Toronto-Dominion Bank (TD) 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	$2.47	$2.77	+12.1%	—	—	—
Q1 27	$2.26	$2.38	+5.3%	—	—	—
Q4 26	$2.26	$2.44	+8.0%	—	—	—
Q3 26	$1.94	$1.82	-6.2%	—	—	—
Q2 26	$2.02	$2.2	+8.9%	—	—	—
Q1 26	$1.79	$1.97	+10.1%	—	—	—
Q4 25	$1.98	$2.02	+2.0%	—	—	—
Q3 25	$2.52	$1.97	-21.8%	—	—	—
Q2 25	$2.08	$2.05	-1.4%	—	—	—
Q1 25	$1.84	$2.04	+10.9%	—	—	—
Q4 24	$1.93	$2	+3.6%	—	—	—
Q3 24	$1.41	$1.36	-3.5%	—	—	—
Q2 24	$1.98	$1.99	+0.5%	—	—	—
Q1 24	$2.08	$1.94	-6.7%	—	—	—
Q4 23	$2.2	$2.23	+1.4%	—	—	—
Q3 23	$2.05	$2.18	+6.3%	—	—	—

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	—	$11.6	—	—	$61.3B	—
FY24	—	$4.73	—	—	$40.7B	—
FY23	—	$5.53	—	—	$51.5B	—
FY22	—	$9.48	—	—	$45.8B

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	$34B	$35.8B	$38.5B	$40.7B	$43.3B	$42.3B	$45.8B	$51.5B	$40.7B	$61.3B
YoY change	+9.31%	+5.42%	+7.51%	+5.7%	+6.27%	-2.35%	+8.27%	+12.5%	-20.9%	+50.5%

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	34B	35.8B	38.5B	40.7B	43.3B	42.3B	45.8B	51.5B	40.7B	61.3B
Cost of revenue	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	12.5B	13B	13.6B	15.2B	16B	16.3B	17.6B	22.2B	18B	26B
Operating expenses	12.5B	13B	13.6B	15.2B	16B	16.3B	17.6B	22.2B	18B	26B
Operating income	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	—	—
Pretax income	10.6B	12.3B	13.8B	13.2B	11.9B	17.1B	20.4B	12.9B	7.8B	23.6B
Income tax	2.1B	2.3B	3.2B	2.7B	1.2B	3.6B	4B	3.1B	1.9B	3.4B
Net income	8.9B	10.5B	11.3B	11.7B	11.9B	14.3B	17.4B	10.6B	6.4B	20.5B
Net margin	26.3%	29.3%	29.4%	28.7%	27.5%	33.8%	38.1%	20.7%	15.7%	33.5%
EBITDA	—	—	—	—	—	—	—	—	—	—
EPS	4.68	5.51	6.02	6.26	6.43	7.73	9.48	5.53	4.73	11.6
Diluted EPS	4.67	5.5	6.01	6.25	6.43	7.72	9.47	5.52	4.72	11.6

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	14.8B	13.6B	13.8B	10.3B	10.7B	14.9B	15B	15.5B	15.9B	16.5B	15.9B	16.8B
Cost of revenue	—	—	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	5.5B	6B	5.9B	4.5B	5B	6.5B	6.3B	6.5B	6.7B	6.9B	6.6B	7B
Operating expenses	5.5B	6B	5.9B	4.5B	5B	6.5B	6.3B	6.5B	6.7B	6.9B	6.6B	7B
Operating income	—	—	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	—	—	—	—
Pretax income	3.4B	3.3B	3.1B	307.4M	2.9B	3.3B	12B	4.2B	4.1B	5.2B	5B	5.8B
Income tax	628M	634M	729M	577M	386.4M	698M	985M	905M	822M	1.1B	775M	1.2B
Net income	2.9B	2.8B	2.6B	-131.5M	2.6B	2.8B	11.1B	3.3B	3.3B	4B	4.3B	4.6B
Net margin	19.6%	20.7%	18.6%	-1.28%	24.7%	18.7%	74.2%	21.5%	20.6%	24.5%	26.7%	27.5%
EBITDA	—	—	—	—	—	—	—	—	—	—	—	—
EPS	—	1.55	1.35	-0.14	—	1.55	6.28	1.89	—	2.35	2.44	2.75
Diluted EPS	—	1.55	1.35	-0.14	—	1.55	6.27	1.89	—	2.34	2.43	2.74

