Revenue performance remains mixed as net interest income growth slowed to 9.0% in 2026Q2, while the efficiency ratio deteriorated to 36.6% due to rising compliance costs.
| 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 | 34.73B | 33.06B | 30.47B | 29.94B | 27.35B | 24.13B | 24.5B | 23.82B | 22.24B | 20.85B | 19.92B | 18.72B | 17.58B | 16.07B | 15.03B | 13.66B | 11.54B | 11.33B | 8.53B | 6.92B | 6.37B | 6.01B | 5.77B | 5.62B | 5.3B | 4.39B | 3.6B | 2.98B | 2.94B | 2.82B | 2.47B |
| NII Growth % | 41.05% | 8.5% | 1.76% | 9.47% | 13.35% | -1.49% | 2.84% | 7.11% | 6.68% | 4.64% | 6.4% | 6.48% | 9.39% | 6.97% | 9.99% | 18.35% | 1.92% | 32.75% | 23.22% | 8.68% | 6.04% | 4.07% | 2.79% | 5.96% | 20.71% | 21.82% | 20.94% | 1.35% | 4.22% | 14.39% | 3.74% |
| Net Interest Margin % | 1.67% | 1.58% | 1.48% | 1.53% | 1.43% | 1.4% | 1.43% | 1.68% | 1.67% | 1.63% | 1.69% | 1.7% | 1.83% | 1.86% | 1.85% | 1.86% | 1.73% | 2.03% | 1.51% | 1.64% | 1.62% | 1.65% | 1.86% | 2.05% | 1.91% | 1.53% | 1.36% | 1.39% | 1.62% | 1.72% | 1.96% |
| Interest Income | 83.87B | 87.62B | 93.39B | 80.67B | 41.03B | 29.58B | 35.83B | 41.94B | 36.42B | 29.83B | 26.56B | 24.83B | 23.93B | 22.61B | 22.24B | 20.91B | 17.39B | 18.89B | 19.58B | 17.85B | 15.57B | 12.78B | 11.13B | 11.2B | 11.61B | 14.47B | 13.67B | 10.87B | 10B | 7.83B | 7.32B |
| Interest Expense | 49.14B | 54.56B | 62.92B | 50.73B | 13.68B | 5.45B | 11.34B | 18.12B | 14.18B | 8.98B | 6.64B | 6.11B | 6.34B | 6.54B | 7.21B | 7.25B | 5.84B | 7.56B | 11.05B | 10.93B | 9.2B | 6.77B | 5.36B | 5.59B | 6.31B | 10.08B | 10.07B | 7.89B | 7.06B | 5B | 4.85B |
| Loan Loss Provision | 3.99B | 4.5B | 4.25B | 2.93B | 1.07B | -224M | 7.24B | 3.03B | 2.48B | 2.22B | 2.33B | 1.68B | 1.56B | 1.63B | 1.79B | 1.49B | 1.63B | 2.48B | 1.06B | 645M | 409M | 55M | -386M | 185.94M | 2.93B | 920.49M | 479.74M | 275.12M | 450.07M | 359.95M | 151.97M |
| Non-Interest Income | 28.76B | 28.22B | 25.78B | 21.58B | 18.41B | 18.14B | 18.79B | 16.91B | 16.29B | 14.99B | 14.08B | 12.38B | 12.06B | 10.39B | 10.22B | 9.86B | 7.72B | 6.57B | 5.88B | 6.96B | 6.65B | 5.69B | 4.66B | 4.42B | 4.93B | 6.45B | 6.4B | 4.81B | 3.2B | 2.65B | 1.75B |
| Non-Interest Income % | 25.53% | 24.36% | 21.64% | 21.1% | 30.97% | 38.01% | 34.4% | 28.73% | 30.91% | 33.45% | 34.64% | 33.27% | 33.5% | 31.49% | 31.5% | 32.04% | 30.76% | 25.81% | 23.11% | 28.05% | 29.93% | 30.81% | 29.49% | 28.31% | 29.81% | 30.82% | 31.88% | 30.66% | 24.23% | 25.3% | 19.28% |
| Total Revenue | 112.63B | 115.84B | 119.17B | 102.25B | 59.44B | 47.72B | 54.62B | 58.85B | 52.72B | 44.83B | 40.64B | 37.21B | 35.98B | 33.01B | 32.46B | 30.77B | 25.11B | 25.46B | 25.47B | 24.81B | 22.22B | 18.46B | 15.79B | 15.63B | 16.53B | 20.92B | 20.07B | 15.68B | 13.19B | 10.48B | 9.07B |
