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Securities (Tables) | 12 Months Ended
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Oct. 31, 2025
Disclosure of Financial Instruments [Abstract] |
Securities Maturity Schedule | The remaining terms to contractual maturities of the securities held by the Bank are shown on the following table. Securities Maturity Schedule (millions of Canadian dollars) As at October 31 October 31 2025 2024 Remaining terms to maturities 1 Over 1 Over 3 Over 5 With no Within year to years to years to Over 10 specific 1 year 3 years 5 years 10 years years maturity Total Total Trading securities Government and government-related securities Canadian government debt Federal $ 2,508 $ 917 $ 1,012 $ 2,723 $ 1,607 $ – $ 8,767 $ 10,242 Provinces 1,184 251 457 972 1,673 – 4,537 6,398 U.S. federal, state, municipal governments, and agencies debt 5,689 3,383 1,943 2,466 10,303 – 23,784 18,861 Other OECD government-guaranteed debt 4,575 652 456 318 100 – 6,101 9,722 Mortgage-backed securities Residential 250 248 51 3 – – 552 1,040 Commercial 11 95 101 9 – – 216 312 14,217 5,546 4,020 6,491 13,683 – 43,957 46,575 Other debt securities Canadian issuers 598 2,653 1,406 1,474 631 – 6,762 6,623 Other issuers 4,794 6,601 3,243 1,456 293 121 16,508 15,859 5,392 9,254 4,649 2,930 924 121 23,270 22,482 Equity securities Common shares – – – – – 87,790 87,790 68,670 Preferred shares – – – – – 119 119 58 – – – – – 87,909 87,909 68,728 Retained interests – 1 – – – – 1 1 Total trading securities $ 19,609 $ 14,801 $ 8,669 $ 9,421 $ 14,607 $ 88,030 $ 155,137 $ 137,786 Non-trading financial assets at fair value through profit or loss Government and government-related securities U.S. federal, state, municipal governments, and agencies debt $ – $ – $ – $ – $ 333 $ – $ 333 $ 271 – – – – 333 – 333 271 Other debt securities Canadian issuers 27 122 110 31 – 689 979 912 Asset-backed securities – 2,261 778 507 704 – 4,250 414 Other issuers – – – – – 117 117 50 27 2,383 888 538 704 806 5,346 1,376 Equity securities Common shares – – – – – 1,314 1,314 1,105 Preferred shares – – – – – 58 58 60 – – – – – 1,372 1,372 1,165 Total non-trading financial assets at fair value through profit or loss $ 27 $ 2,383 $ 888 $ 538 $ 1,037 $ 2,178 $ 7,051 $ 2,812 Financial assets designated at fair value through profit or loss Government and government-related securities Canadian government debt Federal $ 182 $ 5 $ – $ 2 $ 1 $ 1 $ 191 $ 294 Provinces 525 376 1,055 737 51 7 2,751 2,443 U.S. federal, state, municipal governments, and agencies debt 18 – – – – – 18 9 Other OECD government-guaranteed debt 400 90 23 – – – 513 310 1,125 471 1,078 739 52 8 3,473 3,056 Other debt securities Canadian issuers 742 1,484 352 91 – 8 2,677 2,395 Other issuers 72 571 155 38 – – 836 966 814 2,055 507 129 – 8 3,513 3,361 Total financial assets designated at fair value through profit or loss $ 1,939 $ 2,526 $ 1,585 $ 868 $ 52 $ 16 $ 6,986 $ 6,417 1 Represents contractual maturities. Actual maturities may differ due to prepayment privileges in the applicable contract. Securities Maturity Schedule (Continued) (millions of Canadian dollars) As at October 31 October 31 2025 2024 Remaining terms to maturities 1 Over 1 Over 3 Over 5 With no Within year to years to years to Over 10 specific 1 year 3 years 5 years 10 years years maturity Total Total Securities at fair value through other comprehensive income Government and government-related securities Canadian government debt Federal $ 1,878 $ 1,619 $ 5,108 $ 7,175 $ 111 $ – $ 15,891 $ 18,139 Provinces 1,050 3,253 5,973 10,372 432 – 