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TD Bank U.S. and data network Akoya are collaborating to help financial apps and data providers connect to TD through secure APIs, the companies said in a Tuesday (Oct. 20) press release.

MOUNT LAUREL, N.J. & BOSTON--(BUSINESS WIRE)-- #openfinance--TD Bank U.S. and Akoya are working together to advance a more secure, transparent and consumer-controlled approach to financial data sharing at scale. Through Akoya's Open Finance Solution (OFS), more data aggregators and third-party providers will be able to connect to TD through secure APIs (Application Programming Interfaces), reducing reliance on credential-based data access and supporting more secure financial data-sharing experiences. As digit.

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Toronto Dominion Bank (The) (NYSE:TD – Get Free Report) (TSE:TD) announced a quarterly dividend on Thursday, August 27th. Shareholders of record on Friday, October 9th will be given a dividend of C$1.12 per share by the bank on Saturday, October 31st. This represents a $4.48 annualized dividend and a yield of 3.8%. The ex-dividend date is Friday, October 9th.

Toronto Dominion Bank has increased its dividend payment by an average of 0.1%annually over the last three years and has increased its dividend annually for the last 12 consecutive years. Toronto Dominion Bank has a payout ratio of 52.1% meaning its dividend is sufficiently covered by earnings. Analysts expect Toronto Dominion Bank to earn $7.67 per share next year, which means the company should continue to be able to cover its $3.23 annual dividend with an expected future payout ratio of 42.1%.

Toronto Dominion Bank Stock Up 1.0% TD opened at $118.22 on Wednesday. The company has a market cap of $194.45 billion, a P/E ratio of 17.57, a P/E/G ratio of 1.16 and a beta of 0.75. The business’s 50-day moving average price is $120.42 and its 200-day moving average price is $113.90. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.09. Toronto Dominion Bank has a 12 month low of $77.95 and a 12 month high of $125.46.

Toronto Dominion Bank (NYSE:TD – Get Free Report) (TSE:TD) last issued its earnings results on Thursday, August 27th. The bank reported $1.98 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.24. Toronto Dominion Bank had a return on equity of 14.88% and a net margin of 14.41%.The company had revenue of $12.07 billion during the quarter, compared to analysts’ expectations of $10.70 billion. During the same period in the prior year, the business posted $2.20 EPS. Toronto Dominion Bank’s quarterly revenue was up 6.9% compared to the same quarter last year. On average, equities analysts expect that Toronto Dominion Bank will post 7.04 EPS for the current year. Institutional Trading of Toronto Dominion Bank A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cornerstone Financial Management LLC raised its holdings in Toronto Dominion Bank by 77.2% in the 2nd quarter. Cornerstone Financial Management LLC now owns 218 shares of the bank’s stock worth $26,000 after purchasing an additional 95 shares in the last quarter. Bayban purchased a new position in shares of Toronto Dominion Bank during the fourth quarter valued at about $28,000. Brown Lisle Cummings Inc. increased its position in shares of Toronto Dominion Bank by 88.4% during the first quarter. Brown Lisle Cummings Inc. now owns 407 shares of the bank’s stock valued at $38,000 after buying an additional 191 shares during the period. Continuum Advisory LLC bought a new position in Toronto Dominion Bank in the second quarter worth about $43,000. Finally, NBH Bank purchased a new stake in Toronto Dominion Bank in the second quarter worth about $73,000. Hedge funds and other institutional investors own 52.37% of the company’s stock.

Toronto Dominion Bank Company Profile (Get Free Report)

Toronto-Dominion Bank, operating as TD Bank Group, is a Canadian financial services company headquartered in Toronto, Ontario. The bank was formed in 1955 through the merger of The Bank of Toronto and The Dominion Bank and serves customers in Canada and the United States.

TD provides a broad range of banking and financial services, including personal and commercial deposit accounts, lending, mortgages, credit cards, payments, investment products and financial advice. Its Canadian operations serve individuals, businesses and institutions, while its U.S.

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The Toronto-Dominion Bank (TSE:TD – Get Free Report) (NYSE:TD) has received an average recommendation of “Moderate Buy” from the eleven research firms that are presently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and seven have assigned a buy recommendation to the company. The average 12-month price target among brokerages that have covered the stock in the last year is C$171.08.

A number of analysts have weighed in on the company. Scotiabank boosted their price target on Toronto-Dominion Bank from C$180.00 to C$187.00 and gave the stock a “sector outperform” rating in a research report on Friday, August 28th. Raymond James Financial raised their price target on shares of Toronto-Dominion Bank from C$155.00 to C$180.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 12th. Canadian Imperial Bank of Commerce upped their target price on Toronto-Dominion Bank from C$184.00 to C$188.00 and gave the company a “neutral” rating in a research note on Thursday, September 3rd. Desjardins set a C$183.00 price target on shares of Toronto-Dominion Bank and gave the stock a “buy” rating in a research note on Wednesday, September 2nd. Finally, Royal Bank Of Canada boosted their target price on shares of Toronto-Dominion Bank from C$156.00 to C$173.00 and gave the company an “outperform” rating in a research note on Friday, August 28th.

View Our Latest Research Report on Toronto-Dominion Bank

Insider Buying and Selling at Toronto-Dominion Bank In other Toronto-Dominion Bank news, insider Kelvin Vi Luan Tran sold 8,000 shares of the business’s stock in a transaction dated Tuesday, September 22nd. The shares were sold at an average price of C$172.92, for a total value of C$1,383,360.00. Following the completion of the transaction, the insider directly owned 23,877 shares of the company’s stock, valued at approximately C$4,128,810.84. The trade was a 25.10% decrease in their ownership of the stock. Corporate insiders own 0.08% of the company’s stock. Toronto-Dominion Bank Trading Up 0.5% Shares of TSE TD opened at C$168.06 on Wednesday. The business has a 50-day moving average price of C$168.17 and a two-hundred day moving average price of C$158.75. Toronto-Dominion Bank has a one year low of C$109.50 and a one year high of C$175.33. The firm has a market capitalization of C$274.44 billion, a PE ratio of 17.99, a PEG ratio of 1.22 and a beta of 0.84.

Toronto-Dominion Bank (TSE:TD – Get Free Report) (NYSE:TD) last released its quarterly earnings data on Thursday, August 27th. The company reported C$2.77 earnings per share for the quarter. Toronto-Dominion Bank had a net margin of 14.36% and a return on equity of 12.83%. The firm had revenue of C$16.93 billion for the quarter. Research analysts anticipate that Toronto-Dominion Bank will post 7.2160149 EPS for the current year.

Toronto-Dominion Bank Announces Dividend The firm also recently announced a quarterly dividend, which will be paid on Saturday, October 31st. Stockholders of record on Saturday, October 31st will be paid a $1.12 dividend. The ex-dividend date is Friday, October 9th. This represents a $4.48 dividend on an annualized basis and a dividend yield of 2.7%. Toronto-Dominion Bank’s dividend payout ratio (DPR) is 46.36%.

Toronto-Dominion Bank Company Profile (Get Free Report)

TD Asset Management Inc (‘TDAM’), a member of TD Bank Group, is a Canadian investment management firm with a growing global presence. Bringing together three decades of investment experience, our broad selection of strategies and solutions includes fundamental equities, quantitative and passive equities, fixed income across the credit quality spectrum and alternatives, such as private credit, infrastructure and real estate. TDAM offers institutional investment solutions to corporations, pension funds, endowments and foundations, sovereign wealth funds and superannuation funds, among others.

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Toronto-Dominion Bank (TSX:TD) plans to buy back up to $10 billion worth of its shares in a new program expected to wrap up by July 2027. 

The bank will repurchase up to 61 million shares, representing up to 3.74% of its nearly 1.63 million common shares issued and outstanding as of August 31.  

The new program follows a previous buyback that began in January 2026, under which TD has spent $7 billion to repurchase 47.2 million shares. 

By repurchasing its own shares, a bank shrinks its equity base and divides earnings among a smaller number of shares. That lifts both return on equity and earnings per share, which are two key measures of a bank's financial health. 

The buyback is subject to approval from the Office of the Superintendent of Financial Institutions Canada, and TD says it plans to cancel all of the purchased shares. 

The Toronto-Dominion Bank (TSE:TD – Get Free Report) (NYSE:TD) insider Kelvin Vi Luan Tran sold 8,000 shares of the company’s stock in a transaction dated Tuesday, September 22nd. The shares were sold at an average price of C$172.92, for a total transaction of C$1,383,360.00. Following the sale, the insider owned 23,877 shares in the company, valued at C$4,128,810.84. This represents a 25.10% decrease in their ownership of the stock.

Kelvin Vi Luan Tran also recently made the following trade(s):

On Monday, September 21st, Kelvin Vi Luan Tran sold 2,800 shares of Toronto-Dominion Bank stock. The shares were sold at an average price of C$174.18, for a total transaction of C$487,704.00. Toronto-Dominion Bank Trading Up 1.2% TD opened at C$170.69 on Friday. The stock has a 50-day moving average of C$168.36 and a 200 day moving average of C$156.67. The Toronto-Dominion Bank has a 12 month low of C$107.60 and a 12 month high of C$175.33. The firm has a market cap of C$279.68 billion, a P/E ratio of 18.28, a P/E/G ratio of 1.22 and a beta of 0.81.

Toronto-Dominion Bank (TSE:TD – Get Free Report) (NYSE:TD) last issued its quarterly earnings data on Thursday, August 27th. The company reported C$2.77 earnings per share (EPS) for the quarter. The business had revenue of C$16.93 billion for the quarter. Toronto-Dominion Bank had a return on equity of 12.83% and a net margin of 14.36%. On average, research analysts forecast that The Toronto-Dominion Bank will post 7.2160149 earnings per share for the current fiscal year. Toronto-Dominion Bank Increases Dividend The business also recently announced a quarterly dividend, which was paid on Friday, July 31st. Stockholders of record on Friday, July 31st were given a dividend of $1.12 per share. The ex-dividend date of this dividend was Friday, July 10th. This represents a $4.48 annualized dividend and a dividend yield of 2.6%. This is an increase from Toronto-Dominion Bank’s previous quarterly dividend of $1.08. Toronto-Dominion Bank’s dividend payout ratio is presently 46.36%.

Analyst Upgrades and Downgrades A number of analysts recently issued reports on the company. Canaccord Genuity Group lowered their price target on Toronto-Dominion Bank from C$197.00 to C$196.00 in a research report on Thursday, September 3rd. Raymond James Financial boosted their price objective on shares of Toronto-Dominion Bank from C$155.00 to C$180.00 and gave the company an “outperform” rating in a research report on Wednesday, August 12th. Canadian Imperial Bank of Commerce increased their target price on shares of Toronto-Dominion Bank from C$184.00 to C$188.00 and gave the company a “neutral” rating in a research note on Thursday, September 3rd. National Bank Financial raised their target price on shares of Toronto-Dominion Bank from C$190.00 to C$196.00 and gave the stock an “outperform” rating in a report on Sunday, August 30th. Finally, Scotiabank raised their target price on shares of Toronto-Dominion Bank from C$180.00 to C$187.00 and gave the stock a “sector outperform” rating in a report on Friday, August 28th. Seven investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Toronto-Dominion Bank currently has an average rating of “Moderate Buy” and an average target price of C$171.08.

View Our Latest Analysis on Toronto-Dominion Bank

Toronto-Dominion Bank Company Profile (Get Free Report)

TD Asset Management Inc (‘TDAM’), a member of TD Bank Group, is a Canadian investment management firm with a growing global presence. Bringing together three decades of investment experience, our broad selection of strategies and solutions includes fundamental equities, quantitative and passive equities, fixed income across the credit quality spectrum and alternatives, such as private credit, infrastructure and real estate. TDAM offers institutional investment solutions to corporations, pension funds, endowments and foundations, sovereign wealth funds and superannuation funds, among others.

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On September 21, 2026, we conducted a DCF analysis for The Toronto-Dominion Bank TD , which has shown impressive price performance over the past year, with a 61.2% increase. The current price stands at $122.33, reflecting a market capitalization of $200,813 million. Here are some key insights from our analysis:

DCF Earnings-based intrinsic value of $95.23 vs price of $122.33 (margin of safety: -28.5%) DCF FCF-based intrinsic value of $29.24 (second opinion) GF Score™ of 72/100 indicates a moderate reliability of the DCF inputs What Is TD Worth? DCF Earnings-Based Model In our DCF earnings-based model, we utilized a two-stage approach to assess TD's intrinsic value. The first stage considers a growth phase over the next ten years, where we project an earnings growth rate of 6.2% annually. The second stage accounts for a terminal growth rate of 4% for the subsequent ten years. The discount rate applied is 11%, derived from the risk-free rate and equity risk premium.

Parameter Value Current EPS (TTM, excl. non-recurring) $6.84 10-Year Growth Rate 6.2% 10-Year Treasury Rate 4.95% Discount Rate (ceil(Treasury) + 6%) 11% Terminal Growth Rate 4% The calculation summary for the two-stage model is as follows:

Stage Description Value Growth Stage (Years 1-10) EPS growing at 6.2%, discounted at 11% $60.34 Terminal Stage (Years 11-20) 4% terminal growth, discounted at 11% $34.89 Intrinsic Value Growth + Terminal $95.23 Comparing the current price of $122.33 to the intrinsic value of $95.23 indicates that TD is modestly overvalued, with a margin of safety of -28.5%. Notably, GuruFocus employs EPS figures that exclude non-recurring items, as research suggests that stock prices correlate more closely with earnings than with free cash flow. For further details, you can access the TD DCF Calculator.

What Does the Free Cash Flow DCF Say? The free cash flow (FCF)-based intrinsic value for TD is calculated at $29.24. This starkly contrasts with the earnings-based intrinsic value of $95.23, indicating a significant divergence in valuation perspectives. The FCF model suggests that TD is significantly overvalued, with a margin of safety of -318.4%.

How Does GF Value™ Compare to the DCF Models? The GF Value™ for TD is pegged at $73.76, providing a third perspective on the valuation. GF Value™ is a proprietary measure from GuruFocus, calculated based on historical trading multiples, past business growth, and future performance estimates. All three models—earnings-based DCF, FCF-based DCF, and GF Value™—concur that TD is overvalued, reinforcing the caution for potential investors. For more insights, visit the GF Value™ page.

What Does TD's GF Score™ Tell Us? The GF Score™ evaluates various aspects of a company's performance and health, providing a comprehensive view of its investment potential. TD's GF Score™ stands at 72/100, indicating a moderate level of reliability in the DCF inputs. The predictability rank of 3/5 stars suggests that while the DCF model can be useful, it may not be as reliable for this stock due to its moderate predictability.

Metric Rating GF Score™ 72/100 Financial Strength 2/10 Profitability 6/10 Growth 9/10 Valuation 3/10 Momentum 6/10

Key Assumptions and Limitations It is important to note that DCF models are highly sensitive to the assumptions made regarding growth rates and discount rates. Additionally, stocks with lower predictability ratings tend to produce less reliable DCF estimates. The terminal growth rate of 4% used in this analysis is a simplifying assumption that may not reflect future realities.

What This Means for Investors In summary, the consensus across the three valuation models—DCF earnings, DCF FCF, and GF Value™—indicates that The Toronto-Dominion Bank is overvalued at its current price of $122.33. The guru ownership signal shows that 7 gurus currently hold the stock, with 4 adding and 5 trimming their positions in recent quarters, suggesting a mixed sentiment among institutional investors. Additionally, there have been no insider transactions in the past 12 months. This combination of factors provides a nuanced perspective for potential investors. For a deeper dive into the valuation, check out the TD DCF Calculator.

Frequently Asked Questions What is TD's intrinsic value based on DCF?

earnings-based $95.23, FCF-based $29.24

Is TD overvalued or undervalued?

TD is overvalued based on both DCF and GF Value™ consensus.

How reliable is the DCF model for TD?

The DCF model's reliability is moderate, with a predictability rank of 3/5.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

If Boeing Ramps Up Production, These Suppliers May Win BigToronto Dominion Bank NYSE: TD plans to open 100 new U.S. branches by the end of calendar 2028, subject to regulatory approval, as the bank resumes an expansion strategy that was paused during its anti-money-laundering remediation efforts.

Leo Salom, TD Bank’s Head of U.S. Banking, said the expansion will build on an existing network of roughly 1,100 stores. The bank opened about 250 stores during the prior decade, he said, and now intends to increase density in markets where it already has a significant presence while extending its reach in the Southeast.

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Inside Teledyne's Bold Bet on the Future of Medical Imaging“In the major markets in New England, the New York area and New Jersey, Philadelphia, where we already have a top three deposit position,” Salom said, TD wants to position its network for emerging demographic trends. The second part of the strategy is focused on expanding its footprint in Florida and the Carolinas.

Remediation Work Continues Salom cautioned that the branch announcement should not be viewed as evidence that TD has completed its remediation plan or met all requirements under its consent order. He said the order provides for the bank to open branches and that TD has confidence, based on regulatory discussions, that it can pursue the planned openings through 2028.

USA Today's Digital Revival Is Gaining Steam, But With Plenty of RiskThe bank has rebuilt the management team overseeing its Bank Secrecy Act and AML program, appointing 40 experienced officers, according to Salom. TD has also renewed policies and procedures, implemented a customer-risk-rating program and a transaction-monitoring platform, revamped investigative capabilities and training, and strengthened its engagement model with law enforcement.

TD is now entering a validation and sustainability phase, Salom said. Management actions will be tested by the business, internal audit, an independent monitor and, ultimately, the regulator before they can support regulatory relief.

The bank increased its fiscal 2026 U.S. BSA/AML remediation expense guidance to $550 million from $500 million. Salom said most of the $50 million increase relates to a look-back exercise, with the remainder tied to accelerating management actions previously planned for later in 2026 and 2027.

He said TD expects governance and control costs connected to AML remediation to moderate in fiscal 2027, particularly during the second half. More than half of total remediation spending is expected to be permanently reduced over time, while some costs will remain part of the ongoing AML operating structure.

Cost Actions and AI Deployment TD is targeting a C$750 million reduction in structural costs in its U.S. business over its medium-term outlook period. Salom said the bank has already realized nearly C$200 million in savings this year through store optimization, discontinued businesses tied to balance-sheet restructuring, staffing initiatives, lower general and administrative costs, and early artificial-intelligence projects.

The bank’s absolute U.S. banking expenses have remained at just over C$1.8 billion for the past four quarters, he said. TD aims to use savings to fund branch expansion, additional frontline bankers and financial advisers, and investments in data and technology without increasing its overall cost envelope.

Salom said TD has enabled 1,800 developers with GitHub Copilot and has seen technology-capacity improvements ranging from 30% to 40%, depending on adoption. The bank is using that improvement primarily to accelerate delivery of technology solutions rather than immediately reduce headcount.

