ROYAL BANK OF CANADA (RY) Company Report

Royal Bank of Canada (RY) reported adjusted diluted earnings per share of CAD 3.85 for Q4 2025, marking a 25% increase from last year, and achieved an adjusted ROE of 17.2%. The bank's CT1 ratio was 13.5%, up 30 basis points from the previous quarter.
In Q4 2025, RY repurchased 4.8 million shares for approximately CAD 1 billion, resulting in a total payout ratio of 59% for the quarter. The company aims to maintain its CT1 ratio within a 12.5%-13.5% range and targets a dividend payout ratio at the midpoint of its 40%-50% medium-term objective.
For 2026, RY expects all-bank expense growth to be in the mid-single-digit range and an adjusted non-TEB effective tax rate between 21%-23%. Provisions for credit losses are anticipated to remain in the 35-39 basis points range due to persistent economic uncertainties.
Personal banking reported earnings of CAD 1.9 billion, with Canadian personal banking net income up 20% from last year. Commercial banking net income increased 5% to CAD 810 million, driven by 5% loan growth. Capital Markets generated CAD 14.4 billion in revenue and CAD 5.4 billion in earnings for fiscal year 2025.

3 days ago

Transcript

RBC Reports Record Q4 and Fiscal Year 2025 Earnings, Raises Dividend and ROE Target

Earnings

Dividends

Guidance Update

RBC reported record fourth quarter earnings of CAD 5.4 billion and adjusted earnings of over CAD 5.5 billion, contributing to a record fiscal year 2025 with a return on equity of 16.3%.
The company announced a CAD 0.10 (6%) dividend increase and completed CAD 1 billion in share buybacks in Q4 2025. RBC also raised its medium-term return on equity (ROE) objective from 16% plus to 17% plus.
For fiscal year 2026, RBC anticipates positive all-bank operating leverage, mid-single digit net interest income growth (excluding trading), and mid-single digit expense growth.
The integration of HSBC Bank Canada is expected to exceed CAD 740 million in annualized cost synergies and achieve CAD 300 million annual revenue synergies by 2027. Additionally, RBC targets $700 million-$1 billion of enterprise value from artificial intelligence, with benefits accelerating in 2027.

3 days ago

Transcript

RBC Reports Record Q4 2025 Earnings and Raises Medium-Term ROE Target

Earnings

Dividends

Share Buyback

RBC reported record fourth quarter earnings of CAD 5.4 billion and adjusted earnings over CAD 5.5 billion, with an adjusted diluted EPS of CAD 3.85, up 25% year-over-year, and a return on equity of 16.8% for Q4 2025.
The company increased its dividend by CAD 0.10 (6%) and repurchased CAD 1 billion in shares during the quarter, maintaining a CET1 ratio of 13.5%.
RBC raised its medium-term return on equity objective from 16%+ to 17%+ and provided a 2026 outlook including mid-single digit all bank net interest income growth (excluding trading) and mid-single digit all bank expense growth.
Strategic initiatives include leveraging AI for an estimated CAD 700 million-CAD 1 billion in enterprise value and growing the RBC Clear U.S. transaction banking platform, which has onboarded $23 billion in deposits this year towards a $50 billion medium-term target.

3 days ago

Transcript

Royal Bank of Canada Reports Strong Q4 and Full-Year 2025 Results

Earnings

Dividends

Share Buyback

For the year ended October 31, 2025, Royal Bank of Canada reported net income of $20.4 billion, a 25% increase from the prior year, with diluted EPS of $14.07, also up 25%. Adjusted net income and diluted EPS were $20.9 billion (up 20%) and $14.43 (up 19%), respectively.
In Q4 2025, the company achieved record net income of $5.4 billion and diluted EPS of $3.76, both up 29% from a year ago. Adjusted net income was $5.6 billion and adjusted diluted EPS was $3.85, both up 25% compared to the prior year.
The CET1 ratio stood at a robust 13.5% as of October 31, 2025.
The company returned $11.3 billion to shareholders in 2025 through common dividends and share buybacks and declared a quarterly dividend of $1.64 per share, reflecting an increase of $0.10 or 6%. For fiscal 2026, the ROE financial objective has been revised to 17%+.

