TMX Group (X) Q3 2025 earnings summary

Executive summary

• Achieved fifth consecutive quarter of double-digit revenue growth, with all business units contributing to strong performance year-over-year.

• Revenue for Q3 2025 reached $418.6 million, an 18% increase year-over-year, with strong growth across all business areas and a 23% rise in operating income.

• Adjusted diluted EPS rose 25% for the first nine months and 27% in Q3 year-over-year, reflecting robust operating leverage.

• Organic revenue (excluding acquisitions) grew 17% year-over-year, driven by derivatives, equities, and Global Insights divisions.

• Strategic acquisitions and expansion into new asset classes and geographies continue to drive growth.

Financial highlights

• Q3 revenue reached $418.6 million, up 18% year-over-year.

• Diluted EPS increased 43% to $0.43; adjusted diluted EPS up 27% to $0.52.

• Net income attributable to equity holders was $120.5 million, up 46% year-over-year.

• Operating expenses for Q3 2025 increased 14% to $226.8 million, mainly due to higher compensation, IT costs, and expenses from recent acquisitions.

• 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 strategic investments and acquisitions.

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

• Focus remains on disciplined capital deployment and maintaining strong operating leverage.

• Management remains focused on accelerating growth and delivering shareholder value, emphasizing a balanced business model and global expansion.

• Forward-looking statements highlight objectives for long-term revenue and adjusted EPS CAGR, with assumptions of continued investment and moderate market volatility.