driven by increased share repurchases; $1.5B remained authorized under the repurchase program. Source: 10-Q Item 2 MD&A, pp.29-31.
来源: 10-Q Item 2 MD&A, pp.29-31
Operating income declined 2.0% year over year to $1.107B even as revenue increased 0.8% to $1.706B. The reported operating margin declined to 64.9% from 66.7%, indicating that expense growth outpaced revenue growth during Q2 FY2026.
来源: 10-Q Income Statement (XBRL), p.N/A
The current ratio was 1.02x at the reporting date, based on $161.631B of current assets and $158.717B of current liabilities. This leaves a limited reported current-asset cushion above current obligations, although the filing does not provide a risk-factor discussion of this measure.
来源: 10-Q Balance Sheet (XBRL), p.N/A
The reported debt-to-equity ratio was 6.34x, while stockholders' equity declined 4.4% year over year to $26.520B. A lower equity base can make this leverage measure more sensitive to further changes in liabilities or shareholder capital.
来源: 10-Q Balance Sheet (XBRL), p.N/A
Cash used in financing activities was $5.975B for the six months ended Q2 FY2026, compared with cash provided by financing activities of $40.211B in the comparable prior-year period. Operating cash flow was positive at $2.207B, but it did not fully offset the reported year-to-date financing outflow.
来源: 10-Q Cash Flow Statement (XBRL), p.N/A
Q2 FY2026 实际 EPS $2.99，分析师一致预期 $2.94，超预期 +1.8%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $1.71B | $1.69B | +0.84% |
营业利润 | $1.11B | $1.13B | -1.97% |
净利润 | $1.04B | $1.03B | +1.63% |
每股收益（基本） | $2.89 | $2.81 | +2.85% |
每股收益（稀释） | $2.88 | $2.81 | +2.49% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $194.68B | $179.91B | +8.21% |
流动资产 | $161.63B | $145.45B | +11.12% |
总负债 | $168.16B | $152.17B | +10.51% |
流动负债 | $158.72B | $142.79B | +11.15% |
股东权益 | $26.52B | $27.74B | -4.39% |
现金及等价物 | $2.14B | $1.98B | +8.22% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流YTD | $2.21B | $2.18B | +1.47% |
投资活动现金流YTD | $-52.4M | $-34M | -54.12% |
筹资活动现金流YTD | $-5.97B | $40.21B | -114.86% |
股息支出YTD | $3.17B | $3.02B | +4.73% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 64.9% | 66.7% | -1.86% |
净利率 | 61.1% | — | — |
净资产收益率 | 3.9% | — | — |
总资产收益率 | 0.5% | — | — |
流动比率 | $1.018 | — | — |
资产负债率 | $6.341 | — | — |
预计发布日期、分析师预期与关注要点
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%.
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.
金融交易所与数据 行业其他公司
CME generated $1.706B of revenue in Q2 FY2026, up 0.8% from $1.692B a year earlier. Market data and information services grew 20% to $238.1M, but clearing and transaction fees declined 3% to $1.353B. Source: 10-Q Item 2 MD&A, p.23.
Net income increased 1.6% to $1.042B and diluted EPS increased 2.5% to $2.88. However, operating income declined 2.0% to $1.107B and operating margin narrowed to 64.9% from 66.7% as expenses grew 6%. Source: 10-Q Item 2 MD&A, pp.23, 27-28.
Clearing and transaction fees fell 3% to $1.353B as futures-and-options contract volume decreased 1% and the average rate per contract declined 2% to $0.678. CME estimated that lower volume reduced fees by $15.8M and lower average rates reduced fees by $22.7M. Source: 10-Q Item 2 MD&A, pp.23-24.
The provided filing data show diluted EPS of $2.88, up from $2.81 in the prior-year quarter, and net income of $1.042B. However, analyst consensus estimates are not included in the filing materials provided, so whether CME beat estimates cannot be determined from this report. Source: 10-Q Item 2 MD&A, p.23.
CME reported $2.207B of operating cash flow for the first six months of Q2 FY2026 and had no borrowings outstanding under its $2.3B senior revolver or $7.0B clearing-house credit facility at June 30, 2026. Its current ratio was 1.02x and reported debt-to-equity was 6.34x, so investors should also monitor liquidity coverage and leverage metrics. Source: 10-Q Item 2 MD&A, pp.29-31; 10-Q Key Ratios (XBRL), p.N/A.