Royal Bank of Canada

TSX:RY Stock Report

Market Cap: CA$387.6b

Royal Bank of Canada Future Growth

Future criteria checks 1/6

Royal Bank of Canada is forecast to grow earnings and revenue by 4.1% and 4.7% per annum respectively. EPS is expected to grow by 5.9% per annum. Return on equity is forecast to be 17.4% in 3 years.

Key information

4.1%

Earnings growth rate

5.87%

EPS growth rate

Banks earnings growth4.6%
Revenue growth rate4.7%
Future return on equity17.43%
Analyst coverage

Good

Last updated12 Jun 2026

Recent future growth updates

Recent updates

Narrative Update • Jun 07

RY: Future Returns Will Rely On Fee Income Strength And Disciplined AI Use

Analysts have lifted the Royal Bank of Canada fair value estimate from CA$250.25 to about CA$265.46. They point to a series of higher Street price targets clustered around CA$260 to CA$279 and cite fee income strength, a slightly lower discount rate, and a modestly higher profit margin assumption, even as expected revenue growth and future P/E are set at somewhat more restrained levels.
Narrative Update • May 19

RY: Future Returns Will Rely On Lower Volatility Earnings And Disciplined AI Use

Royal Bank of Canada's updated fair value estimate edges up from CA$245.07 to CA$250.25, as analysts lift price targets into the CA$244 to CA$265.50 range. They highlight the bank's diversified, lower volatility earnings profile that may offer steadier performance but, in their view, less relative upside than some peers in a stronger trading revenue setting.
Narrative Update • Apr 24

RY: Future Returns Will Depend On Stable Credit And Disciplined AI Adoption

Analysts have inched their average price targets for Royal Bank of Canada higher, with moves such as CA$247 from CA$242, CA$245 from CA$244, and CA$248 from CA$239, citing updated multi year earnings estimates, expectations for modest earnings improvement across Canadian banks, and reduced concern around mortgage renewals. Analyst Commentary Recent research updates point to a generally constructive tone around Royal Bank of Canada, with several firms fine tuning their price targets and longer term earnings assumptions ahead of Q1 results and updated forecasts for the broader Canadian bank group.
Narrative Update • Apr 10

RY: Future Returns Will Rely On Stable Credit And Measured AI Execution

Narrative Update Analysts have nudged the average price target for Royal Bank of Canada slightly higher to around CA$245. This reflects a series of recent target revisions in the CA$245 to CA$259 range that factor in updated earnings estimates, expectations for modest balance sheet growth, stable net interest income, controlled expenses, steady credit quality and ongoing share repurchases.
Narrative Update • Mar 26

RY: Future Returns Will Rely On Stable Credit And Measured AI Enabled Execution

Narrative Update The analyst price target for Royal Bank of Canada has edged higher by CA$0.07 to CA$245.07, as analysts factor in updated earnings assumptions, modest tweaks to P/E expectations, and recent Street research that has generally nudged targets upward within the CA$245 to CA$259 range. Analyst Commentary Recent research on Royal Bank of Canada points to a cluster of target prices in the mid C$240s to high C$250s, with ratings in the Outperform, Buy and Overweight range.
Narrative Update • Mar 11

RY: Future Returns Will Depend On Stable Credit And Measured Long Term Execution

The updated analyst price target for Royal Bank of Canada edges higher to about CA$245 from roughly CA$243. This reflects incremental adjustments to fair value and P/E assumptions as analysts factor in recent target moves across the Street.
Narrative Update • Feb 25

RY: Future Returns Will Rely On Stable Credit And Long Term Earnings Execution

Narrative Update The analyst price target for Royal Bank of Canada has been raised from CA$235.27 to CA$243.07, with analysts pointing to updated multi year earnings estimates, expectations for steadier balance sheet trends and credit quality, and reduced concern around mortgage renewals as key drivers behind the change. Analyst Commentary Recent Street research on Royal Bank of Canada has generally reflected higher valuation marks ahead of upcoming Q1 results, with updated multi year earnings frameworks feeding into revised price targets across the Canadian bank group.
Narrative Update • Feb 10

