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Jul 31, 2025
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TD Q3 2025 Earnings Report
TD Bank Group reported strong Q3 2025 results with solid net income and adjusted EPS growth driven by record performance in Canadian retail banking.
Key Takeaways
TD Bank Group delivered a strong Q3, posting $3.9 billion in adjusted net income and robust earnings per share, supported by record revenue in Canadian Personal & Commercial Banking and strong results in Wealth Management.
Adjusted net income reached CAD 3.87 billion, up from CAD 3.65 billion YoY.
Canadian Personal & Commercial Banking delivered record revenue of CAD 5.24 billion.
Return on equity (adjusted) was 13.2%, slightly down from 14.1% YoY.
Common Equity Tier 1 (CET1) capital ratio remained strong at 14.8%.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
TD expects to maintain growth momentum through continued investment in technology, execution of balance sheet restructuring, and improved client experience, though challenges in U.S. operations and regulatory compliance remain.
Positive Outlook
- Strong digital adoption and record digital sales in Canadian retail banking.
- Continued progress on U.S. balance sheet restructuring, with 10% asset reduction achieved.
- Record earnings and assets in Wealth Management.
- Improved profitability in Wholesale Banking due to revenue growth.
- CET1 ratio remains robust, providing capital flexibility.
Challenges Ahead
- U.S. Retail segment impacted by balance sheet restructuring costs.
- Higher governance and control investments affecting adjusted earnings.
- Restructuring charges continue to weigh on operating expenses.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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