Detailed financial statements for Bank of Montreal (BMO): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Bank of Montreal engages in the provision of diversified financial services primarily in North America. The company operates through Canadian P&C, U.S P&C, BMO Wealth Management, and BMO Capital Markets segments.
Analysis Summary
Bank of Montreal reported revenue of 78.15B CAD in the most recent fiscal year, growing at a 5-year CAGR of 17.9%. Net income reached 8.71B CAD, with a 11.3% 5-year CAGR.
Trailing-twelve-month margins: gross margin 45.6%, operating margin 15.8%, net margin 11.7%. Free cash flow grew at -29.8% CAGR over 5 years.
At $169.11 (closing price, October 29, 2026), BMO trades at a P/E of 20.02 and an ROE of 10.58%. Market capitalisation stands at $117.5B, placing it among large-cap names.
Balance sheet quality for BMO: current ratio of 0.1, net debt of 311.04B CAD. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of 8.51B CAD represents 98% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 25.46B CAD | 27.86B CAD | 32.34B CAD | 38.60B CAD | 34.37B CAD | 32.49B CAD | 37.27B CAD | 68.01B CAD | 78.56B CAD | 78.15B CAD |
| Cost of Revenue | 5.29B CAD | 6.88B CAD | 10.26B CAD | 14.14B CAD | 12.30B CAD | 5.60B CAD | 11.32B CAD | 38.37B CAD | 50.28B CAD | 45.67B CAD |
| Gross Profit | 20.18B CAD | 20.98B CAD | 22.08B CAD | 24.46B CAD | 22.07B CAD | 26.89B CAD | 25.95B CAD | 29.64B CAD | 28.28B CAD | 32.48B CAD |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 8.93B CAD | 9.01B CAD | 8.81B CAD | 11.13B CAD | 9.65B CAD | 10.12B CAD | 8.63B CAD | 12.27B CAD | 11.71B CAD | 12.82B CAD |
| Operating Expenses | 14.44B CAD | 14.34B CAD | 14.66B CAD | 17.19B CAD | 15.72B CAD | 16.63B CAD | 8.06B CAD | 23.70B CAD | 18.75B CAD | 20.93B CAD |
| Operating Income | 5.73B CAD | 6.63B CAD | 7.41B CAD | 7.27B CAD | 6.35B CAD | 10.26B CAD | 17.89B CAD | 5.95B CAD | 9.54B CAD | 11.55B CAD |
| EBITDA | 6.78B CAD | 7.73B CAD | 8.54B CAD | 8.48B CAD | 7.97B CAD | 11.82B CAD | 19.37B CAD | 8.04B CAD | 11.64B CAD | 13.73B CAD |
| Interest Expense | 4.52B CAD | 6.14B CAD | 9.60B CAD | 13.26B CAD | 9.34B CAD | 5.58B CAD | 11.01B CAD | 36.89B CAD | 46.52B CAD | 42.05B CAD |
| Pre-tax Income | 5.73B CAD | 6.63B CAD | 7.41B CAD | 7.27B CAD | 6.35B CAD | 10.26B CAD | 17.89B CAD | 5.95B CAD | 9.54B CAD | 11.55B CAD |
| Income Tax | 1.10B CAD | 1.29B CAD | 1.96B CAD | 1.51B CAD | 1.25B CAD | 2.50B CAD | 4.35B CAD | 1.51B CAD | 2.21B CAD | 2.83B CAD |
| Net Income | 4.62B CAD | 5.34B CAD | 5.45B CAD | 5.76B CAD | 5.10B CAD | 7.75B CAD | 13.54B CAD | 4.42B CAD | 7.32B CAD | 8.71B CAD |
| EPS | $6.94 | $7.92 | $8.17 | $8.66 | $7.55 | $11.60 | $20.04 | $5.77 | $9.53 | $11.46 |
| EPS (Diluted) | $6.92 | $7.92 | $8.17 | $8.66 | $7.55 | $11.58 | $19.99 | $5.76 | $9.51 | $11.44 |
