RBC dividend: payments, coverage and yield
RBC declared C$6.04 per share in dividends in 2025. RBC's own dividend payout ratio was 43.0% in 2025, while buybacks were the flexible part of the distribution.
How much does RBC pay in dividends?
In 2025, RBC declared C$6.04 per share in dividends and spent C$2,768 million on share buybacks. It retained C$6.09 per share.
| Oct 2025 | Oct 2024 | Oct 2023 | Oct 2022 | Oct 2021 | |
|---|---|---|---|---|---|
| EPS, diluted | 14.07 | 11.25 | 10.32 | 11.06 | 11.06 |
| − Dividends declared divided by diluted average shares | 6.02 | 5.60 | 5.34 | 4.94 | 4.32 |
| − Share buybacks, per share | 1.96 | 0.10 | 0.00 | 3.86 | 0.00 |
| = Kept, per share | 6.09 | 5.55 | 4.97 | 2.26 | 6.74 |
What this means. The company kept C$6.09 per share because it paid C$1.96 per share for share buybacks, which counts as money returned to shareholders even though it can make each remaining share a larger piece of the company.
Does RBC's dividend come from cash the business makes?
Over five fiscal years, earnings for common shareholders totalled C$81,473 million. Dividends declared on common shares totalled C$36,965 million. Buybacks totalled C$8,334 million. That left C$36,174 million inside the business.
Buybacks were the flexible part of the distribution. RBC spent C$5,426 million repurchasing shares in 2022. Buybacks fell to nothing in 2023 and C$140 million in 2024 before rising to C$2,768 million in 2025. Dividends followed a steadier path. Total distributions consumed 79.6% of common earnings in 2022. That share was 56.7% in 2025. RBC’s own dividend payout ratio was 43.0% in 2025 because that measure excludes buybacks.
| Oct 2025 | Oct 2024 | Oct 2023 | Oct 2022 | Oct 2021 | |
|---|---|---|---|---|---|
| = Earnings for common shareholders | 19,868 | 15,908 | 14,369 | 15,547 | 15,781 |
| − Dividends declared on common shares | 8,502 | 7,916 | 7,443 | 6,946 | 6,158 |
| − Share buybacks | 2,768 | 140 | 0 | 5,426 | 0 |
| = Kept to grow and build capital | 8,598 | 7,852 | 6,926 | 3,175 | 9,623 |
| Paid out, % of earnings for common | 56.7% | 50.6% | 51.8% | 79.6% | 39.0% |
| Dividend payout ratio — its own | 43.0% | 50.0% | 52.0% | 45.0% | 39.0% |
What could change RBC's dividend?
Dividends rise in the base case from C$7.52 per share in 2027 to C$8.60 in 2029. The bear holds C$7.04 throughout, the current annualized rate; the bull reaches C$8.95. The base follows RBC’s record of annual increases and its 43.0% payout ratio, within the stated 40%–50% range. The bear assumes a pause because credit pressure could demand capital preservation. The bull assumes faster growth alongside stronger earnings, consistent with the 7.0% EPS objective.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Book value | 145,082 (141,082 / 144,982) | 154,582 (147,582 / 154,682) | 164,282 (155,282 / 164,782) |
| Shares (millions) | 1,368 (1,375 / 1,361) | 1,353 (1,369 / 1,337) | 1,338 (1,365 / 1,312) |
| Dividends per share | 7.52 (7.04 / 7.60) | 8.04 (7.04 / 8.24) | 8.60 (7.04 / 8.95) |
| Price to book value | 2.70 (2.20 / 3.00) | 2.60 (2.00 / 3.10) | 2.50 (1.80 / 3.20) |
What is RBC's dividend yield today?
RBC asks investors to pay a substantial premium for its ability to earn strong profits on shareholder capital. At C$280.01 on October 19, 2026, its trailing P/E is 17.6x, meaning investors pay C$17.60 for each dollar of recent annual profit. Its forward P/E is 17.1x, based on expected profit over the next twelve months.