The information in this preliminary pricing supplement is not complete and may be changed. We may not sell these securities until the pricing supplement, the accompanying product supplement and prospectus (collectively, the “Offering Documents”) are delivered in final form. The Offering Documents are not an offer to sell these securities and we are not soliciting offers to buy these securities in any state where the offer or sale is not permitted.

STRUCTURED INVESTMENTS

Opportunities in U.S. Equities

Contingent Income Auto-Callable Securities due October 22, 2026

Based on the Worst Performing of the Common Stock of Amazon.com, Inc. and the Class A Common Stock of Alphabet Inc.

Principal at Risk Securities

Contingent Income Auto-Callable Securities (the “securities”) do not guarantee the repayment of principal and do not provide for the regular payment of interest. Instead, the securities offer the opportunity for investors to earn a contingent quarterly coupon with respect to each determination date on which the closing price of each underlying stock is greater than or equal to 70.00% of its initial share price, which we refer to as its coupon threshold price. If the closing price of all of the underlying stocks on any determination date (including the final determination date) are greater than or equal to their respective coupon threshold prices, The Toronto-Dominion Bank (“TD” or “we”) will pay on the related contingent coupon payment date a contingent quarterly coupon, plus any previously unpaid contingent quarterly coupons with respect to any previous determination dates pursuant to the memory coupon feature. Otherwise, no contingent quarterly coupon will be paid on that contingent coupon payment date. In addition, if the closing prices of all of the underlying stocks on any determination date other than the final determination date are greater than or equal to their respective call threshold prices, the securities will be automatically redeemed for an amount per security equal to (i) the stated principal amount plus (ii) the contingent quarterly coupon otherwise payable with respect to the applicable determination date and any previously unpaid contingent quarterly coupons with respect to any previous determination dates pursuant to the memory coupon feature. No further payments will be made on the securities once they have been redeemed. However, if the closing price of any underlying stock on any determination date is less than its call threshold price, the securities will not be automatically redeemed and, if the closing price of any underlying stock is less than its coupon threshold price, you will not receive on the corresponding contingent coupon payment date any contingent quarterly coupon with respect to the applicable determination date or any previously unpaid contingent quarterly coupons with respect to any previous determination dates pursuant to the memory coupon feature. As a result, if the closing price of any underlying stock on each of the determination dates is less than the coupon threshold price, you will receive no contingent quarterly coupons during the term of the securities. Investors must be willing to accept the risk of not receiving any contingent quarterly coupons during the term of the securities. Furthermore, if the final share price of any underlying stock is less than 70.00% of its initial share price, which we refer to as its downside threshold price, investors will receive per security a number of shares of the worst performing underlying stock equal to the quotient, observed to 4 decimal places, of the stated principal amount divided by the initial share price of the worst performing underlying stock as of the final determination date (its “exchange ratio”). Any fractional share included in the exchange ratio of the worst performing underlying stock will be paid in cash at an amount equal to the product of the fractional share amount multiplied by its final share price. Accordingly, the securities do not guarantee any return of principal at maturity. Investors will not participate in any appreciation of the underlying stocks and will not realize a return beyond the returns represented by the contingent quarterly coupons received, if any, during the term of the securities. Because all payments on the securities are based on the worst performing underlying stock, a decline beyond the respective coupon threshold price and/or downside threshold price, as applicable, of any underlying stock will result in few or no contingent quarterly coupons and/or a loss of a significant portion and up to your entire investment in the securities even if the other underlying stocks appreciate or have not declined as much. These securities are for investors who are willing to risk their entire investment based on the worst performing of each of the underlying stocks and who seek an opportunity to earn interest at a potentially above-market rate in exchange for the risk of receiving no interest over the entire term of the securities and potentially receiving shares of the worst performing underlying stock at maturity, the value of which is expected to be worth significantly less than the stated principal amount of the securities and may be worthless. The securities are senior unsecured debt securities issued by TD. The securities are notes issued as part of TD’s Senior Debt Securities, Series H. All payments or deliveries on the securities are subject to the credit risk of TD. If TD were to default on its obligations, you may not receive any amounts owed to you under the securities and you could lose your entire investment in the securities. These securities are not secured obligations and you will not have any security interest in, or otherwise have any access to, any underlying reference asset or assets.

