At the end of last month, Statistics Canada released third quarter financial statistics for businesses for 2022. The seasonally adjusted data isn’t broken down by provinces, so I’m not sure how Alberta fares compared to the rest of the country, but I thought I’d take a look at how things are anyhow.
| Total operating revenue | $1,318,735 |
| Income or loss before income taxes | $136,769 |
| Net income or loss | $116,182 |
During the last quarter, Canadian businesses as a whole brought in over $1.32 trillion in operating revenue. Of that, $1.12 trillion was generated through the sale of goods and services. That’s about 86.3%.
Once you account for expenses, these same business were left with $136.77 billion in profit, before taxes, and $116.18 billion after taxes.
Here’s how that compares to the second quarter of 2022.
| Q2 2022 | Q3 2022 | Change | % change | |
|---|---|---|---|---|
| Total operating revenue | $1,282,020 | $1,318,735 | $36,715 | 2.86% |
| Income or loss before income taxes | $148,884 | $136,769 | -$12,115 | -8.14% |
| Net income or loss | $126,367 | $116,182 | -$10,185 | -8.06% |
Operating revenue actually increased by $36.715 billion between the two quarters, but profits both before and after taxes were down—$12.12 billion and $10.19 billion, respectively.
That being said, check out how things look compared to a year ago.
| Q3 2021 | Q3 2022 | Change | % change | |
|---|---|---|---|---|
| Total operating revenue | $1,177,493 | $1,318,735 | $141,242 | 12.00% |
| Income or loss before income taxes | $130,977 | $136,769 | $5,792 | 4.42% |
| Net income or loss | $113,545 | $116,182 | $2,637 | 2.32% |
This looks definitely more impressive.
Over the past year, corporate revenue overall rose by over $141 billion, from $1.177 trillion to $1.219 trillion, a jump of 12%. Pre-tax profits rose by $5.79 billion, and after-tax profits increased by $2.63 billion, or 4.42% and 2.32%, respectively.
And if we look at all 3 quarters of 2022 so far, here’s how things have looked year to date.
| Q1 2022 | Q2 2022 | Q3 2022 | YTD 2022 | |
|---|---|---|---|---|
| Total operating revenue | $1,231,615 | $1,282,020 | $1,318,735 | $3,832,370 |
| Income or loss before income taxes | $140,733 | $148,884 | $136,769 | $426,386 |
| Net income or loss | $123,591 | $126,367 | $116,182 | $366,140 |
So far this year, Canada’s businesses have brought in over $3.83 trillion in revenue and a combined $366.14 billion in profits.
Here’s how after-tax profits break down by economic sector for the third quarter.
| Miscellaneous Intermediation | $13,169 |
| Oil & gas extraction & support services | $12,000 |
| Real estate | $11,721 |
| Banking & other depository credit intermediation | $9,719 |
| Professional, scientific & technical services | $5,480 |
| Educational, health care & social assistance services | $4,734 |
| Construction | $4,216 |
| Transportation, postal & couriers services, & support activities for transportation | $3,722 |
| Petroleum & coal product mfg | $3,388 |
| Primary metal & fabricated metal product & machinery mfg | $2,937 |
| Other retailers | $2,711 |
| Wood product & paper mfg | $2,645 |
| Machinery, equipment & supplies merchant wholesalers | $2,475 |
| Pharmaceutical & medecine mfg, & soap, agricultural chemicals, paint & other chemical product mfg | $2,464 |
| Other wholesalers | $2,333 |
| Motor vehicle & parts dealers | $2,140 |
| Food & soft drink & ice mfg | $2,092 |
| Administrative & support, waste management & remediation services | $2,080 |
| Building material & supplies merchant wholesalers | $2,063 |
| Telecommunications | $1,996 |
| Property & casualty insurance carriers | $1,790 |
| Securities & commodity exchanges, portfolio management & miscellaneous financial investment activity | $1,757 |
| Life, health & medical insurance carriers | $1,740 |
| Utilities | $1,571 |
| Food & beverage stores | $1,344 |
| Agriculture, forestry, fishing & hunting | $1,227 |
| Rental & leasing of automotive, machinery & equipment, & other goods | $1,072 |
| Clothing, sporting goods, & general merchandise stores | $941 |
| All other non-depository credit intermediation | $858 |
| Mining & quarrying (except oil & gas) & support activities | $854 |
| Motor vehicle & motor vehicle parts & accessories merchant wholesalers | $829 |
| Pipelines | $807 |
| Agencies, brokerages & other insurance related activities | $750 |
| Clothing, textile, leather & furniture mfg, & other mfg | $737 |
| Repair, maintenance & personal services | $666 |
| Local credit unions | $562 |
| Computer & electronic equipment mfg | $523 |
| Non-metallic mineral product mfg | $520 |
| Motor vehicle parts mfg | $464 |
| Plastics & rubber products mfg | $433 |
| Credit card issuing, sales financing & consumer lending | $419 |
| Alcohol beverage, tobacco & cannabis product mfg | $417 |
| Basic chemical mfg & resin, synthetic rubber, & artificial & synthetic fibres & filaments mfg | $389 |
| Securities & commodity brokerage | $373 |
| Financial transactions processing, loan brokers, & other activities related to credit intermediation | $340 |
| Warehousing | $305 |
| Securities & commodity contracts dealing | $272 |
| Aerospace, rail & ship products & other transportation equipment mfg | $184 |
| Motor vehicle & trailer mfg | $175 |
| Central credit unions | $18 |
| Arts, entertainment & recreation, & accommodation & food services | -$71 |
| Publishing, motion picture & sound recording, broadcasting, & information services | -$169 |
The “miscellaneous intermediation” sector saw the highest after-tax profits last quarter, reporting $13.17 billion in net income.
