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CME Group

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Analysis

CME 10-K Analysis: Record Volumes Mask a Rate-Dependent Profit Engine

CME Group posted record revenue of $6.5 billion, record average daily volume of 28.1 million contracts, and record earnings of $11.16 EPS in FY2025. But the 10-K reveals that 62% of pretax income growth came from reinvesting $164 billion in customer collateral — not from the exchange fee business. With a 97.8% dividend payout ratio and the Fed signaling rate cuts, CME's most important profit engine is entirely outside management's control.

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14 min

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