Bank of Montreal (BMO) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 27	$3.76	$3.96	+5.3%	—	—	—
Q1 27	$3.45	$3.67	+6.4%	—	—	—
Q4 26	$3.21	$3.48	+8.4%	—	—	—
Q3 26	$2.89	$2.97	+2.8%	—	—	—
Q2 26	$2.96	$3.23	+9.1%	—	—	—
Q1 26	$2.39	$2.5	+4.6%	—	—	—
Q4 25	$2.4	$3.04	+26.7%	—	—	—
Q3 25	$2.39	$1.9	-20.5%	—	—	—
Q2 25	$2.76	$2.64	-4.3%	—	—	—
Q1 25	$2.76	$2.59	-6.2%	—	—	—
Q4 24	$3.03	$2.56	-15.5%	—	—	—
Q3 24	$2.85	$2.81	-1.4%	—	—	—
Q2 24	$3.13	$2.78	-11.2%	—	—	—
Q1 24	$3.23	$2.93	-9.3%	—	—	—
Q4 23	$3.16	$3.22	+1.9%	—	—	—
Q3 23	$3.07	$3.04	-1.0%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$11.5	—	—	$36.1B	—
FY24	—	$9.52	—	—	$23.2B	—
FY23	—	$5.77	—	—	$31.1B	—
FY22	—	$20	—	—	$26.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$20.9B	$21.7B	$22.7B	$25.3B	$25B	$26.9B	$26.3B	$31.1B	$23.2B	$36.1B
YoY change	+9.2%	+3.7%	+4.68%	+11.4%	-1.21%	+7.53%	-2.42%	+18.5%	-25.5%	+55.7%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	20.9B	21.7B	22.7B	25.3B	25B	26.9B	26.3B	31.1B	23.2B	36.1B
Cost of revenue	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	8.9B	9B	8.8B	11.1B	9.7B	10.1B	8.6B	12.3B	8.5B	12.8B
Operating expenses	8.9B	9B	8.8B	11.1B	9.7B	10.1B	8.6B	12.3B	8.5B	12.8B
Operating income	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	—	—
Pretax income	5.7B	6.6B	7.4B	7.3B	6.3B	10.3B	17.9B	5.9B	6.9B	11.6B
Income tax	1.1B	1.3B	2B	1.5B	1.3B	2.5B	4.3B	1.5B	1.6B	2.8B
Net income	4.6B	5.3B	5.5B	5.8B	5.1B	7.8B	13.5B	4.4B	5.3B	8.7B
Net margin	22.1%	24.6%	24%	22.7%	20.4%	28.8%	51.6%	14.3%	22.9%	24.2%
EBITDA	—	—	—	—	—	—	—	—	—	—
EPS	6.94	7.95	8.19	8.68	7.56	11.6	20	5.77	9.52	11.5
Diluted EPS	6.92	7.92	8.17	8.66	7.55	11.6	20	5.76	9.51	11.4

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	8.3B	7.6B	7.9B	5.9B	6B	6.7B	8.7B	8.9B	9.3B	9.8B	9.5B	9.9B
Cost of revenue	—	—	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	3.3B	3.1B	2.8B	2.1B	2.1B	2.5B	3.1B	3.2B	3.2B	3.7B	3.3B	3.4B
Operating expenses	3.3B	3.1B	2.8B	2.1B	2.1B	2.5B	3.1B	3.2B	3.2B	3.7B	3.3B	3.4B
Operating income	—	—	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	—	—	—	—
Pretax income	2.2B	1.7B	2.4B	1.8B	2.2B	2.1B	2.6B	3.1B	3B	3.3B	3.5B	2.5B
Income tax	559M	364M	559M	420.9M	508.7M	504.6M	644M	756M	735M	836M	868M	746M
Net income	1.6B	1.3B	1.9B	1.3B	1.7B	1.6B	2B	2.3B	2.3B	2.5B	2.6B	1.8B
Net margin	19.4%	16.9%	23.6%	22.9%	27.7%	23.2%	22.6%	26.1%	24.8%	25.4%	27.6%	17.7%
EBITDA	—	—	—	—	—	—	—	—	—	—	—	—
EPS	—	1.73	2.36	2.49	—	2.84	2.51	3.14	—	3.4	3.54	2.38
Diluted EPS	—	1.73	2.36	2.48	—	2.83	2.5	3.14	—	3.39	3.53	2.38

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	61.5B	74.9B	69.8B	68.7B	55.4B	102B	88.8B	77.9B	—	—	119B
Enterprise value	126B	151.3B	120.7B	142.5B	102.6B	127.2B	174.7B	181.7B	—	—	1B
Shares outstanding	967.7M	977.4M	934.2M	928.3M	932M	940.3M	964.8M	1B	526.6M	721.9M	721.9M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	13.3	14	12.8	11.9	10.9	13.2	6.56	17.6	—	—	19.9
P/S	2.94	3.45	3.07	2.71	2.21	3.79	3.38	2.5	—	—	3.36
P/B	1.45	1.69	1.53	1.34	0.98	1.77	1.25	1.02	—	—	2
EV/Sales	6.02	6.97	5.31	5.63	4.1	4.73	6.65	5.84	—	—	0.04
Earnings yield	7.52%	7.13%	7.81%	8.38%	9.2%	7.6%	15.2%	5.7%	—	—	5.03%
FCF yield	-5.43%	2.83%	24.4%	41%	89.9%	42.2%	3.95%	10.2%	—	—	6.95%
PEG	—	—	—	—	—	—	—	—	—	—	-0.82

