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TD Bank (TD) investor relations material
TD Bank Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary4 Dec, 2025
Executive summary
Q4 2025 adjusted net income was $3.9 billion, up 22% year-over-year, with reported net income at $3.3 billion, reflecting restructuring and one-time charges.
Fiscal 2025 adjusted EPS was $8.37, up 7% year-over-year, and adjusted PTPP grew 12% year-over-year.
AI initiatives delivered $170 million in value in 2025, with $200 million expected in 2026.
Strategic focus on deepening client relationships, digital engagement, operational simplification, and disciplined execution.
Moved to a semi-annual dividend review cycle and increased dividend by 3%.
Financial highlights
Q4 adjusted diluted EPS was $2.18, up from $1.72 last year; reported diluted EPS was $1.82.
Q4 2025 adjusted revenue up 8% year-over-year; adjusted expenses up 10% year-over-year.
CET1 ratio at quarter end: 14.7%, supported by strong capital generation and share repurchases.
Q4 saw record revenue, deposits, and loan volumes in Canadian Personal and Commercial Banking.
Dividend per share for the year was $4.20, up from $4.08.
Outlook and guidance
Fiscal 2026 targets: 6%-8% adjusted EPS growth, 13%+ adjusted ROE, positive operating leverage, and CET1 ratio above 13%.
Medium-term (2029) targets: 16% adjusted ROE, 7–10% adjusted EPS growth, and 40–50% dividend payout ratio.
Expense growth expected at 3%-4% in 2026, with continued positive operating leverage.
PCLs expected in the 40-50 bps range for 2026, improved from 2025 guidance.
Continued focus on cost discipline, digital transformation, and U.S. BSA/AML remediation.
U.S. asset limit impact on NII and growth?
How will new strategy achieve FY29 ROE target?
What are the expected annual savings from restructuring?
What drives 2026 AI value increase?
What is the path to U.S. asset cap relief?
Canadian NIM: What offsets mortgage spread gains?
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Toronto-Dominion Bank, offers various financial products and services in Canada, the United States, and internationally. It operates through three segments: Canadian Retail, U.S. Retail, and Wholesale Banking. The company provides personal deposit accounts, such as checking, savings accounts, non-chequable accounts, tax-free savings accounts, RRSPs/RRIFs deposits accounts, and self-directed registered accounts.
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