*

As determined by the calculation agent and as may be adjusted in the case of certain adjustment events as described under “General Terms of the Notes — Delisting or Suspension of Trading in, or Change in Law Event Affecting, an Equity Security” and “— Anti-Dilution Adjustments” in the accompanying product supplement.

(1)

TDS will purchase the securities from TD at the price to public less a fee of $17.50 per security. TDS will resell all of the securities to Morgan Stanley Smith Barney LLC (“Morgan Stanley Wealth Management”) at an underwriting discount which reflects:

(a)

a fixed sales commission of $12.50 per $1,000.00 stated principal amount of securities that Morgan Stanley Wealth Management sells and

(b)

a fixed structuring fee of $5.00 per $1,000.00 stated principal amount of securities that Morgan Stanley Wealth Management sells,

The securities involve risks not associated with an investment in ordinary debt securities. See “Risk Factors” beginning on page 10.

Neither the Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved or disapproved of these securities or determined that this pricing supplement, the product supplement or the prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

The securities are unsecured and are not savings accounts or insured deposits of a bank. The securities are not insured or guaranteed by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other governmental agency or instrumentality of Canada or the United States. The securities will not be listed or displayed on any securities exchange or electronic communications network.

We will deliver the securities in book-entry only form through the facilities of The Depository Trust Company on the original issue date against payment in immediately available funds.

Additional Information About TD and the Securities

You should read this pricing supplement together with the prospectus, as supplemented by the product supplement MLN-ES-ETF-1 (the “product supplement”), relating to our Senior Debt Securities, Series H, of which these securities are a part. Capitalized terms used but not defined in this pricing supplement will have the meanings given to them in the product supplement. In the event of any conflict the following hierarchy will govern: first, this pricing supplement; second, the product supplement; and last, the prospectus. The securities vary from the terms described in the product supplement in several important ways. You should read this pricing supplement carefully.

This pricing supplement, together with the documents listed below, contains the terms of the securities and supersedes all prior or contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, brochures or other educational materials of ours. You should carefully consider, among other things, the matters set forth in “Risk Factors” herein, “Additional Risk Factors Specific to the Notes” in the product supplement and “Risk Factors” in the prospectus, as the securities involve risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisors concerning an investment in the securities. You may access these documents on the SEC website at www.sec.gov as follows (or if that address has changed, by reviewing our filings for the relevant date on the SEC website):

Our Central Index Key, or CIK, on the SEC website is 0000947263. As used in this pricing supplement, “TD,” “we,” “us,” or “our” refers to The Toronto-Dominion Bank and its subsidiaries.

TD reserves the right to change the terms of, or reject any offer to purchase, the securities prior to their issuance. In the event of any changes to the terms of the securities, TD will notify you and you will be asked to accept such changes in connection with your purchase. You may also choose to reject such changes, in which case TD may reject your offer to purchase.

Investment Summary

Contingent Income Auto-Callable Securities

Principal at Risk Securities

The Contingent Income Auto-Callable Securities due October 22, 2026 Based on the Worst Performing of the Common Stock of Amazon.com, Inc. and the Class A Common Stock of Alphabet Inc., which we refer to as the securities, provide an opportunity for investors to earn a contingent quarterly coupon, which is an amount equal to $38.10 (equivalent to 15.24% per annum of the stated principal amount) per security, plus any previously unpaid contingent quarterly coupons with respect to any previous determination dates pursuant to the memory coupon feature, with respect to each determination date on which the closing prices or the final share prices, as applicable, of all of the underlying stocks are greater than or equal to 70.00% of their respective initial share prices, which we refer to as the coupon threshold prices.  If the closing price of any underlying stock is less than its coupon threshold price on any determination date, no contingent quarterly coupon will be paid on the related contingent coupon payment date.