| Shares Outstanding (Diluted) | 667.9 M | 652.0 M | 644.9 M | 640.4 M | 642.1 M | 648.7 M | 665.7 M | 710.5 M | 728.5 M | 723.3 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | 19.28B CAD | 19.32B CAD | 19.28B CAD | 20.29B CAD |
| Gross Profit | 8.50B CAD | 9.05B CAD | 8.80B CAD | 9.23B CAD |
| Operating Income | 3.03B CAD | 3.33B CAD | 3.50B CAD | 2.52B CAD |
| EBITDA | 3.59B CAD | 3.87B CAD | 4.04B CAD | 3.05B CAD |
| Net Income | 2.29B CAD | 2.49B CAD | 2.63B CAD | 1.75B CAD |
| EPS | $2.94 | $3.39 | $3.50 | $2.41 |
| EPS (Diluted) | $2.94 | $3.39 | $3.50 | $2.40 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 36.10B CAD | 39.09B CAD | 50.45B CAD | 56.79B CAD | 66.44B CAD | 101.56B CAD | 93.20B CAD | 82.04B CAD | 68.74B CAD | 70.32B CAD |
| Short-term Investments | 55.66B CAD | 54.08B CAD | 62.44B CAD | 64.52B CAD | 73.41B CAD | 63.12B CAD | 43.56B CAD | 62.82B CAD | 44.79B CAD | 33.84B CAD |
| Receivables | 9.94B CAD | 9.11B CAD | 5.99B CAD | 5.80B CAD | 5.95B CAD | 6.70B CAD | 8.09B CAD | 64.96B CAD | 42.43B CAD | 54.18B CAD |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 101.70B CAD | 102.28B CAD | 118.88B CAD | 127.10B CAD | 145.80B CAD | 171.38B CAD | 144.85B CAD | 209.82B CAD | 155.96B CAD | 158.34B CAD |
| Property, Plant & Equipment | 2.15B CAD | 2.96B CAD | 2.92B CAD | 2.92B CAD | 4.86B CAD | 4.87B CAD | 5.10B CAD | 6.37B CAD | 6.32B CAD | 6.28B CAD |
| Goodwill | 6.38B CAD | 6.24B CAD | 6.37B CAD | 6.34B CAD | 6.54B CAD | 5.38B CAD | 5.29B CAD | 16.73B CAD | 16.77B CAD | 16.80B CAD |
| Intangible Assets | 2.18B CAD | 2.16B CAD | 2.27B CAD | 2.42B CAD | 2.44B CAD | 2.27B CAD | 2.19B CAD | 5.22B CAD | 4.92B CAD | 4.76B CAD |
| Total Assets | 687.93B CAD | 709.58B CAD | 773.29B CAD | 852.20B CAD | 949.26B CAD | 988.17B CAD | 1.14T CAD | 1.35T CAD | 1.41T CAD | 1.48T CAD |
| Accounts Payable | 11.07B CAD | 11.11B CAD | 11.44B CAD | 12.51B CAD | 12.54B CAD | 13.82B CAD | 16.49B CAD | 71.05B CAD | 52.19B CAD | 62.90B CAD |
| Short-term Debt | 105.29B CAD | 122.30B CAD | 139.16B CAD | 154.54B CAD | 153.62B CAD | 183.84B CAD | 200.03B CAD | 214.64B CAD | 217.63B CAD | 248.31B CAD |
| Total Current Liabilities | 485.42B CAD | 496.87B CAD | 568.37B CAD | 600.47B CAD | 705.27B CAD | 760.68B CAD | 842.39B CAD | 1.03T CAD | 1.08T CAD | 1.13T CAD |
| Long-term Debt | 91.66B CAD | 102.40B CAD | 91.32B CAD | 127.25B CAD | 119.64B CAD | 100.78B CAD | 123.73B CAD | 136.69B CAD | 152.28B CAD | 163.57B CAD |
| Total Liabilities | 645.61B CAD | 665.23B CAD | 727.57B CAD | 801.12B CAD | 892.67B CAD | 930.65B CAD | 1.07T CAD | 1.27T CAD | 1.33T CAD | 1.39T CAD |
| Retained Earnings | 21.20B CAD | 23.71B CAD | 25.85B CAD | 28.73B CAD | 30.75B CAD | 35.50B CAD | 45.12B CAD | 44.01B CAD | 46.47B CAD | 47.38B CAD |
| Total Equity | 42.30B CAD | 44.35B CAD | 45.72B CAD | 51.08B CAD | 56.59B CAD | 57.52B CAD | 71.04B CAD | 76.09B CAD | 84.25B CAD | 88.05B CAD |
