The Toronto-Dominion Bank Revenue & Financials

TD Bank Group reported total revenue of CAD $67.78 billion in FY2025, an 18.4% increase from CAD $57.22 billion in FY2024, driven primarily by the $8.98 billion (CAD) gain on the sale of the bank's entire equity investment in Charles Schwab Corporation. On an adjusted basis, revenue was CAD $61.81 billion, up 8.8% from CAD $56.79 billion in FY2024. Reported net income was CAD $20.54 billion, a 132% increase from CAD $8.84 billion in FY2024, but this includes the Schwab gain and other items of note. On an adjusted basis, net income was CAD $15.03 billion, up 5.2% from CAD $14.28 billion in FY2024. The return on common equity was 17.8% on a reported basis and 12.9% on an adjusted basis, compared to 8.2% reported and 13.6% adjusted in FY2024. The decline in adjusted ROE reflects higher operating expenses and the drag of compliance costs. Net interest income was CAD $33.06 billion in FY2025, up 8.5% from CAD $30.47 billion in FY2024, driven by loan growth and net interest margin expansion in both Canada and the US. Non-interest income was CAD $34.72 billion on a reported basis, up 29.7% from CAD $26.75 billion in FY2024, but excluding the Schwab gain and other items, adjusted non-interest income was CAD $28.51 billion, up 9.5%. The provision for credit losses was CAD $4.51 billion in FY2025, up 6.0% from CAD $4.25 billion in FY2024, with impaired provisions of CAD $3.43 billion and performing provisions of CAD $1.08 billion. The bank's allowance for credit losses totaled CAD $8.2 billion, representing 0.72% of gross loans. Total assets were approximately CAD $2.0 trillion as of October 31, 2025, with gross loans of CAD $1.14 trillion and deposits of CAD $1.28 trillion. The CET1 capital ratio was 13.1%, down from 13.4% in FY2024 but well above the 11.5% regulatory minimum. The Tier 1 capital ratio was 15.2% and the total capital ratio was 17.8%. The leverage ratio was 4.5%. The bank's liquidity coverage ratio was 135% and the net stable funding ratio was 112%, both above regulatory minimums. Total risk-weighted assets were CAD $550 billion. The bank's tangible book value per share was CAD $73.42 as of October 31, 2025. Basic earnings per share were CAD $11.57 on a reported basis and CAD $8.38 on an adjusted basis, compared to CAD $4.73 reported and CAD $7.82 adjusted in FY2024. The dividend per share was CAD $4.08 in FY2025, yielding approximately 4.7% based on the year-end share price of CAD $86.50. The bank repurchased approximately CAD $8 billion of shares under its normal course issuer bid funded by Schwab sale proceeds. The market capitalization as of June 2026 was approximately CAD $155 billion ($112 billion USD), with the stock trading at a price-to-book ratio of 1.35 and a forward P/E of 10.2. The bank's credit ratings are AA- (S&P), Aa1 (Moody's), and AA (Fitch), all with stable outlooks. The effective tax rate was 20.5% on a reported basis and 21.3% on an adjusted basis in FY2025. The bank's funding structure is primarily deposit-based, with customer deposits representing approximately 85% of total funding. Wholesale funding includes senior unsecured debt, covered bonds, and securitization, with a weighted average maturity of approximately 3.5 years.