OTC Markets Group (OTCM) Q3 2026 earnings summary

Executive summary

• Q3 gross revenue rose 7% YoY to $33.8M; operating income increased 2% to $10.8M and net income rose 3% to $8.8M.

• Growth spanned OTC Link, Market Data Licensing and Corporate Services, supported by higher trading volumes, subscriber growth and price increases.

• First-nine-month gross revenue increased 12% to $103.4M.

Financial highlights

• Net revenue was $32.9M, up 7%; revenue less transaction-based expenses rose 5% to $30.1M.

• Operating expenses increased 8% to $19.3M, including higher professional and consulting fees, IT infrastructure costs, and compensation and benefits.

• Diluted GAAP EPS rose 3% to $0.73; adjusted diluted EPS was $1.07, up 1%, and adjusted EBITDA increased 1% to $12.9M.

• Q3 operating cash flow and free cash flow were each $11.7M, versus $13.3M each a year earlier.

Outlook and guidance

• Priorities include increasing securities and activity on ATSS; growing connected companies and dollar volume on OTCQX, OTCQB and OTCID; and expanding product use and revenue.

• Preparation for tokenized securities continues; the BitGo alliance is intended to support tokenized stock trading through OTC Link ATS and settlement and custody infrastructure.

• SEC recognition of OTCQX and OTCQB for at-the-market offerings is viewed as a meaningful step, with broader issuer benefits a longer-term opportunity.

• Priorities also include selective investment, disciplined execution, regulatory compliance, operational risk mitigation and continued shareholder returns.