What could change its growth trajectory, and what would confirm it?
TMX Group's growth trajectory hinges on TMX VettaFi, Derivatives Trading and Clearing, and Capital Formation maintaining their double-digit revenue expansion, which produced an 11% year-over-year organic revenue increase. The company reported revenue of $491.1 million, up 17% from $418.6 million in Q3/25.
TMX Group advanced its long-term growth strategy through the completed acquisitions of Cboe Australia and RAFI Indices.
2Unit Economics
How does it make money per customer, and what is still unknown?
TMX Group's value capture improved alongside its revenue growth in the third quarter of 2026. Revenue rose 17% to $491.1 million from $418.6 million in the third quarter of 2025, while adjusted diluted earnings per share rose 21% to $0.63 from $0.52.
Organic revenue increased 11% year over year, highlighted by double-digit growth in revenue from TMX VettaFi, Derivatives Trading and Clearing, and Capital Formation.
3Product Overview
What does the product do for its buyer, and how is it delivered?
TMX Group's exchange business brings together issuers seeking equity capital and traders seeking liquidity on the same venues. The exchanges provide market oversight, and the equities markets give investors and traders access to liquidity and execution.
CDCC administers clearing services as a central counterparty for the Montreal Exchange.
TMX Group
TMX Group runs global markets, exchanges, digital communities and analytic solutions for businesses, traders, investors, giving growing companies equity-capital access.
