UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 11-K
(Mark One)
[X] |
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31 , 2025
OR
[ ] |
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
For the transition period from to
Commission File Number
1-13928
| A. | Full title of the plan and the address of the plan, if different from that of the issuer named below: |
RBC U.S.A. Retirement and Savings Plan
250 Nicollet Mall, Minneapolis, MN 55401
| B. | Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: |
(Exact name of Registrant as specified in its charter)
Toronto, Ontario, Canada
(State or other jurisdiction of)
Identification No.)
200 Bay Street, Royal Bank of Plaza, Toronto, Ontario Canada M5J2J5
(Address of principal executive offices) (Zip Code)
RBC U.S.A. Retirement
and Savings Plan
Employer ID No.: 20-0563684
Plan Number: 003
Financial Statements as of December 31, 2025 and 2024,
and for the Year Ended December 31, 2025, Supplemental
Schedule as of Year Ended December 31, 2025, and Report
of Independent Registered Public Accounting Firm
RBC U.S.A. RETIREMENT AND SAVINGS PLAN
TABLE OF CONTENTS
| NOTE: | All other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable. |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
USA Pensions and Benefits Committee and Plan Participants
RBC U.S.A. Retirement and Savings Plan
Minneapolis, Minnesota
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of the RBC U.S.A. Retirement and Savings Plan (the Plan) as of December 31, 2025 and 2024, and the related statement of changes in net assets available for benefits for the year ended December 31, 2025, and the related notes and schedules (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of RBC U.S.A. Retirement and Savings Plan as of December 31, 2025 and 2024, and the changes in net assets available for benefits for the year ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Page 2
Supplemental Information
The supplemental information contained in Schedule H, Line 4i - Schedule of Assets (Held at End of Year) (supplemental information) as of December 31, 2025 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.
We have served as the
Company’s
auditor since 2023. Roseville, Minnesota
June 24, 2026
RBC U.S.A. RETIREMENT AND SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 2025 AND 2024
2025 |
2024 |
|||||||
ASSETS: |
||||||||
Investments—at fair value: |
||||||||
Royal Bank of Canada Common Stock |
$ | $ | ||||||
Common collective trusts |
||||||||
Mutual funds and Money Market Funds |
||||||||
Personal directed brokerage accounts |
||||||||
Total participant directed investments |
||||||||
Receivables: |
||||||||
Notes receivable from participants |
||||||||
Employer matching fixed contribution |
||||||||
Total receivables |
||||||||
NET ASSETS AVAILABLE FOR BENEFITS |
$ | $ | ||||||
See notes to financial statements.
- 4 -
RBC U.S.A. RETIREMENT AND SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 2025
ADDITIONS: |
||||
Dividends and interest |
$ | |||
Net appreciation in fair value of investments |
||||
Net investment income |
||||
INTEREST INCOME — Notes receivable |
||||
CONTRIBUTIONS: |
||||
Participant |
||||
Participant rollover |
||||
Employer — fixed matching |
||||
Total contributions |
||||
Total Additions |
||||
DEDUCTIONS: |
||||
Benefits paid to participants |
( |
) | ||
Administrative expenses |
( |
) | ||
Total deductions |
( |
) | ||
INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS |
||||
NET ASSETS AVAILABLE FOR PLAN BENEFITS — Beginning of year |
||||
NET ASSETS AVAILABLE FOR PLAN BENEFITS — End of year |
$ | |||
See notes to financial statements.
- 5 -
RBC U.S.A. RETIREMENT AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
1. |
DESCRIPTION OF THE PLAN |
The following description of the RBC U.S.A. Retirement and Savings Plan (the “Plan”) is provided for general information purposes only. Participants should refer to the plan document for complete information regarding the Plan’s definitions, benefits, eligibility, and other matters.
