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.

• Growth in Services, Wealth, Markets and Banking supported results, while All Other revenue declined; planned investment and severance were pulled forward into Q3.

Financial highlights

• Net interest income was $17.0B, up 14% YoY; non-interest revenue was $6.9B, down 4%; total revenue was $23.845B, up 8%.

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

• Provision for credit losses was $2.586B, including $2.217B of net credit losses and a $369M net reserve build tied to 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.

Outlook and guidance

• FY26 ROTCE is expected above 11%; NII excluding Markets growth is forecast 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.

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

• Markets revenue could decline seasonally ~20% QoQ or more in Q4; outcomes depend partly on market activity.

• Near-term revenue CAGR target is mid-single digits excluding Legacy Franchises and Reconciling Items; targets remain subject to macro and market conditions.