v3.26.1
Securities
 6 Months Ended
Apr. 30, 2026
Disclosure of Financial Instruments [Abstract]  
Securities
NOTE 5: SECURITIES
UNREALIZED SECURITIES GAINS (LOSSES)
The following table summarizes the unrealized
 
gains and losses as at April 30, 2026
 
and October 31, 2025.
Unrealized Gains (Losses) for Securities
 
at Fair Value Through Other Comprehensive Income
(millions of Canadian dollars)
As at
April 30, 2026
October 31, 2025
Cost/
Gross
Gross
Cost/
Gross
Gross
amortized
unrealized
unrealized
Fair
amortized
unrealized
unrealized
Fair
cost
1
gains
(losses)
value
cost
1
gains
(losses)
value
Government and government-related
securities
Canadian government debt
Federal
 
$
17,159
$
42
$
(62)
$
17,139
$
15,956
$
23
$
(88)
$
15,891
Provinces
20,849
168
(4)
21,013
20,971
120
(11)
21,080
U.S. federal, state, municipal governments, and
 
 
 
 
 
agencies debt
 
54,282
272
(89)
54,465
54,279
267
(54)
54,492
Other OECD government-guaranteed debt
8,311
25
(1)
8,335
7,864
15
(4)
7,875
Mortgage-backed securities
1,823
18
(1)
1,840
1,869
29
(2)
1,896
102,424
525
(157)
102,792
100,939
454
(159)
101,234
Other debt securities
 
 
 
 
Asset-backed securities
8,316
22
(11)
8,327
8,713
11
(15)
8,709
Corporate and other debt
13,720
76
(31)
13,765
13,011
106
(26)
13,091
22,036
98
(42)
22,092
21,724
117
(41)
21,800
Total debt securities
124,460
623
(199)
124,884
122,663
571
(200)
123,034
Equity securities
 
 
 
 
Common shares
2,401
253
(30)
2,624
2,332
226
(22)
2,536
Preferred shares
705
85
(79)
711
523
67
(79)
511
3,106
338
(109)
3,335
2,855
293
(101)
3,047
Total securities at fair value through
 
 
 
 
 
 
other comprehensive income
$
127,566
$
961
$
(308)
$
128,219
$
125,518
$
864
$
(301)
$
126,081
Includes the foreign exchange translation of amortized cost balances at the period-end spot rate.
EQUITY SECURITIES DESIGNATED AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME
 
The Bank designated certain equity securities
 
at FVOCI.
The following table summarizes the fair
 
value of equity securities designated at
 
FVOCI as at
April 30, 2026 and October 31, 2025, and dividend
 
income recognized on these securities
 
for the three and six months ended April 30,
 
2026 and April 30, 2025.
Equity Securities Designated at Fair Value Through
 
Other Comprehensive Income
 
(millions of Canadian dollars)
As at
For the three months ended
For the six months ended
April 30, 2026
October 31, 2025
April 30, 2026
April 30, 2025
April 30, 2026
April 30, 2025
Fair value
 
Dividend income recognized
 
Dividend income recognized
 
Common shares
$
2,624
$
2,536
$
32
$
88
$
52
$
115
 
Preferred shares
711
511
29
35
65
74
Total
$
3,335
$
3,047
$
61
$
123
$
117
$
189
The Bank disposed of certain equity securities
 
in line with the Bank’s investment strategy
 
and disposed of Federal Home Loan Bank (FHLB)
 
stock in accordance
with FHLB member stockholding requirements,
 
as follows:
Equity Securities Net Realized Gains
 
(Losses)
(millions of Canadian dollars)
For the three months ended
For the six months ended
April 30, 2026
April 30, 2025
April 30, 2026
April 30, 2025
Equity Securities
Fair value
$
118
$
62
$
209
$
126
Cumulative realized gain/(loss)
29
(26)
48
(20)
FHLB Stock
Fair value
21
219
31
537
 
Cumulative realized gain/(loss)
–
–
–
–
DEBT SECURITIES NET REALIZED GAINS
 
(LOSSES)
The Bank disposed of certain debt securities
 
measured at amortized cost and FVOCI
 
during the quarter.
The following table summarizes the net realized
 
gains
and losses on securities disposed of during
 
the three and six months ended April 30, 2026
 
and April 30, 2025, which are included
 
in Other income (loss) on the
Interim Consolidated Statement of Income.
Debt Securities Net Realized Gains (Losses)
(millions of Canadian dollars)
For the three months ended
For the six months ended
April 30, 2026
April 30, 2025
1
April 30, 2026
April 30, 2025
1
Debt securities at amortized cost
$
1
$
(285)
$
–
$
(1,196)
Debt securities at fair value through other
 
comprehensive income
(2)
3
2
(6)
Total
$
(1)
$
(282)
$
2
$
(1,202)
Includes $
284
 
million (US$
199
 
million) and $
1,207
 
million (US$
848
 
million), respectively, for the three and six months
 
ended April 30, 2025 of pre-tax losses on debt securities related to
the balance sheet restructuring initiative undertaken in the U.S. Banking segment. Refer to Note 25 of the Bank’s
 
2025 Annual Consolidated Financial Statements for additional
information regarding the asset limitation on TD’s two U.S. bank subsidiaries.
CREDIT QUALITY OF DEBT SECURITIES
The Bank evaluates non-retail credit risk
 
on an individual borrower basis, using both
 
a borrower risk rating (BRR) and facility
 
risk rating, as detailed in the shaded
area of the “Managing Risk” section of the 2025
 
MD&A. This system is used to assess all non-retail
 
exposures, including debt securities.
The following table provides the gross carrying
 
amounts of debt securities measured at amortized
 
cost and debt securities at FVOCI by internal
 
risk rating for credit
risk management purposes, presenting
 
separately those debt securities that are
 
subject to Stage 1, Stage 2, and Stage 3
 
allowances. Refer to the “Allowance
 
for
Credit Losses” table in Note 6 for details regarding
 
the allowance and provision for credit losses
 
on debt securities.
Debt Securities by Risk Rating
 
(millions of Canadian dollars)
As at
April 30, 2026
October 31, 2025
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
Debt securities
1
Investment grade
$
362,249
$
–
$
n/a
2
$
362,249
$
362,521
$
–
$
n/a
$
362,521
Non-investment grade
1,154
120
n/a
1,274
738
167
n/a
905
Watch and classified
n/a
40
n/a
40
n/a
49
n/a
49
Default
n/a
n/a
–
–
n/a
n/a
–
–
Total debt securities
363,403
160
–
363,563
363,259
216
–
363,475
Allowance for credit losses on debt securities
at amortized cost
2
–
–
2
2
–
–
2
Total debt securities, net of
 
allowance
$
363,401
$
160
$
–
$
363,561
$
363,257
$
216
$
–
$
363,473
Includes debt securities backed by government-guaranteed loans of $
118
 
million (October 31, 2025 – $
94
 
million), which are reported in Non-investment grade or a lower risk rating
based on the issuer’s credit risk.
2
 
Not applicable.
As at April 30, 2026, total debt securities, net
 
of allowance, in the table above, include
 
debt securities measured at amortized
 
cost, net of allowance, of
$
238,677
 
million (October 31, 2025 – $
240,439
 
million), and debt securities measured at
 
FVOCI of $
124,884
 
million (October 31, 2025 – $
123,034
 
million). The
difference between probability-weighted ECLs
 
and base ECLs on debt securities at
 
FVOCI and at amortized cost as at both
 
April 30, 2026 and October 31, 2025,
was insignificant.