Segmented Information

12 Months Ended

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