Manulife reported calendar EPS of C$1.24 for the quarter ended September 30, beating the C$1.18 estimate by 5.1%. The results were mixed: core EPS hit a record and capital remained strong, but Global Wealth and Asset Management saw outflows, while investment-related items weighed on net income.
Manulife Financial Corp. (TSX: MFC) released its third-quarter results after the market closed on November 4, 2026. Calendar EPS was C$1.24, 5.08% above the C$1.18 estimate. The company also reported record core EPS. However, lower returns from alternative long-duration assets and public equities, along with derivative and hedge losses, pressured reported net income. For Canadian investors, the quarter showed solid operating momentum and a strong capital buffer, but uneven results across businesses.
Recent earnings trend
Manulife Financial Corp
MFC.TO
MFC.TO
Manulife Financial Corp
WealthAwesomeMarket cap
$100.77B
P/E
17.3x
Div. yield
3.08%
Div. / share
$1.90
52W high
$64.60
52W low
$43.46
1W change
-2.20%
Beta
0.75
Analyst Price Targets
Based on analyst covering MFC · as of Oct 21, 2026
Wall Street analysts forecast MFC stock price to rise 7.3% over the next 12 months.
Consensus
Moderately BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$65.47
+7.3% Upside
Previously C$65.53 on Oct 19, 2026
Current Price
C$61.00
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on MFC's historical volatility
30-Day Vol
22.4%
Annualized
90-Day Vol
19.2%
Annualized
Trend (90d)
+3.1%
Annualized drift
90d Mean
C$61.67
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$61.22 | C$56.66 – C$66.15 |
| 60 trading days | C$61.45 | C$55.08 – C$68.56 |
| 90 trading days | C$61.67 | C$53.94 – C$70.52 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
Analyst coverage: 8 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 2 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-12-31 | 2027-02-10 | — | 1.1800 | — |
| 2026-09-30 | 2026-11-04 | 1.2400 | 1.1800 | +5.1% |
| 2026-06-30 | 2026-08-05 | 1.0900 | 1.0800 | +0.9% |
| 2026-03-31 | 2026-05-13 | 1.0600 | 1.0900 | -2.8% |
| 2025-12-31 | 2026-02-11 | 0.8300 | 0.9500 | -12.6% |
| 2025-09-30 | 2025-11-12 | 1.1600 | 1.0400 | +11.5% |
Investor takeaway: The 5.1% calendar EPS beat is encouraging, but it doesn’t tell the whole story. Market-sensitive items weighed on reported net income, while core earnings grew and Manulife’s LICAT ratio remained strong at 136%. Investors may want to watch for signs that wealth-management outflows are easing and group-insurance results are improving. Visit the MFC stock page for more information about the company and its shares.
C$1.24 calendar EPS, 5.08% above estimate
The calendar EPS estimate was C$1.18. Separately, the earnings-call highlights reported 6% year-over-year growth in core EPS, which reached a record. These figures use different measures and shouldn’t be compared directly. The news coverage also cites adjusted EPS of US$0.89 against a US$0.83 Zacks estimate. Investors should compare figures only when they use the same reporting method.
Bull case
Core EPS reached a record, up 6% from a year earlier, with Asia leading core earnings growth. Core ROE was 17.8%, approaching management’s target of more than 18%. The contractual service margin balance grew 9%, supporting future earnings.
Manulife reported a 136% LICAT ratio, $25 billion above the supervisory target, and returned $5.3 billion to shareholders over the past 12 months. Its 3.08% dividend yield may appeal to Canadian investors seeking income, though the yield alone doesn’t show whether the dividend is safe.
Bear case
The earnings-call summary put net income at $1.4 billion. Lower-than-expected returns from alternative long-duration assets and public equities, along with derivative losses, weighed on results. Global Wealth and Asset Management had $3.6 billion in net outflows, and its core earnings fell 5% year over year.
Management also pointed to higher claims pressure in Canadian group insurance and unfavourable lapse experience in US life insurance. Despite the EPS beat, investors still face execution risks and exposure to market-sensitive earnings.
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