General
Eligibility
after-tax
contributions to the Plan upon hire. Employees receive employer matching contributions beginning the first of the month following one year of service.Contributions
after-tax
basis to their Roth 401(k) account. In addition, employees may also contribute up to after-tax
basis. Participant contributions are subject to maximum amounts as described in the Code, which was $Roth 401(k) catch-up
contributions up to Catch-up
contributions were subject to an annual limit of $catch-up
contributions for employees ages 60-63.
Catch-up
contributions are not subject to RBC Companies’ matching contributions. Employees may also contribute to the Plan by making rollover contributions, which represent distributions from other qualified plans. A fixed matching contribution is paid by the RBC Companies throughout the year as eligible employees make deferrals that are equal to one dollar for every dollar of a participant’s pretax contribution or 6 % of participant compensation. All matching contributions are invested in accordance with participant investment elections.
after-tax
Roth 401(k) contribution, up to a maximum of Employees who have not enrolled in the Plan at the time of hire are automatically enrolled for a 6 % pretax contribution. If no investment elections are in place, the contribution is allocated to the appropriate JPMorgan Smart Retirement fund based on a normal age 65 retirement. Employees may opt out of this automatic enrollment. Additionally, employees may request a refund of an automatically enrolled amount if they make that request within 90 days of the initial contribution and the related company match would be forfeited.
Employee and employer contributions are limited to the extent necessary to comply with the applicable sections of the Code. Financial Consultants, Financial Advisors, Branch Manager, Regional Directors, or Complex Directors employed by RBC Capital Markets, LLC, are limited to $1,500 fixed matching contributions.
After-tax
contributions (excluding Roth 401(k)) and catch-up
contributions are not eligible for fixed matching contributions. Participant Accounts
after-tax
contributions, Roth 401(k) after-tax
contributions, the RBC Companies fixed matching contributions, fund earnings and/or losses, and charged with withdrawals and an allocation of fund expenses. Investments
Vesting
after-tax
contributions, and rollover contributions, plus earnings thereon. Forfeitures
The following summarizes the changes in the forfeiture accounts for the Plan year ended December 31, 2025:
Forfeiture accounts: |
||||
Additions to forfeiture accounts |
$ | |||
Forfeitures used for employer contributions |
( |
) | ||
Forfeitures used for administrative expenses |
( |
) | ||
Net increase in forfeiture accounts |
$ | |||
If a participant is rehired by the RBC Companies or by an affiliate within five years after termination, the participant shall receive full restoration of the amount previously forfeited.
Notes Receivable from Participants
Payment of Benefits
lump-sum
distribution of the employee pretax, Roth 401(k) and after-tax
contributions account balances. Each participant who has terminated employment and whose vested account balance is less than $lump-sum
payment. If a participant’s account balance is greater than $in-service
distributions, which are limited to the employee pretax, Roth 401(k), after-tax,
catch-up,
Roth catch-up
and rollover contributions (excluding investment earnings on pretax, Roth 401(k), catch-up
and Roth catch-up
contributions) account balance, for financial hardship purposes as defined by the Plan. In addition, eligible participants between ages 50 and 59 1/2 may request special distribution of certain amounts from the Plan, subject to minimum service requirements. Participants may withdraw vested matching amounts that have been in their account for at least 24 months. Distributions from the Plan are generally made in cash, except for the RBC Stock Fund where participants can choose to have their value paid in cash or RBC common shares. Dividend Reinvestment
— Participants can elect to have quarterly dividends paid on RBC stock in the RBC Stock Fund to be either reinvested or paid out in cash. Reinvested dividends have no current tax consequence to the Plan or participants. The dividends are included in interest and dividends. Dividends that are paid out in cash are considered taxable income in the year that they are paid. Total amount of dividends paid out for the year ended December 31, 2025, and included in benefits paid to participants, was $Voting Rights
— Participants who have accounts invested in the RBC Stock Fund will receive the same information as is distributed to other shareholders of RBC. Each participant with an interest in the RBC Stock Fund will have the right, in accordance with and subject to the terms of the Plan, to direct the trustee of the Plan to vote the whole common shares represented by his or her interest in the fund. The trustee will vote the RBC common shares as to which voting directions are not received from participants in the same proportion as it votes the shares as to which voting directions are received from participants. 2. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Basis of Accounting
— The Plan’s financial statements and supplemental schedule have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). Contributions
— Participant and RBC Companies’ fixed matching contributions are recorded in the period the employer makes the payroll deductions. Employer match true-up
contributions are recorded as a receivable for the period to which they are related. Participant accounts are credited with the true-up
contribution in the beginning of the following year. In the event of a delinquent participant contribution, actual lost earnings are determined and recorded in the effected participant’s account to make the participant whole. If negative earnings are calculated on a delinquent participant contribution, it will not be taken from the participant’s balance. Benefits Paid to Participants
— Benefit payments to participants are recorded upon distribution. There were no participants who elected to withdraw from the Plan who had not yet been paid as of December 31, 2025 and 2024.The unpaid amount was $Investment Valuation and Income Recognition
— The Plan’s investments are stated at fair value. Shares of mutual funds are valued at quoted market prices, which represent the net asset value (NAV) of shares held by the Plan at year-end.
