Analyst Consensus ?
ConsensusHold30 ratings
Bullish1343.3%
Neutral1653.3%
Bearish13.4%
1 unmapped firm rating excluded from the percentages.
Royal Bank of Canada · RY · FY2026 Q3 · Calendar Q3 2026
RBC reports record Q3 earnings while investing for growth
RBC's record Q3 earnings and diversified growth support a constructive outlook, but the durability of earnings depends on converting AI and transaction-banking investment into returns while managing margin, credit and macro risks.
Reported Before market openNYSEFinancial Services
$282.54B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$3.07
Consensus $2.89
EPS surprise
+6.2%
Reported versus consensus
Reported revenue
$13.22B
Consensus $12.98B
Revenue surprise
+1.8%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-1.3%
Event window
SPY move
+0.7%
Same window
Abnormal move
-1.9%
Stock minus SPY
Volume
1.3×
Versus trailing sessions
Subsequent drift
-0.6%
Up to 20 sessions
RYSPY benchmark
Ask FN2 about RY FY2026 Q3
Transcript, numbers and history already loaded
Why did RY fall 1.3% after beating EPS estimates in FY2026 Q3?What changed in RY's guidance and outlook in FY2026 Q3?Give me the bull and bear case for RY after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, RBC's reported earnings reached a new record and management placed greater emphasis on AI investment, global transaction banking and U.S. expansion. The company also continued capital returns, while risks around tariffs, bond yields, credit and margins remained.
Guidance delta
Maintained; management expects stable margins and continued organic growth.
Key takeaways
- Record Q3 earnings of $6 billion, up 11% year over year, with growth across major segments
- Management highlighted 13.5% CET1, 18% ROE, capital returns and ongoing share buybacks
- AI, global transaction banking and U.S. expansion are the main strategic growth priorities
- Tariffs, elevated bond yields, geopolitical tensions and credit provisions remain material risks
Management priorities
- Build and roll out a global transaction-banking offering
- Scale AI initiatives toward $700 million-$1 billion of enterprise value
- Expand the U.S. presence through City National and new regional offices
- Continue organic growth in wealth-management platforms
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$203.3Current
$94Low
$141.54Average
$225High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 21, 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 $203.3. 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 | +10.7% | Jun 11, 2026 |
| BMO Capital | Sohrab Movahedi | $193 | $128.02 | -5.1% | Dec 5, 2024 |
| Argus Research | Stephen Biggar | $120 | $107.11 | -41.0% | Jun 6, 2024 |
| Argus Research | Analyst unavailable | $125 | $105.28 | -38.5% | Jun 6, 2022 |
| Desjardins | Douglas Young | $112.2 | $102.97 | -44.8% | Aug 27, 2021 |
| Bank of America Securities | Ebrahim Poonawala | $105.04 | $98.81 | -48.3% | May 19, 2021 |
| CFRA | Pauline Bell | $94 | $91.14 | -53.8% | 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.…
Financial Services peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| 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 |
| HIG The Hartford Insurance Group, Inc. | FY2026 Q2 · Calendar Q3 2026 | +8.2% | -1.2% | The Hartford Beats on Q2 Core Earnings, Divests Hartford Funds, Expands Buyback to $4.2B |
| AXP American Express Company | FY2026 Q2 · Calendar Q3 2026 | +2.7% | -4.3% | AXP Q2 2026: Platinum Card Drives 10% Revenue Growth, Full-Year Guidance Raised |
| GL Globe Life Inc. | FY2026 Q2 · Calendar Q3 2026 | -1.6% | -7.0% | Globe Life Q2: Net Income Up 20%, EPS Guidance Raised on AI and Reinsurance Initiatives |
Latest beats and misses
Who reports nextBeat on EPS
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
- KRFY2026 Q2 · September 11, 2026+2.8% EPS+2.7% move
- ADBEFY2026 Q3 · September 10, 2026+0.8% EPS+1.4% move
- ORCLFY2027 Q1 · September 10, 2026+10.3% EPS-1.7% move
- CASYFY2027 Q1 · September 8, 2026+8.7% EPS-14.2% move
Missed on EPS
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 · 2026-08-27T20:20:26.524550+00:00
- FN2 earnings calendar · 2026-09-21T01:23:13.071796+00:00
- Polygon adjusted daily market bars · 2026-09-21T04:00:48.198446+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-21T04:00:48.195602+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 . For educational purposes only; not investment advice.