Analyst Consensus ?
ConsensusHold30 ratings
Bullish1343.3%
Neutral1653.3%
Bearish13.4%
1 unmapped firm rating excluded from the percentages.
Royal Bank of Canada · RY · FY2025 Q3 · Calendar Q3 2025
RBC Q3: Record Earnings, Strong Flows, Trade Risks Remain
The supplied analysis supports a constructive but conditional view: strong client flows, diversified revenue, realized HSBC Canada synergies, and investment in AI and digital banking support earnings momentum, while trade-policy uncertainty, credit costs, and insurance volatility test its durability.
Reported Before market openNYSEFinancial Services
$270.55B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.79
Consensus $2.36
EPS surprise
+18.2%
Reported versus consensus
Reported revenue
$16.96B
Consensus $12.11B
Revenue surprise
+40.1%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+5.5%
Event window
SPY move
+0.2%
Same window
Abnormal move
+5.3%
Stock minus SPY
Volume
3.1×
Versus trailing sessions
Subsequent drift
+0.7%
Up to 20 sessions
RYSPY benchmark
Ask FN2 about RY FY2025 Q3
Transcript, numbers and history already loaded
Why did RY rise 5.5% after beating EPS estimates in FY2025 Q3?What changed in RY's guidance and outlook in FY2025 Q3?Give me the bull and bear case for RY after FY2025 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Relative to the supplied prior-quarter analysis, HSBC Canada synergies are now fully realized; the current analysis also emphasizes record Capital Markets revenue, accelerating ATOM and Lumina AI platforms, RBC Clear expansion, and continued capital returns.
Guidance delta
Maintained; the supplied analysis says management reaffirmed guidance for at least 16%+ ROE into 2026.
Key takeaways
- The supplied analysis describes record Q3 earnings, supported by client activity across personal, commercial, wealth and capital-markets businesses.
- HSBC Canada cost synergies were fully realized, supporting operating leverage.
- Management highlighted AI, RBC Clear and continued talent investment as growth initiatives.
- Trade-policy uncertainty, credit-cycle risks and insurance volatility remain key watchpoints.
Management priorities
- Scale AI capabilities through ATOM and Lumina.
- Grow RBC Clear and other digital banking services across North America.
- Continue hiring senior coverage and relationship talent in commercial banking and wealth management.
- Pursue selective inorganic opportunities in wealth management in the U.S. and Europe.
- Maintain disciplined capital allocation through share repurchases and dividends.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$196.72Current
$94Low
$141.54Average
$225High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 6, 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 $196.72. 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 | +14.4% | Jun 11, 2026 |
| BMO Capital | Sohrab Movahedi | $193 | $128.02 | -1.9% | Dec 5, 2024 |
| Argus Research | Stephen Biggar | $120 | $107.11 | -39.0% | Jun 6, 2024 |
| Argus Research | Analyst unavailable | $125 | $105.28 | -36.5% | Jun 6, 2022 |
| Desjardins | Douglas Young | $112.2 | $102.97 | -43.0% | Aug 27, 2021 |
| Bank of America Securities | Ebrahim Poonawala | $105.04 | $98.81 | -46.6% | May 19, 2021 |
| CFRA | Pauline Bell | $94 | $91.14 | -52.2% | Apr 23, 2021 |
Track every rating change on RY the moment it posts. Free to start.
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 |
|---|---|---|---|---|
| FDS FactSet Research Systems Inc. | FY2026 Q4 · Calendar Q3 2026 | +3.9% | +3.8% | FactSet reports record FY26 results as AI and MCP adoption accelerate |
| PUK Prudential plc | FY2026 Q2 · Calendar Q3 2026 | -40.9% | -0.5% | Prudential sustains growth and capital returns focus in H1 2026 |
| CM Canadian Imperial Bank of Commerce | FY2026 Q3 · Calendar Q3 2026 | +8.9% | -2.8% | CIBC Q3: Broad growth, resilient credit and expanded AI rollout |
| TD The Toronto-Dominion Bank | FY2026 Q3 · Calendar Q3 2026 | +13.8% | +1.4% | TD emphasizes growth investments alongside disciplined capital management |
| AFRM Affirm Holdings, Inc. | FY2026 Q4 · Calendar Q3 2026 | +1230.3% | +0.3% | Affirm's most profitable quarter shifts focus to product execution |
Latest beats and misses
Who reports nextBeat on EPS
- ACNFY2026 Q4 · October 1, 2026+3.5% EPS+15.8% move
- MKCFY2026 Q3 · October 1, 2026+13.9% EPS-4.9% move
- NKEFY2027 Q1 · October 1, 2026+10.0% EPS-0.7% move
- CAGFY2027 Q1 · September 30, 2026+44.4% EPS-4.9% move
- FDSFY2026 Q4 · September 30, 2026+3.9% EPS+3.8% move
- JBLFY2026 Q4 · September 30, 2026+8.1% EPS-10.0% move
Get the RY recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-10-06T14:00:48.406220+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-06T14:00:48.402974+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 2026-10-06. For educational purposes only; not investment advice.