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芝商所（CME）与Tradeweb Markets Inc.（TW）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Tradeweb Markets Inc.的3.6倍（$1.9B vs $521.2M）。Tradeweb Markets Inc.净利率更高（62.4% vs 0.1%，领先62.3%）。芝商所同比增速更快（14.5% vs 12.5%）。过去两年Tradeweb Markets Inc.的营收复合增速更高（12.9% vs 10.8%）
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。
Tradeweb Markets Inc.总部位于美国纽约，运营面向机构投资者的电子交易平台，支持固定收益产品、ETF及衍生品交易，服务覆盖银行、资管机构、央行、养老基金、保险公司等超3000家客户。2024年其83%营收来自交易手续费及佣金，17%来自订阅费，52%营收来自利率相关产品。
CME vs TW — 直观对比
营收规模更大
CME
是对方的3.6倍
$521.2M
营收增速更快
CME
高出2.0%
12.5%
净利率更高
TW
高出62.3%
0.1%
两年增速更快
TW
近两年复合增速
10.8%
损益表 — Q1 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $521.2M |
| 净利润 | $1.2M | $325.0M |
| 毛利率 | — | — |
| 营业利润率 | 0.1% | 42.4% |
| 净利率 | 0.1% | 62.4% |
| 营收同比 | 14.5% | 12.5% |
| 净利润同比 | 20.7% | 128.5% |
| 每股收益（稀释后） | — | $1.52 |
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CMETW
| Q1 26 | $1.9B | — | ||
| Q4 25 | $1.6B | $521.2M | ||
| Q3 25 | $1.5B | $508.6M | ||
| Q2 25 | $1.7B | $513.0M | ||
| Q1 25 | $1.6B | $509.7M | ||
| Q4 24 | $1.5B | $463.3M | ||
| Q3 24 | $1.6B | $448.9M | ||
| Q2 24 | $1.5B | $405.0M |
净利润CMETW
| Q1 26 | $1.2M | — | ||
| Q4 25 | $1.2B | $325.0M | ||
| Q3 25 | $908.0M | $185.6M | ||
| Q2 25 | $1.0B | $153.8M | ||
| Q1 25 | $956.2M | $148.4M | ||
| Q4 24 | $874.6M | $142.2M | ||
| Q3 24 | $912.8M | $113.9M | ||
| Q2 24 | $883.2M | $119.2M |
营业利润率CMETW
| Q1 26 | 0.1% | — | ||
| Q4 25 | 61.8% | 42.4% | ||
| Q3 25 | 63.3% | 41.4% | ||
| Q2 25 | 66.7% | 39.0% | ||
| Q1 25 | 67.5% | 40.0% | ||
| Q4 24 | 62.1% | 40.7% | ||
| Q3 24 | 64.6% | 35.5% | ||
| Q2 24 | 65.3% | 40.1% |
净利率CMETW
| Q1 26 | 0.1% | — | ||
| Q4 25 | 71.7% | 62.4% | ||
| Q3 25 | 59.1% | 36.5% | ||
| Q2 25 | 60.6% | 30.0% | ||
| Q1 25 | 58.2% | 29.1% | ||
| Q4 24 | 57.3% | 30.7% | ||
| Q3 24 | 57.6% | 25.4% | ||
| Q2 24 | 57.6% | 29.4% |
每股收益（稀释后）CMETW
| Q1 26 | — | — | ||
| Q4 25 | $3.24 | $1.52 | ||
| Q3 25 | $2.49 | $0.86 | ||
| Q2 25 | $2.81 | $0.71 | ||
| Q1 25 | $2.62 | $0.69 | ||
| Q4 24 | $2.40 | $0.66 | ||
| Q3 24 | $2.50 | $0.53 | ||
| Q2 24 | $2.42 | $0.55 |
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 | $2.1B |
| 总债务越低越好 | $3.4B | — |
| 股东权益账面价值 | — | $6.5B |
| 总资产 | $202.0B | $8.2B |
| 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CMETW
| Q1 26 | $2.4B | — | ||
| Q4 25 | $4.5B | $2.1B | ||
| Q3 25 | $2.6B | $1.9B | ||
| Q2 25 | $2.1B | $1.6B | ||
| Q1 25 | $1.5B | $1.3B | ||
