ROYAL BANK OF CANADA (RY) Company Report

Analyst Coverage

Research analysts who have asked questions during ROYAL BANK OF CANADA earnings calls.

Ebrahim Poonawala

Bank of America Securities

10 questions for RY

Also covers: , BK, BMO +31 more

Gabriel Dechaine

National Bank Financial

10 questions for RY

Also covers: , BMO, BNS +6 more

Mario Mendonca

TD Securities

10 questions for RY

Also covers: BMO, BNS, CM +5 more

Paul Holden

CIBC World Markets

10 questions for RY

Also covers: BMO, BNS, GRWTF +5 more

Sohrab Movahedi

BMO Capital Markets

9 questions for RY

Also covers: BAM, BN, BNS +2 more

Mike Rizvanovic

Scotiabank

6 questions for RY

Also covers: BMO, CM, VBNK

John Aiken

Jefferies Securities

5 questions for RY

Also covers: BMO, BNS, CM +3 more

Lemar Persaud

Cormark Securities

4 questions for RY

Also covers: BMO, BNS, CM +3 more

Doug Young

Desjardins Capital Markets

3 questions for RY

Also covers: , BMO, BNS +7 more

Matthew James Lee

Canaccord Genuity Group

3 questions for RY

Also covers: BMO, BNS, TD

Jill Shea

UBS Group

2 questions for RY

Also covers: BNS, SOFI

Meny Grauman

Scotiabank

2 questions for RY

Also covers: , BMO, CM +4 more

Ebrahim Poonawalla

Bank of America

1 question for RY

Also covers: BMO, BNS, MTB +3 more

Jill Glaser Shea

UBS

1 question for RY

Also covers: AFRM, BNS, SOFI +1 more

Lamar Persol

Cormark Securities

1 question for RY

Latest news

Recent press releases and 8-K filings for RY.

Royal Bank of Canada Reports Record Q1 2026 Earnings and Revenue

Earnings

Share Buyback

Guidance Update

Royal Bank of Canada (RY) reported record earnings of CAD 5.8 billion and adjusted earnings of CAD 5.9 billion for Q1 2026, with diluted EPS of $4.03 and adjusted diluted EPS of $4.08, up 13% from last year.
The company achieved record revenue of nearly CAD 18 billion and pre-provision, pre-tax earnings of nearly CAD 8.5 billion, an increase of 14% from the prior year, driven by record revenue and pre-provision, pre-tax earnings in Wealth Management and Capital Markets, and record results in Personal Banking and Commercial Banking.
RY maintained a robust Common Equity Tier 1 (CET1) ratio of 13.7% and executed a share buyback of over 4 million shares for approximately CAD 1 billion this quarter.
For 2026, the company expects annual all-bank net interest income growth, excluding trading, to be in the mid-single digit range, and anticipates positive all-bank operating leverage.

1 day ago

Transcript

Royal Bank of Canada Reports Record Q1 2026 Earnings and Revenue

Earnings

Share Buyback

Guidance Update

Royal Bank of Canada reported record earnings of CAD 5.8 billion and adjusted earnings of CAD 5.9 billion for Q1 2026, driven by record revenue of nearly CAD 18 billion and achieving 5% operating leverage. The company also delivered a return on equity of 17.6% and maintained a robust 13.7% Common Equity Tier 1 ratio.
Wealth Management and Capital Markets segments both reported record revenue and pre-provision, pre-tax earnings, while Personal Banking and Commercial Banking also achieved record results. Canadian Wealth Management's assets under administration surpassed CAD 1 trillion for the first time, increasing 13% year-over-year.
The company bought back over 4 million shares for approximately CAD 1 billion during the quarter.
For 2026, Royal Bank of Canada anticipates annual all-bank net interest income growth (excluding trading) to be in the mid-single digit range, with all-bank expense growth also in the mid-single digit range, expecting positive all-bank operating leverage.
Provisions on impaired loans increased by CAD 84 million from the prior quarter, primarily due to higher provisions in capital markets and personal banking, particularly in residential mortgages and credit cards. Mortgage growth is projected to be in the low to mid-single-digit range for the year.

1 day ago

Transcript

Royal Bank of Canada Reports Record Q1 2026 Earnings and Revenue

Earnings

Guidance Update

Share Buyback

Royal Bank of Canada reported record earnings of CAD 5.8 billion and adjusted earnings of CAD 5.9 billion for Q1 2026, with adjusted diluted earnings per share of $4.08, an increase of 13% from last year.
The company achieved record revenue of nearly CAD 18 billion and a return on equity of 17.6%, driven by record revenue and pre-provision, pre-tax earnings in both Wealth Management and Capital Markets.
RBC maintained a robust Common Equity Tier 1 (CET1) ratio of 13.7% and executed share buybacks of 4.2 million shares for approximately CAD 1 billion during the quarter.
For 2026, the bank anticipates annual all bank net interest income growth (excluding trading) to be in the mid-single digit range and all bank expense growth also in the mid-single digit range, expecting positive all bank operating leverage.
The bank is focused on client-driven organic growth, investing approximately CAD 1 billion annually in technology and safety, and has established a new AI group to accelerate its ambitions.

1 day ago

Transcript

Royal Bank of Canada Reports Record Q1 2026 Results

Earnings

Dividends

Share Buyback

Royal Bank of Canada reported record net income of $5.8 billion for the quarter ended January 31, 2026, an increase of 13% from the prior year.
Diluted EPS was $4.03, marking a 14% increase over the same period.
The bank achieved a Return on Equity (ROE) of 17.6%, up 80 basis points year-over-year.
RBC returned $3.3 billion to shareholders, comprising $1.0 billion in share buybacks and $2.3 billion in common share dividends.