TD has also deployed three AI models within its AML program, including tools to scan adverse news and identify unusual transaction patterns. It is developing an investigator desktop intended to help employees evaluate and prioritize investigation items. Separately, the bank is working with a vendor on a voice AI agent that it is targeting to handle about 50% of incoming call-center calls.

Loan Growth, Deposits and Margins Salom said TD’s U.S. business returned to total loan growth in the third quarter, fully absorbing runoff from its restructuring program. The bank reported approximately C$165 billion in loans, with core loan growth of 3% split evenly between retail and commercial lending.

Bank card balances increased 20% year over year, while new accounts rose 30% and spending grew 12%. Home-equity line balances grew 6% year over year, and related pipeline volumes increased 25%. The mid-market portfolio rose 15% year over year, aided by collaboration with TD Securities and TD Cowen. TD’s deposit base stood at just under C$300 billion, including approximately C$70 billion from the Schwab sweep structure, Salom said. The bank’s loan-to-deposit ratio was 58%, or just under 80% excluding Schwab deposits. Salom characterized TD’s checking and low-yield savings deposits as a lower-cost funding advantage, though he expects deposit competition to intensify as industry loan growth accelerates.

The U.S. banking segment’s net interest margin was 3.47% in the third quarter, up 6 basis points sequentially and 28 basis points year over year. TD expects modest further NIM expansion in the fourth quarter and remains constructive on margin growth in fiscal 2027, although Salom said the benefit from “tractor” on/off rates may be less pronounced during the first half of the year.

Returns, Digital Assets and Strategy TD reported a 10.2% return on equity in the third quarter, up 130 basis points year over year, while return on tangible common equity exceeded 15%. Salom reaffirmed medium-term targets of 13% ROE and 18% ROTCE, saying there is a path to meet and potentially exceed those figures through earnings momentum, capital optimization and greater accountability for underperforming business areas.

On digital assets, Salom said TD intends to be an early adopter of tokenized deposits and is developing a solution for ledger-to-ledger transactions involving commercial and corporate banking clients. The bank is also participating in an industry effort around tokenized deposit clearing and has joined a consortium of global banks exploring stablecoin technology for cross-border transactions.

However, Salom said TD has concerns about the CLARITY Act in its current form, particularly whether BSA, AML and know-your-customer rules for crypto activities would sufficiently protect the financial system. He also cited concerns that yield-bearing digital assets could disintermediate banks and potentially restrict loan formation.

While TD will evaluate potential inorganic opportunities, Salom said the immediate focus remains organic growth, completion of remediation, branch openings, hiring 450 advisers next year, and expanding digital capabilities.

About Toronto Dominion Bank (NYSE:TD)Toronto-Dominion Bank, operating under the TD name, is a Canadian financial services company headquartered in Toronto, Ontario. The bank traces its history to the formation of The Toronto-Dominion Bank in 1955 through the merger of The Bank of Toronto, founded in 1855, and The Dominion Bank, founded in 1869.

TD provides a broad range of banking and financial services to individuals, businesses and institutions. Its offerings include personal and commercial deposit accounts, mortgages, consumer and business lending, credit cards, payment services, investment products, insurance and wealth management.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

Should You Invest $1,000 in Toronto Dominion Bank Right Now?Before you consider Toronto Dominion Bank, you'll want to hear this.

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New Markets investments support modernization project that will double annual production capacity and strengthen the regional economy  | Source: J.D. Irving, Limited

ASHLAND, Maine, Sept. 16, 2026 (GLOBE NEWSWIRE) -- Irving Forest Products, Inc., a subsidiary of J.D. Irving, Limited, is undertaking a modernization project to expand its Ashland Sawmill in Nashville Plantation, Maine. The project will increase production while building on the mill’s history of contributing to the economic resiliency of the Aroostook community.

When complete, the project will double the facility’s annual lumber production capacity from 130 million to 250 million board feet while strengthening its role as a leading manufacturer of dimensional lumber. The project is expected to create and retain the equivalent of 220 permanent, full-time jobs while supporting upstream workers, including foresters and loggers throughout the region. All jobs provide a full benefits package and pay at or above a living wage for Aroostook County.

The project is supported by the Federal New Markets Tax Credit (NMTC) program and the Maine New Markets Capital Investment Program, which together bring a combined total of $112.9 million of tax credit allocations to the project to help bridge a funding gap by stimulating private investment. The state portion was previously announced by the Finance Authority of Maine (FAME) in June.

This funding has been allocated to seven Community Development Entities (CDEs) in the form of federal and state tax credit allocation. The CDEs include TD Community Development Corporation, Mascoma Community Development, LLC, CEI Capital Management LLC, Evernorth Rural Ventures, Inc., MHIC, CityScape Capital Group, LLC and Stonehenge Capital. Each CDE invests its allocation in the project, and those investments generate approximately $44 million in federal and state tax credits.

The NMTC and Maine New Markets Capital Investment programs catalyze private investment in low-income communities through tax credits, enabling economic development. They are administered by Community Development Financial Institutions Fund (CDFI Fund) and FAME, respectively.

“We deeply appreciate the support of the CDFI Fund, FAME and the CDEs for this important project,” said Jerome Pelletier of Irving Forest Products, Inc. “We are also grateful to Senator Susan Collins for her longstanding support of Maine’s forest products sector. This investment reflects the hard work of our team and our long-term commitment to the region. It will help us support good jobs and continue contributing to the Aroostook community.”

“The Ashland expansion is an important investment in the future of Maine's forest products industry and the communities that depend on it,” said Jim Irving, CEO of J.D. Irving, Limited. We are grateful for Senator Susan Collins, whose continued support for economic growth and modern rail service in Maine has helped create opportunities for investments like this one.”

TD Community Development Corporation provided $10 million in a New Markets Tax Credit allocation and supported $49 million in NMTC investments, including federal and state investments and bridge equity, to help advance the Ashland Sawmill modernization project.

“The Ashland Sawmill expansion shows how New Markets Tax Credits can bring private investment to rural communities and support businesses critical to local and regional economies,” said Will Richter, TD CDC Senior Relationship Manager. “Lumber production has long been an important part of Maine’s economic infrastructure and the broader New England supply chain, and the modernization of the Ashland Sawmill will help Irving Forest Products continue creating jobs, supporting families and strengthening the communities it serves.”

“Community development finance exists for moments like this. The federal and Maine New Markets programs are designed for when a project is too important to the community to fail and too capital-intensive to succeed without the right partners,” said CCML CEO Traci Vaine. “Irving’s sawmill is a cornerstone of Aroostook County's economy, supporting not just mill workers but the loggers, foresters, truckers, and small business owners who depend on a healthy forest products industry. We're proud to help secure its future."

Irving Forest Products rebuilt the Ashland sawmill in 2014, transforming the mill into a modern, world class facility. Since then, Irving Forest Products has continued to invest in the mill, helping to ensure that it continues to support the local economy and Aroostook community as a major employer.

Contact: Anne McInerney, J.D. Irving, Limited 
Email: [email protected]
Phone: 506-632-5649

About Irving Forest Products

Irving Forest Products is one of North America's leading producers of lumber and value-added wood products, and a division of J.D. Irving, Limited -- a diversified family-owned company with operations in forestry, forest products, transportation, shipbuilding, retail, agriculture, and consumer packaged goods.

About TD Bank U.S.

TD Bank US Holding Company and its subsidiaries, including TD Bank, N.A., are collectively known as TD Bank U.S. As the U.S. banking business of The Toronto-Dominion Bank (TSX and NYSE: TD), a leading North American financial services firm, TD Bank U.S. serves more than 10 million clients and has a network of approximately 1,050 locations throughout the Northeast, Mid-Atlantic, Carolinas and Florida. We support our clients and communities with a full range of retail, small business, and commercial banking products and services. We also offer customized private banking and wealth management services, a comprehensive suite of credit card products for consumers and businesses, and automotive vehicle financing and dealer commercial services. TD Bank U.S. is one of the largest banks in the U.S. by assets and is headquartered in Mount Laurel, N.J. To learn more, visit www.td.com/us.

About Mascoma Community Development

Mascoma Community Development (MCD) is a CDE—established in 2013 as a wholly owned subsidiary of Mascoma Bank—with the primary mission of community development utilizing the NMTC Program. MCD seeks to provide low-cost flexible funding to businesses throughout the United States and emphasizes creating and retaining quality jobs in highly distressed low-income communities nationwide. Mascoma Bank is a $2.99B mutual community bank and Benefit Corporation, serving Northern New England. Mascoma Bank is a member of the Global Alliance for Banking on Values, a Certified B Corporation®, an Equal Housing Lender, and a Member FDIC.

About CEI Capital Management

CEI Capital Management works nationally to connect new and existing rural manufacturing companies with flexible capital through the Federal New Markets Tax Credit (NMTC) Program and the Maine New Markets Capital Investment (NMCI) Program so they can build good jobs that provide living wages, comprehensive benefits and opportunities for training and advancement. Since 2004, CCML has placed over $1.2 billion of NMTC/NMCI capacity in over 100 projects. CCML is a wholly owned subsidiary of Coastal Enterprises, Inc. (CEI), a Maine-based nonprofit community development financial institution.

About Evernorth Rural Ventures

Evernorth Rural Ventures, a subsidiary of Evernorth, is a qualified rural Community Development Entity that uses its New Markets Tax Credit resources to support investment in the economic, environmental, and social well-being of northern New England communities and its regional economies. Funds are used to retain and create quality jobs and expand essential goods and services by financing key community developments in downtown and village centers and in other concerted community efforts that demonstrate positive impacts to low-income persons and communities. Learn more about Evernorth Rural Ventures at www.evernorthus.org/financing-and-investing/evernorth-rural-ventures.

About MHIC

MHIC is a nonprofit community development financial institution based in Boston that finances affordable housing and community development throughout New England. Through its lending, equity, and New Markets Tax Credit programs, MHIC invests in housing, community facilities, and jobs-focused industrial and commercial projects in the region's most distressed communities. To date MHIC CDE has deployed over $1 billion in NMTC Allocation to 123 projects across 7 states.

About CityScape Capital

CityScape Capital Group is a boutique investment banking firm that provides direct equity investment for new markets, historic rehabilitation, C-PACE, and solar energy tax credit transactions located throughout the country. CCG helps clients capitalize on key forces within the evolving tax credit marketplace by delivering long-term value through objective analysis, sound strategy, and effective implementation. Since 1992, CCG and its principals have facilitated the placement of over $1.5 billion of tax credit equity financing involving all types of project uses ranging in size from $400,000 to over $25 million of tax credits. Also, through an affiliate, CCG provides Commercial Property Assessed Clean Energy (C-PACE) financing for energy efficiency, renewable energy and water conservation improvements to commercial properties. For additional information, please visit www.cityscapecapital.com.

About Stonehenge Capital

Founded in 1999, Stonehenge Capital Company is a nationally recognized impact investor operating at the nexus of finance and community development. Through its Direct Investing platform, Stonehenge employs federal and state-targeted economic development, and small business investment programs to provide flexible debt and equity capital to growing businesses, particularly in underserved markets. Stonehenge operates one of the largest and most successful New Markets Tax Credit practices in the country and provides traditional debt and equity financing through its SBIC and state-targeted small business investment funds. These strategies represent more than $2 billion of assets under management and enable customized capital solutions designed to fill financing gaps, support business growth, and create measurable community impact. For more information, visit stonehengecapital.com.

Investors looking for stocks in the Banks - Foreign sector might want to consider either Banco Bilbao (BBVA - Free Report) or Toronto-Dominion Bank (TD - Free Report) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.

The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The proven Zacks Rank emphasizes companies with positive estimate revision trends, and our Style Scores highlight stocks with specific traits.

Both Banco Bilbao and Toronto-Dominion Bank have a Zacks Rank of #2 (Buy) right now. The Zacks Rank favors stocks that have recently seen positive revisions to their earnings estimates, so investors should rest assured that both of these companies have improving earnings outlooks. But this is only part of the picture for value investors.

Value investors analyze a variety of traditional, tried-and-true metrics to help find companies that they believe are undervalued at their current share price levels.

Our Value category grades stocks based on a number of key metrics, including the tried-and-true P/E ratio, the P/S ratio, earnings yield, and cash flow per share, as well as a variety of other fundamentals that value investors frequently use.

BBVA currently has a forward P/E ratio of 12.05, while TD has a forward P/E of 17.19. We also note that BBVA has a PEG ratio of 0.77. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. TD currently has a PEG ratio of 1.20.

Another notable valuation metric for BBVA is its P/B ratio of 2.19. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. By comparison, TD has a P/B of 2.43.

These are just a few of the metrics contributing to BBVA's Value grade of A and TD's Value grade of F.

Both BBVA and TD are impressive stocks with solid earnings outlooks, but based on these valuation figures, we feel that BBVA is the superior value option right now.

The five-year pledge comes alongside research from TD Economics estimating that overall Canadian nation-building capital investments could reach up to $1.2 trillion by 2035.

For those looking to find strong Finance stocks, it is prudent to search for companies in the group that are outperforming their peers. Has Toronto-Dominion Bank (TD - Free Report) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.

Toronto-Dominion Bank is one of 873 companies in the Finance group. The Finance group currently sits at #7 within the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.

The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. Toronto-Dominion Bank is currently sporting a Zacks Rank of #2 (Buy).

Within the past quarter, the Zacks Consensus Estimate for TD's full-year earnings has moved 1.6% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.

According to our latest data, TD has moved about 29.1% on a year-to-date basis. Meanwhile, stocks in the Finance group have gained about 8.6% on average. As we can see, Toronto-Dominion Bank is performing better than its sector in the calendar year.

Another Finance stock, which has outperformed the sector so far this year, is California BanCorp (BCAL - Free Report) . The stock has returned 17.3% year-to-date.

For California BanCorp, the consensus EPS estimate for the current year has increased 4.2% over the past three months. The stock currently has a Zacks Rank #2 (Buy).

Looking more specifically, Toronto-Dominion Bank belongs to the Banks - Foreign industry, a group that includes 85 individual stocks and currently sits at #68 in the Zacks Industry Rank. Stocks in this group have gained about 21.6% so far this year, so TD is performing better this group in terms of year-to-date returns.

California BanCorp, however, belongs to the Banks - Southwest industry. Currently, this 20-stock industry is ranked #95. The industry has moved +10% so far this year.

Going forward, investors interested in Finance stocks should continue to pay close attention to Toronto-Dominion Bank and California BanCorp as they could maintain their solid performance.

Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the "long context," investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.

While many investors like to look for momentum in stocks, this can be very tough to define. There is a lot of debate surrounding which metrics are the best to focus on and which are poor quality indicators of future performance. The Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.

Below, we take a look at Toronto-Dominion Bank (TD - Free Report) , which currently has a Momentum Style Score of A. We also discuss some of the main drivers of the Momentum Style Score, like price change and earnings estimate revisions.

It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. Toronto-Dominion Bank currently has a Zacks Rank of #2 (Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of "A or B" outperform the market over the following one-month period.

You can see the current list of Zacks #1 Rank Stocks here >>>

Set to Beat the Market?Let's discuss some of the components of the Momentum Style Score for TD that show why this retail and wholesale bank shows promise as a solid momentum pick.

A good momentum benchmark for a stock is to look at its short-term price activity, as this can reflect both current interest and if buyers or sellers currently have the upper hand. It is also useful to compare a security to its industry, as this can help investors pinpoint the top companies in a particular area.

For TD, shares are up 0.31% over the past week while the Zacks Banks - Foreign industry is up 3.08% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 0.26% compares favorably with the industry's 2.95% performance as well.

While any stock can see its price increase, it takes a real winner to consistently beat the market. That is why looking at longer term price metrics -- such as performance over the past three months or year -- can be useful as well. Over the past quarter, shares of Toronto-Dominion Bank have risen 3.66%, and are up 63.35% in the last year. On the other hand, the S&P 500 has only moved 1.98% and 19.92%, respectively.

Investors should also pay attention to TD's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. TD is currently averaging 1,849,884 shares for the last 20 days.

Earnings OutlookThe Zacks Momentum Style Score encompasses many things, including estimate revisions and a stock's price movement. Investors should note that earnings estimates are also significant to the Zacks Rank, and a nice path here can be promising. We have recently been noticing this with TD.

Over the past two months, 3 earnings estimates moved higher compared to none lower for the full year. These revisions helped boost TD's consensus estimate, increasing from $6.86 to $7.04 in the past 60 days. Looking at the next fiscal year, 3 estimates have moved upwards while there have been no downward revisions in the same time period.

Bottom LineTaking into account all of these elements, it should come as no surprise that TD is a #2 (Buy) stock with a Momentum Score of A. If you've been searching for a fresh pick that's set to rise in the near-term, make sure to keep Toronto-Dominion Bank on your short list.

Earnings News Release • Three and nine months ended July 31, 2026

This quarterly Earnings News Release (ENR) should be read in conjunction with the Bank's unaudited third quarter 2026 Report to Shareholders for the three and nine months ended July 31, 2026, prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), which is available on our website at http://www.td.com/investor/. This ENR is dated August 26, 2026. Unless otherwise indicated, all amounts are expressed in Canadian dollars, and have been primarily derived from the Bank's Annual or Interim Consolidated Financial Statements prepared in accordance with IFRS. Certain comparative amounts have been revised to conform with the presentation adopted in the current period. Additional information relating to the Bank is available on the Bank's website at http://www.td.com, as well as on SEDAR+ at http://www.sedarplus.ca and on the U.S. Securities and Exchange Commission's (SEC) website at http://www.sec.gov (EDGAR filers section).
     Reported results conform with generally accepted accounting principles (GAAP), in accordance with IFRS. Adjusted results are non-GAAP financial measures. For additional information about the Bank's use of non-GAAP financial measures, refer to "Non-GAAP and Other Financial Measures" in the "How We Performed", or "How Our Businesses Performed" sections of this document.

THIRD QUARTER FINANCIAL HIGHLIGHTS, compared with the third quarter last year:

Reported diluted earnings per share were $2.74, compared with $1.89. Adjusted diluted earnings per share were $2.77, compared with $2.20. Reported net income was $4,615 million, compared with $3,336 million. Adjusted net income was $4,671 million, compared with $3,871 million. YEAR-TO-DATE FINANCIAL HIGHLIGHTS, nine months ended July 31, 2026, compared with the corresponding period last year:

Reported diluted earnings per share were $7.50, compared with $9.72. Adjusted diluted earnings per share were $7.59, compared with $6.19. Reported net income was $12,909 million, compared with $17,258 million. Adjusted net income was $13,055 million, compared with $11,120 million. THIRD QUARTER ADJUSTMENTS (ITEMS OF NOTE)
The third quarter reported earnings figures included the following items of note:

Amortization of acquired intangibles of $34 million ($25 million after tax or 1 cent per share), compared with $33 million ($25 million after tax or 1 cent per share) in the third quarter last year. Impact from the terminated First Horizon Corporation (FHN) acquisition-related capital hedging strategy of $41 million ($31 million after tax or 2 cents per share), compared with $55 million ($41 million after tax or 2 cents per share) in the third quarter last year. , /CNW/ -- TD Bank Group ("TD" or the "Bank") today announced its financial results for the third quarter ended July 31, 2026. Reported earnings and earnings per share were $4.6 billion and $2.74, compared with $3.3 billion and $1.89, respectively, in the third quarter last year. Adjusted earnings and earnings per share were $4.7 billion and $2.77, up 21% and 26%, respectively, year-over-year.

