TMX Group has beaten EPS estimates in each of its past four reported quarters. Its September-quarter results will show whether that streak continues as analysts expect earnings and revenue to grow.
TMX Group Limited (TSX: X), also known as X.TO, is scheduled to report results for the quarter ended September 30, 2026, after markets close on October 29. Analysts expect EPS of C$0.59, up from C$0.52 a year earlier, and revenue of C$473.55 million. Seven analysts contributed to the EPS estimate and four to the revenue estimate. TMX runs exchanges and provides clearing, settlement, data and other capital-markets services. Its results will offer a broad look at its market infrastructure and information businesses. For more details, see our TMX Group stock page.
Recent earnings trend
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TMX Group Limited
X.TO
X.TO
TMX Group Limited
WealthAwesomeMarket cap
$15.93B
P/E
26.7x
Div. yield
1.60%
Div. / share
$0.92
52W high
$58.19
52W low
$43.47
1W change
+6.19%
Beta
0.06
Analyst Price Targets
Based on analyst covering X · as of Oct 19, 2026
Wall Street analysts forecast X stock price to rise 12.9% over the next 12 months.
Consensus
Moderately BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$65.29
+12.9% Upside
Previously C$65.14 on Oct 15, 2026
Current Price
C$57.85
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on X's historical volatility
30-Day Vol
19.2%
Annualized
90-Day Vol
21.3%
Annualized
Trend (90d)
+48.8%
Annualized drift
90d Mean
C$68.87
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$61.31 | C$57.39 – C$65.51 |
| 60 trading days | C$64.98 | C$59.18 – C$71.36 |
| 90 trading days | C$68.87 | C$61.41 – C$77.23 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
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Analyst coverage: 7 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 4 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-09-30 | 2026-10-29 | — | 0.5700 | — |
| 2026-06-30 | 2026-07-30 | 0.6300 | 0.5900 | +6.8% |
| 2026-03-31 | 2026-05-04 | 0.8000 | 0.5900 | +35.6% |
| 2025-12-31 | 2026-02-04 | 0.6000 | 0.5500 | +9.1% |
| 2025-09-30 | 2025-10-27 | 0.5200 | 0.4900 | +6.1% |
| 2025-06-30 | 2025-07-31 | 0.5200 | 0.5100 | +2.0% |
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Investor takeaway: Analysts expect year-over-year growth, not just another estimate beat: EPS is forecast to rise 13.6% and revenue 13.1%. TMX has beaten EPS estimates in each of its past four reported quarters, but that doesn’t guarantee another beat. Investors can compare the results with the C$0.59 EPS and C$473.55 million revenue estimates, while keeping valuation in mind. The supplied snapshot shows a P/E of 26.7 and a dividend yield of 1.60%.
C$0.59
That’s the consensus EPS estimate for the quarter ended September 30, 2026, based on seven analysts. It implies 13.6% growth from C$0.52 a year earlier. Four analysts contributed to the C$473.55 million revenue estimate. The EPS consensus has risen by one cent over the past 30 days, with estimates ranging from C$0.54 to C$0.64.
Bull case
TMX’s recent results give investors reason for optimism. It beat EPS estimates in each of its past four comparable quarters, reporting between C$0.52 and C$0.80 against estimates ranging from C$0.49 to C$0.59. For the September quarter, the consensus EPS estimate has risen from C$0.58 to C$0.59 over the past 30 days. Three analysts raised their estimates and two lowered them. If revenue growth is close to expectations, another solid result could support the view that TMX’s exchange, clearing and data businesses can keep growing earnings. The shares closed at C$57.85, above their 50-day and 200-day moving averages and close to their 52-week high of C$58.19.
Bear case
Four straight quarters of beats can raise expectations, and the shares are already near their 52-week high. The C$0.59 EPS estimate is not guaranteed. Lower-than-expected earnings or revenue could weaken investor confidence. Valuation also deserves attention: the supplied P/E of 26.7 means investors are paying a substantial multiple for TMX’s earnings. Recent valuation commentary also questions whether the shares are fully priced at current earnings. Even an EPS beat may not ease those concerns if management’s outlook or the details behind revenue growth disappoint.
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