Which Canadian industries are seeing the biggest growth in profits?

More hiring and salary increases seem to be possible soon as Canadian corporations recorded billions of dollars of growth in profits in the second quarter of the year, according to numbers released by Statistics Canada (StatCan).

Canadian corporate operating profit rose 9.7% to $228.2 billion in the second quarter of 2026

The $20.1-billion quarterly gain followed a $29.7 billion, or 15.0%, rise from the same quarter a year earlier. Statistics Canada attributed the increase to higher energy prices tied to global political tensions and supply disruptions.

According to StatCan's first-quarter release, Canadian corporations' operating profit rose $4.1 billion, or 2.0%, from the fourth quarter of 2025 to $209.9 billion in Q1 2026, with the increase driven by higher commodity prices amid global market uncertainty.

Non-financial industries post broad gains

Non-financial industries reported operating profit of $126.6 billion, up $15.3 billion, or 13.7%, from Q1. StatCan said gains were recorded in 32 of 39 non-financial industries, pointing to a broadly distributed increase rather than one concentrated in a single sector.

The oil and gas industry led the increase, with profit rising $7.0 billion, or 68.3%, which StatCan linked to higher crude energy prices amid "ongoing disruptions to oil and gas shipments through the Strait of Hormuz." 

Petroleum and coal product manufacturing profit rose $6.0 billion, or 121.0%, to $10.9 billion, its highest level since the series began in 2020, as refineries resumed output following maintenance shutdowns.

Pipeline transportation profit increased $484 million, or 30.6%. Among retailers, the other retailers category, driven by gasoline stations and fuel vendors, contributed the most to sector gains, with profit up $205 million, or 7.3%, on a $1.3 billion revenue rise. 

Manufacturing profit rises despite tariffs

Manufacturing industries reported operating profit of $28.2 billion, up $6.6 billion, or 30.6%, with 11 of 14 sub-industries posting increases, according to StatCan. Excluding petroleum and coal product manufacturing, sector profit rose a more modest $618 million, or 3.7%, according to the report.

The primary metal, fabricated metal product and machinery manufacturing industry posted the sector's second-largest gain, up $260 million, or 6.1%. 

"US tariffs on this industry remained an obstacle," though aluminum producers drove the gain on record-high prices, with unwrought aluminum exports up 15.2% as exports to non-U.S. markets nearly doubled, StatCan noted.

The aerospace, rail and ship products and other transportation equipment manufacturing industry gained $127 million, or 19.4%, led by aerospace product and parts manufacturing on stronger export demand. 

Financial industries see mixed results

Operating profit in financial industries rose $4.9 billion, or 5.0%, to $101.6 billion, with increases in nine of 13 financial industries, according to StatCan’s numbers.

The miscellaneous intermediation industry recorded the largest gain, up $2.4 billion, or 10.1%, supported by a similar rise in revenue. The banking and other depository credit intermediation industry posted a $1.1 billion, or 3.1%, increase, which StatCan attributed mainly to lower operating expenses rather than revenue growth.

Life, health and medical insurance carriers were an exception, posting a $204 million, or 6.3%, decline in profit, which is linked to higher expenses tied to actuarial liabilities, according to the report. 

Meanwhile, small businesses in Canada are about to take another hit as the trade talks between Canada and the United States broke down, according to a previous report.