Key Highlights for the Fourth Quarter of 2025
- Revenue increased by 16% from Q4/24. Revenue excluding Bond Indices, ETF Stream, Verity, and nuclear sector indices grew by 13% in Q4/25 compared with Q4/24 driven by a higher rate per contract in Derivatives Trading & Clearing (excluding BOX) and a 10% increase in MX trading volumes, growth in additional financings on both TSX and TSXV, continued double-digit growth in TMX VettaFi and TMX Trayport, and a 38% increase in equity trading volumes.
- Operating expenses increased by 19% from Q4/24. Operating expenses excluding recent acquisitions of Bond Indices, ETF Stream, Verity and nuclear sector indices, BOX CAT-related expenses, dispute and litigation costs, amortization of acquired intangibles, integration costs, and acquisition and related costs, increased approximately 6%. The 6% increase reflects higher increased headcount and related costs, merit increase, higher severance, increased software license and subscription costs, and higher depreciation and amortization driven by the Post Trade Modernization project which went live on April 28, 2025.
- TMX’s Board has approved a dividend increase of $0.02 or 9% to $0.24 per common share outstanding on March 6, 2026 to shareholders of record at the close of business on February 20, 2026. This represents TMX Group’s fourth dividend increase in two years.
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