The Toronto-Dominion Bank (TD) Cash Flow: Operating & Free Cash Flow

The Toronto-Dominion Bank (TD) Cash Flow Statement

In fiscal 2025 (fiscal year ended Oct 31, 2025), The Toronto-Dominion Bank used CAD 69.65B of cash in operating activities and spent CAD 2.15B on capital expenditures. That left free cash flow of −CAD 71.79B. It returned CAD 29.55B to shareholders through CAD 7.66B in dividends and CAD 21.89B in share buybacks.

The Toronto-Dominion Bank Cash Flow Statement Analysis

Values in billions CAD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for The Toronto-Dominion Bank (TD) - Annual data in billions CAD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Oct 2025	Oct 2024	Oct 2023	Oct 2022	Oct 2021	Oct 2020	Oct 2019	Oct 2018	Oct 2017
Operating Activities
Net Income	20.54	8.84	10.63	17.43	14.30	11.90	11.69	14.52	12.77
Depreciation & Amortization	2.17	2.03	1.91	1.77	2.07	2.14	1.41	1.39	1.31
Deferred Income Tax	-0.76	-1.06	-1.31	0.50	0.26	-1.07	-0.03	0.39	0.18
Change in Working Capital	-88.58	42.24	-78.66	20.23	34.53	212.06	-13.99	-12.23	10.44
Change in Accounts Payable	-4.39	4.03	0.00	8.80	0.00	0.00	0.00	0.00	0.00
Change in Other Working Capital	-15.39	92.66	-78.66	123.28	34.53	212.06	-13.99	-12.23	10.44
Other Operating Activities	-7.51	-1.37	2.12	-1.55	-1.02	4.58	1.76	1.63	1.44
Net Cash from Operating Activities	-69.65	-14.99	-65.30	-66.81	50.13	229.61	0.83	5.69	26.13
Investing Activities
Capital Expenditures	-2.15	-2.18	-1.84	-1.45	-1.13	-1.76	-1.39	-0.59	-0.43
Acquisitions	20.78	3.42	-0.62	2.48	-1.86	0.00	-0.54	0.00	-2.13
Purchases of Investments	-130.62	-53.85	-51.32	-180.70	-174.95	-197.27	-76.10	-71.93	-83.62
Sales/Maturities of Investments	136.58	78.33	88.57	117.32	133.40	113.48	77.80	53.60	64.72
Other Investing Activities	20.78	3.42	41.45	2.48	-0.73	-138.27	4.58	20.47	2.53
Net Cash from Investing Activities	86.19	-45.42	76.23	-31.90	-45.27	-223.32	4.95	1.55	-18.93
Financing Activities
Debt Repayment	-4.86	-2.22	-2.36	-0.66	-0.55	-0.13	1.77	-0.72	-1.04
Common Stock Issued	14.84	12.05	8.57	11.28	12.83	8.92	10.12	9.32	9.83
Common Stock Repurchased	-21.89	-15.83	-13.23	-13.30	-11.76	-9.88	-12.17	-10.43	-11.23
Dividends Paid	-7.66	-7.16	-5.83	-6.67	-5.56	-3.66	-5.16	-4.63	-4.21
Other Financing Activities	0.73	0.00	0.00	0.00	0.00	0.00	-0.22	-0.07	-0.39
Net Cash from Financing Activities	-15.50	60.11	-12.85	100.94	-5.04	-4.75	-5.65	-6.53	-7.04
Summary
Effect of Forex Changes on Cash	0.03	0.01	0.09	0.39	-0.34	0.04	0.00	0.05	-0.09
Net Change in Cash	1.08	-0.28	-1.84	2.63	-0.51	1.58	0.13	0.76	0.06
Cash at Beginning of Period	6.44	6.72	8.56	5.93	6.45	4.86	4.74	3.97	3.91
Cash at End of Period	7.51	6.44	6.72	8.56	5.93	6.45	4.86	4.74	3.97
Free Cash Flow	-71.79	-17.16	-67.15	-68.26	49.00	228.35	-0.56	5.11	25.69
Supplemental Disclosures
Interest Paid	55.47	61.78	48.18	12.52	5.88	-	-	-	-
Income Taxes Paid	4.33	3.81	3.04	4.40	4.07	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jul 31, 2026. Data sources and methodology

Frequently Asked Questions About The Toronto-Dominion Bank Cash Flow

What is The Toronto-Dominion Bank's free cash flow?

The Toronto-Dominion Bank had negative free cash flow of CAD 71.79B in fiscal 2025 (fiscal year ended Oct 31, 2025), operating cash flow of −CAD 69.65B minus CAD 2.15B of capital expenditures.

How much does The Toronto-Dominion Bank spend on capital expenditures?

The Toronto-Dominion Bank spent CAD 2.15B on capital expenditures in fiscal 2025, compared with CAD 2.18B a year earlier.

Does The Toronto-Dominion Bank pay dividends or buy back shares?

Yes. In fiscal 2025 The Toronto-Dominion Bank returned CAD 7.66B in dividends and CAD 21.89B in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition