TD Bank Group Reports First Quarter 2026 Results
Press Release
Feb 26, 2026
Earnings News Release • Three months ended January 31, 2026
FIRST QUARTER FINANCIAL HIGHLIGHTS, compared with the first quarter last year:
- Reported diluted earnings per share were $2.34, compared with $1.55.
- Adjusted diluted earnings per share were $2.44, compared with $2.02.
- Reported net income was $4,043 million, compared with $2,793 million.
- Adjusted net income was $4,216 million, compared with $3,623 million.
FIRST QUARTER ADJUSTMENTS (ITEMS OF NOTE)
The first quarter reported earnings figures included the following items of note:
- Amortization of acquired intangibles of $34 million ($26 million after tax or 1 cent per share), compared with $61 million ($52 million after tax or 3 cents per share) in the first quarter last year.
- Impact from the terminated First Horizon Corporation (FHN) acquisition-related capital hedging strategy of $44 million ($32 million after tax or 2 cents per share), compared with $54 million ($41 million after tax or 2 cents per share) in the first quarter last year.
- Restructuring charges of $200 million ($148 million after tax or 9 cents per share).
- Federal Deposit Insurance Corporation (FDIC) special assessment of ($44) million (($33) million after tax or (2) cents per share).
TORONTO, Feb. 26, 2026 – TD Bank Group (“TD” or the “Bank”) today announced its financial results for the first quarter ended January 31, 2026. Reported earnings were $4.0 billion, up 45% compared with the first quarter last year, and adjusted earnings were $4.2 billion, up 16%.
“TD delivered strong first quarter results, including record adjusted earnings and significant year-over-year adjusted return on equity growth, reflecting momentum across our businesses as we advance our Investor Day goals. We achieved robust trading and fee income growth in our markets-driven businesses, volume growth in Canadian Personal and Commercial Banking, and margin expansion,” said Raymond Chun, Group President and CEO, TD Bank Group. “Across TD, our colleagues are driving deeper relationships, helping us build a simpler and faster bank, with disciplined execution.”
Canadian Personal and Commercial Banking delivered record revenue, earnings, deposit and loan volumes
Canadian Personal and Commercial Banking net income was a record $2,044 million, an increase of 12% compared with the first quarter last year, reflecting higher pre-tax, pre-provision earnings (PTPP)1,2, an increase of 7% year-over-year, and lower provisions for credit losses (PCL). Revenue was a record $5,421 million, an increase of 5% year-over-year, primarily reflecting increased loan and deposit volumes.
Canadian Personal Banking made significant progress in deepening client relationships, achieving its highest quarterly credit card acquisitions in over a decade, driven by record existing client pre-approvals and new client credit card deepening rates. In addition, the business also delivered simpler and faster client and colleague experiences with the national expansion of its Branch Virtual Assistant, a GenAI Knowledge Management tool, and the initial scaling of an agentic AI capability in Real Estate Secured Lending to accelerate speed-to-decision. Canadian Business Banking delivered strong loan and non-term deposit growth this quarter, supported by continued expansion of its distribution footprint. Small Business Banking also saw continued growth in chequing accounts, driven by compelling client offers and strong frontline engagement.
U.S. Banking sustained business momentum and executed against critical deliverables
U.S. Banking3 reported net income was $1,040 million (US$747 million), an increase of $897 million (US$642 million) year-over-year. On an adjusted basis, net income was $1,007 million (US$723 million), an increase of $168 million (US$129 million) year-over-year, reflecting the impact of U.S. balance sheet restructuring activities and lower PCL, partially offset by higher governance and control investments, including costs for U.S. BSA/AML remediation and higher employee-related expenses.
This quarter, U.S. Banking sustained its momentum, supported by growth across core lending portfolios4, including record Bankcard digital sales and robust year-over-year growth in client assets within U.S. Wealth. Conversion of the Nordstrom credit card servicing platform has been completed, enhancing scale to support the U.S. credit card franchise.
Wealth Management and Insurance delivered record earnings and assets reflecting strong contributions from both business lines
Wealth Management and Insurance net income was $757 million, an increase of $77 million year-over-year, driven by record assets, strong transaction revenue and insurance premiums growth.
Wealth Management delivered strong performance in the quarter, with trades per day in TD Direct Investing increasing 10% year-over-year, reflecting the strength of TD’s comprehensive trading platforms. TD Wealth unified its two discretionary businesses within Private Wealth Management, simplifying the business and positioning it for scalable growth. This quarter, TD Insurance continued to strengthen its position as Canada’s leading digital, direct insurer5,6, with 80% of clients digitally engaged. TD Insurance issued another innovative catastrophe bond, the first in the Canadian market to provide protection against aggregate losses from small and medium-sized catastrophe events.
Wholesale Banking delivered record revenue and earnings
Wholesale Banking reported net income of $561 million for the quarter, an increase of $262 million year-over-year, primarily reflecting higher revenues, partially offset by higher PCL and non-interest expenses. On an adjusted basis, net income was a record $561 million, an increase of $221 million year-over-year. Revenue for the quarter was a record $2,470 million, an increase of 24% year-over-year, driven by strong execution across Global Markets, and Corporate and Investment Banking.
TD Securities advanced its strategy by leveraging its integrated platform to deepen client relationships, driving diversified revenue across Global Markets, and Corporate and Investment Banking. This quarter, TD Securities scaled prime services with the launch of its U.S. and European synthetic prime offering. In addition, Wholesale Banking maintained disciplined execution, focusing on moderated expense growth and improved return on equity.
Capital
TD’s Common Equity Tier 1 Capital ratio was 14.5%.
Conclusion
“As our clients navigate an increasingly complex landscape, we are investing in talent, technology and new capabilities to support their financial goals. We are deploying AI-enabled applications across TD, enhancing how we work, and creating new, intuitive and personalized experiences for our clients. Our colleagues remain the source of our strength, and I thank them for their dedication to our clients and the Bank,” added Chun.
IBF4
