Royal Bank of Canada
NYSE: RY · FINANCIAL SERVICES · BANKS - DIVERSIFIED
Updated 2026-06-05
Royal Bank of Canada (RY) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2015 | 2015 | 2015 | 2015 | 2016 | 2016 | 2016 | 2016 | 2017 | 2017 | 2017 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.38B | $27.86B | $43.05B | $2.80B | $12.42B | $28.82B | $45.98B | $2.81B | $12.59B | $29.44B | $49.89B | $2.89B | $57.58B | $67.35B | $61.15B | $57.68B | $66.83B | $113.45B | $134.49B | $137.36B |
| Revenue growth (YoY) | — | +108.3% | +54.5% | -93.5% | +343.1% | +132.1% | +59.6% | -93.9% | +348.8% | +133.8% | +69.5% | -94.2% | +1894.3% | +17.0% | -9.2% | -5.7% | +15.9% | +69.8% | +18.5% | +2.1% |
| Cost of revenue | $0.00 | $0.00 | $9.05B | $1.54B | $0.00 | $0.00 | $9.47B | $1.41B | $0.00 | $0.00 | $10.91B | $1.43B | $16.38B | $23.45B | $18.40B | $7.39B | $18.54B | $64.33B | $80.23B | $75.19B |
| Gross profit | $13.38B | $0.00 | $34.00B | $1.26B | $12.42B | $0.00 | $36.52B | $1.40B | $12.59B | $0.00 | $38.97B | $1.46B | $41.21B | $43.90B | $42.75B | $50.29B | $48.29B | $49.12B | $54.26B | $62.17B |
| Gross margin | 100.0% | 0.0% | 79.0% | 45.0% | 100.0% | 0.0% | 79.4% | 49.8% | 100.0% | 0.0% | 78.1% | 50.4% | 71.6% | 65.2% | 69.9% | 87.2% | 72.3% | 43.3% | 40.3% | 45.3% |
| R&D | — | — | $0.00 | — | — | — | $0.00 | — | — | — | $0.00 | — | $0.00 | $0.00 | — | — | — | — | — | — |
| SG&A | $10.49B | $6.65B | $14.55B | $422.41M | $10.95B | $7.05B | $15.80B | $453.73M | $9.70B | $7.40B | $16.38B | $438.60M | $16.45B | $18.68B | $18.93B | $20.43B | $18.31B | $18.85B | $21.08B | $23.12B |
| Operating income | $2.89B | — | $12.62B | $611.06M | $1.47B | — | $13.30B | $673.17M | $2.90B | — | $14.67B | $685.10M | $15.76B | $15.91B | $14.39B | $20.63B | $20.11B | $18.18B | $19.86B | $25.65B |
| Operating margin | 21.6% | 0.0% | 29.3% | 21.8% | 11.8% | 0.0% | 28.9% | 24.0% | 23.0% | 0.0% | 29.4% | 23.7% | 27.4% | 23.6% | 23.5% | 35.8% | 30.1% | 16.0% | 14.8% | 18.7% |
| EBITDA | — | — | $13.87B | — | — | — | $14.85B | — | — | — | $16.29B | — | $17.41B | $17.85B | $17.04B | $23.22B | $22.76B | $21.04B | $22.84B | $28.73B |
| EBITDA margin | 0.0% | 0.0% | 32.2% | 0.0% | 0.0% | 0.0% | 32.3% | 0.0% | 0.0% | 0.0% | 32.7% | 0.0% | 30.2% | 26.5% | 27.9% | 40.3% | 34.1% | 18.5% | 17.0% | 20.9% |
| EBIT | $5.61B | $20.68B | $12.62B | $622.55M | $4.38B | $20.91B | $13.30B | $686.67M | $5.70B | $21.37B | $14.67B | $706.35M | $15.76B | $15.91B | $14.39B | $20.63B | $20.11B | $18.18B | $19.86B | $25.65B |
| Interest expense | $0.00 | $0.00 | $7.96B | $0.00 | $0.00 | $0.00 | $7.92B | $0.00 | $0.00 | $0.00 | $9.76B | $0.00 | $15.07B | $21.58B | $14.05B | $8.14B | $18.05B | $61.86B | $77.00B | $70.83B |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $1.87B | $5.63B | $9.93B | $299.36M | $1.17B | $5.70B | $10.40B | $334.25M | $2.15B | $6.27B | $11.43B | $376.73M | $12.40B | $12.86B | $11.43B | $16.04B | $15.79B | $14.61B | $16.23B | $20.36B |
| Net income growth (YoY) | — | +200.2% | +76.4% | -97.0% | +290.8% | +386.9% | +82.6% | -96.8% | +543.2% | +191.6% | +82.3% | -96.7% | +3191.5% | +3.7% | -11.1% | +40.3% | -1.5% | -7.5% | +11.1% | +25.5% |
| Profit margin | 14.0% | 20.2% | 23.1% | 10.7% | 9.4% | 19.8% | 22.6% | 11.9% | 17.1% | 21.3% | 22.9% | 13.0% | 21.5% | 19.1% | 18.7% | 27.8% | 23.6% | 12.9% | 12.1% | 14.8% |
Frequently asked questions
What is Royal Bank of Canada's revenue?
Royal Bank of Canada's trailing twelve-month revenue is $65.72B, and consensus projects about $113.50B by 2030. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is RY?
In its most recent fiscal year, RY ran a gross margin of 45.26%, an operating margin of 18.67%, and a net margin of 14.82%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does RY generate?
RY produced $52.98B in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.