Quarterly financial statistics for enterprises, fourth quarter 2025
Released: 2026-02-25
$205.6 billion
Fourth quarter 2025
Canadian corporations reported operating profit of $205.6 billion in the fourth quarter, up $2.0 billion (+1.0%) from the third quarter. This increase was driven by the non-financial industries and supported by the financial industries. Compared with the same quarter one year earlier, Canadian corporations' operating profit increased by $14.1 billion (+7.4%).
In the fourth quarter, operating profit for the non-financial industries rose by $1.3 billion (+1.3%) to $105.9 billion. Gains were recorded in 24 of 39 non-financial industries.
The financial industries also reported higher operating profits in the fourth quarter, up by $638 million (+0.6%) to $99.8 billion. Quarterly gains were reported in 8 of 13 financial industries.
Consult the Quarterly Survey of Financial Statistics: Visualization Tool for a comprehensive overview of the quarterly changes in the financial performance of enterprises.
Chart 1
Corporate operating profit (seasonally adjusted)
Operating profit for the non-financial industries driven by high metal prices
The mining and quarrying (except oil and gas) industry recorded the strongest gain in operating profit in the fourth quarter, rising by $601 million (+28.8%) from the previous quarter. This increase was attributed to higher precious metal prices and stronger gold exports, driven by elevated safe-haven demand amid heightened global trade frictions and broader economic uncertainty.
The primary metal and fabricated metal product and machinery manufacturing industry recorded a rise in operating profit, up $157 million (+4.0%) in the fourth quarter. This increase was supported by higher sales of primary metal products in the period.
Telecommunication industry benefits from the sports and media segments
Consolidated results for the telecommunication industry, which includes their sports and media segments, recorded an increase in operating profit of $481 million (+14.2%) in the fourth quarter. This gain reflects stronger performance in those segments, with growth in advertising and subscriber revenues.
Operating profit in the arts, entertainment and recreation, and accommodation and food services industry rose by $129 million (+5.0%), partly driven by stronger sales in special food services and drinking establishments.
Operating profits decline across motor vehicle supply chain segments
Operating profit for the motor vehicle and trailer manufacturing industry was down during the fourth quarter (-$459 million; -89.3%), driven by lower automobile production at assembly plants. Production volumes were affected by global semiconductor chip shortages, which disrupted supply chains in the fourth quarter.
The motor vehicle and motor vehicle parts and accessories merchant wholesalers were also affected by the semiconductor chip shortages and saw their operating profit decline by $57 million (-4.3%) on lower revenues in the fourth quarter.
The motor vehicle and parts retail industry reported a slight decrease in operating profit, edging down by $2.0 million (-0.1%) in the fourth quarter on lower sales at motor vehicle and parts dealers.
Lower refined petroleum prices drag down petroleum and coal product manufacturing operating profit
The petroleum and coal product manufacturing industry's operating profit was down $297 million (-8.3%) in the fourth quarter. This decrease was led by a decline in operating revenue of $735 million (-1.7%), which in turn was driven by lower refined petroleum product prices during the fourth quarter amid strong supply.
Financial industries post gains in operating profit on higher net interest income in banking
In the fourth quarter, operating profit for the banking and other depository credit intermediation industry increased by $2.0 billion (+6.8%). The gain was driven primarily by higher interest income (+7.1%), supported by an increase in interest revenues (+0.4%) and a decline in interest expenses (-2.5%). Non-interest income (+3.2%) also rose, largely reflecting stronger investment-related activities. The increases in interest income and non-interest income were partially offset by higher provisions for credit losses (+24.4%).
The miscellaneous intermediation industry, which comprises establishments primarily engaged in the buying or selling of financial contracts, partially offset the profitability gains seen across the financial industries, and recorded a decline in operating profit of $996 million (-4.2%). This downturn was led by a drop of $886 million (-3.5%) in operating revenue, largely due to lower investment interest income, reflecting a decrease in realized and unrealized gains and losses.
Note to readers
Quarterly financial statistics for enterprises are based on a sample survey and represent the activities of all corporations in Canada, except those that are government-controlled or not-for-profit. An enterprise can be a single corporation or a family of corporations under common ownership and/or control, for which consolidated financial statements are produced.
Since the second quarter of 2025, this analysis has shifted to operating profits in place of net income before taxes (NIBT). This change focuses on profits earned from normal business activities, excluding the effects of non-operating items and tax-related factors.
For non-financial industries, operating profits exclude interest and dividend revenue and capital gains/losses. For financial industries, these are included, along with interest paid on deposits.
This adjustment does not affect the structure or content of the financial data. All tables and figures will remain consistent and continue to include the full range of financial metrics, including NIBT.
Next release
Financial statistics for enterprises for the first quarter of 2026 will be released on May 25.
Products
Aggregate balance sheet and income statement data for Canadian corporations are now available.
Data from the Quarterly Survey of Financial Statements are also available.
Contact information
For more information, or to enquire about the concepts, methods or data quality of this release, contact us (toll-free 1-800-263-1136; 514-283-8300; infostats@statcan.gc.ca) or Media Relations (statcan.mediahotline-ligneinfomedias.statcan@statcan.gc.ca).
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