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Visit this year's Top 1000 rankings of Canada's most profitable companies and find more tables, multimedia and analysis in Report on Business's full Top 1000 section.

For ranking purposes, figures from companies that report in foreign currencies have been converted to Canadian dollars and partial-year results have been annualized. Foreign currencies are converted at the end of the relevant fiscal period.

1. Company reports in U.S. dollars.
3. Figures have been annualized in latest year.
4. Figures have been annualized in previous year.
5. Figures have been annualized in previous three through five years.


Canada's banks set records in 2012, with the Big Six combining for more than $29 billion in profits. That figure left even the most skeptical analysts amazed at the industry's ability to defy gravity, even when confronted by a slumping economy. But those unprecedented profits came against a sobering backdrop: For more than a year, evidence has been mounting that the pace of growth in the banking sector is starting to slow down. The signs of looming sluggishness are everywhere: Consumers, the key drivers of the Canadian economy, are tapped out, with record levels of household debt crimping their ability to borrow and spend—which means less profit from credit cards and lines of credit. Meanwhile, the housing market has been softening for the past few quarters, pushing down demand for mortgages, which are the biggest drivers of bank balance sheets across this country. And stock markets have been up and down, producing less-than-reliable trading revenues for the capital markets operations of the major banks. For investors, this confluence of events means the days of banks effortlessly churning out gaudy double-digit growth numbers are probably going the way of the paper bankbook. And stock prices for the Big Six will trend accordingly. But will the banks still be growing? Yes. Count on it. Even a slowing bank sector is still wildly profitable. Don't expect net incomes to start falling—growth rates in the mid-to-low single digits will be the new reality. But context is key: Even at that rate, the Big Six will still have no problem sprinting past the $30-billion mark this year, setting new profit records along the way. It's almost guaranteed.
- By Grant Robertson

1. Royal Bank of Canada(Oc12). Revenue: 34,505,000

2. Toronto-Dominion Bank(Oc12), Revenue: 30,334,000

3. Bank of Nova Scotia(Oc12), Revenue: 26,852,000

4. Bank of Montreal(Oc12), Revenue: 20,967,000

5. Canadian Imperial Bank of Commerce(Oc12), Revenue: 17,130,000

6. National Bank of Canada(Oc12), Revenue: 7,102,000

7. HSBC Bank Canada(De12), Revenue: 3,242,000

8. Laurentian Bank of Canada(Oc12), Revenue: 1,440,979

9. ING Bank of Canada(De12), Revenue: 1,259,151

10. Amex Bank of Canada(De12), Revenue: 1,074,737


Transportation companies—at least the biggest Canadian blue chips—find themselves in the somewhat uncomfortable position of having to match their recent soaring successes.

Demand has been unstoppable, with both WestJet and Air Canada seeing months of record load factors—industry lingo for planes full to the brim—and airlines stretched to keep flights on time and operations running smoothly. Yet, with success comes more competition. The arrival this summer of both Air Canada's new discount subdivision, Rouge, and the new regional feeder carrier, WestJet Encore, mean more seats to fill, more choice of flights and a greater chance of fare wars. Good for travellers, potentially not so good for an airline's bottom line.

Meanwhile, on the ground, Canadian National appears to be improving reliability and costs after a harsh winter, while Canadian Pacific continues its wholesale, company-wide revamp under its tough-as-nails new chief executive, railway veteran Hunter Harrison. The strong growth in deliveries of crude oil by rail is the industry's current aphrodisiac. But as with airlines, the question is whether railways can continue to meet or exceed industry watchers' high expectations.
- By Guy Dixon

1. Air Canada(De12), Revenue: $12,263,000

2.  Canadian National Railway Co.(De12), Revenue: $10,235,000

3.  Canadian Pacific Railway Ltd.(De12), Revenue: $5,704,000

4.  Transat A.T.(Oc12), Revenue: $3,724,777

5. WestJet Airlines(De12), Revenue: $3,440,818

6. TransForce Inc.(De12), Revenue: $3,165,097

7. Chorus Aviation(De12), Revenue: $1,719,614

8. Mullen Group(De12), Revenue: $1,433,765

9. NAV Canada(Au12), Revenue: $1,230,000

10. Exchange Income(De12), Revenue: $800,573


It has been a painful year for the global mining sector, with billions of dollars in writedowns hitting the industry. Deals that made sense four or five years ago amid high commodity prices have lost their lustre. The balance sheet carnage has hit everyone from Rio Tinto and Anglo American to Barrick Gold and Kinross Gold.

