CIBC (CM) Q4 2025 earnings summary

Executive summary

• Achieved record financial performance in fiscal 2025, with net earnings of CAD 8.5 billion and EPS of CAD 8.61, up 17% and 16% year-over-year, driven by broad-based growth and improved client experience scores across all business lines.

• Strategic focus on client connectivity, digital innovation, and operational efficiency supported outperformance and strong shareholder returns.

• Maintained robust capital and liquidity positions, enabling continued investment in growth and technology.

• Leadership transition completed, with new CEO and executive team members introduced.

• Recognized for industry leadership in investment banking, sustainability, and digital innovation.

Financial highlights

• FY2025 revenue reached $29.1B, up 14% year-over-year; Q4/25 revenue was $7,576M, up 14% year-over-year.

• Adjusted net income for Q4/25 was $2.2B, up 16% year-over-year; adjusted diluted EPS was $2.21, up 16% year-over-year.

• Net income for FY2025 was $8.5B, up 18% year-over-year; adjusted pre-provision, pre-tax earnings for the year were $13.3B.

• Return on equity (ROE) for FY2025 was 14.4% (up 70 bps YoY); Q4 ROE was 14.1%.

• Positive operating leverage for the ninth consecutive quarter, with efficiency ratio improving to 54.3% for FY2025.

Outlook and guidance

• Targeting ROE above 15% in fiscal 2026, with EPS growth expected at or above the high end of the 7%-10% medium-term target.

• Margins in Canada and the U.S. expected to move gradually higher, but at a slower pace than 2025.

• Expense growth to be managed in the mid-single digits for 2026, with continued positive operating leverage at the all-bank level.

• Impaired provisions expected to stabilize in the mid-to-low 30 basis point range in 2026.

• Guidance maintained for net loss in Corporate & Other between zero and $50MM per quarter.