Released: 2026-08-24
Canadian corporations’ operating profit, seasonally adjusted
$228.2 billion
Second quarter 2026
Operating profit reported by Canadian corporations rose to $228.2 billion in the second quarter, an increase of $20.1 billion (+9.7%) from the first quarter. The increase was driven by higher energy prices due to global political tensions and supply disruptions. The gain was mainly attributable to non-financial industries. Compared with the same quarter one year earlier, Canadian corporations’ operating profit was up by $29.7 billion (+15.0%) in the second quarter.
The non-financial industries reported higher operating profit in the second quarter, rising by $15.3 billion (+13.7%) to $126.6 billion. Quarterly gains were recorded in 32 of 39 non-financial industries.
Operating profit in the financial industries rose $4.9 billion (+5.0%) in the second quarter to $101.6 billion. Increases were reported in 9 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 in non-financial industries increases, driven by higher energy product prices
The oil and gas industry was the primary contributor to the increase in operating profit among non-financial industries in the second quarter, reporting a gain of $7.0 billion (+68.3%). The increase in the oil and gas industry was due to higher prices of crude energy products and crude energy exports amid the ongoing disruptions to oil and gas shipments through the Strait of Hormuz.
The petroleum and coal product manufacturing industry also recorded an increase in operating profit in the second quarter, rising by $6.0 billion (+121.0%) to $10.9 billion, its highest level since the start of the series in the first quarter of 2020. The increase reflected higher sales of petroleum and coal products in the second quarter of 2026, as refinery production ramped up following maintenance-related shutdowns in the previous quarter.
Operating profit for the pipeline transportation industry increased by $484 million (+30.6%) in the second quarter, coinciding with higher crude energy exports.
In the second quarter, the other retailers industry contributed the most to the increase in operating profit among retail industries, with operating profit rising by $205 million (+7.3%). This increase was supported by a $1.3 billion (+2.0%) rise in operating revenue during the quarter. The gasoline stations and fuel vendors sub-industry drove the increase in profitability, reflecting higher gasoline prices in the quarter.
Higher prices and exports support manufacturing operating profit
Operating profit for the manufacturing industries increased by $6.6 billion (+30.6%) to $28.2 billion in the second quarter, as 11 of 14 industries reported increases. Excluding petroleum and coal product manufacturing, operating profit for the manufacturing industries rose by $618 million (+3.7%).
The primary metal, fabricated metal product and machinery manufacturing industry was the second-largest contributor to the increase in operating profit, up $260 million (+6.1%) in the second quarter. Although US tariffs on this industry remained an obstacle, aluminum producers were the largest contributor to the gain, reflecting record-high prices and higher exports for unwrought aluminum and aluminum alloys in the quarter. Exports to countries other than the United States nearly doubled, driving the 15.2% gain in total unwrought aluminum exports in the second quarter.
The aerospace, rail and ship products and other transportation equipment manufacturing industry recorded a gain of $127 million (+19.4%) in the second quarter. The aerospace product and parts manufacturing sub-industry was the main contributor to the increase, driven by higher exports in the second quarter.
Financial industries report an increase in operating profit, led by higher operating revenue
In the second quarter, the miscellaneous intermediation industry, which comprises establishments primarily engaged in buying and selling financial contracts, generally on a spread basis, recorded the largest increase in operating profit for financial industries. Operating profit in the industry rose by $2.4 billion (+10.1%), supported by a $2.4 billion (+9.6%) increase in operating revenue.
The banking and other depository credit intermediation industry also recorded gains in operating profit, rising $1.1 billion (+3.1%) in the second quarter, mainly attributable to lower operating expenses.
The securities and commodity exchanges, portfolio management and miscellaneous financial investment activity industry also contributed to the increase in operating profit, rising $540 million (+5.2%) in the second quarter.
These gains were partially offset by a $204 million (-6.3%) decline in operating profit for life, health and medical insurance carriers, primarily due to higher expenses related to actuarial liabilities, which were counterbalanced in part by higher operating revenue recorded in the second quarter.
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 or 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.
Seasonally adjusted data are data that have been modified to eliminate the effect of seasonal and calendar influences to allow for more meaningful comparisons of economic conditions from period to period. For more information on seasonal adjustment, see Seasonal adjustment: Concepts and interpretation, 2026.
Revisions
This release of the Quarterly Survey of Financial Statements for the first quarter of 2026 includes revised estimates for all quarters of 2024 and 2025 resulting from a benchmarking exercise against the Annual Financial and Taxation Statistics for Enterprises, published on March 6, 2026.
Upcoming changes
Backcast data from the first quarter of 2002 to the fourth of 2009, along with revised backcast data from the first quarter of 2010 to the fourth quarter of 2019, will be published with our next release on November 23.
Next release
Financial statistics for enterprises for the third quarter of 2026 will be released on November 23.
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
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