NYSE$RY
Royal Bank of Canada · Q4 2025 earnings
Q4 2025 earnings · · Investor relations
Briefing
Royal Bank of Canada reported Q4 2025 record net income of C$5.4B on C$17.2B revenue, with diluted EPS of C$3.76.
For the quarter ended October 31, 2025, RBC earned record net income of C$5.4 billion (up 29% year over year) on total revenue of C$17.2 billion (up 14%). Diluted EPS was C$3.76 versus C$2.91 a year ago; adjusted diluted EPS was C$3.85. Record pre-provision, pre-tax earnings reached C$7.8 billion, up 29%. The bank returned C$11.3 billion to shareholders for fiscal 2025 through dividends and buybacks, declared a C$1.64 quarterly dividend (up C$0.10), and revised its ROE financial objective to 17%+ for fiscal 2026. CET1 was 13.5% with a PCL on loans ratio of 39 bps (up 4 bps YoY).
- Record Q4 net income of C$5.4B (+29% YoY) on C$17.2B revenue (+14% YoY); adjusted diluted EPS C$3.85 (+25% YoY).
- Capital Markets net income C$1.4B (+45% YoY) and Wealth Management C$1.3B (+33% YoY) led segment growth; Insurance fell to C$98M on unfavourable actuarial updates.
- Record PPPT of C$7.8B (+29% YoY) on higher trading and NII; PCL on loans ratio 39 bps (+4 bps YoY).
- Fiscal 2025 net income C$20.4B (+25% YoY); quarterly dividend raised to C$1.64; ROE target lifted to 17%+ for fiscal 2026.
Headline financials
Revenue & EPS history
RBC · Revenue · Quarterly
C$12.3B
Revenue by segment
RBC · C$5.51B total across 5 segments · Q4 2025
- Personal BankingC$1.89B+19.5%34.2%
- Capital MarketsC$1.43B+45.3%26.0%
- Wealth ManagementC$1.28B+32.5%23.3%
- Commercial BankingC$810M+4.7%14.7%
- InsuranceC$98M-39.5%1.8%
Forward guidance
Management did not issue quantitative revenue or EPS targets for upcoming quarters. For fiscal 2026 the bank revised its ROE financial objective to 17%+ to reflect improving revenue productivity and cost efficiencies. The board declared a C$1.64 quarterly dividend (up 7%) and highlighted capacity to fund growth from a 13.5% CET1 ratio after returning C$11.3 billion in fiscal 2025.
Tailwinds
- Quarterly dividend increased to C$1.64 per share (+C$0.10).
- Fiscal 2026 ROE objective raised to 17%+ on strategic execution.
- CET1 ratio of 13.5% supports volume growth and capital returns.
- Record fiscal 2025 earnings with diversified segment momentum.
Headwinds
- PCL on loans ratio rose to 39 bps with higher impaired provisions in key segments.
- Insurance net income down sharply quarter over quarter on actuarial updates.
- Net income relatively flat sequentially despite record headline results.
- Macro outlook cites trade disruption and unemployment risks in credit provisioning.
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 Q4 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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