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TMX Group
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.Q4 2025 earnings summary6 Feb, 2026
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.
Explain Q4 diluted EPS vs adjusted EPS divergence.
Break down Q4 revenue growth: organic vs. M&A.
What drove the 6% underlying op ex increase?
Trayport long-term growth algorithm components
AI's impact on TMX operating expenses
TMX tokenization strategy and hurdles
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Next TMX Group earnings date
UBS Financial Services Conference 20269 Feb, 2026
TMX Group
Next TMX Group earnings date
UBS Financial Services Conference 20269 Feb, 2026
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Frequently asked questions
TMX Group Limited operates equity and derivatives markets, including stock exchanges, clearinghouses, and information services for the financial sector. It provides services to investors, traders, and public companies, managing multiple exchanges such as the Toronto Stock Exchange. TMX Group serves the financial services industry, focusing on capital markets and data solutions. The company is headquartered in Toronto, Canada, and its shares are listed on the TSX.
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