Is Toronto Dominion Bank financially healthy?

On 31 July 2026 Toronto Dominion Bank held 327.29B CAD in cash and short-term investments against total debt of 298.01B CAD. Its current ratio is 0.05: what falls due within a year against what turns into cash within a year. Over the last twelve months it generated 28.71B CAD of free cash flow.

Is Toronto Dominion Bank growing?

Toronto Dominion Bank's revenue grew 16.2% a year over its last five fiscal years, from 54.62B CAD in fiscal year 2020 to 115.84B CAD in fiscal year 2025. Over the last twelve months it was down 4.4% on the twelve months before.

Where can I find Toronto Dominion Bank's annual report (40-F)?

Toronto Dominion Bank, a company based outside the US, files its annual report (Form 40-F) and its interim reports (Form 6-K) with the US Securities and Exchange Commission, on its EDGAR site; the figures on these pages come from them.

Toronto Dominion Bank
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Arincen ScoreBeta48/100

48/100B

128.180

USD

3.45

(2.77%)

Market Closed

Last updated: 4 Nov, 15:59 GMT-5 · Delayed 15 min

Fair value87.77Plus+46%75Price 128.18105

Q4 FY2026 · Earnings report

EPS estimate 1.83Revenue estimate 10.99B

Q4 FY2026 · Earnings report

Thursday 3 December

EPS estimate 1.83Revenue estimate 10.99B

Fair value87.77Plus+46%75Price 128.18105

Q4 FY2026 · Earnings report

EPS estimate 1.83Revenue estimate 10.99B

Q4 FY2026 · Earnings report

Thursday 3 December

EPS estimate 1.83Revenue estimate 10.99B

Overview Financials Forecast Earnings Dividends Company

Toronto Dominion Bank financials

Yes. Toronto Dominion Bank earned 16.20B CAD of net income over the last twelve months, 14.4% of its revenue. It made a profit in 30 of its 31 fiscal years since 1995. Its last loss was in fiscal year 2002.

Revenue (TTM): 112.51B CAD
Net income (TTM): 16.20B CAD
Free cash flow (TTM): 28.71B CAD
Cash and short-term investments: 327.29B CAD
Total debt: 298.01B CAD
Shareholders' equity: 127.08B CAD

Cash, debt and equity as of 31 Jul 2026.

Toronto Dominion Bank earnings

Next earnings · Q4 FY2026

3 Dec 2026

EPS estimate

1.83 CAD

Revenue estimate

10.99B CAD

Last quarter · Q3 FY2026

EPS1.98Beat +13.8%Revenue12.07BBeat +12.7%

Revenue

ReportedEstimate

EPS

ReportedEstimate

Period	Report date	EPS estimate	Reported EPS	Surprise	EPS growth	Revenue estimate	Reported revenue	Surprise	Revenue growth
Q1 FY2027	—	1.95	—	—	+10.88%	11.08B	—	—	+0.57%
Q4 FY2026	3 Dec 2026	1.83	—	—	+16.56%	10.99B	—	—	+6.74%
Q3 FY2026	27 Aug 2026	1.74	1.98	+13.79%	+3.66%	10.70B	12.07B	+12.72%	-22.06%
Q2 FY2026	28 May 2026	1.63	1.74	+6.75%	+25.18%	11.04B	11.80B	+6.83%	-21.36%
Q1 FY2026	26 Feb 2026	1.63	1.76	+7.98%	+26.62%	10.66B	11.01B	+3.37%	-26.09%
Q4 FY2025	4 Dec 2025	1.46	1.57	+7.53%	+24.60%	9.93B	10.29B	+3.61%	-30.19%
Q3 FY2025	28 Aug 2025	1.46	1.91	+30.82%	+29.05%	10.03B	15.48B	+54.30%	+41.24%
Q2 FY2025	22 May 2025	1.25	1.39	+11.20%	-7.33%	10.02B	15.00B	+49.68%	+39.78%

