TMX Group Ltd (TSE:X)
TSX:X
Earnings Data
Report Date
May 04, 2026TBA (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.55Last Year’s EPS
0.48Same Quarter Last Year
Strong Buy
Based on 5 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents a strongly positive operational and financial picture: broad-based revenue growth across segments, record quarterly and full-year performance, significant AUM and product expansion at VettaFi, Trayport recurring revenue growth, strong capital formation and a healthy balance sheet with a dividend increase. Notable negatives include a large noncash FX-driven hit to reported EPS, elevated operating expenses driven by regulatory passthroughs, acquisition and litigation costs, some weakness in fixed income trading revenue and modest market-share erosion. Management emphasized that adjusted performance and underlying organic trends remain robust and that many expense items were one-time or acquisition-related.Company Guidance
Record Annual and Quarterly Revenue Growth
Finished 2025 with 'best year ever' performance: overall revenue +18% year-over-year for the year; organic revenue +15% (ex-acquisitions). Record Q4 revenue of $457.8 million, up 16% year-over-year.
Strong Adjusted Earnings Performance
Record adjusted operating income and strong adjusted per-share results: adjusted diluted EPS increased ~22–25% year-over-year (David reported +22% for Q4; management noted ~+25% for the full year on an adjusted basis).
Derivatives Trading & Clearing Momentum
Derivatives trading and clearing (excluding BOX) delivered very strong growth: management reported +31% year-over-year for 2025; Q4 showed large gains (David reported +27% Q4). Key product highlights include 80% growth in ETF option volume, double-digit growth across expanded bond futures, CRA (3-month CORRA futures) surpassing prior BAX daily volume/open interest records, and open interest up ~33% at year end.
Equities & Market Activity Strength
Sustained equity-market activity: combined TSX/TSXV/Alpha volumes +27% year-over-year (Q4). TSX Venture volumes highlighted +45% growth. Equities and fixed income trading & clearing revenue increased ~12–13% year-over-year.
TMX VettaFi Rapid Expansion
TMX VettaFi revenue growth outpaced the company average: reported +23% CAD / +25% USD in Q4 and management cited +24% YoY. Assets under management rose 49% to over USD 77 billion. Strategic additions in 2025 included Credit Suisse Bond Indices, ETF Stream and nuclear energy indices, expanding product breadth and distribution.
Trayport Growth & Recurring Revenue
Trayport reported strong growth and recurring revenue metrics: management cited Trayport revenue +18% YoY (12% in GBP) for the year; Q4 growth reported by CFO was +11% CAD (8% GBP). Average annualized recurring revenue ~CAD 276 million (GBP 150m), up 17% YoY; licensees +6%.
Capital Formation & Listings Momentum
Capital formation revenue increased 9% YoY, with strong secondary financings and listing activity: additional listing fees and billings at maximum fee increased materially (management cited a 44% increase in number of maximum-fee transactions for 2025); Q4 additional listing fees up 53% YoY. Financing dollars for mining activity up ~53% YoY; record ETF activity with >$125.8 billion net inflows and 239 new ETFs in 2025 (record).
Balance Sheet Strength & Shareholder Returns
Prudent capital position: debt to adjusted EBITDA 2.2x at Dec 31, 2025 (within 1.5–2.5x target); cash and marketable securities ~$513m with ~$273m excess above regulatory target; net leverage (net of excess cash) ~1.9x. Board approved a 9% quarterly dividend increase to $0.24 per share; last-12-month payout ratio 42% (within 40–50% target).
Positive Adjusted Operating Leverage
On a comparable basis (excluding CAT regulatory passthrough, recent acquisitions and dispute/litigation costs), the company generated positive operating leverage of ~7% in Q4, with organic revenue growth (~13% cited) outpacing comparable operating expense growth (~6%).
TSE:X Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
TSE:X Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 05, 2026 | C$45.91 | C$45.18 | -1.58% |
Oct 27, 2025 | C$49.36 | C$51.29 | +3.91% |
Jul 31, 2025 | C$55.59 | C$55.09 | -0.91% |
May 05, 2025 | C$53.91 | C$54.23 | +0.60% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does TMX Group Ltd (TSE:X) report earnings?
TMX Group Ltd (TSE:X) is schdueled to report earning on May 04, 2026, TBA (Confirmed).
What is TMX Group Ltd (TSE:X) earnings time?
TMX Group Ltd (TSE:X) earnings time is at May 04, 2026, TBA (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
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What is TSE:X EPS forecast?
TSE:X EPS forecast for the fiscal quarter 2026 (Q1) is 0.55.