The Toronto-Dominion Bank (TD) Moat Analysis

Canadian Personal and Commercial Banking

Canadian retail, small business, commercial banking, cards, mortgages, deposits, auto finance, and payments

Revenue_share is H1 FY2026 segment revenue of C$10,677m divided by C$31,093m across the four operating segments. Operating_profit_share is H1 segment pre-tax income of C$5,508m divided by C$11,494m across those segments. Corporate revenue of C$1,289m and its C$1,297m pre-tax loss are excluded from both normalized denominators. Source: https://www.td.com/content/dam/tdcom/canada/about-td/pdf/quarterly-results/2026/q2/2026-q2-report-shareholders-en.pdf.

U.S. Banking

U.S. East Coast retail, small business, commercial banking, auto finance, cards, and wealth banking

Revenue_share is H1 FY2026 reported revenue of C$7,869m divided by C$31,093m across the four operating segments. Operating_profit_share is H1 reported pre-tax income of C$2,288m divided by C$11,494m across those segments. Schwab no longer contributes, and 1,048 U.S. stores at April 30 were down from 1,137 a year earlier. Significant AML remediation milestones remain through 2027, subject to monitor and regulatory approval. Source: https://www.td.com/content/dam/tdcom/canada/about-td/pdf/quarterly-results/2026/q2/2026-q2-report-shareholders-en.pdf.

Wealth Management and Insurance

Canadian wealth management, direct investing, asset management, private wealth, property and casualty insurance, and life/health insurance

Revenue_share is H1 FY2026 revenue of C$7,684m divided by C$31,093m across the four operating segments. Operating_profit_share is H1 pre-tax income of C$2,157m divided by C$11,494m across those segments. AUA of C$797bn and AUM of C$643bn show scale, but the filing does not establish client switching costs or a proprietary distribution choke point. Source: https://www.td.com/content/dam/tdcom/canada/about-td/pdf/quarterly-results/2026/q2/2026-q2-report-shareholders-en.pdf.

Wholesale Banking

Corporate and investment banking, capital markets, global markets, research, lending, and transaction services

Revenue_share is H1 FY2026 revenue of C$4,863m divided by C$31,093m across the four operating segments. Operating_profit_share is H1 pre-tax income of C$1,541m divided by C$11,494m across those segments. Revenue growth and TD Cowen breadth do not establish switching costs in competitive, capital-intensive wholesale markets. Source: https://www.td.com/content/dam/tdcom/canada/about-td/pdf/quarterly-results/2026/q2/2026-q2-report-shareholders-en.pdf.