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Operating margin	—	—	—	—	—	—	—	—	—	—	30.5%
Net margin	22.1%	24.6%	24%	22.7%	20.4%	28.8%	51.6%	14.3%	22.9%	24.2%	25.7%
ROE	10.9%	12%	11.9%	11.3%	9.01%	13.5%	19.1%	5.83%	8.69%	9.9%	10.6%
ROA	—	—	—	—	—	—	—	—	0.52%	0.59%	0.62%
Return on tangible assets	—	—	—	—	—	—	—	—	0.54%	0.61%	0.61%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Debt / equity	3.69	3.82	3.58	3.82	3.3	3.3	3.13	3.27	3.11	3.18	0.03
Debt / assets	—	—	—	—	—	—	—	—	0.19	0.19	0.2
Effective tax rate	19.2%	19.5%	26.4%	20.8%	19.7%	24.4%	24.3%	25.4%	23.2%	24.5%	25.8%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	21.6	22.2	24.3	27.3	26.9	28.6	27.2	30.2	44	50	50.5
EPS (basic)	6.94	7.95	8.19	8.68	7.56	11.6	20	5.77	9.52	11.5	11.5
EPS (diluted)	6.92	7.92	8.17	8.66	7.55	11.6	20	5.76	9.51	11.4	8.67
Book value per share	43.7	45.4	48.9	55	60.7	61.2	73.6	73.9	115.8	122	86.2
FCF per share	-3.45	2.17	18.2	30.4	53.4	45.8	3.64	7.68	37.7	11.8	69.1
Cash per share	94.8	95.3	120.8	130.7	150.1	175.1	141.8	140.5	156	144.3	658.5
Capex per share	0.23	0.31	0.35	0.51	0.43	0.51	0.81	1.63	2.15	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.07%	1.39%	1.45%	1.89%	1.59%	1.8%	2.96%	5.39%	4.88%	—	—
Capex / operating cash flow	1.35%	10.1%	0.8%	0.69%	0.52%	0.86%	0.98%	4.3%	5.51%	—	—
Payout ratio	47.9%	37.6%	47.4%	47.8%	48.6%	38.4%	19.2%	60.9%	52.4%	57.7%	54.4%
Dividend yield	3.61%	2.68%	3.7%	4.01%	4.47%	2.92%	2.92%	3.47%	—	—	2.85%

Yield

2.85%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.218

ex-dividend Jul 30, 2026

Payout ratio

54%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 30, 2026	$1.218
Apr 29, 2026	$1.221
Jul 30, 2025	$1.183