| Revenue Growth % | -22.3% | -2.8% | 16.55% | 72.03% | 24.57% | -12.64% | -7.19% | 11.64% | 17.6% | 10.31% | 9.21% | 3.4% | 9.01% | 1.69% | 5.51% | 22.52% | -1.36% | -0.05% | 2.64% | 11.67% | 20.34% | 16.96% | 1.02% | -5.49% | -20.95% | 4.2% | 28.01% | 18.86% | 25.95% | 15.49% | 3.94% |
| Non-Interest Expense | 40.95B | 32.83B | 40.47B | 34.84B | 23.28B | 25.36B | 24.13B | 24.47B | 22.28B | 21.3B | 21.02B | 20.25B | 19.01B | 17.34B | 16.14B | 14.9B | 11.87B | 12.25B | 9.25B | 8.58B | 7.09B | 8.58B | 7.78B | 8.46B | 7.82B | 8.69B | 8.2B | 3.43B | 3.96B | 3.38B | 2.65B |
| Efficiency Ratio | 36.36% | 28.34% | 33.96% | 34.07% | 39.16% | 53.14% | 44.17% | 41.58% | 42.26% | 47.53% | 51.73% | 54.42% | 52.82% | 52.51% | 49.73% | 48.44% | 47.25% | 48.11% | 36.32% | 34.57% | 31.89% | 46.47% | 49.27% | 54.12% | 47.27% | 41.55% | 40.82% | 21.9% | 29.98% | 32.29% | 29.26% |
| Operating Income | 18.55B | 23.95B | 11.53B | 13.75B | 21.41B | 17.13B | 11.91B | 13.23B | 13.77B | 12.32B | 10.65B | 9.17B | 9.07B | 7.5B | 7.31B | 7.13B | 5.78B | 3.17B | 4.1B | 4.66B | 5.53B | 3.06B | 3.04B | 1.4B | -512.46M | 1.23B | 1.33B | 4.08B | 1.73B | 1.73B | 1.41B |
| Operating Margin % | 16.47% | 20.67% | 9.68% | 13.45% | 36.03% | 35.91% | 21.81% | 22.48% | 26.13% | 27.49% | 26.2% | 24.65% | 25.22% | 22.73% | 22.52% | 23.16% | 23% | 12.45% | 16.11% | 18.78% | 24.87% | 16.57% | 19.22% | 8.95% | -3.1% | 5.86% | 6.62% | 26.02% | 13.13% | 16.5% | 15.54% |
| Operating Income Growth % | - | 107.65% | -16.14% | -35.78% | 24.99% | 43.81% | -9.94% | -3.95% | 11.78% | 15.73% | 16.1% | 1.05% | 20.95% | 2.63% | 2.61% | 23.33% | 82.3% | -22.78% | -11.95% | -15.67% | 80.62% | 0.82% | 117.12% | 372.77% | -141.77% | -7.73% | -67.41% | 135.54% | 0.17% | 22.62% | 13.16% |
| Pretax Income | 18.55B | 23.95B | 11.53B | 13.75B | 21.41B | 17.13B | 11.91B | 13.23B | 13.77B | 12.32B | 10.65B | 9.17B | 9.07B | 7.5B | 7.31B | 7.13B | 5.78B | 3.17B | 4.1B | 4.66B | 5.53B | 3.06B | 3.04B | 1.4B | -512.46M | 1.23B | 1.33B | 4.08B | 1.73B | 1.73B | 1.41B |
| Pretax Margin % | 16.47% | 20.67% | 9.68% | 13.45% | 36.03% | 35.91% | 21.81% | 22.48% | 26.13% | 27.49% | 26.2% | 24.65% | 25.22% | 22.73% | 22.52% | 23.16% | 23% | 12.45% | 16.11% | 18.78% | 24.87% | 16.57% | 19.22% | 8.95% | -3.1% | 5.86% | 6.62% | 26.02% | 13.13% | 16.5% | 15.54% |
| Income Tax | 3.63B | 3.41B | 2.69B | 3.12B | 3.99B | 3.62B | 1.15B | 2.73B | 3.18B | 2.25B | 2.14B | 1.52B | 1.51B | 1.14B | 1.08B | 1.33B | 1.26B | 241M | 537M | 853M | 874M | 699M | 803M | 321.77M | -445.48M | -155.53M | 304.6M | 1.1B | 611.05M | 641.04M | 496.05M |
| Effective Tax Rate % | 19.58% | 14.24% | 23.33% | 22.67% | 18.61% | 21.13% | 9.67% | 20.67% | 23.1% | 18.29% | 20.13% | 16.61% | 16.66% | 15.13% | 14.84% | 18.61% | 21.85% | 7.6% | 13.08% | 18.3% | 15.81% | 22.84% | 26.46% | 23.02% | 86.93% | -12.68% | 22.91% | 26.94% | 35.28% | 37.07% | 35.18% |
