The Toronto-Dominion Bank (TD) Earnings Call Transcripts
The Toronto-Dominion Bank's Latest Earnings Call - Q2 FY2026
In the second quarter of fiscal 2026, The Toronto-Dominion Bank (TD:CA) reported strong earnings, with EPS increasing by 21% year-over-year and a return on equity (ROE) of 14.4%, up over 200 basis points. Revenue growth was driven by robust performance in Canadian Personal and Commercial Banking, alongside margin expansion and volume growth. Management maintained its EPS growth target of 6% to 8% and indicated that the bank is on track to exceed these targets if current macroeconomic conditions persist. The bank also announced a $0.04 dividend increase, reflecting confidence in future growth.
Reported metrics
| Metric | Value |
|---|---|
| EPS | $2.15 (beat) |
| ROE | 14.4% (positive) |
| Total PCLs | 43 basis points (inline) |
| Expenses | up 3% YoY (positive) |
| CET1 Ratio | 14.3% (neutral) |
| Dividend | $1.12 (positive) |
Guidance from management
Management maintained its EPS growth target of 6% to 8% for fiscal 2026, indicating confidence in achieving these targets if macroeconomic conditions remain stable.
What management said
Yes. That's right. It's Kelvin here, our guidance for 2026, expense growth, FX and variable compensation and strategic comfort 3% to 4% so this quarter, we're at 3%. Q1 was higher than that. And so just on an average basis, we'll get to that range for the full year. And we're confident that we'll get there.
What analysts pressed on
Analysts expressed concerns about potential credit deterioration due to macroeconomic factors, including trade and geopolitical risks. They are particularly focused on the impact of high unemployment rates on consumer credit quality moving forward.
Main topics on the call
- Strong Revenue Performance — TD reported record Q2 revenue in Canadian Personal and Commercial Banking, with average loan volumes rising 6% year-over-year. CEO Raymond Chun noted, "Strong revenue performance this quarter was driven by momentum in ou...
- Credit Quality Improvement — Impaired provision for credit losses (PCLs) decreased to $973 million, down $191 million quarter-over-quarter, reflecting strong credit performance. Ajai Bambawale stated, "The bank exhibited continued strong credit perf...
- Expense Management — TD achieved positive operating leverage for the fourth consecutive quarter, with expenses up only 3% year-over-year. Chun emphasized that the bank is "well on our way to achieve our 3% to 4% expense growth target for fis...
- U.S. Banking Growth — U.S. banking earnings rose 12% year-over-year, with core loans growing 3%. Management highlighted that "core business loans up 1.2% sequentially" indicate positive momentum in the U.S. market.
Read the full The Toronto-Dominion Bank transcript (Q2 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.
About The Toronto-Dominion Bank
The Toronto-Dominion Bank (TD) is a publicly listed company in the Banks industry, within the Financials sector. It trades on TSX and is based in CA. EarningsCalls.dev maintains a free, full-text archive of its earnings call transcripts — 67 calls on record spanning January 7, 2020 to May 28, 2026. Every transcript is split into speaker-by-speaker segments with headline metrics, free to read or available through our REST API.
Earnings Call History
EarningsCalls.dev has 67 The Toronto-Dominion Bank earnings call transcripts on record, spanning January 7, 2020 to May 28, 2026. Based on this history, The Toronto-Dominion Bank reports quarterly. The most recent call on file is dated May 28, 2026. The full list is below — each row opens the complete, free-to-read transcript.
- Ticker
- TD
- Exchange
- TSX
- Country
- CA
- Sector
- Financials
- Industry
- Banks
- Calls on record
- 67
- First call
- January 7, 2020
- Most recent
- May 28, 2026
- Reporting cadence
- quarterly