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TD

The Toronto-Dominion Bank

TD

The Toronto-Dominion Bank • NYSE
$83.93 ▲ 0.59% (+0.49)
Market Cap $145.94 B
52w High $84.06
52w Low $51.25
Dividend Yield 2.97%
P/E 10.08
Volume 639.53K
Outstanding Shares 1.74B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $28.7B ▲ $10.269B ▲ $3.336B ▼ 11.624% ▼ $1.89 ▼ $4.769B ▼
Q2-2025 $28.461B ▼ $1.624B ▼ $11.129B ▲ 39.103% ▲ $6.28 ▲ $12.574B ▲
Q1-2025 $29.907B ▼ $10.429B ▲ $2.793B ▼ 9.339% ▼ $1.55 ▼ $3.792B ▼
Q4-2024 $30.577B ▲ $9.643B ▼ $3.635B ▲ 11.888% ▲ $2.28 ▲ $4.535B ▲
Q3-2024 $30.34B $12.619B $-181M -0.597% $-0.14 $915M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $245.261B ▼ $2.035T ▼ $1.91T ▼ $125.394B ▼
Q2-2025 $262.503B ▲ $2.064T ▼ $1.938T ▼ $126.091B ▲
Q1-2025 $251.466B ▲ $2.094T ▲ $1.975T ▲ $119.004B ▲
Q4-2024 $230.491B ▲ $2.062T ▲ $1.947T ▲ $115.16B ▲
Q3-2024 $175.568B $1.967T $1.856T $111.576B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $3.336B ▼ $-21.692B ▼ $26.127B ▲ $-4.437B ▲ $16M ▲ $-22.267B ▼
Q2-2025 $11.129B ▲ $11.738B ▲ $-4.808B ▼ $-7.76B ▼ $-1.051B ▼ $11.302B ▲
Q1-2025 $2.793B ▼ $-50.279B ▼ $49.921B ▲ $288M ▲ $115M ▲ $-50.776B ▼
Q4-2024 $3.635B ▲ $79.694B ▲ $-80.125B ▼ $-416M ▲ $-808M ▼ $78.981B ▲
Q3-2024 $-181M $-9.926B $14.915B $-4.065B $937M $-10.494B

Five-Year Company Overview

Income Statement

Income Statement TD’s revenue has grown steadily over the last few years, helped by higher interest rates and a broad mix of banking businesses. However, profits have not kept pace with revenue: earnings have come under pressure more recently, suggesting higher costs, credit provisions, or one-time items weighing on results. Operating performance dipped in the middle of the period and then bounced back, but net income and earnings per share still sit below earlier peaks. Overall, TD looks like a bank that is generating more business but facing margin pressure and a tougher earnings environment than a few years ago.

Balance Sheet

Balance Sheet TD’s balance sheet has expanded consistently, with total assets rising and shareholder equity gradually building. The bank is carrying more debt than in prior years, indicating higher leverage, which is common for large banks but still something to watch in a weaker economic or credit cycle. Cash and liquid resources remain sizable, giving TD flexibility to manage funding needs and regulatory requirements. In simple terms, TD looks like a large, well-capitalized bank that has grown bigger and somewhat more leveraged over time, but still anchored by a substantial equity base.

Cash Flow

Cash Flow TD’s underlying cash generation from its core banking activities is generally strong, with a notable stumble in one recent year followed by a sharp recovery. The bank spends relatively modest amounts on physical investments, so most operating cash flow tends to be available for dividends, buybacks, acquisitions, or building capital, depending on management and regulatory priorities. The swing in cash flows in the down year suggests sensitivity to market conditions, interest-rate moves, and working-capital shifts, but the latest figures point to a return to solid cash creation. Overall, cash flow quality appears sound, though not immune to volatility in the broader financial system.

Competitive Edge

Competitive Edge TD benefits from its role as one of Canada’s dominant banks, operating in an oligopolistic market with high barriers to entry and strong regulatory oversight. Its large retail network in Canada and along the U.S. East Coast, combined with a trusted brand, supports sticky customer relationships and stable deposit funding. A diversified mix of retail banking, commercial banking, wealth management, and insurance helps smooth out performance across economic cycles. Key competitive risks include housing and consumer credit exposure, regulatory and compliance pressures, and intensifying competition from both traditional U.S. banks and nimble digital challengers.

Innovation and R&D

Innovation and R&D TD is leaning heavily into digital banking and artificial intelligence, using its Layer 6 AI unit to improve credit decisions, streamline insurance approvals, and personalize mobile banking experiences. Its mobile app and digital platforms are central to how customers interact with the bank, and TD has been repeatedly recognized for the quality of its consumer digital banking. New offerings like early-pay checking, spending and budgeting tools, specialized banking for tech companies, and e-commerce solutions for small businesses show a focus on targeted, high-value niches. The opportunity is to deepen customer engagement and lower costs through technology, while the main risks are execution challenges, cybersecurity threats, and keeping pace with rapidly evolving digital competitors.

Summary

TD today looks like a scale-driven, diversified North American bank with strong market positions in Canada and a meaningful footprint in the U.S. Revenue has grown well, but recent profit pressure hints at a more challenging operating backdrop and higher costs or provisions. The balance sheet is large and generally solid, with rising leverage that is typical for big banks but still important to monitor in a downturn. Cash generation is robust over time, despite some year-to-year swings. Strategically, TD is leaning into its advantages in digital banking and AI, aiming to deepen customer loyalty and open new profit pools. Longer term, its performance will likely hinge on how well it balances growth, credit risk, regulatory demands, and its ambitious innovation agenda.

NEWS

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November 19, 2025 · 9:05 AM UTC

TD Bank Launches Amazon Shop with Points in the U.S., Expanding Rewards Benefits Ahead of Holiday Season

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November 12, 2025 · 9:00 AM UTC

Costs and Policy Shifts Challenge Affordable Housing But Growth Expected in 2026, TD Bank Survey Finds

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November 5, 2025 · 9:00 AM UTC

TD Bank Appoints Mike Phillips North Florida Commercial Market President

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October 16, 2025 · 9:30 AM UTC

TD Bank Announces Key Executive Appointments in U.S.

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