Detailed financial statements for National Bank of Canada (NA.TO): 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.
National Bank of Canada provides financial services to individuals, businesses, institutional clients, and governments in Canada and internationally. It operates through four segments: Personal and Commercial, Wealth Management, Financial Markets, and U.S. Specialty Finance and International. The Personal and Commercial segment offers banking, financing, and investing services to individuals, advisors, and businesses, as well as insurance operations.
Analysis Summary
National Bank of Canada reported revenue of 30.80B CAD in the most recent fiscal year, growing at a 5-year CAGR of 22.6%. Net income reached 4.02B CAD, with a 14.5% 5-year CAGR.
Trailing-twelve-month margins: gross margin 44.8%, operating margin 19.5%, net margin 14.9%. Free cash flow grew at -26.7% CAGR over 5 years.
At $211.73 (closing price, October 28, 2026), NA.TO trades at a P/E of 17.91 and an ROE of 14.36%. Market capitalisation stands at $58.6B, placing it among large-cap names.
Balance sheet quality for NA.TO: current ratio of 0.1, net debt of 116.65B 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 4.13B CAD represents 103% 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 | 5.36B CAD | 6.37B CAD | 7.14B CAD | 7.30B CAD | 11.12B CAD | 8.90B CAD | 9.62B CAD | 9.77B CAD | 10.83B CAD | 30.80B CAD |
| Cost of Revenue | -664.0M CAD | -203.0M CAD | -9.0M CAD | 0 | 3.22B CAD | 0 | 0 | -388.0M CAD | 17.60B CAD | 17.79B CAD |
| Gross Profit | 6.02B CAD | 6.57B CAD | 7.14B CAD | 7.30B CAD | 7.90B CAD | 8.90B CAD | 9.62B CAD | 10.16B CAD | 10.84B CAD | 13.01B CAD |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 2.16B CAD | 2.36B CAD | 2.47B CAD | 2.52B CAD | 2.67B CAD | 3.03B CAD | 3.28B CAD | 5.13B CAD | 3.73B CAD | 4.55B CAD |
| Operating Expenses | 6.02B CAD | 6.57B CAD | -903.0M CAD | 7.30B CAD | 7.90B CAD | 4.49B CAD | 4.93B CAD | 5.13B CAD | 5.51B CAD | 7.87B CAD |
| Operating Income | 2.03B CAD | 2.89B CAD | 3.21B CAD | 3.31B CAD | 3.09B CAD | 4.44B CAD | 4.69B CAD | 4.64B CAD | 4.54B CAD | 5.13B CAD |
| EBITDA | 1.88B CAD | 2.82B CAD | 3.05B CAD | 3.08B CAD | 2.96B CAD | 4.46B CAD | 4.73B CAD | 4.43B CAD | 5.06B CAD | 5.79B CAD |
| Interest Expense | 1.92B CAD | 2.35B CAD | 3.55B CAD | 4.58B CAD | 3.32B CAD | 2.20B CAD | 4.27B CAD | 13.19B CAD | 17.03B CAD | 16.78B CAD |
| Pre-tax Income | 1.48B CAD | 2.51B CAD | 2.78B CAD | 2.78B CAD | 2.54B CAD | 4.02B CAD | 4.28B CAD | 3.97B CAD | 4.78B CAD | 5.13B CAD |
| Income Tax | 225.0M CAD | 484.0M CAD | 544.0M CAD | 462.0M CAD | 453.0M CAD | 882.0M CAD | 894.0M CAD | 637.0M CAD | 961.0M CAD | 1.12B CAD |
| Net Income | 1.18B CAD | 1.94B CAD | 2.15B CAD | 2.26B CAD | 2.04B CAD | 3.14B CAD | 3.38B CAD | 3.34B CAD | 3.82B CAD | 4.02B CAD |