| Total Debt | 196.95B CAD | 224.69B CAD | 230.48B CAD | 281.79B CAD | 275.67B CAD | 287.36B CAD | 326.60B CAD | 354.84B CAD | 373.23B CAD | 415.19B CAD |
| Net Debt | 105.19B CAD | 131.53B CAD | 117.59B CAD | 160.48B CAD | 135.82B CAD | 122.68B CAD | 189.84B CAD | 209.98B CAD | 259.70B CAD | 311.04B CAD |
| Working Capital | -383.71B CAD | -394.59B CAD | -449.49B CAD | -473.37B CAD | -559.47B CAD | -589.30B CAD | -697.54B CAD | -820.62B CAD | -920.75B CAD | -967.10B CAD |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | 70.32B CAD | 67.29B CAD | 67.15B CAD | 77.29B CAD |
| Total Assets | 1.48T CAD | 1.46T CAD | 1.50T CAD | 1.54T CAD |
| Total Liabilities | 1.39T CAD | 1.37T CAD | 1.41T CAD | 1.45T CAD |
| Total Equity | 88.05B CAD | 85.70B CAD | 85.54B CAD | 86.57B CAD |
| Total Debt | 415.19B CAD | 168.46B CAD | 166.53B CAD | 167.42B CAD |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 4.63B CAD | 5.34B CAD | 5.45B CAD | 5.76B CAD | 5.10B CAD | 7.75B CAD | 13.54B CAD | 4.44B CAD | 7.33B CAD | 8.72B CAD |
| Depreciation & Amortization | 1.05B CAD | 1.10B CAD | 1.13B CAD | 1.21B CAD | 1.62B CAD | 1.56B CAD | 1.48B CAD | 2.09B CAD | 2.11B CAD | 2.18B CAD |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | -9.20B CAD | -4.26B CAD | 10.08B CAD | 21.23B CAD | 41.18B CAD | 34.34B CAD | -10.60B CAD | 1.96B CAD | 16.09B CAD | -4.01B CAD |
| Operating Cash Flow | -2.73B CAD | 2.91B CAD | 17.91B CAD | 29.30B CAD | 50.84B CAD | 44.05B CAD | 4.96B CAD | 9.59B CAD | 29.03B CAD | 10.24B CAD |
| Capital Expenditure | -611.0M CAD | -791.0M CAD | -886.0M CAD | -1.13B CAD | -1.03B CAD | -983.0M CAD | -1.45B CAD | -1.68B CAD | -1.56B CAD | -1.73B CAD |
| Acquisitions | -12.15B CAD | -25.0M CAD | -365.0M CAD | 0 | -186.0M CAD | 63.0M CAD | 1.23B CAD | -15.10B CAD | 0 | 0 |
| Stock Repurchased | 0 | -940.0M CAD | -1.29B CAD | -90.0M CAD | -76.0M CAD | 0 | -1.52B CAD | 0 | 0 | -3.40B CAD |
| Dividends Paid | -2.22B CAD | -2.01B CAD | -2.58B CAD | -2.75B CAD | -2.48B CAD | -2.98B CAD | -2.60B CAD | -2.70B CAD | -3.84B CAD | -5.03B CAD |
| Free Cash Flow | -3.34B CAD | 2.12B CAD | 17.03B CAD | 28.18B CAD | 49.80B CAD | 43.07B CAD | 3.51B CAD | 7.91B CAD | 27.47B CAD | 8.51B CAD |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | 12.77B CAD | 1.80B CAD | 9.12B CAD | -13.07B CAD |
| Capital Expenditure | -499.0M CAD | -384.0M CAD | -476.0M CAD | -572.3M CAD |
| Free Cash Flow | 12.27B CAD | 1.42B CAD | 8.65B CAD | -13.64B CAD |
| Dividends Paid | -1.23B CAD | -1.32B CAD | -1.26B CAD | -1.31B CAD |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +9.4% | +16.1% | +19.4% | -11.0% | -5.5% | +14.7% | +82.5% | +15.5% | -0.5% | |
| Net Income Growth (YoY) | +15.5% | +2.2% | +5.6% | -11.5% | +52.1% | +74.6% | -67.3% | +65.4% | +19.0% | |
