Royal Bank of Canada filed a preliminary pricing supplement (Form 424B2) on August 4, 2026, for Auto-Callable Contingent Coupon Geared Buffer Notes with Memory Coupon linked to the Class A common stock of Meta Platforms, Inc., due August 25, 2027.

Key Highlights

  • Contingent Coupon: If payable, $44.25 per $1,000 principal amount of Notes on a quarterly basis, subject to the Underlier closing at or above 80% of the Initial Underlier Value on the relevant Coupon Observation Date.
  • Memory Feature: Any unpaid Contingent Coupon may be carried forward and paid on a later Coupon Payment Date when the Coupon Threshold condition is met.
  • Auto-Call Trigger: Notes are automatically called at 100% of principal plus any due Contingent Coupons if the Underlier closes at or above the Initial Underlier Value on any quarterly Call Observation Date.
  • Buffer Protection: At maturity, if the Final Underlier Value is below the Buffer Value (80% of the Initial Underlier Value), investors lose 1.25% of principal for each 1% the Final Underlier Value falls below the Initial Underlier Value in excess of the 20% buffer.
  • Initial Estimated Value: Expected to be between $930.00 and $980.00 per $1,000 principal amount of Notes, less than the public offering price of 100%.
  • Placement Agents: JPMorgan Chase Bank, N.A. and J.P. Morgan Securities LLC will receive a fee of $10.00 per $1,000 principal amount, with proceeds to Royal Bank of Canada at 99.00%.
  • CUSIP: 78018DCX3; Trade Date August 7, 2026; Maturity Date August 25, 2027.

Structure and Payment Terms of the Meta-Linked Buffer Notes

According to the filing, Royal Bank of Canada (NYSE: RY) is offering the Notes with a minimum investment of $10,000 and minimum denominations of $1,000 in excess thereof. The Underlier is the Class A common stock of Meta Platforms, Inc. (Bloomberg Ticker: META UW). The Issue Date is August 12, 2026, and the Valuation Date is August 20, 2027. RBC Capital Markets, LLC acts as both underwriter and calculation agent.

The filing discloses that Contingent Coupons of $44.25 per $1,000 principal are payable quarterly if the Underlier's closing value is greater than or equal to the Coupon Threshold, defined as 80% of the Initial Underlier Value. The memory feature allows previously unpaid Contingent Coupons to be paid on a subsequent Coupon Payment Date when the threshold condition is satisfied. The filing notes that investors "may not receive any Contingent Coupons during the term of the Notes" and that "Contingent Coupons should not be viewed as periodic interest payments." All payments are stated to be subject to Royal Bank of Canada's credit risk.

At maturity, if the Notes have not been called and the Final Underlier Value is below the Buffer Value, the filing specifies that the payment formula is: $1,000 + [$1,000 x (Underlier Return + Buffer Percentage) x Downside Multiplier], where the Downside Multiplier is 100%/80%, equal to 1.25. Certain fiduciary accounts will pay a purchase price of $990.00 per $1,000 principal amount, and placement agents will forgo fees on those sales. The Notes will not be listed on any securities exchange.

What Was Disclosed

Royal Bank of Canada filed a preliminary pricing supplement for structured notes linked to Meta Platforms Class A stock, maturing August 25, 2027, with quarterly contingent coupons of $44.25 per $1,000, a 20% buffer, a 1.25x downside multiplier, and an auto-call feature triggered at the Initial Underlier Value.