TMX Group (X) Q3 2026 earnings summary

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.