Seven banks' Q3 2026 earnings reviewed. An entire industry deep dive. In one report.

Every one of the Big 6 reported, and I went through all six releases. Where the earnings came from, what the provisions are signaling, which dividends moved, and what you are paying for it now.
Then the part a quarter cannot tell you. How a bank makes money, what the oligopoly protects, where we sit in the credit cycle, the five metrics that matter and the three that mislead. All seven names with a thesis each, and my ranking of the six.

This is education, not personalized advice. Do your own due diligence.
Disclaimer: I own National Bank and Royal Bank. I review those two the same way I review the ones I don't own.

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Twenty years ago it was all about savings and loans. That is what is changing in the industry.

MIKE HEROUX

INSIDE THE REPORT

1. Revenue Diversification

How much of each bank still runs on Canadian retail, and which ones are carrying the quarter from somewhere else.

2. Earnings Growth

Which segments grew, which stalled, and how much of the growth came from the operating business.

3. Provisions for Credit Losses (PLCs)

The line that moves first when consumers get tight. What the six of them are signaling together.

4. Dividend Growth

Which banks raised, by how much, and where the payout ratio sits after the raise.

5. The Valuation Problem

What you are paying for the Big 6 today, next to what you have paid for them in the past.

6. Complete Industry Review

Six sections. The industry in plain English. Opportunities. Threats. The metrics that matter. The major players, all seven of them. And how I would think about it.

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Updated August 2026