RY

MKT CAP:$246B

Royal Bank of Canada

Market Cap

$246B

Financial Services·Banks - Diversified·🇨🇦 Canada·NYSE

Financials·Banks·🇨🇦·NYSE

Stock Price

$175.82+$5.04 (+2.95%)

Apr 24, 2026

Company Details

Royal Bank of Canada operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers checking and savings accounts, home equity financing, personal lending, private banking, indirect...

CEO

David I. McKay

IPO Date

Oct 16, 1995

Website

www.rbc.com

Key Metrics TTM

Revenue

$100.6B

+0.7% YoY

Net Income

$15.4B

EPS (Diluted)

$10.63

Free Cash Flow

$20.7B

Revenue / Share

$97.76

Gross Margin

46.0%

Operating Margin

19.4%

Net Margin

15.3%

FCF Margin

20.6%

P/S

2.4x

P/E

16.0x

Earnings Reports

Q1 2026

Feb 26, 2026

$25.9B+0.8%EPS $2.95

FY 2025

Dec 3, 2025

$100.4B+2.1%EPS $10.30

Q4 2025

Dec 3, 2025

$25.5B+2.8%EPS $2.74

Q3 2025

Aug 27, 2025

$25.4B+0.8%EPS $2.74

Q2 2025

May 29, 2025

$23.8B-1.6%EPS $2.21

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$10.0B	$8.4B	$3.9B
Q3 22	$12.4B	$8.6B	$3.3B
Q4 22	$15.5B	$8.9B	$3.6B
Q1 23	$19.3B	$9.4B	$3.8B
Q2 23	$19.5B	$8.6B	$3.2B
Q3 23	$21.5B	$9.0B	$3.4B
Q4 23	$22.8B	$9.2B	$3.0B
Q1 24	$24.1B	$9.5B	$3.2B
Q2 24	$24.2B	$9.5B	$3.6B
Q3 24	$25.2B	$10.3B	$3.9B
Q4 24	$24.8B	$10.4B	$3.8B
Q1 25	$25.7B	$11.5B	$4.7B
Q2 25	$23.8B	$10.4B	$4.0B
Q3 25	$25.4B	$11.8B	$5.0B
Q4 25	$25.5B	$11.8B	$5.0B
Q1 26	$25.9B	$12.3B	$5.4B

Valuation

Quarter	P/S	P/E
Q2 22	3.3x	11.7x
Q3 22	3.1x	11.9x
Q4 22	2.7x	11.3x
Q1 23	2.4x	12.9x
Q2 23	2.1x	13.3x
Q3 23	1.8x	13.0x
Q4 23	1.4x	10.5x
Q1 24	1.6x	12.5x
Q2 24	1.5x	12.2x
Q3 24	1.6x	13.2x
Q4 24	1.8x	15.2x
Q1 25	1.7x	12.9x
Q2 25	1.7x	12.6x
Q3 25	1.8x	13.2x
Q4 25	2.1x	13.9x
Q1 26	2.4x	15.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 22	$539M	$134M
Q3 22	$9.6B	$9.2B
Q4 22	-$255M	-$818M
Q1 23	$13.1B	$12.5B
Q2 23	$7.5B	$7.0B
Q3 23	$6.6B	$6.2B
Q4 23	-$8.1B	-$8.7B
Q1 24	-$1.2B	-$1.6B
Q2 24	-$11.4B	-$11.7B
Q3 24	$17.0B	$16.4B
Q4 24	$12.5B	$12.1B
Q1 25	$22.8B	$22.3B
Q2 25	$7.2B	$6.8B
Q3 25	$21.2B	$20.8B
Q4 25	-$10.8B	-$11.2B
Q1 26	$4.7B	$4.3B

Capital Expenditures

Quarter	CapEx
Q2 22	$404M
Q3 22	$428M
Q4 22	$563M
Q1 23	$510M
Q2 23	$516M
Q3 23	$407M
Q4 23	$561M
Q1 24	$352M
Q2 24	$300M
Q3 24	$524M
Q4 24	$490M
Q1 25	$498M
Q2 25	$353M
Q3 25	$387M
Q4 25	$401M
Q1 26	$437M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+0.5%	-0.6%
Q3 22	+15.6%	+36.3%
Q4 22	+48.0%	+75.1%
Q1 23	+74.7%	+117.5%
Q2 23	+94.8%	+165.3%
Q3 23	+74.0%	+100.9%
Q4 23	+47.5%	+66.5%
Q1 24	+24.8%	+35.1%
Q2 24	+24.2%	+26.9%
Q3 24	+16.9%	+16.9%
Q4 24	+8.6%	+5.7%
Q1 25	+6.6%	+0.4%
Q2 25	-1.6%	-4.0%
Q3 25	+0.8%	-4.2%
Q4 25	+2.8%	-2.3%
Q1 26	+0.8%	-2.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%
Q1 26	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q2 22	$2.8B
Q3 22	$3.4B
Q4 22	$3.3B
Q1 23	$3.5B
Q2 23	$3.3B
Q3 23	$3.5B
Q4 23	$3.5B
Q1 24	$3.8B
Q2 24	$3.7B
Q3 24	$4.0B
Q4 24	$4.0B
Q1 25	$4.4B
Q2 25	$4.0B
Q3 25	$4.3B
Q4 25	$4.2B
Q1 26	$5.4B

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$135.0B	$115.1B	$250.1B
Q3 22	$136.8B	$119.2B	$256.0B
Q4 22	$131.8B	$44.0B	$175.8B
Q1 23	$131.4B	$129.8B	$261.2B
Q2 23	$132.3B	$129.1B	$261.4B
Q3 23	$122.8B	$163.1B	$285.9B
Q4 23	$97.2B	$57.7B	$154.9B
Q1 24	$99.0B	$174.4B	$273.3B
Q2 24	$73.0B	$166.6B	$239.6B
Q3 24	$82.3B	$176.8B	$259.1B
Q4 24	$89.7B	$32.4B	$122.1B
Q1 25	$87.1B	$208.0B	$295.1B
Q2 25	$83.7B	$216.4B	$300.1B
Q3 25	$78.7B	$243.0B	$321.8B
Q4 25	$63.9B	$56.9B	$120.8B
Q1 26	$33.8B	$0	$33.8B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	1.41B	-0.8%	-1.0%
Q3 22	1.40B	-1.0%	-2.0%
Q4 22	1.39B	-0.7%	-2.7%
Q1 23	1.38B	-0.3%	-2.8%
Q2 23	1.39B	+0.4%	-1.6%
Q3 23	1.39B	+0.3%	-0.3%
Q4 23	1.40B	+0.4%	+0.9%
Q1 24	1.41B	+0.5%	+1.7%
Q2 24	1.41B	+0.5%	+1.7%
Q3 24	1.42B	+0.1%	+1.5%
Q4 24	1.42B	0.0%	+1.1%
Q1 25	1.42B	0.0%	+0.6%
Q2 25	1.41B	-0.2%	-0.0%
Q3 25	1.41B	-0.3%	-0.5%
Q4 25	1.41B	0.0%	-0.5%
Q1 26	1.03B	-27.0%	-27.3%

Shares Outstanding