TD dividend
TD paid C$4.20 per share in 2025, up from C$3.16 in 2021. Dividend coverage was uneven: in fiscal 2023 and 2024, dividends and buybacks exceeded earnings available to common shareholders.
How much does TD pay in dividends?
Dividends rose from C$3.16 per share in 2021 to C$4.20 in 2025. Diluted weighted-average shares fell 1.8% in 2025, so adjusted EPS could grow faster than adjusted income. Book value per share reached C$68.78 and tangible book value per share reached C$55.72.
| Year to Oct 2025 | Year to Oct 2024 | Year to Oct 2023 | Year to Oct 2022 | Year to Oct 2021 | |
|---|---|---|---|---|---|
| EPS, diluted | 11.56 | 4.72 | 5.52 | 9.47 | 7.72 |
| Book value per share | 68.78 | 59.59 | 56.56 | 55.00 | 51.66 |
| Dividend per share | 4.20 | 4.08 | 3.84 | 3.56 | 3.16 |
Does TD’s cash cover its dividend?
TD increased common dividends and began buying back shares. In fiscal 2023 and 2024, distributions exceeded earnings available to common shareholders. That shows current profits did not cover those payments; it does not by itself show that TD lacked regulatory capital. The bank could also draw on earlier retained earnings, excess capital or proceeds from selling investments.
| Year to Oct 2025 | Year to Oct 2024 | Year to Oct 2023 | Year to Oct 2022 | Year to Oct 2021 | |
|---|---|---|---|---|---|
| Net income available to common shareholders | 19,973 | 8,316 | 10,071 | 17,170 | 14,049 |
| Dividends declared on common shares | 7,228 | 7,163 | 6,982 | 6,442 | 5,741 |
| Shares bought back | 6,206 | 3,997 | 4,285 | 2,195 | 0 |
| Kept to grow and to build capital | 6,539 | -2,844 | -1,196 | 8,533 | 8,308 |
| Dividend payout ratio | 36.2% | 86.1% | 69.3% | 37.5% | 40.9% |
What could change TD’s dividend?
Dividends are the steadiest shareholder-return driver. FY2026 DPS is CAD 4.40, including an estimated fourth-quarter payment of CAD 1.12. The base path then grows DPS by about 5% annually. The bear path slows growth to about 2%, while the bull path reaches about 6%. The base remains below management’s 7–10% medium-term adjusted EPS-growth target, leaving room for the payout ratio to remain within the 40–50% objective.
| FY2026 | FY2027 | FY2028 | FY2029 | |
|---|---|---|---|---|
| Value per share | 68.83 (67.06 / 69.74) | 71.82 (68.71 / 73.45) | 76.55 (70.59 / 78.74) | 81.82 (72.82 / 84.92) |
| Buybacks | 9,500 (9,500 / 9,500) | 8,500 (4,000 / 10,000) | 5,000 (2,000 / 9,000) | 5,500 (2,500 / 10,000) |
| Dividend per share | 4.40 (4.40 / 4.40) | 4.62 (4.49 / 4.66) | 4.85 (4.58 / 4.94) | 5.09 (4.67 / 5.24) |
What is TD’s dividend yield today?
At C$162.23, TD trades at 17.4x trailing earnings and 2.3x book value. Its 2.8% dividend yield sits within a valuation that already reflects confidence in recovery. Reported 2025 EPS, efficiency and return benefited from the gain on selling part of TD’s Charles Schwab stake, while adjusted income grew more modestly. Recent lower provisions have not erased pressure: net write-offs remained above the prior year.