NYSE$TD
Toronto-Dominion Bank · Q1 2025 earnings
Q1 2025 earnings · · Investor relations
Briefing
TD Bank Q1 FY2025: C$2.79B reported net income, C$2.02 adjusted EPS, record C$15.0B adjusted revenue
TD Bank Group reported fiscal Q1 2025 results for the three months ended January 31, 2025. Reported net income was C$2,793 million with reported diluted EPS of C$1.55, while adjusted net income was C$3,623 million and adjusted diluted EPS was C$2.02, both relatively flat versus Q1 FY2024. Adjusted total revenue reached a record C$15,030 million, up 9% year over year, led by record revenue in Canadian P&C, Wealth Management, and Wholesale Banking. Reported results included a C$927 million pre-tax charge for U.S. balance sheet restructuring. The Common Equity Tier 1 ratio was 13.1%, and management emphasized ongoing U.S. BSA/AML remediation and a strategic review including the subsequent Schwab stake sale.
- Adjusted net income of C$3,623 million and adjusted diluted EPS of C$2.02 were flat YoY.
- Adjusted total revenue hit a record C$15,030 million, up 9% from Q1 FY2024.
- Canadian P&C net income rose 3% to C$1,831 million on record segment revenue of C$5,149 million.
- U.S. balance sheet restructuring charge of C$927 million pre-tax weighed on reported U.S. Retail earnings.
- CET1 capital ratio was 13.1%; Schwab stake sale expected to add ~238 bps in Q2 FY2025.
Headline financials
Revenue & EPS history
TD · Revenue · Quarterly
C$15B
Revenue by segment
TD · C$14.7B total across 3 segments · Q1 2026
- Canadian Personal and Commercial BankingC$5.42B—36.8%
- Canadian Personal and Commercial BankingC$5.42B—36.8%
- Wealth Management and InsuranceC$3.91B—26.5%
Forward guidance
TD expects fiscal 2025 to be a transition year with elevated risk-and-control spending (~US$500M on U.S. BSA/AML remediation), making earnings growth challenging and suspending medium-term EPS/ROE targets pending a strategic review update in H2 2025.
Tailwinds
- Record revenue across Canadian P&C, Wealth, and Wholesale segments.
- Schwab divestiture expected to boost CET1 by ~238 bps and generate ~C$8.6B gain in Q2.
Headwinds
- U.S. AML remediation and balance sheet restructuring continue to pressure reported U.S. Retail earnings.
- Management does not expect to meet prior 7–10% adjusted EPS growth or 16%+ ROE targets in FY2025.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2025
-0.7%
Avg return
Earnings day
-1.0%
Avg return
5 days after
-1.8%
Avg return
30 days after
44%
18 / 41 earnings
Positive
+6.1%
Q3 2017
Best reaction
-8.2%
Q1 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2026 | — | — | — | |
| Q1 2025 | -8.2% | -1.9% | +0.9% | |
| Q1 2024 | +1.0% | -0.3% | +1.6% | |
| Q4 2023 | -1.0% | -1.6% | +5.4% | |
| Q3 2023 | -4.0% | -0.2% | -1.4% | |
| Q2 2023 | -3.7% | -4.5% | -0.9% | |
| Q1 2023 | -1.7% | -4.7% | -10.1% | |
| Q4 2022 | +2.8% | -1.1% | -3.0% | |
| Q3 2022 | +1.1% | -0.9% | -5.7% | |
| Q2 2022 | +3.2% | +4.1% | -11.3% | |
| Q1 2022 | -3.6% | -7.0% | -1.0% | |
| Q4 2021 | +3.8% | +4.6% | +6.9% | |
| Q3 2021 | -3.0% | -4.6% | -3.4% | |
| Q2 2021 | -1.7% | -0.9% | -2.8% | |
| Q1 2021 | -5.1% | -2.3% | +3.6% | |
| Q4 2020 | +1.3% | +1.9% | +3.0% | |
| Q3 2020 | -0.5% | -1.6% | -9.2% | |
| Q2 2020 | -5.8% | -1.0% | -4.2% | |
| Q1 2020 | -6.1% | -7.6% | -26.3% | |
| Q4 2019 | -3.4% | -3.9% | -1.4% | |
| Q3 2019 | +0.7% | -0.3% | +7.5% | |
| Q2 2019 | +3.0% | +2.6% | +5.4% | |
| Q1 2019 | -3.8% | -4.2% | -7.5% | |
| Q4 2018 | -0.3% | -2.3% | -10.7% | |
| Q3 2018 | -1.5% | -2.7% | -1.0% | |
| Q2 2018 | +0.2% | -1.6% | -1.5% | |
| Q1 2018 | -0.1% | +1.2% | -1.9% | |
| Q4 2017 | -1.0% | -2.3% | +0.3% | |
| Q3 2017 | +6.1% | +5.3% | +9.5% | |
| Q2 2017 | +1.6% | +1.9% | +4.8% | |
| Q1 2017 | -0.1% | +0.1% | -4.0% | |
| Q4 2016 | +0.6% | +1.7% | +4.1% | |
| Q3 2016 | -1.0% | +0.7% | -0.9% | |
| Q2 2016 | +0.2% | -1.1% | -3.6% | |
| Q1 2016 | +3.3% | — | — | |
| Q4 2015 | -0.4% | — | — | |
| Q3 2015 | +2.9% | — | — | |
| Q2 2015 | -3.1% | — | — | |
| Q1 2015 | +0.9% | — | — | |
| Q4 2014 | -5.2% | — | — | |
| Q1 2013 | +0.5% | — | — | |
| Q2 2010 | +4.1% | — | — |
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