TMX Group (X) Q4 2025 earnings summary

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 for 2025.

• All business units contributed to growth, including Derivatives Trading & Clearing, Equities Trading, TMX Trayport, and TMX VettaFi.

• Capital Formation revenue rose, driven by higher listing fees and a surge in mining sector financing.

• Continued focus on innovation, digital transformation, and expanding global reach.

• Board approved a 9% dividend increase, marking the fourth raise in two years.

Financial highlights

• Q4 2025 revenue reached $457.8M (CAD 457.8 million), up 16% year-over-year; operating expenses rose 19% to $252.1M.

• Adjusted diluted EPS increased 22% to $0.60, while reported diluted EPS fell 29% to $0.41 due to non-cash FX losses.

• Operating income increased 14% in Q4/25 and 20% for the full year.

• Net income attributable to equity holders was $115.2M (-28%); adjusted net income was $167.0M (+23%).

• Debt-to-adjusted EBITDA ratio at 2.2x, within target range; cash and marketable securities at CAD 513 million.

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.

• Forward-looking statements highlight ongoing investment in technology, disciplined expense management, and moderate market volatility assumptions.