21,080 21,270 U.S. federal, state, municipal governments, and agencies debt 12,005 1,501 16,504 21,648 2,834 – 54,492 35,197 Other OECD government-guaranteed debt 273 1,612 5,932 58 – – 7,875 1,679 Mortgage-backed securities 436 1,460 – – – – 1,896 2,137 15,642 9,445 33,517 39,253 3,377 – 101,234 78,422 Other debt securities Asset-backed securities 914 274 2,932 1,615 2,974 – 8,709 1,384 Corporate and other debt 2,681 3,280 2,212 1,643 3,275 – 13,091 9,446 3,595 3,554 5,144 3,258 6,249 – 21,800 10,830 Equity securities Common shares – – – – – 2,536 2,536 3,914 Preferred shares – – – – – 511 511 501 – – – – – 3,047 3,047 4,415 Total securities at fair value through other comprehensive income $ 19,237 $ 12,999 $ 38,661 $ 42,511 $ 9,626 $ 3,047 $ 126,081 $ 93,667 Debt securities at amortized cost, net of allowance for credit losses Government and government-related securities Canadian government debt Federal $ 12,267 $ 12,206 $ 2,784 $ 9,368 $ 1,293 $ – $ 37,918 $ 22,991 Provinces 934 3,370 7,811 6,395 326 – 18,836 18,614 U.S. federal, state, municipal governments, and agencies debt 1,922 23,631 11,061 24,181 33,732 – 94,527 124,099 Other OECD government-guaranteed debt 8,006 13,428 6,882 2,891 – – 31,207 39,394 23,129 52,635 28,538 42,835 35,351 – 182,488 205,098 Other debt securities Asset-backed securities 10 1,140 4,509 5,981 15,407 – 27,047 29,708 Non-agency collateralized mortgage obligation portfolio – – – – 13,274 – 13,274 15,362 Canadian issuers 105 1,051 867 532 9 – 2,564 4,722 Other issuers 2,188 6,775 4,392 1,711 – – 15,066 16,725 2,303 8,966 9,768 8,224 28,690 – 57,951 66,517 Total debt securities at amortized cost, net of allowance for credit losses 25,432 61,601 38,306 51,059 64,041 – 240,439 271,615 Total securities $ 66,244 $ 94,310 $ 88,109 $ 104,397 $ 89,363 $ 93,271 $ 535,694 $ 512,297 1 Represents contractual maturities. Actual maturities may differ due to prepayment privileges in the applicable contract.
Summary of Unrealized Gains and Losses | The following table summarizes the unrealized gains and losses as at October 31, 2025 and October 31, 2024. Unrealized Securities Gains (Losses) for Securities at Fair Value Through Other Comprehensive Income (millions of Canadian dollars) As at October 31, 2025 October 31, 2024 Cost/ Gross Gross Cost/ Gross Gross amortized unrealized unrealized Fair amortized unrealized unrealized Fair cost 1 gains (losses) value cost 1 gains (losses) value Government and government-related securities Canadian government debt Federal $ 15,956 $ 23 $ (88) $ 15,891 $ 18,281 $ 17 $ (159) $ 18,139 Provinces 20,971 120 (11) 21,080 21,263 77 (70) 21,270 U.S. federal, state, municipal governments, and agencies debt 54,279 267 (54) 54,492 35,371 22 (196) 35,197 Other OECD government-guaranteed debt 7,864 15 (4) 7,875 1,687 1 (9) 1,679 Mortgage-backed securities 1,869 29 (2) 1,896 2,125 17 (5) 2,137 100,939 454 (159) 101,234 78,727 134 (439) 78,422 Other debt securities Asset-backed securities 8,713 11 (15) 8,709 1,397 1 (14) 1,384 Corporate and other debt 13,011 106 (26) 13,091 9,419 77 (50) 9,446 21,724 117 (41) 21,800 10,816 78 (64) 10,830 Total debt securities 122,663 571 (200) 123,034 89,543 212 (503) 89,252 Equity securities Common shares 2,332 226 (22) 2,536 3,810 176 (72) 3,914 Preferred shares 523 67 (79) 511 632 29 (160) 501 2,855 293 (101) 3,047 4,442 205 (232) 4,415 Total securities at fair value through other comprehensive income $ 125,518 $ 864 $ (301) $ 126,081 $ 93,985 $ 417 $ (735) $ 93,667 1 Includes the foreign exchange translation of amortized cost balances at the period-end spot rate.
