TD Bank Overview
The Toronto-Dominion Bank (TSX/NYSE: TD) is headquartered in Toronto and serves more than 28 million clients. It reported fiscal 2025 revenue of ~$48.8 billion (C$67.78 billion) and net income of ~$14.8 billion (C$20.54 billion), which included the gain on selling its Charles Schwab stake. Raymond Chun has been Group President and CEO since February 1, 2025.
How TD Bank Makes Money
Most of TD's revenue is net interest income from Canadian and U.S. mortgages, consumer loans, credit cards and business lending, funded by a large deposit base. Fee income comes from cards, account services, TD Wealth and TD Direct Investing, TD Insurance premiums, and trading, underwriting and advisory work at TD Securities and TD Cowen. Canadian Personal and Commercial Banking is the largest profit contributor.
TD Bank Financials
On an adjusted basis, fiscal 2025 revenue was ~$44.5 billion (C$61.81 billion) (up 9%) and earnings were ~$10.8 billion (C$15.03 billion) (up 5%). In Q3 fiscal 2026, adjusted net income reached a record ~$3.36 billion (C$4.67 billion), up 21%, with adjusted EPS of C$2.77. The CET1 ratio was 14.26% at July 31, 2026.
U.S. AML Settlement and Asset Cap
In October 2024, TD pleaded guilty to U.S. Bank Secrecy Act violations and agreed to about US$3.09 billion in penalties. Regulators capped the assets of its U.S. banks at US$434 billion until remediation is complete. The failed US$13.4 billion First Horizon merger in 2023 was an earlier sign of the problem.
Capital Returns
TD sold its full Schwab stake in February 2025 for about US$14.6 billion. It completed a ~$5.04 billion (C$7 billion) buyback on September 25, 2026 and announced a new program of up to $7.2 billion (C$10 billion) on September 30, 2026.
TD Bank Competitors
TD's Canadian rivals are RBC, Scotiabank, BMO, CIBC and National Bank. In the U.S., it competes with JPMorgan Chase, Bank of America, Wells Fargo, PNC and East Coast regional banks.
TD Bank History
TD was created on February 1, 1955 by merging the Bank of Toronto (1855) and The Dominion Bank (1869). Key deals include Canada Trust in 2000, Commerce Bancorp in 2007, Chrysler Financial in 2011 and Cowen in 2023.