"TD had a very strong quarter, with record earnings in our Canadian businesses and Wholesale Banking, and growing momentum in U.S. Banking," said Raymond Chun, Group President and CEO, TD Bank Group. "With a focus on disciplined execution, ROE was up significantly and we generated positive operating leverage while continuing to invest in front-line talent, AI and innovation to deepen client relationships and grow the Bank. One year after Investor Day, we are delivering on our commitments, executing our strategy and creating value for our shareholders."

Canadian Personal and Commercial Banking delivered record revenue, earnings, deposit and loan volumes
Canadian Personal and Commercial Banking net income was $2,095 million, an increase of 7% year-over-year, primarily reflecting higher pre-tax, pre-provision earnings (PTPP)1,2. Revenue for the quarter was $5,517 million, up 5% year-over-year, driven by deposit and loan volume growth and higher margins.

Canadian Personal Banking delivered acquisition momentum in day-to-day banking products3, including a record Q3 in digital sales, which were up 17% year-over-year. The business reinforced its digital leadership, with TD ranking #1 in Customer Satisfaction with Mobile Banking Apps according to JD Power4. Canadian Business Banking delivered strong deposit and loan growth this quarter, reflecting the benefits of its distribution expansion, and increased commercial client acquisition by 10% year-to-date.

U.S. Banking results demonstrate earnings power of the franchise
U.S. Banking net income was $1,074 million (US$771 million), an increase of 41% (39% in U.S. dollars) year-over-year on a reported basis, and an increase of 12% (11% in U.S. dollars) year-over-year on an adjusted basis. The segment delivered a return on equity of 10.2%, up 310 basis points year-over-year on a reported basis, and 130 basis points year-over-year on an adjusted basis, as the business continued to optimize its balance sheet and manage capital with discipline.

U.S. Banking loans were positive sequentially, reflecting growth in middle market commercial lending and TD's proprietary credit card balances. In U.S. Wealth, record mass affluent investment assets were driven by net asset growth and market appreciation. TD Auto Finance U.S. was ranked #1 in Dealer Satisfaction among National Prime Credit Non-Captive Automotive Finance Lenders for the seventh consecutive year in the JD Power 2026 U.S. Dealer Financing Satisfaction Study5.

Wealth Management and Insurance delivered record revenue, earnings and assets
Wealth Management and Insurance net income was $841 million, an increase of 20% year-over-year, driven by record assets, higher insurance earned premiums, and deposit volume growth.

Wealth Management continued to expand its client base and drive higher engagement, with new accounts up 26% year-over-year. The business continued to gain momentum among new investors, with average trades per day up 20% year-over-year in TD Direct Investing. TD Insurance and REALTOR.ca launched an integrated digital experience that brings home insurance guidance into the home-buying journey, helping Canadians make more informed decisions to protect one of their largest investments.

Wholesale Banking delivered record revenue and earnings
Wholesale Banking net income was $743 million, an increase of 87% year-over-year on a reported basis and 76% year-over-year on an adjusted basis, primarily reflecting higher revenues and lower PCL, partially offset by higher non-interest expenses.

Wholesale Banking delivered record performance, leveraging the strength of its platform amid heightened client activity and favourable market conditions to achieve revenue growth of 25% year-over-year. Combined with disciplined expense and capital management, this strong momentum drove a return on equity of 16.7%.

Capital
TD's Common Equity Tier 1 Capital ratio was 14.3%.

Conclusion
"We enter the final quarter of 2026 from a position of strength, moving with speed to capture the significant growth opportunities across our businesses," added Chun. "TD's strong capital position enables us to support our clients' growing needs, invest in our business and return excess capital to our shareholders. I am proud of what our colleagues have accomplished and thank them for their continued commitment to our clients and our Bank."

The foregoing contains forward-looking statements. Please refer to the "Caution Regarding Forward-Looking Statements" on page 3.

1

 PTPP is a non-GAAP financial measure, calculated by subtracting Canadian Personal and Commercial Banking segment's reported non-interest expenses from reported revenue. Reported revenue – Q3 2026: $5,517 million, Q3 2025: $5,241 million. Reported non-interest expenses – Q3 2026: $2,131 million, Q3 2025: $2,066 million. PTPP – Q3 2026: $3,386 million, Q3 2025: $3,175 million.

2

For additional information about the Bank's use of non-GAAP financial measures, refer to "Non-GAAP and Other Financial Measures" in the "How We Performed" section of this document.

3

Includes chequing, savings and credit cards.

4

TD received the highest score in the JD Power 2026 Canada Banking Mobile App Satisfaction Study which measures customer satisfaction with financial institutions' mobile applications for banking account management. Visit jdpower.com/awards for more details.

5

TD Auto Finance U.S. received the highest score in the non-captive national-prime segment in the JD Power 2020-2026 U.S. Dealer Financing Satisfaction Studies of dealers' satisfaction with automotive finance providers. Visit jdpower.com/awards for more details.

Caution Regarding Forward-Looking Statements
From time to time, the Bank (as defined in this document) makes written and/or oral forward-looking statements, including in this document, in other filings with Canadian regulators or the United States (U.S.) Securities and Exchange Commission (SEC), and in other communications. In addition, representatives of the Bank may make forward-looking statements orally to analysts, investors, the media, and others. All such statements are made pursuant to the "safe harbour" provisions of, and are intended to be forward-looking statements under, applicable Canadian and U.S. securities legislation, including the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements made in this document, the Management's Discussion and Analysis (2025 MD&A) in the Bank's 2025 Annual Report under the heading "Economic Summary and Outlook", under the headings "Key Priorities for 2026" and "Operating Environment and Outlook" for the Canadian Personal and Commercial Banking, U.S. Banking, Wealth Management and Insurance, and Wholesale Banking segments, and in other statements regarding the Bank's objectives and priorities for 2026 and beyond and strategies to achieve them, the regulatory environment in which the Bank operates, targets and commitments, the Bank's anticipated financial performance and the outlook for the Bank's operations or the Canadian, U.S. and global economies.
     Forward-looking statements are typically identified by words such as "will", "would", "should", "suggest", "seek", "believe", "expect", "anticipate", "intend", "ambition", "strive", "confident", "estimate", "forecast", "outlook", "plan", "goal", "commit", "target", "objective", "timeline", "possible", "potential", "predict", "project", "foresee", "may", and "could" and similar expressions or variations thereof, or the negative thereof, but these terms are not the exclusive means of identifying such statements. By their very nature, these forward-looking statements require the Bank to make assumptions and are subject to inherent risks and uncertainties, general and specific. Especially in light of the uncertainty related to the physical, financial, economic, political, and regulatory environments, such risks and uncertainties – many of which are beyond the Bank's control and the effects of which can be difficult to predict – may cause actual results to differ materially from the expectations, predictions, forecasts, projections, estimates, targets, or intentions expressed in the forward-looking statements. Examples of such risk factors include general business and economic conditions in the regions in which the Bank operates; geopolitical risk (including policy, trade and tax-related risks and the potential impact of any new or elevated tariffs or any retaliatory tariffs); inflation, interest rates and recession uncertainty; risks associated with the remediation of the Bank's U.S. Bank Secrecy Act (BSA)/anti-money laundering (AML) program and Enterprise AML program; regulatory oversight and compliance risk; the ability of the Bank to execute on long-term strategies, shorter-term key strategic priorities, including the successful completion of acquisitions and dispositions and integration of acquisitions, the ability of the Bank to achieve its financial or strategic objectives with respect to its investments, business retention plans, and other strategic plans; risks associated with the insured deposit account agreement between the Bank and The Charles Schwab Corporation; technology and cyber security risk (including cyber-attacks, data security breaches or technology failures) on the Bank's technologies, systems and networks, those of the Bank's customers (including their own devices), and third parties providing services to the Bank; data risk; model risk; external fraud activity; insider risk; conduct risk; the failure of third parties to comply with their obligations to the Bank or its affiliates, including relating to the care and control of information, and other risks arising from the Bank's use of third-parties; the impact of new and changes to, or application of, current laws, rules and regulations, including consumer protection laws and regulations, tax laws, capital guidelines and liquidity regulatory guidance; environmental and social risk (including climate-related risk); exposure related to litigation and regulatory matters; increased competition from incumbents and new entrants (including Fintechs and big technology competitors); shifts in consumer attitudes and disruptive technology; ability of the Bank to attract, develop, and retain key talent; changes in foreign exchange rates, interest rates, credit spreads. equity prices and commodity prices; downgrade, suspension or withdrawal of ratings assigned by any rating agency; the value and market price of the Bank's common shares and other securities may be impacted by market conditions and other factors; the interconnectivity of financial institutions including existing and potential international debt crises; increased funding costs and market volatility due to market illiquidity and competition for funding; critical accounting estimates and changes to accounting standards, policies, and methods used by the Bank; and the occurrence of natural and unnatural catastrophic events and claims resulting from such events. The Bank cautions that the preceding list is not exhaustive of all possible risk factors and other factors could also adversely affect the Bank's results. For more detailed information, please refer to the "Risk Factors and Management" section of the 2025 MD&A, and the sections related to strategic, credit, market (including equity, commodity, foreign exchange, interest rate, and credit spreads), operational (including technology, cyber security, process, systems, data, third-party, fraud, infrastructure, insider and conduct), model, insurance, liquidity, capital adequacy, compliance, financial crime, reputational, environmental and social risk in the "Managing Risk" section of the 2025 MD&A, as may be updated in subsequently filed quarterly reports to shareholders and news releases (as applicable) related to any events or transactions discussed under the headings "Significant Events" or "Update on U.S. Bank Secrecy Act (BSA)/Anti-Money Laundering (AML) Program Remediation and Enterprise AML Program Improvement Activities" in the relevant MD&A, which applicable releases may be found on www.td.com. All such factors, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements, should be considered carefully when making decisions with respect to the Bank. The Bank cautions readers not to place undue reliance on the Bank's forward-looking statements.
     Material economic assumptions underlying the forward-looking statements contained in this document are set out in the 2025 MD&A under the headings "Economic Summary and Outlook" and "Significant Events", under the headings "Key Priorities for 2026" and "Operating Environment and Outlook" for the Canadian Personal and Commercial Banking, U.S. Banking, Wealth Management and Insurance, and Wholesale Banking segments, each as may be updated in subsequently filed quarterly reports to shareholders and news releases (as applicable).
     Any forward-looking statements contained in this document represent the views of management only as of the date hereof and are presented for the purpose of assisting the Bank's shareholders and analysts in understanding the Bank's financial position, objectives and priorities and anticipated financial performance as at and for the periods ended on the dates presented, and may not be appropriate for other purposes. The Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by or on its behalf, except as required under applicable securities legislation.

This document was reviewed by the Bank's Audit Committee and was approved by the Bank's Board of Directors, on the Audit Committee's recommendation, prior to its release.

TABLE 1: FINANCIAL HIGHLIGHTS

(millions of Canadian dollars, except as noted)

For the three months ended

For the nine months ended

July 31

April 30

July 31

July 31

July 31

2026

2026

2025

2026

2025

Results of operations

Total revenue – reported

$

16,885

$

15,797

$

15,297

$

49,267

$

52,283

Total revenue – adjusted1

16,926

16,037

15,614

49,592

45,782

Provision for (recovery of) credit losses

917

1,001

971

2,957

3,524

Insurance service expenses (ISE)

1,646

1,398

1,563

4,666

4,487

Non-interest expenses – reported

8,475

8,372

8,522

25,600

24,731

Non-interest expenses – adjusted1

8,441

8,339

8,124

25,343

24,015

Net income – reported

4,615

4,251

3,336

12,909

17,258

Net income – adjusted1

4,671

4,168

3,871

13,055

11,120

Financial position (billions of Canadian dollars)

Total loans net of allowance for loan losses

$

991.0

$

964.3

$

936.1

$

991.0

$

936.1

Total assets

2,111.9

2,085.1

2,035.2

2,111.9

2,035.2

Total deposits

1,260.7

1,243.4

1,256.9

1,260.7

1,256.9

Total equity

127.0

124.3

125.4

127.0

125.4

Total risk-weighted assets2

653.4

641.4

627.2

653.4

627.2

Financial ratios

Return on common equity (ROE) – reported3

15.8 %

14.7 %

11.3 %

14.6 %

20.2 %

Return on common equity – adjusted1

16.0

14.4

13.2

14.8

12.9

Return on tangible common equity (ROTCE)1,3

19.0

17.7

13.6

17.6

25.2

Return on tangible common equity – adjusted1

19.1

17.2

15.8

17.7

15.9

Efficiency ratio – reported3

50.2

53.0

55.7

52.0

47.3

Efficiency ratio – adjusted, net of ISE1,3,4

55.2

57.0

57.8

56.4

58.2

Provision for (recovery of) credit losses as a % of net

      average loans

0.37

0.43

0.41

0.41

0.50

Common share information – reported (Canadian dollars)

Per share earnings

     Basic

$

2.75

$

2.44

$

1.89

$

7.53

$

9.73

     Diluted

2.74

2.43

1.89

7.50

9.72

Dividends per share

1.12

1.08

1.05

3.28

3.15

Book value per share3

69.69

68.22

67.13

69.69

67.13

Closing share price (TSX)5

168.04

146.33

100.92

168.04

100.92

Shares outstanding (millions)

     Average basic

1,646.0

1,660.7

1,716.7

1,662.3

1,735.7

     Average diluted

1,652.2

1,665.5

1,718.9

1,667.6

1,737.0

     End of period

1,638.4

1,652.1

1,707.2

1,638.4

1,707.2

Market capitalization (billions of Canadian dollars)

$

275.3

$

241.7

$

172.3

$

275.3

$

172.3

Dividend yield3

2.8

%

3.2

%

4.4

%

3.1

%

4.9

%

Dividend payout ratio3

40.7

44.1

55.4

43.4

32.3

Price-earnings ratio3

18.0

17.3

8.6

18.0

8.6

Total shareholder return (1 year)3

71.9

72.2

30.0

71.9

30.0

Common share information – adjusted (Canadian dollars)1

Per share earnings

     Basic

$

2.78

$

2.39

$

2.20

$

7.61

$

6.19

     Diluted

2.77

2.38

2.20

7.59

6.19

Dividend payout ratio

40.2

%

45.0

%

47.5

%

42.9

%

50.7

%

Price-earnings ratio

17.2

15.9

12.8

17.2

12.8

Capital ratios2

Common Equity Tier 1 (CET1) Capital ratio

14.3 %

14.3 %

14.8 %

14.3 %

14.8 %

Tier 1 Capital ratio

16.1

16.0

16.5

16.1

16.5

Total Capital ratio

17.9

17.8

18.4

17.9

18.4

Leverage ratio

4.5

4.5

4.6

4.5

4.6

Total Loss Absorbing Capacity (TLAC) ratio

31.1

31.1

30.9

31.1

30.9

TLAC Leverage ratio

8.8

8.8

8.7

8.8

8.7

1

The Toronto-Dominion Bank ("TD" or the "Bank") prepares its Interim Consolidated Financial Statements in accordance with IFRS, the current GAAP, and refers to results prepared in accordance with IFRS as the "reported" results. The Bank also utilizes non-GAAP financial measures such as "adjusted" results and non-GAAP ratios to assess each of its businesses and to measure overall Bank performance. To arrive at adjusted results, the Bank adjusts reported results for "items of note". Refer to "How We Performed" or "How Our Businesses Performed" sections of this document for further explanation, a list of the items of note, and a reconciliation of adjusted to reported results. Non-GAAP financial measures and ratios used in this document are not defined terms under IFRS and, therefore, may not be comparable to similar terms used by other issuers.

2

These measures have been included in this document in accordance with the Office of the Superintendent of Financial Institutions Canada's (OSFI's) Capital Adequacy Requirements (CAR), Leverage Requirements (LR), and Total Loss Absorbing Capacity (TLAC) guidelines. Refer to the "Capital Position" section in the Bank's third quarter 2026 Management's Discussion and Analysis (MD&A) for further details.

3

For additional information about these metrics, refer to the Glossary in the Bank's third quarter 2026 MD&A, which is incorporated by reference.

4

Efficiency ratio – adjusted, net of ISE is calculated by dividing adjusted non‑interest expenses by adjusted total revenue, net of ISE. Adjusted total revenue, net of ISE – Q3 2026: $15,280 million, Q2 2026: $14,639 million, Q3 2025: $14,051 million, 2026 YTD: $44,926 million, 2025 YTD: $41,295 million.

5

Toronto Stock Exchange closing market price.

UPDATE ON THE REMEDIATION OF THE U.S. BANK SECRECY ACT/ANTI-MONEY LAUNDERING PROGRAM AND ENTERPRISE AML PROGRAM

As previously disclosed, on October 10, 2024, the Bank announced that, following active cooperation and engagement with authorities and regulators, it reached a resolution (the "Global Resolution") of previously disclosed investigations related to its U.S. BSA/AML program. The Bank and certain of its U.S. subsidiaries consented to orders with the Office of the Comptroller of the Currency ("OCC"), the Federal Reserve Board ("FRB"), and the Financial Crimes Enforcement Network ("FinCEN") and entered into plea agreements with the Department of Justice ("DOJ"), Criminal Division, Money Laundering and Asset Recovery Section and the United States Attorney's Office for the District of New Jersey. The full terms of the consent orders and plea agreements are available on the Bank's issuer profile on SEDAR+ at www.sedarplus.com.

The Bank is focused on meeting the terms of the consent orders and plea agreements, including meeting the requirements to remediate the Bank's U.S. BSA/AML program. In addition, the Bank is also undertaking remediation of the Bank's enterprise-wide AML/Anti-Terrorist Financing and Sanctions Programs ("Enterprise AML Program").

For additional information on the risks associated with the remediation of the Bank's U.S. BSA/AML program and the Bank's Enterprise AML Program, see the "Risk Factors That May Affect Future Results – Remediation of the Bank's U.S. BSA/AML Program and Enterprise AML Program" section of the 2025 MD&A.

