BMO earnings date and guidance

BMO's next results are expected on December 2, 2026. The key thing to watch is whether BMO's U.S. Banking returns improve with fee revenue, deposits, loan growth and expenses.

What has BMO guided for returns and growth?

Its main targets are adjusted return on equity of 15.0% and adjusted return on tangible common equity of 18.0% exiting fiscal 2027. ROE measures profit earned for each dollar of shareholders’ equity. ROTCE removes goodwill and certain intangible assets from that denominator, so the return is measured against a smaller base. “Adjusted” excludes selected unusual items, while “exiting” means reaching the target near year-end rather than earning it throughout the year.

The operating plan is to grow revenue faster than costs. For fiscal 2028, BMO targets annual revenue growth of 6.0% and expense growth of 4.0%. The resulting operating leverage is two percentage points. It also targets 8.0% annual growth in pre-provision pre-tax profit, which measures operating earnings before loan-loss provisions and tax.

The largest opportunity is U.S. Banking, where management targets a 12.0% ROE in fiscal 2028. The key question is how much of that target survives when credit losses become ordinary and repurchases slow.

Has BMO kept its past promises?

There was progress in fiscal 2025. Adjusted operating leverage was 4.3%, above the objective of at least 2%. Operating leverage means revenue grew faster than expenses, leaving more room for profit. But adjusted ROE was 11.3%, below the objective of 15% or more. BMO now aims to reach 15% ROE as it exits fiscal 2027.

What is BMO's recent revenue and profit trend?

The quarter also contained smaller disposal, Burgundy and acquisition costs, while BMO’s adjusted EPS was C$3.96. Net interest income rose only modestly, so other income drove most of the revenue increase. Credit provisions fell, impaired balances improved and CET1 remained stable. This was operating progress accompanied by an acquisition-value loss.