1 day ago

6-K

RBC Capital Markets Partners in Launch of REX Autocallable Income ETF

Product Launch

New Projects/Investments

REX Shares launched the REX Autocallable Income ETF (Ticker: ATCL) on February 18, 2026.
RBC Capital Markets is a partner, providing institutional structuring and hedge support for the ETF.
The ATCL ETF aims to deliver a consistent, outcome-oriented income experience by utilizing the Bloomberg US Large Cap VolMax Autocallable Total Return Index.
The fund obtains exposure to the underlying index primarily through total return swap agreements with RBC.
CAIS serves as a core platform and marketing partner, supporting advisor education and access for the ETF.

Feb 18, 2026, 1:00 PM

Press Release

Royal Bank of Canada Issues $1 Billion 6.500% Limited Recourse Capital Notes and Preferred Shares

Debt Issuance

Convertible Preferred Issuance

Royal Bank of Canada issued US$1,000,000,000 aggregate principal amount of 6.500% Limited Recourse Capital Notes, Series 8 (Non-Viability Contingent Capital (NVCC)) (Subordinated Indebtedness) due May 24, 2086.
The Notes have a settlement date of January 30, 2026, and an issue price of 100.00%.
Concurrently, the Bank issued 1,000,000 Non-Cumulative 5-Year Fixed Rate Reset First Preferred Shares, Series CA (Non-Viability Contingent Capital (NVCC)).
These Preferred Shares are held in a Limited Recourse Trust, and upon a "Trigger Event," the Notes will be redeemed for Common Shares held in this trust.

Jan 30, 2026, 9:07 PM

6-K

Royal Bank of Canada Discusses Strategic Outlook, Capital Management, and Growth Drivers

Guidance Update

New Projects/Investments

M&A

Royal Bank of Canada (RY) is targeting a Return on Equity (ROE) of 17% plus and aims to improve its Return on Assets (ROA) towards 100 basis points. This ROA improvement is expected to be driven by NII growth, other income growth, and efficiency gains, with artificial intelligence (AI) playing a significant role.
The company plans to maintain its Common Equity Tier One (CET1) ratio within a range of 12.5% to 13.5%, with capital above 13.5% potentially used for share buybacks.
CEO Dave McKay affirmed that the bank is not altering its risk appetite to achieve higher ROEs. Identified risks include leveraging credit risk, geopolitical volatility, and cyber risk.
Significant growth opportunities are anticipated in Canada, driven by infrastructure investments and consumer resilience , and in the U.S. platform, particularly with City National, the HSBC acquisition, and the money-in franchise.
Expected headwinds include the PPA impact from the HSBC acquisition and an increased tax burden due to the implementation of Pillar Two globally.

Jan 6, 2026, 1:40 PM

Transcript

RBC Discusses Macro Outlook, ROE Targets, and Capital Strategy

Guidance Update

New Projects/Investments

M&A

RBC anticipates a constructive macro environment, driven by a risk-on theme for Canada with significant infrastructure and defense spending (CAD 150 billion and CAD 60 billion respectively), and resilient consumer activity in both Canada and the US.
The company aims for a medium-term Return on Equity (ROE) of 17% plus and plans to increase its Return on Assets (ROA) from 85-87 basis points to 100 basis points by leveraging growth in its US platform, money-in franchise, mortgage margin expansion, and AI deployment.
RBC intends to manage its Common Equity Tier 1 (CET1) ratio between 12.5% and 13.5%, with any capital exceeding 13.5% directed towards share buybacks, while maintaining a consistent risk appetite.
Despite potential headwinds from the HSBC acquisition's PPA impact on NII growth in 2026 and increased taxes due to Pillar Two, RBC remains confident in achieving its targets.
The company is exploring transformational M&A opportunities in the US wealth space, supported by the significant growth of its US senior markets deposits, which have reached $23 billion and are projected to exceed $50 billion.

Jan 6, 2026, 1:40 PM

Transcript

RBC Capital Markets Conference: Canadian Bank Valuations and RBC's Strategic Outlook

Guidance Update

New Projects/Investments

M&A

The median forward P/E ratio for the big six Canadian banks is 14x as of early 2026, up from 9.9x in 2024, and they currently trade at 83% of the TSX P/E. Royal Bank of Canada (RBC) targets a Return on Equity (ROE) of 17% plus.
RBC aims to increase its Return on Assets (ROA) from 85-87 basis points in 2025 to a target of 100 basis points. This will be driven by growth in its U.S. platform, including City National and CAD 200 million+ in remaining revenue opportunity from U.S. HSBC remediation, and margin expansion in its CAD 450 billion mortgage book.
RBC maintains a CET1 ratio target range of 12.5%-13.5% and generates 80 basis points of organic capital growth net of dividends, providing flexibility for strategic opportunities. Its RBC Clear initiative has raised $23 billion in U.S. senior market deposits from scratch, targeting $50 billion plus.
The Canadian banking sector anticipates stable PCLs in 2026 and declining into 2027, following stabilization in 2025. However, risks include unresolved CUSMA issues, a K-shaped economy, significant system leverage, and cyber risk.

Jan 6, 2026, 1:40 PM

Transcript

Royal Bank of Canada Reports Record Q4 2025 Results with Strong EPS Growth and Capital Ratios

Earnings

Guidance Update

Share Buyback

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.