Toronto Dominion Bank (TD) Earnings Date & Reports

Key Takeaways

• Reported diluted earnings per share reached $2.43 for the quarter ended April 30, 2026, compared with $6.27 a year earlier that included a large gain on the sale of Charles Schwab shares.
• Adjusted diluted earnings per share rose 21% year-over-year to $2.38, with adjusted net income increasing 15% to $4.168 billion.
• Canadian Personal and Commercial Banking, Wealth Management and Insurance, and Wholesale Banking each delivered record quarterly earnings.
• U.S. Banking showed momentum with adjusted net income up 8% year-over-year on a reported basis, supported by core lending growth.
• The bank raised its quarterly dividend to $1.12 per share from $1.08 and reported a Common Equity Tier 1 (CET1) capital ratio of 14.3%.
• Revenue totaled $15.80 billion, down from $22.94 billion a year ago due to the absence of the prior Schwab gain.

Earnings Context and Why It Matters

Toronto-Dominion Bank reports results on a fiscal year ending October 31, with the second quarter covering the three months ended April 30. This report provides investors with an early read on 2026 performance following the bank’s U.S. balance sheet restructuring and the completed sale of its Schwab stake. Strong adjusted results across core Canadian and wholesale businesses, combined with continued progress on U.S. remediation efforts, signal operational resilience amid moderating credit loss provisions and disciplined capital management.

Reported Results

Reported diluted earnings per share for the second quarter were $2.43, down from $6.27 in the same period last year due to the one-time Schwab gain in the prior year. Adjusted diluted earnings per share increased 21% to $2.38 from $1.97. Reported net income totaled $4.251 billion versus $11.129 billion a year ago, while adjusted net income rose 15% to $4.168 billion from $3.626 billion. Revenue declined to $15.80 billion from $22.94 billion, reflecting the absence of the Schwab-related gain. The bank exceeded analyst expectations on an adjusted basis and raised its quarterly dividend to $1.12 per share. Key items of note included amortization of acquired intangibles and adjustments related to the terminated First Horizon acquisition and U.S. strategic cards portfolio.

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Market Reaction and Investor Sentiment

Shares of Toronto-Dominion Bank rose modestly following the release, reflecting investor focus on the solid adjusted earnings beat and dividend increase despite the year-over-year reported decline tied to the prior Schwab gain. Sentiment remained constructive on the bank’s record segment results and capital strength, with analysts highlighting positive operating leverage and progress on U.S. priorities as key positives heading into the remainder of fiscal 2026.

Forward Outlook and Key Factors to Monitor

Investors will watch for continued execution on U.S. anti-money laundering remediation, which remains the bank’s top priority. Management highlighted ongoing investments in talent, innovation, and artificial intelligence, alongside efforts to simplify operations and restructure the cost base.

Segment performance offers additional visibility. Canadian Personal and Commercial Banking continues to benefit from loan and deposit growth plus higher margins. Wealth Management and Insurance saw record assets and new client tools, while Wholesale Banking delivered strong revenue across Global Markets and Corporate and Investment Banking.

Broader factors include credit loss trends, U.S. lending momentum in middle-market and credit card portfolios, and any updates on capital return strategies such as share buybacks. The Common Equity Tier 1 ratio of 14.3% provides flexibility for future actions.

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