Canada Corporate Net Income Falls in Q1

Canadian corporations reported net income of C$151 billion in Q1 2026, below the revised C$155.4 billion in the prior quarter.

Meanwhile, operating profit increased to C$209.9 billion from C$205.8 billion in the previous period, led by non-financial industries where profit rose 3.1% to C$110.2 billion, with 21 of 39 industries reporting growth.

Oil and gas extraction was the largest contributor, as profit surged 34.8% on higher crude prices following supply disruptions linked to the March closure of the Strait of Hormuz.

Petroleum and coal product manufacturers also posted strong gains, with profit rising 34.6% to C$4.6 billion, the highest since Q2 2024, on higher refined product prices.

Financial industries recorded a 0.8% increase in operating profit to $99.7 billion, with the strongest contribution coming from securities and commodity exchanges and portfolio management and miscellaneous financial investment activities, up $1.1 billion (+11.6%) due to higher operating revenue.