Analyst Consensus ?
ConsensusHold30 ratings
Bullish1343.3%
Neutral1653.3%
Bearish13.4%
1 unmapped firm rating excluded from the percentages.
Royal Bank of Canada · RY · FY2025 Q1 · Calendar Q1 2025
RBC: Strong Q1 growth, higher guidance, and credit risks in focus
The supplied analysis supports a constructive near-term operating picture: strong deposits, higher net interest income, HSBC Canada synergies, and fee-based activity are supporting growth. The thesis is conditional on continued integration progress and manageable credit, tariff, and funding-cost pressures.
Reported Before market openNYSEFinancial Services
$274.27B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $2.29
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $15.38B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-3.6%
Event window
SPY move
-1.6%
Same window
Abnormal move
-2.0%
Stock minus SPY
Volume
2.0×
Versus trailing sessions
Subsequent drift
-0.4%
Up to 20 sessions
RYSPY benchmark
Ask FN2 about RY FY2025 Q1
Transcript, numbers and history already loaded
What drove RY's -3.6% move after FY2025 Q1 earnings?What changed in RY's guidance and outlook in FY2025 Q1?Give me the bull and bear case for RY after FY2025 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior analysis, management’s tone remained confident while net interest income guidance was raised. The current analysis also emphasizes the utility impairment, higher provisions, tariff uncertainty, and the ongoing City National integration as the key balance to the stronger operating performance.
Guidance delta
Management raised net interest income guidance to high-single-digit to low-double-digit growth for 2025.
Key takeaways
- Management described record Q1 performance, supported by deposit growth, higher net interest income, and fee-based revenue.
- HSBC Canada integration remains a central growth and synergy driver, while digital and wealth-management initiatives continue.
- The outlook is constructive, but tariffs, impairments, provisions, and deposit-price competition are material risks.
Management priorities
- Complete the HSBC Canada cost-synergy program.
- Advance digital mortgage and investing tools.
- Develop City National wealth-management capabilities and continue capital returns.
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Estimate
Beat
Miss
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Analyst 52W Price Targets
$197.8Current
$94Low
$141.54Average
$225High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 17, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Raymond James | Outperform | Downgrade | May 12, 2026 | |
| TD Securities | Buy | Hold | Upgrade | Dec 4, 2025 |
| Jefferies | Hold | Buy | Downgrade | Nov 25, 2025 |
| Erste Group | Buy | Hold | Upgrade | Sep 22, 2025 |
| CIBC | Neutral | Sector Outperform | Downgrade | Sep 5, 2025 |
| Argus Research | Buy | Buy | Maintain | Aug 29, 2025 |
| National Bank Financial | Sector Perform | Outperform | Downgrade | May 30, 2025 |
| BMO Capital | Outperform | Outperform | Maintain | Dec 5, 2024 |
| B of A Securities | Buy | Neutral | Upgrade | Dec 18, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Aug 25, 2023 |
| Barclays | Underweight | Underweight | Maintain | Aug 25, 2023 |
| Truist Securities | Hold | Hold | Maintain | Jun 27, 2023 |
| RBC Capital | Perform | Sector Perform | Maintain | May 5, 2023 |
| Citigroup | Neutral | Neutral | Maintain | Apr 5, 2023 |
| CFRA | Hold | Hold | Maintain | Mar 25, 2020 |
| DA Davidson | Buy | Neutral | Upgrade | Oct 31, 2019 |
| Argus | Buy | Buy | Maintain | May 5, 2018 |
| Bank of America | Buy | Underperform | Upgrade | Jan 30, 2018 |
| Keefe, Bruyette & Woods | Market Perform | Underperform | Upgrade | Feb 27, 2017 |
| Keefe Bruyette & Woods | Market Perform | Underperform | Upgrade | Feb 27, 2017 |
| Rafferty Capital | Hold | Buy | Downgrade | Dec 1, 2016 |
| Rafferty | Hold | Buy | Downgrade | Dec 1, 2016 |
| Buckingham Research | Neutral | Buy | Downgrade | Sep 6, 2016 |
| Canaccord Genuity | Hold | Buy | Downgrade | Oct 9, 2014 |
| National Bank Financial Inc | Outperform | Sector Perform | Upgrade | Dec 9, 2013 |
| Deutsche Bank | Hold | Sell | Upgrade | Nov 20, 2013 |
| Morgan Stanley | Equal Weight | Underweight | Upgrade | May 14, 2013 |
| Stifel | Buy | Buy | Maintain | Apr 17, 2013 |
| UBS | Neutral | Buy | Downgrade | Nov 30, 2012 |
| Macquarie | Outperform | Neutral | Upgrade | Nov 30, 2012 |
| Bank oferica | Buy | Buy | Maintain | Apr 23, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $197.8. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Argus Research | Analyst unavailable | $225 | $197.39 | +13.8% | Jun 11, 2026 |
| BMO Capital | Sohrab Movahedi | $193 | $128.02 | -2.4% | Dec 5, 2024 |
| Argus Research | Stephen Biggar | $120 | $107.11 | -39.3% | Jun 6, 2024 |
| Argus Research | Analyst unavailable | $125 | $105.28 | -36.8% | Jun 6, 2022 |
| Desjardins | Douglas Young | $112.2 | $102.97 | -43.3% | Aug 27, 2021 |
| Bank of America Securities | Ebrahim Poonawala | $105.04 | $98.81 | -46.9% | May 19, 2021 |
| CFRA | Pauline Bell | $94 | $91.14 | -52.5% | Apr 23, 2021 |
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Start freeCompany context
Snapshot as of publicationRoyal Bank of Canada (RBC), established in 1864 and headquartered in Toronto, Canada, operates as a comprehensive global financial institution. Its Personal & Commercial Banking division caters to individual clients by providing essential services like checking and savings accounts, various lending options (including mortgages, personal loans, and auto financing), private banking, investment vehicles such as mutual funds and guaranteed investment certificates (GICs), along with credit cards and payment solutions. For small and medium-sized commercial enterprises, this segment delivers a suite of services including financing, leasing, deposit management, foreign exchange, cash management, auto dealer financing, and trade solutions. These offerings are readily accessible through its extensive network of branches, ATMs, and mobile platforms. The Wealth Management segment specializes in delivering bespoke, advice-driven strategies and solutions to affluent and ultra-affluent individuals, as well as institutional investors.…
Historical context
All RY earningsFinancial Services peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| MTB-PH M&T Bank Corporation | FY2026 Q3 · Calendar Q4 2026 | +2.2% | — | M&T Bank: Loan Growth Holds Up as Rates Pressure Margins |
| MTB-PJ M&T Bank Corporation | FY2026 Q3 · Calendar Q4 2026 | +2.2% | — | M&T: Deposit growth supports margins as AI use expands |
| RF-PE Regions Financial Corporation | FY2026 Q3 · Calendar Q4 2026 | +10.3% | — | Regions Financial: Fee Growth and Credit Quality Support Q3 |
| RF-PC Regions Financial Corporation | FY2026 Q3 · Calendar Q4 2026 | +10.3% | — | Regions Financial: Fee growth supports a steady Q3 outlook |
| TFC-PI Truist Financial Corporation | FY2026 Q3 · Calendar Q4 2026 | -50.9% | — | Truist sharpens focus as Q3 EPS rises 12% |
| TRV The Travelers Companies, Inc. | FY2026 Q3 · Calendar Q4 2026 | +24.2% | +1.5% | Travelers posts strong Q3, with investment income above $900 million |
Latest beats and misses
Who reports nextBeat on EPS
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2025-02-13T00:00:14.471520+00:00
- Polygon adjusted daily market bars · 2026-10-17T18:50:40.381304+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-17T18:50:40.379676+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-17. For educational purposes only; not investment advice.