Of the total 52 sectors reporting, 27 posted profits above $1 billion, and 3 of them saw profits above $10 billion, including Canada’s oil and gas sector.
(But it must be Trudeau‘s carbon tax and the war in Ukraine driving up fuel prices.)
Only two sectors—“arts, entertainment & recreation, & accommodation & food services” and “publishing, motion picture & sound recording, broadcasting, & information services”—posted losses.
Here’s how each sector did compared to the first half of the year:
| Q2 2022 | Q3 2022 | Change | % change | |
|---|---|---|---|---|
| Agriculture, forestry, fishing & hunting | -$698 | $1,227 | $1,925 | 275.79% |
| Pharmaceutical & medecine mfg, & soap, agricultural chemicals, paint & other chemical product mfg | $1,218 | $2,464 | $1,246 | 102.30% |
| Agencies, brokerages & other insurance related activities | $163 | $750 | $587 | 360.12% |
| Life, health & medical insurance carriers | $1,305 | $1,740 | $435 | 33.33% |
| Professional, scientific & technical services | $5,116 | $5,480 | $364 | 7.11% |
| Food & soft drink & ice mfg | $1,734 | $2,092 | $358 | 20.65% |
| Utilities | $1,272 | $1,571 | $299 | 23.51% |
| Non-metallic mineral product mfg | $355 | $520 | $165 | 46.48% |
| Real estate | $11,566 | $11,721 | $155 | 1.34% |
| Motor vehicle & parts dealers | $2,019 | $2,140 | $121 | 5.99% |
| Building material & supplies merchant wholesalers | $1,977 | $2,063 | $86 | 4.35% |
| Machinery, equipment & supplies merchant wholesalers | $2,392 | $2,475 | $83 | 3.47% |
| Central credit unions | -$59 | $18 | $77 | 130.51% |
| Computer & electronic equipment mfg | $447 | $523 | $76 | 17.00% |
| Other retailers | $2,646 | $2,711 | $65 | 2.46% |
| Arts, entertainment & recreation, & accommodation & food services | -$132 | -$71 | $61 | -46.21% |
| Food & beverage stores | $1,289 | $1,344 | $55 | 4.27% |
| Educational, health care & social assistance services | $4,681 | $4,734 | $53 | 1.13% |
| Securities & commodity brokerage | $322 | $373 | $51 | 15.84% |
| Motor vehicle & motor vehicle parts & accessories merchant wholesalers | $786 | $829 | $43 | 5.47% |
| Telecommunications | $1,958 | $1,996 | $38 | 1.94% |
| Motor vehicle parts mfg | $429 | $464 | $35 | 8.16% |
| Clothing, sporting goods, & general merchandise stores | $910 | $941 | $31 | 3.41% |
| Warehousing | $276 | $305 | $29 | 10.51% |
| Pipelines | $781 | $807 | $26 | 3.33% |
| Repair, maintenance & personal services | $647 | $666 | $19 | 2.94% |
| Basic chemical mfg & resin, synthetic rubber, & artificial & synthetic fibres & filaments mfg | $371 | $389 | $18 | 4.85% |
| Alcohol beverage, tobacco & cannabis product mfg | $401 | $417 | $16 | 3.99% |
| Rental & leasing of automotive, machinery & equipment, & other goods | $1,063 | $1,072 | $9 | 0.85% |
| Motor vehicle & trailer mfg | $169 | $175 | $6 | 3.55% |
| Aerospace, rail & ship products & other transportation equipment mfg | $186 | $184 | -$2 | -1.08% |
| Plastics & rubber products mfg | $457 | $433 | -$24 | -5.25% |
| Administrative & support, waste management & remediation services | $2,130 | $2,080 | -$50 | -2.35% |
| Local credit unions | $633 | $562 | -$71 | -11.22% |
| Other wholesalers | $2,405 | $2,333 | -$72 | -2.99% |
| Securities & commodity contracts dealing | $350 | $272 | -$78 | -22.29% |