Update on the Remediation of the U.S. AML Program
The Bank remains focused on remediating its U.S. BSA/AML program to meet the requirements of the Global Resolution. The Bank continues to work on its management remediation actions (the term "management remediation actions" is not a regulatory definition and is considered by the Bank to consist of the root cause assessments, data preparation, design, documentation, frameworks, policies, standards, training, processes, systems, testing and implementation of controls, as well as the hiring of resources) with significant work and important milestones remaining in calendar 2026 and calendar 2027 including the Suspicious Activity Report lookback per the OCC consent order which management expects to complete in calendar 2027. For fiscal 2026, the Bank expects U.S. BSA/AML remediation and related governance and control investments to be approximately US$550 million pre-tax6, higher than the previous guidance of US$500 million due to increased costs associated with lookback activities. All management remediation actions will be subject to demonstrated sustainability and validation by the Bank's internal audit function (with such activities currently planned for calendar 2026 and calendar 2027), as well as the review by the appointed monitor, and, ultimately, the review and approval of the Bank's U.S. banking regulators and the DOJ. Following such independent reviews, testing, and validation, there could be additional management remediation actions that would take place after calendar 2027 in which case the overall remediation timeline may be extended. In addition, as the Bank undertakes the lookback reviews, the Bank may be required to further expand the scope of the review, either in terms of the subjects being addressed and/or the time period reviewed. The following graph illustrates the Bank's expected remediation plan and progress on a calendar year basis, based on its work to date.

The Bank's remediation timeline is based on the Bank's current plans, as well as assumptions related to the duration of remediation activities, including the completion of lookback reviews. The Bank's ability to meet its planned remediation milestones assumes that the Bank will be able to successfully execute against its U.S. BSA/AML remediation program plan, which is subject to inherent risks and uncertainties including the Bank's ability to attract and retain key employees, the ability of third parties to deliver on their contractual obligations, the successful development and implementation of required technology solutions, and data availability to complete the required lookback reviews. Furthermore, the execution of the U.S. BSA/AML remediation plan, including these planned milestones, will not be entirely within the Bank's control because of various factors such as (i) the requirement to obtain regulatory approval or non-objection before proceeding with various steps, and (ii) the requirement for the various deliverables to be acceptable to the regulators and/or the monitor. As of the date hereof, the Bank believes that it and its applicable U.S. subsidiaries have taken such actions as are required of them to date under the terms of the consent orders and plea agreements and is not aware of them being in breach of the same. For information about the Bank's AML governance framework, see the "Managing Risk" section of the Bank's 2025 Annual Report.

While substantial work remains, the Bank is making progress on remediating and strengthening its U.S. BSA/AML program as previously disclosed including continued improvements through:

a more mature assessment of the U.S. Bank's inherent financial crime risk profile and increased frequency of transaction monitoring coverage assessments which together provide greater visibility into emerging and evolving risks, help ensure monitoring is aligned to those risks, and allow the Bank to more dynamically respond to those risks; enhanced anti-trafficking and fraud detection efforts through investigative partnerships, improving the Bank's ability to detect and respond to evolving financial crime threats; the rollout of new specialized financial crime risk training courses for colleagues in higher-risk business lines that are designed to enhance the expertise of front-line teams operating in areas with elevated AML risk and reinforce the consistent application of our policies, standards and controls; and continued progress by the third-party vendor against multiple populations of lookback reviews.

6

The total amount expected to be spent on remediation and governance and control investments is subject to inherent uncertainties and may vary based on (i) the scope of work in the U.S. BSA/AML remediation plan, which could change as a result of additional findings that are identified as work progresses, (ii) actual third party monitor and lookback review costs, which could vary from initial estimates and are not entirely within the control of the Bank, as well as (iii) the Bank's ability to successfully execute against the U.S. BSA/AML remediation program in accordance with the U.S. Banking segment's fiscal 2026 and medium‑term plan.

Going forward, the Bank's focus will be on continuing to remediate and strengthen its U.S. BSA/AML program, including:

further deployments of the new KYC platform; further deployments of machine learning and specialized AI; deployment of an enhanced currency transaction reporting platform; continued data enhancements with the deployment of dedicated Financial Crime Risk Management (FCRM) data environments which will create a single source of truth in support of advanced detection capabilities; continued enhancements to its financial crime risk assessment methodologies and processes; continued training and development of colleagues; and continued execution of lookback reviews as required under the OCC and FinCEN consent orders. Strengthening of the Bank's Enterprise AML Program
The Bank continues to undertake remediation of the Enterprise AML Program, including a range of management remediation and enhancement actions (the term "management remediation and enhancement actions" is not a regulatory definition and is considered by the Bank to consist of root cause assessments, data preparation, design, documentation, frameworks, policies, standards, training, processes, systems, testing, and execution of controls, as well as the hiring of resources). While the Bank has made progress on this remediation work, it is a multi-year endeavour and the remediation work remains ongoing. The timing of completion of the remediation work will not be entirely within the Bank's control, and is subject to regulatory feedback, internal review, challenge and validation. As previously disclosed, following the end of the first quarter of fiscal 2025, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) commenced a review of certain remediation steps that the Bank has taken to date to address the FINTRAC violations. This review is ongoing, and subject to the outcome, may result in additional regulatory actions.

The remediation and enhancement of the Enterprise AML Program is exposed to similar risks as noted in respect of the remediation of the Bank's U.S. BSA/AML Program (see also "Remediation of the U.S. BSA/AML Program" above). In particular, as the Bank continues its remediation and improvement activities of the Enterprise AML Program, it expects an increase in identification of reportable transactions and/or events, which will add to the operational inventories in the Bank's FCRM investigations processing that the Bank currently faces, but is working towards remediating, across the Bank. In addition, on an ongoing basis, the Bank will continue to review and assess whether issues identified in one jurisdiction have an impact in other jurisdictions. Furthermore, the Bank's regulators or law enforcement agencies may identify other issues with the Bank's Enterprise AML Program, which may result in additional regulatory actions. These issues identified through the Bank's own review or by the Bank's regulators or law enforcement agencies may broaden the scope of the remediation and improvements required for the Enterprise AML Program.

While substantial work remains, the Bank is making progress on remediating and strengthening the Enterprise AML Program as previously disclosed, including:

advanced investigative effectiveness through enhanced automation and analytics; continued modernization of financial crime monitoring and screening capabilities; and strengthened financial crime risk management technology and workflow capabilities. Going forward, the Bank's focus will be on continuing to remediate and strengthen its Enterprise AML Program, including:

continued progress on clearing operational inventories; ongoing advancements in transaction monitoring capabilities, including monitoring coverage and effectiveness; and continued investment in supporting advanced analytics, machine learning, and AI opportunities within FCRM. HOW WE PERFORMED 

ECONOMIC SUMMARY AND OUTLOOK
The global outlook for the remainder of 2026 remains shaped by the ongoing oil price shock, which has renewed inflation concerns and added to growth headwinds. In China, weak domestic demand and disappointing second-quarter data point to a softer backdrop. Europe appears on track to improve modestly, supported by healthy labour markets, though elevated energy prices remain a constraint. Broadly, the global economy is adjusting to higher-for-longer interest rates and persistent inflation, creating difficult trade-offs for policymakers.

The U.S. economy is on track to outpace other G7 economies for a fourth consecutive year. TD Economics forecasts real GDP to expand by 2.2% in calendar 2026. Activity has been supported by continued AI-related capital spending and expansionary fiscal policy. Bolstered by tax cuts, consumer spending has held up in the face of higher energy prices. The U.S. labour market remains in an environment where both hiring and layoff rates are low, with employment growth running roughly in line with labour force growth. The unemployment rate has drifted lower over the last few months, reaching a thirteen-month low of 4.1% in July.

U.S. inflation is still above the Federal Reserve's 2% target, reflecting both the pass-through effects from tariffs and higher energy prices. As a result, the risk of policy rate increases has risen, with more Federal Reserve officials expressing a desire for tighter policy after a prolonged period of elevated inflation. TD Economics expects inflation pressures to ease as supply shocks fade, enabling the Federal Reserve to keep the policy rate unchanged at 3.5%-3.75% this year. The timing and pace of interest rate moves will depend on labour market trends and whether inflationary pressures prove more persistent than expected.

Canada's economy contracted marginally in late 2025 and early 2026, but TD Economics expects it to rebound solidly in the second calendar quarter of 2026. New U.S. tariffs on Canadian goods that followed the breakdown in trade talks pose a downside risk to growth, but the impact will depend on how long the tariffs are in place and the extent of retaliation. Canada's labour market has improved more than expected so far this year. A recent pickup in hiring, alongside modest labour force growth, has pushed the unemployment rate lower, reaching a two-year low of 6.4% in July. Looking ahead, growth is expected to be supported by a firming in business investment, public infrastructure and defense outlays, and steady consumer spending. Risks to the outlook remain highly sensitive to geopolitical events and U.S. trade policy.

The Bank of Canada has held the overnight rate at 2.25% so far this year after substantial easing since mid-2024. TD Economics expects the policy rate to stay unchanged through the remainder of 2026. With the economy in excess supply and growth expected to remain modest, inflation should remain close to the Bank of Canada's 2% target. A generally weaker U.S. dollar and a narrower gap between U.S. and Canadian short-term interest rates are expected to support the Canadian dollar as geopolitical tensions ease. TD Economics expects the Canadian dollar to remain in the 72-74 U.S. cent range over the next few quarters, although the outcome of U.S. trade policy will be a key determinant of timing and direction.

HOW THE BANK REPORTS
The Bank prepares its Interim Consolidated Financial Statements in accordance with IFRS, the current GAAP, and refers to results prepared in accordance with IFRS as "reported" results.

Non-GAAP and Other Financial Measures
In addition to reported results, the Bank also presents certain financial measures, including non-GAAP financial measures that are historical, non-GAAP ratios, supplementary financial measures and capital management measures, to assess its results. Non-GAAP financial measures, such as "adjusted" results, are utilized to assess the Bank's businesses and to measure the Bank's overall performance. To arrive at adjusted results, the Bank adjusts for "items of note" from reported results. Items of note are items which management does not believe are indicative of underlying business performance and are disclosed in Table 3. Non-GAAP ratios include a non-GAAP financial measure as one or more of its components. Examples of non-GAAP ratios include adjusted net interest margin, adjusted basic and diluted earnings per share (EPS), adjusted dividend payout ratio, adjusted efficiency ratio, net of ISE, and adjusted effective income tax rate. The Bank believes that non-GAAP financial measures and non-GAAP ratios provide the reader with a better understanding of how management views the Bank's performance. Non-GAAP financial measures and non-GAAP ratios used in this document are not defined terms under IFRS and, therefore, may not be comparable to similar terms used by other issuers. Supplementary financial measures depict the Bank's financial performance and position, and capital management measures depict the Bank's capital position, and both are explained in this document where they first appear.

Investment in The Charles Schwab Corporation ("Schwab") and Insured Deposit Account (IDA) Agreement
On February 12, 2025, the Bank sold its entire remaining equity investment in Schwab through a registered offering and share repurchase by Schwab. The Bank discontinued recording its share of earnings available to common shareholders from its investment in Schwab following the sale.

Prior to the sale, the Bank accounted for its investment in Schwab using the equity method. The U.S. Banking segment reflected the Bank's share of net income from its investment in Schwab. The Corporate segment net income (loss) included amounts for amortization of acquired intangibles, the acquisition and integration charges related to the Schwab transaction, and the Bank's share of restructuring and other charges incurred by Schwab. The Bank's share of Schwab's earnings available to common shareholders was reported with a one-month lag. For further details, refer to Note 12 of the Bank's 2025 Annual Consolidated Financial Statements.

Subsequent to the sale of the Bank's entire remaining equity investment in Schwab, the Bank continues to have a business relationship with Schwab through the insured deposit account agreement ("Schwab IDA Agreement").

On May 4, 2023, the Bank and Schwab entered into an amended Schwab IDA Agreement, with an initial expiration of July 1, 2034. Pursuant to the Schwab IDA Agreement, the Bank makes sweep deposit accounts available to clients of Schwab. Schwab designates a portion of the deposits with the Bank as fixed-rate obligation amounts. Remaining deposits are designated as floating-rate obligations. The IDA deposit floor is set at US$60 billion.

Refer to Note 26 of the Bank's 2025 Annual Consolidated Financial Statements for further details on the Schwab IDA Agreement.

The following table provides the operating results on a reported basis for the Bank. 

TABLE 2: OPERATING RESULTS – Reported

(millions of Canadian dollars)

For the three months ended

For the nine months ended

July 31

April 30

July 31

July 31

July 31

2026

2026

2025

2026

2025

Net interest income

$

9,296

$

8,861

$

8,526

$

26,946

$

24,517

Non-interest income

7,589

6,936

6,771

22,321

27,766

Total revenue

16,885

15,797

15,297

49,267

52,283

Provision for (recovery of) credit losses

917

1,001

971

2,957

3,524

Insurance service expenses

1,646

1,398

1,563

4,666

4,487

Non-interest expenses

8,475

8,372

8,522

25,600

24,731

Income before income taxes and share of net income from

investment in Schwab

5,847

5,026

4,241

16,044

19,541

Provision for (recovery of) income taxes

1,232

775

905

3,135

2,588

Share of net income from investment in Schwab

–

–

–

–

305

Net income – reported

4,615

4,251

3,336

12,909

17,258

Preferred dividends and distributions on other equity instruments

94

202

88

397

374

Net income available to common shareholders

$

4,521

$

4,049

$

3,248

$

12,512

$

16,884

The following table provides a reconciliation between the Bank's adjusted and reported results. For further details refer to the "How We Performed" or "How Our Businesses Performed" sections of this document.

TABLE 3: NON-GAAP FINANCIAL MEASURES – Reconciliation of Adjusted to Reported Net Income

(millions of Canadian dollars)

For the three months ended

For the nine months ended

July 31

April 30

July 31

July 31

July 31

2026

2026

2025

2026

2025

Operating results – adjusted

Net interest income1,2

$

9,337

$

8,904

$

8,581

$

27,074

$

24,709

Non-interest income3

7,589

7,133

7,033

22,518

21,073

Total revenue

16,926

16,037

15,614

49,592

45,782

Provision for (recovery of) credit losses

917

1,001

971

2,957

3,524

Insurance service expenses

1,646

1,398

1,563

4,666

4,487

Non-interest expenses4

8,441

8,339

8,124

25,343

24,015

Income before income taxes and share of net income from

investment in Schwab

5,922

5,299

4,956

16,626

13,756

Provision for (recovery of) income taxes5

1,251

1,131

1,085

3,571

2,976

Share of net income from investment in Schwab6

–

–

–

–

340

Net income – adjusted

4,671

4,168

3,871

13,055

11,120

Preferred dividends and distributions on other equity instruments

94

202

88

397

374

Net income available to common shareholders – adjusted

4,577

3,966

3,783

12,658

10,746

Pre-tax adjustments for items of note

Amortization of acquired intangibles7

(34)

(33)

(33)

(101)

(137)

Restructuring charges4

–

–

(333)

(200)

(496)

Acquisition and integration-related charges4

–

–

(32)

–

(118)

Impact from the terminated FHN acquisition-related capital hedging strategy1

(41)

(43)

(55)

(128)

(156)

Gain on sale of Schwab shares3

–

–

–

–

8,975

Balance sheet restructuring2,3

–

–

(262)

–

(2,318)

Federal Deposit Insurance Corporation (FDIC) special assessment4

–

–

–

44

–

Change in partnership share in the U.S. strategic cards portfolio3

–

(197)

–

(197)

–

Less: Impact of income taxes

Amortization of acquired intangibles

(9)

(8)

(8)

(25)

(25)

Restructuring charges

–

–

(85)

(52)

(126)

Acquisition and integration-related charges

–

–

(7)

–

(26)

Impact from the terminated FHN acquisition-related capital hedging strategy

(10)

(10)

(14)

(32)

(39)

Gain on sale of Schwab shares5

–

(288)

–

(288)

407

Balance sheet restructuring

–

–

(66)

–

(579)

FDIC special assessment

–

–

–

11

–

Change in partnership share in the U.S. strategic cards portfolio

–

(50)

–

(50)

–

Total adjustments for items of note

(56)

83

(535)

(146)

6,138

Net income available to common shareholders – reported

$

4,521

$

4,049

$

3,248

$

12,512

$

16,884

1

After the termination of the merger agreement between the Bank and FHN on May 4, 2023, the residual impact of the strategy is reversed through net interest income (NII) – Q3 2026: ($41) million, Q2 2026: ($43) million, 2026 YTD: ($128) million, Q3 2025: ($55) million, 2025 YTD: ($156) million, reported in the Corporate segment.

2

Adjusted net interest income excludes the following item of note:

i.

Balance sheet restructuring – 2025 YTD: $36 million in respect of U.S. Banking activities, reported in the U.S. Banking segment.

3

Adjusted non-interest income excludes the following items of note:

i.

The Bank sold common shares of Schwab and recognized a gain on the sale – 2025 YTD: $8,975 million, reported in the Corporate segment;

ii.

Balance sheet restructuring – Q3 2025: $262 million, 2025 YTD: $2,282 million in respect of U.S. Banking activities, reported in the U.S. Banking segment; and

iii.

Charge reflecting a change in the partnership share in the U.S. strategic cards portfolio, resulting in an adjustment to the corresponding program receivable – Q2 2026: $197 million, 2026 YTD: $197 million, reported in the U.S. Banking segment.

4

Adjusted non-interest expenses exclude the following items of note:

i.

Amortization of acquired intangibles – Q3 2026: $34 million, Q2 2026: $33 million, 2026 YTD: $101 million, Q3 2025: $33 million, 2025 YTD: $102 million, reported in the Corporate segment;

ii.

Restructuring charges – 2026 YTD: $200 million, Q3 2025: $333 million, 2025 YTD: $496 million, reported in the Corporate segment;

iii.

Acquisition and integration-related charges – Q3 2025: $32 million, 2025 YTD: $118 million, reported in the Wholesale Banking segment; and

iv.

FDIC special assessment – 2026 YTD: ($44) million, reported in the U.S. Banking segment.

5

Provision for (recovery of) income taxes includes a tax benefit of $288 million related to the Bank's gain on sale of Schwab shares in 2025, reported in the Corporate segment in the second quarter of fiscal 2026 upon the filing of the Bank's tax return. Refer to "Income Taxes" in the "Financial Results Overview" section in the Bank's third quarter 2026 MD&A for further details.

6

Adjusted share of net income from investment in Schwab excludes the following item of note on an after-tax basis. The earnings impact of this item was reported in the Corporate segment:

i.

Amortization of Schwab-related acquired intangibles – 2025 YTD: $35 million.

