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EarningsQ3 2026 Earnings Report
BCS Q3 2026 EPS Results
Actual EPS$0.66
Consensus EPS$0.63
Beat/MissBeat by +$0.03
One Year Ago EPS$0.56
BCS Q3 2026 Revenue Results
Actual Revenue$9.90B
Expected Revenue$10.10B
Beat/MissMissed by -$199.02M
YoY Revenue Growth+2.41%
Earnings Announcement Details
QuarterQ3 2026
Date10/22/2026
TimeBefore Open
Conference CallThursday, October 22, 2026
BCS Upcoming Earnings
Barclays's next earnings date is estimated for February 9, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
BCS Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly constructive. Barclays reported higher income, profit before tax, EPS, returns, lending, deposits, shareholder distributions, and capital generation, while reiterating its key 2026 and 2028 targets. Management also highlighted substantial progress from prior investments in U.K. retail, corporate banking, wealth management, equities, financing, technology, and AI-enabled efficiency. The main challenges were weaker FICC intermediation, Q3 income below expectations, higher 2026 costs, funding-cost competition, expected Q4 credit seasonality, and Basel 3.1 RWA uncertainty. Overall, the highlights significantly outweighed the lowlights.Company Guidance
Strong Q3 Profitability and Returns
Q3 income was GBP 7.4 billion, up 3% year-on-year; profit before tax increased 12% to GBP 2.3 billion; RoTE was 11.7% in Q3 and 13.8% year-to-date. Barclays remains confident of achieving its group RoTE target of greater than 12% for 2026, having achieved 12.4% over the last 12 months.
Higher Shareholder Distributions and EPS Growth
Barclays announced a GBP 500 million share buyback, bringing year-to-date distributions to GBP 2.8 billion, up 47% from the same period last year. Q3 earnings per share increased 18% year-on-year, with the bank on track for a third consecutive year of 20% EPS growth. Since 2023, GBP 5.8 billion of buybacks have reduced the share count by 12%, while TNAV and dividends have grown 32%.
Stable Income Growth and 2026 Revenue Target
Group income grew 3% year-on-year in Q3, keeping Barclays on track for its circa GBP 31.5 billion 2026 income target. This implies circa 8% full-year growth versus the more than 5% CAGR target through 2028.
Growing Stable Income Coverage
Stable income streams now cover 125% of group costs, compared with around 100% before 2024, after growing for six consecutive years. Group NII has remained around 50% of total income since 2023, and Q3 NII grew 7% year-on-year.
Strong Deposit Base and Structural Hedge Momentum
Total deposits increased 3% year-on-year, while Barclays UK retail deposits also grew 3%. Around 80% of group deposits come from U.K. clients. Average swap rates of 4.2% year-to-date exceeded the 3.5% planning assumption, supporting additional future NII, and hedge income is expected to grow until at least 2030.
U.K. Lending Growth and RWA Deployment
Total U.K. lending grew 7% year-on-year, consistent with the more than 5% target for 2025 to 2028. Barclays had deployed GBP 28 billion of U.K. business-growth RWAs toward its circa GBP 30 billion three-year target. Mortgages grew 7% year-on-year, with GBP 11 billion of gross lending in Q3, while corporate and business banking lending grew 13% year-on-year excluding the run-off portfolio.
Strong U.K. Retail Franchise Performance
Barclays UK delivered Q3 RoTE of 21.2%, with income up 4% and NII up 6% year-on-year to GBP 2.1 billion. The bank expects full-year Barclays UK NII around the middle of the GBP 8.1 billion-GBP 8.3 billion range.
Retail Technology Improvements and Market Share Gains
Mortgage application times were reduced from 45 minutes to less than 15 minutes, improving broker NPS from -51 to +70. Barclays' U.K. market share increased 30 basis points since 2023 to 10.4%. Premier mass affluent customers increased 27% since the end of 2023, driving 23% deposit growth in that segment, and Barclays reported the highest Premier NPS among U.K. peers.
U.K. Corporate Bank Growth
The U.K. Corporate Bank delivered Q3 RoTE of 23.5%, with income and costs both up 10%. NII increased 14%, driven by structural hedge income and volume growth; lending grew 14% and deposits grew 1%. Investments since 2023 helped attract 1,500 new clients, around 40% of whom borrow from Barclays.
