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Royal Bank of Canada Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary3 Dec, 2025
Executive summary
Achieved record Q4 and full-year results, with Q4 net income of CAD 5.4 billion and full-year net income of $20.4 billion, up 25%-29% year-over-year, driven by strong performance across all major business segments and realized cost synergies from the HSBC Canada acquisition.
Return on equity (ROE) reached 16.8% for Q4 and 16.3% for the year, with the medium-term ROE target raised to 17%+.
Dividend increased by CAD 0.10 (6%) to $1.64 per share, with over $11 billion returned to shareholders for the year through dividends and share buybacks.
Diversified business model, disciplined cost management, and strong capital position underpin resilience amid economic and geopolitical uncertainty.
All-bank operating leverage reached 10%, supported by AI-driven productivity and efficiency gains.
Financial highlights
Q4 diluted EPS was CAD 3.76, up 29% year-over-year; adjusted EPS was CAD 3.85, up 25% year-over-year.
Full-year net income was $20.4 billion, with adjusted net income of $20.9 billion; total revenue for 2025 was $66.6 billion.
CET1 ratio at 13.5%, up 30 bps from last quarter; LCR at 127%.
Net interest income up 13% year-over-year; non-interest income up 16% year-over-year.
Total payout ratio of 59% for the quarter; dividend payout ratio for 2025 was 43%.
Outlook and guidance
Fiscal 2026 ROE objective revised to 17%+ based on improved revenue productivity and cost efficiencies.
Positive all-bank operating leverage expected for 2026; Canadian banking operating leverage guided at 1%-2%.
All-bank net interest income growth (excluding trading) expected in mid-single digits; mortgage growth in low to mid-single digits.
Commercial loan growth expected in mid to high single digits, contingent on macro conditions.
Adjusted non-TEB effective tax rate expected at 21%-23%.
Detail key initiatives for 17%+ 2026 ROE
Why did performing PCL shift to provisions Q4?
What drove the LCR and NSFR decline this quarter?
Clarify 17%+ ROE vs. higher growth trade-off.
AI value: When will $700M-$1B impact earnings?
CUSMA: What if an unsatisfactory outcome occurs?
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Next Royal Bank of Canada earnings date
Q1 202626 Feb, 2026
Next Royal Bank of Canada earnings date
Q1 202626 Feb, 2026
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Frequently asked questions
Royal Bank of Canada operates as a diversified financial service company. It operates through Personal & Commercial Banking, Wealth Management, Investor & Treasury Services, and Capital Markets segments. The company offers personal deposit services that include savings accounts, checking accounts, GICs, term deposits, credit cards, mortgages, and personal credit lines; and business banking options comprising deposit accounts and business credit cards. The company provides their services to individual, business, public sector, and institutional clients worldwide.
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