| EPS | $3.31 | $5.44 | $6.01 | $6.39 | $5.73 | $8.95 | $9.72 | $9.47 | $10.78 | $10.18 |
| EPS (Diluted) | $3.29 | $5.38 | $5.94 | $6.34 | $5.70 | $8.85 | $9.61 | $9.38 | $10.68 | $10.07 |
| Shares Outstanding (Diluted) | 339.9 M | 344.8 M | 343.2 M | 337.6 M | 337.6 M | 340.9 M | 340.8 M | 340.8 M | 342.8 M | 382.5 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | 8.08B CAD | 7.94B CAD | 8.07B CAD | 8.45B CAD |
| Gross Profit | 3.45B CAD | 3.65B CAD | 3.66B CAD | 3.80B CAD |
| Operating Income | 1.37B CAD | 1.64B CAD | 1.61B CAD | 1.71B CAD |
| EBITDA | 1.58B CAD | 1.80B CAD | 1.79B CAD | 1.71B CAD |
| Net Income | 1.06B CAD | 1.25B CAD | 1.23B CAD | 1.31B CAD |
| EPS | $2.60 | $3.12 | $3.10 | $3.29 |
| EPS (Diluted) | $2.57 | $3.08 | $3.06 | $3.25 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 8.18B CAD | 8.80B CAD | 12.76B CAD | 13.70B CAD | 29.14B CAD | 33.88B CAD | 31.87B CAD | 35.23B CAD | 31.55B CAD | 27.92B CAD |
| Short-term Investments | 1.58B CAD | 1.29B CAD | 1.31B CAD | 1.52B CAD | 5.57B CAD | 2.93B CAD | 4.47B CAD | 3.90B CAD | 4.20B CAD | 5.28B CAD |
| Receivables | 3.92B CAD | 3.73B CAD | 2.69B CAD | 2.10B CAD | 2.46B CAD | 3.36B CAD | 4.56B CAD | 6.19B CAD | 7.29B CAD | 5.60B CAD |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 13.69B CAD | 13.82B CAD | 16.76B CAD | 17.32B CAD | 37.17B CAD | 40.17B CAD | 41.30B CAD | 45.33B CAD | 43.04B CAD | 38.80B CAD |
| Property, Plant & Equipment | 1.34B CAD | 558.0M CAD | 601.0M CAD | 490.0M CAD | 1.16B CAD | 1.22B CAD | 1.40B CAD | 1.59B CAD | 1.87B CAD | 2.16B CAD |
| Goodwill | 1.41B CAD | 1.41B CAD | 1.41B CAD | 1.41B CAD | 1.41B CAD | 1.50B CAD | 1.52B CAD | 1.52B CAD | 1.52B CAD | 3.10B CAD |
| Intangible Assets | 1.14B CAD | 1.24B CAD | 1.31B CAD | 1.41B CAD | 1.43B CAD | 1.27B CAD | 1.36B CAD | 1.26B CAD | 1.23B CAD | 1.75B CAD |
| Total Assets | 232.21B CAD | 245.83B CAD | 262.47B CAD | 281.46B CAD | 331.62B CAD | 355.62B CAD | 403.74B CAD | 423.58B CAD | 462.23B CAD | 576.92B CAD |
| Accounts Payable | 2.88B CAD | 3.33B CAD | 3.60B CAD | 3.49B CAD | 3.27B CAD | 3.76B CAD | 4.38B CAD | 5.15B CAD | 6.58B CAD | 7.73B CAD |
| Short-term Debt | 12.04B CAD | 12.51B CAD | 12.76B CAD | 18.19B CAD | 13.38B CAD | 18.21B CAD | 17.07B CAD | 20.77B CAD | 32.73B CAD | 105.61B CAD |
| Total Current Liabilities | 89.04B CAD | 38.26B CAD | 127.55B CAD | 141.21B CAD | 170.83B CAD | 307.19B CAD | 204.20B CAD | 220.28B CAD | 349.15B CAD | 450.59B CAD |
| Long-term Debt | 21.40B CAD | 21.57B CAD | 23.99B CAD | 23.73B CAD | 22.49B CAD | 24.85B CAD | 27.25B CAD | 32.22B CAD | 41.59B CAD | 43.59B CAD |
| Total Liabilities | 220.10B CAD | 232.27B CAD | 248.12B CAD | 266.32B CAD | 315.24B CAD | 336.94B CAD | 381.99B CAD | 399.90B CAD | 436.68B CAD | 543.15B CAD |
