Toronto-Dominion Bank Past Earnings Performance
Past criteria checks 2/6
Toronto-Dominion Bank has been growing earnings at an average annual rate of 2.1%, while the Banks industry saw earnings growing at 2.1% annually. Revenues have been growing at an average rate of 9.1% per year. Toronto-Dominion Bank's return on equity is 12%, and it has net margins of 24.2%.
Key information
2.11%
Earnings growth rate
3.67%
EPS growth rate
| Banks Industry Growth | 6.22% |
| Revenue growth rate | 9.15% |
| Return on equity | 11.99% |
| Net Margin | 24.21% |
| Next Earnings Update | 27 Aug 2026 |
Recent past performance updates
Recent updates
Narrative Update • Jun 18
TD: Future Will Reflect Cost Controls AI Push And Mixed Execution
Toronto-Dominion Bank's analyst price target has moved higher, with the fair value estimate rising by CA$3.93 to CA$159.57. Analysts highlight recent target increases across the Street, supported by views of slightly stronger revenue growth, a modestly higher future P/E and firmer profit margins.Narrative Update • Jun 03
TD: Future Will Reflect Cost Controls AI Lending And Mixed Execution
Analyst fair value for Toronto-Dominion Bank has been raised from CA$141.64 to CA$155.64 as recent target hikes from several firms cite stronger revenue assumptions, a slightly lower discount rate, updated profit margin expectations, and modestly higher future P/E estimates. Analyst Commentary Recent research updates show a cluster of higher price targets on Toronto-Dominion Bank, but the reasoning behind them is not one sided.Narrative Update • May 11
TD: Future Will Reflect Cost Controls Easing Mortgage Risks And Mixed Execution
Analysts have nudged the Toronto-Dominion Bank fair value estimate higher to about CA$141.64 from roughly CA$140.43, reflecting updated price targets that highlight cost reduction potential and generally stronger than expected recent results across several business segments. Analyst Commentary Recent research points to a mixed but generally constructive view on Toronto-Dominion Bank, with several firms adjusting price targets and ratings as they factor in cost initiatives, earnings quality and updated forecasts.Narrative Update • Apr 21
TD: Future Will Reflect Easing Mortgage Risks And Mixed Earnings Execution
Toronto Dominion Bank's average analyst price target is updated to CA$140.43, reflecting a cluster of recent target revisions in roughly the CA$135 to CA$148 range as analysts factor in recent earnings, refreshed multi year estimates and bank sector views. Analyst Commentary Recent research updates on Toronto Dominion Bank cluster in a CA$135 to CA$148 target range, with a mix of Neutral, Market Perform, Sector Perform, Underweight and Outperform views.Narrative Update • Apr 06
TD: Future Will Reflect Easing Mortgage Risks And Ongoing Share Repurchases
Analysts have nudged the fair value estimate for Toronto-Dominion Bank slightly lower to CA$140.43 from CA$141.14, even as several firms raised their price targets into a CA$135 to CA$148 range. They cited stronger than expected recent results in most segments, updated longer term earnings estimates, and reduced concern around mortgage renewals.Narrative Update • Mar 23
TD: Future Will Reflect Easing Mortgage Risks And Ongoing Share Repurchases
The analyst price target for Toronto-Dominion Bank has shifted slightly higher to CA$141.14 from CA$141.07, as analysts incorporate recent target increases across the Street, along with updated views on revenue trends, profitability, and future P/E assumptions. Analyst Commentary Recent Street research on Toronto-Dominion Bank points to a cluster of price target revisions that sit around the current consensus, with a mix of more optimistic and more cautious views on execution, valuation, and earnings durability.Narrative Update • Mar 09
TD: Future Will Reflect Easing Mortgage Risks And Ongoing Share Repurchases
Analysts have lifted their average price target for Toronto-Dominion Bank to about CA$141 from roughly CA$135, reflecting a series of recent target increases across the Street that reference stronger than expected results in several segments and updated earnings estimates. Analyst Commentary Recent research takes on Toronto-Dominion Bank cluster around higher target prices but with different views on how compelling the shares look at those levels.Narrative Update • Feb 23
TD: Future Will Balance Easing Mortgage Risks And Ongoing Buybacks
Analysts have lifted their fair value estimate for Toronto Dominion Bank from CA$129.07 to CA$134.67, reflecting updated price targets across the Street that factor in modest balance sheet growth, stable net interest income, cost control, benign credit trends and new outer year earnings estimates. Analyst Commentary Recent Street research around Toronto Dominion Bank reflects a mix of optimism and caution, with several firms updating price targets and longer term earnings frameworks ahead of upcoming results for the Canadian banks.Narrative Update • Feb 09
TD: Future Will Balance U.S. Asset Cap Fallout And Buybacks
