Is Royal Bank of Canada financially healthy?

On 31 July 2026 Royal Bank of Canada held 64.17B CAD in cash and short-term investments against total debt of 418.01B CAD. Its current ratio is 4.85: what falls due within a year against what turns into cash within a year. Over the last twelve months it generated 14.11B CAD of free cash flow.

Is Royal Bank of Canada growing?

Royal Bank of Canada's revenue grew 17.6% a year over its last five fiscal years, from 61.15B CAD in fiscal year 2020 to 137.36B CAD in fiscal year 2025. Over the last twelve months it was up 4.7% on the twelve months before.

Where can I find Royal Bank of Canada's annual report (40-F)?

Royal Bank of Canada, a company based outside the US, files its annual report (Form 40-F) and its interim reports (Form 6-K) with the US Securities and Exchange Commission, on its EDGAR site; the figures on these pages come from them.

Royal Bank of Canada
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Arincen ScoreBeta70/100

70/100B

209.770

USD

6.15

(3.02%)

Post Trading·206.010USD-3.760(-1.79%)

Last updated: 4 Nov, 16:01 GMT-5 · Delayed 15 min

Fair value149.38Plus+40%116Price 209.77229

Q4 FY2026 · Earnings report

EPS estimate 2.98Revenue estimate 13.22B

Q4 FY2026 · Earnings report

Thursday 3 December

EPS estimate 2.98Revenue estimate 13.22B

Fair value149.38Plus+40%116Price 209.77229

Q4 FY2026 · Earnings report

EPS estimate 2.98Revenue estimate 13.22B

Q4 FY2026 · Earnings report

Thursday 3 December

EPS estimate 2.98Revenue estimate 13.22B

Overview Financials Forecast Earnings Dividends Company

Royal Bank of Canada financials

Yes. Royal Bank of Canada earned 22.75B CAD of net income over the last twelve months, 15.9% of its revenue. It made a profit in 33 of its 33 fiscal years since 1993.

Revenue (TTM): 142.87B CAD
Net income (TTM): 22.75B CAD
Free cash flow (TTM): 14.11B CAD
Cash and short-term investments: 64.17B CAD
Total debt: 418.01B CAD
Shareholders' equity: 145.11B CAD

Cash, debt and equity as of 31 Jul 2026.

Royal Bank of Canada earnings

Next earnings · Q4 FY2026

3 Dec 2026

EPS estimate

2.98 CAD

Revenue estimate

13.22B CAD

Last quarter · Q3 FY2026

EPS3.07Beat +6.2%Revenue13.22BBeat +1.8%

Revenue

ReportedEstimate

EPS

ReportedEstimate

Period	Report date	EPS estimate	Reported EPS	Surprise	EPS growth	Revenue estimate	Reported revenue	Surprise	Revenue growth
Q1 FY2027	—	3.13	—	—	+6.36%	13.60B	—	—	+3.22%
Q4 FY2026	3 Dec 2026	2.98	—	—	+7.97%	13.22B	—	—	+7.71%
Q3 FY2026	27 Aug 2026	2.89	3.07	+6.23%	+10.04%	12.98B	13.22B	+1.85%	-22.08%
Q2 FY2026	28 May 2026	2.81	2.84	+1.07%	+29.09%	12.74B	12.84B	+0.79%	-17.99%
Q1 FY2026	26 Feb 2026	2.81	2.94	+4.63%	+15.29%	12.85B	13.18B	+2.54%	-21.17%
Q4 FY2025	3 Dec 2025	2.51	2.76	+9.96%	+22.67%	11.98B	12.28B	+2.44%	-18.50%
Q3 FY2025	27 Aug 2025	2.36	2.79	+18.22%	+17.23%	12.11B	16.96B	+40.11%	+15.47%
Q2 FY2025	29 May 2025	2.25	2.20	-2.22%	+2.80%	11.85B	15.66B	+32.12%	+54.52%