7

Amortization of acquired intangibles relates to intangibles acquired as a result of asset acquisitions and business combinations, including the after-tax amounts for amortization of acquired intangibles relating to the share of net income from investment in Schwab, reported in the Corporate segment. Refer to footnotes 4 and 6 for amounts.

TABLE 4: RECONCILIATION OF REPORTED TO ADJUSTED EARNINGS PER SHARE1

(Canadian dollars) 

For the three months ended

For the nine months ended

July 31

April 30

July 31

July 31

July 31

2026

2026

2025

2026

2025

Basic earnings per share – reported

$

2.75

$

2.44

$

1.89

$

7.53

$

9.73

Adjustments for items of note

0.03

(0.05)

0.31

0.08

(3.54)

Basic earnings per share – adjusted

$

2.78

$

2.39

$

2.20

$

7.61

$

6.19

Diluted earnings per share – reported

$

2.74

$

2.43

$

1.89

$

7.50

$

9.72

Adjustments for items of note

0.03

(0.05)

0.31

0.09

(3.53)

Diluted earnings per share – adjusted

$

2.77

$

2.38

$

2.20

$

7.59

$

6.19

1

EPS is computed by dividing net income available to common shareholders by the weighted-average number of shares outstanding during the period. Numbers may not add due to rounding.

Return on Common Equity
The consolidated Bank ROE is calculated as reported net income available to common shareholders as a percentage of average common equity. The consolidated Bank adjusted ROE is calculated as adjusted net income available to common shareholders as a percentage of average common equity. Adjusted ROE is a non-GAAP financial ratio and can be utilized in assessing the Bank's use of equity.

ROE for the business segments is calculated as the segment net income as a percentage of average allocated capital. The Bank's methodology for allocating capital to its business segments is largely aligned with the common equity capital requirements under Basel III. Capital allocated to the business segments was based on 11.5% CET1 Capital.

TABLE 5: RETURN ON COMMON EQUITY

(millions of Canadian dollars, except as noted)

For the three months ended

For the nine months ended

July 31

April 30

July 31

July 31

July 31

2026

2026

2025

2026

2025

Average common equity

$

113,810

$

113,288

$

114,115

$

114,270

$

111,644

Net income available to common shareholders – reported

4,521

4,049

3,248

12,512

16,884

Items of note, net of income taxes

56

(83)

535

146

(6,138)

Net income available to common shareholders – adjusted

$

4,577

$

3,966

$

3,783

$

12,658

$

10,746

Return on common equity – reported

15.8

%

14.7

%

11.3

%

14.6

%

20.2

%

Return on common equity – adjusted

16.0

14.4

13.2

14.8

12.9

Return on Tangible Common Equity
Tangible common equity (TCE) is calculated as common shareholders' equity less goodwill, imputed goodwill and intangibles on the investments in Schwab and other acquired intangible assets, net of related deferred tax liabilities. ROTCE is calculated as reported net income available to common shareholders after adjusting for the after‑tax amortization of acquired intangibles, which are treated as an item of note, as a percentage of average TCE. Adjusted ROTCE is calculated using reported net income available to common shareholders, adjusted for all items of note, as a percentage of average TCE. TCE, ROTCE, and adjusted ROTCE can be utilized in assessing the Bank's use of equity. TCE is a non-GAAP financial measure, and ROTCE and adjusted ROTCE are non-GAAP ratios. 

TABLE 6: RETURN ON TANGIBLE COMMON EQUITY

(millions of Canadian dollars, except as noted)

For the three months ended

For the nine months ended

July 31

April 30

July 31

July 31

July 31

2026

2026

2025

2026

2025

Average common equity

$

113,810

$

113,288

$

114,115

$

114,270

$

111,644

Average goodwill

18,842

18,584

18,652

18,777

19,035

Average imputed goodwill and intangibles on

investments in Schwab

–

–

–

–

2,047

Average other acquired intangibles1

272

303

405

306

445

Average related deferred tax liabilities

(239)

(240)

(225)

(242)

(232)

Average tangible common equity

94,935

94,641

95,283

95,429

90,349

Net income attributable to common

shareholders – reported

4,521

4,049

3,248

12,512

16,884

Amortization of acquired intangibles, net of income taxes

25

25

25

76

112

Net income attributable to common shareholders

adjusted for amortization of acquired intangibles,

net of income taxes

4,546

4,074

3,273

12,588

16,996

Other items of note, net of income taxes

31

(108)

510

70

(6,250)

Net income available to common shareholders – adjusted

$

4,577

$

3,966

$

3,783

$

12,658

$

10,746

Return on tangible common equity

19.0

%

17.7

%

13.6

%

17.6

%

25.2

%

Return on tangible common equity – adjusted

19.1

17.2

15.8

17.7

15.9

1

Excludes intangibles relating to software and asset servicing rights.

HOW OUR BUSINESSES PERFORMED

For management reporting purposes, the Bank's business operations and activities are organized around the following four key business segments: Canadian Personal and Commercial Banking, U.S. Banking, Wealth Management and Insurance, and Wholesale Banking. The Bank's other activities are grouped into the Corporate segment. Effective June 1, 2026, the Bank implemented a reorganization within the Canadian Personal and Commercial Banking segment, whereby Small Business Banking transitioned from Canadian Business Banking to Canadian Personal Banking. The reorganization does not impact the segment's reporting.

Results of each business segment reflect revenue, expenses, assets, and liabilities generated by the businesses in that segment. Where applicable, the Bank measures and evaluates the performance of each segment based on adjusted results and ROE, and for those segments, the Bank indicates that the measure is adjusted. For further details, refer to the "How We Performed" section of this document, the "Business Focus" section in the Bank's 2025 MD&A, and Note 27 of the Bank's Annual Consolidated Financial Statements for the year ended October 31, 2025.

PCL related to performing (Stage 1 and Stage 2) and impaired (Stage 3) financial assets, loan commitments, and financial guarantees is recorded within the respective segment.

Net interest income within Wholesale Banking is calculated on a taxable equivalent basis (TEB), which means that the value of non-taxable or tax-exempt income, including certain dividends, is adjusted to its equivalent pre-tax value. Using TEB allows the Bank to measure income from all securities and loans consistently and makes for a more meaningful comparison of net interest income with similar institutions. The TEB increase to net interest income and provision for income taxes reflected in Wholesale Banking results is reversed in the Corporate segment. The TEB adjustment for the quarter was $23 million, compared with $18 million in the prior quarter and $16 million in the third quarter last year.

The Bank's U.S. strategic cards portfolio is comprised of agreements with certain U.S. retailers pursuant to which TD is the U.S. issuer of private label and co-branded consumer credit cards to their U.S. customers. Under the terms of the individual agreements, the Bank and the retailers share in the profits generated by the relevant portfolios after credit losses. Under IFRS, TD is required to present the gross amount of revenue and PCL related to these portfolios in the Bank's Interim Consolidated Statement of Income. At the segment level, the retailer program partners' share of revenues and credit losses is presented in the Corporate segment, with an offsetting amount (representing the partners' net share) recorded in non-interest expenses, resulting in no impact to the Corporate segment's reported net income (loss). The net income included in the U.S. Banking segment includes only the portion of revenue and credit losses attributable to TD under the agreements.

Effective the first quarter of 2026, non-interest income within U.S. Banking is adjusted for the Bank's share of losses from community-based tax-advantaged investments accounted for using the equity method which are reclassified to provision for income taxes. This allows the Bank to measure the effective tax rate for U.S. Banking consistently with similar institutions. The adjustment between non-interest income and provision for income taxes reflected in U.S. Banking results is reversed in the Corporate segment. Comparative amounts have been reclassified to conform with the presentation adopted in the first quarter of 2026.

On February 12, 2025, the Bank sold its entire remaining equity investment in Schwab. Prior to the sale, the Bank accounted for its investment in Schwab using the equity method and the share of net income from investment in Schwab was reported in the U.S. Banking segment. Amounts for amortization of acquired intangibles, the acquisition and integration charges related to the Schwab transaction, and the Bank's share of restructuring and other charges incurred by Schwab were recorded in the Corporate segment. Beginning in the third quarter of fiscal 2025, the U.S. Banking segment no longer includes contributions from Schwab and consequently discussions of the U.S. Banking segment's performance exclude Schwab.

TABLE 7: CANADIAN PERSONAL AND COMMERCIAL BANKING

(millions of Canadian dollars, except as noted)

For the three months ended

For the nine months ended

July 31

April 30

July 31

July 31

July 31

2026

2026

2025

2026

2025

Net interest income

$

4,528

$

4,289

$

4,239

$

13,211

$

12,397

Non-interest income

989

967

1,002

2,983

2,984

Total revenue

5,517

5,256

5,241

16,194

15,381

Provision for (recovery of) credit losses – impaired

446

465

376

1,335

1,263

Provision for (recovery of) credit losses – performing

32

33

87

77

343

Total provision for (recovery of) credit losses

478

498

463

1,412

1,606

Non-interest expenses

2,131

2,088

2,066

6,366

6,204

Provision for (recovery of) income taxes

813

745

759

2,352

2,119

Net income

$

2,095

$

1,925

$

1,953

$

6,064

$

5,452

Selected volumes and ratios

Return on common equity1

32.3

%

31.3

%

32.5

%

31.9

%

31.0

%

Net interest margin (including on securitized assets)2

2.88

2.85

2.83

2.85

2.82

Efficiency ratio

38.6

39.7

39.4

39.3

40.3

Number of Canadian retail branches at period end

1,037

1,042

1,054

1,037

1,054

Average number of full-time equivalent staff3

33,355

33,159

32,698

33,394

32,370

1

Capital allocated to the business segment was 11.5% CET1 Capital.

2

Net interest margin is calculated by dividing net interest income by average interest-earning assets. Average interest-earning assets used in the calculation of net interest margin is a non-GAAP financial measure. Refer to "Non-GAAP and Other Financial Measures" in the "How We Performed" section of this document and the Glossary in the Bank's third quarter 2026 MD&A for additional information about these metrics.

3

Effective the third quarter of 2025, call center operations have been realigned from the Corporate segment to the businesses, providing end to end ownership of customer experience. The change mainly impacts the Canadian Personal and Commercial Banking segment. Average number of full-time equivalent staff has been restated for comparative periods.

Quarterly comparison – Q3 2026 vs. Q3 2025
Canadian Personal and Commercial Banking net income for the quarter was $2,095 million, an increase of $142 million, or 7%, compared with the third quarter last year, primarily reflecting higher revenue, partially offset by higher non-interest expenses. The annualized ROE for the quarter was 32.3%, compared with 32.5% in the third quarter last year.

Revenue for the quarter was $5,517 million, an increase of $276 million, or 5%, compared with the third quarter last year. Net interest income was $4,528 million, an increase of $289 million, or 7%, primarily reflecting volume growth and higher margins. Average loan volumes increased $30 billion, or 5%, reflecting 4% growth in personal loans and 8% growth in business loans. Average deposit volumes increased $12 billion, or 2%, reflecting 1% growth in personal deposits and 5% growth in business deposits. Net interest margin was 2.88%, an increase of 5 basis points (bps), primarily due to higher margins on deposits and loans, partially offset by changes in balance sheet mix. Non-interest income was $989 million, a decrease of $13 million, or 1%, compared with the third quarter last year.

PCL for the quarter was $478 million, an increase of $15 million compared with the third quarter last year. PCL – impaired was $446 million, an increase of $70 million, or 19%, largely reflecting credit migration in the consumer lending portfolios. PCL – performing was $32 million, a decrease of $55 million compared with the third quarter last year. The performing provisions this quarter reflect credit migration and volume growth. Total PCL as an annualized percentage of credit volume was 0.30%, a decrease of 1 basis point (bp) compared with the third quarter last year.

Non-interest expenses for the quarter were $2,131 million, an increase of $65 million, or 3%, compared with the third quarter last year, primarily reflecting higher employee-related expenses.

The efficiency ratio for the quarter was 38.6%, compared with 39.4% in the third quarter last year.

Quarterly comparison – Q3 2026 vs. Q2 2026
Canadian Personal and Commercial Banking net income for the quarter was $2,095 million, an increase of $170 million, or 9%, compared with the prior quarter, primarily reflecting higher revenue, partially offset by higher non-interest expenses. The annualized ROE for the quarter was 32.3%, compared with 31.3% in the prior quarter.

Revenue increased $261 million, or 5%, compared with the prior quarter. Net interest income increased $239 million, or 6%, primarily reflecting more days in the third quarter and higher margins. Average loan volumes increased $6 billion, or 1%, reflecting 1% growth in personal loans and 2% growth in business loans. Average deposit volumes increased $4 billion, or 1%, reflecting 1% growth in personal deposits and 1% growth in business deposits. Net interest margin was 2.88%, an increase of 3 bps, primarily due to higher margins on deposits and loans. As we look forward to the fourth quarter, based on current rate and competitive market dynamics, we expect net interest margin to modestly increase7. Non-interest income increased $22 million, or 2%, compared with the prior quarter, reflecting business growth.

PCL for the quarter was $478 million, a decrease of $20 million compared with the prior quarter. PCL – impaired was $446 million, a decrease of $19 million, or 4%, largely reflecting lower provisions in the commercial lending portfolio. PCL – performing was $32 million, a decrease of $1 million compared with the prior quarter. The performing provisions this quarter reflect credit migration and volume growth. Total PCL as an annualized percentage of credit volume was 0.30%, a decrease of 3 bps compared with the prior quarter.

Non-interest expenses increased $43 million, or 2%, compared with the prior quarter, primarily reflecting higher employee-related expenses and other operating expenses.

The efficiency ratio was 38.6%, compared with 39.7% in the prior quarter.

Year-to-date comparison – Q3 2026 vs. Q3 2025
Canadian Personal and Commercial Banking net income for the nine months ended July 31, 2026, was $6,064 million, an increase of $612 million, or 11%, compared with the same period last year, reflecting higher revenue and lower PCL, partially offset by higher non-interest expenses. The annualized ROE for the period was 31.9%, compared with 31.0% in the same period last year.

Revenue for the period was $16,194 million, an increase of $813 million, or 5%, compared with the same period last year. Net interest income was $13,211 million, an increase of $814 million, or 7%, compared with the same period last year, primarily reflecting volume growth and higher margins. Average loan volumes increased $32 billion, or 5%, reflecting 5% growth in personal loans and 7% growth in business loans. Average deposit volumes increased $13 billion, or 3%, reflecting 2% growth in personal deposits and 5% growth in business deposits. Net interest margin was 2.85%, an increase of 3 bps, primarily due to higher margins on deposits and loans, partially offset by changes in balance sheet mix. Non-interest income was $2,983 million, relatively flat compared with the same period last year.

PCL was $1,412 million, a decrease of $194 million compared with the same period last year. PCL – impaired was $1,335 million, an increase of $72 million, or 6%, reflecting credit migration in the consumer lending portfolios, partially offset by lower provisions in the commercial lending portfolio. PCL – performing was $77 million, a decrease of $266 million compared with the same period last year. The current year performing provisions were largely related to credit migration in the consumer lending portfolios and volume growth, partially offset by the impact of a model update in the other personal lending portfolios. Total PCL as an annualized percentage of credit volume was 0.30%, a decrease of 7 bps compared with the same period last year.

Non-interest expenses were $6,366 million, an increase of $162 million, or 3%, compared with the same period last year, reflecting higher employee-related expenses.

The efficiency ratio was 39.3%, compared with 40.3% for the same period last year.

7

The Bank's Q4 2026 net interest margin expectations for the segment are based on the Bank's assumptions regarding factors such as Bank of Canada rate actions, competitive market dynamics, and deposit reinvestment rates and maturity profiles, and are subject to inherent risks and uncertainties, including those set out in the "Risk Factors That May Affect Future Results" section of the Bank's second quarter 2026 MD&A and third quarter 2026 MD&A.

TABLE 8: U.S. BANKING

(millions of dollars, except as noted)

For the three months ended

For the nine months ended

July 31

April 30

July 31

July 31

July 31

Canadian Dollars

2026

2026

2025

2026

2025

Net interest income – reported

$

3,352

$

3,196

$

3,101

$

9,844

$

9,203

Net interest income – adjusted1,2

3,352

3,196

3,101

9,844

9,239

Non-interest income – reported3

814

588

541

2,191

139

Non-interest income – adjusted1,3,4

814

785

803

2,388

2,421

Total revenue – reported

4,166

3,784

3,642

12,035

9,342

Total revenue – adjusted1

4,166

3,981

3,904

12,232

11,660

Provision for (recovery of) credit losses – impaired

326

332

330

1,052

1,168

Provision for (recovery of) credit losses – performing

(9)

10

(13)

(98)

42

Total provision for (recovery of) credit losses

317

342

317

954

1,210

Non-interest expenses – reported

2,554

2,476

2,381

7,498

7,099

Non-interest expenses – adjusted1,5

2,554

2,476

2,381

7,542

7,099

Provision for (recovery of) income taxes – reported3

221

153

184

656

88

Provision for (recovery of) income taxes – adjusted1,3

221

203

250

695

667

U.S. Banking net income excluding Schwab – reported

1,074

813

760

2,927

945

U.S. Banking net income excluding Schwab – adjusted1

1,074

960

956

3,041

2,684

Share of net income from investment in Schwab6,7

–

–

–

–

277

U.S. Banking net income – reported

$

1,074

$

813

$

760

$

2,927

$

1,222

U.S. Banking net income – adjusted1

1,074

960

956

3,041

2,961

U.S. Dollars

Net interest income – reported

$

2,403

$

2,332

$

2,256

$

7,107

$

6,552

Net interest income – adjusted1,2

2,403

2,332

2,256

7,107

6,577

Non-interest income – reported3

584

430

396

1,583

121

Non-interest income – adjusted1,3,4

584

574

584

1,727

1,724

Total revenue – reported

2,987

2,762

2,652

8,690

6,673

Total revenue – adjusted1

2,987

2,906

2,840

8,834

8,301

Provision for (recovery of) credit losses – impaired

234

243

240

761

827

Provision for (recovery of) credit losses – performing

(7)

7

(9)

(72)

33

Total provision for (recovery of) credit losses

227

250

231

689

860

Non-interest expenses – reported

1,830

1,807

1,732

5,415

5,051

Non-interest expenses – adjusted1,5

1,830

1,807

1,732

5,447

5,051

Provision for (recovery of) income taxes – reported3

159

110

135

473

68

Provision for (recovery of) income taxes – adjusted1,3

159

147

182

502

475

U.S. Banking net income excluding Schwab – reported

771

595

554

2,113

694

U.S. Banking net income excluding Schwab – adjusted1

771

702

695

2,196

1,915

Share of net income from investment in Schwab6,7

–

–

–

–

196

U.S. Banking net income – reported

$

771

$

595

$

554

$

2,113

$

890

U.S. Banking net income – adjusted1

771

702

695

2,196

2,111

Selected volumes and ratios

U.S. Banking return on common equity excluding Schwab – reported8

10.2

%

8.2

%

7.1

%

9.4

%

3.0

%

U.S. Banking return on common equity excluding Schwab – adjusted1,8

10.2

9.6

8.9

9.8

8.2

U.S. Banking return on common equity – reported8

10.2

8.2

7.1

9.4

3.7

U.S. Banking return on common equity – adjusted1,8

10.2

9.6

8.9

9.8

8.7

Net interest margin1,9

3.47

3.41

3.19

3.42

3.02

Net interest margin – adjusted1,9

3.47

3.41

3.19

3.42

3.03

Efficiency ratio – reported3

61.3

65.4

65.3

62.3

75.7

Efficiency ratio – adjusted1,3

61.3

62.2

61.0

61.7

60.8

Assets under administration (billions of U.S. dollars)10

$

47

$

46

$

46

$

47

$

46

Assets under management (billions of U.S. dollars)10

12

11

10

12

10

Number of U.S. banking stores

1,048

1,048

1,100

1,048

1,100

Average number of full-time equivalent staff

30,436

30,326

28,817

30,212

28,565

1

For additional information about the Bank's use of non-GAAP financial measures, refer to "Non-GAAP and Other Financial Measures" in the "How We Performed" section of this document, and the Glossary in the Bank's third quarter 2026 MD&A.