Narrative update The analyst fair value estimate for Toronto Dominion Bank has edged up from C$128.67 to C$129.07. This reflects a cluster of higher Street price targets in the C$119 to C$132 range, as analysts point to steady progress under new leadership and updated views on the bank's risk profile and valuation metrics.Narrative Update • Jan 25
TD: Future Will Balance U.S. Asset Cap Fallout And Capital Returns
Analysts have nudged their average price target for Toronto Dominion Bank higher into the low C$120s, citing recent target increases from C$115 to C$122 at UBS, C$119 to C$122 at Canaccord, C$125 to C$132 at Scotiabank, and a new C$119 initiation. Together these changes reflect updated views on the bank's progress under new leadership and the current valuation after a 50% year to date share price move.Narrative Update • Jan 11
TD: Future Will Balance U.S. Asset Cap Risks And Capital Returns
Narrative Update The analyst price target for Toronto Dominion Bank has edged higher to C$128.67 from C$127.87. This reflects a series of recent target increases from firms that cite steady progress under new leadership and updated views on valuation and sector positioning.Narrative Update • Dec 27
TD: Future Will Balance U.S. Asset Cap Risks And Capital Returns
Analysts have nudged their average price target for Toronto Dominion Bank higher by about C$3 to roughly C$128, citing improving profit margin expectations, a slightly lower assumed future price to earnings multiple, and continued momentum in strategic execution despite lingering regulatory overhangs. Analyst Commentary Recent Street research reflects a generally constructive stance toward Toronto Dominion Bank, with a series of incremental price target increases clustered around the bank's investor day and subsequent updates.Narrative Update • Dec 13
TD: Future Will Balance U.S. Regulatory Overhang And Capital Return Initiatives
Analysts have nudged their fair value estimate for Toronto Dominion Bank higher to approximately C$125 from about C$118, reflecting upwardly revised price targets supported by expectations for improving revenue trends, resilient earnings growth, and disciplined capital deployment under new leadership, despite ongoing U.S. regulatory overhang. Analyst Commentary Street research has turned more constructive on Toronto Dominion Bank in recent months, with a series of upward price target revisions reflecting improving growth expectations and greater confidence in managements strategic roadmap.Narrative Update • Nov 29
TD: Future Will Balance U.S. Regulatory Headwinds And Banking Technology Developments
The analyst price target for Toronto-Dominion Bank has been raised from C$113.14 to C$118.13. This change reflects analysts' improved outlook as the bank demonstrates steady progress and management discipline, despite ongoing challenges.Narrative Update • Nov 15
TD: Future Will Balance AI Initiatives And Capital Allocation Strengths
Toronto-Dominion Bank’s analyst price target increased modestly to C$113.14 from C$112.86. Analysts attribute this change to stronger profit margin projections and disciplined capital allocation highlighted during recent investor updates.Narrative Update • Oct 31
TD: Future Performance Will Rely On U.S. Earnings And Cost Control Efforts
Analysts have modestly raised their price targets for Toronto-Dominion Bank, with consensus expectations moving higher. The bank's strategic investor day and strong capital allocation discipline support a new fair value estimate increasing from approximately $111.93 to $112.86 per share.Narrative Update • Oct 17
Rising Operational Costs And Digital Rivalry Will Undermine Bank Value
The analyst consensus price target for Toronto-Dominion Bank has increased modestly, rising by approximately C$2.64. Analysts cite renewed confidence driven by steady earnings growth projections, strengthened capital allocation discipline, and improving U.S. segment profitability.Narrative Update • Oct 03
Rising Operational Costs And Digital Rivalry Will Undermine Bank Value
The analyst price target for Toronto-Dominion Bank has increased from $106 to approximately $109.29, as analysts cite improved confidence in the bank’s long-term growth strategy and recent positive updates from investor day presentations. Analyst Commentary Analysts have issued a series of price target increases for Toronto-Dominion Bank in recent weeks, reflecting heightened attention to the bank’s strategy and outlook following investor day updates.Narrative Update • Aug 27
Canadian Market Expansion And AI Investments Will Improve Future Operational Efficiency
Toronto-Dominion Bank’s consensus price target was modestly raised to CA$103.71 as analysts cited improved near-term earnings prospects driven by declining loan losses and higher net interest income, partially offset by ongoing sector headwinds and macroeconomic uncertainty. Analyst Commentary Improved sequential earnings prospects in Q3 based on declining losses on performing loans and higher net interest income.