The USA Pensions Benefits Committee determines the Plan’s valuation policies utilizing information provided by the Trustee. Common collective trust funds are stated the net asset value determined by the issuer of the common/collective trust. The RBC Stock Fund is valued based on the underlying assets as shown in Note 3. The Plan presents in the statement of changes in net assets available for benefits the net appreciation (depreciation) in the fair value of its investments, which consists of the realized gains or losses and the unrealized appreciation or depreciation on those investments. Purchases and sales of investments are recorded on a trade-date basis. Interest income is recorded on an accrual basis. Dividends are recorded on the
ex-dividend
date. Management fees and operating expenses charged to the Plan for investments in the mutual funds are deducted from income earned on a daily basis and are not separately reflected. Consequently, management fees and operating expenses are reflected as a reduction of investment return for such investments.
Notes Receivable from Participants
—
Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent participant loans are recorded as distributions based on the terms of the Plan document. No allowance for credit losses has been recorded as of December 31, 2025 and 2024. Notes receivable will be subject to any origination and periodic maintenance fees charged by the Trustee and record keeper and approved by the Committee. The origination fee will be an administrative fee charged to the Participant’s Account. Administrative Expenses
— Administrative expenses are paid by the Plan Sponsor through the use of forfeitures as provided in the second amendment to the Trust Agreement between Trustee and the Plan Sponsor. Additionally, certain transaction costs for loans and investment redemptions are paid by the participants via reduction of participant account balances. Use of Estimates
— The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of net assets available for benefits at the date of the financial statements and the changes in net assets available for benefits during the reporting period and disclosure of contingent assets and liabilities. Actual results could differ from those estimates. Risks and Uncertainties
— The Plan provides various investment options in shares of registered investment companies, common collective trusts, and RBC Stock Fund. Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the participants’ account balances and the amounts reported in the statement of net assets available for benefits. 3. |
RBC COMMON STOCK FUND |
The following summarizes the components of the RBC Common Stock Fund, on December 31, 2025 and 2024:
2025 |
2024 |
|||||||
Royal Bank of Canada Common Stock Fund: |
||||||||
Royal Bank of Canada common stock |
$ | $ | ||||||
Fidelity institutional cash money market funds |
||||||||
Net Receivables (Payables) |
||||||||
Total |
$ | $ | ||||||
This investment makes up 12 % and 10 % of total investments as of December 31, 2025 and 2024.