| Q4 24 | $3.0B | $1.3B | ||
| Q3 24 | $2.4B | $1.2B | ||
| Q2 24 | $1.9B | $1.7B |
总债务CMETW
| Q1 26 | $3.4B | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益CMETW
| Q1 26 | — | — | ||
| Q4 25 | $28.7B | $6.5B | ||
| Q3 25 | $28.2B | $6.3B | ||
| Q2 25 | $27.7B | $6.1B | ||
| Q1 25 | $27.0B | $5.9B | ||
| Q4 24 | $26.5B | $5.8B | ||
| Q3 24 | $28.2B | $5.7B | ||
| Q2 24 | $27.6B | $5.6B |
总资产CMETW
| Q1 26 | $202.0B | — | ||
| Q4 25 | $198.4B | $8.2B | ||
| Q3 25 | $187.1B | $8.0B | ||
| Q2 25 | $179.9B | $8.1B | ||
| Q1 25 | $157.8B | $7.4B | ||
| Q4 24 | $137.4B | $7.3B | ||
| Q3 24 | $137.8B | $7.3B | ||
| Q2 24 | $123.4B | $7.3B |
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 | — | $355.9M |
| 自由现金流经营现金流 - 资本支出 | — | $336.5M |
| 自由现金流率自由现金流/营收 | — | 64.6% |
| 资本支出强度资本支出/营收 | — | 3.7% |
| 现金转化率经营现金流/净利润 | — | 1.10× |
| 过去12个月自由现金流最近4个季度 | — | $1.1B |
8季度趋势，按日历期对齐
经营现金流CMETW
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $355.9M | ||
| Q3 25 | $968.1M | $342.3M | ||
| Q2 25 | $1.1B | $409.2M | ||
| Q1 25 | $1.1B | $60.2M | ||
| Q4 24 | $1.0B | $282.0M | ||
| Q3 24 | $1.0B | $292.1M | ||
| Q2 24 | $776.9M | $285.7M |
自由现金流CMETW
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $336.5M | ||
| Q3 25 | $949.7M | $328.3M | ||
| Q2 25 | $1.0B | $403.7M | ||
| Q1 25 | $1.1B | $58.6M | ||
| Q4 24 | $991.7M | $256.8M | ||
| Q3 24 | $973.2M | $287.8M | ||
| Q2 24 | $758.7M | $280.8M |
自由现金流率CMETW
| Q1 26 | — | — | ||
| Q4 25 | 66.8% | 64.6% | ||
| Q3 25 | 61.8% | 64.5% | ||
| Q2 25 | 61.5% | 78.7% | ||
| Q1 25 | 67.1% | 11.5% | ||
| Q4 24 | 65.0% | 55.4% | ||
| Q3 24 | 61.4% | 64.1% | ||
| Q2 24 | 49.5% | 69.4% |
资本支出强度CMETW
| Q1 26 | — | — | ||
| Q4 25 | 2.0% | 3.7% | ||
| Q3 25 | 1.2% | 2.8% | ||
| Q2 25 | 1.1% | 1.1% | ||
| Q1 25 | 0.9% | 0.3% | ||
| Q4 24 | 1.7% | 5.4% | ||
| Q3 24 | 1.9% | 1.0% | ||
| Q2 24 | 1.2% | 1.2% |
现金转化率CMETW
| Q1 26 | — | — | ||
| Q4 25 | 0.96× | 1.10× | ||
| Q3 25 | 1.07× | 1.84× | ||
| Q2 25 | 1.03× | 2.66× | ||
| Q1 25 | 1.17× | 0.41× | ||
| Q4 24 | 1.16× | 1.98× | ||
| Q3 24 | 1.10× | 2.56× | ||
| Q2 24 | 0.88× | 2.40× |
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
TW
| Other | $235.2M | 45% |
| Wholesale Client Sector | $97.9M | 19% |
| Subscription Fee Revenue | $60.0M | 12% |
| Retail Client Sector | $35.0M | 7% |
| Market Data Client Sector | $33.8M | 6% |
| Corporate Client Sector | $26.1M | 5% |
| Market Data Revenue | $23.2M | 4% |
| Financial Service Other | $10.0M | 2% |