| Net Income | 14.91B | 20.54B | 8.84B | 10.63B | 17.43B | 14.3B | 11.89B | 11.67B | 11.26B | 10.4B | 8.82B | 7.91B | 7.78B | 6.54B | 6.36B | 5.94B | 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 |
| Net Margin % | 13.24% | 17.73% | 7.42% | 10.4% | 29.32% | 29.96% | 21.78% | 19.83% | 21.36% | 23.19% | 21.71% | 21.26% | 21.61% | 19.8% | 19.58% | 19.31% | 18.49% | 12.26% | 15.05% | 16.11% | 20.72% | 12.07% | 14.14% | 6.89% | -0.41% | 6.61% | 5.11% | 19.01% | 8.5% | 10.39% | 10.08% |
| Net Income Growth % | -14.16% | 132.28% | -16.85% | -38.99% | 21.9% | 20.2% | 1.95% | 3.6% | 8.33% | 17.86% | 11.49% | 1.75% | 18.99% | 2.82% | 6.99% | 27.93% | 48.85% | -18.6% | -4.1% | -13.17% | 106.51% | -0.13% | 107.42% | 1706.63% | -104.85% | 34.86% | -65.61% | 165.9% | 3.03% | 19.04% | 15.11% |
| Net Income (Continuing) | 14.91B | 20.54B | 8.84B | 10.63B | 17.43B | 13.51B | 10.76B | 10.49B | 10.59B | 10.07B | 8.5B | 7.65B | 7.56B | 6.37B | 6.23B | 5.8B | 4.51B | 2.93B | 3.57B | 3.81B | 4.65B | 2.36B | 2.23B | 1.08B | -66.98M | 1.38B | 1.02B | 2.98B | 1.12B | 1.09B | 913.98M |
| EPS (Diluted) | 12.17 | 11.56 | 4.72 | 5.52 | 9.47 | 7.72 | 6.43 | 6.25 | 6.01 | 5.50 | 4.67 | 4.21 | 4.14 | 3.44 | 3.38 | 3.21 | 2.55 | 1.74 | 2.44 | 2.74 | 3.17 | 1.60 | 1.70 | 0.76 | -0.12 | 1.03 | 0.78 | 2.45 | 0.91 | 0.89 | 0.74 |
| EPS Growth % | -12.14% | 144.92% | -14.49% | -41.71% | 22.67% | 20.06% | 2.88% | 3.99% | 9.27% | 17.77% | 10.93% | 1.69% | 20.35% | 1.78% | 5.3% | 25.88% | 46.55% | -28.69% | -10.95% | -13.56% | 98.13% | -5.88% | 123.68% | 733.33% | -111.65% | 32.05% | -68.16% | 169.23% | 2.25% | 20.27% | 19.35% |
| EPS (Basic) | - | 11.57 | 4.73 | 5.53 | 9.48 | 7.73 | 6.43 | 6.26 | 6.02 | 5.51 | 4.68 | 4.22 | 4.15 | 3.46 | 3.40 | 3.23 | 2.57 | 1.75 | 2.45 | 2.77 | 3.20 | 1.61 | 1.71 | 0.76 | -0.12 | 1.03 | 0.78 | 2.45 | 0.91 | 0.89 | 0.74 |
| Diluted Shares Outstanding | 1.23B | 1.72B | 1.76B | 1.82B | 1.81B | 1.82B | 1.81B | 1.83B | 1.84B | 1.85B | 1.86B | 1.85B | 1.85B | 1.85B | 1.83B | 1.78B | 1.74B | 1.7B | 1.55B | 1.45B | 1.45B | 1.39B | 1.32B | 1.31B | 1.29B | 1.25B | 1.24B | 1.2B | 1.18B | 1.19B | 1.19B |
Regulatory AML Compliance Exposure
According to the provided financial data, TD's net interest income reached $8.9 billion in 2026Q2, reflecting a 9.0% year-over-year growth rate, though this trajectory appears to be moderating compared to the double-digit expansion observed in the prior two quarters as funding cost pressures begin to intensify.
The bank's ability to sustain NII growth suggests that its retail-centric deposit base remains a resilient funding advantage. However, investors should monitor whether the deceleration in NII growth rates indicates that the bank is reaching the limits of its current asset repricing cycle.
