Manulife Financial Corporation
TSX:MFC.TO · Toronto Stock Exchange
+$0.36 today
Vol 7.31M · Avg 6.21M
Income Statement
Follow revenue through to earnings
Review sales, margins, expenses, and profit trends to see what is actually driving reported earnings over time.
Stock Ticker Earnings Waterfall
TSX:MFC.TO · Revenue to Net Income
Key Ratios
Analysis
$53.6B of revenue converted into $6.4B of net income for the selected period. Gross margin is 56.8% and net margin is 12.6%, showing how much revenue survives after costs and taxes. EPS is $3.48, tying the income statement back to per-share earnings.
Income Statement
Annual data · 5 periods
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $53.0B +16.3% | $45.6B +7.7% | $42.3B +79.1% | $23.6B -60.5% | $59.8B | $809.6M | $921.6M | $731.2M |
| Cost of Revenue | $39.5B +29.6% | $30.5B +6.4% | $28.6B +26.6% | $22.6B -34.6% | $34.6B | $725.6M | $804.0M | $882.4M |
| Gross Profit | $13.5B -10.5% | $15.1B +10.4% | $13.7B +1265.4% | $1.0B -96.0% | $25.3B | $8.9B | $7.6B | $6.2B |
| Gross Margin | 25.5% -7.6pp | 33.1% +0.8pp | 32.3% +28.1pp | 4.2% -38.0pp | 42.2% | 9.8% | 28.9% | 38.3% |
| Research & Development | $0 | $0 | $0 | $0 | $0 | $983.2M | $1.3B | $490.4M |
| Selling, General & Admin | $4.9B +0.9% | $4.9B +12.2% | $4.3B +16.1% | $3.7B -52.3% | $7.8B | $620.6M | $923.0M | -$1.5B |
| Operating Expenses | $6.4B -19.8% | $8.0B +10.9% | $7.2B +74.6% | $4.1B -75.9% | $17.1B | $5.3B | $7.0B | $8.7B |
| Depreciation & Amortization | -$1.8B -21.4% | -$1.5B -6.4% | -$1.4B +3.9% | -$1.5B -378.6% | $529.0M | $374.2M | $1.2B | $631.8M |
| EBITDA | $6.8B -6.5% | $7.3B +10.2% | $6.6B +285.0% | -$3.6B -136.8% | $9.7B | -$15.2B | $6.8B | $9.3B |
| EBITDA Margin | 12.8% -3.1pp | 15.9% +0.4pp | 15.6% +30.7pp | -15.1% -31.2pp | 16.2% | 5.6% | 46.3% | 42.0% |
| Operating Income | $7.1B +0.1% | $7.1B +9.9% | $6.5B +305.6% | -$3.1B -138.6% | $8.1B | $12.3B | $14.0B | -$15.7B |
| Operating Margin | 13.4% -2.2pp | 15.6% +0.3pp | 15.2% +28.5pp | -13.3% -26.9pp | 13.6% | 16.6% | 24.1% | 22.0% |
| Interest Income | $19.1B +9.2% | $17.5B +8.4% | $16.1B +1.0% | $16.0B +1.7% | $15.7B | -$1.5B | -$1.6B | $405.0M |
| Interest Expense | $1.5B -9.0% | $1.7B +8.2% | $1.6B +47.9% | $1.1B +4.0% | $1.0B | $1.1B | $1.0B | $1.2B |
| Other Income / Expenses | $0 | $0 | $0 | $0 | $0 | -$1.5B | $1.4B | $1.2B |
| Income Before Tax | $7.1B +0.1% | $7.1B +9.9% | $6.5B +305.6% | -$3.1B -138.6% | $8.1B | $3.3B | $4.9B | $3.6B |
| Pre-Tax Margin | 13.4% -2.2pp | 15.6% +0.3pp | 15.2% +28.5pp | -13.3% -26.9pp | 13.6% | 20.8% | 18.7% | 26.2% |
| Income Tax Expense | $1.0B -14.7% | $1.2B +43.4% | $845.0M +172.9% | -$1.2B -195.5% | $1.2B | $1.3B | -$1.6B | $745.2M |
| Net Income | $5.8B +2.7% | $5.6B +3.1% | $5.5B +360.1% | -$2.1B -131.5% | $6.7B | $4.9B | $4.8B | $4.7B |
| Net Margin | 10.9% -1.4pp | 12.4% -0.6pp | 12.9% +21.8pp | -8.9% -20.0pp | 11.1% | 12.4% | 17.5% | 22.5% |
| EPS (Basic) | $3 +8.1% | $3 +8.8% | $3 +338.2% | -$1 -131.0% | $4 | $400.8M | $703.2M | $1.3B |
| EPS (Diluted) | $3 +8.1% | $3 +8.8% | $3 +337.3% | -$1 -131.1% | $4 | $766.2M | $609.4M | $452.6M |
| Weighted Avg Shares | $1.7B -4.3% | $1.8B -3.0% | $1.8B -4.0% | $1.9B -1.6% | $1.9B | $757.8M | $925.8M | $1.1B |
| Weighted Avg Shares (Diluted) | $1.7B -4.3% | $1.8B -2.9% | $1.8B -3.9% | $1.9B -1.7% | $1.9B | $1.2B | $924.4M | $678.0M |
Older periods hidden.
Sign in to unlockCompetitors
Peer companies in the same sector
National Bank of Canada
TSX:NA.TO
$85.38B
Great-West Lifeco Inc.
TSX:GWO.TO
$80.79B
Sun Life Financial Inc.
TSX:SLF.TO
$61.58B
Power Corporation of Canada
TSX:POW.TO
$56.60B
PayPal Holdings, Inc.
PYPL.NE
$52.44B
Intact Financial Corporation
TSX:IFC.TO
$49.21B
Fairfax Financial Holdings Limited
TSX:FFH.TO
$46.80B
Power Financial Corporation
TSX:PWF-PZ.TO
$20.09B
SEC Filings
Recent regulatory filings
No filings found.
How much revenue does MFC.TO generate?
Manulife Financial Corporation (MFC.TO) reported $53.01B of revenue in fiscal 2025.
Is MFC.TO profitable?
Manulife Financial Corporation (MFC.TO) reported $5.78B of net income, with a net margin of 10.9%.
Explore More
Continue the stock analysis
Jump to another research area for this company.