Citigroup, Inc.
C · NYSE
Next quarter
Expected to report Jan 13, 2027 — estimated from last year’s reporting date.
Consensus is $2.39 EPS for Dec 2026 across 8 estimates, ranging $2.16 to $2.50.
C Sep 2026
- 7.14%
- $2.66
- $2.85
- —
- —
Highlights
- EPS beat: Diluted EPS of $2.85 exceeded the $2.66 consensus by 7.1%; it was up 53% year over year and down 10% from Q2.
- Revenue growth: Revenue of $23.845 billion rose 8% year over year but fell 4% sequentially, as higher Services and Wealth revenue was offset by a pullback in Markets.
- Net income: Citigroup net income was $5.245 billion, up 40% from $3.752 billion a year earlier and down 10% from Q2’s $5.831 billion.
- Business mix: Services and Wealth each grew revenue 15% year over year to $6.614 billion and $3.269 billion, respectively; Markets grew 6% to $6.113 billion, while U.S. Consumer Cards was roughly flat at $4.664 billion.
- Markets cooled sequentially: Markets revenue declined 13% from Q2, with principal transactions revenue falling to $1.992 billion from $3.542 billion.
- Credit and expenses: Total provisions were $2.586 billion, up 6% year over year; operating expenses were $13.952 billion, down 2%. The efficiency ratio improved to 58.5% from 64.7% a year earlier.
- Capital and shares: Preliminary CET1 was 12.78%, nearly unchanged from Q2’s 12.75%; average diluted shares fell 8% year over year to 1.707 billion, and tangible book value per share rose 6% to $101.59.
Analysis
Citigroup earned $2.85 per diluted share in Q3 2026, beating the $2.66 consensus by 7.1%. Revenue was $23.845 billion, up 8% year over year but down 4% from Q2. Net income of $5.245 billion rose 40% from $3.752 billion a year earlier, while falling 10% sequentially from $5.831 billion; EPS likewise declined from $3.15 in Q2. The year-over-year improvement was broad, but the quarter was softer than Q2’s revenue and earnings peak.
The print was defined by continued strength in Services and Wealth, offset by a sequential retreat in Markets. Services revenue grew 15% year over year to $6.614 billion and Wealth grew 15% to $3.269 billion; Markets revenue rose 6% year over year to $6.113 billion, but fell 13% quarter over quarter as principal transactions revenue pulled back. Net interest income was $16.982 billion, up 14% year over year and down 1% sequentially. Operating expenses declined 2% year over year to $13.952 billion, helping sustain positive operating leverage, while provisions rose 6% to $2.586 billion. Lower average diluted shares—down 8% year over year—also supported EPS growth relative to net income growth.
Earnings and revenue
Revenue of $23.845 billion increased 8% year over year, from $22.090 billion, but declined 4% from $24.766 billion in Q2. Net income was $5.245 billion versus $3.752 billion a year ago and $5.831 billion last quarter. Diluted EPS of $2.85 beat consensus of $2.66 by 7.1%; it was 53% higher year over year and 10% lower sequentially. The year-over-year EPS increase exceeded net income growth in part because average diluted shares fell 8% to 1.707 billion.
Business performance
- Services: Revenue rose 15% year over year to $6.614 billion, led by Treasury and Trade Solutions revenue of $4.902 billion, up 16%. Services net income was $2.637 billion, up 27%.
- Wealth: Revenue increased 15% to $3.269 billion and net income was $585 million, versus $303 million a year earlier. Client investment assets reached $759 billion, up 15% year over year; quarterly net new investment assets were $15.7 billion.
- Markets: Revenue grew 6% year over year to $6.113 billion, but declined 13% from Q2. Principal transactions revenue fell to $1.992 billion from $3.542 billion in Q2; Markets net income was $1.743 billion, up 2% year over year.
- Banking and cards: Banking revenue grew 6% year over year to $1.741 billion and net income rose 42% to $378 million. U.S. Consumer Cards revenue was essentially flat at $4.664 billion, while net income declined 8% to $851 million.
Credit and cards
Total provisions for credit losses and benefits and claims were $2.586 billion, up 6% year over year and 3% sequentially. Net credit losses on loans were $2.217 billion, broadly level with a year ago and down 8% from Q2; Citi also recorded a $199 million reserve build for loans. In U.S. Consumer Cards, net credit losses were $1.670 billion, and the annualized loss rate was 3.66%, down from 4.19% in Q2. The card portfolio included the additional American Airlines co-branded portfolio onboarded during Q2.
Costs and capital
Operating expenses were $13.952 billion, down 2% year over year and 2% sequentially. Revenue growth outpaced expense growth, producing 960 basis points of positive operating leverage year over year; the efficiency ratio improved to 58.5% from 64.7%. Preliminary CET1 was 12.78%, little changed from 12.75% in Q2 but below 13.27% a year earlier. Tangible book value per share rose to $101.59 from $95.72 a year ago and $100.89 in Q2.
