The petroleum and coal manufacturing sector amplified that trend, rising $6.0 billion (121%) to $10.9 billion, its highest level since the first quarter of 2020. Pipeline transportation contributed an additional $484 million, an increase of 30.6%.
Manufacturing as a whole recorded a $6.6 billion rise, or 30.6%, to $28.2 billion, with 11 of 14 sub-industries reporting gains. Excluding the outsized petroleum and coal result, manufacturing profits still grew by $618 million, or 3.7%, reflecting modest but genuine underlying momentum. Primary metals and machinery added $260 million, or 6.1%, while aerospace products contributed $127 million, up 19.4%.
Financial industry profits top $100 billion
Canada’s financial industries collectively generated $101.6 billion in operating profit during the second quarter of 2026, a rise of $4.9 billion, or 5.0%, from the prior quarter.
Nine of 13 financial sub-industries reported increases. Miscellaneous financial intermediation — a broad category that includes a range of lending and investment activities — was the largest contributor, adding $2.4 billion, or 10.1%. Banking profits rose $1.1 billion, or 3.1%.
Not all segments shared in the gains. Insurance carriers reported a decline of $204 million, or 6.3%, a result that may prompt scrutiny from those advising clients on insurance-linked investment products or segregated fund allocations.