Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

f36bd00de0ea34064dd7e803dae0a6d74d2bd457b302c2b38c7f2038bec240d3

Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

Selling, General, and Administrative Expenses (SG&A) [USD, Millions]

Research and Development (R&D) [USD, Millions]

Depreciation and Amortization (D&A) [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

Earnings Per Share (EPS) - Basic [USD]

Earnings Per Share (EPS) - Diluted [USD]

284c2ccd26e08233d57d326391831313c21a858164686f03404b6cc5e042f897

e64e5541f4a8104c9a851d29b569ea87ae51dc091a062b522a66ee723a285152

1e36ceff3dafd1790709bb517e2e5da739dce53ae6c6397547a0624376c54585

7f164a9d12763020cdc3d97999363e06da276b9a893528412b5b1413ac6d8531

Cash and cash equivalents (USD, millions)

Marketable securities (USD, millions)

Accounts receivable, net (USD, millions)

Other current assets (USD, millions)

Performance bonds and guaranty fund contributions - Assets (USD, millions)

Total current assets (USD, millions)

Property, net (USD, millions)

Intangible assets—trading products (USD, millions)

Intangible assets—other, net (USD, millions)

Goodwill (USD, millions)

Other assets (USD, millions)

Total Assets (USD, millions)

Accounts payable (USD, millions)

Short-term debt (USD, millions)

Other current liabilities (USD, millions)

Performance bonds and guaranty fund contributions - Liabilities (USD, millions)

Total current liabilities (USD, millions)

Long-term debt (USD, millions)

Deferred income tax liabilities, net (USD, millions)

Other liabilities (USD, millions)

Total Liabilities (USD, millions)

Class A common stock (USD, millions)

Additional paid-in capital (USD, millions)

Retained earnings (USD, millions)

Accumulated other comprehensive income (loss) (USD, millions)

Total CME Group Shareholders’ Equity (USD, millions)

Total Liabilities and Equity (USD, millions)

727cbe3b296005673f8b6b25d4bdc678a4744640c95eaf3daa42eb114e21af87

031cda33d84f488bee30895be1564972f70879e8f1eeeb29c0c0ca76afc403b4

The operating cash flow in Q4 2023 was high because **higher revenue** drove the increase. This higher revenue resulted from **fee increases** and **increased investment income** on collateral reinvestment, net of related expenses, which more than offset partially higher income tax payments compared to the previous period.  **[0001156375-24-000010_cme-20231231.htm:71]** **[0001156375-24-000010_cme-20231231.htm:86]** 

Why was Operating Cash Flow so high in Q4 2023?

In FY 2023, the higher Operating Cash Flow was primarily driven by an **increase in revenue**, as fee increases and a rise in **investment income on collateral reinvestment** contributed significantly, although these gains were partially offset by **higher income tax payments**.  **[0001156375-24-000010_cme-20231231.htm:71]** 

What drove the higher Operating Cash Flow in FY 2023?

The documents describe the factors that boosted the **net cash provided by operating activities** in Q3 2024—such as **higher revenues**, favorable changes in **other current assets** and **accounts payable**, and offsetting effects from **other current liabilities**.  **[0001156375-24-000200_cme-20240930.htm:10]**  However, they do not provide specific details regarding **free cash flow** or its calculation (which typically subtracts capital expenditures from operating cash flow). Therefore, while the elevated operating cash flow may have contributed to a higher free cash flow, the documents do not definitively explain what drove the elevated **free cash flow** in Q3 2024.  **[0001156375-24-000200_cme-20240930.htm:10]** 

What drove the elevated Free Cash Flow in Q3 2024?

53de51f8a47818e7ef8bbe7f1fba620d6f1d9ec910afc4a904df11533996376b

The nearly **50% reduction** in CME Group’s cash and cash equivalents in Q1 2024 was primarily due to the **dividends paid** of approximately **$2.3 billion**, which significantly reduced the cash balance. This outflow was partially offset by **$892.7 million** from operating activities and **$1,936.4 million** from financing activities, while investing activities used an additional **$22.8 million**. The large dividend payout was the key factor driving the drop from **$2,912.0 million** at the end of 2023 to **$1,436.9 million** in Q1 2024.  **[20240424AQ95861:0]** **[0001156375-24-000070_exhibit9913312024.htm:1]** **[0001156375-24-000072_cme-20240331.htm:8]** 

Why did Cash and cash equivalents nearly halve in Q1 2024?

The drop in Total Assets in Q2 2024 was primarily due to a decrease in performance bonds and guaranty fund contributions, a reduction in cash and cash equivalents, and a decrease in other current assets. Specifically, performance bonds declined by **$4,522.5 million**, cash by **$1,122.1 million**, and other current assets by **$570.9 million**, collectively contributing to the overall reduction in total assets.  **[0001156375-24-000143_exhibit9916302024.htm:6]** **[0001156375-24-000149_cme-20240630.htm:5]** 

What contributed to the drop in Total Assets in Q2 2024?

The **long-term debt** was reduced significantly in **Q1 2024** because **$750 million fixed-rate notes due in March 2025 were reclassified from long-term debt to short-term debt** since they are now within one year of maturity.  **[0001156375-24-000072_cme-20240331.htm:15]** **[0001156375-24-000070_exhibit9913312024.htm:6]** 

Why was Long-term debt reduced so significantly in Q1 2024?

The documents indicate that the spike was observed as Other current assets increased from **$529.8 million** as of December 31, 2022, to **$1,138.4 million** as of December 31, 2023. However, **the documents do not provide specific reasons for this increase** apart from noting that the amount includes **$5.2 million in restricted cash** in Q4 2023.  **[0001156375-24-000007_exhibit991123123.htm:6]** 

What drove the spike in Other current assets in Q4 2023?

The **Other current liabilities** for CME Group increased sharply—with the liability rising from **$2,300.9 million as of December 31, 2022**, to **$3,133.8 million as of December 31, 2023**—but the documents do not provide specific details on why this jump occurred. While factors such as changes in accrued expenses, short-term obligations, or reclassification of certain liabilities could be potential reasons, the documents do not explicitly confirm any of these causes.  **[0001156375-24-000007_exhibit991123123.htm:6]** **[0001156375-24-000010_cme-20231231.htm:82]** 

Why did Other current liabilities jump sharply in Q4 2023?

5dbe7ed1df458b80de4aaadc09688b7c17e84b5a2f9f40a92d8c157383c5769b

CME Group Inc (CME)

Financials