3 days ago

6-K

Royal Bank of Canada Issues Senior Global Medium-Term Notes

Debt Issuance

Royal Bank of Canada issued $2,250,000,000 in aggregate principal amount of Senior Global Medium-Term Notes, Series J, on November 3, 2025.
This issuance comprises $750,000,000 of 3.995% Senior Fixed Rate/Floating Rate Notes due November 3, 2028, $500,000,000 of Senior Floating Rate Notes due November 3, 2028, and $1,000,000,000 of 4.305% Senior Fixed Rate/Floating Rate Notes due November 3, 2031.
The notes were issued under a shelf registration statement on Form F-3, which permits the offer and sale of up to $75,000,000,000 in debt securities.

Nov 3, 2025, 10:09 PM

6-K

Banzai Announces Institutional Investor Increases Direct Equity Stake

M&A

Banzai International, Inc. announced that an institutional investor exercised all of its Pre-Funded Warrants on October 9, 2025, on a cashless basis.
This exercise resulted in the issuance of 1,176,628 shares of Class A Common Stock to the investor.
The Pre-Funded Warrants were originally acquired in December 2024 as part of the consideration for Banzai's acquisition of ClearDoc, Inc..
Following the exercise, the investor's beneficial ownership position increased to approximately 18.7% of Banzai's outstanding Class A Common Stock.
Joe Davy, Founder and CEO of Banzai, stated that this warrant exercise demonstrates continued confidence in the company's long-term strategy.

Oct 14, 2025, 12:31 PM

Press Release

Royal Bank of Canada issues $1.35 billion in NVCC Notes and Preferred Shares

Debt Issuance

Convertible Preferred Issuance

Royal Bank of Canada is issuing $1,350,000,000 of 6.500% Limited Recourse Capital Notes, Series 7, and Non-Cumulative 5-Year Fixed Rate Reset First Preferred Shares, Series BZ.
Both the Notes and Preferred Shares are designated as Non-Viability Contingent Capital (NVCC), meaning they are subject to automatic conversion into common shares upon the occurrence of a "Trigger Event".
The issuance has a trade date of September 15, 2025, and a settlement date of September 23, 2025.
The Notes mature on November 24, 2085, while the Preferred Shares are perpetual.

Sep 23, 2025, 8:19 PM

6-K

Royal Bank of Canada Discusses Strong Q3 Performance and Strategic Outlook

Guidance Update

M&A

New Projects/Investments

Royal Bank of Canada reported a "blowout quarter" in Q3, achieving a 17.7% Return on Equity (ROE), surpassing its 16%+ target, and plans to provide an update on medium-term ROE targets in Q4.
The company's Commercial and Consumer Banking segment operates with a 35% efficiency ratio, considered best-in-class globally, and is confident in achieving an 18% ROE target by 2027 for Commercial Banking despite current heightened credit charges.
RY is focused on organic growth for its U.S. City National business, building capabilities like jumbo mortgages and transaction banking, while remaining disciplined and cautious regarding M&A due to high premiums in the market.
The bank's global Capital Markets business is 11th in the world and stable at approximately 2% of global fees, with its U.S. operations contributing over half of its revenues.

Sep 3, 2025, 2:40 PM

Equinor Supports Orsted's Capital Raise Amid US Wind Setbacks

New Projects/Investments

Legal Proceedings

Board Change

Norwegian energy company Equinor plans to subscribe to Orsted's capital increase with approximately $939 million to $941 million to maintain its 10% stake in the $9.4 billion capital raise.
This support comes amid U.S. regulatory challenges in the offshore wind market, including work-stop orders for Orsted's Revolution Wind project and Equinor's Empire Wind 1 project.
Equinor emphasizes the need for consolidation and new business models in the offshore wind sector, aiming for closer industrial and strategic collaboration with Orsted.
As part of its strategic support for the capital raise, Equinor intends to nominate a candidate to Orsted's board of directors.

Sep 1, 2025, 6:48 AM

CNBC

WELL Health Reports Record Q2 2025 Results and Upgrades Guidance

Earnings

Guidance Update

Revenue Acceleration/Inflection

WELL Health reported record Q2-2025 revenue of $356.7 million, a 57% increase compared to Q2-2024, and record Adjusted EBITDA of $49.7 million, up 231% from Q2-2024.
The company upgraded its 2025 annual guidance, now expecting revenue and Adjusted EBITDA to be in the upper half of the previously provided ranges of $1.40 billion to $1.45 billion and $190 million to $210 million, respectively.
WELL Health achieved a new milestone of over 1 million patient visits in Canada during Q2-2025, contributing to a total of 1.7 million patient visits for the quarter.
Strategic developments included the consolidation of HEALWELL AI, which added $40.5 million to Q2-2025 revenue, and the expansion of its senior secured credit facility to approximately $200 million.