RY: Future Returns Will Rely On Leading ROE And Diversified Franchise Strength

Royal Bank of Canada’s analyst fair value estimate has edged up from C$233.87 to C$235.27, as analysts point to a series of higher price targets and fresh Outperform ratings that highlight the bank’s scale, returns on equity and diversified business mix. Analyst Commentary Recent research updates cluster around higher price targets and fresh Outperform ratings, with Royal Bank of Canada now covered by several firms that are broadly constructive on its profile and valuation.
Narrative Update • Jan 27

RY: Future Returns Will Rely On Leading ROE And Diversified Capital Actions

Narrative Update The analyst price target for Royal Bank of Canada has shifted higher, with recent Street research moving targets to a range of about C$224 to C$242. Analysts highlight the bank's leading ROE, large scale, diversified business mix, and relatively lower lending exposure as key supports for the updated valuations.
Narrative Update • Jan 12

RY: Future Returns Will Rely On Diversified Mix And Capital Actions

Analysts have nudged their average price target on Royal Bank of Canada higher, with our fair value estimate moving from C$233.13 to C$233.87. They point to recent target increases, Outperform ratings, and views that the bank's scale, return on equity, management, and diversified mix compare well with peers.
Analysis Article • Jan 09

Royal Bank of Canada's (TSE:RY) Upcoming Dividend Will Be Larger Than Last Year's

Royal Bank of Canada ( TSE:RY ) has announced that it will be increasing its dividend from last year's comparable...
Narrative Update • Dec 24

RY: Future Returns Will Depend On Diversified Mix Amid Measured Upgrade Momentum

The analyst price target for Royal Bank of Canada has been modestly increased from about C$229 to roughly C$233, as analysts factor in stronger expected revenue growth, slightly higher profit margins, and the bank’s resilient positioning relative to peers. Analyst Commentary Bullish analysts highlight that the recent uptick in the consensus price target reflects growing confidence in Royal Bank of Canada’s earnings trajectory and its ability to outgrow peers on a risk adjusted basis.
Narrative Update • Dec 10

RY: Future Returns Will Rely On Diversified Mix Amid Upgrades And Execution Risk

Analysts have raised their fair value estimate for Royal Bank of Canada to C$228.60 from about C$219.27. They cite a series of price target increases and upgrades that highlight the bank's leading return on equity, diversified and resilient business mix, and expectations for stronger revenue growth and margins, even as its future price to earnings multiple moderates slightly.
Narrative Update • Nov 26

RY: Future Performance Will Depend On Execution Amid Positive Sentiment And Renewed Caution

The analyst consensus price target for Royal Bank of Canada has increased to C$219.27 from C$211.07. This reflects analysts' confidence in the bank's improved profit margin, resilient business mix, and strong financial outlook.
Narrative Update • Nov 05

RY: Price Momentum And Profitable Growth Will Balance Sector Headwinds Ahead

Analysts have recently increased their average price target for Royal Bank of Canada to C$218, reflecting expectations for continued earnings growth and stronger profitability metrics. Analyst Commentary Recent research from the street reflects a wide range of analyst opinion on Royal Bank of Canada, with several making notable adjustments to price targets and ratings.
Narrative Update • Oct 21

Analysts Raise Royal Bank of Canada Targets Amid Growth Optimism and Mixed Sentiment

Analysts have raised their price target for Royal Bank of Canada from $207.93 to $211.07. This change reflects improved fair value estimates supported by recent upward revisions in Street research and ongoing optimism around the bank's growth and profitability outlook.
Narrative Update • Aug 28

Digital Transformation And Wealth Management Will Unlock Future Value

Analysts have raised their price target for Royal Bank of Canada to CA$201.93, citing stronger-than-expected Q3 earnings, improving credit quality, and strategic growth opportunities in wealth management. Analyst Commentary Bullish analysts are raising price targets due to Royal Bank of Canada posting fiscal Q3 earnings above expectations.
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New Narrative • Dec 08

HSBC Canada Acquisition And AI Investments Will Propel Revenue And Earnings Growth

Acquisition of HSBC Canada and technology investments are set to enhance client retention, productivity, and revenue through cross-selling and improved processes.

