Bank of Montreal · BMO · FY2025 Q2 · Calendar Q2 2025

BMO maintains ROE rebuild focus amid macro and credit risks

The supplied analysis supports a measured view: BMO's ROE rebuild, balance-sheet optimization and fee businesses provide potential support, but the case remains dependent on execution and is exposed to macroeconomic, credit and margin risks.

Reported Before market openNYSEFinancial Services $113.88B market cap
80quality score

Earnings scorecard

Reported versus consensus
Reported EPS — Consensus $1.90
EPS surprise — Reported versus consensus
Reported revenue — Consensus $8.70B
Revenue surprise — Reported versus consensus

Market reaction

prior-close to event-session close
Stock move +1.4% Event window
SPY move -0.6% Same window
Abnormal move +2.0% Stock minus SPY
Volume 1.9× Versus trailing sessions
Subsequent drift +2.6% Up to 20 sessions
BMOSPY benchmark

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Transcript intelligence

What changed

Compared with the prior-quarter analysis, the focus remains on ROE rebuilding, deposit-mix optimization, digital products and fee growth. The current analysis places greater emphasis on commercial-loan growth, tariff-related credit risk, margin expansion and possible portfolio impairments.

Guidance delta

Maintained; the supplied analysis indicates no change in guidance sentiment.

Key takeaways

  • Management emphasized balance-sheet optimization, lower-cost funding and continued ROE rebuilding.
  • Fee-generating businesses, including wealth management and Treasury and Payment Solutions, remain central growth priorities.
  • Tariffs, unemployment, loan demand and credit provisions remain the main risks to the outlook.
  • The supplied analysis describes management tone as confident, while analyst concerns remain focused on execution and credit quality.

Management priorities

  • Continue balance-sheet optimization and the ROE rebuild strategy
  • Execute the remaining share-buyback program
  • Expand digital products and Treasury and Payment Solutions coverage
  • Pursue fee-driven growth in wealth management and capital markets
  • Monitor and adapt to macroeconomic and trade-policy changes

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Earnings History

Estimate Beat Miss Match
BMO EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 4 future estimate-only quarters. Q4 '23 estimate $2.07 Q4 '23 actual $2.07, match Q1 '24 estimate $2.24 Q1 '24 actual $1.90, miss Q2 '24 estimate $2.01 Q2 '24 actual $1.91, miss Q3 '24 estimate $1.98 Q3 '24 actual $1.93, miss Q3 '25 estimate $2.12 Q3 '25 actual $2.33, beat Q4 '25 estimate $2.16 Q4 '25 actual $2.36, beat Q1 '26 estimate $2.35 Q1 '26 actual $2.51, beat Q2 '26 estimate $2.54 Q2 '26 actual $2.68, beat Q3 '26 estimate $2.71 Q3 '26 actual $2.84, beat Q4 '26 estimate $3.68 Q1 '27 estimate $3.93 Q2 '27 estimate $3.95 Q3 '27 estimate $4.26
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Analyst Consensus ?

ConsensusHold18 ratings
Bullish844.5%
Neutral844.4%
Bearish211.1%

Analyst 52W Price Targets

$162.59Current
$50Low
$144.18Average
$580High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 11, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
RBC Capital Sector Perform Sector PerformMaintainMay 28, 2026
Scotiabank Sector Perform Sector OutperformDowngradeAug 28, 2024
Barclays Overweight OverweightMaintainAug 28, 2024
B of A Securities Neutral BuyDowngradeAug 28, 2024
Keefe, Bruyette & Woods Market Perform OutperformDowngradeJun 3, 2024
Show 13 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $162.59. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
BMO CapitalJoel Jackson$85$166.3 -47.7%Oct 2, 2026
BMO CapitalDaniel Jester$90$172.72 -44.6%Sep 9, 2026
Capital One FinancialAnalyst unavailable$80$175.05 -50.8%Sep 8, 2026
Morgan StanleyAnalyst unavailable$580$172.87 +256.7%Aug 26, 2026
BMO CapitalMichael Zaremski$203$172.35 +24.9%Aug 25, 2026
See 12 more

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Company context

Snapshot as of publication

Bank of Montreal engages in the provision of diversified financial services primarily in North America. The company operates through Canadian P&C, U.S P&C, BMO Wealth Management, and BMO Capital Markets segments. It’s personal banking products and services include deposits, home lending, consumer credit, small business lending, credit cards, cash management, financial and investment advice, and other banking services; and commercial banking products and services comprise various of financing options and treasury and payment solutions, as well as risk management products. It also offers investing, banking, and wealth management advisory; digital investing services; financial solutions for individuals, families, and businesses; offers investment management services to institutional, retail, and high net worth investors; and diversified insurance, and wealth and pension de-risking solutions.…

Historical context

All BMO earnings

Financial Services peers this season

Latest reports in the same sector

Latest beats and misses

Who reports next

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2025-05-17T04:35:12.436431+00:00
  3. Polygon adjusted daily market bars · 2026-10-11T08:00:41.644066+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-11T08:00:41.641231+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-11. For educational purposes only; not investment advice.