TD Bank Earnings Reports
Get access to the key financial metrics that industry professionals need to know from TD’s quarterly earnings reports. WOWA Data Labs has gathered time series for bank balance sheets and the performance of Canadian banks.
Loading data...
Loading data...
TD Bank Group’s earnings report for Q4 2025 shows almost no change in the total revenue with non-interest income declining while the interest income increasing over the year. Adjusted net income of $3.9 billion is up 22% year-over-year while reported net income of $3.3 billion is down 9.8% year-over-year.
Over the past 10 years, from Q4 2015 to Q4 2025, TD’s total assets have doubled to reach $2,095 billion. Notably, the bank experienced particularly strong asset growth during 2020, influenced by pandemic-related factors and monetary policy responses. From Q1 2020 to Q2 2020, TD’s assets grew from $1,457.4 billion to $1,673.7 billion, a jump of $216.3 billion in just one quarter!
Similar to total assets, TD's market cap has risen 95% from $100 billion in Q4 2015 to $195 billion in Q4 2025. TD’s market cap experienced a significant decline during Q2 2020 during the COVID-19 pandemic, though it recovered strongly in the following quarters. Q4 2024’s low of $134.7 billion is the lowest since Q1 2021, reflecting investor concerns about future growth prospects, particularly in the aftermath of restrictions placed on its growth in U.S. retail banking.
Data Packages for Financial Institutions!
Plans starting from $500 per month
If you're interested in learning more about our pricing plans and how WOWA Data Labs can meet your specific data needs, use the form below to get in touch with us.
TD Earnings Highlights for Q4 2025
Earnings Per Share (EPS)*
$2.18
Revenue
$15.5 Billion
Reported Net Income
$3.3 Billion
Dividend Yield
3.9%
*Adjusted diluted earnings per share
Loading Data ...
Overnight Trading with Interactive Brokers
Investment opportunities can be found at any hour. So, react immediately to market-moving news and capture more market opportunities when convenient for you. You can trade over 10,000 US Stocks and ETFs, US Equity Index options, US Treasuries – and more - around the clock. Interactive Brokers’ dual market centers ensure reliable and dependable overnight trading on your timetable.
Loading data...
A bank’s assets mainly consist of loans, securities, and cash and cash equivalents. Other assets are generally less important and thus grouped together. The chart below provides a breakdown of TD Bank's total assets into these key components over time.
Loans are the largest component, consistently occupying the majority of the asset base. This indicates TD Bank’s primary function as a lender, relying heavily on loan portfolios to generate income. Securities are also a significant portion of assets, and have steadily grown over time. A notable increase in cash and cash equivalents can be seen in 2020, signalling defensive, or cautious, capital preservation in the wake of COVID-19.
Loading data...
This stacked bar chart displays the proportional breakdown of TD Bank’s total assets. In recent years, TD’s loans have accounted for about 49% to 54% of total assets, while securities have represented about 22% to 24%. Other assets typically fall in the 6% to 7% range, and cash and cash equivalents make up about 6% to 7% of the balance sheet. During 2020, cash briefly exceeded 11% of total assets as TD increased liquidity in response to pandemic uncertainty, compared with less than 4% before COVID. Overall, the composition of TD’s assets has remained relatively stable, with loans continuing to make up roughly half of the bank’s balance sheet.
Loading data ...
Over the past five years, TD’s reported net income has averaged about $3.6 billion per quarter, while adjusted net income has averaged a similar $3.61 billion, reflecting the ongoing presence of recurring one-time items in TD’s financial reporting.
The reported net income shows dramatic swings, reaching a peak of $11,129 million in Q2 2025 and dropping to a low of -$181 million in Q3 2024. These extreme variations are notably smoothed out in the adjusted figures, which ranged from a low of $2,327 million during the pandemic-affected Q3 2020 to a high of $4,154 million in Q1 2023. The latest quarter (Q4 2025) shows reported net income declining 36.2% year-over-year, while adjusted net income increased by 31.5% year-over-year.
Loading data ...
TD Bank’s revenue is composed of net interest income and non-interest income, and the balance between these two sources has shifted over time. During the pre-pandemic period from Q2 2014 to Q1 2020, TD maintained a consistent split, with net interest income averaging about $5.2 billion (58%) per quarter and non-interest income averaging $3.7 billion (42%). This reflected a traditional banking model in which interest earned on loans and other interest-bearing assets provided the majority of revenue.
The period from 2023 to 2025 shows a gradual move toward a more balanced revenue mix. Non-interest income has grown meaningfully, supported by stronger fee-based businesses and several quarters of unusually high one-time gains. Notable examples include Q2 2025, when non-interest income surged to $14.8 billion following the recognition of gains from the Schwab stake, as well as Q4 2022 with $7.93 billion and Q4 2024 with $7.57 billion. In the most recent quarter, Q3 2025, non-interest income totalled $6.77 billion, representing 44.3% of revenue, while net interest income accounted for 55.7%. Overall, the data indicates TD has expanded its fee-based and non-interest income streams while maintaining strong net interest income through varying rate environments.
There is a progressively widening gap between the market capitalization of RBC and TD, Canada’s largest and second-largest banks. During the pre-pandemic period from 2016 to 2019, the difference between the two banks was relatively modest. RBC maintained an average lead of about $12 billion, with TD averaging $129 billion in market value and RBC averaging $141 billion. The gap remained fairly stable during these years and at times narrowed to as little as $4-5 billion.