Earnings and Revenue Growth Forecasts

TSX:RY - Analysts future estimates and past financials data (CAD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
10/31/202875,75324,426N/AN/A2
10/31/202774,83623,420N/AN/A9
10/31/202671,55822,103N/AN/A9
4/30/202665,71721,598-63,505-61,370N/A
1/31/202663,42420,500-40,471-38,312N/A
10/31/202562,24319,868-53,108-50,865N/A
7/31/202560,27518,703-35,384-33,019N/A
4/30/202558,14317,790-40,323-37,771N/A
1/31/202557,12917,397-61,067-58,588N/A
10/31/202454,11215,908-70,737-68,457N/A
7/31/202451,84315,650-66,895-64,517N/A
4/30/202450,23215,073-52,874-50,656N/A
1/31/202448,84314,804-33,263-30,749N/A
10/31/202348,99614,369-20,641-17,911N/A
7/31/202349,21714,308-24,064-21,332N/A
4/30/202348,64814,025-41,345-38,584N/A
1/31/202348,36514,595-53,908-51,300N/A
10/31/202248,50115,547-89,091-86,591N/A
7/31/202248,91815,557-64,483-62,107N/A
4/30/202250,42216,277-75,324-72,920N/A
1/31/202250,57416,033-51,905-49,558N/A
10/31/202150,44615,781-30,018-27,832N/A
7/31/202148,50815,135-20,418-18,293N/A
4/30/202147,45714,03025,38327,434N/A
1/31/202143,24611,512-4,879-2,566N/A
10/31/202042,83011,1649,36411,993N/A
7/31/202043,03611,12811,15513,840N/A
4/30/202041,91011,193-23,836-21,208N/A
1/31/202045,48012,934N/A-28,580N/A
10/31/201944,13812,591N/A-35,543N/A
7/31/201943,58312,630N/A-51,461N/A
4/30/201943,14312,464N/A-32,193N/A
1/31/201941,85012,282N/A-39,440N/A
10/31/201841,26912,115N/A-31,025N/A
7/31/201841,24211,696N/A-25,125N/A
4/30/201840,33111,372N/A-14,329N/A
1/31/201840,66111,117N/A1,136N/A
10/31/201739,51911,128N/A4,429N/A
7/31/201738,52710,829N/A16,655N/A
4/30/201738,69610,923N/A-12,175N/A
1/31/201737,65210,685N/A39,362N/A
10/31/201637,24910,111N/A7,925N/A
7/31/201635,67710,168N/A885N/A
4/30/201634,2989,766N/A-13,964N/A
1/31/201633,7809,706N/A-44,415N/A
10/31/201534,2059,734N/A-62,830N/A
7/31/201534,5179,491N/A-69,622N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: RY's forecast earnings growth (4.1% per year) is above the savings rate (3%).

Earnings vs Market: RY's earnings (4.1% per year) are forecast to grow slower than the Canadian market (11% per year).

High Growth Earnings: RY's earnings are forecast to grow, but not significantly.

Revenue vs Market: RY's revenue (4.7% per year) is forecast to grow slower than the Canadian market (4.7% per year).

High Growth Revenue: RY's revenue (4.7% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: RY's Return on Equity is forecast to be low in 3 years time (17.4%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/15 03:51
End of Day Share Price 2026/06/15 00:00
Earnings2026/04/30
Annual Earnings2025/10/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Royal Bank of Canada is covered by 26 analysts. 9 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Will ChienAccountability Research Corporation
Stephen BiggarArgus Research Company
Lemar PersaudATB Cormark Historical (Cormark Securities)