Weaker-than-expected demand for an array of commodities hurt prices for just about everything that gets pulled from the ground, from aluminum to iron ore. Mining companies must also cope with political risks in resource nationalism. Toronto-based Barrick, for instance, had to rework its arrangement in the Dominican Republic after authorities seized a gold shipment in March, citing inadequate economic benefits for the Caribbean country. In May, Barrick said it resolved the dispute over the Pueblo Viejo mine, which it operates with a 60% interest (Vancouver-based Goldcorp Inc. holds a 40% stake).

For miners around the world lured by potential high rewards, 2013 serves as a stark reminder that high risks accompany exploration and production. Gold bugs, in particular, suffered as the yellow metal's price swooned earlier this year. With miners focused on protecting their existing operations, don't expect a flurry of major new projects to be announced any time soon. And forget about a frenzy of activity for mergers and acquisitions. Even though there will be tempting takeover targets, suitors are wary of overpaying, given the slowdown in the mining sector.
- By Brent Jang

1. Teck Resources(De12), Revenue: $10,537,000

2. Rio Tinto Alcan Inc.(De12)1, Revenue: $10,105,000 (U.S.)

3. Vale Canada(De12), Revenue: $5,972,000

4. First Quantum Minerals(De12)1,Revenue: $4,194,900 (U.S.)

5. Cameco Corp.(De12), Revenue: $2,388,227

6. Sherritt International(De12), Revenue: $1,861,400

7. Teck Highland Valley Copper(De12), Revenue: $1,012,000

8. Lundin Mining(De12)1, Revenue: (U.S.)$834,916

9. Alacer Gold(De12)1, Revenue: (U.S.)$759,145

10. HudBay Minerals(De12), Revenue: $710,069


The country's big three telecom players overpowered their new wireless competitors in short order, sending Wind, Mobilicity and Public Mobile scrambling for financial saviours. It briefly looked as if Telus, Rogers and BCE's Bell Canada would be able to pick up the vanquisheds' assets, but in June, Ottawa rejected Telus's $380-million plan to buy Mobilicity. This intervention—combined with new regulations on wireless contracts announced by the CRTC the same week—signalled that Ottawa is prepared to force changes when the market fails to deliver them. For now, it looks as if the incumbents have doused new competition only to incur fresh regulation.

The government has still not given up on the idea of a viable fourth player. When it auctions the next swath of public airwaves early next year, Ottawa will limit the amount of spectrum available to incumbents to ensure new players aren't muscled out. The door has also been opened for foreigners to invest in the upstart challengers. And in June, Public Mobile received financial backing from two private equity firms, one in Toronto and the other in New York. The stage is set for an interesting year. At press time, BCE was hoping for regulatory approval to complete its media empire through the $3-billion acquisition of Astral Media. And Manitoba Telecom Services had spruced up its market appeal by dumping its Allstream division. For the big three, there have never been so many tempting assets on the market, nor such an active body of regulators watching over them.
- By Simon Avery

1. Bombardier Inc.(De12)1,4, Revenue:(U.S.)$17,445,000

2. Research In Motion(Ma13)1, Revenue: (U.S.)$11,088,000

3. Catamaran Corp.(De12)1, Revenue: (U.S.)$9,940,120

4. IBM Canada(De12), Revenue: $8,915,000

5. Rogers Wireless(De12), Revenue: $7,280,000

6. Celestica Inc.(De12)1, Revenue: (U.S.)$6,507,200

7. Bell Mobility(De12), Revenue: $5,573,000

8. Apple Canada(Se12), Revenue: $5,067,109

9. CGI Group(Se12), Revenue: $4,786,857

10. Siemens Canada(Se12), Revenue: $3,395,000


For more than two years, Canadian retailers raced to prepare for Target's arrival in March. They studied how it operates, polished their operations and accentuated their own strengths. But they still haven't felt the full blow of the Minneapolis-based retailer's launch. By the summer, Target will have opened fewer than half of the 124 outlets it plans this year. For incumbents, it's the single biggest game changer since Walmart opened its first outlets here in 1994.

