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芝商所（CME）与高德纳（IT）财务数据对比。点击上方公司名可切换其他公司
芝商所的季度营收约是高德纳的1.1倍（$1.9B vs $1.8B），高德纳净利率更高（13.8% vs 0.1%，领先13.8%），芝商所同比增速更快（14.5% vs 2.2%），过去两年芝商所的营收复合增速更高（10.8% vs 9.1%）
芝商所是总部位于美国伊利诺伊州芝加哥的金融服务企业，为全球规模最大的金融衍生品交易所运营商，旗下拥有芝加哥商品交易所、芝加哥期货交易所、纽约商业交易所、纽约商品交易所等交易平台，覆盖农产品、货币、能源等品类交易，同时持有标普道琼斯指数27%的股权。
高德纳是美国专注于商业与科技领域的研究咨询机构，服务客户覆盖大型企业、政府机构、科技公司、投资机构等群体，通过输出研究报告、举办行业峰会、提供定制咨询等形式，为客户决策提供权威专业的洞见支撑。
CME vs IT — 直观对比
营收规模更大
CME
是对方的1.1倍
$1.8B
营收增速更快
CME
高出12.3%
2.2%
净利率更高
IT
高出13.8%
0.1%
两年增速更快
CME
近两年复合增速
9.1%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.8B |
| 净利润 | $1.2M | $242.2M |
| 毛利率 | — | 67.8% |
| 营业利润率 | 0.1% | 19.1% |
| 净利率 | 0.1% | 13.8% |
| 营收同比 | 14.5% | 2.2% |
| 净利润同比 | 20.7% | -39.2% |
| 每股收益（稀释后） | — | $3.36 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收CMEIT
| Q1 26 | $1.9B | — | ||
| Q4 25 | $1.6B | $1.8B | ||
| Q3 25 | $1.5B | $1.5B | ||
| Q2 25 | $1.7B | $1.7B | ||
| Q1 25 | $1.6B | $1.5B | ||
| Q4 24 | $1.5B | $1.7B | ||
| Q3 24 | $1.6B | $1.5B | ||
| Q2 24 | $1.5B | $1.6B |
净利润CMEIT
| Q1 26 | $1.2M | — | ||
| Q4 25 | $1.2B | $242.2M | ||
| Q3 25 | $908.0M | $35.4M | ||
| Q2 25 | $1.0B | $240.8M | ||
| Q1 25 | $956.2M | $210.9M | ||
| Q4 24 | $874.6M | $398.6M | ||
| Q3 24 | $912.8M | $415.0M | ||
| Q2 24 | $883.2M | $229.5M |
毛利率CMEIT
| Q1 26 | — | — | ||
| Q4 25 | — | 67.8% | ||
| Q3 25 | — | 69.3% | ||
| Q2 25 | — | 68.6% | ||
| Q1 25 | — | 69.4% | ||
| Q4 24 | — | 66.8% | ||
| Q3 24 | — | 68.4% | ||
| Q2 24 | — | 68.6% |
营业利润率CMEIT
| Q1 26 | 0.1% | — | ||
| Q4 25 | 61.8% | 19.1% | ||
| Q3 25 | 63.3% | 5.7% | ||
| Q2 25 | 66.7% | 19.4% | ||
| Q1 25 | 67.5% | 18.1% | ||
| Q4 24 | 62.1% | 18.5% | ||
| Q3 24 | 64.6% | 16.6% | ||
| Q2 24 | 65.3% | 20.0% |
净利率CMEIT
| Q1 26 | 0.1% | — | ||
| Q4 25 | 71.7% | 13.8% | ||
| Q3 25 | 59.1% | 2.3% | ||
| Q2 25 | 60.6% | 14.3% | ||
| Q1 25 | 58.2% | 13.7% | ||
| Q4 24 | 57.3% | 23.2% | ||
| Q3 24 | 57.6% | 28.0% | ||
| Q2 24 | 57.6% | 14.4% |
每股收益（稀释后）CMEIT
| Q1 26 | — | — | ||
| Q4 25 | $3.24 | $3.36 | ||
| Q3 25 | $2.49 | $0.47 | ||
| Q2 25 | $2.81 | $3.11 | ||
| Q1 25 | $2.62 | $2.71 | ||
| Q4 24 | $2.40 | $5.08 | ||
| Q3 24 | $2.50 | $5.32 | ||
| Q2 24 | $2.42 | $2.93 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $2.4B | $1.7B |
| 总债务越低越好 | $3.4B | — |
| 股东权益账面价值 | — | $319.9M |
| 总资产 | $202.0B | $8.1B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资CMEIT
