The Toronto-Dominion Bank Revenue & Financials

TD Bank reported CAD $67.78 billion in FY2025 revenue and CAD $20.54 billion in reported net income — a figure that includes the $8.98 billion Schwab gain that converts what would otherwise have been a modest net income year into an exceptional reported result. The adjusted net income of CAD $15.03 billion with a 12.9% return on common equity represents the operating baseline before extraordinary items. The revenue growth from $38.9 billion USD in FY2023 to $41.3 billion in FY2024 and $48.9 billion in FY2025 reflects the consolidation of the Cowen acquisition and the expanding Canadian franchise, but the FY2025 figure is significantly influenced by the Schwab gain. The underlying U.S. Banking revenue is subject to the growth constraint imposed by the $434 billion asset cap, which prevents TD from growing its American deposit base and loan book while Bank of America, JPMorgan Chase, and regional competitors continue expanding. The CET1 capital ratio of 13.1% as of October 31, 2025, bolstered by the 247 basis points released through the Schwab sale, provides regulatory capital well above the minimum requirements. This capital strength gives TD the financial flexibility to fund AML remediation costs — which are significant and ongoing — without constraining its Canadian dividend growth policy, which has continued through the crisis. The $3 billion AML fine on $48.9 billion in FY2025 revenue is less than 7% of a single year's revenue — financially manageable in isolation. The asset cap is the punishment that will compound over years as competitors grow and TD's American operations stagnate. The remediation consent order and the monitor oversight are expected to persist for several years, creating ongoing management distraction and compliance investment that will suppress the return on TD's existing U.S. Assets.