As reported in recent financial statements, TD's efficiency ratio fluctuated significantly, reaching 36.6% in 2026Q2, which highlights the operational challenges of maintaining a high-touch physical retail model while navigating the increased compliance costs associated with ongoing regulatory investigations into the bank's anti-money laundering frameworks.
The variability in the efficiency ratio suggests that non-interest expenses are becoming less predictable, potentially masking underlying core profitability. This trend warrants further investigation into whether the bank can successfully optimize its cost structure without compromising its long-term retail market share.
Based on the bank's reported figures, provision for credit losses remained steady at $1.0 billion in 2026Q2, suggesting that management is maintaining a cautious stance on credit quality despite the broader macroeconomic uncertainty currently impacting the Canadian residential mortgage and U.S. retail consumer credit portfolios.
The consistency in provision levels may indicate that the bank is proactively managing its credit risk, yet it also implies that potential loan losses remain a persistent drag on net income. Analysts should watch for any sudden spikes in provisioning that could signal a deterioration in the underlying health of the consumer loan book.
Data from recent filings indicates that non-interest fee income contributed $7.0 billion to total revenue in 2026Q2, representing 26.1% of the total, which underscores the bank's reliance on wealth management and transactional services to supplement its core net interest income during periods of interest rate volatility.
This fee composition appears to provide a necessary buffer against interest rate fluctuations, though it also exposes the bank to market-sensitive revenue streams. Investors should monitor the sustainability of these fees, particularly if market volatility impacts the performance of the bank's wealth management and insurance segments.
Quick answers to the most common questions about buying TD stock.
The Toronto-Dominion Bank (TD) is profitable, generating $20.54B in net income for the fiscal year ending 2025 with a net profit margin of 17.7%.
The Toronto-Dominion Bank (TD) reported an operating income of $23.95B, resulting in an operating profit margin of 20.7%. This margin reflects the operational efficiency of the business before interest and taxes.
The Toronto-Dominion Bank (TD) generated $56.78B in gross profit for the year, representing a gross profit margin of 49.0%. This demonstrates the company's core pricing power and production efficiency.