New Narrative • Dec 08
Expanding Fee-Based Services And Digital Innovations Will Drive Revenue Growth And Boost Earnings
Strategic reviews, digital investments, and fee-based business expansions aim to enhance TD Bank's competitive position, revenue, and long-term earnings.Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Toronto-Dominion Bank makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 30 Apr 26 | 59,180 | 14,328 | 29,942 | 0 |
| 31 Jan 26 | 65,980 | 21,208 | 29,488 | 0 |
| 31 Oct 25 | 63,271 | 19,973 | 28,991 | 0 |
| 31 Jul 25 | 63,438 | 20,326 | 28,214 | 0 |
| 30 Apr 25 | 62,216 | 16,828 | 27,380 | 0 |
| 31 Jan 25 | 53,368 | 8,273 | 26,702 | 0 |
| 31 Oct 24 | 53,244 | 8,316 | 25,927 | 0 |
| 31 Jul 24 | 52,507 | 7,544 | 25,365 | 0 |
| 30 Apr 24 | 51,551 | 10,601 | 25,004 | 0 |
| 31 Jan 24 | 52,885 | 11,323 | 24,521 | 0 |
| 31 Oct 23 | 49,399 | 10,071 | 23,805 | 0 |
| 31 Jul 23 | 50,403 | 13,965 | 23,050 | 0 |
| 30 Apr 23 | 48,829 | 14,329 | 22,144 | 0 |
| 31 Jan 23 | 45,759 | 14,978 | 21,246 | 0 |
| 31 Oct 22 | 47,741 | 17,170 | 20,501 | 0 |
| 31 Jul 22 | 43,859 | 14,324 | 19,831 | 0 |
| 30 Apr 22 | 44,034 | 14,642 | 19,292 | 0 |
| 31 Jan 22 | 43,627 | 14,527 | 18,941 | 0 |
| 31 Oct 21 | 42,917 | 14,049 | 18,777 | 0 |
| 31 Jul 21 | 42,780 | 15,410 | 18,628 | 0 |
| 30 Apr 21 | 40,508 | 14,101 | 18,562 | 0 |
| 31 Jan 21 | 37,213 | 11,918 | 18,341 | 0 |
| 31 Oct 20 | 36,404 | 11,628 | 18,155 | 0 |
| 31 Jul 20 | 34,926 | 9,337 | 17,540 | 0 |
| 30 Apr 20 | 36,293 | 10,343 | 17,131 | 0 |
| 31 Jan 20 | 38,578 | 12,006 | 16,756 | 0 |
| 31 Oct 19 | 38,036 | 11,416 | 17,440 | 0 |
| 31 Jul 19 | 38,053 | 11,519 | 16,285 | 0 |
| 30 Apr 19 | 37,547 | 11,361 | 16,078 | 0 |
| 31 Jan 19 | 36,878 | 11,097 | 15,648 | 0 |
| 31 Oct 18 | 36,412 | 11,048 | 15,212 | 0 |
| 31 Jul 18 | 35,638 | 10,784 | 14,788 | 0 |
| 30 Apr 18 | 35,081 | 10,449 | 14,598 | 0 |
| 31 Jan 18 | 34,128 | 10,030 | 14,603 | 0 |
| 31 Oct 17 | 33,986 | 10,203 | 14,649 | 0 |
| 31 Jul 17 | 33,438 | 9,807 | 14,665 | 0 |
| 30 Apr 17 | 32,802 | 9,407 | 14,467 | 0 |
| 31 Jan 17 | 32,504 | 8,967 | 14,319 | 0 |
| 31 Oct 16 | 31,985 | 8,680 | 14,042 | 0 |
| 31 Jul 16 | 31,326 | 8,233 | 13,838 | 0 |
| 30 Apr 16 | 30,750 | 8,153 | 13,732 | 0 |
| 31 Jan 16 | 30,459 | 7,973 | 13,538 | 0 |
| 31 Oct 15 | 29,743 | 7,813 | 13,414 | 0 |
| 31 Jul 15 | 29,286 | 7,716 | 13,365 | 0 |
Quality Earnings: TD has high quality earnings.
Growing Profit Margin: TD's current net profit margins (24.2%) are lower than last year (27%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: TD's earnings have grown by 2.1% per year over the past 5 years.
Accelerating Growth: TD's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: TD had negative earnings growth (-14.9%) over the past year, making it difficult to compare to the Banks industry average (18.2%).
Return on Equity
High ROE: TD's Return on Equity (12%) is considered low.
Return on Assets
Return on Capital Employed
Discover strong past performing companies
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/07/06 04:03 |
| End of Day Share Price | 2026/07/03 00:00 |
| Earnings | 2026/04/30 |
| Annual Earnings | 2025/10/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
The Toronto-Dominion Bank is covered by 23 analysts. 8 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Mark Rosen | Accountability Research Corporation |
| Lemar Persaud | ATB Cormark Historical (Cormark Securities) |
| John Aiken | Barclays |