| EPS Growth (YoY) | +14.1% | +3.2% | +6.0% | -12.8% | +53.6% | +72.8% | -71.2% | +65.2% | +20.3% | |
| Shares Change (YoY) | -2.4% | -1.1% | -0.7% | +0.3% | +1.0% | +2.6% | +6.7% | +2.5% | -0.7% | |
| FCF Growth (YoY) | +163.4% | +704.3% | +65.5% | +76.8% | -13.5% | -91.9% | +125.5% | +247.1% | -69.0% | |
| Gross Margin | 79.2% | 75.3% | 68.3% | 63.4% | 64.2% | 82.8% | 69.6% | 43.6% | 36.0% | 41.6% |
| Operating Margin | 22.5% | 23.8% | 22.9% | 18.8% | 18.5% | 31.6% | 48.0% | 8.7% | 12.1% | 14.8% |
| EBITDA Margin | 26.6% | 27.8% | 26.4% | 22.0% | 23.2% | 36.4% | 52.0% | 11.8% | 14.8% | 17.6% |
| Net Margin | 18.2% | 19.2% | 16.9% | 14.9% | 14.8% | 23.9% | 36.3% | 6.5% | 9.3% | 11.1% |
| FCF Margin | -13.1% | 7.6% | 52.7% | 73.0% | 144.9% | 132.6% | 9.4% | 11.6% | 35.0% | 10.9% |
| Effective Tax Rate | 19.2% | 19.5% | 26.4% | 20.8% | 19.7% | 24.4% | 24.3% | 25.4% | 23.2% | 24.5% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-5.00 | $3.25 | $26.40 | $44.00 | $77.56 | $66.39 | $5.27 | $11.14 | $37.70 | $11.77 |
| Dividends Per Share | $3.32 | $3.08 | $4.00 | $4.30 | $3.85 | $4.59 | $3.90 | $3.80 | $5.27 | $6.96 |
| Shares Outstanding (Basic) | 667.9 M | 652.0 M | 644.9 M | 640.4 M | 642.1 M | 647.2 M | 664.0 M | 709.4 M | 727.7 M | 721.9 M |
What to look at in Banking companies
- Efficiency Ratio (<=55%) — Operating expenses / revenue. Top banks below 55%.
- ROA (>=1%) — How much they earn per dollar of assets. ROE misleads in banks due to leverage.
- ROTCE (>=12%) — Return on Tangible Common Equity. Strips goodwill and intangibles.
- Equity / Assets (Tier 1 proxy) (>=8%) — Capital ratio proxy. Regulatory Tier 1 is not in our data.
- P/B (1.0-1.5x) — Classic banking metric. <1x can be opportunity or distress.
- Sustainable dividend yield (>=2%, <8%) — EU banks pay 5-7% normally. >8% is distress signal.
Profitability
| Return on Equity | 10.58% |
| Return on Invested Capital | 0.59% |
| Return on Assets | 0.59% |
| Gross Margin | 45.57% |
| Operating Margin | 15.85% |
| Net Margin | 11.75% |
Financial Health
| Debt / Equity | 1.93 |
| Current Ratio | 0.56 |
| Piotroski F-Score | 6 |
| Altman Z-Score | -0.61 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 12.29 | 12.47 | 12.04 | 11.25 | 10.49 | 11.68 | 6.26 | 18.17 | 13.32 | 15.17 |
| P/B | 1.35 | 1.45 | 1.39 | 1.22 | 0.90 | 1.52 | 1.17 | 0.98 | 1.10 | 1.43 |
| P/S | 2.24 | 2.31 | 1.96 | 1.62 | 1.48 | 2.70 | 2.23 | 1.09 | 1.18 | 1.61 |
| Gross Margin | 79.2% | 75.3% | 68.3% | 63.4% | 64.2% | 82.8% | 69.6% | 43.6% | 36.0% | 41.6% |
| Operating Margin | 22.5% | 23.8% | 22.9% | 18.8% | 18.5% | 31.6% | 48.0% | 8.7% | 12.1% | 14.8% |
| Net Margin | 18.2% | 19.2% | 16.9% | 14.9% | 14.8% | 23.9% | 36.3% | 6.5% | 9.3% | 11.1% |
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Explore sector: Financial Services · Banks - Diversified
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