We report on a 90 ks Suzaku observation of the radio-loud quasar 4C +74.26. The source was observed in its highest flux state to date, and we find that it brightens by about 20 per cent during the observation. We see evidence of spectral hardening as the count rate increases and also find that the rms variability increases with energy. The spectral variability suggests that a jet contributes to the spectrum of the source. We clearly detect a broadened Fe line but conclude that it does not require any emission from inside about 50 r_g, although a much smaller inner radius cannot be ruled out. The large inner radius of our best fit implies that the inner disc is either missing or not illuminated. We suggest that the latter scenario may arise if the primary power law originates in the base of the jet, and this emission is beamed away from the inner disc.