| Retained Earnings | 6.71B CAD | 7.71B CAD | 8.47B CAD | 9.31B CAD | 10.44B CAD | 12.85B CAD | 15.14B CAD | 16.74B CAD | 18.63B CAD | 20.37B CAD |
| Total Equity | 11.29B CAD | 12.75B CAD | 13.98B CAD | 14.78B CAD | 16.38B CAD | 18.68B CAD | 21.74B CAD | 23.68B CAD | 25.55B CAD | 33.77B CAD |
| Total Debt | 33.43B CAD | 34.08B CAD | 36.75B CAD | 41.91B CAD | 36.49B CAD | 43.64B CAD | 44.88B CAD | 53.51B CAD | 74.78B CAD | 149.84B CAD |
| Net Debt | 23.67B CAD | 23.98B CAD | 22.68B CAD | 26.70B CAD | 1.79B CAD | 6.83B CAD | 8.54B CAD | 14.38B CAD | 39.03B CAD | 116.65B CAD |
| Working Capital | -75.35B CAD | -24.43B CAD | -110.80B CAD | -123.89B CAD | -133.66B CAD | -267.02B CAD | -162.90B CAD | -174.95B CAD | -306.11B CAD | -411.79B CAD |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | 27.92B CAD | 36.77B CAD | 43.43B CAD | 47.76B CAD |
| Total Assets | 576.92B CAD | 605.87B CAD | 617.73B CAD | 635.16B CAD |
| Total Liabilities | 543.15B CAD | 572.65B CAD | 584.15B CAD | 600.49B CAD |
| Total Equity | 33.77B CAD | 33.22B CAD | 33.58B CAD | 34.67B CAD |
| Total Debt | 149.84B CAD | 97.51B CAD | 98.78B CAD | 102.67B CAD |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 1.26B CAD | 2.02B CAD | 2.23B CAD | 2.32B CAD | 2.08B CAD | 3.14B CAD | 3.38B CAD | 3.34B CAD | 3.82B CAD | 4.02B CAD |
| Depreciation & Amortization | 417.0M CAD | 351.0M CAD | 302.0M CAD | 328.0M CAD | 448.0M CAD | 456.0M CAD | 481.0M CAD | 524.0M CAD | 514.0M CAD | 654.0M CAD |
| Stock-based Compensation | 182.0M CAD | 261.0M CAD | 187.0M CAD | 260.0M CAD | 187.0M CAD | 436.0M CAD | 254.0M CAD | 240.0M CAD | 17.0M CAD | 24.0M CAD |
| Change in Working Capital | 3.32B CAD | -904.0M CAD | 3.08B CAD | 5.58B CAD | 16.78B CAD | 2.48B CAD | -5.92B CAD | -7.64B CAD | 196.0M CAD | -1.05B CAD |
| Operating Cash Flow | 5.44B CAD | 1.52B CAD | 5.86B CAD | 8.28B CAD | 19.98B CAD | 9.31B CAD | -1.92B CAD | 5.17B CAD | 4.65B CAD | 4.63B CAD |
| Capital Expenditure | 51.0M CAD | -94.0M CAD | -164.0M CAD | -144.0M CAD | -182.0M CAD | -217.0M CAD | -296.0M CAD | -352.0M CAD | -703.0M CAD | -502.0M CAD |
| Acquisitions | -119.0M CAD | 0 | -187.0M CAD | 187.0M CAD | 0 | -73.0M CAD | 0 | 651.0M CAD | 0 | 131.0M CAD |
| Stock Repurchased | -176.0M CAD | -115.0M CAD | -877.0M CAD | -281.0M CAD | -380.0M CAD | -800.0M CAD | -245.0M CAD | 0 | 0 | -213.0M CAD |
| Dividends Paid | -600.0M CAD | -846.0M CAD | -918.0M CAD | -992.0M CAD | -1.30B CAD | -1.10B CAD | -1.32B CAD | -1.50B CAD | -1.64B CAD | -1.95B CAD |
| Free Cash Flow | 5.17B CAD | 1.25B CAD | 5.38B CAD | 7.78B CAD | 19.47B CAD | 5.55B CAD | -2.59B CAD | 4.51B CAD | 3.95B CAD | 4.13B CAD |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | 1.01B CAD | -688.0M CAD | 3.78B CAD | 2.31B CAD |
| Capital Expenditure | -184.0M CAD | -34.0M CAD | -47.0M CAD | -51.0M CAD |
