The news: Each of the Big Six Canadian banks handily beat estimates in fiscal Q3 2026 earnings this week. TD Bank delivered the largest outperformance, thanks in part to improving US business. Wealth management and capital markets drove strong net income growth across the board, as in Q2 2026 and Q4 2025. 

Zoom out: The strong results come despite bank executive concerns about fallout from the US-Canada trade war on employment, business investment, consumer confidence, and supply chains.

What’s more, five of the Big Six are navigating the aftermath of major strategic moves:

• Scotiabank is at the tail end of a massive restructuring that included cutting 3,000 jobs and shrinking international operations.
• National Bank of Canada went on a buying spree last year, acquiring Canadian Western Bank and Laurentian Bank’s consumer and small business banking portfolios.
• BMO has earmarked millions for expansion in US growth markets, building on its 2023 Bank of the West acquisition.
• RBC’s massive 2024 deal for HSBC Canada added geographic scale, growing the balance sheet of what was already Canada’s largest bank.
• TD Bank has returned to organic growth after its failed 2023 First Horizon acquisition dashed expansion plans in the southern US.

Implications for banks: Canada’s largest banks have proven able to weather years of M&A activity, some strategic speed bumps, and global uncertainty. The latest cross-border trade spat may have knock-on effects on the Canadian economy that trickle down to banks’ performance, but today they look untouchable.

This content is part of EMARKETER’s subscription Briefings, where we pair daily updates with data and analysis from forecasts and research reports. Our Briefings prepare you to start your day informed, to provide critical insights in an important meeting, and to understand the context of what’s happening in your industry. Non-clients can click here to get a demo of our full platform and coverage.