Written By
Nick Raffoul
Nick Raffoul is the Founder and Lead Analyst at Best Canadian Stocks. He graduated with a degree in Business Administration, has over a decade of writing experience, and grew his personal portfolio 153% from 2020 to 2024.
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Canada’s Big Six banks all beat adjusted consensus estimates in Q3 2026, and TD Bank Group delivered the largest beat of the week when it reported Thursday, August 27, for the quarter ended July 31, 2026. TD posted adjusted diluted earnings per share of $2.77 against an Investing.com consensus of $2.45 — a beat of $0.32, the widest margin of the six.
Every one of the Big Six cleared the bar on an adjusted basis this week. Per Investing.com, every Big Six bank had exceeded consensus for four consecutive quarters heading into this week; this week extends that run.
The Big Six Q3 2026 scorecard
All consensus figures below are from the Investing.com compilation dated August 21, 2026. All results are for the quarter ended July 31, 2026.
| Bank | Adjusted EPS | Consensus | Beat |
|---|---|---|---|
| TD | $2.77 | $2.45 | $0.32 |
| RBC | $4.28 | $4.04 | $0.24 |
| CIBC | $2.73 | $2.50 | $0.23 |
| BMO | $3.96 | $3.74 | $0.22 |
| National Bank | $3.39 | $3.18 | $0.21 |
| Scotiabank | $2.28 | $2.08 | $0.20 |
Inside TD’s quarter
TD reported net income of $4,615 million, up 38% from $3,336 million in Q3 2025. On an adjusted basis, net income was $4,671 million, up 21% from $3,871 million. Reported diluted EPS was $2.74, up 45%, while adjusted diluted EPS of $2.77 rose 26% from $2.20.
Revenue was $16,885 million reported and $16,926 million adjusted, against an Investing.com consensus of $15.17 billion. Provisions for credit losses were $917 million. Reported return on equity was 15.8%, up from 11.3% a year earlier, with adjusted ROE of 16.0%.
All four of TD’s operating segments grew net income year over year:
- Canadian Personal & Commercial Banking: $2,095 million, up 7%
- U.S. Banking: $1,074 million (US$771 million), up 41% reported and 12% adjusted, with ROE of 10.2%
- Wealth Management & Insurance: $841 million, up 20%
- Wholesale Banking: $743 million, up 87% reported and 76% adjusted, with ROE of 16.7%
Group President and CEO Raymond Chun said: “TD had a very strong quarter, with record earnings in Canadian businesses and Wholesale Banking, and growing momentum in U.S. Banking.”
TD’s release put expected U.S. BSA/AML remediation costs at approximately US$550 million for fiscal 2026. No buyback was announced in the results release. In a separate release, TD declared a quarterly dividend of $1.12 per common share; the ex-dividend date is October 9, 2026 (ex-dividend date per StockAnalysis).
TD’s CET1 ratio was 14.3% as of July 31, 2026 — the highest of the Big Six ratios reported in our coverage this week, ahead of National Bank and RBC at 13.5% each and BMO at 13.0%.
How the rest of the week went
BMO and Scotiabank (Tuesday, August 25): BMO’s adjusted EPS rose 22% year over year, while its reported EPS of $2.38 missed consensus on $1.1 billion of after-tax adjusting items, mainly a $962 million after-tax charge tied to the announced sale of its Transportation Finance and Vendor Finance businesses (primarily goodwill). BMO held its dividend at $1.71 and announced an intention to repurchase up to 25 million shares, subject to OSFI and TSX approval, expected to commence on or around September 8, 2026. Scotiabank’s release called Q3 “a record quarter for the Bank,” with adjusted ROE of 14.2% against its 14% target. Full coverage of BMO and Scotiabank.
National Bank (Wednesday, August 26): net income of $1,307 million, up 23%, revenue of $4,053 million against C$3.86 billion consensus, ROE of 16.1% and a CET1 ratio of 13.5%. Full coverage of National Bank.
RBC and CIBC (Thursday, August 27): RBC reported net income of $6.0 billion, up 11%, which the bank called a record, on revenue of $18.54 billion versus $18.07 billion consensus, with ROE of 17.9% and $4.0 billion returned to shareholders in the quarter. CIBC beat adjusted consensus by $0.23, with reported EPS of $2.47 reduced by a charge tied to the CIBC Caribbean sale. Full coverage of RBC and CIBC.
What it means for investors
As of Friday afternoon trading, August 28, 2026, TD shares traded near $168.07, up 0.14% on the day (Source: StockAnalysis), within a 52-week range of $100.01–$175.33, with a market capitalization of roughly $277 billion, a P/E of 17.77 and a dividend yield of 2.67%. The S&P/TSX Composite traded near 36,477 Friday afternoon, down about 1.0% on the day (Source: Trading Economics).
The adjusted and reported numbers told different stories at several banks this week: BMO’s and CIBC’s reported EPS both carried charges tied to announced business sales, while all six consensus beats were on an adjusted basis. If you are comparing the Big Six on this quarter, check which basis a headline figure uses first. Our Canadian bank stocks hub tracks the group.
The next scheduled item on the Canadian calendar is the Bank of Canada rate decision on Wednesday, September 2, 2026.
Acting on it
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Disclaimer: The content on bestcanadianstocks.ca is for informational and entertainment purposes only and does not constitute financial advice. Past performance is not indicative of future results. Always consult a qualified financial advisor before making investment decisions. Bank results are for the quarter ended July 31, 2026; share and index data as of Friday afternoon trading, August 28, 2026. Questrade® is a registered trademark and/or service mark of Questrade, Inc.
Written By
Nick Raffoul
Nick Raffoul is the Founder and Lead Analyst at Best Canadian Stocks. He holds a degree in Business Administration and has over a decade of writing experience. Nick began investing just before the COVID-19 market crash in March 2020, growing his personal portfolio 153% by 2024. In 2022, he founded Best Canadian Stocks to make data-driven investing accessible to all Canadians. His goal is to help all of his readers achieve financial freedom, maximize their spending power, and reach their financial goals. Whether you're maximizing your TFSA, building an RRSP to save for retirement, or looking to buy your first stock, Nick has your back. His work covers Canadian equities, dividend investing, tax-advantaged accounts, and personal finance.
