Net interest income has expanded from $3.2B in 2024Q1 to $4.3B in 2026Q2, though rising costs have pushed the efficiency ratio to 27.3%.
| Metric | TTM | Oct'25 | Oct'24 | Oct'23 | Oct'22 | Oct'21 | Oct'20 | Oct'19 | Oct'18 | Oct'17 | Oct'16 | Oct'15 | Oct'14 | Oct'13 | Oct'12 | Oct'11 | Oct'10 | Oct'09 | Oct'08 | Oct'07 | Oct'06 | Oct'05 | Oct'04 | Oct'03 | Oct'02 | Oct'01 | Oct'00 | Oct'99 | Oct'98 | Oct'97 | Oct'96 |
|---|
| Net Interest Income | 16.84B | 15.77B | 13.7B | 12.82B | 12.64B | 11.46B | 11.04B | 10.55B | 10.06B | 8.98B | 8.37B | 7.92B | 7.46B | 7.45B | 7.33B | 7.06B | 6.2B | 5.39B | 5.21B | 4.56B | 4.43B | 4.94B | 5.26B | 5.52B | 5.51B | 4.55B | 4.28B | 4.41B | 4.34B | 4.52B | 0 |
| NII Growth % | 56.57% | 15.14% | 6.78% | 1.46% | 10.32% | 3.76% | 4.67% | 4.83% | 12.12% | 7.3% | 5.7% | 6.11% | 0.08% | 1.73% | 3.74% | 13.83% | 15.02% | 3.59% | 14.24% | 2.77% | -10.17% | -6.11% | -4.71% | 0.15% | 21.12% | 6.21% | -2.84% | 1.64% | -3.99% | - | - |
| Net Interest Margin % | 1.45% | 1.41% | 1.31% | 1.31% | 1.34% | 1.37% | 1.44% | 1.62% | 1.69% | 1.59% | 1.67% | 1.71% | 1.8% | 1.87% | 1.86% | 1.84% | 1.64% | 1.61% | 1.47% | 1.33% | 1.46% | 1.76% | 1.89% | 1.99% | 2.02% | 1.58% | 1.6% | 1.76% | 1.54% | 1.9% | 0% |
| Interest Income | 47.61B | 48.76B | 52.19B | 45.02B | 22.18B | 14.74B | 17.52B | 20.7B | 17.5B | 13.59B | 12.09B | 11.48B | 11.48B | 11.81B | 11.91B | 12.03B | 9.1B | 9.3B | 14.16B | 15.78B | 13.27B | 11.26B | 10.19B | 11.18B | 11.52B | 14.77B | 15.33B | 14.41B | 15B | 12.89B | 0 |
| Interest Expense | 30.77B | 32.99B | 38.49B | 32.19B | 9.54B | 3.28B | 6.48B | 10.15B | 7.44B | 4.62B | 3.73B | 3.57B | 4.02B | 4.36B | 4.58B | 4.97B | 2.89B | 3.9B | 8.96B | 11.22B | 8.83B | 6.32B | 4.93B | 5.66B | 6.01B | 10.23B | 11.04B | 10B | 10.66B | 8.37B | 7.93B |
| Loan Loss Provision | 2.34B | 2.34B | 2B | 2.01B | 963M | 158M | 2.49B | 1.29B | 842M | 829M | 1.05B | 771M | 937M | 1.12B | 1.29B | 1.14B | 1.05B | 1.65B | 773M | 603M | 548M | 706M | 628M | 1.14B | 1.5B | 1.1B | 1.22B | 750.04M | 480.01M | 610.05M | 0 |
| Non-Interest Income | 14.23B | 13.24B | 11.83B | 10.47B | 9.12B | 8.5B | 7.62B | 7.92B | 7.63B | 6.9B | 6.07B | 5.76B | 5.6B | 5.09B | 4.96B | 5.26B | 5.88B | 4.54B | -1.49B | 7.05B | 6.92B | 7.03B | 6.5B | 5.95B | 5.53B | 6.61B | 7.8B | 5.73B | 4.8B | 3.98B | 7.36B |
| Non-Interest Income % | 23.02% | 21.36% | 18.48% | 18.87% | 29.15% | 36.58% | 30.3% | 27.67% | 30.36% | 33.66% | 33.43% | 33.41% | 32.8% | 30.13% | 29.42% | 30.4% | 39.27% | 32.79% | -11.78% | 30.89% | 34.26% | 38.43% | 38.96% | 34.73% | 32.43% | 30.92% | 33.72% | 28.45% | 24.26% | 23.59% | 100% |
| Total Revenue | 61.84B | 62.01B | 64.02B | 55.49B | 31.3B | 23.24B | 25.14B | 28.61B | 25.14B | 20.49B | 18.16B | 17.25B | 17.08B | 16.91B | 16.87B | 17.29B | 14.98B | 13.83B | 12.67B | 22.83B | 20.18B | 18.28B | 16.69B | 17.12B | 17.05B | 21.39B | 23.13B | 20.13B | 19.8B | 16.87B | 7.36B |
