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Capital Markets January 27, 2026 · 6 min read

TMX Group 2025 Annual Results & TSXV/CPC Statistics

TMX Group 2025 연간 실적 및 TSXV/CPC 통계

Key Takeaway

TMX Group delivered record performance in 2025, with financing activity surging across both TSX and TSXV. TSXV total financing reached $10.094B, up 114.7% year-over-year, while the CPC Program has cumulatively facilitated over 2,600 CPCs and raised more than $75B in equity capital since 1986. The current market momentum presents a highly favorable environment for Rise Partners to support Korean companies pursuing TSX/TSXV listings.

# TMX Group 2025 Annual Results & TSXV/CPC Statistics

Executive Summary

TMX Group delivered record performance in 2025, with financing activity surging across both TSX and TSXV. TSXV total financing reached $10.094B, up 114.7% year-over-year, while the CPC Program has cumulatively facilitated over 2,600 CPCs and raised more than $75B in equity capital since 1986. The current market momentum presents a highly favorable environment for Rise Partners to support Korean companies pursuing TSX/TSXV listings.

Details

TMX Group Q4 2025 Results

TMX Group reported record quarterly revenue of CAD $457.8M in Q4 2025, representing a 16% increase year-over-year ([StockTitan](https://www.stocktitan.net/news/TMXXF/tmx-group-limited-reports-results-for-the-fourth-quarter-of-pdrot9l34uym.html)). Adjusted diluted EPS came in at $0.60, up 22% year-over-year. Full-year 2025 revenue grew 18% year-over-year, with double-digit growth recorded across derivatives trading, equity trading, TMX Trayport, and TMX VettaFi.

Capital Formation segment revenue grew 9% for the full year, driven by strengthened financing activity in the second half, higher additional listing fees, and a full-year contribution from Newsfile revenue ([Ticker Report](https://www.tickerreport.com/banking-finance/13341362/tmx-group-q4-earnings-call-highlights.html)). Additional listing fees rose 53% in Q4 year-over-year, reflecting an increase in maximum-fee transactions across both TSX and TSXV.

TSXV 2025 Financing Results

  • TSXV Annual Total Financing: $10.094B (+114.7% YoY)
  • TSXV Market Capitalization: $142.030B (+59.9% YoY)
  • December TSXV Financing: $1.570B across 123 transactions
  • TSX Annual Total Financing: $23.258B (+44.0% YoY)

    • Source: [TMX December 2025 Statistics](https://www.stocktitan.net/news/TMXXF/tmx-group-equity-financing-statistics-december-ubas4bj3qnq5.html)

    Mining Sector

    As of December 31, 2025, TSX and TSXV host 1,073 mining issuers with a combined market capitalization exceeding $1.1T. Mining sector financing in 2025 totaled $16B across 1,429 transactions. In the 2026 TSX Venture 50, resource companies posted an average share price appreciation of 431%, underscoring what the exchange has termed a "Modern Resource Renaissance."

    CPC Program Cumulative Performance

    Since the CPC Program's inception in 1986, more than 2,600 CPCs have been created, raising over $75B in total equity capital ([TSX CPC Program](https://www.tsx.com/en/listings/listing-with-us/listing-guides/ways-to-list/capital-pool-company-cpc-program)). Following the 2021 program reforms, the Qualifying Transaction (QT) completion rate has improved to 85%.

    Equity Trading Volume

    Equity trading volume increased 38% year-over-year in 2025, while MX derivatives volume grew 10%.

    Key Data

  • TMX Q4 2025 Revenue: CAD $457.8M (+16% YoY) — all-time record
  • TMX Full-Year 2025 Revenue: +18% YoY
  • Adjusted Diluted EPS: $0.60 (+22% YoY)
  • TSXV 2025 Total Financing: $10.094B (+114.7% YoY)
  • TSXV Market Capitalization: $142.030B (+59.9% YoY)
  • TSX 2025 Total Financing: $23.258B (+44.0% YoY)
  • Additional Listing Fees Growth: +53% (Q4 YoY)
  • Mining Issuers: 1,073 companies, market cap $1.1T+
  • Mining 2025 Financing: 1,429 transactions, $16B
  • CPC Cumulative: 2,600+ CPCs, $75B+ capital raised
  • CPC QT Completion Rate: 85% (post-inception)
  • TSX Venture 50 Resource Company Average Share Price Appreciation: 431%
  • Equity Trading Volume: +38% YoY

    • Rise Partners Implications

    1. Optimal Market Entry Window: With TSXV financing up 114.7% year-over-year, the current environment represents the most favorable conditions to date for Korean companies pursuing TSXV listings via the CPC structure. Elevated investor demand also supports follow-on financing after QT completion. 2. Mining & Resource Sector Opportunity: The 431% average share price appreciation among TSX Venture 50 resource companies presents a particularly compelling listing proposition for Korean companies active in mining and natural resources. Korean firms with critical minerals exposure can expect to command meaningful valuation premiums upon TSXV listing. 3. CPC Program Track Record as a Sales Tool: Key program metrics — 2,600+ CPCs completed, $75B+ raised, and an 85% QT completion rate — provide powerful proof points for building confidence with Korean executive teams and boards during the business development process.

    --- Source: https://www.stocktitan.net/news/TMXXF/tmx-group-limited-reports-results-for-the-fourth-quarter-of-pdrot9l34uym.html

    Implications

    1. **Optimal Market Entry Window**: With TSXV financing up 114.7% year-over-year, the current environment represents the most favorable conditions to date for Korean companies pursuing TSXV listings via the CPC structure. Elevated investor demand also supports follow-on financing after QT completion.

    Source: https://www.stocktitan.net/news/TMXXF/tmx-group-limited-reports-results-for-the-fourth-quarter-of-pdrot9l34uym.html

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