| Clothing, textile, leather & furniture mfg, & other mfg | $825 | $737 | -$88 | -10.67% |
| Financial transactions processing, loan brokers, & other activities related to credit intermediation | $447 | $340 | -$107 | -23.94% |
| All other non-depository credit intermediation | $1,020 | $858 | -$162 | -15.88% |
| Securities & commodity exchanges, portfolio management & miscellaneous financial investment activity | $1,975 | $1,757 | -$218 | -11.04% |
| Wood product & paper mfg | $2,869 | $2,645 | -$224 | -7.81% |
| Credit card issuing, sales financing & consumer lending | $826 | $419 | -$407 | -49.27% |
| Primary metal & fabricated metal product & machinery mfg | $3,429 | $2,937 | -$492 | -14.35% |
| Construction | $4,736 | $4,216 | -$520 | -10.98% |
| Oil & gas extraction & support services | $12,653 | $12,000 | -$653 | -5.16% |
| Property & casualty insurance carriers | $2,577 | $1,790 | -$787 | -30.54% |
| Transportation, postal & couriers services, & support activities for transportation | $4,532 | $3,722 | -$810 | -17.87% |
| Miscellaneous Intermediation | $14,074 | $13,169 | -$905 | -6.43% |
| Publishing, motion picture & sound recording, broadcasting, & information services | $1,273 | -$169 | -$1,442 | -113.28% |
| Banking & other depository credit intermediation | $12,828 | $9,719 | -$3,109 | -24.24% |
| Mining & quarrying (except oil & gas) & support activities | $4,053 | $854 | -$3,199 | -78.93% |
| Petroleum & coal product mfg | $6,685 | $3,388 | -$3,297 | -49.32% |
Between the second and third quarters, Canada’s agriculture, forestry, fishing, and hunting sector saw the largest increase in profits, rising by $1.925 billion from a loss of $698 million in the second quarter to a profit of $1.23 billion in the third.
22 sectors reported lower profits in the third quarter, with petroleum and coal product manufacturing seeing the largest decline, dropping $3.297 billion from $6.686 billion to $3.388 billion.
And here’s a comparison to last year’s third quarter.
| Q3 2021 | Q3 2022 | Change | % change | |
|---|---|---|---|---|
| Oil & gas extraction & support services | $7,319 | $12,000 | $4,681 | 63.96% |
| Real estate | $9,969 | $11,721 | $1,752 | 17.57% |
| Pharmaceutical & medecine mfg, & soap, agricultural chemicals, paint & other chemical product mfg | $1,140 | $2,464 | $1,324 | 116.14% |
| Petroleum & coal product mfg | $2,222 | $3,388 | $1,166 | 52.48% |
| Transportation, postal & couriers services, & support activities for transportation | $2,980 | $3,722 | $742 | 24.90% |
| Utilities | $1,101 | $1,571 | $470 | 42.69% |
| Motor vehicle & parts dealers | $1,715 | $2,140 | $425 | 24.78% |
| Life, health & medical insurance carriers | $1,337 | $1,740 | $403 | 30.14% |
| Machinery, equipment & supplies merchant wholesalers | $2,101 | $2,475 | $374 | 17.80% |
| Other retailers | $2,446 | $2,711 | $265 | 10.83% |
| Wood product & paper mfg | $2,384 | $2,645 | $261 | 10.95% |
| Food & beverage stores | $1,090 | $1,344 | $254 | 23.30% |
| Educational, health care & social assistance services | $4,503 | $4,734 | $231 | 5.13% |
| Primary metal & fabricated metal product & machinery mfg | $2,709 | $2,937 | $228 | 8.42% |
| Arts, entertainment & recreation, & accommodation & food services | -$289 | -$71 | $218 | -75.43% |