| Revenue Growth % | -12.62% | -3.14% | 15.36% | 77.28% | 34.68% | -7.55% | -12.14% | 13.83% | 22.68% | 12.8% | 5.33% | 0.98% | 1.02% | 0.21% | -2.43% | 15.44% | 8.27% | 9.18% | -44.51% | 13.12% | 10.42% | 9.53% | -2.52% | 0.4% | -20.26% | -7.52% | 14.86% | 1.66% | 17.38% | 129.38% | 17.02% |
| Non-Interest Expense | 16.52B | 15.73B | 14.36B | 14.32B | 12.83B | 11.48B | 11.28B | 10.71B | 10.15B | 9.16B | 8.38B | 8.68B | 8.21B | 7.45B | 7.01B | 7.37B | 7.03B | 6.66B | 7.2B | 7.16B | 7.49B | 10.33B | 8.24B | 8.13B | 9.17B | 8.28B | 8.16B | 8.04B | 7.15B | 5.4B | 12.99B |
| Efficiency Ratio | 26.71% | 25.37% | 22.43% | 25.8% | 40.98% | 49.39% | 44.88% | 37.44% | 40.37% | 44.73% | 46.11% | 50.35% | 48.07% | 44.07% | 41.53% | 42.63% | 46.93% | 48.16% | 56.84% | 31.34% | 37.1% | 56.5% | 49.35% | 47.49% | 53.75% | 38.74% | 35.28% | 39.92% | 36.08% | 32% | 176.64% |
| Operating Income | 12.22B | 10.94B | 9.17B | 6.97B | 7.97B | 8.32B | 4.89B | 6.47B | 6.71B | 5.88B | 5.01B | 4.22B | 3.91B | 3.98B | 3.99B | 3.81B | 4.01B | 1.62B | -4.26B | 3.85B | 3.31B | 927M | 2.9B | 2.19B | 373.83M | 1.78B | 2.7B | 1.35B | 1.52B | 2.49B | 10.21B |
| Operating Margin % | 19.76% | 17.64% | 14.32% | 12.57% | 25.47% | 35.81% | 19.45% | 22.61% | 26.68% | 28.7% | 27.6% | 24.49% | 22.92% | 23.52% | 23.66% | 22.01% | 26.79% | 11.7% | -33.62% | 16.87% | 16.42% | 5.07% | 17.35% | 12.78% | 2.19% | 8.31% | 11.68% | 6.7% | 7.65% | 14.75% | 138.75% |
| Operating Income Growth % | - | 19.34% | 31.45% | -12.54% | -4.19% | 70.18% | -24.41% | -3.53% | 14.05% | 17.29% | 18.68% | 7.92% | -1.56% | -0.4% | 4.91% | -5.16% | 147.81% | 138% | -210.62% | 16.17% | 257.61% | -67.99% | 32.29% | 485.59% | -78.97% | -34.21% | 100.28% | -11.01% | -39.08% | -75.62% | 19.38% |
| Pretax Income | 12.14B | 10.94B | 9.17B | 6.97B | 7.97B | 8.32B | 4.89B | 6.47B | 6.71B | 5.88B | 5.01B | 4.22B | 3.91B | 3.98B | 3.99B | 3.81B | 4.01B | 1.62B | -4.26B | 3.85B | 3.31B | 927M | 2.9B | 2.19B | 373.83M | 1.78B | 2.7B | 1.35B | 1.52B | 2.49B | 2.29B |
| Pretax Margin % | 19.63% | 17.64% | 14.32% | 12.57% | 25.47% | 35.81% | 19.45% | 22.61% | 26.68% | 28.7% | 27.6% | 24.49% | 22.92% | 23.52% | 23.66% | 22.01% | 26.79% | 11.7% | -33.62% | 16.87% | 16.42% | 5.07% | 17.35% | 12.78% | 2.19% | 8.31% | 11.68% | 6.7% | 7.65% | 14.75% | 31.15% |
| Income Tax | 2.37B | 2.48B | 2.01B | 1.93B | 1.73B | 1.88B | 1.1B | 1.35B | 1.42B | 1.16B | 718M | 634M | 699M | 626M | 689M | 927M | 1.53B | 424M | -2.22B | 524M | 640M | 789M | 790M | 238.69M | -278.82M | 92.05M | 641.18M | 319.99M | 459.95M | 937.05M | 911M |
| Effective Tax Rate % | 19.55% | 22.72% | 21.95% | 27.74% | 21.7% | 22.54% | 22.45% | 20.84% | 21.2% | 19.76% | 14.32% | 15.01% | 17.86% | 15.74% | 17.26% | 24.36% | 38.21% | 26.19% | 52.07% | 13.61% | 19.31% | 85.11% | 27.28% | 10.9% | -74.58% | 5.18% | 23.73% | 23.72% | 30.34% | 37.66% | 39.76% |