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	122.2B	152.9B	147.9B	151.3B	116.1B	191.5B	168.3B	147.9B	—	—	195.9B
Enterprise value	175.2B	185.3B	358.8B	379.5B	179.1B	253.6B	385.4B	433.2B	—	—	71B
Shares outstanding	2.7B	2.7B	2.7B	2.7B	2.6B	2.6B	2.6B	2.6B	1.3B	1.7B	1.7B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	13.7	14.5	13	12.9	9.76	13.4	9.66	13.9	—	—	18.3
P/S	3.59	4.26	3.84	3.71	2.68	4.53	3.68	2.87	—	—	3.25
P/B	1.65	2.03	1.85	1.72	1.22	1.92	1.51	1.32	—	—	2.2
EV/Sales	5.15	5.17	9.31	9.32	4.14	6	8.42	8.41	—	—	1.65
Earnings yield	7.31%	6.88%	7.66%	7.73%	10.2%	7.47%	10.4%	7.19%	—	—	5.48%
FCF yield	30%	16.8%	3.45%	-0.37%	196.6%	25.6%	22.3%	-45.4%	—	—	10.2%
PEG	—	—	—	—	—	—	—	—	—	—	0.4

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Operating margin	—	—	—	—	—	—	—	—	—	—	38%
Net margin	26.3%	29.3%	29.4%	28.7%	27.5%	33.8%	38.1%	20.7%	15.7%	33.5%	26.6%
ROE	12%	14%	14.2%	13.3%	12.5%	14.3%	15.6%	9.49%	7.68%	16.1%	12.8%
ROA	—	—	—	—	—	—	—	—	0.43%	0.98%	0.78%
Return on tangible assets	—	—	—	—	—	—	—	—	0.44%	1%	0.78%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Debt / equity	2.94	3.11	3.31	3.2	2.71	2.57	3.36	3.59	4	3.46	0.03
Debt / assets	—	—	—	—	—	—	—	—	0.22	0.21	0.22
Effective tax rate	20.1%	18.3%	23.1%	20.7%	9.67%	21.1%	19.5%	24.2%	24.8%	14.4%	19.6%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	12.6	13.3	14.4	15.4	16.5	16	17.4	19.4	32	35.5	36.4
EPS (basic)	4.68	5.51	6.02	6.26	6.43	7.73	9.48	5.53	4.73	11.6	11.6
EPS (diluted)	4.67	5.5	6.01	6.25	6.43	7.72	9.47	5.52	4.72	11.6	6.6
Book value per share	27.6	28	30	33.1	36.4	37.8	42.3	42.3	65.5	74	54.8
FCF per share	13.6	9.56	1.91	-0.21	87	18.6	14.3	-25.4	30	-41.6	3.04
Cash per share	61.3	75	20.2	19.8	74.4	73.7	59.7	44	131.1	90.4	386.6
Capex per share	0.3	0.16	0.22	0.52	0.48	0.43	0.55	0.7	1.24	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.34%	1.21%	1.52%	3.4%	2.91%	2.67%	3.18%	3.58%	3.87%	—	—
Capex / operating cash flow	0.85%	0.7%	0.93%	2.13%	0.62%	1.16%	0.93%	16.4%	2.25%	—	—
Payout ratio	42.6%	40%	40.9%	44.1%	30.8%	38.9%	38.2%	54.8%	81%	37.3%	46.4%
Dividend yield	3.12%	2.75%	3.13%	3.41%	3.15%	2.9%	3.96%	3.94%	—	—	2.65%

Yield

2.65%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.791

ex-dividend Jul 10, 2026

Payout ratio

46%

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 10, 2026	$0.791
Apr 9, 2026	$0.78
Jul 10, 2025	$0.767

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	$14.8B	$13.6B	$13.8B	$10.3B	$10.7B	$14.9B	$15B	$15.5B	$15.9B	$16.5B	$15.9B	$16.8B
YoY change	+23.8%	+5.05%	+10.4%	-20.9%	-27.7%	+9.24%	+9.05%	+51%	+49%	+10.7%	+5.97%	+8.36%

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	165.2B	201.6B	54B	52.6B	195.5B	194.7B	157B	116.5B	166.8B	156.1B
Receivables	9.7B	9.9B	11.3B	11.5B	13.1B	11.3B	14.5B	19.4B	13.3B	15B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	2.1B	2B	1.9B	2B	2.8B	3.5B	3.6B	3.8B	2.8B	3.9B
Goodwill & intangibles	38.6B	37.5B	38B	39B	38.5B	36.7B	39.9B	42.7B	31.7B	44.8B
Total assets	—	—	—	—	—	—	—	—	1.5T	2.1T
Accounts payable	23.2B	38.3B	34.6B	30.3B	42.9B	37.2B	32.1B	43.6B	28.8B	41B
Short-term debt	76B	90.7B	107B	110.9B	90.3B	129.1B	216B	217.9B	181.9B	211.7B
Total current liabilities	—	—	—	—	—	—	—	—	—	—
Long-term debt	142.3B	143.2B	157.9B	170B	168.2B	127.7B	158.1B	183.9B	151.5B	230.7B
Total liabilities	—	—	—	—	—	—	—	—	1.4T	2T
Shareholders' equity	74.2B	75.2B	80B	87.7B	95.5B	99.8B	111.4B	112.1B	83.3B	127.8B
Total debt	218.2B	234B	264.8B	280.8B	258.5B	256.8B	374B	401.8B	333.4B	442.4B
Net debt	160.6B	178.8B	229.4B	250.4B	87.9B	90.9B	228.2B	296.7B	204.5B	325.5B

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	116.5B	155.5B	169B	127.6B	166.8B	251.5B	262.5B	245.3B	156.1B	247.4B	245.4B	245.3B
Receivables	19.4B	17.8B	18.9B	13.3B	13.3B	19.3B	20.1B	19.7B	15B	15.3B	13.2B	13.7B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	3.8B	—	—	—	2.8B	—	—	—	3.9B	—	—	—
Goodwill & intangibles	42.7B	41.8B	43.1B	31.5B	31.7B	45.5B	43.7B	44.1B	44.8B	43.8B	44.2B	45.6B
Total assets	—	—	2T	1.4T	1.5T	2.1T	2.1T	2T	2.1T	2.1T	2.1T	2.1T
Accounts payable	43.6B	44.9B	44B	27.4B	28.8B	39.8B	45B	32.5B	41B	44.9B	42.1B	39.4B
Short-term debt	217.9B	219.1B	217.2B	168B	181.9B	240.3B	220.6B	208.3B	211.7B	244.7B	245.7B	224.8B
Total current liabilities	—	—	—	—	—	—	—	—	—	—	—	—
Long-term debt	183.9B	180.8B	195.6B	143.3B	151.5B	225.4B	219.7B	213B	230.7B	231.2B	228.2B	229.3B
Total liabilities	—	—	1.9T	1.3T	1.4T	2T	1.9T	1.9T	2T	2T	2T	2T
Shareholders' equity	112.1B	112.4B	112B	81.1B	83.3B	119B	126.1B	125.4B	127.8B	125.6B	124.3B	127B
Total debt	401.8B	399.9B	412.8B	311.2B	333.4B	465.7B	440.3B	421.3B	442.4B	475.9B	473.9B	454.2B
Net debt	296.7B	318.5B	318.8B	238.7B	204.5B	322.7B	294.6B	298.7B	325.5B	355.9B	356.7B	343.6B