Summary of Equity Securities Designated at Fair Value Through Other Comprehensive Income | The following table summarizes the fair value of equity securities designated at FVOCI as at October 31, 2025 and October 31, 2024, and dividend income recognized on these securities for the years ended October 31, 2025 and October 31, 2024. Equity Securities Designated at Fair Value Through Other Comprehensive Income (millions of Canadian dollars) As at For the years ended October 31, 2025 October 31, 2024 October 31, 2025 October 31, 2024 Fair value Dividend income recognized Common shares $ 2,536 $ 3,914 $ 201 $ 153 Preferred shares 511 501 141 155 Total $ 3,047 $ 4,415 $ 342 $ 308
Summary of Equity Securities Net Realized Gains (Losses) Explanatory | The Bank disposed of certain equity securities in line with the Bank’s investment strategy and disposed of FHLB stocks in accordance with FHLB member stockholding requirements, as follows: Equity Securities Net Realized Gains (Losses) (millions of Canadian dollars) For the years ended October 31 October 31 2025 2024 Equity Securities 1 Fair value $ 273 $ 643 Cumulative realized gain/(loss) 13 121 FHLB Stock Fair value 1,483 187 Cumulative realized gain/(loss) – – 1 Includes disposal of the Bank’s holdings in First Horizon Corporation (“First Horizon”) common shares in the third quarter of fiscal 2024.
Summary of Securities Net Realized Gains (Losses) | The following table summarizes the net realized gains and losses on securities disposed of during the years ended October 31, 2025 and October 31, 2024, which are included in Other income (loss) on the Consolidated Statement of Income. Debt Securities Net Realized Gains (Losses) 1 (millions of Canadian dollars) For the years ended October 31 October 31 2025 2024 Debt securities at amortized cost $ (1,880) $ (381) Debt securities at fair value through other comprehensive income (71) 23 Total $ (1,951) $ (358) 1 Includes $ 1,929 million (US$ 1,366 million) (October 31, 2024 – $ 311 million (US$ 226 million)) of pre-tax losses on debt securities related to balance sheet restructuring activities undertaken in the U.S. Retail segment. Refer to Note 25 for additional information regarding the asset limitation on TD’s two U.S. bank subsidiaries.
Summary of Debt Securities by Risk Rating | The following table provides the gross carrying amounts of debt securities measured at amortized cost and debt securities at FVOCI by internal risk rating for credit risk management purposes, presenting separately those debt securities that are subject to Stage 1, Stage 2, and Stage 3 allowances. Refer to the “Allowance for Credit Losses” table in Note 8 for details regarding the allowance and provision for credit losses on debt securities. Debt Securities by Risk Rating (millions of Canadian dollars) As at October 31, 2025 October 31, 2024 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Debt securities 1 Investment grade $ 362,521 $ – $ n/a $ 362,521 $ 360,272 $ – $ n/a $ 360,272 Non-investment grade 738 167 n/a 905 439 91 n/a 530 Watch and classified n/a 49 n/a 49 n/a 68 n/a 68 Default n/a n/a – – n/a n/a – – Total debt securities 363,259 216 – 363,475 360,711 159 – 360,870 Allowance for credit losses on debt securities at amortized cost 2 – – 2 3 – – 3 Total debt securities, net of allowance $ 363,257 $ 216 $ – $ 363,473 $ 360,708 $ 159 $ – $ 360,867 Includes debt securities backed by government-guaranteed loans of $ 94 million (October 31, 2024 – $ 113 million), which are reported in Non-investment grade or a lower risk rating based on the issuer’s credit risk.

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