The Toronto-Dominion Bank
0VL8.L
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+ FollowMarket Cap$299.2B
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Earnings Call Q3 2026
August 27, 2026 - AI Summary
Strong results & raised momentum (good): TD posted record Q3 earnings of $4.7B and record EPS of $2.77; revenue +8% YoY driven by markets momentum, margin expansion, and volume growth in Canadian Personal & Commercial Banking. Operating leverage continued for the 5th straight quarter; expenses +1% YoY (excluding variable comp, FX, and the U.S. strategic cards portfolio). ROE 16% (+280 bps YoY).
Credit outlook improved (good) but not complacent (risk): Impaired PCLs fell QoQ (strong credit performance). TD now expects total PCLs in fiscal 2026 near the *lower end* of 40–50 bps. Ajai highlighted the drivers: economic resilience, borrower adaptation, and TD underwriting discipline. TD also flagged continued uncertainty and pointed to ~$500M reserves set aside for policy/trade risks.
Capital strength & aggressive buyback capacity (good + surprising detail): CET1 ended at 14.3% (down 3 bps QoQ). TD repurchased ~14.5M shares in Q3, reducing CET1 37 bps. Management reiterated CET1 target of 13% by 2H FY2027, but emphasized a potentially large capital return: could return >$13B in capital in FY2027 via buybacks (specifically buybacks, incremental to dividends) to reach the 13% CET1 level.
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$224.75
34.7% upside
Current Fair Value
34.7% upsideUndervalued by 34.7% based on the discounted cash flow analysis.
Share Statistics
| Market cap | $299.20 Billion |
|---|---|
| Enterprise Value | $590.40 Billion |
| Dividend Yield | $4.33 (2.68%) |
| Earnings per Share | $11.57 |
| Beta | 0.74 |
| Outstanding Shares | 1,646,000,000 |
Return
| Return on Equity | 12.75% |
|---|---|
| Return on Assets | 0.77% |
| Return on Invested Capital | 1.08% |
Valuation & Multiples
| P/E Ratio | 17.54 |
|---|---|
| PEG | 45.67 |
| Price to Sales | 2.45 |
| Price to Book Ratio | 2.17 |
| Enterprise Value to Revenue | 5.25 |
| Enterprise Value to EBIT | 29.29 |
| Enterprise Value to Net Income | 36 |
| Total Debt to Enterprise | 0.5 |
| Debt to Equity | 2.35 |
Revenue Sources
No data
Insider Trades
Last Earnings Call
Report Date
August 27, 2026
EPS Estimate
$2.47
Average shareholder expectationRevenue Estimate
$15.02 B
Average shareholder expectationNext Earnings Call
Expected Date
December 3, 2026
EPS Estimate
$2.53
Average shareholder expectationRevenue Estimate
$15.36 B
Average shareholder expectationInstitutional Sentiment (Put/Call)
No data available for the latest quarter.
Institutional Ownership
No data available for the latest quarter.
ESG Score
No data
About Toronto Dominion Bank
89,031 employees
CEO: Bharat Masrani 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 Americaby branches and serves over 26 million customers in three key businesses operating ...