BANK OF MONTREAL /CAN/ financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data BANK OF MONTREAL /CAN/ files with the SEC in its annual reports.

In CAD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	21,087	22,107	22,905	25,483	25,186	27,186	33,710	29,259	32,795	36,274
Pre-tax income	5,732	6,631	7,414	7,272	6,348	10,258	17,886	5,947	9,535	11,550
Income tax	1,101	1,292	1,961	1,514	1,251	2,504	4,349	1,510	2,208	2,825
Net income to minority interests	9	2						12	9	16
Net income	4,622	5,337	5,453	5,758	5,097	7,754	13,537	4,425	7,318	8,709
EPS, basic	6.94	7.93	8.19	8.68	7.56	11.60	20.04	5.77	9.52	11.46
EPS, diluted	6.92	7.90	8.17	8.66	7.55	11.58	19.99	5.76	9.51	11.44

Balance sheet

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	31,653	32,599	42,142	48,803	57,408	93,261	87,466	77,934	65,098	67,484
Property, plant and equipment		2,033	1,986	2,055	4,183	4,454	4,841	6,241	6,249	6,252
Goodwill	6,381	6,244	6,373	6,340	6,535	5,378	5,285	16,728	16,774	16,797
Intangible assets		2,159	2,272	2,424	2,442	2,266	2,193	5,216	4,925	4,758
Total assets		709,580	773,293	852,195	949,261	988,175	1,139,199	1,347,006	1,409,647	1,476,802
Total liabilities		665,235	727,572	801,119	892,668	930,652	1,068,161	1,270,883	1,325,361	1,388,702
Retained earnings		23,709	25,850	28,725	30,745	35,497	45,117	44,006	46,469	47,377
Shareholders' equity							71,038	76,095	84,250	88,051
Minority interests								28	36	49
Total equity	42,328	44,345	45,721	51,076	56,593	57,523	71,038	76,123	84,286	88,100
Total liabilities and equity		709,580	773,293	852,195	949,261	988,175	1,139,199	1,347,006	1,409,647	1,476,802

Cash flow statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	4,631	5,339	5,453	5,758	5,097	7,754	13,537	4,437	7,327	8,725
Cash from operations	-2,728	2,908	17,912	29,303	50,836	44,049	4,957	9,591	26,703	10,240
Capital expenditures	-224	-301	-330	-478	-399	-484	-777	-885
Cash from investing	-15,332	-3,155	-11,333	-19,580	-31,974	-299	-29,471	-21,157	-24,529	605
Share buybacks									-1,250	-500
Dividends paid	-2,219	-2,010	-2,582	-2,752	-2,475	-2,980	-2,595	-2,703	-3,840	-5,031
Cash from financing	8,046	1,996	2,737	-2,612	-10,304	-5,122	15,980	268	-15,085	-8,673
Exchange rate effect	1,372	-803	227	-450	47	-2,775	2,739	1,766	75	214
Net change in cash	-8,642	946	9,543	6,661	8,605	35,853	-5,795	-9,532	-12,836	2,386
Free cash flow	-2,952	2,607	17,582	28,825	50,437	43,565	4,180	8,706
Interest paid	4,561	5,826	9,249	12,956	9,679	5,864	9,557	33,747	45,092	43,135
Income taxes paid	1,201	1,338	1,261	1,209	1,537	2,167	2,374	2,591	2,450	2,831

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	31.8%	Pre-tax income / revenue.
Net margin	24.0%	Net income / revenue.
Operating cash flow margin	28.2%	Cash from operations / revenue.
Effective tax rate	24.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	10.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.6%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	10.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	2.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	19.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-13.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	11.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	20.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-17.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	8.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-61.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	27.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-27.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	4.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	7.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	4.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	9.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	9.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	94.0%	Total liabilities / total assets.
Goodwill and intangibles / assets	1.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	CA$66.50B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.03x	Revenue / average total assets.
Fixed asset turnover	5.80x	Revenue / average property, plant and equipment.

Per share

Metric	Value	How it is calculated
EPS, diluted	CA$11.44	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	CA$11.46	Net income per basic share, as reported (split-adjusted).
Payout ratio	57.8%	Dividends paid / net income, when net income is positive.

What was BANK OF MONTREAL /CAN/'s revenue in fiscal 2025?

BANK OF MONTREAL /CAN/ reported revenue of CA$36.27B for fiscal 2025, 10.6% higher than the year before.

Was BANK OF MONTREAL /CAN/ profitable in fiscal 2025?

Yes. Net income was CA$8.71B, a net margin of 24%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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