The contingent quarterly coupon, if any, will be payable on the relevant contingent coupon payment date specified on the cover hereof, which will generally be the third business day after the related determination date, except that the contingent coupon payment date for the final determination date will be the maturity date. It is possible that the closing prices of one or more of the underlying stocks could remain less than their respective coupon threshold prices for extended periods of time or even throughout the term of the securities such that you may receive few or no contingent quarterly coupons.

If the closing prices of all of the underlying stocks on any determination date other than the final determination date are greater than or equal to their respective call threshold prices, the securities will be automatically redeemed for an amount per security equal to the early redemption payment, which will be (i) the stated principal amount plus (ii) the contingent quarterly coupon otherwise payable with respect to the applicable determination date and any previously unpaid contingent quarterly coupons with respect to any previous determination dates pursuant to the memory coupon feature. If the securities have not previously been redeemed and the final share prices of all of the underlying stocks are greater than or equal to their respective coupon threshold prices and 70.00% of their respective initial share prices, which we refer to as the downside threshold prices, the payment due at maturity will be (i) the stated principal amount plus (ii) the contingent quarterly coupon otherwise payable with respect to the final determination date and any previously unpaid contingent quarterly coupons with respect to any previous determination dates pursuant to the memory coupon feature. If, however, the securities are not redeemed prior to maturity and the final share price of any underlying stock is less than its downside threshold price, investors will receive per security a number of shares of the worst performing underlying stock equal to the exchange ratio of the worst performing underlying stock, which will be equal to the quotient, observed to 4 decimal places, of (i) the stated principal amount divided by (ii) its initial share price. The value of such shares is expected to be worth significantly less than the stated principal amount and could be as low as zero, resulting in the loss of the investor’s entire investment in the securities. Any fractional share included in the exchange ratio of the worst performing underlying stock will be paid in cash at an amount equal to the product of the fractional share amount and its final share price. Investors in the securities must be willing to accept the risk of not receiving any contingent quarterly coupons during the term of the securities and the risk of receiving shares of the worst performing underlying stock that are expected to be worth significantly less than the principal amount and could be as low as zero, resulting in the loss of an investor’s entire investment. In addition, investors will not participate in any appreciation of the underlying stocks and will not realize a return beyond the returns represented by the contingent quarterly coupons received, if any, during the term of the securities.

Key Investment Rationale

The securities offer the opportunity for investors to earn a contingent quarterly coupon equal to $38.10 (equivalent to 15.24% per annum of the stated principal amount) per security, plus any previously unpaid contingent quarterly coupons with respect to any previous determination dates pursuant to the memory coupon feature, with respect to each determination date on which the closing prices or the final share prices, as applicable, of all of the underlying stocks are greater than or equal to 70.00% of their respective initial share prices, which we refer to as the coupon threshold prices. The securities may be redeemed prior to maturity at a price equal to the early redemption payment, which will be (i) the stated principal amount per security plus (ii) the contingent quarterly coupon otherwise payable with respect to the applicable determination date and any previously unpaid contingent quarterly coupons with respect to any previous determination dates pursuant to the memory coupon feature. Payments or deliveries at maturity will vary depending on the final share prices, as follows:

Investing in the securities involves significant risks. You may lose a significant portion, and may lose all, of your investment in the securities. Any payments or deliveries on the securities, including payments in respect of an early redemption, contingent quarterly coupon or any repayment of principal provided at maturity, is dependent on TD’s ability to satisfy its obligations when they become due and, therefore, investors are subject to the credit risk of TD. If TD becomes unable to meet its financial obligations as they become due, investors may not receive any amounts due under the terms of the securities.

The securities will not pay a contingent quarterly coupon on a contingent coupon payment date (including the maturity date) if the closing price of any underlying stock on the applicable determination date is less than its coupon threshold price. If the closing price of any underlying stock on each of the determination dates is less than its coupon threshold price, you will receive no contingent quarterly coupons during the term of, and will not receive a positive return on, the securities. The securities will not be automatically redeemed if the closing price of any underlying stock on an applicable determination date other than the final determination date is less than its call threshold price. If the securities are not redeemed prior to maturity and the final share price of any underlying stock is less than its downside threshold price, you will receive per security a number of shares of the worst performing underlying stock equal to the exchange ratio of the worst performing underlying stock (and the cash value of any fractional share). The value of such shares is expected to be worth significantly less than the stated principal amount and could be as low as zero, resulting in the loss of your entire investment in the securities.