Period	EPS estimate	Reported EPS	Surprise	EPS growth	Revenue estimate	Reported revenue	Surprise	Revenue growth
FY2028	8.95	—	—	+11.85%	48.69B	—	—	+7.26%
FY2027	8.00	—	—	+10.37%	45.39B	—	—	+4.91%
FY2026	7.25	—	—	+15.81%	43.27B	—	—	-22.28%
FY2025	5.84	6.26	+7.24%	+9.63%	39.26B	55.68B	+41.82%	+17.76%
FY2024	9.55	5.71	-40.23%	-3.22%	61.68B	47.28B	-23.35%	-8.13%
FY2023	5.76	5.90	+2.45%	-14.74%	34.73B	51.47B	+48.21%	+19.70%
FY2022	6.03	6.92	+14.81%	-7.86%	31.90B	43.00B	+34.77%	+15.79%

Toronto Dominion Bank growth and profitability

Full income statement

Revenue (TTM): 112.51B CAD
Net income (TTM): 16.20B CAD
Gross margin: 54.20%
Operating margin: 17.91%
Net margin: 14.40%

Revenue / Net income

Revenue Net income Net margin

Period	Revenue	Growth	Net income	Growth	Gross margin	Operating margin	Net margin	EBITDA	Growth
FY2025	115.84B	-2.80%	20.54B	+132.28%	49.01%	20.67%	17.73%	26.11B	+92.58%
FY2024	119.17B	+16.55%	8.84B	-16.85%	43.64%	9.68%	7.42%	13.56B	-13.43%
FY2023	102.25B	+72.03%	10.63B	-38.99%	47.52%	13.45%	10.40%	15.66B	-32.43%
FY2022	59.44B	+24.57%	17.43B	+21.90%	75.19%	36.03%	29.32%	23.18B	+20.73%
FY2021	47.72B	-12.64%	14.30B	+20.20%	89.05%	35.91%	29.96%	19.20B	+36.61%

Period	Revenue	Net income	Gross margin	Operating margin	Net margin
Q3 FY2026	28.58B	4.62B	55.97%	20.47%	16.16%
Q2 FY2026	27.02B	4.25B	55.15%	18.60%	15.73%
Q1 FY2026	28.14B	4.05B	53.92%	18.41%	14.39%
Q4 FY2025	28.77B	3.28B	51.83%	14.26%	11.40%
Q3 FY2025	28.70B	3.34B	50.56%	14.78%	11.62%

How Toronto Dominion Bank makes its money

Revenue115.84B 100.0%

Cost of revenue59.06B 51.0%

Gross profit56.78B 49.0%

Selling and administration25.96B 22.4%

Other operating expenses6.87B 5.9%

Operating income23.95B 20.7%

Tax3.41B 2.9%

Net income20.54B 17.7%

FY2025, in CAD. Each band is as wide as its money; the percentage is its share of revenue.

Toronto Dominion Bank revenue breakdown

By region

FY2022

61.3%CANADA38.7%UNITED STATES

Region	Revenue	Share of revenue	Change on the year
CANADA	29.24B	61.3%	+9.7%
UNITED STATES	18.44B	38.7%	+30.9%

Operating and free cash flow

Full cash flow statement

Operating cash flow Free cash flow

Fiscal year	Operating cash flow	Free cash flow
FY2025	-69.65B	-71.79B
FY2024	54.94B	52.76B
FY2023	-65.30B	-67.15B
FY2022	38.95B	37.50B
FY2021	50.13B	49.00B
FY2020	229.61B	228.35B
FY2019	830.00M	-555.00M
FY2018	5.69B	5.11B
FY2017	26.13B	25.69B
FY2016	37.40B	36.60B

Toronto Dominion Bank financial health

Full balance sheet

Cash and short-term investments: 327.29B CAD
Total debt: 298.01B CAD
Net cash: 29.27B CAD
Free cash flow (TTM): 28.71B CAD
Current ratio: 0.05
Debt to equity: 2.35
Piotroski score: 7 / 9
Altman Z-score: 0.10

