Because of the bigger soundstage my new speakers have changed the way cd's sound in my room more than any other gear. That proved something to me. I still say speakers are most important matched to an amp and then source. Something I read once still sticks in my mind; a cable manufacturer wrote (I'm paraphrasing) that audiophiles constantly change gear never realizing the full potential of the gear they had because the cables they used were the weak link and holding back the potential of the setup. So cables may be most important for the phile who already has great speakers and other gear but is not getting pleasing performance. Every comment here is an unproven theory however. All of us can only provide our take.
Most Important?
After speakers where do you focus the lion share of your funds. I known garbage in garbage out. Would you buy a really great amp and an ok cd player of vice versa?