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	11.1B	12.8B	14.5B	11.7B	11.9B	14.3B	17.4B	10.6B	6.4B	20.5B
Depreciation & amortization	1.3B	1.3B	1.4B	1.4B	2.1B	2.1B	1.8B	1.9B	1.5B	2.2B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	81.5B	47.8B	47.1B	52.1B	191.9B	80.6B	135.9B	33M	63B	-24B
Operating cash flow	94B	61.8B	63.4B	65.1B	204.9B	97.3B	155.6B	11.3B	70.1B	-69.6B
Capital expenditure	-797M	-434M	-587M	-1.4B	-1.3B	-1.1B	-1.5B	-1.8B	-1.6B	—
Investing cash flow	-25.2B	-21.5B	-18.9B	-222M	-85.1B	-44.5B	-62.4B	34.8B	18.6B	26.7B
Dividends paid	-3.8B	-4.2B	-4.6B	-5.2B	-3.7B	-5.6B	-6.7B	-5.8B	-5.2B	-7.7B
Share repurchases	-6.4B	-11.2B	-10.4B	-12.2B	-9.9B	-11.8B	-14.3B	-13.2B	-12.4B	-21.9B
Financing cash flow	-247M	-7B	-6.5B	-5.7B	-4.7B	-5B	-4.8B	-12.8B	-7.1B	-15.5B
Net change in cash	68.5B	33.3B	38B	59.2B	115.1B	47.7B	88.4B	33.2B	81.7B	-58.4B
Free cash flow	36.6B	25.7B	5.1B	-555M	228.3B	49B	37.5B	-67.1B	38.2B	-71.8B

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	2.9B	2.8B	2.6B	-131.5M	2.6B	2.8B	11.1B	3.3B	3.3B	4B	4.3B	4.6B
Depreciation & amortization	505M	499M	492M	357.5M	393.7M	532M	534M	528M	572M	546M	561M	591M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	33.6B	-19.7B	18.9B	16.9B	46.8B	5.6B	-24.3B	-25.2B	19.9B	10.7B	-739M	1.9B
Operating cash flow	36.8B	-16.4B	21.2B	17B	49.7B	8.8B	-13B	-21.7B	-9.4B	12.6B	10.2B	-5.9B
Capital expenditure	-554M	-471M	-425M	-412.8M	-516M	-497M	-436M	—	—	—	—	—
Investing cash flow	4.9B	2.3B	7.2B	13.9B	-2.1B	10.9B	5.1B	2B	7.8B	-3.5B	-6.7B	1.5B
Dividends paid	-1.8B	-1.7B	-1.9B	-1.2B	-1.3B	-1.8B	-2B	-1.9B	-2B	-141M	-3.8B	-1.9B
Share repurchases	-5.7B	-4.9B	-3.9B	-3.6B	-2.5B	-5.1B	-5.7B	-5.2B	-5.8B	-5.9B	-5.9B	-7.4B
Financing cash flow	-7.3B	-3.5B	-1.8B	-3B	-301M	288M	-7.8B	-4.4B	-3.6B	-2.7B	-6.8B	-3.2B
Net change in cash	34.4B	-17.6B	26.7B	27.9B	47.3B	20B	-15.7B	-24.1B	-5.2B	6.4B	-3.3B	-7.6B
Free cash flow	14B	-20.6B	4.9B	-7.6B	57.2B	-50.8B	11.3B	-22.3B	-10.1B	12.1B	9.6B	-6.6B

Date	Ratio
Feb 3, 2014	2:1
Aug 4, 1999	2:1

Toronto-Dominion Bank 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