Cash, debt and free cash flow

Cash and short-term investments Total debt Free cash flow

Fiscal year	Cash and short-term investments	Total debt	Free cash flow
FY2025	156.06B	663.58B	-71.79B
FY2024	230.49B	662.56B	52.76B
FY2023	116.51B	568.66B	-67.15B
FY2022	156.98B	502.06B	37.50B
FY2021	194.67B	400.86B	49.00B

Assets, liabilities and equity

Total assets Total liabilities Shareholders' equity

Fiscal year	Total assets	Total liabilities	Shareholders' equity
FY2025	2.09T	1.97T	127.83B
FY2024	2.06T	1.95T	115.16B
FY2023	1.96T	1.84T	112.07B
FY2022	1.92T	1.81T	111.38B
FY2021	1.73T	1.63T	99.82B
FY2020	1.72T	1.62T	95.50B
FY2019	1.42T	1.33T	87.70B
FY2018	1.33T	1.25T	79.05B
FY2017	1.28T	1.20T	74.21B
FY2016	1.18T	1.10T	72.56B

Toronto Dominion Bank valuation

Price to earnings ratio (TTM): 19.13
Forward P/E (FY2027): 16.02
Price to sales (TTM): 2.69
Price to book: 2.38
EV / EBITDA (TTM): 12.19

Capital structure

Market capitalization

216.56B CAD

Total debt

213.30B CAD

−

Cash and short-term investments

234.25B CAD

Enterprise value

195.61B CAD

Valuation over time

P/EForward P/EForward P/E · EstimateEstimate

Fiscal year	P/E	Forward P/E	P/S	P/B	EV/EBITDA
FY2028 (est.)	14.32	—	—	—	—
FY2027 (est.)	16.02	14.32	—	—	—
FY2026 (est.)	17.68	16.02	—	—	—
Now (TTM)	19.13	15.99	2.69	2.38	12.19
FY2025	9.94	11.39	1.70	1.54	28.49
FY2024	16.28	9.39	1.14	1.18	45.72
FY2023	14.01	5.82	1.38	1.26	38.61
FY2022	9.20	10.90	2.66	1.42	22.18
FY2021	11.70	9.16	3.45	1.65	20.80

Toronto Dominion Bank against its own history

Each figure in the latest fiscal year against the same figure from FY2021 to FY2025: the range, its median (the line) and the latest (the dot, green on the good side of the median). The P/E is today's against its daily readings of five years.

Its peers: Citigroup, Wells Fargo &, Bank of America, and JPMorgan Chase &, the US Banks - Diversified companies closest to it in size, each in its own latest fiscal year: their median (the line) and its rank among them, first being the best.

P/E (today)Above its median19.1
8.421.0
Gross marginAt its median49.0%
43.6%89.0%
Against its peers: 4 of 5Peers' median 58.0%
Operating marginAt its median20.7%
9.7%36.0%
Against its peers: 2 of 5Peers' median 20.0%
Net marginAt its median17.7%
7.4%30.0%
Against its peers: 2 of 5Peers' median 16.6%
Return on equityHighest in 5 years16.1%
7.7%16.1%
Against its peers: 1 of 5Peers' median 10.9%
Free cash flow marginBelow its median-62.0%
-65.7%102.7%
Against its peers: 5 of 5Peers' median -29.7%
Revenue growthBelow its median-2.8%
-12.6%72.0%
Against its peers: 5 of 5Peers' median -0.9%
EPS growthHighest in 5 years144.9%
-41.7%144.9%
Against its peers: 1 of 5Peers' median 17.6%
Debt to EBITDAAt its median25.41×
20.88×48.86×
Against its peers: 4 of 5Peers' median 12.26×
Current ratioBelow its median0.12
0.110.17
Against its peers: 5 of 5Peers' median 0.45

