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Barclays
(LSE:BARC)
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Rating:72Outperform
Price Target:
589.00 p
▲(18.69% Upside)
Action:Reiterated
Date:07/28/26
The score is driven primarily by solid underlying financial performance (profitability and improved cash generation) and a very strong earnings-call read-through (upgraded 2026 income outlook, strong RoTE performance/targets, and meaningful capital returns). Technicals add support via a clear uptrend versus key moving averages. Valuation is acceptable but the modest dividend yield and elevated leverage keep the overall score from moving higher.
Positive Factors
Diversified franchise growth
Barclays combines UK banking, US consumer finance and investment banking, reducing reliance on one revenue stream. Broad-based Q2 growth and strong UK corporate, markets and advisory activity support a durable earnings platform.
Negative Factors
Elevated balance-sheet leverage
Higher leverage increases sensitivity to credit losses, funding costs and weaker asset values. Although equity has grown, the rising debt-to-equity profile can constrain flexibility and amplify earnings volatility if conditions tighten.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified franchise growth
Barclays combines UK banking, US consumer finance and investment banking, reducing reliance on one revenue stream. Broad-based Q2 growth and strong UK corporate, markets and advisory activity support a durable earnings platform.
Read all positive factors
Barclays (BARC) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£66.73B
Dividend Yield1.83%
Average Volume (3M)39.62M
Price to Earnings (P/E)10.0
Beta (1Y)1.68
Revenue Growth8.23%
EPS Growth18.19%
CountryUK
Employees93,000
SectorFinancial
Sector Strength70
IndustryBanks - Diversified
Share Statistics
EPS (TTM)0.33
Shares Outstanding13,455,858,000
10 Day Avg. Volume33,928,356
30 Day Avg. Volume39,619,752
Financial Highlights & Ratios
PEG Ratio0.49
Price to Book (P/B)0.86
Price to Sales (P/S)1.32
P/FCF Ratio3.98
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£585.56Price Target Upside18.00% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)0.53
Revenue Forecast (FY)£31.50B
Barclays Business Overview & Revenue Model
Company Description
Barclays PLC, a global financial services provider operating through its subsidiaries, delivers a comprehensive array of financial products and services across the United Kingdom, Europe, the Americas, Africa, the Middle East, and Asia. The instit...
How the Company Makes Money
Barclays makes money primarily by earning net interest income and fees/commissions across its banking and markets activities.
1) Net interest income (interest spread)
- Retail/consumer and business banking: Barclays takes customer deposits and ot...
Barclays Earnings Call Summary
Earnings Call Date:Jul 28, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 22, 2026
Earnings Call Sentiment Positive
The call showcased significant operational and financial progress: upgraded 2026 income guidance, strong revenue and profit growth, improved RoTE and capital metrics, notable IB and U.K. franchise strength, clear plans for shareholder returns and targeted investments. Management also flagged short-term headwinds — higher H2 costs from structural actions and compensation changes, impairment provisions and competitive deposit/product margin pressures particularly in the U.K. and some non‑NII pressure in U.S. cards from securitisation pricing. On balance the positives (revenue upgrades, RoTE outperformance, capital returns, efficiency gains and product/platform initiatives) materially outweigh the disclosed near-term challenges, with management providing timelines and ROI expectations for the investments.Positive Updates
Revenue and Profit Growth
Group income of GBP 8.3bn in Q2, up GBP 1.2bn year-on-year; profit before tax grew by more than 30% to GBP 3.3bn.
Negative Updates
Impairments and Loan Loss Guidance
Q2 impairment charge GBP 571m (loan loss rate 51bps); management retained a GBP 68m post-model adjustment in the Investment Bank and expects 2026 group loan loss rate around the top of the 50–60bps range.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue and Profit Growth
Group income of GBP 8.3bn in Q2, up GBP 1.2bn year-on-year; profit before tax grew by more than 30% to GBP 3.3bn.
