CME Group

CME returns capital to shareholders via dividends and occasionally M&A. Reinvestment into the core business is modest – capex is low (~$90M/year for technology) – but acquisitions have expanded its product scope. The firm’s approach is conservative: it has prioritized stable dividends over share buybacks.

Since 2012, CME has paid $24.3B in dividends, and in 2023 alone $3.5B was paid. A $3B buyback was authorized in Dec 2024, but none had been executed by year-end. Overall, capital allocation is competent but not exemplary in buybacks.