4. |
RELATED-PARTY AND PARTY-IN-INTEREST |
Certain Plan investments are shares of mutual funds managed by Fidelity Management Trust Company. Fidelity is the Trustee as defined by the Plan. RBC is the Plan Sponsor. These transactions qualify as exempt transactions, as defined by ERISA. Fees paid by the Plan for investment management services were included as a reduction of the return earned on each fund.
party-in-interest
The Plan invests in the common stock of the Plan sponsor, RBC, which is a related party. On December 31, 2025 and 2024, the Plan held 3,439,656 and 3,544,409 shares, respectively, of common stock of RBC, with a cost basis of $240,692,255 and $228,596,991 respectively. During the year ended December 31, 2025, the Plan recorded dividend income of $15,064,270 from the RBC Common Stock Fund. These transactions qualify as exempt transactions. During 2025 and 2024 the Plan’s stock fund had the following transactions related to the Plan sponsor’s common stock:
party-in-interest
2025 |
2024 |
|||||||
Number of common shares purchased, shares |
||||||||
Number of common shares sold, shares |
||||||||
Market value of common shares sold, |
$ | |||||||
Cost of common shares sold, |
$ | |||||||
5. |
PLAN TERMINATION |
Although it has not expressed any intent to do so, the RBC Companies have the right under the Plan to discontinue contributions at any time and to amend or terminate the Plan subject to the provisions set forth in ERISA. In the event of Plan termination, participants will become fully vested in their account balances.
6. |
FAIR VALUE MEASUREMENTS |
The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuations techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets for liabilities (level 1) and the lowest priority to unobservable inputs (level 3). The three levels of the fair value hierarchy under FASB ASC 820 are described as follows:
| Level 1 | Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access. | |
| Level 2 | Inputs to the valuation methodology include • quoted prices for similar assets or liabilities in active markets; • quoted prices for identical or similar assets or liabilities in inactive markets; • inputs other than quoted prices that are observable for the asset or liability; • inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability. | |
| Level 3 | Inputs to the valuation methodology are unobservable and significant to the fair value measurement. | |
The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input to the fair value measurement. Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs.
Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used on December 31, 2025 and 2024.
Common stocks
: Valued at the closing price reported on the active market on which the individual securities are traded. Mutual and Money Market funds
: Valued at the daily closing price as reported by the fund. Mutual and money market funds held by the Plan are open-end
mutual and money market funds that are registered with the SEC. These funds are required to publish their daily net asset value (NAV) and to transact at that price. The mutual and money market funds held by the Plan are deemed to be actively traded. Common Collective Trust Funds
: Valued at the net asset value of units of a bank collective trust. The net asset value as provided by the trustee, is used as a practical expedient to estimate fair value. The net asset value is based on the fair value of the underlying investments held by the fund less its liabilities. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported net asset value. Participant transactions (purchased and sales) may occur daily. Were the Plan to initiate a full redemption of the collective trust, the investment advisor reserves the right to temporarily delay withdrawal from the trust in order to ensure that securities liquidations will be carried out in an orderly business manner. Personal Directed Brokerage Accounts:
Consist of mutual and money market funds which are valued as identified above. The following tables set forth by level within the fair value hierarchy a summary of the Plan’s investments measured at fair value on a recurring basis on December 31, 2025 and 2024:
2025 |
||||||||||||||||
Quoted Prices in |
Significant |
Significant |
||||||||||||||
Active Markets |
Other |
Unobservable |
||||||||||||||
for Identical |
Observable |
Inputs |
||||||||||||||
Assets (Level 1) |
Inputs (Level 2) |
(Level 3) |
Total |
|||||||||||||
Common stock |
$ | $ | $ | $ | ||||||||||||
Mutual and money market funds |
||||||||||||||||
Personal directed brokerage accounts |
||||||||||||||||
Total assets in the fair value hierarchy |
||||||||||||||||
Investments measured at net asset value (a) |
||||||||||||||||
Investments at fair value |
$ | $ | $ | $ | ||||||||||||
2024 |
||||||||||||||||
Quoted Prices in |
Significant |
Significant |
||||||||||||||
Active Markets |
Other |
Unobservable |
||||||||||||||
for Identical |
Observable |
Inputs |
||||||||||||||
Assets (Level 1) |
Inputs (Level 2) |
(Level 3) |
Total |
|||||||||||||
Common stock |
$ | $ | $ | $ | ||||||||||||
Mutual and money market funds |
||||||||||||||||
Personal directed brokerage accounts |
||||||||||||||||
Total assets in the fair value hierarchy |
||||||||||||||||
Investments measured at net asset value (a) |
||||||||||||||||
Investments at fair value |
$ | $ | $ | $ | ||||||||||||
| (a) | In accordance with Subtopic 820-10, certain investments that were measured at NAV per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the Statements of Net Assets Available for Benefits. |
- 11 -
7. |
INVESTMENTS RECORDED AT NAV PER SHARE |
The following tables set forth a summary of the Plan’s investments for which fair value is measured using the net asset value per share practical expedient as of December 31, 2025, and 2024.
