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May 23, 2025CANADA FINANCIAL STATISTICS FOR ENTERPRISES, Q1 2025 In Q1 2025, Canadian enterprise net income before taxes (seasonally adjusted) was $161.154 billion. All broad industry categories reported positive income before taxes in Q1 2025 except for alcohol/tobacco/cannabis product manufacturing (-$2.854 billion), which had extraordinary one-time charges due to legal settlements. The largest values of net income before taxes were reported in miscellaneous financial intermediation ($16.717 billion), banking ($12.071 billion), construction ($11.442 billion), real estate ($10.902 billion), and oil/gas extraction ($10.177 billion).
Compared with Q4 2024, net income before taxes rose by $4.136 billion across all industries. Net income increased by $3.164 billion for financial/insurance industries largely on gains in banking life/medical/health insurance carriers, securities/commodities exchanges/portfolio management and central credit unions. Property/casualty insurance carriers reported the largest drop in net income before taxes among financial industries.
Net income for non-financial industries rose by $0.999 billion. Oil/gas extraction, petroleum refining and construction reported the largest gains in net income before taxes. Statistics Canada notes that oil/gas extraction and petroleum refinish incomes benefited from rising oil prices in January. Alcohol/tobacco/cannabis product manufacturers reported the largest decline - shifting to a net loss before taxes due to one-time expenses associated with legal settlements.
Measured as a share of revenue, income before taxes averaged 10.2% across all industries; 22.5% for financial industries and 8.3% for non-financial industries. Income as a share of revenues was little changed for non-financial industries and up for financial industries.
Measured as a share of revenue, income before taxes was highest in miscellaneous financial intermediation (72.9% of revenues), followed by securities/exchanges/portfolio management (51.5%) and other non-depository credit intermediation (28.6%). Outside of financial industries, income before taxes as a share of revenue was highest in: real estate (32.2%), education/health/social assistance (25.2%, including daycares), oil/gas extraction (17.5%) and rentals/leasing (17.3%). Alcohol/tobacco/cannabis manufacturing's net loss amounted to 63.4% of revenues.
Source: Statistics Canada. Table 33-10-0226-01 Quarterly balance sheet and income statement, by industry, seasonally adjusted (x 1,000,000)
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