CIBC (NYSE: CM) shows 30.8x earnings coverage on subordinated debt

Rhea-AI Filing Summary

Canadian Imperial Bank of Commerce reported its earnings coverage on subordinated indebtedness for the 12 months ended January 31, 2026. Interest requirements on subordinated debt were $388 million, while earnings before income taxes and subordinated interest, net of non-controlling interests, were $11,970 million, providing coverage of 30.8 times these interest needs.

The bank explains that this ratio is calculated from consolidated financial statements prepared under IFRS and is a non-IFRS measure, so it may not be directly comparable with similar ratios disclosed by other issuers.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 under

the Securities Exchange Act of 1934

For the month of February, 2026 Commission File Number: 1-14678

CANADIAN IMPERIAL BANK OF COMMERCE

(Translation of registrant’s name into English)

CIBC Square, 81 Bay Street

Toronto, Ontario

Canada M5J 0E7

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☐   Form 40-F ☑

The information contained in this Form 6-K is incorporated by reference into the Registration Statements on Form S-8 File Nos. 333-130283, 333-09874 and 333-218913 and Form F-3 File Nos. 333-219550, 333-220284, 333-272447, and 333-282307.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

				CANADIAN IMPERIAL BANK OF COMMERCE
Date: February 26, 2026				By:		/s/ Allison Mudge
				Name:		Allison Mudge
				Title:		Senior Vice-President

Exhibit 99.1

CANADIAN IMPERIAL BANK OF COMMERCE

Earnings Coverage on Subordinated Indebtedness as at January 31, 2026

Interest requirements based on subordinated indebtedness were $388 million for the 12-month period ended January 31, 2026. Earnings before income taxes and interest requirements on subordinated indebtedness, net of non-controlling interests, for the 12-month period ended January 31, 2026, were $11,970 million, which was 30.8 times our interest requirements as described above.

This ratio is calculated on the basis of amounts derived from our consolidated financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”) for the 12-month period ended January 31, 2026. The ratio reported is not defined by IFRS and does not have any standardized meaning under IFRS and thus may not be comparable to similar measures used by other issuers.

In calculating the ratio, non-controlling interests were adjusted to before-tax equivalents using the applicable effective income tax rates.

FAQ

What earnings coverage ratio did Canadian Imperial Bank of Commerce (CM) report on its subordinated debt?

Canadian Imperial Bank of Commerce reported an earnings coverage ratio of 30.8 times its subordinated indebtedness interest requirements. This means earnings before income taxes and subordinated interest were 30.8 times the $388 million of subordinated interest for the 12 months ended January 31, 2026.

How much subordinated interest did CIBC (CM) incur over the 12 months ended January 31, 2026?

CIBC incurred $388 million of interest requirements on subordinated indebtedness over the 12 months ended January 31, 2026. This figure is used as the denominator in the 30.8 times earnings coverage ratio disclosed for that period under International Financial Reporting Standards.

What level of earnings did CIBC (CM) use to calculate its subordinated debt coverage ratio?

CIBC used $11,970 million of earnings before income taxes and interest on subordinated indebtedness, net of non-controlling interests, for the 12 months ended January 31, 2026. This amount, divided by $388 million of subordinated interest, produced the reported 30.8 times earnings coverage ratio.

Is CIBC’s (CM) earnings coverage on subordinated indebtedness an IFRS-defined measure?

CIBC states that its earnings coverage on subordinated indebtedness is not defined by IFRS and has no standardized meaning. Because of this, the 30.8 times ratio may not be directly comparable with similar metrics that other issuers calculate or present in their own disclosures.

Over what period is Canadian Imperial Bank of Commerce’s (CM) subordinated earnings coverage calculated?

The earnings coverage ratio is calculated for the 12-month period ended January 31, 2026. Both the $388 million of subordinated interest requirements and the $11,970 million of earnings before taxes and subordinated interest relate to that same twelve-month reporting period.

How did CIBC (CM) treat non-controlling interests in calculating its earnings coverage ratio?

CIBC calculated the ratio using earnings before income taxes and subordinated interest, net of non-controlling interests. It then adjusted non-controlling interests to before-tax equivalents using applicable effective income tax rates to align the measure with its IFRS-based consolidated financial statements.

Filing Exhibits & Attachments

1 document

Press Releases

• EX-99.1 EX-99.1 2.2 KB