Q2 net earnings +157% YoY to $226M on record advisory, equities; tax rate fell 1,150bp to 20.8%

Filed July 9, 2026 · Period ending May 31, 2026 · Compared to 10-Q Jul 9, 2025 · ~2 min read

Key Changes

• high

  Net earnings to common shareholders rose 157% to $226M in Q2 FY26 from $88M in Q2 FY25, driven by 35% revenue growth and an effective tax rate that fell to 20.8% from 32.3% (1,150 basis points), materially boosting after-tax earnings.

  MD&A: Earnings & Tax Rate verify on EDGAR →
• high

  Advisory revenues hit a record $674M (+47% YoY) and equities reached $601M (+14% YoY, also a record), reflecting sustained market share gains. Underwriting rebounded 62% to $531M after a 28% decline in the prior-year period.

  MD&A: Investment Banking & Equities verify on EDGAR →
• high

  The company recorded a $65.4M asset impairment charge in the first half of FY26 (zero in prior year) and is divesting Tessellis, with $295M in assets reclassified to held-for-sale and sale expected to close Q1 FY27.

  Notes: Impairment & Tessellis Divestiture verify on EDGAR →