Royal Bank of Canada (RY) Balance Sheet
RY balance sheet, FY2025
October 31, 2025 · Canadian dollarsC$2.33T assets = C$2.19T liabilities + C$139.15B equity
Both columns are drawn to the same scale: what RY owns equals what it owes plus shareholders’ equity. Hover a block for its value.
RY financial health
Debt / equity6.00
High leverage · C$6.00 of debt for each $1 of equity
Cash / debt19.8%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles1.2%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal FY2025.
RY balance sheet trends, FY2017–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | C$1.21TFY2017 | C$2.33TFY2025 | +7.5%/yr | |
| Total liabilities | C$1.14TFY2017 | C$2.19TFY2025 | +7.5%/yr | |
| Shareholders’ equity | C$74.43BFY2017 | C$139.09BFY2025 | +7.2%/yr | |
| Cash & short-term investments | C$170.49BFY2017 | C$165.28BFY2025 | −0.3%/yr | |
| Total debt | C$86.30BFY2017 | C$834.96BFY2025 | +28.7%/yr | |
| Net cash (debt) | C$84.19BFY2017 | −C$669.68BFY2025 | −C$753.9B | |
| Working capital | C$98.04BFY2017 | −C$1.35TFY2025 | −C$1.4T | |
| Debt / equity | 1.16FY2017 | 6.00FY2025 | +4.84 | |
| Shares outstanding | 1.47BFY2017 | 1.41BFY2025 | −0.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
RY assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
RY liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
RY debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
RY balance sheet in Canadian dollars
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | C$165.28B | C$167.13B | C$212.00B | C$240.60B | C$231.03B | C$297.64B | C$167.12B | C$141.27B | C$6.0M | C$170.49B |
| Cash & equivalents | C$87.39B | C$122.74B | C$133.07B | C$180.41B | C$193.48B | C$157.90B | C$64.66B | C$66.68B | C$6.0M | C$61.07B |
| Short-term investments | C$77.89B | C$44.38B | C$78.93B | C$60.19B | C$37.54B | C$139.74B | C$102.47B | C$94.61B | — | C$90.72B |
| Receivables | C$41.21B | C$32.89B | C$29.79B | C$26.24B | C$22.53B | C$18.63B | C$19.73B | C$15.01B | C$453.0M | C$10.59B |
| Inventory | C$0 | C$0 | −C$875.63B | −C$867.39B | −C$786.40B | −C$768.58B | −C$667.73B | −C$624.99B | C$48.4M | −C$450.40B |
| Other current assets | C$0 | C$0 | C$875.63B | C$867.39B | C$786.40B | C$768.58B | C$667.73B | C$624.99B | C$247.2M | C$450.40B |
| Total current assets | C$206.49B | C$200.01B | C$241.80B | C$266.83B | C$253.56B | C$316.27B | C$186.86B | C$156.29B | C$754.7M | C$181.08B |
| Property, plant & equipment (net) | C$6.82B | C$6.85B | C$6.75B | C$7.21B | C$7.42B | C$7.93B | C$3.19B | C$2.83B | C$0 | C$2.67B |
| Goodwill & intangible assets | C$26.81B | C$27.08B | C$18.50B | C$18.36B | C$15.32B | C$16.05B | C$15.91B | C$15.82B | C$0 | C$15.48B |
| Long-term investments | C$562.62B | C$440.75B | C$410.23B | C$318.93B | C$285.38B | C$280.76B | C$251.74B | C$225.28B | C$0 | C$221.37B |
| Other non-current assets | C$1.52T | C$1.50T | C$1.33T | C$1.31T | C$1.14T | C$1.00T | C$971.24B | C$934.51B | C$9.88B | C$792.25B |
| Total assets | C$2.33T | C$2.17T | C$2.01T | C$1.92T | C$1.71T | C$1.62T | C$1.43T | C$1.33T | C$10.63B | C$1.21T |