| Net Income | 9.82B | 8.43B | 7.12B | 5B | 6.22B | 6.43B | 3.79B | 5.1B | 5.27B | 4.7B | 4.28B | 3.58B | 3.22B | 3.35B | 3.29B | 2.87B | 2.45B | 1.17B | -2.06B | 3.3B | 2.65B | -32M | 2.09B | 1.95B | 652.65M | 1.69B | 2.06B | 1.03B | 1.06B | 1.55B | 1.38B |
| Net Margin % | 15.88% | 13.59% | 11.11% | 9.01% | 19.87% | 27.66% | 15.08% | 17.81% | 20.95% | 22.93% | 23.53% | 20.74% | 18.84% | 19.83% | 19.53% | 16.58% | 16.37% | 8.49% | -16.26% | 14.43% | 13.11% | -0.18% | 12.53% | 11.39% | 3.83% | 7.88% | 8.91% | 5.11% | 5.33% | 9.19% | 18.76% |
| Net Income Growth % | 25.6% | 18.47% | 42.27% | -19.6% | -3.25% | 69.63% | -25.63% | -3.25% | 12.09% | 9.92% | 19.55% | 11.12% | -4% | 1.76% | 14.89% | 16.93% | 108.86% | 156.99% | -162.5% | 24.57% | 8368.75% | -101.53% | 7.21% | 198.85% | -61.28% | -18.21% | 100.26% | -2.55% | -31.93% | 12.39% | 34.5% |
| Net Income (Continuing) | 9.77B | 8.45B | 7.15B | 5.04B | 6.24B | 6.45B | 3.79B | 5.12B | 5.28B | 4.72B | 4.29B | 3.59B | 3.21B | 3.35B | 3.3B | 2.88B | 2.48B | 1.2B | -2.04B | 3.33B | 2.67B | 138M | 2.11B | 1.95B | 652.65M | 1.69B | 2.06B | 1.03B | 1.06B | 1.55B | 1.38B |
| EPS (Diluted) | 14.45 | 8.57 | 7.28 | 5.17 | 6.68 | 6.96 | 4.11 | 5.60 | 5.83 | 5.62 | 5.35 | 4.43 | 3.93 | 4.06 | 3.91 | 3.66 | 2.94 | 1.33 | -2.94 | 4.61 | 3.72 | -0.23 | 2.77 | 2.59 | 0.68 | 2.07 | 2.43 | 1.11 | 1.13 | 1.75 | 1.66 |
| EPS Growth % | 26.76% | 17.72% | 40.81% | -22.6% | -4.02% | 69.34% | -26.61% | -3.95% | 3.74% | 5.05% | 20.77% | 12.72% | -3.2% | 3.84% | 6.83% | 24.49% | 121.05% | 145.24% | -163.77% | 23.92% | 1717.39% | -108.3% | 6.95% | 280.88% | -67.15% | -14.81% | 118.92% | -1.77% | -35.43% | 5.42% | 41.88% |
| EPS (Basic) | - | 8.62 | 7.29 | 5.17 | 6.70 | 6.98 | 4.12 | 5.61 | 5.85 | 5.63 | 5.36 | 4.45 | 3.94 | 4.06 | 3.92 | 3.66 | 2.95 | 1.33 | -2.94 | 4.65 | 3.75 | -0.23 | 2.80 | 2.61 | 0.69 | 2.10 | 2.49 | 1.12 | 1.13 | 1.75 | 1.66 |
| Diluted Shares Outstanding | 680M | 940.67M | 941.71M | 916.22M | 905.68M | 900.37M | 892.04M | 890.91M | 889.25M | 827.13M | 791.84M | 795.66M | 796.84M | 802.52M | 808.29M | 794.19M | 777.61M | 764.88M | 743.53M | 678.63M | 676.72M | 685.82M | 719.55M | 683.81M | 729.2M | 757.79M | 777.9M | 825.75M | 832.22M | 828.33M | 830M |
Canadian residential mortgage exposure
According to the provided quarterly data, CM has demonstrated consistent NII growth, climbing from $3.2B in 2024Q1 to $4.3B by 2026Q2, suggesting that the bank has successfully navigated the interest rate cycle to capture wider spreads despite broader macroeconomic headwinds impacting the Canadian banking sector.
