Royal Bank of Canada
RYFinancial Services · Banks - Diversified · Stock · quarterly payer
Forward Yield
2.48%
Annual Dividend
$4.99
Payout Ratio
41%
5-Yr Growth
6.2%
Ex-Date
Oct 26, 2026
Frequency
Quarterly
Key facts about RY's dividend
Data as of · Source: SmarterDividends data
- As of Oct 23, 2026, Royal Bank of Canada (RY) has a forward dividend yield of 2.48%, based on an annual dividend of $4.99 per share and a share price of $202.06.
- As of Oct 23, 2026, RY's dividend safety grade from SmarterDividends is B (75 out of 100), which rates the dividend as safe.
- By SmarterDividends' count, Royal Bank of Canada (RY) has raised its dividend for 10 consecutive years as of Oct 23, 2026.
- RY last cut its regular dividend in 2015.
- RY's next ex-dividend date is Oct 26, 2026, with payment on Nov 24, 2026. Shares must be owned before that date to receive the dividend.
- As of Oct 23, 2026, RY pays out 41% of its trailing 12-month earnings as dividends (its payout ratio).
- RY's dividend has grown at an average rate of 6.2% a year over the past five years.
- As of Oct 23, 2026, RY's 2.48% yield is 30% below its five-year average yield of 3.52%.
- As of Oct 23, 2026, SmarterDividends' blended fair-value estimate for RY is $202.73 per share, 0% above the $202.06 share price, so RY screens as fairly valued.
- Royal Bank of Canada (RY) pays its dividend quarterly, 4 times a year.
Cite this page
SmarterDividends, "RY Dividend: Yield, Safety Grade & Next Ex-Date," updated Oct 23, 2026, https://smarterdividends.com/stocks/RY
Summary
As of Oct 23, 2026, Royal Bank of Canada (RY) yields 2.48% ($4.99 a year per share), has a dividend safety grade of B (75/100) and has 10 consecutive years of dividend increases on record.
Is RY a good dividend stock?
YesRoyal Bank of Canada (RY) pays a quarterly dividend yielding 2.48% ($4.99/yr), with 10 years of growth and a dividend-safety grade of B. It scores well across payout coverage, growth history and safety — a dependable income holding.
Advantages
- 10 consecutive years of dividend growth
- Comfortable payout ratio (41%)
- Strong 6.2% 5-yr dividend growth
- 100% total price return over 5 years
Risks
- Cut its dividend in 2015
Key Data
- Dividend Yield
- 2.48%
- Payout Ratio
- 41%
- Annual Dividend
- $4.99
- 5-Yr Avg Growth
- 6.2%
- Ex-Dividend Date
- Oct 26, 2026
- Years of Growth
- 10
- Frequency
- quarterly
- Beta
- 0.91
- Market Cap
- $279.7B
- P/E Ratio
- 17.6
- 5-Yr Total Return
- 100%
- 52-Week Range
- $143.38 – $218.57
- Dividend Safety
- B · 75/100
- Ever Cut?
- Yes (2015)
RY dividend changes
Royal Bank of Canada (RY) pays a variable dividend: across the 118 payments on record since 1996, 73 were higher than the one before and 17 lower. The latest change was up 4.1% to $1.25 per share, going ex-dividend on Jul 27, 2026.
| Ex-date | Change | Old → new | Move |
|---|---|---|---|
| Jul 27, 2026 | Higher | $1.20 → $1.25 | +4.1% |
| Apr 23, 2026 | Higher | $1.13 → $1.20 | +6.0% |
| Jul 24, 2025 | Higher | $1.07 → $1.13 | +6.2% |
| Apr 24, 2025 | Higher | $1.03 → $1.07 | +3.3% |
| Jan 27, 2025 | Higher | $1.03 → $1.03 | +0.6% |
| Jul 25, 2024 | Higher | $1.01 → $1.03 | +1.9% |
| Apr 24, 2024 | Lower | $1.03 → $1.01 | −1.5% |
| Jan 24, 2024 | Higher | $0.983 → $1.03 | +4.3% |
| Oct 25, 2023 | Lower | $1.03 → $0.983 | −4.1% |
| Jul 25, 2023 | Higher | $0.975 → $1.03 | +5.1% |
| Apr 24, 2023 | Lower | $0.988 → $0.975 | −1.3% |
| Jan 25, 2023 | Higher | $0.934 → $0.988 | +5.8% |
Frequently Asked Questions
Is RY a good dividend stock?
Yes. Royal Bank of Canada (RY) pays a quarterly dividend yielding 2.48% ($4.99/yr), with 10 years of growth and a dividend-safety grade of B. It scores well across payout coverage, growth history and safety — a dependable income holding.
