Citigroup (C) Q2 2026 earnings summary

Executive summary

• Net income for Q2 2026 was $5.8B, up 45% year-over-year, with EPS of $3.15 and revenues of $24.8B, a 14% increase from Q2 2025, marking the best quarterly revenue in a decade.

• Double-digit revenue growth achieved in four of five business segments; Services delivered record revenue and over 30% RoTCE.

• Returned ~$5.0B to shareholders via repurchases and dividends in Q2, with a planned 12% dividend increase and a $30B buyback program underway.

• Significant progress in transformation and remediation, with large portions of work validated and expenses being reduced.

• Continued focus on disciplined execution, client-centric investments, and leveraging AI for productivity and growth.

Financial highlights

• Total revenues up 14% year-over-year to $24.8B, driven by growth across all core businesses and Legacy Franchises.

• Net interest income increased 13%; non-interest revenue up 18%.

• Expenses rose 5% to $14.2B, mainly due to higher compensation, transaction, and deposit insurance costs; efficiency ratio improved to 57.4%.

• Provision for credit losses at $2.5B, mainly from U.S. consumer cards and a firm-wide net ACL build.

• Book value per share rose 7% to $114.74; tangible book value per share up 7% to $100.89.

Outlook and guidance

• Full-year 2026 RoTCE target remains 10%-11%, with year-to-date at 13.1%.

• NII ex-Markets growth expected at 5%-6%, with continued NIR ex-Markets growth in Services, Banking, and Wealth.

• Markets revenues historically decline ~20% in H2; this year could see a greater drop due to strong H1.

• Efficiency ratio expected around 60% for the year as investments and severance ramp up.

• U.S. credit cards NCL rate guided at 4%-4.5%.