NYSE$RY
Royal Bank of Canada · Q3 2025 earnings
Q3 2025 earnings · · Investor relations
Briefing
Royal Bank of Canada reported Q3 2025 record net income of C$5.4B on C$17.0B revenue, with diluted EPS of C$3.75.
For the quarter ended July 31, 2025, RBC earned record net income of C$5.4 billion (up 21% year over year) on total revenue of C$17.0 billion (up 16%). Diluted EPS was C$3.75 versus C$3.09 a year ago; adjusted diluted EPS was C$3.84. Pre-provision, pre-tax earnings reached C$7.8 billion, up 29%. The bank returned C$3.1 billion of capital through dividends and buybacks. CET1 was 13.2% with a PCL on loans ratio of 35 bps (down 23 bps quarter over quarter). Results reflected growth across every business segment versus both the prior year and prior quarter.
- Record Q3 net income of C$5.4B (+21% YoY) on C$17.0B revenue (+16% YoY); diluted EPS C$3.75 (+21% YoY).
- Personal Banking net income C$1.9B (+22% YoY) on higher NII and spreads; Commercial Banking C$836M (+2% YoY) with lower PCL QoQ.
- Wealth Management C$1.1B (+15% YoY) and Capital Markets C$1.3B (+13% YoY) on fee-based assets and trading.
- PCL on loans ratio 35 bps (down 23 bps QoQ after tariff-related performing provisions in Q2); CET1 13.2%.
Headline financials
Revenue & EPS history
RBC · Revenue · Quarterly
C$12.3B
Revenue by segment
RBC · C$5.45B total across 5 segments · Q3 2025
- Personal BankingC$1.94B—35.6%
- Capital MarketsC$1.33B+13.3%24.4%
- Wealth ManagementC$1.1B+27.1%20.1%
- Commercial BankingC$836M—15.4%
- InsuranceC$247M+45.3%4.5%
Forward guidance
Management did not issue quantitative revenue or EPS targets. The bank emphasized record results, a 13.2% CET1 ratio, and C$3.1 billion returned to shareholders in the quarter. Investor Day ambitions include extending Canadian leadership and growing global fee pools, with continued NCIB activity subject to regulatory approval.
Tailwinds
- Record net income and PPPT with growth across all five operating segments.
- PCL on loans ratio improved 23 bps sequentially as performing-loan tariff provisions eased.
- C$3.1 billion returned via dividends and share repurchases.
- Wealth Management releases on performing loans in U.S. wealth helped credit costs.
Headwinds
- PCL on loans ratio still up 8 bps year over year on higher impaired provisions.
- Capital Markets effective tax rate pressured by Pillar Two and earnings mix.
- Average LCR declined to 129% from 131% last quarter.
- Macro uncertainty and trade disruption remain called out in credit outlook.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q3 2025
+0.3%
Avg return
Earnings day
+0.3%
Avg return
5 days after
-0.3%
Avg return
30 days after
57%
37 / 65 earnings
Positive
+5.5%
Q3 2025
Best reaction
-7.4%
Q4 2011
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2026 | -0.1% | +1.1% | — | |
| Q1 2026 | -2.2% | -4.5% | -8.9% | |
| Q4 2025 | +1.5% | +5.8% | +10.6% | |
| Q3 2025 | +5.5% | +5.6% | +6.1% | |
| Q2 2025 | -3.1% | -1.1% | +0.6% | |
| Q1 2025 | -3.6% | -5.8% | -6.1% | |
| Q4 2024 | +0.5% | +1.0% | -3.5% | |
| Q3 2024 | +2.1% | +3.8% | +6.8% | |
| Q2 2024 | +5.4% | +4.5% | +3.4% | |
| Q1 2024 | +0.2% | +0.3% | +4.1% | |
| Q4 2023 | +4.3% | +4.5% | +15.8% | |
| Q3 2023 | +0.1% | +1.8% | +0.3% | |
| Q2 2023 | -0.8% | -0.6% | +1.8% | |
| Q1 2023 | -1.2% | -0.7% | -5.8% | |
| Q4 2022 | +1.9% | -0.2% | -4.5% | |
| Q3 2022 | -0.2% | -1.4% | -6.9% | |
| Q2 2022 | +2.7% | +4.1% | -3.9% | |
| Q1 2022 | +0.5% | -1.9% | +3.1% | |
| Q4 2021 | +1.1% | +2.2% | +7.2% | |
| Q3 2021 | -0.3% | -0.7% | -3.5% | |
| Q2 2021 | +1.3% | +1.6% | -0.1% | |
| Q1 2021 | -1.5% | -2.4% | +4.7% | |
| Q4 2020 | -0.5% | -0.1% | -0.7% | |
| Q3 2020 | +2.1% | +0.2% | -7.1% | |
| Q2 2020 | +3.9% | +5.6% | +4.5% | |
| Q1 2020 | +0.0% | -4.1% | -33.0% | |
| Q4 2019 | -1.5% | -2.2% | -1.6% | |
| Q3 2019 | +0.3% | -0.8% | +9.2% | |
| Q2 2019 | -1.4% | -2.0% | +1.4% | |
| Q1 2019 | +0.4% | +1.5% | -1.6% | |
| Q4 2018 | +2.5% | +2.7% | -5.1% | |
| Q3 2018 | +1.1% | +2.2% | +2.7% | |
| Q2 2018 | -3.6% | -5.6% | -3.2% | |
| Q1 2018 | +0.5% | -2.0% | -4.3% | |
| Q4 2017 | -0.1% | +1.8% | +4.2% | |
| Q3 2017 | +1.4% | +1.7% | +4.5% | |
| Q2 2017 | +0.8% | +0.3% | +2.6% | |
| Q4 2016 | -2.4% | -1.1% | +1.0% | |
| Q3 2016 | -1.0% | -1.3% | -2.9% | |
| Q2 2016 | +1.6% | -1.1% | -2.5% | |
| Q1 2016 | -1.1% | — | — | |
| Q4 2015 | -0.7% | — | — | |
| Q3 2015 | +3.5% | — | — | |
| Q2 2015 | -0.8% | — | — | |
| Q1 2015 | +2.6% | — | — | |
| Q4 2014 | -0.8% | — | — | |
| Q3 2014 | -1.8% | — | — | |
| Q2 2014 | +0.1% | — | — | |
| Q1 2014 | -1.2% | — | — | |
| Q4 2013 | +0.9% | — | — | |
| Q3 2013 | -2.0% | — | — | |
| Q2 2013 | +0.3% | — | — | |
| Q1 2013 | +0.4% | — | — | |
| Q4 2012 | +1.4% | — | — | |
| Q3 2012 | -1.5% | — | — | |
| Q2 2012 | -0.8% | — | — | |
| Q1 2012 | +1.9% | — | — | |
| Q4 2011 | -7.4% | — | — | |
| Q3 2011 | +0.5% | — | — | |
| Q2 2011 | -0.2% | — | — | |
| Q1 2011 | +2.8% | — | — | |
| Q4 2010 | +0.1% | — | — | |
| Q3 2010 | +1.9% | — | — | |
| Q2 2010 | -0.4% | — | — | |
| Q1 2010 | +1.3% | — | — | |
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