2

Adjusted net interest income excludes the following item of note:

i.

Balance sheet restructuring (impact of loan hedge rebalancing before the close of the correspondent loan sale) – 2025 YTD: $36 million or US$25 million ($26 million or US$19 million after tax).

3

Effective the first quarter of 2026, non-interest income within U.S. Banking is adjusted for the Bank's share of losses from community-based tax-advantaged investments accounted for using the equity method which are reclassified to provision for income taxes. The adjustment between non-interest income and provision for income taxes reflected in U.S. Banking results is reversed in the Corporate segment. The adjustment for the quarter was $185 million (US$132 million), compared with $179 million (US$131 million) in the prior quarter, and $165 million (US$120 million) in the third quarter last year, 2026 YTD: $548 million (US$395 million); 2025 YTD: $490 million (US$349 million). Comparative amounts have been reclassified to conform with the presentation adopted effective the first quarter of 2026.

4

Adjusted non-interest income excludes the following items of note:

i.

Balance sheet restructuring – Q3 2025: $262 million or US$188 million ($196 million or US$141 million after tax), 2025 YTD: $2,282 million or US$1,603 million ($1,713 million or US$1,202 million after tax).

ii.

Charge reflecting a change in the partnership share in the U.S. strategic cards portfolio, resulting in an adjustment to the corresponding program receivable – Q2 2026: $197 million or US$144 million ($147 million or US$107 million after tax), 2026 YTD: $197 million or US$144 million ($147 million or US$107 million after tax).

5

Adjusted non-interest expenses exclude the following item of note:

i.

FDIC special assessment – 2026 YTD: ($44) million or US($32) million (($33) million or US($24) million after tax).

6

The Bank's share of Schwab's earnings was reported with a one-month lag. Refer to Note 7 of the Bank's third quarter 2026 Interim Consolidated Financial Statements for further details.

7

The after-tax amount for amortization of acquired intangibles was recorded in the Corporate segment.

8

Capital allocated to the business segment was 11.5% CET1 Capital.

9

Net interest margin is calculated by dividing U.S. Banking segment's net interest income by average interest-earning assets excluding the impact related to sweep deposits arrangements and the impact of intercompany deposits and cash collateral, which management believes better reflects segment performance. In addition, the value of tax-exempt interest income is adjusted to its equivalent before-tax value. For investment securities, the adjustment to fair value is included in the calculation of average interest-earning assets. Net interest income and average interest-earning assets used in the calculation are non-GAAP financial measures.

10

For additional information about this metric, refer to the Glossary in the Bank's third quarter 2026 MD&A.

On February 12, 2025, the Bank sold its entire remaining equity investment in Schwab. Discussions of the U.S. Banking segment's performance exclude Schwab. Refer to the "Significant Events" section of the Bank's 2025 Annual Report for further details.

During the second quarter of fiscal 2026, the Bank completed the conversion of its Nordstrom credit card portfolio onto the Bank's servicing platform and received a greater share of revenue and credit losses. The Bank incurred a charge of $197 million (US$144 million) pre-tax, in the second quarter of fiscal 2026, reflecting an adjustment of amounts which will no longer be recovered from Nordstrom for expected credit losses ("receivable adjustment").

Aligned with the U.S. Banking segment's priority to optimize its store network as outlined in the Bank's 2025 MD&A and subject to regulatory approval, U.S. Banking expects to open 100 new stores by the end of calendar 20288. 

Quarterly comparison – Q3 2026 vs. Q3 2025
U.S. Banking reported and adjusted net income for the quarter was $1,074 million (US$771 million). Reported net income increased $314 million (US$217 million), or 41% (39% in U.S. dollars), compared with the third quarter last year, reflecting the impact of U.S. balance sheet restructuring activities, higher deposit and loan margins, and an adjustment for client deposit rates in the prior year, partially offset by higher expenses. Adjusted net income increased $118 million (US$76 million), or 12% (11% in U.S. dollars), compared with the third quarter last year, reflecting higher deposit and loan margins, and an adjustment for client deposit rates in the prior year, partially offset by higher expenses. The annualized ROE for the quarter was 10.2%, compared with 7.1%, on a reported basis, and 8.9%, on an adjusted basis, in the third quarter last year.

Reported and adjusted revenue for the quarter was US$2,987 million, an increase of US$335 million, or 13%, on a reported basis, and an increase of US$147 million, or 5%, on an adjusted basis, compared with the third quarter last year. Net interest income of US$2,403 million, increased US$147 million, or 7%, largely reflecting higher loan margins including higher revenue due to the strategic card platform conversion, higher deposit margins, and an adjustment for client deposit rates in the prior year. Net interest margin of 3.47%, increased 28 bps, due to higher loan margins including higher revenue due to the strategic card platform conversion, and higher deposit margins. Non-interest income was US$584 million, an increase of US$188 million, or 47%, on a reported basis, compared with the third quarter last year, reflecting the impact of U.S. balance sheet restructuring activities in the prior year. On an adjusted basis, non-interest income was flat, compared with the third quarter last year.

Average loan volumes decreased US$6 billion, or 4%, compared with the third quarter last year. Personal loans increased 1% and business loans decreased 8%, reflecting U.S. balance sheet restructuring activities. Excluding the impact of the loan portfolios identified for sale or run-off under our U.S. balance sheet restructuring program, core average loan volumes increased US$4 billion, or 3%9,10. Average deposit volumes decreased US$16 billion, or 5%, reflecting a 13% decrease in sweep deposits, a 3% decrease in business deposits, and a 2% decrease in personal deposits.

Assets under administration (AUA) were US$47 billion as at July 31, 2026, an increase of US$1 billion, or 2%, compared with the third quarter last year, and assets under management (AUM) were US$12 billion as of July 31, 2026, an increase of US$2 billion, or 20%, compared with the third quarter last year, both reflecting net asset growth and market appreciation.

PCL for the quarter was US$227 million, a decrease of US$4 million compared with the third quarter last year. PCL – impaired was US$234 million, a decrease of US$6 million, or 3%, reflecting lower provisions in the commercial lending portfolio, partially offset by credit migration in the consumer lending portfolios. PCL – performing was a recovery of US$7 million, compared with a recovery of US$9 million in the third quarter last year. The current quarter performing recovery was recorded in both the consumer and commercial lending portfolios. U.S. Banking PCL including only the Bank's share of PCL in the U.S. strategic cards portfolio, as an annualized percentage of credit volume was 0.53%, an increase of 1 bp compared with the third quarter last year.

Non-interest expenses for the quarter were US$1,830 million, an increase of US$98 million, or 6%, compared to the third quarter last year, reflecting conversion costs associated with the strategic card portfolio, higher employee-related expenses, and higher spend supporting business growth initiatives, partially offset by lower governance and control investments, including costs of US$125 million for U.S. BSA/AML remediation.

The efficiency ratio for the quarter was 61.3%, compared with 65.3%, on a reported basis, and 61.0%, on an adjusted basis, in the third quarter last year.

Quarterly comparison – Q3 2026 vs. Q2 2026
U.S. Banking reported and adjusted net income for the quarter was $1,074 million (US$771 million). Reported net income increased $261 million (US$176 million), or 32% (30% in U.S. dollars), compared with the prior quarter, reflecting the impact of additional days in the current quarter, higher deposit and loan margins, the receivable adjustment in the U.S. strategic cards portfolio in the prior quarter, and lower PCL, partially offset by higher expenses. Adjusted net income increased $114 million (US$69 million), or 12% (10% in U.S. dollars), compared to the prior quarter, reflecting the impact of additional days in the current quarter, higher deposit and loan margins, and lower PCL, partially offset by higher expenses. The annualized ROE for the quarter was 10.2%, compared with 8.2%, on a reported basis, and 9.6%, on an adjusted basis, in the prior quarter.

Reported and adjusted revenue for the quarter was US$2,987 million, an increase of US$225 million, or 8%, on a reported basis, and an increase of US$81 million, or 3%, on an adjusted basis, compared with the prior quarter. Net interest income of US$2,403 million, increased US$71 million, or 3%, largely reflecting the impact of additional days in the third quarter, higher loan margins including higher revenue due to the strategic card platform conversion, and higher deposit margins. Net interest margin of 3.47%, increased 6 bps, due to higher loan margins including higher revenue due to the strategic card platform conversion, and higher deposit margins. Net interest margin is expected to modestly increase in the fourth quarter of fiscal 202611. Non-interest income was US$584 million, an increase of US$154 million, or 36%, on a reported basis, compared with the prior quarter, reflecting the receivable adjustment in the U.S. strategic cards portfolio in the prior quarter, and higher fee income. On an adjusted basis, non-interest income increased US$10 million, or 2%, compared with prior quarter, reflecting higher fee income.

Average loan volumes in personal and business loans, were both flat, compared with the prior quarter. Excluding the impact of the loan portfolios identified for sale or run-off under our U.S. balance sheet restructuring program, core average loan volumes increased US$1 billion, or 1%9,10. Average deposit volumes decreased US$4 billion, or 1%, compared with the prior quarter, reflecting a 2% decrease in sweep deposits, and a 1% decrease in personal deposits. Business deposits were flat compared to the prior quarter.

AUA were US$47 billion as at July 31, 2026, an increase of US$1 billion, or 2%, compared with the prior quarter, and AUM were US$12 billion as at July 31, 2026, an increase of US$1 billion, or 9%, compared with the prior quarter, both reflecting net asset growth and market appreciation.

8

Any new store opening is subject to approval by the OCC and the targeted number of new stores is based on assumptions regarding the availability of appropriate real estate in the geographies currently identified by management and successful execution of management's store optimization plan, and other variables, and is subject to inherent risks and uncertainties, including those set out in the "Risk Factors That May Affect Future Results" section of this document.

9

Loan portfolios identified for sale or run-off include the Point-of-Sale finance business which services third party retailers, correspondent lending, export and import lending, commercial auto dealer portfolio, and other non-core portfolios. Q3 2026 average loan volumes: US$173 billion (Q2 2026: US$173 billion; 2026 YTD: US$174 billion; Q3 2025: US$180 billion; 2025 YTD: US$186 billion). Q3 2026 average loan volumes of loan portfolios identified for sale or run-off: US$8 billion (Q2 2026: US$9 billion; 2026 YTD: US$10 billion; Q3 2025: US$19 billion; 2025 YTD: US$26 billion). Q3 2026 average loan volumes excluding loan portfolios identified for sale or run-off: US$165 billion (Q2 2026: US$164 billion; 2026 YTD: US$164 billion; Q3 2025: US$161 billion; 2025 YTD: US$160 billion).

10

For additional information about the Bank's use of non-GAAP financial measures, refer to "Non-GAAP and Other Financial Measures" in the "How We Performed" section of this document.

11

The Bank's Q4 2026 net interest margin expectations for the segment are based on the Bank's assumptions regarding interest rates, deposit reinvestment rates, average asset levels, execution of planned restructuring opportunities, and other variables, and are subject to inherent risks and uncertainties, including those set out in the "Risk Factors That May Affect Future Results" section in the Bank's third quarter 2026 MD&A.

PCL for the quarter was US$227 million, a decrease of US$23 million compared with the prior quarter. PCL – impaired was US$234 million, a decrease of US$9 million, or 4%, reflecting lower provisions in the commercial lending portfolio. PCL – performing was a recovery of US$7 million, compared with a build of US$7 million in the prior quarter. The current quarter performing recovery was recorded in both the consumer and commercial lending portfolios. U.S. Banking PCL including only the Bank's share of PCL in the U.S. strategic cards portfolio, as an annualized percentage of credit volume was 0.53%, a decrease of 7 bps compared with the prior quarter.

Non-interest expenses for the quarter were US$1,830 million, an increase of US$23 million, or 1%, compared with the prior quarter, reflecting conversion costs associated with the strategic card portfolio, and higher employee-related expenses, partially offset by lower governance and control investments, including costs for U.S. BSA/AML remediation.

The efficiency ratio for the quarter was 61.3%, compared with 65.4%, on a reported basis, and 62.2%, on an adjusted basis, in the prior quarter.

Year-to-date comparison – Q3 2026 vs. Q3 2025
U.S. Banking reported net income for the nine months ended July 31, 2026, was $2,927 million (US$2,113 million), an increase of $1,982 million (US$1,419 million), compared with the same period last year, reflecting the impact of U.S. balance sheet restructuring activities, lower PCL, and the expense recovery of the FDIC special assessment charge, partially offset by higher governance and control investments, including costs for U.S. BSA/AML remediation, and the receivable adjustment in the U.S. strategic cards portfolio. U.S. Banking adjusted net income was $3,041 million (US$2,196 million), an increase of $357 million (US$281 million), or 13% (15% in U.S. dollars), 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. The reported and adjusted annualized ROE for the period were 9.4% and 9.8%, respectively, compared with 3.0% and 8.2%, respectively, in the same period last year.

Reported revenue for the period was US$8,690 million, an increase of US$2,017 million, or 30%, compared with the same period last year. On an adjusted basis, revenue for the period was US$8,834 million, an increase of US$533 million, or 6%, compared with the same period last year. Reported and adjusted net interest income of US$7,107 million, increased US$555 million, or 8%, on a reported basis, and increased US$530 million, or 8%, on an adjusted basis, reflecting higher loan margins including higher revenue due to the strategic card platform conversion, higher deposit margins, the impact of U.S. balance sheet restructuring activities, and an adjustment for client deposit rates as well as the deferred cost adjustment in the prior year. Net interest margin of 3.42%, increased 40 bps, and increased 39 bps on an adjusted basis, both due to higher loan margins including higher revenue due to the strategic card platform conversion, higher deposit margins, and U.S. balance sheet restructuring activities. Reported non-interest income of US$1,583 million, increased US$1,462 million, primarily reflecting the impact of U.S. balance sheet restructuring activities in the prior year, partially offset by the receivable adjustment in the U.S. strategic cards portfolio. On an adjusted basis, non-interest income of US$1,727 million, was relatively flat, compared with the same period last year.

Average loan volumes for the period decreased US$12 billion, or 7%, compared with the same period last year, reflecting a 10% decrease in business loans and a 3% decrease in personal loans. Excluding the impact of the loan portfolios identified for sale or run-off under our U.S. balance sheet restructuring program, average loan volumes for the period increased US$4 billion, or 2%, compared with the same period last year9,10. Average deposit volumes decreased US$16 billion, or 5%, reflecting a 13% decrease in sweep deposits, a 2% decrease in personal deposits, and a 2% decrease in business deposits, compared with the same period last year.

PCL was US$689 million, a decrease of US$171 million compared with the same period last year. PCL – impaired was US$761 million, a decrease of US$66 million, or 8%, largely reflecting lower provisions in the commercial lending portfolio. PCL – performing was a recovery of US$72 million, compared with a build of US$33 million in the same period last year. The current year performing recovery reflects lower volume and an update to the macroeconomic outlook, partially offset by credit migration in both the consumer and commercial lending portfolios. U.S. Banking PCL including only the Bank's share of PCL in the U.S. strategic cards portfolio, as an annualized percentage of credit volume was 0.54%, a decrease of 9 bps, compared with the same period last year.

Reported non-interest expenses for the period were US$5,415 million, an increase of US$364 million, or 7%, compared with the same period last year, reflecting higher governance and control investments, including costs for U.S. BSA/AML remediation, higher employee-related expenses, spend supporting business growth initiatives, and conversion costs associated with the strategic card portfolio, partially offset by the expense recovery of the FDIC special assessment charge. On an adjusted basis, non-interest expenses for the period were US$5,447 million, increased US$396 million, or 8%, reflecting higher governance and control investments, including costs for U.S. BSA/AML remediation, higher employee-related expenses, spend supporting business growth initiatives, and conversion costs associated with the strategic card portfolio.

The reported and adjusted efficiency ratios for the period were 62.3% and 61.7%, respectively, compared with 75.7% and 60.8%, respectively, for the same period last year. 

TABLE 9: WEALTH MANAGEMENT AND INSURANCE

(millions of Canadian dollars, except as noted)

For the three months ended

For the nine months ended

July 31

April 30

July 31

July 31

July 31

2026

2026

2025

2026

2025

Net interest income

$

466

$

423

$

373

$

1,295

$

1,104

Non-interest income

3,619

3,355

3,300

10,474

9,670

Total revenue

4,085

3,778

3,673

11,769

10,774

Insurance service expenses1

1,646

1,398

1,563

4,666

4,487

Non-interest expenses

1,296

1,249

1,155

3,803

3,459

Provision for (recovery of) income taxes

302

294

252

865

738

Net income

$

841

$

837

$

703

$

2,435

$

2,090

Selected volumes and ratios

Return on common equity

49.0

%

51.2

%

44.7

%

48.5

%

44.7

%

Return on common equity – Wealth Management2

72.5

65.0

62.4

68.0

60.7

Return on common equity – Insurance

23.1

35.9

24.7

27.1

26.4

Efficiency ratio

31.7

33.1

31.4

32.3

32.1

Efficiency ratio, net of ISE3

53.1

52.5

54.7

53.5

55.0

Assets under administration (billions of Canadian dollars)4

$

831

$

797

$

709

$

831

$

709

Assets under management (billions of Canadian dollars)5

644

617

572

644

572

Average number of full-time equivalent staff

16,092

16,023

15,443

15,995

15,271

1

Includes estimated losses related to catastrophe claims – Q3 2026: $117 million, Q2 2026: nil, Q3 2025: $36 million, 2026 YTD: $124 million, 2025 YTD: $86 million.

