Detailed financial statements for Canadian Imperial Bank of Commerce (CM): 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.
Canadian Imperial Bank of Commerce (CIBC) operates as a broad-based financial services provider, extending a wide array of financial offerings and solutions. Its diverse clientele includes individuals, corporations, government entities, and large institutional clients across Canada, the United States, and globally. The bank's operations are structured into four key divisions: Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.
Analysis Summary
Canadian Imperial Bank of Commerce reported revenue of 62.01B CAD in the most recent fiscal year, growing at a 5-year CAGR of 19.8%. Net income reached 8.43B CAD, with a 17.3% 5-year CAGR.
Trailing-twelve-month margins: gross margin 47.5%, operating margin 20.1%, net margin 16.1%. Free cash flow grew at -26.7% CAGR over 5 years.
At $117.69 (closing price, October 28, 2026), CM trades at a P/E of 16.10 and an ROE of 15.44%. Market capitalisation stands at $106.9B, placing it among large-cap names.
Balance sheet quality for CM: current ratio of 0.1, net debt of 263.01B 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 12.73B CAD represents 151% 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 | 18.16B CAD | 20.49B CAD | 25.14B CAD | 28.61B CAD | 25.14B CAD | 23.24B CAD | 31.30B CAD | 55.49B CAD | 64.02B CAD | 62.01B CAD |
| Cost of Revenue | 4.78B CAD | 5.45B CAD | 8.28B CAD | 11.43B CAD | 8.97B CAD | 3.44B CAD | 10.50B CAD | 34.20B CAD | 40.49B CAD | 35.33B CAD |
| Gross Profit | 13.39B CAD | 15.04B CAD | 16.86B CAD | 17.18B CAD | 16.17B CAD | 19.80B CAD | 20.80B CAD | 21.29B CAD | 23.52B CAD | 26.67B CAD |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 5.12B CAD | 5.48B CAD | 5.99B CAD | 6.08B CAD | 6.19B CAD | 6.69B CAD | 7.49B CAD | 7.85B CAD | 8.61B CAD | 9.66B CAD |
| Operating Expenses | 8.38B CAD | 9.16B CAD | 10.15B CAD | 10.71B CAD | 11.28B CAD | 11.48B CAD | 12.83B CAD | 14.32B CAD | 14.36B CAD | 15.73B CAD |
| Operating Income | 5.01B CAD | 5.88B CAD | 6.71B CAD | 6.47B CAD | 4.89B CAD | 8.32B CAD | 7.97B CAD | 6.97B CAD | 9.17B CAD | 10.94B CAD |
| EBITDA | 5.47B CAD | 6.42B CAD | 7.36B CAD | 7.31B CAD | 6.20B CAD | 9.34B CAD | 9.02B CAD | 8.12B CAD | 10.34B CAD | 12.12B CAD |
| Interest Expense | 3.73B CAD | 4.62B CAD | 7.44B CAD | 10.15B CAD | 6.48B CAD | 3.28B CAD | 9.54B CAD | 32.19B CAD | 38.49B CAD | 32.99B CAD |
| Pre-tax Income | 5.01B CAD | 5.88B CAD | 6.71B CAD | 6.47B CAD | 4.89B CAD | 8.32B CAD | 7.97B CAD | 6.97B CAD | 9.17B CAD | 10.94B CAD |
| Income Tax | 718.0M CAD | 1.16B CAD | 1.42B CAD | 1.35B CAD | 1.10B CAD | 1.88B CAD | 1.73B CAD | 1.93B CAD | 2.01B CAD | 2.48B CAD |
