Gross revenues of $125.3 million for the year, up 13% versus 2024
Operating income of $38.2 million for the year, up 19% versus 2024
Operating profit margin of 31.5% for the year, versus 29.9% for 2024
Net income of $31.1 million for 2025, up 14% versus 2024, and GAAP diluted EPS of $2.58 versus $2.26 for 2024
Total cash returned to shareholders during 2025 of $32.6 million, comprised of dividends of $29.7 million and repurchases of common shares of $2.9 million, up 10% versus 2024
Announcing first quarter 2026 dividend of $0.30 per share
574 OTCQX® and 1,106 OTCQB® companies at year end
1,052 OTCIDTM companies at year end. Launched OTCID with 1,035 companies on July 1, 2025
117 subscribers to OTC Link ECN as of year-end 2025, up 3 versus 2024
145 unique OTC Link subscribers, up from 141 in 2024
Approximately 62,000 average daily trades during 2025, versus approximately 38,000 during 2024
Fourth quarter gross revenues of $32.7 million, up 15% versus the prior year quarter
Fourth quarter operating income of $11.5 million, up 32% versus the prior year quarter
Fourth quarter operating profit margin of 36.3%, compared to 31.6% in the prior year quarter
NEW YORK, March 04, 2026 (GLOBE NEWSWIRE) -- OTC Markets Group Inc. (OTCQX:OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced its financial results for the fourth quarter and full year 2025.
"2025 marked the successful execution of two key initiatives: the launch of the OTCID Basic Market on July 1, 2025 and the ramp up of our overnight trading offering in NMS securities," said R. Cromwell Coulson, President and Chief Executive Officer. "As we look into 2026, we continue engaging and educating companies on how to use our OTCQX, OTCQB, and OTCID markets to improve the investor and broker experience, while expanding the scale and value of our data-driven platforms."
"In 2025, our business generated strong top and bottom line growth with gross revenues exceeding $125 million and operating margin expanding 160 basis points, which translated into a 14% increase in diluted earnings per share," said Antonia Georgieva, Chief Financial Officer. "OTC Markets delivered strong growth in revenue across all business lines. OTC Link saw significantly elevated trading volumes. Market Data Licensing benefited from price increases for key products and subscriber growth, and Corporate Services experienced meaningful growth from the launch of OTCID and improved sales overall. We remain focused on our various initiatives to support the success of our subscribers."
Fourth Quarter 2025 compared to Fourth Quarter 2024
Quarter Ended December 31,
(in thousands, except shares and per share data)
2025
2024
% change
$ change
OTC Link
$
6,830
$
6,364
7
%
466
Market data licensing
12,745
10,893
17
%
1,852
Corporate services
13,147
11,194
17
%
1,953
Gross Revenues
32,722
28,451
15
%
4,271
Net revenues
31,737
27,660
15
%
4,077
Revenues less transaction-based expenses
29,311
25,503
15
%
3,808
Operating expenses
17,788
16,753
6
%
1,035
Income from operations
11,523
8,750
32
%
2,773
Operating profit margin
36.3
%
31.6
%
Income before provision for income taxes
11,840
9,050
31
%
2,790
Net income
$
9,237
$
7,215
28
%
2,022
Diluted earnings per share
$
0.76
$
0.60
28
%
Adjusted diluted earnings per share
$
1.14
$
0.91
26
%
Weighted-average shares outstanding, diluted
11,878,478
11,855,291
-
Fourth Quarter 2025 Financial Highlights
Gross revenues of $32.7 million, up 15% over the prior year quarter. Revenues less transaction-based expenses also up 15%.
OTC Link revenues up 7%. Transaction-based revenues from OTC Link ECN, OTC Link NQB, and MOON ATS increased 12%, due to a higher volume of shares traded on these platforms. Additionally, usage-based revenue from OTC Link ATS increased 6% due to a higher number of messages and an increase in revenue from OTC Link's QAP One Statement service driven by the increased trading activity on our platforms.
Market Data Licensing revenues up 17%. Redistributor-based revenues increased 25%, with professional user revenues increasing 32%, partially offset by a decline in non-professional user revenues of 4% quarter over quarter. Revenues from direct sold licenses increased 14% primarily due to price increases for certain licenses and growth in subscribers. Revenues from data and compliance solutions increased 3%, primarily as a result of increases in revenues from data services and our Blue Sky data product.
Corporate Services revenues up 17%. Revenues from our OTCQX market increased 8%, reflecting improved sales, price increases effective from the beginning of the year, and a steady average number of companies on the OTCQX market. OTCQB revenues increased 11% due to the same factors and a higher number of companies on the OTCQB market. Revenues from our OTCID market and from Pink Limited subscribers to the Disclosure & News Service® ("DNS") product increased 55%. The July 1, 2025 launch of OTCID resulted in a substantial number of Pink® companies upgrading to OTCID, which combined with price increases from the beginning of the year, drove the increase in DNS revenues. The previously announced retirement of OTCIQ Basic partially offset these increases.
Operating expenses increased 6%. The increase was primarily driven by a 6% increase in compensation and benefits and 9% increase in each of IT infrastructure and information services and professional and consulting fees.
Operating income increased 32% and net income increased 28% to $11.5 million and $9.2 million, respectively.
Adjusted EBITDA, which excludes non-cash stock-based compensation expense, increased 26% to $13.8 million, or $1.14 per adjusted diluted share.
Fiscal Year 2025 Results compared to Fiscal Year 2024
Year Ended December 31,
(in thousands, except shares and per share data)
2025
2024
% change
$ change
OTC Link
$
26,260
$
22,409
17
%
3,851
Market data licensing
50,364
43,626
15
%
6,738
Corporate services
48,664
45,029
8
%
3,635
Gross Revenues
125,288
111,064
13
%
14,224
Net revenues
121,335
107,882
12
%
13,453
Revenues less transaction-based expenses
112,086
101,233
11
%
10,853
Operating expenses
73,851
69,021
7
%
4,830
Income from operations
38,235
32,212
19
%
6,023
Operating profit margin
31.5
%
29.9
%
Income before provision for income taxes
39,188
33,142
18
%
6,046
Net income
$
31,136
$
27,360
14
%
3,776
Diluted earnings per share
$
2.58
$
2.26
14
%
Adjusted diluted ...
