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, marking the best quarterly revenue in a decade and over 9% positive operating leverage.

• Double-digit revenue growth achieved firm-wide and 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 payout ratio at 92% and a $30B buyback plan underway.

• Announced a 12% dividend increase for Q3 2026, subject to board approval.

• Completed sale of Consumer Banking in Poland and partial Banamex equity stake.

Financial highlights

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

• Net interest income up 13% and non-interest revenue up 18% year-over-year.

• 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, primarily from U.S. Consumer Cards and a net ACL build.

• Book value per share at $114.74, up 7% year-over-year; tangible book value per share at $100.89, up 7%.

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.

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

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

• Share repurchases in 2026 expected to exceed 2025 levels, with a $30B repurchase program underway.