Large U.K. Corporate Deposit Franchise
Barclays has GBP 220 billion of U.K. corporate deposits across Barclays UK, UK Corporate Bank, and the International Corporate Bank, up 4% year-on-year. The UK Corporate Bank's loan-to-deposit ratio was 38%, up 4 percentage points year-on-year, leaving the bank with significant stated opportunity to grow lending.
Digital Transformation in Corporate Banking
Around 45% of corporate clients use iPortal, Barclays' digital access platform, exclusively, replacing five legacy platforms. Barclays expects usage to rise to 100% by the end of 2026, supporting greater product usage and allowing legacy technology platforms to be decommissioned.
Private Bank and Wealth Management Growth
Private Bank and Wealth Management delivered Q3 RoTE of 23.8% and year-to-date RoTE of 25.4%. Client assets and liabilities grew 6% year-on-year, AUM increased 10%, and net new AUM was GBP 2.5 billion year-to-date, including GBP 0.6 billion in Q3.
Investment Bank Strategic Progress
The Investment Bank delivered Q3 RoTE of 9.5% and year-to-date RoTE of 13.5%. Within a broadly stable RWA footprint, income to average RWAs increased 130 basis points since 2023 to 6.8% over the last 12 months. Barclays now ranks top five with 66 of its top 100 market clients, up from 30 in 2021.
Equities and Financing Momentum
U.S.-dollar markets income increased 4% year-on-year. Equities revenue increased 47% and accounted for half of Q3 markets income, with particularly strong equity derivatives performance. Prime financing supported 8% year-on-year financing growth. Finance income has increased about GBP 1 billion since 2023, and 98 of the top 100 markets clients use Barclays for financing.
Investment Banking Fee and Pipeline Strength
Investment Banking fees increased 2% year-on-year, as strong advisory and ECM activity offset lower DCM fees. Barclays said M&A and ECM pipelines remain strong, with areas of prior investment in equities, M&A, and ECM benchmarking well with the U.S. peer group.
US Consumer Bank Deposit and Customer Growth
The U.S. Consumer Bank has 23 million customers. Partnership card balances grew 6% organically over the past year, including circa 20% growth in General Motors balances since August 2025. Digital consumer deposit balances increased 53% since 2023 to $26.6 billion, representing 84% of total funding and costing around 50-60 basis points less than wholesale funding.
Best Egg Lending Capabilities
Best Egg added consumer lending capabilities with circa $7 billion of annual originations. Best Egg originations were GBP 2 billion in Q3, while its NIM was 13.7%. Barclays said combining Best Egg with its partnership propositions should support further growth in its most digital division.
Cost Efficiency and 2027 Cost Reduction Plan
Barclays expects run-the-bank costs to be flat or lower in 2027 versus 2026, creating capacity for GBP 0.4 billion of planned additional investment. Statutory costs are expected to fall to circa GBP 18.4 billion in 2027, while the bank targets more than GBP 1.1 billion of gross efficiency savings and an expected reduction of circa 5,000 full-time employees.
Technology-Enabled Operating Efficiency
Customer-facing technology reduced call-center volumes by 10% in the past year, while call-center technology increased colleague productivity. Employees per branch fell by around 10% over the past year. Barclays plans to standardize data, modernize infrastructure, harmonize processes, and employ AI at scale.
Tesco Bank Synergies
Following the successful integration of Tesco Bank, circa GBP 0.2 billion of cost synergies are flowing through, with the majority split broadly evenly between 2027 and 2028.
Robust Capital Position and Regulatory Flexibility
The CET1 ratio was 14.2%, and Barclays expects to generate around 200 basis points of capital in 2026 and more than 230 basis points in 2028. Increased regulatory clarity is expected to reduce the MDA by 59 basis points, more than offsetting the stated impact of higher RWAs and providing greater capital flexibility.
Risk Management and Private Credit Exposure
Barclays said its treatment of TRS exposure on private credit loans met the conditions for trading-book classification and was supported by internal governance and external review. The mark-to-market exposure was around GBP 300 million within a GBP 15 billion private credit book, equivalent to GBP 1.5 billion of notional.
Robust Credit Performance
Consumer and corporate balance sheets were described as robust, with a year-to-date group loan loss rate of 55 basis points. U.S. Consumer Bank 90-day delinquencies fell further, and impairments were described as well-behaved and flat despite the American Airlines portfolio exit.
BCS Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed