Canaccord Genuity Group (CF) Q4 2025 earnings summary

Executive summary

• Fiscal 2025 revenue reached $1.8 billion, up 19.6% year-over-year, with Q4 revenue at $461.2 million, the highest in 11 quarters.

• Wealth Management and Advisory segments drove record performance, with client assets at $120.4 billion and new records across all regions.

• Capital Markets revenue increased 21.6% year-over-year, with notable gains in advisory and investment banking.

• Completed multiple acquisitions in the UK and Canada, expanding Wealth Management capabilities.

• Announced sale of US wholesale market making business to Cantor, expected to close in H1 fiscal 2026.

Financial highlights

• Q4 revenue was $461.2 million, up 12.8% year-over-year; full-year revenue was $1.8 billion, up 19.6%.

• Adjusted pre-tax net income for Q4 was $32.2 million, down 17.5% year-over-year; full-year was $149.1 million, up 12%.

• Adjusted diluted EPS for Q4 was $0.12 (down 20% YoY); full-year adjusted diluted EPS was $0.61 (up 52.5%).

• Non-compensation expenses rose 20.2% for the year, impacting margins.

• Effective tax rate decreased by 2.3 percentage points to 26.9%.

Outlook and guidance

• Management expects continued improvement in capital markets activity and margin expansion through organic/inorganic growth and cost efficiency.

• Lower interest rates anticipated to reduce interest revenue but boost transaction and advisory activity.

• Board approved a quarterly common share dividend of $0.085 (CAD 0.85).

• Strategic evaluation ongoing for the UK wealth management business.