Subtext

CME Group Inc. CME

SectorFinancials
Transcripts72
Date range2007-07-24 – 2025-04-23
Calls charted72

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-22-11+0+11+222007 Q22009 Q32011 Q42014 Q12016 Q22018 Q32020 Q42023 Q12007 Q2 · Overall: +6.12007 Q3 · Overall: +5.22007 Q4 · Overall: +6.52008 Q1 · Overall: +2.02008 Q2 · Overall: +3.22008 Q3 · Overall: -1.32008 Q4 · Overall: +1.42009 Q1 · Overall: +4.62009 Q2 · Overall: +5.62009 Q3 · Overall: +5.92009 Q4 · Overall: +8.42010 Q1 · Overall: +3.62010 Q2 · Overall: +5.32010 Q3 · Overall: +6.12010 Q4 · Overall: +4.62011 Q1 · Overall: +10.22011 Q2 · Overall: +6.02011 Q3 · Overall: +1.22011 Q4 · Overall: +3.82012 Q1 · Overall: +0.12012 Q2 · Overall: +4.22012 Q3 · Overall: +4.72012 Q4 · Overall: +2.52013 Q1 · Overall: +3.72013 Q2 · Overall: +4.12013 Q3 · Overall: +2.12013 Q4 · Overall: +3.42014 Q1 · Overall: -3.82014 Q2 · Overall: +4.02014 Q3 · Overall: +9.22014 Q4 · Overall: +1.82015 Q1 · Overall: +0.22015 Q2 · Overall: +4.52015 Q3 · Overall: +5.92015 Q4 · Overall: +9.32016 Q1 · Overall: +12.62016 Q2 · Overall: +10.22016 Q3 · Overall: +6.72016 Q4 · Overall: +9.42017 Q1 · Overall: +11.72017 Q2 · Overall: +8.42017 Q3 · Overall: +5.82017 Q4 · Overall: +3.72018 Q1 · Overall: +19.12018 Q2 · Overall: +5.12018 Q3 · Overall: +0.02018 Q4 · Overall: +8.62019 Q1 · Overall: +5.62019 Q2 · Overall: +6.52019 Q3 · Overall: +7.02019 Q4 · Overall: +5.82020 Q1 · Overall: -6.22020 Q2 · Overall: +2.12020 Q3 · Overall: +6.72020 Q4 · Overall: +10.12021 Q1 · Overall: +3.22021 Q2 · Overall: +7.52021 Q3 · Overall: +5.32021 Q4 · Overall: +6.02022 Q1 · Overall: +8.72022 Q2 · Overall: +7.52022 Q3 · Overall: +7.02022 Q4 · Overall: +2.32023 Q1 · Overall: +3.02023 Q2 · Overall: +8.42023 Q3 · Overall: +7.42023 Q4 · Overall: +6.22024 Q1 · Overall: -3.52024 Q2 · Overall: +6.12024 Q3 · Overall: +5.82024 Q4 · Overall: +3.22025 Q1 · Overall: +1.8
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-50-25+0+25+502007 Q22009 Q32011 Q42014 Q12016 Q22018 Q32020 Q42023 Q12007 Q2 · CEO: +10.22007 Q3 · CEO: +6.62007 Q4 · CEO: +14.62008 Q1 · CEO: +9.12008 Q2 · CEO: +15.02008 Q3 · CEO: +9.32008 Q4 · CEO: +4.72009 Q1 · CEO: +12.52009 Q2 · CEO: +12.32009 Q3 · CEO: +7.02009 Q4 · CEO: +17.92010 Q1 · CEO: +8.72010 Q2 · CEO: +9.82010 Q3 · CEO: +13.72010 Q4 · CEO: +14.32011 Q1 · CEO: +16.42011 Q2 · CEO: +12.62011 Q3 · CEO: +1.62011 Q4 · CEO: +10.32012 Q1 · CEO: +43.12012 Q2 · CEO: +10.22012 Q3 · CEO: +9.42012 Q4 · CEO: +6.92013 Q1 · CEO: +17.92013 Q2 · CEO: +11.82013 Q3 · CEO: +7.32013 Q4 · CEO: +13.92014 Q1 · CEO: +1.22014 Q2 · CEO: +10.52014 Q3 · CEO: +17.12014 Q4 · CEO: +0.42015 Q1 · CEO: +1.62015 Q2 · CEO: +7.62015 Q3 · CEO: +13.62015 Q4 · CEO: +13.62016 Q1 · CEO: +15.92016 Q2 · CEO: +12.42017 Q3 · CEO: -2.42017 Q4 · CEO: +0.92007 Q2 · CFO: +4.72007 Q3 · CFO: +2.22008 Q3 · CFO: -4.62008 Q4 · CFO: +2.32009 Q1 · CFO: -1.22009 Q2 · CFO: +2.42009 Q3 · CFO: +4.42009 Q4 · CFO: +7.62010 Q1 · CFO: +1.32010 Q2 · CFO: +1.92010 Q3 · CFO: +2.42010 Q4 · CFO: +2.82011 Q1 · CFO: +9.92011 Q2 · CFO: +2.42011 Q3 · CFO: +10.52011 Q4 · CFO: +8.12012 Q1 · CFO: -2.72012 Q2 · CFO: +6.92012 Q3 · CFO: +6.12012 Q4 · CFO: +8.12013 Q1 · CFO: +7.12013 Q2 · CFO: +8.32013 Q3 · CFO: +7.82013 Q4 · CFO: -0.52014 Q1 · CFO: +11.62014 Q2 · CFO: +7.22014 Q3 · CFO: +10.92014 Q4 · CFO: +8.52015 Q1 · CFO: +7.12015 Q2 · CFO: +10.72015 Q3 · CFO: +5.02015 Q4 · CFO: +13.22016 Q1 · CFO: +11.02016 Q2 · CFO: +13.02017 Q3 · CFO: +11.12017 Q4 · CFO: +15.92023 Q1 · CFO: +15.3
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-28-14+0+14+282007 Q22009 Q32011 Q42014 Q12016 Q22018 Q32020 Q42023 Q12007 Q2 · Prepared remarks: +6.22007 Q3 · Prepared remarks: +7.42007 Q4 · Prepared remarks: +10.72008 Q1 · Prepared remarks: +6.32008 Q2 · Prepared remarks: +10.52008 Q3 · Prepared remarks: +5.62008 Q4 · Prepared remarks: +3.12009 Q1 · Prepared remarks: +3.42009 Q2 · Prepared remarks: +6.52009 Q3 · Prepared remarks: +6.62009 Q4 · Prepared remarks: +7.52010 Q1 · Prepared remarks: +4.82010 Q2 · Prepared remarks: +12.12010 Q3 · Prepared remarks: +11.32010 Q4 · Prepared remarks: +6.02011 Q1 · Prepared remarks: +20.62011 Q2 · Prepared remarks: +14.02011 Q3 · Prepared remarks: +6.12011 Q4 · Prepared remarks: +11.22012 Q1 · Prepared remarks: +10.52012 Q2 · Prepared remarks: +9.62012 Q3 · Prepared remarks: +17.12012 Q4 · Prepared remarks: +11.22013 Q1 · Prepared remarks: +17.02013 Q2 · Prepared remarks: +12.32013 Q3 · Prepared remarks: +11.62013 Q4 · Prepared remarks: +16.92014 Q1 · Prepared remarks: +5.82014 Q2 · Prepared remarks: +8.52014 Q3 · Prepared remarks: +19.72014 Q4 · Prepared remarks: +6.22015 Q1 · Prepared remarks: +9.32015 Q2 · Prepared remarks: +5.12015 Q3 · Prepared remarks: +14.22015 Q4 · Prepared remarks: +14.02016 Q1 · Prepared remarks: +15.12016 Q2 · Prepared remarks: +9.32016 Q3 · Prepared remarks: +8.22016 Q4 · Prepared remarks: +15.92017 Q1 · Prepared remarks: +18.02017 Q2 · Prepared remarks: +8.92017 Q3 · Prepared remarks: -2.42017 Q4 · Prepared remarks: -5.92018 Q1 · Prepared remarks: +7.72018 Q2 · Prepared remarks: -4.32018 Q3 · Prepared remarks: +14.82018 Q4 · Prepared remarks: +12.42019 Q1 · Prepared remarks: +7.32019 Q2 · Prepared remarks: +8.72019 Q3 · Prepared remarks: +14.92019 Q4 · Prepared remarks: +11.42020 Q1 · Prepared remarks: -8.12020 Q2 · Prepared remarks: +7.42020 Q3 · Prepared remarks: +2.72020 Q4 · Prepared remarks: +13.92021 Q1 · Prepared remarks: +0.02021 Q2 · Prepared remarks: +2.72021 Q3 · Prepared remarks: +9.72021 Q4 · Prepared remarks: +16.72022 Q1 · Prepared remarks: +2.12022 Q2 · Prepared remarks: +8.12022 Q3 · Prepared remarks: +12.02022 Q4 · Prepared remarks: +9.82023 Q1 · Prepared remarks: +10.02023 Q2 · Prepared remarks: +16.92023 Q3 · Prepared remarks: +17.22023 Q4 · Prepared remarks: +2.42024 Q1 · Prepared remarks: +5.42024 Q2 · Prepared remarks: +12.72024 Q3 · Prepared remarks: +14.42024 Q4 · Prepared remarks: +12.22025 Q1 · Prepared remarks: +7.92007 Q3 · Q&A responses: +4.82007 Q4 · Q&A responses: +8.72008 Q1 · Q&A responses: +1.92008 Q2 · Q&A responses: +2.12008 Q3 · Q&A responses: -2.32008 Q4 · Q&A responses: +1.82009 Q1 · Q&A responses: +8.22009 Q2 · Q&A responses: +6.42009 Q3 · Q&A responses: +7.12009 Q4 · Q&A responses: +13.42010 Q1 · Q&A responses: +5.42010 Q2 · Q&A responses: +3.32010 Q3 · Q&A responses: +8.22010 Q4 · Q&A responses: +9.22011 Q1 · Q&A responses: +6.42011 Q2 · Q&A responses: +9.12011 Q3 · Q&A responses: +1.22011 Q4 · Q&A responses: +0.92012 Q1 · Q&A responses: -3.32012 Q2 · Q&A responses: +3.42012 Q3 · Q&A responses: +2.92012 Q4 · Q&A responses: +0.82013 Q1 · Q&A responses: +1.42013 Q2 · Q&A responses: +5.62013 Q3 · Q&A responses: +1.42013 Q4 · Q&A responses: +2.32014 Q1 · Q&A responses: -8.12014 Q2 · Q&A responses: +6.22014 Q3 · Q&A responses: +6.82014 Q4 · Q&A responses: -1.32015 Q1 · Q&A responses: -1.02015 Q2 · Q&A responses: +8.42015 Q3 · Q&A responses: +5.62015 Q4 · Q&A responses: +11.12016 Q1 · Q&A responses: +14.42016 Q2 · Q&A responses: +15.22016 Q3 · Q&A responses: +7.32016 Q4 · Q&A responses: +9.22017 Q1 · Q&A responses: +10.72017 Q2 · Q&A responses: +9.82017 Q3 · Q&A responses: +10.42017 Q4 · Q&A responses: +9.02018 Q1 · Q&A responses: +24.32018 Q2 · Q&A responses: +9.02018 Q3 · Q&A responses: -2.02018 Q4 · Q&A responses: +9.52019 Q1 · Q&A responses: +6.52019 Q2 · Q&A responses: +8.82019 Q3 · Q&A responses: +7.92019 Q4 · Q&A responses: +5.42020 Q1 · Q&A responses: -2.82020 Q2 · Q&A responses: +2.22020 Q3 · Q&A responses: +8.92020 Q4 · Q&A responses: +12.32021 Q1 · Q&A responses: +4.32021 Q2 · Q&A responses: +10.62021 Q3 · Q&A responses: +4.12021 Q4 · Q&A responses: +5.72022 Q1 · Q&A responses: +11.22022 Q2 · Q&A responses: +9.32022 Q3 · Q&A responses: +9.02022 Q4 · Q&A responses: +3.12023 Q1 · Q&A responses: +3.32023 Q2 · Q&A responses: +9.92023 Q3 · Q&A responses: +8.02023 Q4 · Q&A responses: +8.82024 Q1 · Q&A responses: -0.62024 Q2 · Q&A responses: +7.22024 Q3 · Q&A responses: +4.72024 Q4 · Q&A responses: +3.52025 Q1 · Q&A responses: +3.8