Investor Suitability

The securities may be suitable for you if:

The securities may not be suitable for you if:

How the Securities Work

The following diagrams illustrate the potential outcomes for the securities depending on (1) the closing prices and (2) the final share prices.

Diagram #1: Determination Dates Other Than the Final Determination Date

Diagram #2: Payment at Maturity if No Early Redemption Occurs

For more information about the payout upon an early redemption or at maturity in different hypothetical scenarios, see “Hypothetical Examples” beginning on the following page.

Hypothetical Examples

The below examples are based on the following terms and are purely hypothetical (the actual terms of your securities will be determined on the pricing date and will be specified in the final pricing supplement). Any payments or deliveries on the securities are subject to our credit risk.

In Examples 1 and 2, the closing prices of the underlying stocks fluctuate over the term of the securities and the closing prices of all of the underlying stocks are greater than or equal to their respective hypothetical call threshold prices on a determination date prior to the final determination date. Because the closing prices of all of the underlying stocks are greater than their respective call threshold prices on one of the determination dates prior to the final determination date, the securities are automatically redeemed on the relevant contingent coupon payment date. In Examples 3 and 4, the closing price of at least one underlying stock on each of the determination dates prior to the final determination date is less than its call threshold price, and, consequently, the securities are not automatically redeemed prior to, and remain outstanding until, maturity.

In this example, the early redemption feature limits the term of your investment to approximately 3 months and you may not be able to reinvest at a comparable risk or yield. You will not receive any further payments on the securities following an early redemption. Your total payment per security in this example is $1,038.10 (a total return of 3.81% on the securities).

In addition, because the closing prices of all of the underlying stocks on the third determination date are greater than their respective call threshold prices, you receive the early redemption payment of $1,038.10, which includes the contingent quarterly coupon with respect to such determination date.

In this example, the early redemption feature limits the term of your investment to approximately 9 months and you may not be able to reinvest at a comparable risk or yield. If the securities are redeemed early, you will stop receiving contingent quarterly coupons. Further, although all of the underlying stocks have appreciated by 20.00% from their respective initial share prices on the third determination date, your return will be limited to the contingent quarterly coupons and you do not benefit from such appreciation as demonstrated in this example. Your total payment per security in this example is $1,114.30 (a total return of 11.43% on the securities).

Examples 3 and 4 illustrate the payment at maturity per security based on the final share price.

$1,000.00 +$38.10 + $114.30 = $1,152.40

In this example, you receive the stated principal amount per security plus the contingent quarterly coupon with respect to the final determination date and the previously unpaid contingent quarterly coupons with respect to the previous determination dates pursuant to the memory coupon feature, equal to a total payment of $1,152.40 per security at maturity (a total return of 15.24% on the securities).

Payment at Maturity = Exchange Ratio of the Worst Performing Underlying Stock

Exchange Ratio of the Worst Performing Underlying Stock = $400.00* = $40.00 × 10.0000 shares

Payment at Maturity   = $400.00*

Because the securities are physically settled and the price of the worst performing underlying stock will fluctuate between the final determination date and the maturity date, the actual value of the shares received and the total return on the securities at maturity will depend on the price of the worst performing underlying stock on the maturity date.

If the exchange ratio of the worst performing underlying stock is less than 1, your payment at maturity for each security will be the cash value of the fractional share.

We make no representation or warranty as to which of the underlying stocks will be the worst performing underlying stock for the purposes of calculating your actual payment at maturity.

Investing in the securities involves significant risks. The securities differ from ordinary debt securities in that TD is not necessarily obligated to repay the full amount of your investment in the securities. If the securities are not redeemed prior to maturity and the final share price of any underlying stock is less than its downside threshold price, you will receive per security a number of shares of the worst performing underlying stock equal to the exchange ratio of the worst performing underlying stock (and the cash value of any fractional share). The value of such shares is expected to be worth significantly less than the stated principal amount and could be as low as zero, resulting in the loss of your entire investment in the securities.