| Securities & commodity exchanges, portfolio management & miscellaneous financial investment activity | $1,540 | $1,757 | $217 | 14.09% |
| Aerospace, rail & ship products & other transportation equipment mfg | -$7 | $184 | $191 | -2728.57% |
| Financial transactions processing, loan brokers, & other activities related to credit intermediation | $172 | $340 | $168 | 97.67% |
| Computer & electronic equipment mfg | $379 | $523 | $144 | 37.99% |
| Rental & leasing of automotive, machinery & equipment, & other goods | $949 | $1,072 | $123 | 12.96% |
| Building material & supplies merchant wholesalers | $1,941 | $2,063 | $122 | 6.29% |
| Credit card issuing, sales financing & consumer lending | $303 | $419 | $116 | 38.28% |
| Non-metallic mineral product mfg | $433 | $520 | $87 | 20.09% |
| Basic chemical mfg & resin, synthetic rubber, & artificial & synthetic fibres & filaments mfg | $332 | $389 | $57 | 17.17% |
| Pipelines | $751 | $807 | $56 | 7.46% |
| Telecommunications | $1,944 | $1,996 | $52 | 2.67% |
| Securities & commodity brokerage | $330 | $373 | $43 | 13.03% |
| Motor vehicle parts mfg | $422 | $464 | $42 | 9.95% |
| Administrative & support, waste management & remediation services | $2,041 | $2,080 | $39 | 1.91% |
| All other non-depository credit intermediation | $831 | $858 | $27 | 3.25% |
| Warehousing | $281 | $305 | $24 | 8.54% |
| Securities & commodity contracts dealing | $250 | $272 | $22 | 8.80% |
| Food & soft drink & ice mfg | $2,077 | $2,092 | $15 | 0.72% |
| Professional, scientific & technical services | $5,485 | $5,480 | -$5 | -0.09% |
| Clothing, textile, leather & furniture mfg, & other mfg | $751 | $737 | -$14 | -1.86% |
| Other wholesalers | $2,351 | $2,333 | -$18 | -0.77% |
| Plastics & rubber products mfg | $464 | $433 | -$31 | -6.68% |
| Repair, maintenance & personal services | $722 | $666 | -$56 | -7.76% |
| Central credit unions | $85 | $18 | -$67 | -78.82% |
| Motor vehicle & trailer mfg | $247 | $175 | -$72 | -29.15% |
| Motor vehicle & motor vehicle parts & accessories merchant wholesalers | $1,006 | $829 | -$177 | -17.59% |
| Clothing, sporting goods, & general merchandise stores | $1,210 | $941 | -$269 | -22.23% |
| Agencies, brokerages & other insurance related activities | $1,082 | $750 | -$332 | -30.68% |
| Alcohol beverage, tobacco & cannabis product mfg | $914 | $417 | -$497 | -54.38% |
| Local credit unions | $1,254 | $562 | -$692 | -55.18% |
| Agriculture, forestry, fishing & hunting | $1,983 | $1,227 | -$756 | -38.12% |
| Property & casualty insurance carriers | $2,553 | $1,790 | -$763 | -29.89% |
| Publishing, motion picture & sound recording, broadcasting, & information services | $785 | -$169 | -$954 | -121.53% |
| Banking & other depository credit intermediation | $10,845 | $9,719 | -$1,126 | -10.38% |
| Construction | $5,933 | $4,216 | -$1,717 | -28.94% |
| Miscellaneous Intermediation | $15,109 | $13,169 | -$1,940 | -12.84% |
| Mining & quarrying (except oil & gas) & support activities | $3,070 | $854 | -$2,216 | -72.18% |
Canada’s oil and gas sector saw the largest year-over-year increase to third quarter profits, jumping $4.681 billion from $7.32 billion to the $12 billion I mentioned earlier.
The number of sectors posting lower profits drops down to just 19, however, when looking at year-over-year changes.
Finally, here are the year-to-date numbers for each sector.
