EarningsQ3 2026 Earnings Report
MX:TDN Q3 2026 EPS Results
Actual EPS$35.76
Consensus EPS$31.94
Beat/MissBeat by +$3.82
One Year Ago EPS$28.40
MX:TDN Q3 2026 Revenue Results
Actual Revenue$368.58B
Expected Revenue$193.88B
Beat/MissBeat by +$174.70B
YoY Revenue Growth-0.36%
Earnings Announcement Details
QuarterQ3 2026
Date08/27/2026
TimeBefore Open
Conference CallThursday, August 27, 2026
MX:TDN Upcoming Earnings
Toronto Dominion Bank's next earnings date is estimated for December 3, 2026, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:TDN Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed strong positive momentum across multiple businesses with record earnings, expanding margins, improving credit metrics and clear execution on strategic initiatives (AI, branch expansion, wealth/wholesale growth). The primary headwinds are execution and cost of the U.S. AML remediation program, trade/policy uncertainty and near-term expense pressure from card conversion and investments. Overall, highlights materially outweigh the challenges, with management signaling confidence in capital flexibility and medium-term targets.Company Guidance
Record Earnings and EPS
Reported record net earnings of $4.7 billion and record diluted EPS of $2.77; total revenue grew 8% year-over-year.
Strong Return on Equity and Operating Leverage
Total bank ROE of 16%, up 280 basis points year-over-year; delivered positive operating leverage for the fifth consecutive quarter.
Canadian Personal & Commercial Banking Momentum
Record revenue, PTPP and earnings in Canadian P&C; personal deposits +1% and business deposits +5% YoY; loans: personal +4% YoY and business +8% YoY; digital sales up 17% YoY; small business acquisitions +13% YoY; commercial client acquisition +10% YTD; record proprietary mortgage originations while maintaining disciplined pricing.
U.S. Banking Inflection and Margin Expansion
U.S. Banking NA: earnings up 11% YoY and ROTCE expanded to 15.6% (up >210 bps YoY); total loans turned positive sequentially; bank card balances +20% YoY, mid-market lending +15% YoY, home equity lending +6% YoY; record NIM of 3.47% (up 6 bps QoQ); reiterated ~USD 2.9 billion net income target for fiscal 2026 in U.S. Banking.
Wealth Management & Insurance Record Performance
Wealth & Insurance delivered record revenue, earnings and assets; new accounts +26% YoY; Direct Investing referrals to advice $1.4 billion (up 34% YoY); trades per day +20% YoY; insurance delivered >$100 million in claims/severity savings YTD and efficiency ratio (net of ISE) of 53%.
Wholesale Banking Strength and Revenue Diversification
Wholesale Banking posted record revenue and earnings with ROE of 16.7%; deposits up 18% YoY; calendar YTD top-10 placements in U.S. equity/equity-linked league tables; quarterly revenue nearly doubled since the TD Cowen acquisition.
Credit Quality Improvement
Provision and impaired metrics improved: total PCLs at 37 bps (down 6 bps QoQ); impaired PCLs $865 million (down $108 million QoQ); gross impaired loans decreased $138 million (3 bps QoQ) to 51 bps; gross impaired loan formations 20 bps (down 2 bps QoQ). Management now expects total PCLs near the lower end of prior 40–50 bps FY2026 guidance.
Capital Position and Flexible Capital Plan
CET1 ratio of 14.3%; strong organic capital accretion despite buybacks; management targets ~13% CET1 by H2 FY2027 and illustrated potential to return over $13 billion of capital in fiscal 2027 (primarily via buybacks) while retaining capacity for organic investment.
Technology & AI Progress
Hit fiscal 2026 AI value target of $200 million three quarters in; scaled genAI knowledge management to over 20,000 client-facing colleagues; automated ~1/3 of manual processes in TD Auto Finance Canada; AI driving faster credit decisions and developer productivity.
Structural Cost Reductions and Efficiency
Achieved the $900 million FY2026 structural cost reduction target; expenses (excluding variable comp, FX and U.S. strategic cards) up ~1% YoY; bank expects 3–4% expense growth for fiscal 2026 and medium-term structural cost reduction target of $2.0–$2.5 billion remains on track with potential upside.
MX:TDN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed