# Royal Bank of Canada (RY) - Recent Events Royal Bank of Canada reports in Canadian dollars. Amounts below are converted to US dollars at the average exchange rate for the period they cover (closing rate for balances and announcement-date amounts), using the bank's own printed period rates where it prints one (the Q4 2025 to Q3 2026 averages of 0.720, 0.726, 0.729 and 0.714 US dollars per Canadian dollar), except where a filing states an amount that is already in US dollars. Per-share, ratio and percentage figures are labelled as the company gives them. Percentage changes are the company's own, measured in Canadian dollars. ## Filings that contain financial statements Royal Bank of Canada is a foreign private issuer (annual report on Form 40-F), so its interim financial statements are furnished in Form 6-K filings rather than 10-Qs. - **6-K, filed December 3, 2025, accession 0001193125-25-305922** - fourth quarter 2025 earnings release (Exhibit 99.1), with three- and twelve-month figures for the period ended October 31, 2025. - **6-K, filed December 3, 2025, accession 0001193125-25-305934** - 2025 Annual Report (Exhibit 99.1) for the fiscal year ended October 31, 2025. A separate 6-K filed the same day (accession 0001193125-25-305932) furnishes the Independent Auditor's Report only. - **6-K, filed August 27, 2026, accession 0001193125-26-369461** - third quarter 2026 (three and nine months ended July 31, 2026). Exhibit 99.1 is the earnings release; Exhibit 99.2 is the Third Quarter 2026 Report to Shareholders, which includes management's discussion and analysis and the unaudited interim condensed consolidated financial statements (IAS 34); Exhibit 99.3 gives return on equity and assets ratios. - **6-K, filed May 28, 2026, accession 0001193125-26-242928** - second quarter 2026 (three and six months ended April 30, 2026). Exhibit 99.1 is the earnings release; Exhibit 99.2 is the Second Quarter 2026 Report to Shareholders with interim condensed consolidated financial statements. - **6-K, filed February 26, 2026, accession 0001193125-26-073265** - first quarter 2026 (three months ended January 31, 2026). Exhibit 99.1 is the earnings release; Exhibit 99.2 is the First Quarter 2026 Report to Shareholders with interim condensed consolidated financial statements. The most recent annual report is the Form 40-F filed December 3, 2025 (accession 0001193125-25-305927) for the fiscal year ended October 31, 2025. ## Earnings - **August 27, 2026 - third quarter 2026 results** (accession 0001193125-26-369461). Record net income of $4.30 billion (C$6.0 billion), up 11% from a year earlier and 9% from the prior quarter. Diluted EPS was $3.02 per share (C$4.23), up 13% year over year. Adjusted net income was $4.36 billion (C$6,101 million) and adjusted diluted EPS $3.06 per share (C$4.28), up 10% and 11%. Return on equity was 17.9%, up 60 basis points year over year. Pre-provision, pre-tax earnings were a record $6.25 billion (C$8,749 million), up 13%. Total provision for credit losses was $714 million (C$1,000 million), up 14% from a year earlier, mainly from higher provisions in Capital Markets and Personal Banking; the PCL-on-loans ratio was 36 basis points. The Common Equity Tier 1 ratio was 13.5%, unchanged from the prior quarter. The company reported that growth was led by Wealth Management (net income up 32% year over year), Capital Markets (up 16%) and Commercial Banking (up 12%), while Personal Banking was down 1% and Insurance down 20%. About $2.89 billion (C$4,041 million) of capital was returned in the quarter, made up of $1.14 billion (C$1,603 million) of share buybacks and $1.74 billion (C$2,438 million) of common dividends. - **May 28, 2026 - second quarter 2026 results** (accession 0001193125-26-242928). Net income of $4.02 billion (C$5,509 million), up 25% year over year and down 5% from the prior quarter; diluted EPS of $2.81 per share (C$3.85); CET1 ratio of 13.5%, down 20 basis points from the prior quarter. The company declared a quarterly dividend of C$1.76 per share ($1.28 at the May 28 rate), an increase of C$0.12 or 7%, and announced its intention to launch a new share buyback (see Capital actions). - **February 26, 2026 - first quarter 2026 results** (accession 0001193125-26-073265). Net income of $4.20 billion (C$5,785 million), up 13% year over year; diluted EPS of $2.93 per share (C$4.03), up 14%; return on equity of 17.6%; CET1 ratio of 13.7%. - **December 3, 2025 - fourth quarter and fiscal 2025 results** (accession 0001193125-25-305922). Fourth quarter net income of $3.91 billion (C$5,434 million), up 29% year over year and flat from the prior quarter; diluted EPS of $2.71 per share (C$3.76), up 29%; return on equity of 16.8%; CET1 ratio of 13.5%. Management revised its fiscal 2026 return on equity objective to 17%+. ## Capital actions - **Share buyback.** On May 28, 2026 the bank announced its intention to repurchase up to 45 million common shares for cancellation under a normal course issuer bid, subject to approval of the Toronto Stock Exchange and the Office of the Superintendent of Financial Institutions (accession 0001193125-26-244431). On June 10, 2026 it announced both approvals had been received (accession 0001193125-26-265318). Purchases may run from June 12, 2026 to June 11, 2027 and represent about 3.24% of the 1,389,738,870 common shares outstanding at May 29, 2026. The prior bid, for 35 million shares, expired June 11, 2026; as of May 29, 2026 the bank had repurchased 19,168,210 shares under it at a volume-weighted average price of about $156.54 per share (C$215.85). - **Dividend increases.** On December 3, 2025 the bank declared a quarterly common dividend of C$1.64 per share ($1.18 at the December 3 rate), up C$0.10 or 6%, with fourth quarter results (accession 0001193125-25-305922). Quarterly common dividend then raised to C$1.76 per share, up 7%, declared with second quarter results (accession 0001193125-26-242928). - **Preferred and capital notes, January 30, 2026** (accession 0001214659-26-001006). The bank issued US$1.0 billion of 6.500% Limited Recourse Capital Notes, Series 8 (NVCC, subordinated, due 2086) together with 1,000,000 Non-Cumulative 5-Year Fixed Rate Reset First Preferred Shares, Series CA. The filing includes the underwriting agreement dated January 27, 2026 and a supplemental indenture dated January 30, 2026. - **Senior note issuance under the Series J program.** The notes are US-dollar denominated: Exhibit 5.2 (Canadian counsel opinion) of each filing below states the principal amounts as "U.S. $". - November 3, 2025 (accession 0001214659-25-015787): US$750 million of 3.995% fixed/floating rate notes due November 3, 2028; US$500 million of floating rate notes due November 3, 2028; US$1.0 billion of 4.305% fixed/floating rate notes due November 3, 2031. - July 10, 2026 (accession 0001214659-26-008439): US$1.0 billion of 4.652% fixed/floating rate notes due July 10, 2029; US$300 million of floating rate notes due July 10, 2029; US$1.0 billion of 4.950% fixed/floating rate notes due August 5, 2032. - April 17, 2026 (accession 0001214659-26-004816): US$1.5 billion of 4.400% fixed/floating rate notes due April 17, 2030; US$1.5 billion of 4.612% fixed/floating rate notes due May 3, 2032. ## Divestiture - **August 10, 2026 - sale of Moneris signed, not closed** (accession 0001214659-26-009856). Together with BMO Financial Group, RBC entered into an agreement to sell the jointly owned Moneris Solutions Corporation to Francisco Partners for cash consideration of about $1.44 billion (C$2 billion), of which RBC's share is 50%. At closing RBC and BMO will enter new exclusive long-term customer referral arrangements with Moneris. The transaction is expected to close by the end of the first quarter of fiscal 2027, subject to customary conditions including regulatory approvals. RBC expects an after-tax gain on closing of about $341.06 million (C$475 million), or $402.10 million (C$560 million) pre-tax, treated as an adjusting item, a marginally positive effect on the CET1 ratio, and no significant effect on future run-rate earnings. The gain estimate is subject to change. ## Legal and regulatory - **February 5, 2026 - French Supreme Court decision** (accession 0001214659-26-001202). On February 4, 2026 the French Supreme Court upheld the aspects of the March 2024 conviction of Royal Bank of Canada Trust Company (Bahamas) Limited (complicity in estate tax fraud, relating to a trust it serves as trustee) that affect it, including joint and several liability for allegedly unpaid inheritance taxes plus penalties and interest. The conviction is now final and enforceable against that subsidiary. The bank states it continues to rely on its US Department of Labor exemption that preserves Qualified Professional Asset Manager status through March 4, 2030 notwithstanding the conviction. The filing does not state an amount. - **January 22, 2026 - unsolicited mini-tender offer** (accession 0001214659-26-000727). RBC recommended shareholders reject an offer by TRC Capital Investment Corporation to buy up to 500,000 shares (about 0.036% of shares outstanding) at C$224.00 ($161.33), about 4.5% below the C$234.56 ($168.93) closing price on January 13, 2026. ## Credit ratings - **May 19, 2026** (accession 0001214659-26-006568). The bank disclosed that on May 12, 2026 Fitch Ratings upgraded its legacy senior long-term debt rating to AA+ from AA, affirmed its short-term debt rating at F1+, and confirmed its long-term issuer default rating at AA-. ## Governance - **April 9, 2026 - annual meeting voting results** (accession 0001193125-26-149550). All 13 director nominees were elected, each with at least 97.67% of votes for. PricewaterhouseCoopers LLP was appointed auditor (99.26% for), and the advisory vote on executive compensation received 97.05% support. All eleven shareholder proposals were defeated, with support ranging from 1.17% to 25.16%. - **March 5, 2026** (accession 0001193125-26-093323). Furnished the management proxy circular dated February 10, 2026 and related meeting materials. ## Not found in the filings reviewed No acquisition closings, goodwill impairments or restructuring announcements appear in the 6-Ks reviewed. The Moneris sale is the only M&A item, and it is signed, not closed.