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Earnings Per Common Share | 9 Months Ended
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Sep. 30, 2025
Earnings Per Share [Abstract] |
Earnings Per Common Share | Earnings Per Common Share As described in Note 14, TD Bank disposed of all of its common shares of CSC during the first quarter of 2025, including its holdings of nonvoting common stock. As of February 12, 2025, the Company had no remaining nonvoting common stock outstanding and accordingly, no dividends were paid on nonvoting common stock during the nine months ended September 30, 2025. For the computations of basic and diluted EPS, undistributed net income of the Company was allocated on a proportionate basis to the voting and nonvoting common stock, as the distribution rights of the two classes were identical. Diluted EPS was calculated using the treasury stock method for outstanding stock options and non-vested restricted stock units and the if-converted method for the nonvoting common stock, which assumed conversion of all outstanding nonvoting common stock to common stock. For further details surrounding the EPS computations, see Item 8 – Note 26 in the 2024 Form 10-K. The computations of basic and diluted EPS for common stock and nonvoting common stock for the three and nine months ended September 30, 2025 are as follows:
| Three Months Ended September 30, | Nine Months Ended September 30,
| 2025 | 2025
| Common Stock | Nonvoting Common Stock | Consolidated Common Stock | Common Stock | Nonvoting Common Stock | Consolidated Common Stock
Basic earnings per share: |  |  |  |  |  |
Numerator |  |  |  |  |  |
Net income | $ | 2,358 |  | $ | — |  | $ | 2,358 |  | $ | 6,373 |  | $ | 20 |  | $ | 6,393 |
Preferred stock dividends and other (1) | (81) |  | — |  | (81) |  | (342) |  | (1) |  | (343) |
Net income available to common stockholders | $ | 2,277 |  | $ | — |  | $ | 2,277 |  | $ | 6,031 |  | $ | 19 |  | $ | 6,050 |
Denominator |  |  |  |  |  |
Weighted-average common shares outstanding — basic | 1,806 |  | — |  | 1,806 |  | 1,807 |  | 51 |  | 1,815 |
Basic earnings per share | $ | 1.26 |  | $ | — |  | $ | 1.26 |  | $ | 3.33 |  | $ | .37 |  | $ | 3.33 |
Diluted earnings per share: |  |  |  |  |  |
Numerator |  |  |  |  |  |
Net income available to common stockholders | $ | 2,277 |  | $ | — |  | $ | 2,277 |  | $ | 6,031 |  | $ | 19 |  | $ | 6,050 |
Reallocation of net income available to common stockholders as a result of conversion of nonvoting to voting shares | — |  | — |  | — |  | 19 |  | — |  | — |
Allocation of net income available to common stockholders: | $ | 2,277 |  | $ | — |  | $ | 2,277 |  | $ | 6,050 |  | $ | 19 |  | $ | 6,050 |
Denominator |  |  |  |  |  |
Weighted-average common shares outstanding — basic | 1,806 |  | — |  | 1,806 |  | 1,807 |  | 51 |  | 1,815 |
Conversion of nonvoting shares to voting shares | — |  | — |  | — |  | 8 |  | — |  | — |
Common stock equivalent shares related to stock incentive plans | 5 |  | — |  | 5 |  | 5 |  | — |  | 5 |
Weighted-average common shares outstanding — diluted (2) | 1,811 |  | — |  | 1,811 |  | 1,820 |  | 51 |  | 1,820 |
Diluted earnings per share | $ | 1.26 |  | $ | — |  | $ | 1.26 |  | $ | 3.33 |  | $ | .37 |  | $ | 3.33 |
(1) Includes preferred stock dividends and undistributed earnings and dividends allocated to non-vested restricted stock units. (2) Antidilutive stock options and restricted stock units excluded from the calculation of diluted EPS totaled 9 million and 13 million for the three and nine months ended September 30, 2025, respectively. As of September 30, 2024, the Company had voting and nonvoting common stock outstanding. The computations of basic and diluted EPS for the two classes for the three and nine months ended September 30, 2024 are as follows:
| Three Months Ended September 30, | Nine Months Ended September 30,
| 2024 | 2024
| Common Stock | Nonvoting Common Stock | Common Stock | Nonvoting Common Stock
Basic earnings per share: |  |  |  |
Numerator |  |  |  |
Net income | $ | 1,369 |  | $ | 39 |  | $ | 3,988 |  | $ | 114 |
Preferred stock dividends and other (1) | (106) |  | (3) |  | (332) |  | (9) |
Net income available to common stockholders | $ | 1,263 |  | $ | 36 |  | $ | 3,656 |  | $ | 105 |
Denominator |  |  |  |
Weighted-average common shares outstanding — basic | 1,778 |  | 51 |  | 1,776 |  | 51 |
Basic earnings per share | $ | .71 |  | $ | .71 |  | $ | 2.06 |  | $ | 2.06 |
Diluted earnings per share: |  |  |  |
Numerator |  |  |  |
Net income available to common stockholders | $ | 1,263 |  | $ | 36 |  | $ | 3,656 |  | $ | 105 |
Reallocation of net income available to common stockholders as a result of conversion of nonvoting to voting shares | 36 |  | — |  | 105 |  | — |
Allocation of net income available to common stockholders: | $ | 1,299 |  | $ | 36 |  | $ | 3,761 |  | $ | 105 |
Denominator |  |  |  |
Weighted-average common shares outstanding — basic | 1,778 |  | 51 |  | 1,776 |  | 51 |
Conversion of nonvoting shares to voting shares | 51 |  | — |  | 51 |  | — |
Common stock equivalent shares related to stock incentive plans | 5 |  | — |  | 6 |  | — |
Weighted-average common shares outstanding — diluted (2) | 1,834 |  | 51 |  | 1,833 |  | 51 |
Diluted earnings per share | $ | .71 |  | $ | .71 |  | $ | 2.05 |  | $ | 2.05 |
(1) Includes preferred stock dividends and undistributed earnings and dividends allocated to non-vested restricted stock units. (2) Antidilutive stock options and restricted stock units excluded from the calculation of diluted EPS totaled 14 million and 18 million for the three and nine months ended September 30, 2024, respectively.

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