TMX Group Cash Flow Statement

Financials in millions CAD. Fiscal year is January - December.

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	415.7	481.5	356	542.7	338.5
Depreciation & Amortization	180.7	165.6	112.5	113.8	87.1
Loss (Gain) on Equity Investments	1.4	1.1	-0.4	1.3	-24.2
Stock-Based Compensation	2	2	2	2.1	2.2
Other Operating Activities	162	18.5	53	-157	61.9
Change in Accounts Receivable	-48.6	-41.4	-41.8	-3.3	-19.7
Change in Accounts Payable	32.1	8.3	49.5	-57.9	4.8
Change in Unearned Revenue	3.3	-3.7	2.5	-7.3	7.6
Change in Other Net Operating Assets	16.2	-8.5	-8.4	9.7	-16.8
Operating Cash Flow	764.8	623.4	524.9	444.1	441.4
Operating Cash Flow Growth	22.68%	18.77%	18.19%	0.61%	7.08%
Capital Expenditures	-121.2	-73.7	-65.2	-51.9	-51.2
Cash Acquisitions	-80.3	-1,127	-5.1	56.2	-138.4
Investment in Securities	-57.7	9.1	-240.9	-51.3	-21.5
Other Investing Activities	12.9	20.5	21.9	5.6	7.2
Investing Cash Flow	-246.3	-1,171	-289.3	-41.4	-203.9
Short-Term Debt Issued	2	-	-	12.1	-
Long-Term Debt Issued	-	1,892	44.2	-	250
Total Debt Issued	2	1,892	44.2	12.1	250
Short-Term Debt Repaid	-15.2	-88	-1.6	-	-162.3
Long-Term Debt Repaid	-67.8	-935.2	-10.6	-9.7	-8.4
Total Debt Repaid	-83	-1,023	-12.2	-9.7	-170.7
Net Debt Issued (Repaid)	-81	868.9	32	2.4	79.3
Issuance of Common Stock	8.6	24.2	16.1	26.6	15.1
Repurchase of Common Stock	-	-	-79.9	-74.3	-84.4
Common Dividends Paid	-233.6	-208.1	-196.9	-185.1	-168.9
Other Financing Activities	-171.6	-122.4	-80.5	-62.5	-35.9
Financing Cash Flow	-477.6	562.6	-309.2	-292.9	-194.8
Foreign Exchange Rate Adjustments	-4.9	8.5	-1	1.6	-0.5
Net Cash Flow	36	23.9	-74.6	111.4	42.2
Free Cash Flow	643.6	549.7	459.7	392.2	390.2
Free Cash Flow Growth	17.08%	19.58%	17.21%	0.51%	13.07%
Free Cash Flow Margin	37.48%	37.65%	38.50%	35.18%	39.79%
Free Cash Flow Per Share	2.30	1.97	1.65	1.40	1.38
Cash Interest Paid	89.9	83.9	47.2	37	34.6
Cash Income Tax Paid	204.6	141.2	131.4	135.8	114.6
Levered Free Cash Flow	530	517.3	397.15	305.74	335.99
Unlevered Free Cash Flow	587.19	584.36	425.59	329.49	359.49
Change in Working Capital	3	-45.3	1.8	-58.8	-24.1

Source: S&P Global Market Intelligence. Standard template. Financial Sources.