2

Capital allocated to the business was 11.5% CET1 Capital.

3

Efficiency ratio, net of ISE is calculated by dividing non-interest expenses by total revenue, net of ISE. Total revenue, net of ISE – Q3 2026: $2,439 million, Q2 2026: $2,380 million, Q3 2025: $2,110 million, 2026 YTD: $7,103 million, 2025 YTD: $6,287 million. Total revenue, net of ISE is a non-GAAP financial measure. Refer to "Non-GAAP and Other Financial Measures" in the "How We Performed" section of this document and the Glossary in the Bank's third quarter 2026 MD&A for additional information about this metric.

4

Includes AUA administered by TD Investment Services Inc. which is part of the Canadian Personal and Commercial Banking segment.

5

Effective the first quarter of 2026, comparative amounts have been restated for alignment with the presentation adopted in the current period.

Quarterly comparison – Q3 2026 vs. Q3 2025
Wealth Management and Insurance net income for the quarter was $841 million, an increase of $138 million, or 20%, compared with the third quarter last year, reflecting Wealth Management net income of $653 million, an increase of $132 million, or 25%, compared with the third quarter last year, and Insurance net income of $188 million, an increase of $6 million, or 3%, compared with the third quarter last year. The annualized ROE for the quarter was 49.0%, compared with 44.7% in the third quarter last year. Wealth Management annualized ROE for the quarter was 72.5%, compared with 62.4% in the third quarter last year, and Insurance annualized ROE for the quarter was 23.1% compared with 24.7% in the third quarter last year.

Revenue for the quarter was $4,085 million, an increase of $412 million, or 11%, compared with the third quarter last year. Non‑interest income was $3,619 million, an increase of $319 million, or 10%, reflecting higher fee-based revenue from asset growth and higher insurance earned premiums. Net interest income was $466 million, an increase of $93 million, or 25%, compared with the third quarter last year, reflecting higher deposit volumes.

AUA were $831 billion as at July 31, 2026, an increase of $122 billion, or 17%, and AUM were $644 billion as at July 31, 2026, an increase of $72 billion, or 13%, compared with the third quarter last year, both reflecting market appreciation and net asset growth.

Insurance service expenses for the quarter were $1,646 million, an increase of $83 million or 5%, compared with the third quarter last year, mainly driven by higher estimated losses from catastrophe claims.

Non‑interest expenses for the quarter were $1,296 million, an increase of $141 million, or 12%, compared with the third quarter last year, mainly reflecting higher variable compensation commensurate with higher revenue and increased employee-related expenses.

The efficiency ratio for the quarter was 31.7%, compared with 31.4% in the third quarter last year. The efficiency ratio, net of ISE for the quarter was 53.1%, compared with 54.7% in the third quarter last year.

Quarterly comparison – Q3 2026 vs. Q2 2026
Wealth Management and Insurance net income for the quarter was $841 million, relatively flat compared with the prior quarter, reflecting Wealth Management net income of $653 million, an increase of $95 million or 17% compared with the prior quarter, and Insurance net income of $188 million, a decrease of $91 million, or 33%, compared with the prior quarter. The annualized ROE for the quarter was 49.0%, compared with 51.2% in the prior quarter. Wealth Management annualized ROE for the quarter was 72.5%, compared with 65.0% in the prior quarter, and Insurance annualized ROE for the quarter was 23.1%, compared with 35.9% in the prior quarter.

Revenue increased $307 million, or 8%, compared with the prior quarter. Non‑interest income increased $264 million, or 8%, mainly reflecting the impact of more days in the third quarter, fee-based revenue growth and transaction revenue.

AUA increased $34 billion, or 4%, and AUM increased $27 billion, or 4%, compared with the prior quarter, both reflecting market appreciation.

Insurance service expenses increased $248 million, or 18%, compared with the prior quarter, mainly driven by higher estimated losses from catastrophe claims and higher claims frequency.

Non‑interest expenses increased $47 million, or 4%, compared with the prior quarter, mainly reflecting higher variable compensation commensurate with higher revenue.

The efficiency ratio for the quarter was 31.7%, compared with 33.1% in the prior quarter. The efficiency ratio, net of ISE, for the quarter was 53.1%, compared with 52.5% in the prior quarter.

Year-to-date comparison – Q3 2026 vs. Q3 2025
Wealth Management and Insurance net income for the nine months ended July 31, 2026, was $2,435 million, an increase of $345 million, or 17%, compared with the same period last year, reflecting Wealth Management net income of $1,785 million, an increase of $272 million, or 18%, compared with the same period last year, and Insurance net income of $650 million, an increase of $73 million, or 13%, compared with the same period last year. The annualized ROE for the period was 48.5%, compared with 44.7% in the same period last year. Wealth Management annualized ROE for the period was 68.0%, compared with 60.7% in the same period last year, and Insurance annualized ROE for the period was 27.1%, compared with 26.4% in the same period last year.

Revenue for the period was $11,769 million, an increase of $995 million, or 9%, compared with the same period last year. Non‑interest income increased $804 million, or 8%, reflecting higher insurance earned premiums, fee‑based revenue from asset growth, and transaction revenue. Net interest income increased $191 million, or 17%, primarily reflecting higher deposit volumes.

Insurance service expenses were $4,666 million, an increase of $179 million, or 4%, compared with the same period last year, primarily driven by increased claims severity, higher estimated losses from catastrophe claims and higher costs due to business growth initiatives.

Non‑interest expenses were $3,803 million, an increase of $344 million, or 10%, compared with the same period last year, reflecting higher variable compensation commensurate with higher revenue, increased employee‑related expenses and spend supporting business growth initiatives.

The efficiency ratio for the period was 32.3%, compared with 32.1% for the same period last year. The efficiency ratio, net of ISE, for the period was 53.5%, compared with 55.0% in the same period last year.

TABLE 10: WHOLESALE BANKING

(millions of Canadian dollars, except as noted)

For the three months ended

For the nine months ended

July 31

April 30

July 31

July 31

July 31

2026

2026

2025

2026

2025

Net interest income (loss) (TEB)

$

270

$

276

$

110

$

471

$

48

Non-interest income

2,311

2,117

1,953

6,973

6,144

Total revenue

2,581

2,393

2,063

7,444

6,192

Provision for (recovery of) credit losses – impaired

6

80

63

302

157

Provision for (recovery of) credit losses – performing

35

(2)

8

(11)

109

Total provision for (recovery of) credit losses

41

78

71

291

266

Non-interest expenses – reported

1,594

1,509

1,493

4,666

4,489

Non-interest expenses – adjusted1,2

1,594

1,509

1,461

4,666

4,371

Provision for (recovery of) income taxes – reported (TEB)

203

194

101

571

321

Provision for (recovery of) income taxes – adjusted (TEB)1

203

194

108

571

347

Net income – reported

$

743

$

612

$

398

$

1,916

$

1,116

Net income – adjusted1

743

612

423

1,916

1,208

Selected volumes and ratios

Trading-related revenue (TEB)1,3

$

975

$

868

$

873

$

2,989

$

2,633

Average gross lending portfolio (billions of Canadian dollars)4

111.8

100.0

96.8

101.9

100.3

Return on common equity – reported5

16.7

%

14.5

%

9.3

%

14.6

%

9.0

%

Return on common equity – adjusted1,5

16.7

14.5

9.9

14.6

9.7

Efficiency ratio – reported

61.7

63.1

72.4

62.7

72.5

Efficiency ratio – adjusted1

61.7

63.1

70.8

62.7

70.6

Average number of full-time equivalent staff

7,417

7,226

7,342

7,327

7,078

1

For additional information about the Bank's use of non-GAAP financial measures, refer to "Non-GAAP and Other Financial Measures" in the "How We Performed" section of this document and the Glossary in the Bank's third quarter 2026 MD&A.

2

Adjusted non-interest expenses exclude the acquisition and integration-related charges for the Cowen acquisition – Q3 2025: $32 million ($25 million after tax), 2025 YTD: $118 million ($92 million after tax). 

3

Includes net interest income (loss) TEB of ($175) million, (Q2 2026: ($121) million, Q3 2025: ($231) million, 2026 YTD: ($751) million; 2025 YTD: ($907) million), and trading income (loss) of $1,150 million (Q2 2026: $989 million, Q3 2025: $1,104 million, 2026 YTD: $3,740 million, 2025 YTD: $3,540 million). Trading-related revenue (TEB) is a non-GAAP financial measure.

4

Includes gross loans relating to Wholesale Banking, excluding letters of credit, cash collateral, credit default swaps, and allowance for credit losses.

5

Capital allocated to the business segment was 11.5% CET1 Capital.

Quarterly comparison – Q3 2026 vs. Q3 2025
Wholesale Banking reported and adjusted net income for the quarter was $743 million. Reported net income for the quarter increased $345 million, or 87%, compared with the third quarter last year, primarily reflecting higher revenues and lower PCL, partially offset by higher non-interest expenses. On an adjusted basis, net income increased $320 million, or 76%, compared with the third quarter last year.

Revenue for the quarter was $2,581 million, an increase of $518 million, or 25%, compared with the third quarter last year. Higher revenue primarily reflects higher lending revenue, underwriting fees, and trading-related revenue.

PCL for the quarter was $41 million, a decrease of $30 million compared with the third quarter last year. PCL – impaired was $6 million, a decrease of $57 million compared with the prior year, reflecting higher impairments in the prior year. PCL – performing was a build of $35 million, an increase of $27 million compared with the prior year. The performing build this quarter largely reflects credit migration and volume growth.

Reported and adjusted non-interest expenses for the quarter were $1,594 million. Reported non-interest expenses increased $101 million, or 7%, compared with the third quarter last year, primarily reflecting higher variable compensation and front office costs, partially offset by the cessation of acquisition and integration-related costs. On an adjusted basis, non-interest expenses increased $133 million, or 9%.

Quarterly comparison – Q3 2026 vs. Q2 2026
Wholesale Banking net income for the quarter was $743 million. Net income increased $131 million, or 21%, compared with the prior quarter, primarily reflecting higher revenues and lower PCL, partially offset by higher non-interest expenses.

Revenue for the quarter increased $188 million, or 8%, compared with the prior quarter. Higher revenue primarily reflects higher trading-related revenue and advisory fees.

PCL for the quarter was $41 million, a decrease of $37 million compared with the prior quarter. PCL – impaired was $6 million, a decrease of $74 million compared with the prior quarter, reflecting higher impairments in the prior quarter. PCL – performing was a build of $35 million, compared with a recovery of $2 million in the prior quarter. The performing build this quarter largely reflects credit migration and volume growth.

Non-interest expenses for the quarter increased $85 million, or 6%, compared with the prior quarter, primarily reflecting higher variable compensation and front office costs.

Year-to-date comparison – Q3 2026 vs. Q3 2025
Wholesale Banking reported and adjusted net income for the nine months ended July 31, 2026 was $1,916 million. Reported net income for the period increased $800 million, or 72%, compared with the same period last year, primarily reflecting higher revenues, partially offset by higher non-interest expenses and PCL. On an adjusted basis, net income increased $708 million, or 59%.

Revenue for the period was $7,444 million, an increase of $1,252 million, or 20%, compared with the same period last year. Higher revenue primarily reflects higher lending revenue, trading-related revenue, and underwriting and advisory fees.

PCL was $291 million, an increase of $25 million compared with the same period last year. PCL – impaired was $302 million, an increase of $145 million, reflecting a small number of impairments across various industries. PCL – performing was a recovery of $11 million, compared with a build of $109 million in the same period last year. The current year performing recovery was driven by migration from performing to impaired, partially offset by volume growth.

Reported and adjusted non-interest expenses were $4,666 million. Reported non-interest expenses increased $177 million, or 4%, compared with the same period last year, primarily reflecting higher variable compensation, front office costs, and spend supporting business growth, partially offset by the cessation of acquisition and integration-related costs. On an adjusted basis, non-interest expenses increased $295 million, or 7%.

TABLE 11: CORPORATE

(millions of Canadian dollars)

For the three months ended

For the nine months ended

July 31

April 30

July 31

July 31

July 31

2026

2026

2025

2026

2025

Net income (loss) – reported

$

(138)

$

64

$

(478)

$

(433)

$

7,378

Adjustments for items of note

Amortization of acquired intangibles

34

33

33

101

137

Restructuring charges

–

–

333

200

496

Impact from the terminated FHN acquisition-related capital hedging strategy

41

43

55

128

156

Gain on sale of Schwab shares

–

–

–

–

(8,975)

Less: impact of income taxes

Gain on sale of Schwab shares1

–

288

–

288

(407)

Other items of note

19

18

107

109

190

Net income (loss) – adjusted2

$

(82)

$

(166)

$

(164)

$

(401)

$

(591)

Decomposition of items included in net income (loss) – adjusted

Net corporate expenses3

$

(462)

$

(543)

$

(477)

$

(1,520)

$

(1,278)

Other

380

377

313

1,119

687

Net income (loss) – adjusted2

$

(82)

$

(166)

$

(164)

$

(401)

$

(591)

Selected volumes

Average number of full-time equivalent staff4

18,024

18,111

18,725

18,077

18,293

1

The second quarter of 2026 income tax impact includes an adjustment to the Bank's estimate of taxes owed on the gain from its disposition of Schwab shares in the prior year. Refer to "Income Taxes" in the "Financial Results Overview" section in the Bank's third quarter 2026 MD&A for further details.

2

For additional information about the Bank's use of non-GAAP financial measures, refer to "Non-GAAP and Other Financial Measures" in the "How We Performed" section of this document, and the Glossary in the Bank's third quarter 2026 MD&A.

3

For additional information about this metric, refer to the Glossary in the Bank's third quarter 2026 MD&A.

4

Effective the third quarter of 2025, call center operations have been realigned from the Corporate segment to the businesses, providing end-to-end ownership of customer experience. The change mainly impacts the Canadian Personal and Commercial Banking segment. Average number of full-time equivalent staff has been restated for comparative periods.

Quarterly comparison – Q3 2026 vs. Q3 2025
Corporate segment's reported net loss for the quarter was $138 million, compared with $478 million in the third quarter last year. The lower net loss primarily reflects restructuring charges in the prior year. The adjusted net loss for the quarter was $82 million, compared with $164 million in the third quarter last year. The lower adjusted loss is driven primarily by higher revenue from treasury and balance sheet management activities.

Quarterly comparison – Q3 2026 vs. Q2 2026
Corporate segment's reported net loss for the quarter was $138 million, compared with a reported net income of $64 million in the prior quarter. The quarter-over-quarter change primarily reflects the second quarter impact of a tax benefit related to the prior year's gain on sale of Schwab shares. The adjusted net loss for the quarter was $82 million, compared with $166 million in the prior quarter. The lower adjusted loss is driven primarily by lower net corporate expenses and favourability from tax benefits.

Year-to-date comparison – Q3 2026 vs. Q3 2025
Corporate segment's reported net loss for the nine months ended July 31, 2026 was $433 million, compared with a reported net income of $7,378 million in the same period last year. The year-over-year change primarily reflects the gain on sale of Schwab shares in the prior year. The adjusted net loss for the nine months ended July 31, 2026 was $401 million, compared with $591 million in the same period last year. The lower adjusted loss is driven by higher revenue from treasury and balance sheet management activities, partially offset by increased net corporate expenses. Net corporate expenses increased $242 million compared to the same period last year, primarily reflecting continued investments in governance and controls.

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Quarterly Earnings Conference Call
TD Bank Group will host an earnings conference call in Toronto, Ontario on August 27, 2026. The call will be audio webcast live through TD's website at 9:30 a.m. ET. The call will feature presentations by TD executives on the Bank's financial results for the third quarter and discussions of related disclosures, followed by a question-and-answer period with analysts. The presentation material referenced during the call will be available on the TD website at www.td.com/investor on August 27, 2026, in advance of the call. A listen-only telephone line is available at 416‑855-9085 or 1-800-990-2777 (toll free), passcode 00855#.

The audio webcast and presentations will be archived at www.td.com/investor. Replay of the teleconference will be available until 11:59 p.m. ET on September 11, 2026, by calling 289-819-1325 or 1-888-660-6264 (toll free). The passcode is 00855#.

Annual Meeting
Thursday, April 15, 2027
Toronto, Ontario

About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the sixth largest bank in North America by assets and serves 28.2 million clients in four key businesses operating in a number of locations in financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Auto Finance Canada; U.S. Banking, including TD Auto Finance U.S. and TD Wealth (U.S.); Wealth Management and Insurance, including TD Wealth (Canada), TD Direct Investing and TD Insurance; and Wholesale Banking, including TD Securities and TD Cowen. TD also ranks among North America's leading digital banks, with more than 14 million active mobile users in Canada and the U.S. TD had $2.1 trillion in assets on July 31, 2026. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto Stock Exchange and New York Stock Exchange.

SOURCE TD Bank Group

For further information contact: Brooke Hales, Senior Vice President, Investor Relations, 416-307-8647, [email protected], Gabrielle Sukman, Senior Manager, Corporate and Public Affairs, 416-983-1854, [email protected]

Toronto-Dominion Bank's earnings were up sharply in the latest quarter as the big lender continued to see strong growth in its Canadian banking and capital markets businesses, while also setting aside less money for soured loans.

If Boeing Ramps Up Production, These Suppliers May Win BigToronto Dominion Bank NYSE: TD reported record third-quarter earnings, citing revenue growth across its Canadian businesses, Wholesale Banking and improving momentum in U.S. Banking, while management raised confidence that full-year credit losses will land near the low end of its prior guidance range.

Chief Executive Officer Raymond Chun said the bank earned a record CAD 4.7 billion in the fiscal third quarter, with record adjusted earnings per share of CAD 2.77. Revenue increased 8% from a year earlier, supported by markets-driven businesses, margin expansion and loan-volume growth in Canadian Personal and Commercial Banking.

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Inside Teledyne's Bold Bet on the Future of Medical Imaging“TD had a very strong quarter with record earnings in our Canadian businesses and Wholesale Banking and growing momentum in U.S. Banking,” Chun said.

The bank reported a 16% return on equity, up 280 basis points year over year, and said it has delivered positive operating leverage for five consecutive quarters. Chun said TD expects to significantly outperform its fiscal 2026 targets of 6% to 8% earnings-per-share growth and a 13% return on equity, assuming current macroeconomic conditions continue.

Capital flexibility and shareholder returns USA Today's Digital Revival Is Gaining Steam, But With Plenty of RiskTD’s common equity tier 1 ratio stood at 14.3% at quarter-end, down three basis points sequentially. The bank repurchased about 14.5 million common shares during the quarter, reducing the CET1 ratio by 37 basis points, Chief Financial Officer Kelvin Tran said. Model updates across Canadian real estate secured lending, Canadian Business Banking and Wholesale Banking portfolios added 10 basis points to the ratio.

