Toronto-Dominion Bank

The Toronto-Dominion Bank (TD) is the sixth largest bank in North America by assets, and it serves 28.2 million clients. It has four segments: Canadian Personal and Commercial Banking, U.S. Banking, Wealth Management and Insurance, and Wholesale Banking. Wholesale Banking includes TD Securities and TD Cowen.

Total assets were $2.11 trillion and deposits were $1.26 trillion at July 31, 2026. In October 2024, TD pleaded guilty in the United States to failures in its anti-money laundering program. Under that resolution, the average combined assets of its two U.S. bank subsidiaries cannot exceed US$434 billion. TD sold its remaining stake in Charles Schwab in February 2025 but still holds Schwab client deposits under an agreement to 2034.

All amounts are in Canadian dollars unless the text says otherwise. The fiscal year ends on October 31.

TD trades at a premium because investors pay for a fast recovery in its returns after the U.S. anti-money laundering failures of 2024. Adjusted return on equity was 16.0% in Q3 fiscal 2026, and the bank already passed its fiscal 2026 target of about 13%. Adjusted diluted EPS grew 26% to $2.77. Canadian Personal and Commercial Banking, Wealth Management and Wholesale Banking all had record earnings.

TD bought back $7 billion of shares by September 25, 2026 and started a new buyback of up to $10 billion in October 2026. The price assumes that returns stay near the fiscal 2029 target of about 16% adjusted return on equity and that the U.S. remediation stays on plan. For the premium to be earned, three things must be true. Wholesale Banking and Wealth Management must keep most of their gains when markets are less active, because they gave a large part of the profit growth.

U.S. Banking must raise its return on equity from 10.2% in Q3 fiscal 2026 while its assets stay under the U.S. limit. Credit losses must stay near 0.37% of loans, even with weaker consumer credit in Canada and trade tension with the United States. The Q4 fiscal 2026 report, expected in early December 2026, gives the first test with the targets for fiscal 2027.

The U.S. lookback review of suspicious activity reports, which TD expects to complete in calendar 2027, is a second test. If returns fall back toward 13% when markets slow, the premium can shrink within one to two years.

1. Dec 3, 2026 · est.Pending

   Q4 fiscal 2026 results and fiscal 2027 targetsAdjusted return on equity near 15% or more, stable credit losses and fiscal 2027 targets on the path to about 16% pass; lower returns or a large rise in provisions fail.
2. 2027 · est.Pending

   U.S. lookback review and remediation milestonesCompletion of the U.S. lookback review of suspicious activity reports in calendar 2027 with no new penalties passes; new findings, higher costs or a delay fail.

Every passed and failed checkpoint across all picks

• October 8, 2026The Office of the Superintendent of Financial Institutions approved TD's new share buyback of up to $10 billion, and not more than 61 million shares. The buyback started on October 9, 2026, and TD intends to complete it by July 2027.
• September 30, 2026TD said that it completed the buyback of $7 billion of its shares, or 47.2 million shares, on September 25, 2026. It announced its intention to start a new buyback of up to $10 billion.
• September 3, 2026TD announced senior leadership appointments. Renu Gupta became Chief Strategy and Commercial Officer, and Vlad Shpilsky became Group Head, Global Technology and Solutions.

Next earnings

Expected about December 3, 2026. The company has not confirmed the date.

• 6-KInterim report for the period ended Jul 31, 2026Filed August 27, 2026 · Read it on sec.gov
• 6-KInterim report for the period ended Apr 30, 2026Filed May 28, 2026 · Read it on sec.gov
• 6-KInterim report for the period ended Jan 31, 2026Filed February 26, 2026 · Read it on sec.gov
• 40-FAnnual report for the period ended Oct 31, 2025Filed December 4, 2025 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 947263)

• TD must complete the remediation of its U.S. anti-money laundering program under consent orders, plea agreements and monitors. Important milestones remain in 2026 and 2027, and new findings can add costs, delays or penalties. The U.S. asset limit stays until regulators lift it. A review of the enterprise program in Canada can also lead to more regulatory actions.
• Credit losses can rise. Impaired provisions in Canadian Personal and Commercial Banking rose 19% in Q3 fiscal 2026 because of weaker consumer credit, and trade tension with the United States can hurt business clients.
• A large part of the profit growth came from markets. Wholesale Banking net income rose 87% in Q3 fiscal 2026. If markets slow, this profit can fall quickly.
• The U.S. asset limit restricts growth in U.S. Banking. Average U.S. deposits fell 5% in Q3 fiscal 2026 as TD restructured its U.S. balance sheet.
• Schwab client deposits with TD have a floor of US$60 billion under the agreement. Lower deposit volumes or lower rates can reduce the income from these deposits.

TD funds itself mainly with deposits, which were $1.26 trillion at July 31, 2026, and total assets were $2.11 trillion. The CET1 ratio was 14.3%, the leverage ratio was 4.5% and the total loss absorbing capacity ratio was 31.1%. Read more

Dividend yield

2.5% (last 12 months, at today’s price of CA$175.53)

Paid per share

CA$4.40 in the last 12 months (4 payments)

Current annual rate

CA$4.48 (CA$1.12 × 4 a year)

Latest ex-dividend date

October 9, 2026, CA$1.12 per share

Dividends per share by year

Over the last 5 years, the dividend grew by about 6.8% a year. Over the last 10 years, the dividend grew by about 7.4% a year.

Source: company filings and market data, read on November 9, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.