Still, Target has faced some setbacks, including empty shelves and customers complaining of higher prices here than in the U.S. Prices are similar enough to Walmart's, however, that Target is putting deflationary pressure on rivals. Adding to the squeeze is the fact that Walmart snapped up 39 Zellers leases from Target and quickly converted them to Walmart outlets.

It all adds up to lower sales. In the coming year, retail revenue will inch up just 1.5%, according to consultant Ed Strapagiel, compared with 2.5% last year and 4.1% in 2011. As Sarah Davis, chief financial officer at grocery giant Loblaw Cos., puts it: "What you should expect from Loblaw in 2013 is some sales growth, but it will be moderated by the fact that we've got an environment of deflation, as well as a very competitive number of square feet that are coming to the market, both from Walmart and Target."

At the high end, U.S.-based Nordstrom will start opening its first Canadian stores in the fall of 2014, with plans soon after for its lower-cost Rack outlets. In the tightening environment, there will be little room for retail missteps.
- By Marina Strauss

1. Walmart Canada(Ja13)1, Revenue: (U.S.)$23,435,000

2. Costco Wholesale Canada(Se12)1, Revenue: (U.S.)$15,717,000

3. Canadian Tire Corp.(De12), Revenue: $11,189,800

4.  Shoppers Drug Mart(De12), Revenue: $10,781,848

5.  Home Depot of Canada(Fe13)1, Revenue: (U.S.)$7,225,000

6.  Home Hardware Stores(De12), Revenue: $5,093,000

7.  Rona Inc.(De12), Revenue: $4,919,441

8. Best Buy Canada(Fe13)1,3, Revenue: (U.S.)$4,818,000

9.  Sears Canada(Fe13), Revenue: $4,314,300

10. Parkland Fuel(De12), Revenue: $4,127,739


Pipelines have dominated discussions in oil patch boardrooms, with everyone waiting for decisions on two high-profile ones—Enbridge's Northern Gateway and TransCanada's Keystone XL.

The industry has blamed tight pipeline capacity for a host of ills—including deep discounts for oil sands crude, a pullback in investment and a chill in asset sales—that have put pressure on stock prices. Neither proposal is a slam dunk, though. A federal panel is due to rule on Northern Gateway by the end of 2013. The line, which would extend from near Edmonton to Kitimat, B.C., is aimed at opening up lucrative Asian markets for Canadian oil.

Keystone faces stiff opposition from native and environmental groups, and B.C.'s newly re-elected Liberals have complained that the province would bear all the risk and get little of the reward. It is not yet known if Premier Christy Clark and Alberta's Alison Redford can come to an agreement that would ease the way for oil to be piped to the Pacific.

Washington, meanwhile, was expected to rule this summer on the $5.3-billion Keystone project, which would push Canadian crude to U.S. Gulf Coast refineries. In the face of intense promotion by Ottawa, a coalition of environmentalists, climate scientists and stars say it will lead to unchecked oil sands development and accelerate global warming. Speculation now is that a decision won't come until early 2014.
- By Jeffrey Jones

