Canadian Imperial Bank of Commerce (CM) Income Statement

30Y historyFree accessUpdated daily

Net interest income growth of 11.4% year-over-year is being generated despite a stagnant net interest margin of 0.4%, suggesting volume-driven expansion is offsetting persistent margin compression.

Annual statement

CM Income Statement

Canadian Imperial Bank of Commerce (CM) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

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	17.3B	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 %	53.35%	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 %	1.47%	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	47.91B	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	30.61B	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	14.88B	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 %	46.24%	45.65%	46.35%	44.95%	41.92%	42.59%	40.82%	42.87%	43.13%	43.45%	42.06%	42.13%	42.89%	40.6%	40.39%	42.67%	48.67%	45.68%	-40.2%	60.74%	60.93%	58.73%	55.29%	51.87%	50.1%	59.25%	64.55%	56.51%	52.55%	46.84%	100%
Total Net Revenue	32.18B	29.01B	25.53B	23.3B	21.76B	19.96B	18.66B	18.47B	17.7B	15.87B	14.44B	13.68B	13.06B	12.55B	12.29B	12.32B	12.09B	9.93B	3.71B	11.61B	11.35B	11.96B	11.76B	11.46B	11.04B	11.16B	12.08B	10.14B	9.14B	8.5B	7.36B
Revenue Growth %	14.69%	13.66%	9.56%	7.05%	9.04%	6.96%	1.06%	4.35%	11.48%	9.94%	5.57%	4.72%	4.09%	2.1%	-0.24%	1.93%	21.71%	167.37%	-68.01%	2.29%	-5.11%	1.71%	2.59%	3.83%	-1.09%	-7.6%	19.18%	10.89%	7.58%	15.53%	17.02%
Non-Interest Expense	17.26B	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	53.62%	54.23%	56.25%	61.44%	58.94%	57.52%	60.46%	58.01%	57.35%	57.74%	58%	63.48%	62.86%	59.38%	57.01%	59.83%	58.15%	67.09%	193.89%	61.64%	65.97%	86.35%	70.04%	70.93%	83.03%	74.22%	67.54%	79.29%	78.17%	63.54%	176.64%
Operating Income	12.62B	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 %	39.22%	37.7%	35.91%	29.93%	36.63%	41.69%	26.2%	35.03%	37.89%	37.04%	34.72%	30.88%	29.97%	31.69%	32.48%	30.89%	33.2%	16.3%	-114.7%	33.17%	29.2%	7.75%	24.62%	19.1%	3.39%	15.92%	22.37%	13.31%	16.58%	29.28%	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	12.54B	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 %	38.97%	37.7%	35.91%	29.93%	36.63%	41.69%	26.2%	35.03%	37.89%	37.04%	34.72%	30.88%	29.97%	31.69%	32.48%	30.89%	33.2%	16.3%	-114.7%	33.17%	29.2%	7.75%	24.62%	19.1%	3.39%	15.92%	22.37%	13.31%	16.58%	29.28%	31.15%
Income Tax	2.46B	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 %	19.62%	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	10.13B	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 %	31.47%	29.05%	27.87%	21.46%	28.58%	32.21%	20.31%	27.6%	29.76%	29.6%	29.61%	26.15%	24.64%	26.72%	26.8%	23.27%	20.29%	11.82%	-55.47%	28.39%	23.31%	-0.27%	17.78%	17.01%	5.91%	15.1%	17.06%	10.15%	11.55%	18.25%	18.76%
Net Income Growth %	24.6%	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)	10.08B	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)	15.46	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 %	25.93%	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	655.31M	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

Key Metrics

Growth RegimeAccelerating

ProfitabilityModerate

Balance SheetAdequate

Cash FlowStable

Top Statement Risk

Canadian housing market concentration

NII Growth Driven by Volume, Not Margin

Net interest income has accelerated to 11.4% year-over-year growth in the latest quarter, as reported in recent financial statements, suggesting the bank is successfully growing its earning asset base despite a persistently compressed net interest margin.

