Analyst Consensus ?
ConsensusBuy17 ratings
Bullish952.9%
Neutral847.1%
Bearish00.0%
The Toronto-Dominion Bank · TD · FY2026 Q2 · Calendar Q2 2026
TD Bank posts strong Q2 as AI gains and loan growth support returns
TD Bank’s Q2 supports a constructive operating thesis: resilient demand, broad-based growth, and measurable AI efficiency gains supported earnings and returns. The thesis remains conditional on sustaining U.S. growth, controlling expenses and AML costs, and preserving credit quality.
Reported Before market openNYSEFinancial Services
$201.74B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.74
Consensus $1.63
EPS surprise
+6.7%
Reported versus consensus
Reported revenue
$11.80B
Consensus $11.04B
Revenue surprise
+6.8%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+1.0%
Event window
SPY move
+0.6%
Same window
Abnormal move
+0.5%
Stock minus SPY
Volume
2.1×
Versus trailing sessions
Subsequent drift
+5.5%
Up to 20 sessions
TDSPY benchmark
Ask FN2 about TD FY2026 Q2
Transcript, numbers and history already loaded
Why did TD rise 1.0% after beating EPS estimates in FY2026 Q2?What changed in TD's guidance and outlook in FY2026 Q2?Give me the bull and bear case for TD after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The quarter added evidence that AI initiatives are producing measurable value, including a reported $145 million already realized, while mortgage pre-adjudication time fell from 15 hours to 3 minutes. Management also highlighted record results across segments, continued card and loan growth, and structural cost reductions ahead of the annual target.
Guidance delta
Management maintained guidance while reporting disciplined expense growth and structural cost reductions ahead of the $900 million annual target.
Key takeaways
- Q2 EPS grew 21% year over year and ROE reached 14.4%, ahead of Investor Day targets.
- Record results were broad-based, with credit-card acquisition and Canadian and U.S. loan growth highlighted.
- AI initiatives had delivered $145 million of value, while credit quality remained solid and PCLs stayed within the guided range.
Management priorities
- Accelerate AI deployment across credit, fraud, contact centers, and frontline productivity.
- Complete the $7 billion share-buyback program and pursue additional strategic card partnerships.
- Advance TD Easy Trade and direct-investing offerings while simplifying Canadian small-business banking.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$119.41Current
$87.53Low
$89.52Average
$91.51High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 24, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| RBC Capital | Outperform | Outperform | Maintain | Jun 1, 2026 |
| Scotiabank | Sector Outperform | Sector Perform | Upgrade | May 4, 2026 |
| BMO Capital | Outperform | Market Perform | Upgrade | Dec 18, 2024 |
| B of A Securities | Neutral | Buy | Downgrade | Dec 18, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Aug 25, 2023 |
| Barclays | Equal Weight | Equal Weight | Maintain | Aug 25, 2023 |
| CFRA | Buy | Buy | Maintain | Mar 3, 2020 |
| Bank of America | Neutral | Buy | Downgrade | Aug 15, 2019 |
| Citigroup | Buy | Buy | Maintain | Sep 14, 2016 |
| CIBC | Sector Perform | Outperform | Downgrade | Aug 26, 2016 |
| Canaccord Genuity | Hold | Buy | Downgrade | Aug 25, 2016 |
| Macquarie | Outperform | Outperform | Maintain | Dec 4, 2015 |
| Rafferty Capital | Hold | Buy | Downgrade | Dec 6, 2013 |
| Rafferty | Hold | Buy | Downgrade | Dec 6, 2013 |
| National Bank Financial Inc | Outperform | Outperform | Maintain | Aug 31, 2012 |
| National Bank Financial | Outperform | Outperform | Maintain | Aug 31, 2012 |
| Stifel Nicolaus | Hold | Hold | Maintain | Aug 28, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $119.41. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| CIBC | Paul Holden | $91.51 | $83.14 | -23.4% | Feb 17, 2022 |
| Bank of America Securities | Ebrahim Poonawala | $87.53 | $71.92 | -26.7% | Nov 22, 2021 |
Track every rating change on TD the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationThe Toronto-Dominion Bank, along with its affiliated entities, delivers a comprehensive array of financial solutions and services across Canada, the United States, and various international markets. Its operations are structured into three primary divisions: Canadian Retail, U.S. Retail, and Wholesale Banking. For individual customers, the bank provides fundamental deposit products like checking, savings, and investment accounts. Businesses can access a suite of offerings including funding, investment management, cash flow solutions, international trade facilities, and everyday banking. Furthermore, TD offers point-of-sale financing options for major purchases such as automobiles and recreational vehicles. The institution also issues credit cards and facilitates payment processing. Its lending portfolio extends to real estate-backed loans, vehicle financing, and general consumer credit. Businesses, both large and small, benefit from its point-of-sale payment systems.…
Historical context
All TD earningsFinancial Services peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| PUK Prudential plc | FY2026 Q2 · Calendar Q3 2026 | -40.9% | -0.5% | Prudential sustains growth and capital returns focus in H1 2026 |
| CM Canadian Imperial Bank of Commerce | FY2026 Q3 · Calendar Q3 2026 | +8.9% | -2.8% | CIBC Q3: Broad growth, resilient credit and expanded AI rollout |
| RY Royal Bank of Canada | FY2026 Q3 · Calendar Q3 2026 | +6.2% | -1.3% | RBC reports record Q3 earnings while investing for growth |
| AFRM Affirm Holdings, Inc. | FY2026 Q4 · Calendar Q3 2026 | +1230.3% | +0.3% | Affirm's most profitable quarter shifts focus to product execution |
Latest beats and misses
Who reports nextBeat on EPS
- AZOFY2026 Q4 · September 22, 2026+3.6% EPS+3.3% move
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
- KRFY2026 Q2 · September 11, 2026+2.8% EPS+2.7% move
- ADBEFY2026 Q3 · September 10, 2026+0.8% EPS+1.4% move
- ORCLFY2027 Q1 · September 10, 2026+10.3% EPS-1.7% move
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One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-06-12T09:23:10.596395+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-09-24T05:21:04.242350+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-24T05:21:04.239419+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 2026-09-24. For educational purposes only; not investment advice.