| Liabilities | ||||||||||
| Accounts payable | C$22.93B | C$22.97B | C$20.58B | C$17.29B | C$10.51B | C$9.46B | C$8.34B | C$7.83B | C$519.3M | C$6.01B |
| Short-term debt | C$476.56B | C$441.34B | C$453.56B | C$416.90B | C$361.70B | C$80.64B | C$99.40B | C$88.68B | C$354.4M | C$77.04B |
| Deferred revenue | — | — | C$3.83B | C$3.66B | C$3.52B | C$2.94B | C$2.56B | C$2.26B | — | C$2.08B |
| Total current liabilities | C$1.55T | C$1.46T | C$1.33T | C$1.29T | C$1.23T | C$90.11B | C$107.74B | C$96.52B | C$1.09B | C$83.04B |
| Long-term debt | C$18.78B | C$20.44B | C$16.82B | C$17.38B | C$38.35B | C$28.51B | C$9.81B | C$9.13B | C$2.76B | C$9.27B |
| Lease obligations | C$4.59B | C$4.67B | C$4.76B | C$5.11B | C$5.08B | C$5.36B | C$0 | C$0 | — | C$0 |
| Other long-term liabilities | C$612.59B | C$559.03B | C$544.69B | C$504.60B | C$339.37B | C$0 | C$2.65B | C$87.39B | C$3.08B | C$73.78B |
| Total liabilities | C$2.19T | C$2.04T | C$1.89T | C$1.81T | C$1.61T | C$1.54T | C$1.35T | C$1.25T | C$6.93B | C$1.14T |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | C$20.86B | C$21.01B | C$19.40B | C$17.32B | C$17.73B | C$17.50B | C$17.59B | C$17.62B | C$60.4M | C$17.70B |
| Retained earnings (deficit) | C$96.94B | C$88.61B | C$81.72B | C$78.04B | C$71.80B | C$59.81B | C$55.98B | C$51.11B | C$1.42B | C$45.36B |
| Treasury stock | — | — | — | — | −C$73.0M | −C$129.0M | −C$58.0M | −C$18.0M | — | −C$0 |
| Accumulated other comprehensive income | — | C$8.50B | C$6.85B | C$5.72B | C$2.53B | C$3.41B | C$4.25B | C$4.82B | — | C$4.35B |
| Minority interest | C$59.0M | C$103.0M | C$99.0M | C$111.0M | — | — | C$0 | C$0 | — | C$0 |
| Total shareholders' equity | C$139.09B | C$127.09B | C$115.05B | C$108.06B | C$98.67B | C$86.77B | C$83.62B | C$79.95B | C$3.70B | C$74.43B |
| Key figures | ||||||||||
| Total debt | C$834.96B | C$779.52B | C$774.59B | C$699.12B | C$567.25B | C$109.15B | C$109.22B | C$97.81B | C$3.11B | C$86.30B |
| Net cash (debt) | −C$669.68B | −C$612.40B | −C$562.59B | −C$458.53B | −C$336.22B | C$188.49B | C$57.91B | C$43.46B | −C$3.11B | C$84.19B |
| Working capital | −C$1.35T | −C$1.26T | −C$1.09T | −C$1.02T | −C$976.28B | C$226.17B | C$79.12B | C$59.77B | −C$338.1M | C$98.04B |
| Tangible book value | C$112.28B | C$100.00B | C$96.55B | C$89.70B | C$83.34B | C$70.71B | C$67.72B | C$64.13B | C$3.70B | C$58.94B |
| Shares outstanding | 1.41B | 1.41B | 1.39B | 1.41B | 1.43B | 1.43B | 1.44B | 1.45B | — | 1.47B |
| Current ratio | 0.13 | 0.14 | 0.18 | 0.21 | 0.21 | 3.51 | 1.73 | 1.62 | 0.69 | 2.18 |
| Quick ratio | 0.13 | 0.14 | 0.18 | 0.21 | 0.21 | 3.51 | 1.73 | 1.62 | 0.42 | 2.18 |
| Debt / equity | 6.00 | 6.13 | 6.73 | 6.47 | 5.75 | 1.26 | 1.31 | 1.22 | 0.84 | 1.16 |
| Equity / assets | 6.0% | 5.9% | 5.7% | 5.6% | 5.8% | 5.3% | 5.9% | 6.0% | 34.8% | 6.1% |
| Jul '26 | Apr '26 | Jan '26 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||||
| Cash & short-term investments | C$64.17B | C$59.33B | C$46.30B | C$440.33B | C$410.65B | C$403.81B | C$167.13B | C$354.59B | C$327.80B | C$374.04B | C$212.00B |
