Barclays (BARC) Q2 2026 earnings summary

Executive summary

• Q2 2026 income reached £8.3bn, up 16% year-over-year, with profit before tax rising 32% to £3.3bn; H1 2026 profit before tax was £6.1bn, up 17% year-over-year.

• Upgraded 2026 group income target to circa £31.5bn, reflecting broad-based franchise growth and productivity improvements.

• RoTE achieved 16.1% in Q2 and 14.8% for H1, with all major segments delivering double-digit RoTE.

• Announced £2.3bn capital distributions for H1 2026 (+61% YoY), including up to £1.5bn buyback and £0.8bn dividend.

• Completed Best Egg acquisition in the US and announced GoHenry acquisition in the UK.

Financial highlights

• EPS for Q2 2026 was 16.7p (+43% YoY); H1 2026 EPS at 30.7p (+24% YoY).

• Group income rose 16% YoY in Q2; NII (excluding IB and Head Office) increased 10%.

• Cost:income ratio improved to 54% in Q2 2026 (from 59% YoY); H1 2026 at 55%.

• Q2 impairment charge was £571m, with a loan loss rate of 51bps; H1 2026 loan loss rate at 62bps.

• Tangible net asset value per share rose to 423p (+10% YoY).

Outlook and guidance

• 2026 group income expected at £31.5bn, up £500m from prior guidance.

• Group NII forecasted at over £13.7bn in 2026; Barclays UK NII expected around £8.1–8.3bn.

• RoTE guidance: >12% in 2026, >14% in 2028; cost:income ratio targeted in the high 50s for 2026, low 50s by 2028.

• Regulatory RWA inflation in 2027 expected at £19–26bn.

• Plan to return at least £10bn capital to shareholders 2024–2026, and >£15bn 2026–2028.