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An update from TMX Group ( (TSE:X) ) is now available.
TMX Group reported record fourth-quarter 2025 revenue of $457.8 million, up 16% year over year, driven by higher derivatives trading rates and volumes, increased equity trading activity, a rebound in capital formation financings on TSX and TSXV, and continued double-digit growth from its TMX VettaFi and TMX Trayport businesses. Despite the top-line strength and a 22% rise in adjusted diluted earnings per share to $0.60, reported diluted EPS fell 29% to $0.41 due to net foreign exchange losses, while operating expenses climbed 19% on higher headcount, technology and modernization costs, and severance; reflecting confidence in its growth outlook and cash generation, the board approved a 9% increase in the quarterly dividend to $0.24 per share, the fourth hike in two years, underscoring the company’s commitment to shareholder returns amid ongoing investments in post-trade modernization and global expansion.
The most recent analyst rating on (TSE:X) stock is a Buy with a C$67.00 price target. To see the full list of analyst forecasts on TMX Group stock, see the TSE:X Stock Forecast page.
Spark’s Take on TSE:X Stock
According to Spark, TipRanks’ AI Analyst, TSE:X is a Outperform.
TMX Group’s strong revenue growth and operational efficiency are key strengths, supported by positive earnings call insights. However, concerns about declining profitability margins and cash flow generation, along with a high P/E ratio, moderate the overall score.
To see Spark’s full report on TSE:X stock, click here.
More about TMX Group
TMX Group Limited is a Canadian exchange and market infrastructure operator best known for owning and operating the Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV), as well as derivatives markets and data and analytics platforms. The company provides trading, clearing, listing, capital formation and information services to issuers, investors and financial institutions in Canada and globally, with growing exposure in derivatives, indices, and data-driven businesses through units such as TMX VettaFi and TMX Trayport.
Average Trading Volume: 627,566
Technical Sentiment Signal: Hold
Current Market Cap: C$13.08B
See more data about X stock on TipRanks’ Stock Analysis page.