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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
TMX Group
TMX Group (X) investor relations material
TMX Group Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary30 Oct, 2026
Executive summary
Ninth consecutive quarter of double-digit revenue growth; Q3 revenue reached a record CAD 491.1 million, up 17% YoY, while adjusted diluted EPS rose 21% to CAD 0.63.
Reported diluted EPS fell 12% to CAD 0.38, including a 10¢ per-share impact from FX-related items.
Nine-month revenue increased 16% and adjusted diluted EPS rose 25%; acquisitions expanded international and index businesses.
Financial highlights
Q3 revenue rose CAD 72.5 million, or 17%, YoY to CAD 491.1 million; organic revenue excluding specified recent acquisitions increased 11%.
Q3 operating expenses increased 35% to CAD 305.7 million; excluding specified acquisition, M&A, litigation and BOX costs, expenses rose ~9%.
Q3 net income attributable to equity holders declined 12% to CAD 105.8 million; adjusted net income rose 20% to CAD 175.3 million, and operating cash flow increased 29% to CAD 202.0 million.
Nine-month revenue reached CAD 1,466.8 million (+16%); operating income was CAD 651.1 million (+15%), net income CAD 473.0 million (+57%), and adjusted net income CAD 531.0 million (+24%).
Nine-month operating cash flow rose 8% to CAD 584.1 million; reported diluted EPS rose 59% to CAD 1.70 and adjusted diluted EPS rose 25% to CAD 1.91.
Outlook and guidance
Long-term revenue growth target for TMX Datalinx is mid-single digits; near-term subscriber demand could benefit if trade uncertainty persists.
Continued growth investment with positive full-year operating leverage as a focus; first-nine-month operating leverage was 6%.
Pro forma leverage after pending transactions is expected to peak at 3.1x–3.2x; management cited confidence in returning to the 1.5x–2.5x long-term range.
TSX Alpha extended-hours proposal targets a spring 2027 launch, subject to regulatory approval; proposed session is 7:00 a.m.–8:00 p.m. ET, with a 6:00 a.m. pre-open.
Digital post-trade capabilities are planned within the existing investment envelope, with integration into the current ecosystem and client use cases guiding development.
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Latest events from TMX Group
- Organic growth and acquisitions could bring the CAD 2 billion revenue ambition forward by years.X
Scotiabank’s 27th Annual Financials Summit - Aggressive growth, strategic M&A, and tech-driven expansion define the current outlook.XCIBC Eastern Institutional Investor Conference
- Expansion in the U.S. and Australia, strong organic growth, and AI-driven innovation define the outlook.XCanaccord Genuity's 46th Annual Growth Conference
- Q2 2026 saw 16% revenue growth, 19% higher adjusted EPS, and major U.S. expansion.XQ2 2026
- High-growth segments, U.S. expansion, and innovation drive global revenue beyond 50%.XBank of America Financial Services Conference 2026
- Strong derivatives growth, tech innovation, and strategic M&A fuel expansion across markets and data.XBarclays 23rd Annual Global Financial Services Conference
- Q3 2025 delivered 18% revenue growth and 27% higher adjusted EPS, led by derivatives and data.XQ3 2025
- Q3 revenue up 23% and adjusted EPS up 17%, led by analytics, derivatives, and trading growth.XQ3 2024
- Doubling revenue to $2B in seven years, driven by global, data, and high-growth segment expansion.XInvestor Day 2024
Next TMX Group earnings date
TD Cowen’s Financials & Fintech Conference17 Nov, 2026
TMX Group
Next TMX Group earnings date
TD Cowen’s Financials & Fintech Conference17 Nov, 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.