The pandemic period from 2020 to 2021 marked the beginning of a more pronounced divergence. Both banks experienced considerable volatility, but RBC’s average market capitalization of $158.6 billion, compared with TD’s $138.3 billion, represented a noticeably wider spread.
The past three years, from 2022 to 2025, show a dramatic expansion of this valuation gap. RBC’s average market cap of $198 billion over this period significantly outpaced TD’s $149 billion, producing an average difference of $49 billion. The gap accelerated sharply heading into early 2025, reaching $105 billion in Q1 2025. By Q3 2025, the gap narrowed to $77.5 billion, with RBC at $249.8 billion and TD at $172.3 billion, yet the broader trend still reflects a structural shift in how the market values the two institutions.
Trading Fees
- Low Commissions
- In-Depth Research
- Wide Variety of Investment Choices
Loading data ...
Between Q3 2016 to Q1 2020, TD’s total net write-offs and its allowance for credit losses (ACL) rose steadily, with provision for credit losses (PCL) typically spiking in the fourth quarter of each year. That seasonal pattern shifted after the pandemic, as credit conditions became more volatile.
Provision for Credit Losses (PCL) highlights changes in TD's expectations for future credit losses. PCL was high at $2.18 billion in Q3 2020, reflecting pandemic-related concerns, but it turned negative by Q2 2021 (-$377 million), signalling confidence in economic recovery and improved loan performance. From Q3 2022 onward, PCL began to rise again, reaching $982 million by Q4 2025, a slight decline from previous quarters.
Allowance for Credit Losses (ACL) representing TD’s total reserves for potential future credit losses, shows a steady decline from $9.23 billion in Q3 2020 to $6.92 billion in Q3 2022. However, this trend reversed afterward, with ACL increasing to $9.7 billion by Q4 2025, showing that TD is bolstering its reserves as credit risks rise.
Loading data ...
TD Bank's loan growth has largely been driven by strong performance in Canada and a recovery in the U.S., while international lending played a limited and more volatile role. TD’s Total Gross Loans and Acceptances experienced consistent growth since Q3 2020, increasing from $746 billion in Q3 2020 to $962 billion in Q4 2025.
Loans in Canada made up the largest share of the total loan portfolio, growing steadily from $475.7 billion in Q3 2020 to $658 billion in Q4 2025.
Loans in the U.S., which represent TD's second-largest loan category, displayed a more volatile trend. Starting at $259.8 billion in Q3 2020, U.S. loans initially decreased through 2021, bottoming out at $221.1 billion in Q4 2021. However, this trend reversed in 2022, with U.S. loans reaching $315 billion by Q4 2025. Now that the Office of the Comptroller of Currency (OCC) Office of the Comptroller of the Currency (OCC) now capping TD’s U.S. retail asset growth, the bank has very limited ability to expand its American loan book going forward.
Loans in all other countries remained a much smaller segment of TD’s loan portfolio, fluctuating between $9 billion and $18.7 billion during the period. The loans peaked at $18.7 billion in Q4 2022 but returned to $11.8 billion by Q4 2025, playing just a minor role in TD’s overall lending strategy.
Loading data ...
Looking at the data from Q3 2016 through Q4 2025 gross loans and acceptances have increased from $591.2 billion to $962 billion, while net loans grew from $571.6 billion to $953 billion.
The difference between these two metrics has averaged roughly $22 billion over this period, though it has notably decreased in recent quarters, decreasing to $8.7 billion by Q4 2025 (representing about 1% of gross loans and acceptances). This narrowing gap is particularly interesting because, with acceptances becoming less common in the Canadian financial system, this difference increasingly represents primarily the allowance for credit losses (ACL).
This trend suggests improved credit quality in the loan portfolio, resulting in lower required loss provisions. The relatively small and decreasing gap between gross and net loans (less than 1% by Q4 2025) indicates strong overall credit quality in TD’s loan portfolio.
Loading data ...
Loading data ...
Total residential mortgages outstanding at TD have shown steady growth over the period, increasing to $315 billion in Q4 2025. The most significant growth occurred between 2020 and 2023, with some cooling in 2024.
Total credit card loans grew from $32.6 billion in Q3 2020 to $41.7 billion by Q4 2025.
Total business and government loans saw fluctuations but a steady upward trajectory overall. There was a spike during the pandemic before reaching a low of $240.1 billion in Q4 2021 and rebounding strongly afterwards. By Q4 2025, business and government loans grew to $346 billion.
Loading data ...
TD’s total deposits have generally grown from 2020 to 2025, starting at $1.2 trillion in Q3 2020 and reaching $1.50 trillion by Q4 2025. However, there have been some fluctuations.
Deposits in Canada showed consistent growth, reaching $895 billion in Q4 2025. Deposits in the U.S. reached $542 billion in Q4 2025, while deposits in other countries reached $66 billion.
Loading data ...
Loading data ...
Loading data ...
Loading data...
Loading data...
TD’s upcoming earnings report for Q1 2026 will be released on February 26, 2026, before the market opens.
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
- Financial institutions and brokerages may compensate us for connecting customers to them through payments for advertisements, clicks, and leads.
- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.