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	641.8	669.6	517.4	670.3	479.3
Depreciation & Amortization	180.7	165.6	112.5	113.8	87.1
Stock-Based Compensation	2	2	2	2.1	2.2
Other Adjustments	129.2	-27.3	22.6	-147.5	11.5
Change in Receivables	-48.6	-41.4	-41.8	-3.3	-19.7
Changes in Accounts Payable	32.1	8.3	49.5	-57.9	4.8
Changes in Income Taxes Payable	-204.6	-141.2	-131.4	-135.8	-114.6
Changes in Unearned Revenue	3.3	-3.7	2.5	-7.3	7.6
Changes in Other Operating Activities	28.9	-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
Purchases of Investments	-3.2	-1	-239.8	-11.2	-
Payments for Business Acquisitions	-78.6	-1,127	-5.1	56.2	-138.4
Other Investing Activities	-43.3	30.6	20.8	-34.5	-14.3
Investing Cash Flow	-246.3	-1,171	-289.3	-41.4	-203.9
Short-Term Debt Issued	-15.2	-76.2	-	-	-160
Short-Term Debt Repaid	-58.3	-920.8	-	-	-
Net Short-Term Debt Issued (Repaid)	-73.5	-997	-	-	-160
Long-Term Debt Issued	-	1,892	-	-	250
Long-Term Debt Repaid	-9.5	-14.4	-10.6	-9.7	-8.4
Net Long-Term Debt Issued (Repaid)	-9.5	1,878	-10.6	-9.7	241.6
Issuance of Common Stock	8.6	24.2	16.1	26.6	15.1
Repurchase of Common Stock	-	-	-79.9	-74.3	-84.4
Net Common Stock Issued (Repurchased)	8.6	24.2	-63.8	-47.7	-69.3
Common Dividends Paid	-233.6	-208.1	-196.9	-185.1	-168.9
Other Financing Activities	-169.6	-134.2	-37.9	-50.4	-38.2
Financing Cash Flow	-477.6	562.6	-309.2	-292.9	-194.8
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-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%
FCF 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
Levered Free Cash Flow	251.9	1,309	304.9	403.6	337
Unlevered Free Cash Flow	493.43	452.22	364.66	324.37	263.8

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.