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RY

Royal Bank of Canada

RY

Royal Bank of Canada • NYSE
$154.09 ▲ 0.59% (+0.90)
Market Cap $217.31 B
52w High $154.64
52w Low $106.10
Dividend Yield 4.32%
P/E 16.34
Volume 348.50K
Outstanding Shares 1.41B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $34.719B ▲ $9.207B ▲ $5.415B ▲ 15.597% ▲ $3.76 ▲ $7.64B ▲
Q2-2025 $32.57B ▼ $8.714B ▼ $4.386B ▼ 13.466% ▼ $3.03 ▼ $6.298B ▼
Q1-2025 $35.227B ▲ $9.237B ▲ $5.129B ▲ 14.56% ▲ $3.54 ▲ $7.207B ▲
Q4-2024 $33.89B ▼ $9.008B ▲ $4.219B ▼ 12.449% ▼ $2.85 ▼ $6.036B ▼
Q3-2024 $34.451B $8.656B $4.483B 13.013% $3.09 $6.136B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $440.326B ▲ $2.228T ▼ $2.092T ▼ $135.563B ▲
Q2-2025 $410.651B ▲ $2.242T ▲ $2.11T ▲ $132.447B ▼
Q1-2025 $403.806B ▲ $2.191T ▲ $2.058T ▲ $133.167B ▲
Q4-2024 $167.126B ▼ $2.172T ▲ $2.044T ▲ $127.089B ▲
Q3-2024 $354.59B $2.076T $1.952T $124.391B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $5.414B ▲ $29B ▲ $-37.971B ▼ $-3.904B ▼ $-13.694B ▲ $28.47B ▲
Q2-2025 $4.39B ▼ $9.851B ▼ $-31.911B ▼ $-915M ▲ $-22.579B ▼ $9.368B ▼
Q1-2025 $5.131B ▲ $31.154B ▲ $-16.11B ▼ $-1.231B ▲ $14.477B ▲ $30.473B ▲
Q4-2024 $4.222B ▼ $17.166B ▼ $-13.021B ▲ $-2.935B ▼ $1.493B ▲ $16.495B ▼
Q3-2024 $4.486B $23.219B $-27.706B $-2.906B $-6.143B $22.502B

Five-Year Company Overview

Income Statement

Income Statement Royal Bank of Canada’s income statement shows a large and growing revenue base with profits that have stayed resilient through changing interest rate and credit conditions. Earnings dipped slightly in the middle of the period but have since recovered, suggesting the bank managed higher costs and loan loss provisions reasonably well. Overall, profitability looks stable rather than explosive, which is typical of a mature, diversified bank, and indicates a business that is more about consistency than rapid growth.

Balance Sheet

Balance Sheet The balance sheet has expanded steadily, with total assets, loans, and funding all moving higher over time. Capital levels have risen as well, which helps support growth and absorb potential shocks, even though leverage remains high as is standard for large banks. Cash holdings have eased relative to the size of the balance sheet, but there is no obvious sign of undue strain, and the bank appears to be operating with a solid capital base for its scale.

Cash Flow

Cash Flow Cash generation from operations is consistently positive but somewhat volatile from year to year, which is normal for a bank as balance sheet flows shift with markets and client activity. Free cash flow remains solidly positive after investment spending, and capital expenditures are relatively modest compared with the size of the business. This pattern suggests the franchise throws off meaningful cash while still funding technology and infrastructure needs internally.

Competitive Edge

Competitive Edge RBC holds a leading position in Canada across most retail and commercial banking categories, benefiting from a powerful brand, extensive distribution, and deep customer relationships. Its earnings come from multiple engines—retail banking, wealth management, insurance, capital markets, and investor services—which spreads risk and reduces reliance on any one line of business. High switching costs, a broad product suite, and the integration of HSBC Canada further reinforce its franchise strength, though the bank remains exposed to the health of the Canadian economy and global capital markets.

Innovation and R&D

Innovation and R&D RBC is unusually aggressive in technology and data for a traditional bank, with large ongoing investments in artificial intelligence, digital banking, and advanced analytics. In-house capabilities like Borealis AI, tools such as NOMI for consumers and Aiden for trading, and platforms like RBCx for startups show a deliberate push to embed technology across the bank. Its early move into open banking APIs, focus on cybersecurity, and experiments with blockchain position it to benefit if digital finance evolves quickly, though the payoff from these efforts depends on successful execution and adoption. The bank is also explicitly targeting sizable value creation from AI over the next few years, underscoring that innovation is central to its strategy, not a side project.

Summary

RBC combines the characteristics of a large, stable incumbent with an unusually strong emphasis on technology and digital innovation. Financially, it shows steady asset growth, resilient profitability, and solid cash generation, supported by a growing capital base. Strategically, it benefits from scale, brand strength, and diversification across multiple business lines, which together form a wide competitive moat but also tie its fortunes to credit quality, regulation, and macroeconomic conditions in Canada and abroad. Its technology agenda—especially AI, digital platforms, and open banking—offers meaningful upside if executed well, while introducing typical innovation risks around cost, complexity, and competition from both banks and fintechs.