| Net Income | 4.28B CAD | 4.70B CAD | 5.27B CAD | 5.10B CAD | 3.79B CAD | 6.43B CAD | 6.22B CAD | 5.00B CAD | 7.12B CAD | 8.43B CAD |
| EPS | $5.36 | $5.63 | $5.85 | $5.61 | $4.12 | $6.98 | $6.70 | $5.17 | $7.29 | $8.62 |
| EPS (Diluted) | $5.35 | $5.62 | $5.83 | $5.60 | $4.11 | $6.96 | $6.68 | $5.17 | $7.28 | $8.57 |
| Shares Outstanding (Diluted) | 791.8 M | 827.1 M | 889.3 M | 890.9 M | 892.0 M | 900.4 M | 905.7 M | 916.2 M | 941.7 M | 940.7 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | 15.51B CAD | 15.84B CAD | 15.22B CAD | 16.21B CAD |
| Gross Profit | 6.95B CAD | 7.77B CAD | 7.36B CAD | 7.77B CAD |
| Operating Income | 2.79B CAD | 3.51B CAD | 3.20B CAD | 3.12B CAD |
| EBITDA | 3.12B CAD | 3.73B CAD | 3.50B CAD | 3.56B CAD |
| Net Income | 2.17B CAD | 3.10B CAD | 2.46B CAD | 2.40B CAD |
| EPS | $2.20 | $3.23 | $2.55 | $2.52 |
| EPS (Diluted) | $2.20 | $3.21 | $2.53 | $2.50 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 15.18B CAD | 15.65B CAD | 20.69B CAD | 22.83B CAD | 71.67B CAD | 69.27B CAD | 73.33B CAD | 63.17B CAD | 56.03B CAD | 55.75B CAD |
| Short-term Investments | 37.25B CAD | 40.16B CAD | 36.21B CAD | 46.80B CAD | 54.55B CAD | 54.00B CAD | 56.10B CAD | 61.33B CAD | 37.22B CAD | 37.06B CAD |
| Receivables | 9.08B CAD | 8.67B CAD | 10.41B CAD | 11.90B CAD | 8.99B CAD | 10.40B CAD | 19.76B CAD | 13.93B CAD | 15.13B CAD | 16.91B CAD |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 62.21B CAD | 65.17B CAD | 67.99B CAD | 82.27B CAD | 135.77B CAD | 134.25B CAD | 149.84B CAD | 139.04B CAD | 108.97B CAD | 110.32B CAD |
| Property, Plant & Equipment | 1.90B CAD | 1.78B CAD | 1.79B CAD | 1.81B CAD | 3.00B CAD | 3.29B CAD | 3.38B CAD | 3.25B CAD | 3.36B CAD | 3.44B CAD |
| Goodwill | 1.54B CAD | 5.37B CAD | 5.56B CAD | 5.45B CAD | 5.25B CAD | 4.95B CAD | 5.35B CAD | 5.42B CAD | 5.44B CAD | 5.47B CAD |
| Intangible Assets | 1.41B CAD | 1.98B CAD | 1.95B CAD | 1.97B CAD | 1.96B CAD | 2.03B CAD | 2.59B CAD | 2.74B CAD | 2.83B CAD | 2.89B CAD |
| Total Assets | 501.36B CAD | 565.26B CAD | 597.10B CAD | 651.60B CAD | 769.55B CAD | 837.68B CAD | 943.60B CAD | 975.69B CAD | 1.04T CAD | 1.12T CAD |
| Accounts Payable | 4.14B CAD | 4.95B CAD | 7.27B CAD | 8.44B CAD | 8.66B CAD | 8.85B CAD | 11.23B CAD | 13.24B CAD | 14.13B CAD | 14.03B CAD |
| Short-term Debt | 81.72B CAD | 102.09B CAD | 100.52B CAD | 122.63B CAD | 136.59B CAD | 148.11B CAD | 157.38B CAD | 164.77B CAD | 193.55B CAD | 214.95B CAD |
| Total Current Liabilities | 362.33B CAD | 426.35B CAD | 441.42B CAD | 493.15B CAD | 595.01B CAD | 651.90B CAD | 703.04B CAD | 734.62B CAD | 797.05B CAD | 848.45B CAD |
| Long-term Debt | 62.86B CAD | 65.29B CAD | 77.86B CAD | 75.40B CAD | 79.89B CAD | 87.94B CAD | 107.25B CAD | 116.84B CAD | 125.10B CAD | 140.88B CAD |