Fair Value - Net Asset Value |
||||||||||||||||
December 31, 2025 |
||||||||||||||||
Other |
Redemption |
|||||||||||||||
Redemption |
Redemption |
Notice |
||||||||||||||
Investment |
Fair Value |
Frequency |
Restrictions |
Period |
||||||||||||
American Beacon Small Cap Value Fund |
$ | |||||||||||||||
JPMCB LG CP GR CF-E |
||||||||||||||||
JPMCB SR PB INCOME C |
||||||||||||||||
JPMCB SR PB 2025 CFB |
||||||||||||||||
JPMCB SR PB 2030 CFB |
||||||||||||||||
JPMCB SR PB 2035 CFB |
||||||||||||||||
JPMCB SR PB 2040 CFB |
||||||||||||||||
JPMCB SR PB 2045 CFB |
||||||||||||||||
JPMCB SR PB 2050 CFB |
||||||||||||||||
JPMCB SR PB 2055 CFB |
||||||||||||||||
JPMCB SR PB 2060 CFB |
||||||||||||||||
JPMCB SR PB 2065 CFB |
||||||||||||||||
Managed Income Portfolio II Class 3 |
||||||||||||||||
Metwest Tot Rtn Bd P |
||||||||||||||||
MFS MID CAP VALUE R4 |
||||||||||||||||
SP 500 INDEX PL CL D |
||||||||||||||||
SP EXT MKT IDX CL D |
||||||||||||||||
SP GLB EXUS IDX CL D |
||||||||||||||||
Total |
$ | |||||||||||||||
Fair Value - Net Asset Value |
||||||||||||||||
December 31, 2024 |
||||||||||||||||
Other |
Redemption |
|||||||||||||||
Redemption |
Redemption |
Notice |
||||||||||||||
Investment |
Fair Value |
Frequency |
Restrictions |
Period |
||||||||||||
American Beacon Small Cap Value Fund |
$ | |||||||||||||||
JPMCB SR PB INCOME C |
||||||||||||||||
JPMCB SR PB 2025 C |
||||||||||||||||
JPMCB SR PB 2030 C |
||||||||||||||||
JPMCB SR PB 2035 C |
||||||||||||||||
JPMCB SR PB 2040 C |
||||||||||||||||
JPMCB SR PB 2045 C |
||||||||||||||||
JPMCB SR PB 2050 C |
||||||||||||||||
JPMCB SR PB 2055 C |
||||||||||||||||
JPMCB SR PB 2060 C |
||||||||||||||||
JPMCB SR PB 2065 C |
||||||||||||||||
Managed Income Portfolio II Class 3 |
||||||||||||||||
MFS MID CAP VALUE R4 |
||||||||||||||||
Metwest Tot Rtn Bd P |
||||||||||||||||
SP EXT MKT IDX CL D |
||||||||||||||||
SP GLB EXUS IDX CL D |
||||||||||||||||
SP 500 INDEX PL CL D |
||||||||||||||||
T. Rowe Price Growth Stock E Trust |
||||||||||||||||
Total |
$ | |||||||||||||||
- 12 -
8. |
RECONCILIATION OF FINANCIAL STATEMENT TO FORM 5500 |
The following is a reconciliation of net assets available for benefits per the financial statements as of December 31, 2025 and December 31, 2024 to the Form 5500:
2025 |
2024 |
|||||||
Net assets available for benefits per financial statements |
$ | $ | ||||||
Fully benefit-responsive investment contracts value adjustment |
( |
) | ( |
) | ||||
Net assets available for benefits per Form 5500 |
||||||||
The following is a reconciliation of the net increase in net assets available for benefits per the financial statements for the year ended December 31, 2025 and December 31, 2024 to the Form 5500:
2025 |
2024 |
|||||||
Increase in net assets per financial statements |
$ | $ | ||||||
Prior year fully benefit-responsive investment contracts value adjustment |
$ | |||||||
Current year fully benefit-responsive investment contracts value adjustmen |
( |
) | ( |
) | ||||
Total increase in net assets available for benefits per the Form 5500 |
||||||||
In accordance with DOL Form 5500 presentation, the Fidelity MIP II Class 3 is presented at Fair Value where the Plan presents as Net Asset Value as practical expedient and therefore, this reconciliation is presented.
