WarrenAI used Investing Pro metrics to highlight four exchange operators that merit attention in 2026. Each company shows a different combination of earnings dynamics, technical momentum and valuation characteristics, providing investors with multiple ways to access financial-market infrastructure.
CME Group (NASDAQGS:CME)
CME Group is presented as the sector benchmark in the analysis. The company achieved record annual revenue of $6.5 billion and produced a one-year price return of 23.1%. Investors can assess its mix of growth and yield through a forward P/E of 26.2x and a dividend yield of 4.6%. Analyst consensus price targets are cited at $289.71, which reinforces the current valuation context. CME’s business momentum is attributed to record trading volumes, especially across interest rate and commodity contracts. The firm has a long history of shareholder distributions, with 23 consecutive years of dividend growth, and technical indicators that show "strong buy" across all timeframes.
On the earnings front, CME reported fourth-quarter 2025 results that beat analyst expectations, posting EPS of $2.77 and revenue of $1.65 billion.
Cboe Global Markets (BATS:CBOE)
Cboe appears in the analysis as a breakout performer. The stock has returned 29.9% over the past year and carries "strong buy" technical ratings across all timeframes. Valuation measures include a forward P/E of 25.3x and a dividend yield of 1.3%. Cboe has achieved notable margin expansion, with an EBITDA margin of 31.9%, driven by its leadership in options trading and global market connectivity. The company is also developing new products such as event contracts and binary options.
Operationally, Cboe reported record options trading volumes for the sixth straight year in 2025. The company also received an upgrade to Overweight from Barclays and saw its price target raised by UBS.
Intercontinental Exchange (NYSE:ICE)
Intercontinental Exchange is identified as a heavyweight in the exchange space, with a market capitalization of $92.98 billion and record trading volumes reported in January. ICE trades at a forward P/E of 23.4x and yields 1.2% on the dividend. Analysts in the dataset project upside potential of 24.2% for the stock. The company disclosed January 2026 trading volumes that were up 23% year-over-year, and it has broadened its data analytics capabilities with the launch of a Reddit Signals suite. Important regulatory progress is also noted, including SEC approval for U.S. Treasury clearing.
UBS adjusted its price target on ICE to $195.00 from $200.00 but retained a Buy rating.
MarketAxess Holdings (NASDAQGS:MKTX)
MarketAxess is presented as a contrarian opportunity that carries near-term challenges. The stock has declined 25.1% over the past year, and earnings growth is described as flat. Despite that, WarrenAI’s fair value assessment shows 27.3% upside potential, and the company trades at a relatively low forward P/E of 21.9x within the industry. Fundamental metrics include a 20.4% return on equity and a conservative balance sheet with a 5.2% debt-to-equity ratio. The board has been expanded to add fintech expertise as part of its strategic response.
On recent corporate activity, MarketAxess reported third-quarter 2025 earnings that exceeded expectations and announced a new $400 million share repurchase authorization. The firm also experienced a rating downgrade to Equalweight from Morgan Stanley, along with a price target cut from UBS. The analysis cautions that the company has declining market share and negative price momentum, which merit investor attention.
Takeaway
WarrenAI’s review, based on Investing Pro metrics, surfaces four exchange operators with varied investment profiles for 2026. CME and Cboe show strong revenue, volume and technical momentum; ICE combines scale with regulatory wins and data-product expansion; and MarketAxess offers a value-oriented, but risk-laden, contrarian case. Each name carries specific drivers and headwinds that investors should weigh when considering exposure to financial market infrastructure.