TMX Group (X) Q3 2025 earnings summary

Executive summary

• Achieved fifth consecutive quarter of double-digit revenue growth, with Q3 2025 revenue up 18% year-over-year to $418.6 million and strong performance across all business units.

• Adjusted diluted EPS rose 27% to $0.52 and income from operations increased 23% compared to Q3 last year.

• Diluted EPS increased 43% to $0.43, and organic revenue (excluding acquisitions) grew 17% year-over-year.

• Strategic focus on transformational growth (TM2X) and global expansion is accelerating revenue and operational leverage.

• For the first nine months of 2025, revenue was $1,259.4 million, up 18% year-over-year, with adjusted net income up 26%.

Financial highlights

• Q3 2025 revenue reached $418.6 million, up 18% year-over-year, and net income attributable to equity holders was $120.5 million, up 46%.

• Adjusted net income for Q3 2025 was $146.3 million, up 27% year-over-year.

• Operating expenses rose 14% year-over-year, with 7% increase on a comparable basis excluding litigation and acquisition costs.

• Dividend of $0.22 per share declared, maintaining a 42% payout ratio.

• Cash flows from operating activities in Q3 2025 were $156.7 million, down 8% year-over-year.

Outlook and guidance

• Management targets continued double-digit organic revenue growth, supported by diversified business lines and recent acquisitions.

• Trayport expected to maintain 10%+ revenue CAGR over the long term.

• Strategic investments in AI and data analytics to drive future growth and productivity.

• Management emphasizes a balanced business model and global expansion, with objectives for long-term revenue and adjusted EPS CAGR.