1.  Suncor Energy(De12), Revenue: $38,788,000

2. Imperial Oil(De12) , Revenue $31,189,000

3. Husky Energy(De12), Revenue: $23,358,000

4. Cenovus Energy(De12), Revenue: $17,756,000

5. Canadian Natural Resources(De12), Revenue: $16,236,000

6. Syncrude Canada(De12), Revenue: $10,629,000

7. Ultramar Ltd.(De12), Revenue: $10,376,000

8. Talisman Energy(De12)1, Revenue: (U.S.)$7,312,000

9. Nexen Inc.(De12), Revenue: $6,778,000

10. Harvest Operations(De12)5, Revenue: $5,946,900


1. Canada Mortgage and Housing(De12), Revenue: 13,455,000

2. Canada Post(De12), Revenue: 7,579,000

3. Canadian Commercial(Ma12), Revenue: 2,439,496

4. Canadian Broadcasting Corp.(Ma12), Revenue: 1,881,654

5. Export Development Canada(De12 ), Revenue: 1,463,000

6. Farm Credit Canada(Ma12), Revenue: 1,077,434

7. Business Development Bank of Canada(Ma12), Revenue: 1,040,093

8. Via Rail Canada(De12), Revenue: 638,865

9. Canadian Air Transport Security(Ma12), Revenue: 585,046

10. Canada Development Investment(De12), Revenue: 329,864


1. Desjardins Group(De12), Revenue: 14,495,000

2. Co-operators Group(De12), Revenue: 3,280,742

3. Vancouver City Savings Credit Union(De12), Revenue: 708,796

4. Groupe Promutuel(De12), Revenue: 552,000

5. Servus Credit Union(Oc12), Revenue: 545,191

6. Coast Capital Savings Credit Union(De12), Revenue: 515,187

7. Central 1 Credit Union(De12), Revenue: 462,825

8. Meridian Credit Union(De12), Revenue: 350,411

9. First West Credit Union(De12), Revenue: 292,614

10. Concentra Financial Services(De12), Revenue: 222,184


1. Caisse de dépôt et placement(De12), Revenue: 16,492,000

2. Hydro-Québec(De12), Revenue: 12,256,000

3. Hydro One(De12), Revenue: 5,732,000

4. Ontario Power Generation(De12), Revenue: 5,421,000

5. Insurance Corp. of B.C.(De12), Revenue: 4,859,000

6. BC Hydro and Power(Ma12), Revenue: 4,803,000

7. Manitoba Hydro-Electric Board(Ma12), Revenue: 1,915,000

8. Saskatchewan Power Corp.(De12), Revenue: 1,899,000

9. ATB Financial(Ma12), Revenue: 1,542,675

10.  Saskatchewan Telecommunications(De12), Revenue: 1,197,481


1. RBC Capital Markets(Oc12), Revenue: 6,188,000

2. Scotia Capital(Oc12), Revenue: 3,582,000

3. BMO Nesbitt Burns(Oc12), Revenue: 3,265,000

4. TD Securities(Oc12), Revenue: 2,654,000

5. CIBC World Markets(Oc12), Revenue: 2,060,000

6. National Bank Financial & Co.(Oc12), Revenue: 1,365,000

7. Canaccord Genuity (Ma12), Revenue: 604,864

8. Optimum Group(De12), Revenue: 575,000

9. GMP Capital(De12), Revenue: 266,627


1. Power Corp. of Canada(De12), Revenue: 33,027,000

2.  Onex Corp.(De12)1, Revenue: (U.S.)27,511,000

3. Brookfield Asset Management(De12)1, Revenue: (U.S.)19,940,000

4. TransCanada Corp.(De12),Revenue: 8,349,000

5. Jim Pattison Group(De12),Revenue: 7,500,000

6. Atco Ltd.(De12), Revenue: 4,379,000

7. Emera Inc.(De12), Revenue: 2,156,700

8. Tuckamore Capital Management(De12), Revenue: 757,567

9. NorTerra Inc.(De12), Revenue: 457,923

10. Capstone Infrastructure(De12), Revenue: 366,410


1. Great-West Lifeco(De12), Revenue:  30,115,000

2. Manulife Financial(De12), Revenue: 30,038,000

3. Sun Life Financial(De12), Revenue: 18,012,000

4. Industrial Alliance Insurance(De12), Revenue: 7,481,000