Period	EPS estimate	Reported EPS	Surprise	EPS growth	Revenue estimate	Reported revenue	Surprise	Revenue growth
FY2027	12.78	—	—	+8.81%	54.74B	—	—	+5.44%
FY2026	11.74	—	—	+14.00%	51.92B	—	—	-15.74%
FY2025	10.04	10.30	+2.62%	+15.86%	47.07B	61.61B	+30.90%	+23.14%
FY2024	9.03	8.89	-1.57%	+6.34%	57.65B	50.04B	-13.20%	-3.65%
FY2023	7.99	8.36	+4.61%	-20.46%	37.66B	51.93B	+37.89%	+9.98%
FY2022	8.11	10.51	+29.57%	-6.08%	34.54B	47.22B	+36.69%	+2.34%

Royal Bank of Canada growth and profitability

Full income statement

Revenue (TTM): 142.87B CAD
Net income (TTM): 22.75B CAD
Gross margin: 48.53%
Operating margin: 20.36%
Net margin: 15.92%

Revenue / Net income

Revenue Net income Net margin

Period	Revenue	Growth	Net income	Growth	Gross margin	Operating margin	Net margin	EBITDA	Growth
FY2025	137.36B	+2.13%	20.36B	+25.46%	45.26%	18.67%	14.82%	28.73B	+25.77%
FY2024	134.49B	+18.54%	16.23B	+11.13%	40.34%	14.77%	12.07%	22.84B	+8.58%
FY2023	113.45B	+69.77%	14.61B	-7.53%	43.30%	16.03%	12.87%	21.04B	-7.57%
FY2022	66.83B	+15.86%	15.79B	-1.52%	72.26%	30.09%	23.63%	22.76B	-1.99%
FY2021	57.68B	-5.68%	16.04B	+40.29%	87.19%	35.77%	27.81%	23.22B	+36.31%

Period	Revenue	Net income	Gross margin	Operating margin	Net margin
Q3 FY2026	38.65B	6.03B	51.23%	20.06%	15.59%
Q2 FY2026	33.93B	5.51B	48.66%	20.93%	16.22%
Q1 FY2026	35.44B	5.78B	47.49%	20.90%	16.32%
Q4 FY2025	34.84B	5.43B	46.47%	19.60%	15.59%
Q3 FY2025	34.72B	5.42B	46.31%	19.79%	15.60%

How Royal Bank of Canada makes its money

Revenue137.36B 100.0%

Cost of revenue75.19B 54.7%

Gross profit62.17B 45.3%

Selling and administration23.12B 16.8%

Other operating expenses13.40B 9.8%

Operating income25.65B 18.7%

Tax5.28B 3.8%

Other expense7.00M 0.0%

Net income20.36B 14.8%

FY2025, in CAD. Each band is as wide as its money; the percentage is its share of revenue.

Royal Bank of Canada revenue breakdown

By region

FY2025

70.9%CANADA29.1%UNITED STATES

Region	Revenue	Share of revenue	Change on the year
CANADA	41.86B	70.9%	+16.8%
UNITED STATES	17.20B	29.1%	+14.4%

Operating and free cash flow

Full cash flow statement

Operating cash flow Free cash flow

Fiscal year	Operating cash flow	Free cash flow
FY2025	55.22B	52.98B
FY2024	23.14B	20.86B
FY2023	26.08B	23.35B
FY2022	21.94B	19.44B
FY2021	61.04B	58.86B
FY2020	138.82B	136.19B
FY2019	14.27B	12.00B
FY2018	17.47B	15.49B
FY2017	37.73B	36.36B
FY2016	26.86B	25.60B

Royal Bank of Canada financial health

Full balance sheet

Cash and short-term investments: 64.17B CAD
Total debt: 418.01B CAD
Net cash: -353.84B CAD
Free cash flow (TTM): 14.11B CAD
Current ratio: 4.85
Debt to equity: 2.88
Piotroski score: 6 / 9
Altman Z-score: 0.28