Figure	FY2025	5-year low – high	Against its history	Against its peers
P/E (today)	19.1	8.421.0	Above its median	—
Gross margin	49.0%	43.6%89.0%	At its median	4 of 5
Operating margin	20.7%	9.7%36.0%	At its median	2 of 5
Net margin	17.7%	7.4%30.0%	At its median	2 of 5
Return on equity	16.1%	7.7%16.1%	Highest in 5 years	1 of 5
Free cash flow margin	-62.0%	-65.7%102.7%	Below its median	5 of 5
Revenue growth	-2.8%	-12.6%72.0%	Below its median	5 of 5
EPS growth	144.9%	-41.7%144.9%	Highest in 5 years	1 of 5
Debt to EBITDA	25.41×	20.88×48.86×	At its median	4 of 5
Current ratio	0.12	0.110.17	Below its median	5 of 5

Peers: US companies of the same industry (of its sector when the industry has too few) from a tenth to ten times its market value, the six closest in size. Updated weekly.

Toronto Dominion Bank dividends

Annual dividend: 3.14 CAD
Dividend yield (indicated): 2.45%
Payout ratio: 46.82%
Years of dividend growth: 11
Frequency: Quarterly
Last payment: 0.78 CAD
Last ex-dividend date: 9 Oct 2026
Last payment date: 31 Oct 2026

Dividends per share

Year	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Dividends per share	2.97	3.01	2.84	2.74	2.51	2.31	2.18	2.04	1.81	1.62

Toronto Dominion Bank ownership

Institutions: 65.31%
Institutional holders: 951 (+63)
Free float: 95.33%

InstitutionsOthers

As of 30 Jun 2026

Insider trading

Quarter	Purchases	Sales	Shares acquired	Shares disposed of
Q3 2023	0	0	0.00	200.00

Shares outstanding

Basic shares Diluted shares Change in diluted shares

Fiscal year	Basic shares	Diluted shares	Change in diluted shares
FY2025	1.72B	1.72B	-2.34%
FY2024	1.76B	1.76B	-3.53%
FY2023	1.82B	1.82B	+0.60%
FY2022	1.81B	1.81B	-0.36%
FY2021	1.82B	1.82B	+0.63%

Common questions about Toronto Dominion Bank's financials

Source: Financial Modeling Prep

Toronto Dominion Bank
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Toronto Dominion Bank financials

Toronto Dominion Bank earnings

Revenue

EPS

Toronto Dominion Bank growth and profitability

Revenue / Net income

How Toronto Dominion Bank makes its money

Toronto Dominion Bank revenue breakdown

By region

Operating and free cash flow

Toronto Dominion Bank financial health

Cash, debt and free cash flow

Assets, liabilities and equity

Toronto Dominion Bank valuation

Capital structure

Valuation over time

Toronto Dominion Bank against its own history

Toronto Dominion Bank dividends

Dividends per share

Toronto Dominion Bank ownership

Insider trading

Shares outstanding

Common questions about Toronto Dominion Bank's financials

Is Toronto Dominion Bank profitable?

Is Toronto Dominion Bank financially healthy?

Is Toronto Dominion Bank growing?

Where can I find Toronto Dominion Bank's annual report (40-F)?

Need help?

Toronto Dominion Bank DQuotes are delayed by 15 minutes

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Toronto Dominion Bank financials

Toronto Dominion Bank earnings

Revenue

EPS

Toronto Dominion Bank growth and profitability

Revenue / Net income

How Toronto Dominion Bank makes its money

Toronto Dominion Bank revenue breakdown

By region

Operating and free cash flow

Toronto Dominion Bank financial health

Cash, debt and free cash flow

Assets, liabilities and equity

Toronto Dominion Bank valuation

Capital structure

Valuation over time

Toronto Dominion Bank against its own history

Toronto Dominion Bank dividends

Dividends per share

Toronto Dominion Bank ownership

Insider trading

Shares outstanding

Common questions about Toronto Dominion Bank's financials

Is Toronto Dominion Bank profitable?

Is Toronto Dominion Bank financially healthy?

Is Toronto Dominion Bank growing?

Where can I find Toronto Dominion Bank's annual report (40-F)?

Need help?

Toronto Dominion Bank
D
Quotes are delayed by 15 minutes