Management continues to prioritize shareholder returns, evidenced by $3.8 billion in dividends and $5.9 billion in buybacks during 2026Q2, despite significant volatility in cash balances which dropped to $7.1 billion.
| 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 |
|---|
| Cash from Operations | 15.4B | -69.65B | 54.94B | -65.3B | 38.95B | 50.13B | 229.61B | 830M | 5.69B | 26.13B | 37.4B | 35.27B | 25.97B | 27.28B | 13.06B | 16.63B | 3.08B | 24.64B | 19.98B | 4.07B | -6.38B | 5.26B | -9.01B | 5.15B | 13.95B | -4.83B | -5.91B | -9.81B | -16.77B | -8.06B | -1.02B |
| Operating CF Growth % | -67.17% | -226.77% | 184.13% | -267.66% | -22.3% | -78.17% | 27563.49% | -85.42% | -78.21% | -30.14% | 6.03% | 35.84% | -4.83% | 108.83% | -21.45% | 439.68% | -87.49% | 23.33% | 390.6% | 163.83% | -221.27% | 158.41% | -274.79% | -63.07% | 388.73% | 18.26% | 39.72% | 41.52% | -108.05% | -688.06% | 44.04% |
| Net Income | 14.91B | 20.54B | 8.84B | 10.63B | 17.43B | 14.3B | 11.89B | 11.69B | 14.52B | 12.77B | 11.08B | 9.55B | 9.39B | 7.78B | 7.54B | 7.37B | 4.64B | 3.12B | 3.83B | 4B | 4.6B | 2.23B | 2.23B | 1.08B | -66.98M | 1.38B | 1.02B | 2.98B | 1.12B | 1.09B | 913.98M |
| Depreciation & Amortization | 1.1B | 2.17B | 2.03B | 1.91B | 1.77B | 2.07B | 2.14B | 1.41B | 1.39B | 1.31B | 1.34B | 1.25B | 1.13B | 1.04B | 971M | 1.12B | 1.19B | 1.25B | 1.01B | 860.85M | 848.2M | 867.87M | 920M | 1.09B | 1.31B | 1.81B | 1.61B | 253.94M | 223.95M | 158.01M | 134.98M |
| Deferred Taxes | -237M | -764M | -1.06B | -1.31B | 502M | 258M | -1.06B | -33M | 385M | 175M | 103M | -352M | 31M | -370M | 105M | -147M | 98M | 336M | 108.22M | -121M | -14M | -261M | 128M | -73.85M | -1.02B | -1.21B | -831.56M | 133.88M | -106.03M | -116.04M | 77.06M |
| Other Non-Cash Items | 6B | -3.01B | 2.89B | 2.12B | -981M | -1.02B | 4.58B | 1.76B | 1.63B | 1.44B | 1.84B | 1.23B | 1.06B | 1.05B | 1.19B | -1.23B | 1.12B | 2.44B | 451M | 36M | -1.47B | -178M | -719M | 2.91B | 14.02B | -8.53B | 33.51M | -13.35B | -17.73B | -9.1B | -1.92B |
| Working Capital Changes | -6.38B | -88.58B | 42.24B | -78.66B | 20.23B | 34.53B | 212.06B | -13.99B | -12.22B | 10.44B | 23.04B | 23.6B | 14.29B | 17.79B | 3.26B | 9.51B | -3.97B | 17.49B | 14.53B | -720M | -10.38B | 2.58B | -11.58B | 146.38M | -292.83M | 1.71B | -7.74B | 169.93M | -281.99M | -92.1M | -232.11M |
| Cash from Investing | -2.1B | 86.19B | -45.42B | 76.23B | -31.89B | -45.27B | -223.32B | 4.95B | 1.55B | -18.93B | -36.45B | -47.11B | -35.79B | -16.11B | -23.51B | -17.5B | -42.62B | -36.61B | -70.91B | -13.87B | -12.46B | -20.35B | -17.9B | 2.3B | 1.54B | -9.92B | 7.69B | -24.01B | 10.16B | -22.57B | -11.83B |
| Purchase of Investments | -121.53B | -130.62B | -53.85B | -51.32B | -180.69B | -174.95B | -197.27B | -76.1B | -71.93B | -83.62B | -73.39B | -73.63B | -48.18B | -69.94B | -65.62B | -63.95B | -80.78B | -92.33B | -120.08B | -96.85B | -265.77B | -290.44B | -305.6B | -29.61B | -16.62B | -21.33B | -69.75B | -61B | -50.37B | -18.38B | -11.52B |
| Sale/Maturity of Investments | 106B | 136.58B | 78.33B | 88.57B | 117.32B | 133.4B | 113.48B | 77.8B | 53.6B | 64.72B | 48.97B | 43.92B | 44.25B | 62.96B | 62.66B | 58.18B | 64.24B | 76.12B | 93.2B | 103.25B | 247.73B | 274.92B | 288.14B | 29.25B | 26B | 11.74B | 88.11B | 40.08B | 61.88B | 18.79B | 13.13B |
| Net Investment Activity | -15.54B | 5.96B | 24.48B | 37.25B | -63.38B | -41.55B | -83.79B | 1.7B | -18.33B | -18.9B | -24.42B | -29.7B | -3.93B | -6.98B | -2.96B | -5.77B | -16.54B | -16.21B | -26.87B | 6.41B | -18.04B | -15.52B | -17.46B | -363.97M | 9.38B | -9.59B | 18.36B | -20.92B | 11.51B | 409.94M | 1.61B |