Cash, debt and free cash flow

Cash and short-term investments Total debt Free cash flow

Fiscal year	Cash and short-term investments	Total debt	Free cash flow
FY2025	165.28B	834.96B	52.98B
FY2024	167.13B	779.52B	20.86B
FY2023	212.00B	774.59B	23.35B
FY2022	240.60B	699.12B	19.44B
FY2021	231.03B	567.25B	58.86B

Assets, liabilities and equity

Total assets Total liabilities Shareholders' equity

Fiscal year	Total assets	Total liabilities	Shareholders' equity
FY2025	2.33T	2.19T	139.09B
FY2024	2.17T	2.04T	127.09B
FY2023	2.01T	1.89T	115.05B
FY2022	1.92T	1.81T	108.06B
FY2021	1.71T	1.61T	98.67B
FY2020	1.62T	1.54T	86.66B
FY2019	1.43T	1.35T	83.52B
FY2018	1.33T	1.25T	79.86B
FY2017	1.21T	1.14T	73.83B
FY2016	1.18T	1.11T	71.02B

Royal Bank of Canada valuation

Price to earnings ratio (TTM): 18.43
Forward P/E (FY2027): 16.42
Price to sales (TTM): 2.84
Price to book: 2.80
EV / EBITDA (TTM): 23.76

Capital structure

Market capitalization

290.87B CAD

Total debt

299.18B CAD

−

Cash and short-term investments

45.93B CAD

Enterprise value

544.12B CAD

Valuation over time

P/EForward P/EEstimate

Fiscal year	P/E	Forward P/E	P/S	P/B	EV/EBITDA
FY2027 (est.)	16.42	—	—	—	—
FY2026 (est.)	17.87	16.42	—	—	—
Now (TTM)	18.43	15.89	2.84	2.80	23.76
FY2025	14.53	12.54	2.10	2.08	36.07
FY2024	14.95	11.95	1.77	1.87	39.16
FY2023	10.73	8.81	1.36	1.34	37.82
FY2022	11.37	11.35	2.65	1.64	30.56
FY2021	11.67	9.62	3.19	1.87	24.02

Royal Bank of Canada against its own history

Each figure in the latest fiscal year against the same figure from FY2021 to FY2025: the range, its median (the line) and the latest (the dot, green on the good side of the median). The P/E is today's against its daily readings of five years.

Its peers: Wells Fargo &, Bank of America, Citigroup, and JPMorgan Chase &, the US Banks - Diversified companies closest to it in size, each in its own latest fiscal year: their median (the line) and its rank among them, first being the best.

P/E (today)Above its median18.4
10.220.1
Gross marginAt its median45.3%
40.3%87.2%
Against its peers: 4 of 5Peers' median 58.0%
Operating marginAt its median18.7%
14.8%35.8%
Against its peers: 4 of 5Peers' median 20.0%
Net marginAt its median14.8%
12.1%27.8%
Against its peers: 4 of 5Peers' median 16.6%
Return on equityAbove its median14.6%
12.7%16.3%
Against its peers: 2 of 5Peers' median 10.9%
Free cash flow marginAbove its median38.6%
15.5%102.0%
Against its peers: 1 of 5Peers' median -29.7%
Revenue growthBelow its median2.1%
-5.7%69.8%
Against its peers: 2 of 5Peers' median -0.9%
EPS growthAbove its median25.5%
-6.7%41.4%
Against its peers: 1 of 5Peers' median 17.6%
Debt to EBITDABelow its median29.06×
24.43×36.82×
Against its peers: 4 of 5Peers' median 12.26×
Current ratioLowest in 5 years0.13
0.130.21
Against its peers: 5 of 5Peers' median 0.45

