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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 adjusted net income was $3.9 billion, with EPS of $2.18 (up 27% YoY), and ROE up 110 bps year-over-year, capping a year of 5%–7% earnings and EPS growth.
Fiscal 2025 adjusted EPS was $8.37, up 7% YoY, and adjusted net income was $15.0 billion; reported net income surged to $20.5 billion due to the Schwab sale.
Positive operating leverage delivered, with expense growth moderating and a clear strategy to accelerate growth and returns.
Announced a CAD 0.03 dividend increase to CAD 1.08 per share, moved to a semi-annual dividend review cycle, and increased annual dividend to $4.20.
Over $6 billion in share buybacks completed, with plans for a new $6–$7 billion buyback program in 2026, returning all capital from the Schwab sale to shareholders.
Financial highlights
Q4 revenue net of insurance service expenses grew 15% year-over-year, or 12% excluding prior year severe weather impacts.
Q4 2025 adjusted revenue up 8% YoY; adjusted expenses up 10% YoY; adjusted efficiency ratio (net of ISE) was 59.2%.
CET1 ratio at 14.7%, with strong internal capital generation and RWA growth.
Total payout ratio for fiscal 2025 was 93%, including share buybacks and dividends; adjusted dividend payout ratio for the year at 50%.
Fiscal 2025 adjusted net income $15.0B; market capitalization at year-end: $194.6 billion.
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 prior 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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