Market capitalisation
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Share price multiplied by shares outstanding. It does not measure company cash.
Company analysis·BMO.TO
Preparing the analysis
We’re preparing the company’s analysis.
TSX·BMO.TO
Bank of Montreal
Share priceCA$241.42Price as of: Nov 6, 2026
Bank of Montreal (BMO.TO) is a company listed on TSX, classified under Banks - Diversified.
Bank of Montreal engages in the provision of diversified financial services primarily in North America.
Net revenue · FY 2025
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Sales generated during the period, before costs and expenses.
Net margin · FY 2025
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Net income as a proportion of revenue.
“Our take” and other explanations are generated with artificial intelligence from the data, without human review of each text. They are descriptive, not recommendations. Learn more
Explore questions
P1 · What does it do and how does it make money?
Of every $100 it takes in,34 come from Canadian Personal And Commercial Banking.
Canadian Personal And Commercial Banking is its largest source of revenue (33.8%), followed by United States Banking (31.7%). Here you will see what it sells, where, and how that mix is changing.
$36bnnet revenue in FY 2025
5business lines with data
52%of sales, in CANADA
Full fiscal year ended Oct 31, 2025
After that close
Q3 fiscal 2026, ended Jul 31, 2026: total revenue +12.6% against the same quarter a year earlier.
This is the revenue of the whole company. The split by lines and regions on this page is still that of the full fiscal year.01How it makes money
The data does not separate products from services.
Not all revenue behaves the same way. A one-off sale depends on someone buying again; a service is billed again and again while the customer stays.
Its business lines · FY 2025
02Where revenue comes from
Revenue is spread out.
Each rectangle is a business line and its size is the share of revenue it brings in. Select one to see the detail.
Area = share of total revenue for the year. It does not show profit: the company does not report what each line earns.
What is a segment's weight?
The part of everything the company takes in that comes from that line. If a line weighs 49%, then of every 100 in sales, 49 come from it.
How to read it
The more a line weighs, the more revenue depends on it. A high weight is neither good nor bad by itself: it shows where to look first.
03Where sales come from
It depends on one main market.
CANADA is its largest market, with 52.1% of sales. Each square is a region and its area is what it sells there.
Regions from largest to smallest · FY 2025
$2.2bn (6.1%) of revenue has no segment assigned in the published data.
04How the mix is changing
United States Banking is losing weight.
Weight of each part in 2024 and in 2025. A line gains weight when it grows faster than the total.
FY 2024FY 2025
pp = percentage points: the difference between two percentages (from 25% to 27% is 2 pp).
05Read with care
What we can deduce from the data. And what we cannot.
We can deduceWe cannot conclude
01
Capital Markets brought 26.8% of revenue growth while being 20.5% of total: it became the key growth driver in 2025.
That Capital Markets is the largest profit source: without margin by line, we do not know its final net impact.
02
Dependence on Canadian Personal And Commercial Banking is dropping: its growth share in 2025 is below its previous revenue weight.
That this line ceased to be strategic: it remains the largest in revenue, even as its growth role diminishes.
03
2025 growth relied mainly on Canada: its contribution to revenue increase far exceeded its overall weight.
That all growth in any one line came exclusively from Canada: no direct cross between lines and regions, so attribution isn’t supported.
04
Faster-growth lines (Capital Markets and Wealth Management) drove the mix shift, taking share from traditional banking.
That this redistribution guarantees higher profitability: without line margins, the effect on profit is unclear.
Our take
Recent growth relies increasingly on Capital Markets and Canada, though the spread of business lines and regions still anchors the overall revenue structure.
- 01Shown by the figures
Growth driver shifted in 2025
Growth came mainly from Capital Markets and Canada, both outpacing their prior share, while Canadian retail banking lost growth share and its revenue portion fell.
- 02Our interpretation
Spread across business lines and regions
Despite the dominance of Canada and Capital Markets in 2025 growth, the company still relies on several material lines and regions supporting a big part of overall revenue.
What is not proven
Knowing the exact combination of lines and regions behind profit would clarify if the outperformance of Capital Markets and Canada is sustainable.
See the calculations behind it
- Capital Markets brought CA$931M of the CA$3.5B by which revenue grew in FY 2025 (26.8%), although it weighed 19.9%. Without that line, the rest grew 9.7%.
- Dependence on Canadian Personal And Commercial Banking falls: from 34.9% of revenue in FY 2024 to 33.8% in FY 2025.
- Canada brings 52.1% of sales (49.1% in FY 2024).
- Capital Markets accounts for 26.8% of the change in revenue in FY 2025 and weighed 19.9%.
- Canada brought 79.2% of the growth in sales by region in FY 2025, weighing 52.7%.
With data to Nov 4, 2026. Analysis written by a language model from our calculations, which supply every figure. It is not investment advice.
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