The securities will not pay a contingent quarterly coupon if the closing price of any underlying stock on any determination date is less than its coupon threshold price. If the closing price of any underlying stock on each of the determination dates is less than its downside threshold price, you will receive no contingent quarterly coupons during the term of, and will not receive a positive return on, the securities. The securities will not be automatically redeemed with respect to any determination date in respect of which an early redemption may occur unless the closing price of each underlying stock on the relevant determination date is greater than or equal to its respective call threshold price.

You will be exposed to the market risk of each underlying stock on each determination date (including the final determination date) and any decline in the price of one underlying stock may negatively affect your return and will not be offset or mitigated by a lesser decline or any potential increase in the price of any other underlying stock.

Any payments or deliveries to be made on the securities, including any repayment of principal, is dependent on TD’s ability to satisfy its obligations as they become due and, therefore, investors are subject to the credit risk of TD. If TD becomes unable to meet its financial obligations as they become due, investors may not receive any amounts due under the terms of the securities.

Risk Factors

The securities involve risks not associated with an investment in conventional debt securities. This section describes the most significant risks relating to the terms of the securities. For additional information as to these and other risks, please see “Additional Risk Factors Specific to the Notes” in the product supplement and “Risk Factors” in the prospectus. Investors should consult their investment, legal, tax, accounting and other advisors as to the risks entailed by an investment in the securities and the suitability of the securities in light of their particular circumstances.

Risks Relating to Return Characteristics

Additionally, in the event that the securities are not redeemed prior to maturity and the final share price of any underlying stock is less than its downside threshold price, any decline in the price of the worst performing underlying stock during the period between the final determination date and the maturity date will result in a return on the securities at maturity that is less than the return you would have received had TD instead paid you an amount in cash at maturity equal to the exchange ratio of the worst performing underlying stock.

Risks Relating to Characteristics of the Underlying Stocks

Risks Relating to Estimated Value and Liquidity

Risks Relating to General Credit Characteristics

Risks Relating to Hedging Activities and Conflicts of Interest

These trading activities may present a conflict between the holders’ interest in the securities and the interests we and our affiliates will have in our or their proprietary accounts, in facilitating transactions, including options and other derivatives transactions, for our or their customers’ accounts and in accounts under our or their management. These trading activities could be adverse to the interests of the holders of the securities.

We, the agent and/or our other affiliates may, at present or in the future, engage in business with the underlying stock issuers, including making loans to or providing advisory services to those companies. These services could include investment banking and merger and acquisition advisory services. These business activities may present a conflict between our, the agent’s and/or our other affiliates’ obligations, and your interests as a holder of the securities. Moreover, we, the agent and/or our other affiliates may have published, and in the future expect to publish, research reports with respect to an underlying stock. This research is modified from time to time without notice and may express opinions or provide recommendations that are inconsistent with purchasing or holding the securities. Any of these activities by us and/or our other affiliates may affect the price of an underlying stock and, therefore, the market value of, and any amounts payable and/or deliverable on, the securities.

Risks Relating to Canadian and U.S. Federal Income Taxation

For a discussion of the Canadian federal income tax consequences of investing in the securities, please see the discussion in the prospectus under “Tax Consequences – Canadian Taxation” and in the product supplement under “Supplemental Discussion of Canadian Tax Consequences” and the further discussion herein under “Additional Information About the Securities”. If you are not a Non-resident Holder (as that term is defined in the prospectus) for Canadian federal income tax purposes or if you acquire the securities in the secondary market, you should consult your tax advisors as to the consequences of acquiring, holding and disposing of the securities and receiving the payments that might be due under the securities.

Information About the Underlying Stocks

All disclosures contained in this document regarding each underlying stock are derived from publicly available information. TD has not conducted any independent review or due diligence of any publicly available information with respect to the underlying stocks. You should make your own investigation into each underlying stock.

Amazon.com, Inc.