| Acquisitions | 157M | 20.78B | 3.42B | -624M | 2.48B | -1.86B | 0 | -540M | 0 | -2.13B | 0 | -2.92B | -2.77B | -6.21B | -6.84B | -3.23B | 2.02B | 0 | -1.76B | -4.14B | -1.98B | -2.18B | 0 | 0 | -1.19B | -296.78M | -7.17B | 0 | 0 | 0 | 0 |
| Other Investing | 15.65B | 61.59B | -71.15B | 41.45B | 30.45B | -729M | -138.27B | 5.17B | 20.46B | 2.53B | -11.23B | -13.52B | -28.26B | -2.16B | -12.89B | -8.2B | -27.34B | -19.58B | -41.75B | -15.81B | 8.05B | -1.84B | -232M | 2.77B | -6.53B | -28.57M | -3.31B | -2.82B | -1.01B | -22.82B | -12.55B |
| Cash from Financing | -12.83B | -15.5B | -9.81B | -12.85B | -4.82B | -5.04B | -4.75B | -5.65B | -6.53B | -7.04B | -247M | 11.92B | 8.93B | -11.07B | 10.78B | 1.43B | 39.78B | 12.21B | 51.4B | 9.73B | 19.23B | 15.38B | 26.79B | -7.75B | -15.55B | 15.19B | -1.72B | 33.9B | 6.79B | 30.24B | 13.23B |
| Dividends Paid | -7.75B | -7.66B | -7.16B | -5.83B | -6.67B | -5.55B | -3.66B | -5.16B | -4.63B | -4.21B | -3.81B | -3.44B | -3.19B | -2.65B | -1.87B | -1.83B | -1.77B | -1.79B | -1.64B | -1.45B | -972M | -718M | -716M | -841.36M | -811.53M | -766.54M | -627.48M | -476.68M | -436.95M | -366M | -334.05M |
| Share Repurchases | -22.28B | -20.84B | -17.13B | -13.23B | -14.3B | -11.06B | -9.88B | -12.17B | -10.43B | -11.23B | -6.37B | -6.23B | -6.77B | -4.42B | -3.25B | -2.89B | -3.08B | -1.76B | -2.44B | -701M | -285M | 0 | -616M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 13.86B | 14.84B | 12.05B | 8.57B | 11.28B | 11.09B | 8.92B | 10.12B | 8.58B | 9.83B | 6.08B | 5.65B | 4.66B | 3.9B | 3.42B | 3.16B | 2.85B | 3.34B | 2.62B | 184M | 114M | 131M | 99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -8.42B | -5.99B | -5.08B | -4.66B | -3.03B | 24M | -960M | -2.05B | -1.84B | -1.4B | -293M | -581M | -2.11B | -516M | 165M | 273M | -231M | 1.58B | 184M | -517M | -171M | 131M | -517M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | -2M | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | -1000K | 1000K | 1000K |
| Other Financing | -21.6B | 0 | 1.3B | 400M | 1B | 0 | 0 | -1.01B | -72M | -738M | -115M | 13.93B | 13.39B | -4.02B | 12.69B | 3.7B | 41.65B | 10.98B | 48.43B | 9.15B | 18.62B | 17.91B | 28.26B | -6.33B | -4.73B | 8.1B | 4.89B | 21.13B | 10.11B | 23.08B | 4.82B |
| Net Change in Cash | 357M | 1.07B | -284M | -1.83B | 2.63B | -514M | 1.58B | 128M | 764M | 64M | 753M | 373M | -800M | 145M | 340M | 522M | 160M | -103M | 727M | -229M | 346M | 269M | -64M | -433.87M | -59.19M | 439.61M | 57.87M | 85.33M | -1.2B | -389.1M | -526.02M |
| Exchange Rate Effect | 1.54B | 34M | 14M | 88M | 390M | -339M | 40M | 3M | 49M | -94M | 51M | 261M | 143M | 37M | 4M | -38M | -83M | -159M | 260M | -171M | -40M | -28M | -16M | -142.42M | -4.67M | 1.59M | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 6.29B | 6.44B | 6.72B | 8.56B | 5.93B | 6.45B | 4.86B | 4.74B | 3.97B | 3.91B | 3.15B | 2.78B | 3.58B | 3.44B | 3.1B | 2.57B | 2.41B | 2.52B | 1.79B | 2.02B | 1.67B | 1.4B | 1.47B | 1.9B | 1.96B | 1.52B | 1.46B | 1.38B | 1.2B | 906.07M | 526.02M |
| Cash at End | 5.86B | 7.51B | 6.44B | 6.72B | 8.56B | 5.93B | 6.45B | 4.86B | 4.74B | 3.97B | 3.91B | 3.15B | 2.78B | 3.58B | 3.44B | 3.1B | 2.57B | 2.41B | 2.52B | 1.79B | 2.02B | 1.67B | 1.4B | 1.47B | 1.9B | 1.96B | 1.52B | 1.46B | 1.38B | 517.11M | 905.95M |
| Interest Paid | 49.61B | 55.47B | 61.78B | 48.18B | 12.52B | 5.88B | 11.59B | 18.01B | 13.89B | 8.96B | 6.56B | 6.17B | 6.48B | 6.93B | 7.37B | 5.79B | 5.87B | 8.34B | 10.68B | 10.95B | 9.09B | 6.43B | 5.47B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 4.36B | 4.33B | 3.81B | 3.04B | 4.4B | 4.07B | 2.29B | 3.59B | 3.54B | 2.87B | 1.18B | 554M | 1.24B | 869M | 1.3B | 7.4B | 917M | 1.2B | 1.91B | 1.1B | 968M | 968M | 1.51B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 13.03B | -71.79B | 52.76B | -67.15B | 37.49B | 49B | 228.35B | -555M | 5.11B | 25.69B | 36.6B | 34.3B | 25.09B | 26.53B | 12.25B | 16.33B | 2.31B | 23.82B | 19.45B | 3.73B | -6.88B | 4.45B | -9.21B | 5.05B | 13.84B | -4.83B | -6.11B | -10.08B | -17.11B | -8.22B | -1.9B |
