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CME Group vs Tradeweb Markets: CME and TW compared
CME Group is the larger company: $1.7B of revenue in its latest quarter (Q3 2026) against $585M for Tradeweb Markets (Q3 2026). Tradeweb Markets is growing faster (+15% against +13% a year earlier). CME Group is more profitable, with an operating margin of 65.7% against 43.4%.
Where the money goes: CME and TW
CME Group (CME) · Q3 2026
CME Group, Q3 2026: revenue $1.7B (+13% year over year), operating margin 65.7%, net earnings $1.0B, operating cash flow $1.1B. The chart follows the revenue to costs, profit and cash.
Tradeweb Markets (TW) · Q3 2026
Tradeweb Markets, Q3 2026: revenue $585M (+15% year over year), operating margin 43.4%, net earnings $197M, operating cash flow $347M. The chart follows the revenue to costs, profit and cash.
| CME Group (CME) | Tradeweb Markets (TW) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $1.7B | $585M |
| Revenue growth, Y/Y | +13% | +15% |
| Operating margin | 65.7% | 43.4% |
| Net earnings | $1.0B | $197M |
| Net margin | 59.7% | 33.8% |
| Operating cash flow | $1.1B | $347M |
| Free cash flow | $1.1B | $338M |
| Market value | $110.1B | $26.9B |
| P/E | 25.2× | 29.9× |
| Analysts’ mean target | $317.06 | $131.53 |
Where the revenue comes from
CME Group
- Clearing and transaction fees: $1.4B (79%)
- Market data and information services: $243M (14%)
- Other: $116M (7%)
Tradeweb Markets
- Transaction fees and commissions: $492M (84%)
- Subscription fees: $61.4M (11%)
- LSEG market data fees: $26.5M (5%)
- Other: $4.8M (1%)
Questions
Which is bigger, CME Group or Tradeweb Markets?
CME Group is the larger company: $1.7B of revenue in its latest quarter (Q3 2026) against $585M for Tradeweb Markets (Q3 2026).
Is CME Group or Tradeweb Markets growing faster?
Tradeweb Markets is growing faster (+15% against +13% a year earlier).
Which is more profitable, CME Group or Tradeweb Markets?
CME Group is more profitable, with an operating margin of 65.7% against 43.4%.
More: CME Group earnings · how CME Group makes money · Tradeweb Markets earnings · how Tradeweb Markets makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 23, 2026; 10-Q filed Oct 29, 2026). Fiscal quarters can end on different dates. Not investment advice.