Citigroup (C) Q3 2026 earnings summary

Executive summary

• 3Q26 revenue was $23.845B, up 8% YoY and the strongest third-quarter result in a decade; net income was $5.245B and diluted EPS was $2.85.

• ROTCE was 11.5%, up ~350 bps reported and ~180 bps excluding the prior-year Banamex goodwill impairment; positive operating leverage continued.

• Net income rose 40% reported, or 17% excluding the prior-year impairment; growth in Services, Wealth, Markets and Banking was partly offset by All Other.

Financial highlights

• Net interest income was $16.982B, up 14% YoY; non-interest revenue was $6.863B, down 4%.

• Expenses were $13.952B, down 2% reported but up 3% excluding the prior-year $726M Banamex goodwill impairment; efficiency ratio was 58.5%.

• Provision for credit losses was $2.586B, including $2.217B in net credit losses and a $369M net reserve build driven by macro outlook changes and portfolio growth.

• YTD revenue rose 12% to $73.2B; net income increased 42% to $16.9B and diluted EPS rose 57% to $9.07.

• Average loans increased 12% to $809B and average deposits rose 11% to $1.528T.

Outlook and guidance

• FY26 ROTCE is expected above 11%; NII excluding Markets is forecast to grow in the mid-to-high 6% range, raised from the original 5%-6% outlook.

• FY26 efficiency ratio is expected below 60%; U.S. Cards net credit losses are forecast near 4.0%, at the low end of the prior 4.0%-4.5% range.

• Near-term 2027-28 targets include ~11%-13% ROTCE and ~55%-60% efficiency; sustainable medium-term ROTCE target is ~14%-15%, with efficiency below 55%.

• Markets revenue is expected to decline seasonally ~20% QoQ or possibly more in Q4; results will partly depend on market activity.

• Near-term revenue CAGR target is mid-single digits excluding Legacy Franchises and Reconciling Items; targets depend on macroeconomic and market conditions.