| FCF Growth % | -55.09% | -236.07% | 178.57% | -279.08% | -23.48% | -78.54% | 41243.42% | -110.87% | -80.13% | -29.81% | 6.71% | 36.74% | -5.46% | 116.56% | -24.98% | 606.4% | -90.3% | 22.48% | 421.19% | 154.28% | -254.56% | 148.27% | -282.4% | -63.5% | 386.38% | 20.85% | 39.44% | 41.09% | -108.29% | -331.58% | 5.18% |
Regulatory AML Compliance Exposure
According to recent financial disclosures, TD generated $4.2 billion in net income during 2026Q2, maintaining a consistent ability to fund organic growth while navigating the capital constraints imposed by ongoing regulatory scrutiny and the recent termination of the First Horizon merger agreement.
The bank's ability to retain earnings remains a core pillar of its capital strategy, though the accumulation of excess capital suggests a potential shift toward more conservative deployment. Investors should monitor whether this capital build-up is a temporary defensive posture or a structural limitation on future growth initiatives.
As reported in the bank's cash flow statements, TD engaged in significant investment activity during 2026Q2, with $23.2 billion in purchases and $6.9 billion in sales, reflecting a strategic pivot in its securities portfolio management amidst shifting interest rate expectations.
The disparity between purchase and sale volumes suggests that the bank is actively adjusting the duration and yield profile of its investment book. This activity appears to be a tactical response to managing net interest margin volatility rather than a fundamental change in liquidity strategy.
Based on the provided data, TD returned $3.8 billion in dividends and $5.9 billion in buybacks during 2026Q2, indicating that management continues to prioritize shareholder returns despite the heightened regulatory environment and the associated costs of ongoing compliance investigations.
The consistency of these capital returns suggests a high degree of confidence in the bank's underlying earnings power. However, the sustainability of such aggressive buyback levels may be challenged if regulatory penalties or capital requirements increase significantly in the coming quarters.
As indicated by the bank's reported figures, TD maintained a provision for credit losses of $1.0 billion in 2026Q2, a level that has remained remarkably stable over the past ten quarters despite broader macroeconomic headwinds impacting the North American consumer credit landscape.
This stability in provisioning may imply that the bank's internal credit models are not yet signaling a material deterioration in asset quality. Nevertheless, analysts should remain cautious, as this could also reflect a management preference for smoothing earnings rather than reflecting immediate credit risk.
Quick answers to the most common questions about buying TD stock.
The Toronto-Dominion Bank (TD) generated $-69646.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
The Toronto-Dominion Bank (TD) reported negative free cash flow of $71.79B in 2025, indicating capital requirements exceeded cash from operations.
The Toronto-Dominion Bank (TD) spent $2.15B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, The Toronto-Dominion Bank (TD) returned $7.66B to shareholders via cash dividends and spent $20.84B on share repurchases. This shows the company's commitment to returning capital to its equity investors.