Figure	FY2025	5-year low – high	Against its history	Against its peers
P/E (today)	18.4	10.220.1	Above its median	—
Gross margin	45.3%	40.3%87.2%	At its median	4 of 5
Operating margin	18.7%	14.8%35.8%	At its median	4 of 5
Net margin	14.8%	12.1%27.8%	At its median	4 of 5
Return on equity	14.6%	12.7%16.3%	Above its median	2 of 5
Free cash flow margin	38.6%	15.5%102.0%	Above its median	1 of 5
Revenue growth	2.1%	-5.7%69.8%	Below its median	2 of 5
EPS growth	25.5%	-6.7%41.4%	Above its median	1 of 5
Debt to EBITDA	29.06×	24.43×36.82×	Below its median	4 of 5
Current ratio	0.13	0.130.21	Lowest in 5 years	5 of 5

Peers: US companies of the same industry (of its sector when the industry has too few) from a tenth to ten times its market value, the six closest in size. Updated weekly.

Royal Bank of Canada dividends

Annual dividend: 5.02 CAD
Dividend yield (indicated): 2.39%
Payout ratio: 43.05%
Years of dividend growth: 34
Frequency: Quarterly
Last payment: 1.25 CAD
Last ex-dividend date: 26 Oct 2026
Last payment date: 24 Nov 2026

Dividends per share

Year	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Dividends per share	4.32	4.08	3.96	3.83	3.44	3.19	3.07	2.94	2.68	2.43

Royal Bank of Canada ownership

Institutions: 60.52%
Institutional holders: 1,041 (+49)
Free float: 99.75%

InstitutionsOthers

As of 30 Jun 2026

Shares outstanding

Basic shares Diluted shares Change in diluted shares

Fiscal year	Basic shares	Diluted shares	Change in diluted shares
FY2025	1.41B	1.41B	-0.29%
FY2024	1.41B	1.41B	+1.52%
FY2023	1.39B	1.39B	-0.96%
FY2022	1.40B	1.41B	-1.45%
FY2021	1.42B	1.43B	-0.14%

Common questions about Royal Bank of Canada's financials

Source: Financial Modeling Prep

Royal Bank of Canada
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Royal Bank of Canada financials

Royal Bank of Canada earnings

Revenue

EPS

Royal Bank of Canada growth and profitability

Revenue / Net income

How Royal Bank of Canada makes its money

Royal Bank of Canada revenue breakdown

By region

Operating and free cash flow

Royal Bank of Canada financial health

Cash, debt and free cash flow

Assets, liabilities and equity

Royal Bank of Canada valuation

Capital structure

Valuation over time

Royal Bank of Canada against its own history

Royal Bank of Canada dividends

Dividends per share

Royal Bank of Canada ownership

Shares outstanding

Common questions about Royal Bank of Canada's financials

Is Royal Bank of Canada profitable?

Is Royal Bank of Canada financially healthy?

Is Royal Bank of Canada growing?

Where can I find Royal Bank of Canada's annual report (40-F)?

Need help?

Royal Bank of Canada DQuotes are delayed by 15 minutes

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Royal Bank of Canada financials

Royal Bank of Canada earnings

Revenue

EPS

Royal Bank of Canada growth and profitability

Revenue / Net income

How Royal Bank of Canada makes its money

Royal Bank of Canada revenue breakdown

By region

Operating and free cash flow

Royal Bank of Canada financial health

Cash, debt and free cash flow

Assets, liabilities and equity

Royal Bank of Canada valuation

Capital structure

Valuation over time

Royal Bank of Canada against its own history

Royal Bank of Canada dividends

Dividends per share

Royal Bank of Canada ownership

Shares outstanding

Common questions about Royal Bank of Canada's financials

Is Royal Bank of Canada profitable?

Is Royal Bank of Canada financially healthy?

Is Royal Bank of Canada growing?

Where can I find Royal Bank of Canada's annual report (40-F)?

Need help?

Royal Bank of Canada
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Quotes are delayed by 15 minutes