The steady upward trajectory in NII appears to reflect effective management of the bank's domestic loan book and repricing capabilities. Investors should monitor whether this growth can be sustained as deposit betas potentially normalize and loan demand in the Canadian residential mortgage market faces cooling pressures.
As reported in financial statements, CM's efficiency ratio has trended upward from 22.0% in 2024Q1 to 27.3% in 2026Q2, indicating that non-interest expenses are growing faster than revenue, which may suggest rising costs associated with digital transformation and regulatory compliance requirements within the current operating environment.
The gradual expansion of the efficiency ratio warrants further investigation into the bank's ability to control its fixed-cost base. While the current levels remain within a manageable range, a continued upward trend could signal potential margin compression if revenue growth fails to keep pace with operational expenditures.
Based on the bank's reported figures, provision for credit losses fluctuated between $419M and $605M over the last ten quarters, reflecting a cautious approach to credit risk management amidst the evolving economic landscape and potential stress within the bank's commercial and residential loan portfolios.
The variability in provision expenses suggests that management is actively adjusting its forward-looking credit loss models to account for macroeconomic uncertainty. Analysts should scrutinize whether these provisions are sufficient to cover potential defaults, particularly if the Canadian housing market experiences a more pronounced downturn than currently anticipated.
Data from recent filings shows non-interest fee income oscillating between $2.9B and $4.0B, highlighting a dependency on market-sensitive activities like wealth management and capital markets that may introduce volatility into the bank's overall earnings profile compared to its more stable net interest income streams.
The fluctuation in fee income suggests that CM's non-interest revenue is highly sensitive to capital market conditions and advisory demand. Investors should monitor the sustainability of these fee-based revenues, as they represent a critical component of the bank's PPNR and overall profitability in a fluctuating rate environment.
Quick answers to the most common questions about buying CM stock.
Canadian Imperial Bank of Commerce (CM) is profitable, generating $8.43B in net income for the fiscal year ending 2025 with a net profit margin of 13.6%.
Canadian Imperial Bank of Commerce (CM) reported an operating income of $10.94B, resulting in an operating profit margin of 17.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Canadian Imperial Bank of Commerce (CM) generated $26.67B in gross profit for the year, representing a gross profit margin of 43.0%. This demonstrates the company's core pricing power and production efficiency.