| Q1 26 | $2.4B | — | ||
| Q4 25 | $4.5B | $1.7B | ||
| Q3 25 | $2.6B | $1.4B | ||
| Q2 25 | $2.1B | $2.2B | ||
| Q1 25 | $1.5B | $2.1B | ||
| Q4 24 | $3.0B | $1.9B | ||
| Q3 24 | $2.4B | $1.8B | ||
| Q2 24 | $1.9B | $1.2B |
总债务CMEIT
| Q1 26 | $3.4B | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益CMEIT
| Q1 26 | — | — | ||
| Q4 25 | $28.7B | $319.9M | ||
| Q3 25 | $28.2B | $556.6M | ||
| Q2 25 | $27.7B | $1.5B | ||
| Q1 25 | $27.0B | $1.5B | ||
| Q4 24 | $26.5B | $1.4B | ||
| Q3 24 | $28.2B | $1.1B | ||
| Q2 24 | $27.6B | $646.7M |
总资产CMEIT
| Q1 26 | $202.0B | — | ||
| Q4 25 | $198.4B | $8.1B | ||
| Q3 25 | $187.1B | $7.2B | ||
| Q2 25 | $179.9B | $8.3B | ||
| Q1 25 | $157.8B | $8.5B | ||
| Q4 24 | $137.4B | $8.5B | ||
| Q3 24 | $137.8B | $7.8B | ||
| Q2 24 | $123.4B | $7.4B |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | — | $294.5M |
| 自由现金流经营现金流 - 资本支出 | — | $270.7M |
| 自由现金流率自由现金流/营收 | — | 15.4% |
| 资本支出强度资本支出/营收 | — | 1.4% |
| 现金转化率经营现金流/净利润 | — | 1.22× |
| 过去12个月自由现金流最近4个季度 | — | $1.2B |
8季度趋势，按日历期对齐
经营现金流CMEIT
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $294.5M | ||
| Q3 25 | $968.1M | $298.7M | ||
| Q2 25 | $1.1B | $383.6M | ||
| Q1 25 | $1.1B | $313.5M | ||
| Q4 24 | $1.0B | $335.4M | ||
| Q3 24 | $1.0B | $590.8M | ||
| Q2 24 | $776.9M | $370.0M |
自由现金流CMEIT
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $270.7M | ||
| Q3 25 | $949.7M | $269.3M | ||
| Q2 25 | $1.0B | $347.3M | ||
| Q1 25 | $1.1B | $287.9M | ||
| Q4 24 | $991.7M | $311.4M | ||
| Q3 24 | $973.2M | $565.0M | ||
| Q2 24 | $758.7M | $340.6M |
自由现金流率CMEIT
| Q1 26 | — | — | ||
| Q4 25 | 66.8% | 15.4% | ||
| Q3 25 | 61.8% | 17.7% | ||
| Q2 25 | 61.5% | 20.6% | ||
| Q1 25 | 67.1% | 18.8% | ||
| Q4 24 | 65.0% | 18.2% | ||
| Q3 24 | 61.4% | 38.1% | ||
| Q2 24 | 49.5% | 21.4% |
资本支出强度CMEIT
| Q1 26 | — | — | ||
| Q4 25 | 2.0% | 1.4% | ||
| Q3 25 | 1.2% | 1.9% | ||
| Q2 25 | 1.1% | 2.1% | ||
| Q1 25 | 0.9% | 1.7% | ||
| Q4 24 | 1.7% | 1.4% | ||
| Q3 24 | 1.9% | 1.7% | ||
| Q2 24 | 1.2% | 1.8% |
现金转化率CMEIT
| Q1 26 | — | — | ||
| Q4 25 | 0.96× | 1.22× | ||
| Q3 25 | 1.07× | 8.45× | ||
| Q2 25 | 1.03× | 1.59× | ||
| Q1 25 | 1.17× | 1.49× | ||
| Q4 24 | 1.16× | 0.84× | ||
| Q3 24 | 1.10× | 1.42× | ||
| Q2 24 | 0.88× | 1.61× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
CME
暂无分部数据
IT
| Transferred Over Time | $1.3B | 73% |
| Conferences | $286.2M | 16% |
| Consulting | $133.6M | 8% |
| Other | $52.3M | 3% |