The consistent NIM of 0.4% across all periods indicates that the strong NII growth is almost entirely volume-driven, likely from loan and securities portfolio expansion. This implies management is prioritizing market share and balance sheet growth over margin optimization, a strategy that may face headwinds if funding costs continue to rise or credit quality deteriorates.

NIM Compression Limits Profitability Upside

The net interest margin has remained stagnant at 0.4% for the past ten quarters, indicating that asset yield improvements are being fully offset by rising deposit and wholesale funding costs in the competitive Canadian banking landscape.

This persistent margin compression is a critical headwind, as it means the bank's impressive revenue growth is not translating into proportional earnings expansion. The flat NIM suggests CM lacks significant pricing power relative to its peers and is likely competing aggressively on deposit rates, which may indicate a structural challenge to its core spread-based earnings model.

Efficiency Ratio Volatility Signals Cost Control Challenges

The efficiency ratio has fluctuated between 51.1% and 57.2% over the past ten quarters, with the latest reading of 56.2% suggesting that non-interest expenses are growing nearly in line with revenue, limiting operating leverage.

The recent deterioration from a low of 51.1% in Q1 2026 to 56.2% in Q3 2026 is concerning, as it implies that cost discipline has weakened during a period of strong top-line growth. This pattern suggests that investments in technology, compliance, or branch networks are outpacing revenue gains, which could pressure returns on equity if not addressed.

Provision Expense Elevated and Volatile

Provision for credit losses has remained elevated, averaging approximately $570 million per quarter over the last four periods, which appears to reflect management's cautious stance on potential credit deterioration in the Canadian consumer and commercial loan books.

The provision expense has not declined despite strong earnings growth, suggesting the bank is building reserves in anticipation of future stress, possibly related to Canadian household debt levels or commercial real estate exposure. This proactive provisioning may protect future earnings but currently acts as a significant drag on net income growth.

Fee Income Provides Stable Earnings Diversification

Non-interest income has consistently represented approximately 45-48% of total revenue, providing a meaningful offset to net interest income and suggesting a well-diversified revenue base across wealth management, capital markets, and transactional services.

The stability of the fee income contribution is a positive attribute, as it reduces the bank's sole reliance on spread-based earnings. However, the slight decline in fee percentage from 48.2% in Q1 2026 to 45.9% in Q3 2026 may indicate that capital markets or advisory revenues are becoming more volatile, which warrants monitoring for sustainability.

Earnings Quality Challenged by Provision and Margin Trends

The strongest challenge to CM's earnings quality is that the impressive 16.3% EPS growth is being generated against a backdrop of flat net interest margins and elevated, volatile provision expenses, which may not be sustainable.

If the NIM remains compressed and provision expenses stay at current elevated levels, the bank's ability to generate further earnings growth will depend entirely on continued strong loan volume growth, which may be difficult to maintain. Furthermore, the recent beat on EPS of $1.99 may be masking underlying profitability pressures that could become more apparent if the Canadian economy slows.

CM — Frequently Asked Questions

Quick answers to the most common questions about buying CM stock.

What was Canadian Imperial Bank of Commerce's (CM) revenue in 2025?

For fiscal year 2025, Canadian Imperial Bank of Commerce (CM) reported total revenue of $29.01B. This represents a 294.5% increase compared to $7.36B in 1996.

Is Canadian Imperial Bank of Commerce (CM) profitable?

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 29.1%.

What is Canadian Imperial Bank of Commerce's operating profit margin?

Canadian Imperial Bank of Commerce (CM) reported an operating income of $10.94B, resulting in an operating profit margin of 37.7%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Canadian Imperial Bank of Commerce's gross profit and gross margin?

Canadian Imperial Bank of Commerce (CM) generated $26.67B in gross profit for the year, representing a gross profit margin of 91.9%. This demonstrates the company's core pricing power and production efficiency.