| Total Liabilities | 477.68B CAD | 534.03B CAD | 561.98B CAD | 613.02B CAD | 728.22B CAD | 791.85B CAD | 893.22B CAD | 922.53B CAD | 982.98B CAD | 1.05T CAD |
| Retained Earnings | 13.58B CAD | 16.10B CAD | 18.54B CAD | 20.97B CAD | 22.12B CAD | 25.79B CAD | 28.82B CAD | 30.35B CAD | 33.47B CAD | 36.47B CAD |
| Total Equity | 23.47B CAD | 31.04B CAD | 34.94B CAD | 38.39B CAD | 41.15B CAD | 45.65B CAD | 50.18B CAD | 52.93B CAD | 58.73B CAD | 64.13B CAD |
| Total Debt | 144.58B CAD | 167.38B CAD | 178.39B CAD | 198.03B CAD | 218.34B CAD | 236.05B CAD | 264.62B CAD | 281.62B CAD | 318.65B CAD | 355.82B CAD |
| Net Debt | 92.14B CAD | 111.56B CAD | 121.49B CAD | 128.40B CAD | 92.11B CAD | 112.79B CAD | 135.20B CAD | 157.12B CAD | 225.39B CAD | 263.01B CAD |
| Working Capital | -300.12B CAD | -361.17B CAD | -373.43B CAD | -410.88B CAD | -459.25B CAD | -517.64B CAD | -553.21B CAD | -595.58B CAD | -688.09B CAD | -738.14B CAD |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | 55.75B CAD | 47.77B CAD | 53.52B CAD | 57.49B CAD |
| Total Assets | 1.12T CAD | 1.13T CAD | 1.16T CAD | 1.18T CAD |
| Total Liabilities | 1.05T CAD | 1.07T CAD | 1.09T CAD | 1.11T CAD |
| Total Equity | 64.13B CAD | 65.32B CAD | 65.68B CAD | 67.23B CAD |
| Total Debt | 355.82B CAD | 358.91B CAD | 360.45B CAD | 177.88B CAD |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 4.29B CAD | 4.72B CAD | 5.28B CAD | 5.10B CAD | 3.79B CAD | 6.45B CAD | 6.24B CAD | 5.04B CAD | 7.15B CAD | 8.45B CAD |
| Depreciation & Amortization | 462.0M CAD | 542.0M CAD | 657.0M CAD | 838.0M CAD | 1.31B CAD | 1.02B CAD | 1.05B CAD | 1.14B CAD | 1.17B CAD | 1.18B CAD |
| Stock-based Compensation | 5.0M CAD | 7.0M CAD | 31.0M CAD | 16.0M CAD | 14.0M CAD | 19.0M CAD | 24.0M CAD | 13.0M CAD | 16.0M CAD | 20.0M CAD |
| Change in Working Capital | 5.25B CAD | -3.20B CAD | 3.23B CAD | 11.99B CAD | 53.69B CAD | -11.77B CAD | 15.56B CAD | 2.30B CAD | 2.86B CAD | 2.10B CAD |
| Operating Cash Flow | 10.21B CAD | 2.46B CAD | 9.87B CAD | 19.09B CAD | 60.30B CAD | -3.33B CAD | 22.71B CAD | 12.15B CAD | 11.09B CAD | 13.84B CAD |
| Capital Expenditure | -170.0M CAD | 201.0M CAD | -255.0M CAD | -723.0M CAD | -781.0M CAD | -839.0M CAD | -1.11B CAD | -1.01B CAD | -1.09B CAD | -1.11B CAD |
| Acquisitions | 0 | -2.52B CAD | -315.0M CAD | -25.0M CAD | 0 | 0 | -3.08B CAD | 0 | 0 | 0 |
| Stock Repurchased | -270.0M CAD | -7.0M CAD | -417.0M CAD | -109.0M CAD | -234.0M CAD | -15.0M CAD | -934.0M CAD | 0 | -423.0M CAD | -3.08B CAD |
| Dividends Paid | -1.75B CAD | -1.43B CAD | -2.11B CAD | -2.41B CAD | -2.57B CAD | -2.65B CAD | -2.97B CAD | -2.26B CAD | -2.95B CAD | -3.99B CAD |
| Free Cash Flow | 10.04B CAD | 2.66B CAD | 9.61B CAD | 18.36B CAD | 59.99B CAD | -4.17B CAD | 21.61B CAD | 11.14B CAD | 10.00B CAD | 12.73B CAD |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | -4.29B CAD | -2.15B CAD | 16.21B CAD | 2.45B CAD |