| Free Cash Flow | 830.0M CAD | -722.0M CAD | 3.73B CAD | 2.25B CAD |
| Dividends Paid | -509.0M CAD | -526.0M CAD | -519.0M CAD | -554.0M CAD |
| Stock-based Compensation | 6.0M CAD | 6.0M CAD | 6.0M CAD | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +18.8% | +12.1% | +2.3% | +52.3% | -19.9% | +8.0% | +1.6% | +10.8% | +184.3% | |
| Net Income Growth (YoY) | +64.3% | +10.6% | +5.2% | -9.5% | +53.8% | +7.8% | -1.4% | +14.4% | +5.2% | |
| EPS Growth (YoY) | +64.4% | +10.5% | +6.3% | -10.3% | +56.2% | +8.6% | -2.6% | +13.8% | -5.6% | |
| Shares Change (YoY) | +1.4% | -0.4% | -1.6% | -0.0% | +1.0% | -0.0% | -0.0% | +0.6% | +11.6% | |
| FCF Growth (YoY) | -75.8% | +329.0% | +44.7% | +150.3% | -71.5% | -146.7% | +274.2% | -12.5% | +4.7% | |
| Gross Margin | 112.4% | 103.2% | 100.1% | 100.0% | 71.0% | 100.0% | 100.0% | 104.0% | 100.1% | 42.2% |
| Operating Margin | 37.9% | 45.4% | 45.0% | 45.3% | 27.8% | 49.8% | 48.8% | 47.5% | 42.0% | 16.7% |
| EBITDA Margin | 35.2% | 44.4% | 42.7% | 42.2% | 26.6% | 50.0% | 49.2% | 45.3% | 46.7% | 18.8% |
| Net Margin | 22.1% | 30.5% | 30.1% | 30.9% | 18.4% | 35.3% | 35.2% | 34.1% | 35.2% | 13.0% |
| FCF Margin | 96.5% | 19.7% | 75.3% | 106.5% | 175.1% | 62.3% | -26.9% | 46.2% | 36.5% | 13.4% |
| Effective Tax Rate | 15.2% | 19.3% | 19.6% | 16.6% | 17.9% | 21.9% | 20.9% | 16.0% | 20.1% | 21.8% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $15.21 | $3.63 | $15.66 | $23.03 | $57.67 | $16.27 | $-7.60 | $13.25 | $11.52 | $10.81 |
| Dividends Per Share | $1.77 | $2.45 | $2.67 | $2.94 | $3.85 | $3.23 | $3.89 | $4.41 | $4.78 | $5.10 |
| Shares Outstanding (Basic) | 337.5 M | 340.8 M | 339.4 M | 335.1 M | 335.5 M | 337.2 M | 337.1 M | 337.7 M | 339.7 M | 378.5 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 | 14.36% |
| Return on Invested Capital | 0.76% |
| Return on Assets | 0.76% |
| Gross Margin | 44.76% |
| Operating Margin | 19.47% |
| Net Margin | 14.92% |
Financial Health
| Debt / Equity | 2.96 |
| Current Ratio | 0.66 |
| Piotroski F-Score | 5 |
| Altman Z-Score | -0.66 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 14.47 | 11.51 | 9.94 | 10.64 | 11.16 | 11.47 | 9.54 | 9.10 | 12.32 | 15.39 |
| P/B | 1.43 | 1.67 | 1.45 | 1.54 | 1.31 | 1.85 | 1.44 | 1.23 | 1.77 | 1.76 |
| P/S | 3.02 | 3.35 | 2.84 | 3.12 | 1.93 | 3.89 | 3.25 | 2.98 | 4.17 | 1.93 |
| Gross Margin | 112.4% | 103.2% | 100.1% | 100.0% | 71.0% | 100.0% | 100.0% | 104.0% | 100.1% | 42.2% |
| Operating Margin | 37.9% | 45.4% | 45.0% | 45.3% | 27.8% | 49.8% | 48.8% | 47.5% | 42.0% | 16.7% |
| Net Margin | 22.1% | 30.5% | 30.1% | 30.9% | 18.4% | 35.3% | 35.2% | 34.1% | 35.2% | 13.0% |
Related companies: RY.TO · TD.TO · BMO.TO · CM.TO · BNS.TO
Explore sector: Financial Services · Banks - Diversified
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