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TMX Group (X) investor relations material
TMX Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved sixth consecutive quarter of double-digit revenue growth, with Q4 2025 revenue up 16% year-over-year to $457.8M and record adjusted EPS and operating income.
Strong performance across all business units, including Derivatives Trading & Clearing, Equities Trading, TMX Trayport, and TMX VettaFi.
Capital Formation revenue rose 9%-13% year-over-year, with a surge in financing activity, especially in the mining sector.
Adjusted diluted EPS rose 22% to $0.60, while reported diluted EPS fell 29% to $0.41 due to FX losses.
Continued focus on innovation, digital transformation, and expanding global reach.
Financial highlights
Q4 2025 revenue reached $457.8M (CAD 457.8 million), up 16% year-over-year; operating income increased 14% to $205.7M.
Adjusted diluted EPS increased 22% from Q4 last year; reported diluted EPS down 29% due to non-cash FX losses.
Operating expenses rose 19% in Q4, mainly due to regulatory charges, acquisitions, and litigation costs.
Cash flows from operating activities: $223.6M (+25% YoY); cash and marketable securities at CAD 513 million.
Quarterly dividend increased 9% to $0.24 per share.
Outlook and guidance
Management remains bullish on long-term growth, especially in Trayport and Derivatives, with high single to low double-digit growth expected.
Strong IPO pipeline and robust liquidity position signal a positive outlook for 2026.
Continued investment in AI and technology to drive productivity and cost discipline.
Long-term objectives include revenue and adjusted EPS CAGR, growing recurring and international revenue, and disciplined expense management.
- TimeTickerHeadlineOpen
- 6 FebISCTR
Net profit hit TL 67.4 billion in 2025, with strong NIM, fee growth, and solid 2026 outlook. - 6 FebSCW
73% revenue growth and record backlog driven by new space contracts and strategic investments. - 6 FebCDP
2025 FFO/share rose 5.8% with strong leasing and retention; 2026 guidance signals further growth. - 6 FebSCW
Revenue at 15.86 mln PLN, backlog 17.14 mln PLN, and major space contracts drive 2025 outlook. - 6 FebPENG
All proposals passed, with no questions raised during the Q&A session. - 6 FebSCW
Q2 2024 revenue up 115% y/y, backlog nearly doubled, Space segment leads growth. - 6 FebPECO
2026 FFO per share growth guided at 5.5% with record occupancy and strong acquisitions. - 6 FebSCW
Q2 2025 revenue surged 120% y/y, driven by a record Asian contract and a tripled backlog. - 6 FebSCW
Q1 2025 revenue jumped 97% year-over-year, with strong backlog and major new contracts secured. - 6 FebSCW
Q3 revenue up 39% y/y, backlog at 58.3 mln PLN, Space leads growth with global contracts.
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Next TMX Group earnings date
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