Chun reiterated TD’s expectation to reduce its CET1 ratio to 13% by the second half of fiscal 2027. He said that, assuming continued strong organic capital generation and risk-weighted asset growth consistent with fiscal 2026 year-to-date levels, TD could return more than CAD 13 billion of capital in fiscal 2027 to reach a 13% ratio by the end of that year.

In response to an analyst question, Chun clarified that the CAD 13 billion figure referred specifically to potential share buybacks and did not include dividends. He said TD’s primary use of capital remains organic growth, followed by selective opportunities in areas including wealth management, securities, insurance and credit cards, with excess capital to be returned to shareholders.

Chun also pointed to potential investment activity in Canada despite uncertainty in the Canada-U.S. trade relationship. He cited a TD Economics estimate that more than CAD 1 trillion in spending could be deployed across Canada over the next decade.

Canadian and U.S. banking growth Canadian Personal and Commercial Banking generated record revenue, pre-tax pre-provision earnings and earnings, Tran said. Personal deposits rose 1% year over year and business deposits increased 5%, while personal lending volumes rose 4% and business lending volumes climbed 8%.

Net interest margin in the Canadian personal and business bank rose three basis points sequentially. Based on current rates and competitive conditions, Tran said TD expects the margin to increase modestly again in the fourth quarter.

Chun said real estate secured lending rose 4% year over year, while business loans and non-term deposits each increased 8%. The bank recorded a 17% increase in digital sales in the Canadian personal bank and a 13% increase in small-business banking acquisition.

In U.S. Banking, earnings rose 11% year over year and return on tangible common equity expanded by more than 210 basis points to 15.6%. Bank-card balances increased 20%, mid-market lending commitments rose 9%, and home equity lending increased 6% year over year.

U.S. Banking’s net interest margin reached a record 3.47%, up six basis points sequentially, driven by higher loan margins, revenue from the strategic cards platform conversion and higher deposit margins. TD expects a modest additional NIM increase in the fourth quarter and said it expects approximately CAD 2.9 billion in fiscal 2026 net income from the U.S. Banking segment.

U.S. Banking Group Head Leo Salom said TD plans to open 100 branches across its East Coast footprint by the end of calendar 2028, subject to regulatory approval, with some openings potentially accelerated into 2027. He said most openings are expected in 2028. The plan follows the consolidation of about 91 branches over the past two years and is intended to reposition the network in key metropolitan areas.

Salom said the expansion does not change the bank’s focus on satisfying its U.S. anti-money-laundering consent order. TD expects U.S. AML remediation expenses of about CAD 550 million for fiscal 2026.

Wealth, wholesale and cost initiatives Wealth Management and Insurance posted record revenue, earnings and assets. New wealth accounts grew 26% year over year, while direct investing referred CAD 1.4 billion to advice channels during the quarter, up 34% from a year earlier. Insurance generated more than CAD 100 million in year-to-date savings tied to claims and severity management, Tran said.

Wholesale Banking also reported record revenue and earnings, aided by equities, commodities, equity underwriting and advisory activity, along with favorable market conditions. The segment delivered a 16.7% return on equity. Chun said TD Securities’ deposits increased 18% year over year and that the business ranked among the top 10 in U.S. equity and equity-related league tables year to date.

The bank said it has already achieved its fiscal 2026 target of CAD 900 million in structural cost reductions and remains on track toward its medium-term CAD 2 billion to CAD 2.5 billion target, with potential upside. Excluding variable compensation, foreign exchange and the U.S. strategic cards portfolio, expenses rose 1% year over year, Chun said.

TD also said it has effectively reached its fiscal 2026 target of CAD 200 million in value from artificial intelligence initiatives. The bank is focusing AI deployment on retail credit processes, software development and contact centers.

Credit outlook improves Chief Risk Officer Ajai Bambawale said TD’s credit performance improved during the quarter. Gross impaired loan formations fell two basis points sequentially to 20 basis points, while gross impaired loans declined three basis points to 51 basis points.

Total provisions for credit losses were 37 basis points, down six basis points from the prior quarter. Impaired provisions fell CAD 108 million sequentially to CAD 865 million, primarily because of lower provisions in business and government lending portfolios.

TD recorded a CAD 52 million performing provision during the quarter, largely in Wholesale and Canadian commercial lending. Bambawale said the bank now expects total fiscal 2026 provisions for credit losses near the lower end of its previously forecast 40- to 50-basis-point range.

He said TD holds approximately CAD 500 million in reserves for policy and trade risks and cited economic resilience, customer adaptation and TD’s underwriting discipline as factors supporting the quarter’s credit results.

About Toronto Dominion Bank (NYSE:TD)Toronto-Dominion Bank (TD) is a Canadian multinational banking and financial services company headquartered in Toronto, Ontario. Formed through the 1955 merger of the Bank of Toronto (founded 1855) and the Dominion Bank (founded 1869), TD is one of Canada's largest banks and offers a broad range of financial products and services to individual, small business, commercial and institutional clients.

TD's core businesses include Canadian and U.S. personal and commercial banking, wealth management, wholesale banking and insurance.

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The Toronto-Dominion Bank (TD:CA) Q3 2026 Earnings Call August 27, 2026 9:30 AM EDT

Company Participants

Brooke Hales - Head of Investor Relations
Raymond Chun - Group President, CEO & Director
Leo Salom - Group Head of U.S. Banking
Kelvin Vi Tran - Group Head & CFO
Ajai Bambawale - Group Head & Chief Risk Officer
Tim Wiggan - Group Head of Wholesale Banking
Sona Mehta - Group Head of Canadian Personal Banking

Conference Call Participants

Matthew Lee - Canaccord Genuity Corp., Research Division
Gabriel Dechaine - National Bank Financial, Inc., Research Division
Doug Young - Desjardins Securities Inc., Research Division
Mehmed Rizvanovic - Scotiabank Global Banking and Markets, Research Division
David Konrad - Keefe, Bruyette, & Woods, Inc., Research Division
Paul Holden - CIBC Capital Markets, Research Division

Presentation

Operator

Good morning, everyone. Welcome to the TD Bank Group Third Quarter 2026 Earnings Conference Call. I would now like to turn the meeting over to Ms. Brooke Hales, Head of Investor Relations. Please go ahead, Ms. Hales.

Brooke Hales
Head of Investor Relations

Thank you, operator. Good morning, and welcome to TD Bank Group's Third Quarter 2026 Results Presentation. We will begin today's presentation with remarks from Raymond Chun, the bank's CEO; followed by Leo Salom, Group Head, U.S. Banking; after which Kelvin Tran, the bank's CFO, will present our third quarter operating results. Ajai Bambawale, Chief Risk Officer, will then offer comments on credit quality, after which, we will invite questions from analysts on the phone. Also present today to answer your questions are Sona Mehta, Group Head, Canadian Personal Banking; Barbara Hooper, Group Head, Canadian Business Banking; Paul Clark, Group Head, Wealth Management and Insurance; and Tim Wiggan, Group Head, Wholesale Banking. Please turn to the next slide.

Our comments during this call may contain forward-looking statements, which involve assumptions and have inherent risks and uncertainties, actual results

Whether it's through stocks, bonds, ETFs, or other types of securities, all investors love seeing their portfolios score big returns. But for income investors, generating consistent cash flow from each of your liquid investments is your primary focus.

Cash flow can come from bond interest, interest from other types of investments, and, of course, dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it by its dividend yield, a metric that measures the dividend as a percent of the current stock price. Many academic studies show that dividends make up large portions of long-term returns, and in many cases, dividend contributions surpass one-third of total returns.

Headquartered in Toronto, Toronto-Dominion Bank (TD - Free Report) is a Finance stock that has seen a price change of 24.36% so far this year. Currently paying a dividend of $0.79 per share, the company has a dividend yield of 2.69%. In comparison, the Banks - Foreign industry's yield is 2.37%, while the S&P 500's yield is 1.35%.

Looking at dividend growth, the company's current annualized dividend of $3.15 is up 5.5% from last year. Over the last 5 years, Toronto-Dominion Bank has increased its dividend 3 times on a year-over-year basis for an average annual increase of 5.24%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. Toronto-Dominion's current payout ratio is 45%, meaning it paid out 45% of its trailing 12-month EPS as dividend.

Looking at this fiscal year, TD expects solid earnings growth. The Zacks Consensus Estimate for 2026 is $6.99 per share, representing a year-over-year earnings growth rate of 16.89%.

Investors like dividends for a variety of different reasons, from tax advantages and decreasing overall portfolio risk to considerably improving stock investing profits. It's important to keep in mind that not all companies provide a quarterly payout.

Big, established firms that have more secure profits are often seen as the best dividend options, but it's fairly uncommon to see high-growth businesses or tech start-ups offer their stockholders a dividend. Income investors have to be mindful of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. That said, they can take comfort from the fact that TD is not only an attractive dividend play, but is also a compelling investment opportunity with a Zacks Rank of #2 (Buy).

On August 24, 2026, we conducted a DCF analysis for The Toronto-Dominion Bank
TD +0.26% 72

, which has shown remarkable price performance over the past year, with a 64.4% increase. However, recent trends indicate a slight decline, with a 5.8% drop in the last week and a 2.8% drop in the last month. Here are some key takeaways:

DCF Earnings-based intrinsic value is $90.07 compared to the current price of $117.15, indicating a margin of safety of -30.1%. DCF Free Cash Flow-based intrinsic value is not available. GF Score™ of 72/100 suggests a moderate reliability of the DCF inputs. What Is TD Worth? DCF Earnings-Based Model The DCF earnings-based model for TD employs a two-stage approach. In the first stage, we project earnings growth over the next 10 years at a rate of 6.2%. The second stage assumes a terminal growth rate of 4% for the subsequent 10 years. The discount rate used for both stages is 11%, derived from the risk-free rate and equity risk premium.

Parameter Value Current EPS (TTM, excl. non-recurring) $6.66 10-Year Growth Rate 6.2% 10-Year Treasury Rate 4.71% Discount Rate (ceil(Treasury) + 6%) 11% Terminal Growth Rate 4% Here’s a summary of the calculation:

Stage Description Value Growth Stage (Years 1-10) EPS growing at 6.2%, discounted at 11% $57.07 Terminal Stage (Years 11-20) 4% terminal growth, discounted at 11% $33.00 Intrinsic Value Growth + Terminal $90.07 With the current price at $117.15, TD is significantly overvalued, showing a margin of safety of -30.1%. It is important to note that GuruFocus utilizes EPS excluding non-recurring items, as research indicates a stronger correlation between stock prices and earnings than with free cash flow. For further analysis, you can access the TD DCF Calculator.

What Does the Free Cash Flow DCF Say? The DCF-based intrinsic value derived from free cash flow is not available for The Toronto-Dominion Bank. Therefore, we rely on the earnings-based DCF analysis and the GF Value™ for further insights. Given that the FCF DCF is not accessible, the earnings DCF and GF Value™ provide a clearer picture of TD's valuation.

How Does GF Value™ Compare to the DCF Models? The GF Value™ for TD stands at $78.33, offering a third perspective on its valuation. This proprietary measure from GuruFocus is calculated based on historical trading multiples, past business growth, and future performance estimates. All three models—the DCF earnings, DCF FCF, and GF Value™—indicate that TD is overvalued at its current price. For more details, visit the GF Value™ page.

What Does TD's GF Score™ Tell Us? The GF Score™ assesses various aspects of a company's financial health and growth potential. TD's score of 72/100 reflects a moderate level of reliability regarding the DCF inputs. The predictability rank of 3/5 stars suggests that the DCF model's estimates for TD are reasonably reliable.

Metric Rating GF Score™ 72/100 Financial Strength 2/10 Profitability 6/10 Growth 9/10 Valuation 3/10 Momentum 6/10 For more information on TD, you can visit the TD stock page.

Key Assumptions and Limitations The DCF models are notably sensitive to the assumptions regarding growth and discount rates. Stocks with lower predictability ratings tend to yield less reliable DCF estimates. The terminal growth rate of 4% is a simplifying assumption that may not reflect future realities.

What This Means for Investors In summary, all three valuation models—the DCF earnings, the unavailable DCF FCF, and the GF Value™—concur that The Toronto-Dominion Bank is overvalued at its current price. The consensus suggests caution for potential investors, especially considering the guru ownership signal, where 7 gurus currently hold the stock, with 4 adding and 5 trimming their positions in recent quarters. This indicates a mixed sentiment among institutional investors. Additionally, there have been no insider transactions in the past 12 months. For a deeper dive into the DCF analysis, check out the TD DCF Calculator.

Frequently Asked Questions What is TD's intrinsic value based on DCF?

Earnings-based intrinsic value is $90.07, while FCF-based is not available.

Is TD overvalued or undervalued?

Both the DCF and GF Value™ indicate that TD is overvalued.

How reliable is the DCF model for TD?

The predictability rank of 3/5 suggests a moderate reliability for the DCF model.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

On August 17, 2026, we conducted a DCF analysis for The Toronto-Dominion Bank (TD), which has shown impressive price performance over the past year, with a 72.4

MOUNT LAUREL, N.J.--(BUSINESS WIRE)--TD Auto Finance, a division of TD Bank, N.A., has been ranked highest among National Non-Captive Prime Credit Lenders in the JD Power 2026 U.S. Dealer Financing Satisfaction Study℠, marking the seventh consecutive year the company has earned the distinction. TD Auto Finance also ranked highest in all four factors measured by the study: funding, credit staff relationships, sales representative relationships and provider offerings. Key Facts: Ranked highest am.

Posted by Defense World Staff on Jul 24th, 2026

The Toronto-Dominion Bank (TSE:TD – Get Free Report) (NYSE:TD)’s stock price passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of C$144.78 and traded as high as C$169.24. Toronto-Dominion Bank shares last traded at C$167.87, with a volume of 4,215,059 shares.

Analyst Ratings Changes Several brokerages recently issued reports on TD. Jefferies Financial Group lifted their target price on Toronto-Dominion Bank from C$134.00 to C$142.00 in a research report on Wednesday, May 20th. National Bank Financial raised their price target on shares of Toronto-Dominion Bank from C$157.00 to C$162.00 and gave the stock an “outperform” rating in a research note on Friday, May 29th. Barclays lifted their price objective on Toronto-Dominion Bank from C$135.00 to C$140.00 and gave the stock an “underweight” rating in a report on Friday, May 29th. Canadian Imperial Bank of Commerce boosted their target price on shares of Toronto-Dominion Bank from C$151.00 to C$164.00 and gave the company a “neutral” rating in a report on Friday, May 29th. Finally, Scotiabank upped their price target on Toronto-Dominion Bank from C$164.00 to C$169.00 and gave the company a “sector outperform” rating in a research report on Tuesday, June 16th. Seven equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of C$151.42.

Read Our Latest Research Report on Toronto-Dominion Bank

Toronto-Dominion Bank Stock Down 1.7% The stock has a market cap of C$277.33 billion, a P/E ratio of 19.70, a P/E/G ratio of 1.22 and a beta of 0.89. The company has a 50-day simple moving average of C$164.15 and a two-hundred day simple moving average of C$144.78.

Toronto-Dominion Bank (TSE:TD – Get Free Report) (NYSE:TD) last released its quarterly earnings data on Thursday, May 28th. The company reported C$2.38 earnings per share for the quarter. The business had revenue of C$16.04 billion during the quarter. Toronto-Dominion Bank had a return on equity of 11.85% and a net margin of 13.21%. As a group, sell-side analysts forecast that The Toronto-Dominion Bank will post 7.2160149 earnings per share for the current fiscal year.

Toronto-Dominion Bank Increases Dividend The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Friday, July 31st will be given a dividend of $1.12 per share. This is an increase from Toronto-Dominion Bank’s previous quarterly dividend of $1.08. This represents a $4.48 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Friday, July 10th. Toronto-Dominion Bank’s payout ratio is 50.00%.

Insider Activity at Toronto-Dominion Bank In other news, insider Paul Martyn Clark sold 27,649 shares of the business’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of C$161.22, for a total value of C$4,457,571.78. Following the sale, the insider directly owned 260 shares of the company’s stock, valued at C$41,917.20. The trade was a 99.07% decrease in their position. Also, insider Kelvin Vi Luan Tran sold 8,498 shares of Toronto-Dominion Bank stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of C$156.61, for a total transaction of C$1,330,871.78. Following the completion of the transaction, the insider directly owned 26,677 shares of the company’s stock, valued at C$4,177,884.97. This trade represents a 24.16% decrease in their ownership of the stock. 0.08% of the stock is currently owned by company insiders.

Toronto-Dominion Bank Company Profile (Get Free Report)

TD Asset Management Inc (‘TDAM’), a member of TD Bank Group, is a Canadian investment management firm with a growing global presence. Bringing together three decades of investment experience, our broad selection of strategies and solutions includes fundamental equities, quantitative and passive equities, fixed income across the credit quality spectrum and alternatives, such as private credit, infrastructure and real estate. TDAM offers institutional investment solutions to corporations, pension funds, endowments and foundations, sovereign wealth funds and superannuation funds, among others.

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Investors looking for stocks in the Banks - Foreign sector might want to consider either UBS (UBS - Free Report) or Toronto-Dominion Bank (TD - Free Report) . But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.

There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The proven Zacks Rank emphasizes companies with positive estimate revision trends, and our Style Scores highlight stocks with specific traits.

Currently, UBS has a Zacks Rank of #1 (Strong Buy), while Toronto-Dominion Bank has a Zacks Rank of #3 (Hold). Investors should feel comfortable knowing that UBS likely has seen a stronger improvement to its earnings outlook than TD has recently. But this is just one piece of the puzzle for value investors.

Value investors also try to analyze a wide range of traditional figures and metrics to help determine whether a company is undervalued at its current share price levels.

The Style Score Value grade factors in a variety of key fundamental metrics, including the popular P/E ratio, P/S ratio, earnings yield, cash flow per share, and a number of other key stats that are commonly used by value investors.

UBS currently has a forward P/E ratio of 15.41, while TD has a forward P/E of 17.90. We also note that UBS has a PEG ratio of 0.84. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. TD currently has a PEG ratio of 1.37.

Another notable valuation metric for UBS is its P/B ratio of 1.82. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. By comparison, TD has a P/B of 2.47.

These are just a few of the metrics contributing to UBS's Value grade of B and TD's Value grade of F.

UBS has seen stronger estimate revision activity and sports more attractive valuation metrics than TD, so it seems like value investors will conclude that UBS is the superior option right now.

On July 13, 2026, we delve into the DCF analysis for The Toronto-Dominion Bank (TD), which has shown impressive price performance over the past year, with a yea