Royal Bank of Canada (RY) financials

NYSE · Financial Services · Banks - Diversified · 101,269 employees · CEO David I. McKay

Price: $202.98 -1.48%
Market cap: $281B
Enterprise value: CA$747B
Last report: Q3 '26 filed 2026-08-27
Next report: 2026-12-03

Revenue (TTM)CA$143B+4.7% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)20.4%+2.7 pp vs a year agoOperating income CA$29.1B

Net income (TTM)CA$22.7B+18.8% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)CA$14.1B-83.4% vs a year agoCapex CA$2.35B

Diluted EPS (TTM)CA$15.86+20.0% vs a year agoSum of the last 4 quarters

Net cash-CA$354B-1.3% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $281B
Revenue: CA$143B
Revenue growth: –
Profit margin: 15.9%
P/E: 17.9×
P/S: 2.8×
EV / EBITDA: 24.0×
Free cash flow: CA$14.1B
Net income: CA$22.7B
Revenue estimate: –
Earnings: 2026-12-03
Dividend: $4.90

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Revenue growth accelerating: 11.3% year on yearQ3 '26 revenue CA$38.7B, against an average of 2.1% over the four quarters before.
Operating margin 20.4% (TTM), +2.7 pp on a year agoOperating income grew 21.0% while revenue grew 4.7%.
Capex 1.6% of revenue (a year ago 1.7%)CA$2.35B invested in the last 4 quarters (-0.7% on a year earlier). Free cash flow CA$14.1B = 62.1% of net income.
Returned CA$30.1B to shareholders = 213.0% of free cash flowBuybacks CA$20.6B (a year earlier CA$11.3B), dividends CA$9.44B, stock-based pay CA$0 (TTM). More than the free cash flow: paid from cash or debt.
Diluted share count down 29.7% in a year992M diluted shares in Q3 '26, 1.41B a year earlier.
Net debt CA$354BCash + short-term investments CA$64.2B, debt incl. leases CA$418B; a year ago net debt CA$349B.

Last quarter: Q3 '26

Quarter ended 2026-07-31. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	CA$38.7B	CA$34.7B	+11.3%
Gross margin	51.2%	46.3%	+4.9 pp
Operating income	CA$7.75B	CA$6.87B	+12.8%
Operating margin	20.1%	19.8%	+0.3 pp
Net income	CA$6.03B	CA$5.42B	+11.3%
Diluted EPS	CA$4.23	CA$3.75	+12.8%
Operating cash flow	-CA$27.9B	CA$29B	-196.3%
Capex	CA$743M	CA$530M	+40.3%
Free cash flow	-CA$28.7B	CA$28.5B	-200.7%
R&D	CA$0	CA$0	–
Stock-based compensation	CA$0	CA$0	–

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: CA$16.5B
Capex: -CA$2.35B
Buybacks: -CA$20.6B
Dividends: -CA$9.44B
Acquisitions: -CA$22M
Net debt issued: CA$1.09B
Stock-based compensation: CA$0
Free cash flow: CA$14.1B
Returned to shareholders / FCF: 213.0%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	17.9×	12.6×	10.7× – 14.9×
EV / EBITDA	24.0×	33.5×	24.0× – 39.2×
EV / Sales	5.2×	8.3×	6.7× – 10.4×
Price / FCF	8.6×	7.1×	3.1× – 11.4×
Price / Book	2.7×	1.8×	1.3× – 2.1×
FCF yield	11.6%	17.0%	8.8% – 32.0%
Return on invested capital	0.9%	1.6%	1.3% – 1.9%
Return on equity	16.1%	14.2%	12.7% – 16.3%

Analysts

Consensus target $225.00 (+10.8%)
range $225.00 – $225.00 · rating Hold

Strong buy0

Buy13

Hold16

Sell1

Strong sell0

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Sources

Statements, segment revenue, metrics and estimates: Financial Modeling Prep.

Data as of 2026-11-01 · Amounts in CAD as reported; price and market cap in USD.