9. |
FEDERAL INCOME TAX STATUS |
The IRS has determined and informed the RBC Companies by a letter dated December 18, 2015 , that the Plan was designed in accordance with the applicable regulations of the Code requirements. The RBC Companies and the plan administrator believe that the Plan is currently designed and operated in compliance with the applicable requirements of the Code and the Plan and related trust continue to be
tax-exempt.
Therefore, no provision for income taxes has been included in the Plan’s financial statements. GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2025 and 2024 there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan administrator believes it is no longer subject to income tax examinations for years prior to 2022.
10. |
SUBSEQUENT EVENTS |
Subsequent events were evaluated through the date and time the financial statements were issued.
- 13 -
SUPPLEMENTAL SCHEDULE
FURNISHED PURSUANT TO THE REQUIREMENTS OF FORM 5500
- 14 -
RBC-U.S.A.
RETIREMENT AND SAVINGS PLAN (EIN: 003 )
41-1228350)
(Plan No. SCHEDULE H, LINE 4i — SCHEDULE OF ASSETS (Held At End of Year)
DECEMBER 31, 2025
(a) |
(b) |
(c) |
(d) |
|||||
Identity of Issuer, Borrower, Lessor, |
Current |
|||||||
or Similar Party |
Description of Investment |
Value |
||||||
* |
Royal Bank of Canada | |||||||
| $ | ||||||||
| American Beacon Advisors, Inc. | ||||||||
| American Beacon Advisors, Inc. | ||||||||
| American Funds Washington Mutual Inv R6 | ||||||||
| Capital Research & Management Company | ||||||||
* |
Fidelity Management Trust Co. | |||||||
* |
Fidelity Management Trust Co. | |||||||
| Geode Capital Management Trust Company, LLC | ||||||||
| Geode Capital Management Trust Company, LLC | ||||||||
| Geode Capital Management Trust Company, LLC | ||||||||
| JP Morgan Asset Management | ||||||||
| JP Morgan Asset Management | ||||||||
| JP Morgan Asset Management | ||||||||
| JP Morgan Asset Management | ||||||||
| JP Morgan Asset Management | ||||||||
| JP Morgan Asset Management | ||||||||
| JP Morgan Asset Management | ||||||||
| JP Morgan Asset Management | ||||||||
| JP Morgan Asset Management | ||||||||
| JP Morgan Asset Management | ||||||||
| JP Morgan Asset Management | ||||||||
| Metropolitan West Asset Management, LLC | ||||||||
| MFS Investment Management | ||||||||
| T. Rowe Price Associates, Inc. | ||||||||
* |
Fidelity Management Trust Co. | |||||||
* |
Participant loans | Interest rates of |
||||||
| dates through 2040 | ||||||||
Total investments |
$ |
|||||||
| * | Known to be a party-in-interest |
- 15 -
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| RBC U.S.A. Retirement and Savings Plan |
||||
| (Name of Plan) | ||||
| Royal Bank of Canada |
Date: June 24, 2026 | |||
| (Registrant/Issuer) | ||||
| /s/ Sherena Jeske |
||||
| Sherena Jeske | ||||
| Director, U.S. Retirement & Benefits | ||||