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	$8.3B	$7.6B	$7.9B	$5.9B	$6B	$6.7B	$8.7B	$8.9B	$9.3B	$9.8B	$9.5B	$9.9B
YoY change	+28.3%	+8.53%	+2.47%	-26.8%	-27.7%	-11.9%	+9.59%	+51.6%	+53.8%	+45.4%	+9.86%	+10.8%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	91.8B	93.2B	112.9B	121.3B	139.8B	164.7B	136.8B	144.9B	82.2B	104.2B
Receivables	9B	7.7B	4.5B	4.6B	4.7B	5.1B	6.7B	62.9B	29.1B	52.2B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	363M	1.2B	1.3B	1.4B	3.4B	3.5B	3.4B	4.3B	3.1B	6.3B
Goodwill & intangibles	17.1B	16.8B	17.3B	17.5B	18B	15.3B	15B	43.9B	31.4B	43.1B
Total assets	—	—	—	—	—	—	—	—	1T	1.5T
Accounts payable	11.1B	11.1B	11.4B	12.5B	12.5B	13.8B	16.5B	71.1B	37.8B	62.9B
Short-term debt	64.6B	67.2B	72.5B	67.9B	65B	86.3B	96.1B	108.5B	77.3B	113.3B
Total current liabilities	—	—	—	—	—	—	—	—	—	—
Long-term debt	91.7B	102.4B	91.3B	127.2B	122B	103.5B	126.6B	140.2B	112.6B	166.9B
Total liabilities	—	—	—	—	—	—	—	—	959.1B	1.4T
Shareholders' equity	42.3B	44.4B	45.7B	51.1B	56.6B	57.5B	71B	76.1B	61B	88.1B
Total debt	156.2B	169.6B	163.8B	195.1B	187B	189.8B	222.6B	248.7B	189.9B	280.2B
Net debt	120.1B	130.5B	113.3B	138.3B	120.6B	88.2B	129.4B	166.7B	140.2B	209.9B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Cash & short-term investments	144.9B	148.4B	154.6B	115.6B	82.2B	131.7B	174.5B	169.2B	104.2B	181.1B	189.3B	214.4B
Receivables	62.9B	—	33.1B	23.3B	29.1B	27.8B	48.4B	42.3B	52.2B	45.2B	50.3B	45.9B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	4.3B	—	—	—	3.1B	—	—	—	6.3B	—	—	—
Goodwill & intangibles	43.9B	42.4B	43.2B	31.2B	31.4B	32.9B	42.9B	43B	43.1B	43.3B	43.3B	42.5B
Total assets	—	—	1.4T	1T	1T	1.1T	1.4T	1.4T	1.5T	1.5T	1.5T	1.5T
Accounts payable	71.1B	—	38.2B	25B	37.8B	30.2B	48.7B	46.4B	62.9B	43.3B	56.7B	50.9B
Short-term debt	108.5B	103.1B	114.2B	77B	77.3B	81.8B	109.5B	108.5B	113.3B	105.7B	110.1B	118.9B
Total current liabilities	—	—	—	—	—	—	—	—	—	—	—	—
Long-term debt	140.2B	139.7B	143.1B	106.4B	112.6B	118.8B	166.1B	158.7B	166.9B	169.4B	177.5B	193.9B
Total liabilities	—	—	1.3T	952.9B	959.1B	1T	1.4T	1.3T	1.4T	1.4T	1.4T	1.5T
Shareholders' equity	76.1B	77.3B	79.6B	60B	61B	64.1B	85.8B	86.8B	88.1B	85.8B	85.6B	86.6B
Total debt	248.7B	242.8B	257.2B	183.4B	189.9B	200.6B	275.7B	267.2B	280.2B	275B	287.5B	312.8B
Net debt	166.7B	163.9B	173B	126.7B	140.2B	142.3B	207.1B	204.4B	209.9B	204.8B	220.4B	235.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	4.6B	5.3B	5.5B	5.8B	5.1B	7.8B	13.5B	4.4B	5.3B	8.7B
Depreciation & amortization	1B	1.1B	1.1B	1.2B	1.6B	1.6B	1.5B	2.1B	1.5B	2.2B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	10.6B	-3.8B	33.8B	61.5B	69.8B	46.5B	63.9B	33.2B	13.6B	-20.9B
Operating cash flow	16.6B	3B	41.4B	69.2B	76.8B	56.1B	79.5B	39B	20.5B	10.2B
Capital expenditure	-224M	-301M	-330M	-478M	-399M	-484M	-777M	-1.7B	-1.1B	—
Investing cash flow	-18B	-420M	-9.1B	-19.3B	-30.4B	56M	-32.1B	-22.8B	-18.1B	1.5B
Dividends paid	-2.2B	-2B	-2.6B	-2.8B	-2.5B	-3B	-2.6B	-2.7B	-2.8B	-5B
Share repurchases	0	-940M	-1.3B	-90M	-76M	-1B	-1.5B	0	-904.6M	-3.9B
Financing cash flow	8B	2B	2.7B	-2.6B	-10.3B	-5.1B	16B	268M	-12.6B	-8.7B
Net change in cash	6.7B	4.6B	35.1B	47.3B	36.1B	51.1B	63.4B	16.4B	-10.2B	3B
Free cash flow	-3.3B	2.1B	17B	28.2B	49.8B	43.1B	3.5B	7.9B	19.9B	8.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Net income	1.6B	1.3B	1.9B	1.3B	1.7B	1.6B	—	—	2.3B	2.5B	2.6B	1.8B
Depreciation & amortization	596M	532M	524M	383.3M	379.2M	398.5M	—	—	558M	547M	545M	558M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	5.7B	6.7B	-7.6B	8.2B	5.8B	-12.4B	—	—	-2B	-25.2B	24.9B	26.7B
Operating cash flow	7.8B	8.6B	-5.6B	10.1B	8.1B	-10.3B	-3.2B	-4.2B	12.8B	1.8B	9.1B	26.7B
Capital expenditure	-319M	-232M	-148M	-141.8M	-715M	-282.3M	—	—	—	—	—	—
Investing cash flow	-6.2B	-12.3B	2B	-4.1B	-6.6B	5B	—	—	-2.9B	796M	-12.6B	-12.4B
Dividends paid	-656M	-745M	-669M	-900.5M	-854.7M	-938.2M	—	—	-1.2B	-1.3B	-1.3B	-1.3B
Share repurchases	0	-1M	—	-614.8M	-289.5M	-351M	—	—	-1.6B	-2.3B	-1.2B	-905M
Financing cash flow	-3.7B	-7.5B	-1.8B	-1.6B	-4.3B	-2B	—	—	-2.6B	-627M	1.3B	-5.3B
Net change in cash	-2.1B	-11.1B	-5.4B	4.3B	-2.8B	-7.3B	-3.2B	-4.2B	7.3B	2B	-2.2B	9.1B
Free cash flow	3B	17.9B	3.7B	1.2B	3.1B	3.3B	—	—	12.3B	1.4B	8.6B	26.2B

Date	Ratio
Mar 25, 2024	1:10
Mar 15, 2001	2:1

Bank of Montreal Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history