| Cash & equivalents | C$64.17B | C$59.33B | C$46.30B | C$107.75B | C$114.59B | C$119.12B | C$122.74B | C$112.64B | C$99.83B | C$135.43B | C$133.07B |
| Short-term investments | C$293.68B | C$275.93B | C$365.80B | C$332.57B | C$296.06B | C$284.68B | C$44.38B | C$241.95B | C$227.97B | C$238.61B | C$78.93B |
| Receivables | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$32.89B | C$0 | C$0 | C$0 | C$29.79B |
| Inventory | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | −C$875.63B |
| Other current assets | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$875.63B |
| Total current assets | C$64.17B | C$59.33B | C$46.30B | C$440.33B | C$410.65B | C$403.81B | C$200.01B | C$354.59B | C$327.80B | C$374.04B | C$241.80B |
| Property, plant & equipment (net) | C$6.95B | C$6.78B | C$6.73B | C$6.74B | C$6.73B | C$6.88B | C$6.85B | C$6.94B | C$6.91B | C$6.63B | C$6.75B |
| Goodwill & intangible assets | C$26.83B | C$26.53B | C$26.64B | C$26.74B | C$26.82B | C$27.29B | C$27.08B | C$27.16B | C$27.16B | C$18.22B | C$18.50B |
| Long-term investments | C$646.16B | C$612.36B | C$588.97B | C$538.01B | C$492.50B | C$488.02B | C$440.75B | C$431.19B | C$412.55B | C$405.81B | C$410.23B |
| Other non-current assets | C$1.76T | C$1.69T | C$1.68T | C$1.22T | C$1.31T | C$1.27T | C$1.50T | C$1.26T | C$1.26T | C$1.17T | C$1.33T |
| Total assets | C$2.50T | C$2.40T | C$2.35T | C$2.23T | C$2.24T | C$2.19T | C$2.17T | C$2.08T | C$2.03T | C$1.97T | C$2.01T |
| Liabilities | |||||||||||
| Accounts payable | — | — | — | — | — | — | C$22.97B | — | — | — | C$20.58B |
| Short-term debt | C$13.24B | C$13.41B | C$278.26B | C$440.78B | C$429.39B | C$422.92B | C$441.34B | C$429.33B | C$413.26B | C$459.83B | C$453.56B |
| Deferred revenue | — | — | — | — | — | — | — | — | — | — | C$3.83B |
| Total current liabilities | C$13.24B | C$13.41B | C$278.26B | C$1.46T | C$1.44T | C$1.43T | C$1.46T | C$1.39T | C$1.33T | C$1.31T | C$1.33T |
| Long-term debt | C$363.70B | C$361.80B | C$11.88B | C$13.83B | C$11.71B | C$13.67B | C$16.01B | C$321.72B | C$322.99B | C$316.92B | C$323.12B |
| Lease obligations | — | — | — | — | — | — | C$4.67B | — | — | — | C$4.76B |
| Other long-term liabilities | C$1.98T | C$1.88T | C$1.92T | C$618.65B | C$661.09B | C$612.77B | C$563.46B | C$238.57B | C$257.17B | C$235.91B | C$238.39B |
| Total liabilities | C$2.35T | C$2.25T | C$2.21T | C$2.09T | C$2.11T | C$2.06T | C$2.04T | C$1.95T | C$1.91T | C$1.86T | C$1.89T |
| Shareholders' equity | |||||||||||
| Common stock & paid-in capital | C$20.75B | C$20.75B | C$20.88B | C$20.92B | C$20.98B | C$21.01B | C$21.01B | C$20.98B | C$20.92B | C$20.16B | C$19.40B |
| Retained earnings (deficit) | C$103.53B | C$101.21B | C$99.42B | C$94.97B | C$92.99B | C$90.75B | C$88.61B | C$86.06B | C$83.77B | C$82.05B | C$81.72B |
| Accumulated other comprehensive income | C$9.79B | C$7.69B | C$8.58B | — | — | — | — | C$8.05B | C$7.44B | C$6.24B | C$6.85B |
| Minority interest | C$58.0M | C$56.0M | C$57.0M | C$69.0M | — | — | — | — | — | — | — |