Is RY undervalued?
Based on a blend of discounted cash flow, a dividend-discount model and an earnings-multiple estimate, RY's fair value is about $202.73 versus a $202.06 share price — so it looks fairly valued (+0% vs. fair value).
Is RY's dividend safe?
RY has a dividend-safety grade of B (75/100), based on its payout coverage, free-cash-flow, 10-year growth streak, a dividend cut in 2015, debt and yield-versus-history.
What is RY's fair value?
Our blended fair-value estimate for RY is about $202.73 per share, roughly 0% above the current $202.06 price — combining a discounted cash flow, a dividend-discount model and an earnings multiple.
Is RY a buy, hold, or sell?
We don't issue formal ratings, but on the data RY screens as "yes" and fairly valued. Royal Bank of Canada (RY) pays a quarterly dividend yielding 2.48% ($4.99/yr), with 10 years of growth and a dividend-safety grade of B. It scores well across payout coverage, growth history and safety — a dependable income holding. This is research for your own analysis, not investment advice.
Will RY cut its dividend?
RY earns a dividend-safety grade of B (75/100), and has cut its dividend before (last in 2015). A higher score means lower cut risk based on payout coverage, cash flow and history — but no score guarantees a dividend.
Does RY pay a dividend?
Yes. Royal Bank of Canada pays a quarterly dividend of about $4.99 per share annually, a forward yield of roughly 2.48%.
What is RY's dividend yield?
As of Oct 23, 2026, RY's forward dividend yield is 2.48%, based on a $4.99 annual dividend and a $202.06 share price.
What is RY's dividend per share?
As of Oct 23, 2026, RY pays $4.99 per share per year, distributed on a quarterly basis.
What is RY's dividend payout ratio?
As of Oct 23, 2026, RY's payout ratio is 41% of trailing 12-month earnings — a comfortable level that leaves room to keep raising the dividend.
How many years has RY grown its dividend?
As of Oct 23, 2026, RY has increased its dividend for 10 consecutive years.
When is the next RY ex-dividend date?
As of Oct 23, 2026, the next ex-dividend date on record for RY is Oct 26, 2026.
RY Price — Last 12 Months
Daily close
Price Return
1 Year
+28%
3 Years
+119%
5 Years
+100%
52-Week Range
$143.38 – $218.57
Price change over each period (excludes dividends). Past performance doesn't guarantee future results.
What is RY worth?
Fairly valuedmedium confidenceOur blended fair-value estimate for Royal Bank of Canada is $202.73 per share, versus a market price of $202.06. That implies the stock is roughly fairly priced.
Fair Value
$202.73
Current Price
$202.06
Gap
+0%
Margin of Safety
0%
How we get there
Dividend discount
Discounts the future dividend stream back to today.
Earnings multiple (Graham)
Graham's earnings-multiple formula, anchored to bond yields.
Assumptions: 8.8% discount rate (CAPM), 12.0% growth for five years fading to 2.5% over the next five, $11.44 EPS, $4.96 annual dividend. Updated weekly.
Fair-value estimates are model output for educational purposes only — not investment advice or a price target.
RY Dividend Safety Score
Safe
SmarterDividends' proprietary score, backtested against which dividends were actually cut over 15+ years (0.78 AUC). It blends a validated cut-risk model (growth streak, cut history) with current payout, cash-flow and debt. Higher is safer · not investment advice.
Dividend Growth
Total dividends per share by year
Dividend History
Full RY dividend history →| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| Jul 27, 2026 | Aug 24, 2026 | $1.2490 | regular |
| Apr 23, 2026 | May 22, 2026 | $1.2000 | regular |
| Jul 24, 2025 | Aug 22, 2025 | $1.1320 | regular |
| Apr 24, 2025 | May 23, 2025 | $1.0660 | regular |
| Jan 27, 2025 | Feb 24, 2025 | $1.0320 | regular |
| Oct 24, 2024 | Nov 22, 2024 | $1.0260 | regular |
| Jul 25, 2024 | Aug 23, 2024 | $1.0290 | regular |
| Apr 24, 2024 | May 24, 2024 | $1.0100 | regular |
| Jan 24, 2024 | Feb 23, 2024 | $1.0250 | regular |
| Oct 25, 2023 | Nov 24, 2023 | $0.9830 | regular |
| Jul 25, 2023 | Aug 24, 2023 | $1.0250 | regular |
| Apr 24, 2023 | May 24, 2023 | $0.9750 | regular |
| Jan 25, 2023 | Feb 24, 2023 | $0.9880 | regular |
| Oct 25, 2022 | Nov 24, 2022 | $0.9340 | regular |
Income Calculator
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