5. Desjardins Financial Security Life(De12), Revenue:  4,411,000

6. Standard Life Financial(De12), Revenue: 2,653,471

7. SSQ, Life Insurance Co.(De12), Revenue: 2,125,000

8. RBC Life Insurance Co.(De12), Revenue:  2,008,620

9. Capitale Civil Service Mutual(De12), Revenue: 1,662,071

10. Empire Life Insurance(De12), Revenue: 1,260,255


1. Hydro-Québec(De12), Revenue: 12,256,000

2. Ontario Power Generation(De12), Revenue: 5,421,000

3. BC Hydro and Power(Ma12), Revenue: 4,803,000

4. Fortis Inc.(De12), Revenue: 3,685,000

5. Canadian Utilities(De12), Revenue: 3,186,000

6. Enmax Corp.(De12), Revenue: 3,160,100

7. Toronto Hydro Corp.(De12), Revenue: 2,854,282

8. TransAlta Corp.(De12), Revenue: 2,269,000

9. Epcor Utilities(De12), Revenue: 1,961,000

10. Manitoba Hydro-Electric Board(Ma12), Revenue: 1,915,000


1. Agrium Inc.(De12)1, Revenue: (U.S.)16,784,000

2. Potash Corp. of Saskatchewan(De12)1, Revenue: (U.S.)8,012,000

3. Nova Chemicals(De12)1, Revenue: (U.S.)5,049,000

4. Dow Chemical Canada(De12), Revenue: 4,633,000

5. Methanex Corp.(De12)1, Revenue: (U.S.)2,673,463

6. BASF Canada(De12), Revenue: 1,332,612

7. DuPont Canada(De12)1, Revenue: (U.S.)921,000

8. Chemtrade Logistics Income Fund(De12), Revenue: 913,646

9. PPG Canada(De12)1,Revenue: (U.S.)701,000

10. Canexus(De12), Revenue: 580,553


1. Viterra Inc.(Oc12), Revenue: 13,725,105

2. La Coop Fédérée de Québec(Oc12), Revenue: 4,896,949

3. Agropur Cooperative(No12), Revenue: 3,647,521

4. Alliance Grain Traders(De12), Revenue: 861,666

5. Ridley Inc.(Ju12)1, Revenue: (U.S.)649,751

6. Legumex Walker(De12)4, Revenue: 296,672

7. Ceres Global Ag(Ma12), Revenue: 178,740

8. Village Farms International(De12)1, Revenue: (U.S.)164,635

9. Feronia Inc.(De12)1, Revenue: (U.S.)7,131


1. Barrick Gold(De12)1, Revenue: (U.S.)14,645,000

2. Goldcorp Inc.(De12)1, Revenue: (U.S.)5,665,000

3. Kinross Gold(De12)1, Revenue: (U.S.)4,310,200

4. Yamana Gold(De12)1, Revenue: (U.S.)2,391,483

5. Agnico-Eagle Mines(De12)1, Revenue: (U.S.)1,915,325

6. Iamgold Corp.(De12)1, Revenue: (U.S.)1,737,000

7. Eldorado Gold(De12)1, Revenue: (U.S.)1,157,191

8. Pan American Silver(De12)1, Revenue: (U.S.)955,792

9. Silver Wheaton(De12)1, Revenue: (U.S.)850,862

10. New Gold Inc.(De12)1, Revenue: (U.S.)813,900


1. Magna International(De12)1, Revenue: (U.S.)31,006,000

2. Honda Canada(Ma13), Revenue: 11,600,000

3. Ford Motor Co. of Canada(De12)1, Revenue: (U.S.)9,523,000

4. General Motors of Canada(De12), Revenue: 7,814,000

5. Chrysler Canada(De12)1: Revenue: (U.S.)7,272,000

6. Dana Canada(De12)1, Revenue: (U.S.)396,000

7. Lear Canada(De12)1, Revenue: (U.S.)341,317

9. CVTech Group(De12), Revenue: 251,762


1. Rogers Communications(De12), Revenue: 12,509,000

2. Shaw Communications(Au12), Revenue: 5,123,000

3. Bell ExpressVu(De12), Revenue: 5,081,000

4. Quebecor Media(De12), Revenue: 4,550,100

5. Bell Media(De12)5, Revenue: 2,183,000

6. Canadian Broadcasting Corp.(Ma12), Revenue: 1,881,654

7. Cogeco Inc.(Au12), Revenue: 1,406,353

8. TVA Group(De12), Revenue:  470,300

9. Sirius XM Canada Holdings(Au12)4, Revenue: 259,980

10. Newfoundland Capital Corp.(De12), Revenue: 130,948

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