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Segmented Information | 12 Months Ended
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Oct. 31, 2025
Segmented Information [abstract] |
Segmented Information | NOTE 27: SEGMENTED INFORMATION For management reporting purposes, the Bank reports its results under four key business segments: Canadian Personal and Commercial Banking, U.S. Retail, Wealth Management and Insurance, and Wholesale Banking. The Bank’s other activities are grouped into the Corporate segment. Canadian Personal and Commercial Banking provides financial products and services to personal, small business and commercial customers, and includes TD Auto Finance Canada. U.S. Retail is comprised of personal and business banking in the U.S., TD Auto Finance U.S., and the U.S. wealth business. On February 12, 2025, the Bank sold its entire remaining equity investment in Schwab. Prior to the sale, the Bank’s investment in Schwab was reported in the U.S. Retail segment, refer to Note 12 for further details. Wealth Management and Insurance includes the Canadian wealth business which provides investment products and services to institutional and retail investors, and the insurance business which provides property and casualty insurance, as well as life and health insurance products to customers across Canada. Wholesale Banking provides a wide range of capital markets, investment banking, and corporate banking products and services, including underwriting and distribution of new debt and equity issues, providing advice on strategic acquisitions and divestitures, and meeting the daily trading, funding, and investment needs of the Bank’s clients. The Corporate segment includes the effects of certain asset securitization programs, treasury management, elimination of taxable equivalent adjustments and other management reclassifications, corporate level tax items, and residual unallocated revenue and expenses. Effective fiscal 2025, certain U.S. governance and control investments, including costs for U.S. BSA/AML remediation, previously reported in the Corporate segment are now reported in the U.S. Retail segment. Comparative amounts have been reclassified to conform with the presentation adopted in the current period. The results of each business segment reflect revenue, expenses, and assets generated by the businesses in that segment. Due to the complexity of the Bank, its management reporting model uses various estimates, assumptions, allocations, and risk-based methodologies for funds transfer pricing, inter-segment revenue, income tax rates, capital, indirect expenses and cost transfers to measure business segment results. The basis of allocation and methodologies are reviewed periodically to align with management’s evaluation of the Bank’s business segments. Transfer pricing of funds is generally applied at market rates. Intersegment revenue is negotiated between each business segment and approximates the fair value of the services provided. Income tax provision or recovery is generally applied to each segment based on a statutory tax rate and may be adjusted for items and activities unique to each segment. Amortization of intangibles acquired as a result of business combinations is included in the Corporate segment. Accordingly, net income for business segments is presented before amortization of these intangibles. Non-interest income is earned by the Bank primarily through investment and securities services, credit fees, trading income, service charges, card services, and insurance revenues. Revenues from investment and securities services are earned predominantly in the Wealth Management and Insurance segment. Revenues from credit fees are primarily earned in the Wholesale Banking and Canadian Personal and Commercial Banking segments. Trading income is earned within Wholesale Banking. Both service charges and card services revenue are mainly earned in the U.S. Retail and Canadian Personal and Commercial Banking segments. Insurance revenue is earned in the Wealth Management and Insurance 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, primarily dividends, is adjusted to its equivalent before-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 adjustment reflected in Wholesale Banking is reversed in the Corporate segment. The following table summarizes the segment results for the years ended October 31, 2025 and October 31, 2024. Results by Business Segment 1 (millions of Canadian dollars) For the years ended October 31, 2025 Canadian Personal and Wealth Commercial U.S. Management Wholesale Banking Retail and Insurance Banking 2 Corporate 2 Total Net interest income (loss) $ 16,701 $ 12,368 $ 1,493 $ (18) $ 2,518 $ 33,062 Non-interest income (loss) 3,985 (63) 13,069 8,410 9,314 34,715 Total revenue 20,686 12,305 14,562 8,392 11,832 67,777 Provision for (recovery of) credit losses 2,143 1,514 – 290 559 4,506 Insurance service expenses – – 6,089 – – 6,089 Non-interest expenses 8,382 9,599 4,698 6,048 4,812 33,539 Income (loss) before income taxes and share of net income from investment in Schwab 10,161 1,192 3,775 2,054 6,461 23,643 Provision for (recovery of) income taxes 2,844 (472) 986 444 (392) 3,410 Share of net income from investment in Schwab 3,4 – 277 – – 28 305 Net income (loss) $ 7,317 $ 1,941 $ 2,789 $ 1,610 $ 6,881 $ 20,538 October 31, 2024 Net interest income (loss) $ 15,697 $ 11,600 $ 1,226 $ 582 $ 1,367 $ 30,472 Non-interest income (loss) 4,093 2,113 12,309 6,704 1,532 26,751 Total revenue 19,790 13,713 13,535 7,286 2,899 57,223 Provision for (recovery of) credit losses 1,755 1,532 – 317 649 4,253 Insurance service expenses – – 6,647 – – 6,647 Non-interest expenses 8,010 13,141 4,285 5,576 4,481 35,493 Income (loss) before income taxes and share of net income from investment in Schwab 10,025 (960) 2,603 1,393 (2,231) 10,830 Provision for (recovery of) income taxes 2,806 69 648 275 (1,107) 2,691 Share of net income from investment in Schwab 3,4 – 709 – – (6) 703 Net income (loss) $ 7,219 $ (320) $ 1,955 $ 1,118 $ (1,130) $ 8,842 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 Corporate reported Net income (loss). The Net income (loss) included in the U.S. Retail segment includes only the portion of revenue and credit losses attributable to the Bank under the agreements. 2 Net interest income within Wholesale Banking is calculated on a TEB. The TEB adjustment reflected in Wholesale Banking is reversed in the Corporate segment. 3 The after-tax amounts for amortization of acquired intangibles, the Bank’s share of acquisition and integration charges associated with Schwab’s acquisition of TD Ameritrade, the Bank’s share of Schwab’s restructuring charges, and the Bank’s share of Schwab’s Federal Deposit Insurance Corporation special assessment charge were recorded in the Corporate segment. 4 The Bank’s share of Schwab’s earnings was reported with a one-month lag. Refer to Note 12 for further details. Total Assets by Business Segment (millions of Canadian dollars) Canadian Personal and Wealth Commercial Management Wholesale Banking U.S. Retail and Insurance Banking Corporate Total As at October 31, 2025 Total assets $ 616,115 $ 530,729 $ 25,231 $ 754,391 $ 168,092 $ 2,094,558 As at October 31, 2024 Total assets $ 584,468 $ 606,572 $ 23,217 $ 686,795 $ 160,699 $ 2,061,751 RESULTS BY GEOGRAPHY For reporting of geographic results, segments are grouped into Canada, United States, and Other international. Transactions are primarily recorded in the location responsible for recording the revenue or assets. This location frequently corresponds with the location of the legal entity through which the business is conducted and the location of the customer. Results by Geography (millions of Canadian dollars) For the years ended As at October 31 October 31 2025 2025 Total revenue Total assets Canada $ 33,916 $ 1,167,980 United States 29,706 753,258 Other international 4,155 173,320 Total $ 67,777 $ 2,094,558 2024 2024 Canada $ 31,453 $ 1,146,243 United States 22,097 749,353 Other international 3,673 166,155 Total $ 57,223 $ 2,061,751

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