One of the few beneficiaries of the U.S. war in Iran is Canadian corporations, which reported higher second quarter profits, powered primarily by higher energy prices, according to new data from Statistics Canada.
The national statistical agency reported that operating profits by Canadian corporations rose by 9.7% in the second quarter to $228.2 billion. Compared with the second quarter of 2025, profits were up 15%, it noted.
The increase was driven primarily by non-financial industries, Statistics Canada said, citing the impact of “higher energy prices due to global political tensions and supply disruptions.”
Collectively, profits for non-financial industries were up by 13.7% in the quarter to $126.6 billion, whereas financial industry profits ticked up 5% to $101.6 billion.
“The oil and gas industry was the primary contributor to the increase in operating profit among non-financial industries in the second quarter,” Statistics Canada said, noting that it accounted for $7 billion of the profit increase.
The petroleum and coal product manufacturing industry ranked second, with quarterly operating profits jumping by $6 billion to $10.9 billion. The pipeline transportation industry also saw profits rise alongside higher crude energy exports. Higher gas prices also boosted gas station profits, underpinning a rise in retail sector profits.
Excluding petroleum manufacturing, operating profit for the manufacturing industries rose by $618 million in the second quarter, led by the metals industry.
“Although U.S. tariffs on this industry remained an obstacle, aluminum producers were the largest contributor to the gain, reflecting record-high prices and higher exports,” Statistics Canada said. It noted that a 15.2% gain in exports of unwrought aluminum was driven by a near doubling of exports to non-U.S. markets.
Among financial industries, banking sector profits were up 3.1%, and companies in the securities and commodity exchanges and portfolio management sector saw profits rise 5.2%. The “miscellaneous intermediation” industry had profits climb by $2.4 billion (10.1%).