According to publicly available information, Amazon.com, Inc. (“Amazon”) is an online retail company and producer of electronic devices and media content. Information filed by Amazon with the SEC can be located by reference to its SEC file number: 000-22513, or its CIK Code: 0001018724. Amazon’s common stock is listed on the Nasdaq Global Select Market under the ticker symbol “AMZN”.

Information as of market close on October 10, 2025:

Historical Information

The table below sets forth the published high and low closing prices, as well as end-of-quarter closing price, of AMZN for the specified period. The closing price of AMZN on October 10, 2025 was $216.37 (its “hypothetical initial share price”). The associated graph shows the closing prices of AMZN for each day from January 1, 2020 to October 10, 2025. The dotted lines represent its hypothetical downside threshold price and its hypothetical coupon threshold price of $151.459 and its hypothetical call threshold price of $216.37, which are equal to 70.00% and 100.00%, respectively, of its hypothetical initial share price. The actual coupon threshold price, downside threshold price and call threshold price will be set on the pricing date. We obtained the information in the table below from Bloomberg Professional^® service (“Bloomberg”), without independent verification. The closing prices may be adjusted by Bloomberg for corporate actions such as stock splits, public offerings, mergers and acquisitions, spin-offs, delistings and bankruptcy. TD has not undertaken an independent review or due diligence of any publicly available information obtained from Bloomberg. The historical performance of AMZN should not be taken as an indication of its future performance, and no assurance can be given as to the closing price of AMZN at any time, including the determination dates.

We make no representation as to the amount of dividends, if any, that an underlying stock may pay in the future. In any event, as an investor in the securities, you will not be entitled to receive dividends, if any, that may be payable on an underlying stock.

Alphabet Inc.

According to publicly available information, Alphabet Inc. (“Alphabet”) is a parent holding company of Google Inc. that provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce and hardware products. Information filed by Alphabet with the SEC can be located by reference to its SEC file number: 001-37580, or its CIK Code: 0001652044. Alphabet’s Class A common stock is listed on the Nasdaq Global Select Market under the ticker symbol “GOOGL”.

Information as of market close on October 10, 2025:

Historical Information

The table below sets forth the published high and low closing prices, as well as end-of-quarter closing price, of GOOGL for the specified period. The closing price of GOOGL on October 10, 2025 was $236.57 (its “hypothetical initial share price”). The associated graph shows the closing prices of GOOGL for each day from January 1, 2020 to October 10, 2025. The dotted lines represent its hypothetical downside threshold price and its hypothetical coupon threshold price of $165.599 and its hypothetical call threshold price of $236.57, which are equal to 70.00% and 100.00%, respectively, of its hypothetical initial share price. The actual coupon threshold price, downside threshold price and call threshold price will be set on the pricing date. We obtained the information in the table below from Bloomberg without independent verification. TD has not undertaken an independent review or due diligence of any publicly available information obtained from Bloomberg. The historical performance of GOOGL should not be taken as an indication of its future performance, and no assurance can be given as to the closing price of GOOGL at any time, including the determination dates.

We make no representation as to the amount of dividends, if any, that an underlying stock may pay in the future. In any event, as an investor in the securities, you will not be entitled to receive dividends, if any, that may be payable on an underlying stock.

This document relates only to the securities offered hereby and does not relate to the underlying stocks or other securities linked to the underlying stocks. We have derived all disclosures contained in this document regarding the underlying stocks from the publicly available documents described in the preceding paragraphs. In connection with the offering of the securities, none of us or any of our affiliates have participated in the preparation of such documents or made any due diligence inquiry with respect to the underlying stocks. Neither we nor the agent makes any representation that such publicly available documents or any other publicly available information regarding the underlying stocks is accurate or complete. Furthermore, we cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the underlying stocks (and therefore the price of the underlying stocks at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning the underlying stocks could affect the value received with respect to the securities and therefore the value of the securities.

Neither TD nor any of its affiliates makes any representation to you as to the performance of any underlying stock.

Additional Information About the Securities

Please read this information in conjunction with the summary terms on the front cover of this document.

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