| Capital Expenditure | -388.0M CAD | -246.0M CAD | -320.0M CAD | -302.2M CAD |
| Free Cash Flow | -4.68B CAD | -2.40B CAD | 15.89B CAD | 2.15B CAD |
| Dividends Paid | -1.02B CAD | -1.09B CAD | -1.10B CAD | -1.10B CAD |
| Stock-based Compensation | 9.0M CAD | 12.0M CAD | 7.0M CAD | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +12.8% | +22.7% | +13.8% | -12.1% | -7.5% | +34.7% | +77.3% | +15.4% | -3.1% | |
| Net Income Growth (YoY) | +9.9% | +12.1% | -3.2% | -25.6% | +69.6% | -3.3% | -19.6% | +42.3% | +18.5% | |
| EPS Growth (YoY) | +5.0% | +3.9% | -4.1% | -26.6% | +69.4% | -4.0% | -22.8% | +41.0% | +18.2% | |
| Shares Change (YoY) | +4.5% | +7.5% | +0.2% | +0.1% | +0.9% | +0.6% | +1.2% | +2.8% | -0.1% | |
| FCF Growth (YoY) | -73.5% | +261.6% | +91.0% | +226.7% | -107.0% | +618.0% | -48.4% | -10.2% | +27.3% | |
| Gross Margin | 73.7% | 73.4% | 67.1% | 60.0% | 64.3% | 85.2% | 66.5% | 38.4% | 36.7% | 43.0% |
| Operating Margin | 27.6% | 28.7% | 26.7% | 22.6% | 19.5% | 35.8% | 25.5% | 12.6% | 14.3% | 17.6% |
| EBITDA Margin | 30.1% | 31.3% | 29.3% | 25.5% | 24.7% | 40.2% | 28.8% | 14.6% | 16.1% | 19.5% |
| Net Margin | 23.5% | 22.9% | 21.0% | 17.8% | 15.1% | 27.7% | 19.9% | 9.0% | 11.1% | 13.6% |
| FCF Margin | 55.3% | 13.0% | 38.2% | 64.2% | 238.6% | -17.9% | 69.0% | 20.1% | 15.6% | 20.5% |
| Effective Tax Rate | 14.3% | 19.8% | 21.2% | 20.8% | 22.5% | 22.5% | 21.7% | 27.7% | 22.0% | 22.7% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $12.68 | $3.21 | $10.81 | $20.61 | $67.25 | $-4.63 | $23.86 | $12.16 | $10.62 | $13.53 |
| Dividends Per Share | $2.21 | $1.72 | $2.37 | $2.70 | $2.88 | $2.94 | $3.28 | $2.47 | $3.13 | $4.24 |
| Shares Outstanding (Basic) | 790.8 M | 825.3 M | 886.2 M | 888.6 M | 890.9 M | 897.9 M | 903.3 M | 915.6 M | 939.4 M | 935.4 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 | 15.44% |
| Return on Invested Capital | 0.86% |
| Return on Assets | 0.86% |
| Gross Margin | 47.52% |
| Operating Margin | 20.10% |
| Net Margin | 16.13% |
Financial Health
| Debt / Equity | 2.65 |
| Current Ratio | 0.10 |
| Piotroski F-Score | 6 |
| Altman Z-Score | -0.60 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 9.38 | 10.08 | 9.71 | 10.00 | 12.06 | 10.81 | 9.23 | 9.46 | 11.96 | 13.46 |
| P/B | 1.69 | 1.51 | 1.44 | 1.30 | 1.08 | 1.48 | 1.11 | 0.85 | 1.39 | 1.69 |
| P/S | 2.19 | 2.29 | 2.00 | 1.74 | 1.76 | 2.92 | 1.79 | 0.81 | 1.28 | 1.75 |
| Gross Margin | 73.7% | 73.4% | 67.1% | 60.0% | 64.3% | 85.2% | 66.5% | 38.4% | 36.7% | 43.0% |
| Operating Margin | 27.6% | 28.7% | 26.7% | 22.6% | 19.5% | 35.8% | 25.5% | 12.6% | 14.3% | 17.6% |
| Net Margin | 23.5% | 22.9% | 21.0% | 17.8% | 15.1% | 27.7% | 19.9% | 9.0% | 11.1% | 13.6% |
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