Canadian corporations reported an operating profit of $200.0 billion in the third quarter, up $7.4 billion (+3.8%) from the previous quarter. This growth was driven by the financial industries, which outperformed the non-financial industries. Compared with the same quarter one year earlier, Canadian corporations' operating profit increased by $9.7 billion (+5.1%).
Operating profit for the financial industries rose by $5.4 billion (+6.0%) to $95.5 billion in the third quarter, with just over half of the financial industries (7 out of 13) posting quarterly increases.
After falling in the previous quarter, operating profit for non-financial industries increased by $1.9 billion (+1.9%) to $104.5 billion in the third quarter. Increases were recorded in 25 of 39 non-financial industries.
Chart 1: Corporate operating profit (seasonally adjusted)
Description - Chart 1
Data table: Corporate operating profit (seasonally adjusted)
Source: Table 33-10-0226-01.
Financial industries report gains in operating profit
In the third quarter, operating profit for the banking and other depository credit intermediation industry rose $2.7 billion (+10.1%), driven by lower provisions for credit losses (-39.4%). Increased non-interest income (+48.6%), partially due to higher investment revenues and higher net interest income (+7.6%), also supported the gain in profit.
The miscellaneous intermediation industry, which comprises establishments primarily engaged in the buying or selling of financial contracts, recorded an increase in operating profit of $2.0 billion (+9.6%) in the third quarter. Higher non-interest income (+8.3%) from investment revenue after adjustments drove this increase.
Operating profit for the property and casualty insurance industry rose $821 million (+19.3%) in the third quarter. Insurance revenues (+2.3%) and investment revenues (+5.1%) increased during the quarter, offset in part by an increase in total claims and expenses (+6.0%), despite lower weather-related claims compared with the same quarter a year earlier.
Mildly offsetting these gains, the securities and commodity exchanges and portfolio management and miscellaneous financial investment industry recorded a decrease in operating profit of $363 million (-2.6%) in the third quarter, partially driven by lower non-interest income (-3.2%).
Operating profit rises in manufacturing industries
Manufacturing industries posted a rise in operating profit in the third quarter, up $1.4 billion (+6.6%) from the second quarter, as 10 of the 14 industries recorded gains.
The motor vehicle and trailer manufacturing industry posted the largest increase in operating profit for the manufacturing industry, up $1.1 billion in the third quarter. This increase was partly driven by a $178 million (+0.6%) rise in operating revenue, supported by higher motor vehicle production and sales, and lower operating expenses resulting from cost efficiencies. These cost efficiencies can be partly attributable to weak demand for certain electric vehicles, which led to temporary production shutdowns in the third quarter, along with workforce and operational adjustments to manage inventories more effectively.
In the third quarter, the pharmaceutical and medicine manufacturing, and soap, agricultural chemicals, paint and other chemical product manufacturing industry saw its operating profit rise by $191 million (+7.8%) on higher operating revenues.
Operating profit for the food and soft drink and ice manufacturing industry rose $65 million (+2.0%) in the third quarter, reflecting stronger consumer demand and continued price resilience across several food and beverage categories.
Higher metal prices drive the increase in operating profit for the mining and quarrying industry
The mining and quarrying (except oil and gas) industry posted the second-largest increase in operating profit among non-financial industries in the third quarter, up by $426 million (+24.8%) from the previous quarter. This increase was primarily driven by higher metal commodity prices during the quarter, when gold recorded its largest price gain since the second quarter of 2024.
Operating profit for the oil and gas extraction industry increased by $390 million (+4.5%) in the third quarter of 2025, mainly driven by a record-high in crude oil production and exports at the beginning of the quarter.
Arts, entertainment and recreation industry up on higher domestic tourism
Operating profit in the arts, entertainment and recreation, and accommodation and food services industry increased by $97 million (+4.1%) in the third quarter. The increase in operating profit was largely driven by Canada's tourism industry, which saw record-high revenues during the summer of 2025, according to Destination Canada. Strong domestic demand powered this growth, led by Canadians travelling across provinces in greater numbers than ever before.
Transportation industry profit declines amid flight attendants' strike
Operating profit for the transportation, postal and couriers services, and transportation support activities industry was negatively impacted in the third quarter, declining $299 million (-5.9%). This decrease was primarily caused by a work stoppage involving labour disruptions in the aviation sector, which led to widespread flight cancellations, reducing air transportation activity during the quarter.
The construction industry also partly countered the gains in operating profit across the non-financial industries, declining by $277 million (-4.4%) in the third quarter, as rising input costs, ongoing tariff pressures and supply-chain uncertainties weighed on the industry's results.
Note to readers
Upcoming changes
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 fourth quarter of 2025 will be released on February 25, 2026.
Contact information
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