| Total shareholders' equity | C$145.11B | C$140.67B | C$140.02B | C$135.56B | C$132.45B | C$133.17B | C$127.09B | C$124.39B | C$121.50B | C$116.39B | C$115.05B |
| Key figures | |||||||||||
| Total debt | C$418.01B | C$390.14B | C$362.99B | C$789.67B | C$781.27B | C$767.25B | C$779.52B | C$751.05B | C$736.26B | C$776.94B | C$774.59B |
| Net cash (debt) | −C$353.84B | −C$330.82B | −C$316.69B | −C$349.34B | −C$370.62B | −C$363.45B | −C$612.40B | −C$396.46B | −C$408.45B | −C$402.90B | −C$562.59B |
| Working capital | C$50.93B | C$45.92B | −C$231.96B | −C$1.02T | −C$1.03T | −C$1.03T | −C$1.26T | −C$1.04T | −C$1.00T | −C$931.05B | −C$1.09T |
| Tangible book value | C$118.28B | C$114.14B | C$113.38B | C$108.82B | C$105.63B | C$105.88B | C$100.00B | C$97.23B | C$94.34B | C$98.17B | C$96.55B |
| Shares outstanding | 991.7M | 1.39B | 1.03B | 1.41B | 1.41B | 1.42B | 1.42B | 1.42B | 1.41B | 1.41B | 1.40B |
| Current ratio | 4.85 | 4.42 | 0.17 | 0.30 | 0.29 | 0.28 | 0.14 | 0.25 | 0.25 | 0.29 | 0.18 |
| Quick ratio | 4.85 | 4.42 | 0.17 | 0.30 | 0.29 | 0.28 | 0.14 | 0.25 | 0.25 | 0.29 | 0.18 |
| Debt / equity | 2.88 | 2.77 | 2.59 | 5.83 | 5.90 | 5.76 | 6.13 | 6.04 | 6.06 | 6.68 | 6.73 |
| Equity / assets | 5.8% | 5.9% | 6.0% | 6.1% | 5.9% | 6.1% | 5.9% | 6.0% | 6.0% | 5.9% | 5.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported (latest annual report filed December 3, 2025); data from EODHD.
RY financial position
At the end of fiscal 2025 (October 31, 2025), Royal Bank of Canada had total assets of C$2.33 trillion (up 7.1% from a year earlier), total liabilities of C$2.19 trillion and shareholders' equity of C$139.1 billion. It held C$165.3 billion in cash and short-term investments against C$835.0 billion of debt, net debt of C$669.7 billion. Its current ratio was 0.13. In the latest quarter (ended July 31, 2026) total assets were C$2.50 trillion and equity C$145.1 billion.
Related: RY income statement. See the RY stock overview for the latest quote and news.
RY balance sheet FAQ
What are Royal Bank of Canada's total assets?
Royal Bank of Canada reported total assets of C$2.33 trillion at the end of fiscal 2025 (October 31, 2025), compared with C$2.17 trillion a year earlier.
How much debt does Royal Bank of Canada have?
Royal Bank of Canada had C$835.0 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 6.00.
How much cash does Royal Bank of Canada have?
Royal Bank of Canada held C$165.3 billion in cash and short-term investments at the end of fiscal 2025; with C$835.0 billion of debt that is net debt of C$669.7 billion.
What is Royal Bank of Canada's book value?
Royal Bank of Canada's shareholders' equity (book value) was C$139.1 billion at the end of fiscal 2025.
What is Royal Bank of Canada's current ratio?
Royal Bank of Canada had current assets of C$206.5 billion and current liabilities of C$1.55 trillion, a current ratio of 0.13 (current liabilities exceed current assets).
How much goodwill does Royal Bank of Canada have?
Royal Bank of Canada carried C$26.8 billion of goodwill and intangible assets, 1.2% of total assets, at the end of fiscal 2025.