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$3.01$6.79$10.572007 Q22009 Q32011 Q42014 Q12016 Q22018 Q32020 Q42023 Q12014 Q1: $3.692014 Q2: $3.562014 Q3: $3.542014 Q4: $3.762015 Q1: $4.032015 Q2: $4.022015 Q3: $4.242015 Q4: $4.292016 Q1: $4.452016 Q2: $4.472016 Q3: $4.682016 Q4: $4.762017 Q1: $4.972017 Q2: $5.052017 Q3: $5.192017 Q4: $5.402018 Q1: $6.622018 Q2: $6.962018 Q3: $6.992018 Q4: $7.382019 Q1: $7.222019 Q2: $7.022019 Q3: $7.212019 Q4: $7.382020 Q1: $7.592020 Q2: $7.502020 Q3: $7.052020 Q4: $6.732021 Q1: $6.862021 Q2: $7.072021 Q3: $7.212021 Q4: $7.312022 Q1: $7.672022 Q2: $8.132022 Q3: $8.242022 Q4: $8.352023 Q1: $8.512023 Q2: $8.852023 Q3: $9.192023 Q4: $9.402024 Q1: $9.662024 Q2: $9.862024 Q3: $10.04

Forward P/E

17.8025.1932.572007 Q22009 Q32011 Q42014 Q12016 Q22018 Q32020 Q42023 Q12014 Q1: 20.532014 Q2: 20.272014 Q3: 22.832014 Q4: 23.922015 Q1: 24.592015 Q2: 23.992015 Q3: 22.522015 Q4: 22.272016 Q1: 21.662016 Q2: 21.072016 Q3: 22.992016 Q4: 25.552017 Q1: 25.102017 Q2: 25.192017 Q3: 25.202017 Q4: 28.082018 Q1: 24.612018 Q2: 24.512018 Q3: 24.852018 Q4: 25.142019 Q1: 23.502019 Q2: 28.112019 Q3: 29.962019 Q4: 27.172020 Q1: 18.822020 Q2: 23.772020 Q3: 24.152020 Q4: 27.002021 Q1: 30.112021 Q2: 30.982021 Q3: 26.222021 Q4: 31.142022 Q1: 31.552022 Q2: 24.692022 Q3: 23.212022 Q4: 20.952023 Q1: 21.482023 Q2: 20.512023 Q3: 22.572023 Q4: 22.682024 Q1: 22.702024 Q2: 19.942024 Q3: 21.53

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2014 Q2 tone ↑ +7.8 fwd EPS ↓ -0.12 Tone rose while the forward EPS estimate was cut.
  • 2014 Q4 tone ↓ -7.4 fwd EPS ↑ +0.22 Tone cooled even as the forward EPS estimate rose.
  • 2016 Q3 tone ↓ -3.5 fwd EPS ↑ +0.21 Tone cooled even as the forward EPS estimate rose.
  • 2017 Q2 tone ↓ -3.3 fwd EPS ↑ +0.08 Tone cooled even as the forward EPS estimate rose.
  • 2017 Q3 tone ↓ -2.6 fwd EPS ↑ +0.14 Tone cooled even as the forward EPS estimate rose.
  • 2017 Q4 tone ↓ -2.1 fwd EPS ↑ +0.21 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q2 tone ↓ -14.0 fwd EPS ↑ +0.33 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q1 tone ↓ -12.0 fwd EPS ↑ +0.21 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q2 tone ↑ +8.2 fwd EPS ↓ -0.09 Tone rose while the forward EPS estimate was cut.
  • 2020 Q3 tone ↑ +4.6 fwd EPS ↓ -0.46 Tone rose while the forward EPS estimate was cut.
  • 2020 Q4 tone ↑ +3.4 fwd EPS ↓ -0.32 Tone rose while the forward EPS estimate was cut.
  • 2021 Q1 tone ↓ -6.9 fwd EPS ↑ +0.13 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q3 tone ↓ -2.2 fwd EPS ↑ +0.14 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q4 tone ↓ -4.7 fwd EPS ↑ +0.11 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q1 tone ↓ -9.7 fwd EPS ↑ +0.26 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-04-23+1.8——View →
2024 Q42025-02-12+3.2——View →
2024 Q32024-10-23+5.8$10.0421.5View →
2024 Q22024-07-24+6.1$9.8619.9View →
2024 Q12024-04-24-3.5$9.6622.7View →
2023 Q42024-02-14+6.2$9.4022.7View →
2023 Q32023-10-25+7.4$9.1922.6View →
2023 Q22023-07-26+8.4$8.8520.5View →