| Q1 2022 | Q2 2022 | Q3 2022 | YTD 2022 | |
|---|---|---|---|---|
| Miscellaneous Intermediation | $15,925 | $14,074 | $13,169 | $43,168 |
| Real estate | $12,940 | $11,566 | $11,721 | $36,227 |
| Banking & other depository credit intermediation | $12,245 | $12,828 | $9,719 | $34,792 |
| Oil & gas extraction & support services | $6,227 | $12,653 | $12,000 | $30,880 |
| Professional, scientific & technical services | $5,486 | $5,116 | $5,480 | $16,082 |
| Educational, health care & social assistance services | $4,667 | $4,681 | $4,734 | $14,082 |
| Petroleum & coal product mfg | $3,862 | $6,685 | $3,388 | $13,935 |
| Construction | $4,944 | $4,736 | $4,216 | $13,896 |
| Transportation, postal & couriers services, & support activities for transportation | $3,387 | $4,532 | $3,722 | $11,641 |
| Mining & quarrying (except oil & gas) & support activities | $4,678 | $4,053 | $854 | $9,585 |
| Primary metal & fabricated metal product & machinery mfg | $2,741 | $3,429 | $2,937 | $9,107 |
| Wood product & paper mfg | $2,979 | $2,869 | $2,645 | $8,493 |
| Other retailers | $2,530 | $2,646 | $2,711 | $7,887 |
| Machinery, equipment & supplies merchant wholesalers | $2,412 | $2,392 | $2,475 | $7,279 |
| Other wholesalers | $2,448 | $2,405 | $2,333 | $7,186 |
| Securities & commodity exchanges, portfolio management & miscellaneous financial investment activity | $3,404 | $1,975 | $1,757 | $7,136 |
| Property & casualty insurance carriers | $2,365 | $2,577 | $1,790 | $6,732 |
| Administrative & support, waste management & remediation services | $2,483 | $2,130 | $2,080 | $6,693 |
| Motor vehicle & parts dealers | $1,968 | $2,019 | $2,140 | $6,127 |
| Telecommunications | $2,148 | $1,958 | $1,996 | $6,102 |
| Building material & supplies merchant wholesalers | $1,946 | $1,977 | $2,063 | $5,986 |
| Food & soft drink & ice mfg | $1,845 | $1,734 | $2,092 | $5,671 |
| Life, health & medical insurance carriers | $1,957 | $1,305 | $1,740 | $5,002 |
| Pharmaceutical & medecine mfg, & soap, agricultural chemicals, paint & other chemical product mfg | $1,173 | $1,218 | $2,464 | $4,855 |
| Utilities | $1,412 | $1,272 | $1,571 | $4,255 |
| Food & beverage stores | $1,119 | $1,289 | $1,344 | $3,752 |
| Motor vehicle & motor vehicle parts & accessories merchant wholesalers | $1,627 | $786 | $829 | $3,242 |
| Rental & leasing of automotive, machinery & equipment, & other goods | $1,007 | $1,063 | $1,072 | $3,142 |
| All other non-depository credit intermediation | $1,040 | $1,020 | $858 | $2,918 |
| Clothing, sporting goods, & general merchandise stores | $1,001 | $910 | $941 | $2,852 |
| Local credit unions | $1,217 | $633 | $562 | $2,412 |
| Pipelines | $771 | $781 | $807 | $2,359 |
| Clothing, textile, leather & furniture mfg, & other mfg | $738 | $825 | $737 | $2,300 |
| Credit card issuing, sales financing & consumer lending | $809 | $826 | $419 | $2,054 |
| Repair, maintenance & personal services | $682 | $647 | $666 | $1,995 |
| Publishing, motion picture & sound recording, broadcasting, & information services | $700 | $1,273 | -$169 | $1,804 |
| Plastics & rubber products mfg | $571 | $457 | $433 | $1,461 |
| Alcohol beverage, tobacco & cannabis product mfg | $640 | $401 | $417 | $1,458 |
| Agencies, brokerages & other insurance related activities | $532 | $163 | $750 | $1,445 |
| Motor vehicle parts mfg | $461 | $429 | $464 | $1,354 |
| Non-metallic mineral product mfg | $358 | $355 | $520 | $1,233 |
| Computer & electronic equipment mfg | $212 | $447 | $523 | $1,182 |
| Financial transactions processing, loan brokers, & other activities related to credit intermediation | $377 | $447 | $340 | $1,164 |
| Basic chemical mfg & resin, synthetic rubber, & artificial & synthetic fibres & filaments mfg | $363 | $371 | $389 | $1,123 |
| Securities & commodity brokerage | $398 | $322 | $373 | $1,093 |
| Securities & commodity contracts dealing | $405 | $350 | $272 | $1,027 |
| Warehousing | $259 | $276 | $305 | $840 |
| Agriculture, forestry, fishing & hunting | $171 | -$698 | $1,227 | $700 |
| Aerospace, rail & ship products & other transportation equipment mfg | $247 | $186 | $184 | $617 |
| Motor vehicle & trailer mfg | -$56 | $169 | $175 | $288 |
| Central credit unions | -$49 | -$59 | $18 | -$90 |
| Arts, entertainment & recreation, & accommodation & food services | -$181 | -$132 | -$71 | -$384 |
The industry with the largest year-to-date profits this year is “miscellaneous intermediation”, with $43.168 billion over the first 3 quarters.
Second was real estate with $36.227 billion, followed by “banking and other depository credit intermediation” at $34.792 billion and “oil and gas extraction and support services” at $30.880 billion.
Only two sectors—“central credit unions” and “arts, entertainment and recreation, and accommodation and food services”— have seen a combined loss in year-to-date profits.
