Royal Bank of Canada

Royal Bank of Canada (RBC) is the largest bank in Canada. It has five business segments: Personal Banking, Commercial Banking, Wealth Management, Insurance and Capital Markets. Personal Banking and Commercial Banking serve households and businesses, mainly in Canada.

Wealth Management serves clients in Canada, the United States and other countries, and it includes City National Bank in the United States. Capital Markets gives advisory, lending and trading services to companies, governments and investors. RBC bought HSBC Bank Canada in 2024.

Total assets were $2.50 trillion and deposits were $1.64 trillion at July 31, 2026. All amounts are in Canadian dollars unless the text says otherwise. The fiscal year ends on October 31.

RBC trades at a premium because investors pay for its high and steady returns and its leading position in Canada. Return on equity was 17.9% in Q3 fiscal 2026, and diluted EPS was a record $4.23. Wealth Management net income grew 32%, and Capital Markets also grew. Canada has few large banks, and RBC is the largest of them.

Investors also expect it to keep returning capital through dividends and buybacks. The price assumes that returns stay near or above the fiscal 2026 objective of 17% or more through a full credit cycle. For the premium to be earned, three things must be true. Wealth Management and Capital Markets must keep their profit when markets are less strong, because they gave most of the profit growth in 2026.

Credit losses must stay near the 36 basis points of loans of Q3 fiscal 2026, even with trade tension between Canada and the United States. Personal Banking must grow again, because its net income fell 1% in Q3 fiscal 2026. The Q4 fiscal 2026 report on December 3, 2026 gives the first test, with the objectives for fiscal 2027. If returns fall toward 14% in a weaker economy, the premium can shrink within one to two years.

1. Dec 3, 2026Pending

   Q4 fiscal 2026 results and fiscal 2027 objectivesReturn on equity near 17% or more, provisions near 36 basis points of loans and fiscal 2027 objectives at a similar level pass; a large rise in provisions or lower objectives fail.
2. Jun 11, 2027Pending

   End of the share buyback programBuybacks of most of the 45 million shares with a CET1 ratio near 13% pass; a stopped buyback because of higher credit losses fails.

Every passed and failed checkpoint across all picks

• August 27, 2026RBC reported Q3 fiscal 2026 results. Net income was a record $6.0 billion, up 11%, and diluted EPS was $4.23, up 13%. Return on equity was 17.9%. Wealth Management net income grew 32% to $1.4 billion, and Capital Markets net income was $1.5 billion. Personal Banking net income fell 1%. Total provisions for credit losses were $1.0 billion. The CET1 ratio was 13.5%.
• June 12, 2026RBC began a normal course issuer bid to buy back up to 45 million common shares until June 11, 2027.
• May 28, 2026RBC reported Q2 fiscal 2026 results with diluted EPS of $3.85. It raised the quarterly dividend by 7% to $1.76 per share.

Next earnings

December 3, 2026, as the company confirmed.

• 6-KInterim report for the period ended Jul 31, 2026Filed August 27, 2026 · Read it on sec.gov
• 6-KInterim report for the period ended Apr 30, 2026Filed May 28, 2026 · Read it on sec.gov
• 6-KInterim report for the period ended Jan 31, 2026Filed February 26, 2026 · Read it on sec.gov
• 40-FAnnual report for the period ended Oct 31, 2025Filed December 3, 2025 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 1000275)

• Credit losses can rise if the economy in Canada weakens. Trade tension and tariffs between Canada and the United States can hurt business clients and households. Provisions were 36 basis points of loans in Q3 fiscal 2026.
• Recent profit growth came mostly from Wealth Management and Capital Markets, which depend on markets. Wealth Management net income grew 32% in Q3 fiscal 2026. If markets fall, this growth can stop.
• Personal Banking net income fell 1% in Q3 fiscal 2026, partly because accretion from the HSBC Bank Canada purchase got smaller. Competition for deposits and mortgages in Canada is strong.
• Capital rules can change in Canada and in the United States. Higher requirements can limit buybacks and lower returns.

RBC funds itself mainly with deposits, which were $1.64 trillion at July 31, 2026, and total assets were $2.50 trillion. The CET1 capital ratio was 13.5% and the liquidity coverage ratio was 125%. Read more

Dividend yield

2.4% (last 12 months, at today’s price of CA$288.32)

Paid per share

CA$6.80 in the last 12 months (4 payments)

Current annual rate

CA$7.04 (CA$1.76 × 4 a year)

Latest ex-dividend date

October 26, 2026, CA$1.76 per share

Dividends per share by year

Over the last 5 years, the dividend grew by about 9.5% a year. Over the last 10 years, the dividend grew by about 7.7% a year.

Source: company filings and market data, read on November 9, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.