Read all positive updates
Company Guidance
Barclays upgraded 2026 group income to circa GBP 31.5bn (Q2 income GBP 8.3bn, +GBP 1.2bn YoY), reiterated group ROTE >12% for 2026 and increased confidence in >14% RoTE for 2028 (Q2 RoTE 16.1%, H1 14.8%), and announced a GBP 1bn buyback plus an GBP 800m interim dividend (H1 distributions GBP 2.3bn, +61% YoY; GBP 9bn distributed since 2024, on track for >GBP 10bn). Key financials and guidance include group NII >GBP 13.7bn in 2026, Barclays U.K. NII around the mid‑point of GBP 8.1–8.3bn, U.S. Consumer Bank NIM >13% and a circa 12% RoTE target for 2026 excluding the American Airlines gain (Q2 excl. AA RoTE 10.5%), Q2 IB RoTE 16% (income/avg RWAs 7.7%), a 2026 group loan‑loss rate expected around the top of 50–60bps (Q2 impairment charge GBP 571m = 51bps), and continued cost discipline with gross efficiency savings GBP 350m YTD (GBP 200m in Q2) plus up to GBP 500m of additional structural cost actions in H2 2026 (ROI ~100% within 12 months) aiming for a high‑50s cost/income in 2026 and low‑50s by 2028. Capital and liquidity targets remain robust: CET1 14.3% (pro forma ~14% post‑buyback), RWAs GBP 365bn (2027 RWA inflation guidance GBP 19–26bn), LDR 75%, NSFR 136%, LCR 158%, TNAV 423p (+10% YoY) and EPS momentum (Q2 EPS 16.7p, +43% YoY).Barclays Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
58
Neutral
Cash Flow
64
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 40.71B | 50.83B | 51.62B | 47.75B | 33.55B | 25.12B |
| Gross Profit | 40.18B | 29.14B | 26.23B | 25.38B | 25.02B | 21.95B |
| EBITDA | 11.58B | 10.89B | 9.81B | 8.34B | 8.73B | 9.87B |
| Net Income | 7.25B | 7.17B | 6.31B | 5.26B | 5.93B | 7.01B |
Balance Sheet | ||||||
| Total Assets | 1.69T | 1.54T | 1.52T | 1.48T | 1.51T | 1.38T |
| Cash, Cash Equivalents and Short-Term Investments | 426.40B | 407.56B | 509.67B | 538.31B | 542.42B | 521.33B |
| Total Debt | 136.84B | 219.94B | 185.75B | 176.55B | 183.37B | 166.59B |
| Total Liabilities | 1.62T | 1.47T | 1.45T | 1.41T | 1.44T | 1.31T |
| Stockholders Equity | 76.67B | 77.78B | 71.82B | 71.20B | 68.29B | 69.05B |
Cash Flow | ||||||
| Free Cash Flow | 16.88B | 16.88B | 5.54B | -2.65B | 28.48B | 47.20B |
| Operating Cash Flow | 18.74B | 18.74B | 7.11B | -927.00M | 30.23B | 48.92B |
| Investing Cash Flow | 1.59B | 1.59B | -17.89B | -23.41B | -21.67B | 4.27B |
| Financing Cash Flow | 2.26B | 2.26B | 784.00M | -1.39B | 696.00M | 107.00M |
Barclays Risk Analysis
Barclays disclosed 18 risk factors in its most recent earnings report. Barclays reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Barclays Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | £66.73B | 10.00 | 10.11% | 1.64% | 8.23% | 18.19% | |
72 Outperform | £262.38B | 14.69 | 12.98% | 3.58% | -7.93% | 35.55% | |
72 Outperform | £53.94B | 7.19 | 16.16% | 4.81% | 2.78% | 24.91% | |
68 Neutral | £47.52B | 13.63 | 10.35% | 2.16% | -12.87% | 12.23% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | £63.64B | 13.72 | 11.05% | 3.22% | -16.61% | 21.26% | |
64 Neutral | £12.20B | 8.55 | 13.45% | 5.91% | -3.55% | 5.64% |
* Financial Sector Average
GB:BARC
Barclays
486.10
134.52
38.26%
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30.96%
GB:LLOY
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682.80
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42.69%
Barclays Corporate Events
Stock BuybackRegulatory Filings and Compliance
Barclays cuts share count as buy-back tops 36 million shares
Positive
Aug 17, 2026
Barclays PLC has continued its share buy-back programme by repurchasing and cancelling more than 13 million ordinary shares over five trading days in August 2026, at prices slightly above 510 pence per share. The bank is cancelling all repurchased...
Regulatory Filings and Compliance
Barclays Discloses Share Disposal by Global Markets Head
Neutral
Aug 10, 2026
Barclays PLC has disclosed a transaction involving Adeel Khan, its Head of Global Markets, in compliance with regulatory requirements governing dealings by senior management. The notification concerns ordinary shares of Barclays with a nominal val...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Barclays Shrinks Share Count as Buy-Back Programme Advances
Positive
Aug 10, 2026
Barclays PLC has continued its share buy-back programme, repurchasing and cancelling nearly 12.6 million ordinary shares between 3 and 7 August 2026 on the London Stock Exchange via Citigroup Global Markets. The move reduces the number of shares i...
Regulatory Filings and Compliance
Barclays Discloses Share Disposal by Group Finance Director Anna Cross
Neutral
Aug 7, 2026
Barclays PLC has disclosed a share transaction involving Group Finance Director Anna Cross, in line with regulatory requirements for persons discharging managerial responsibilities. The transaction comprised the disposal of 461,588 ordinary shares...
Regulatory Filings and Compliance
Barclays Discloses Share Sales by Senior Executives
Neutral
Aug 6, 2026
Barclays PLC has disclosed share transactions by senior executives Matt Fitzwater, Group Chief Compliance Officer, and Denny Nealon, Chief Executive Officer for Barclays US Consumer Bank and Barclays Bank Delaware. The disposals, executed via Comp...
Regulatory Filings and Compliance
Barclays Updates Market on Total Voting Share Capital
Neutral
Aug 3, 2026
Barclays has disclosed that, as of 31 July 2026, its issued share capital comprises 13,498,162,168 ordinary shares carrying voting rights, with no ordinary shares held in treasury. This updated share capital figure serves as the reference denomina...
Business Operations and StrategyDelistings and Listing Changes
Barclays Adds Over 1.1 Million Fungible Shares to London Listing
Neutral
Aug 3, 2026
Barclays PLC is a major U.K.-based global financial services provider operating primarily in the banking industry. The group offers retail and commercial banking, investment banking, and wealth management services, with its shares listed on the Ma...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Barclays Advances Share Buy-Back, Cutting Share Count and Updating Voting Rights
Positive
Aug 3, 2026
Barclays PLC has continued executing its share buy-back programme, repurchasing a total of 9,715,087 ordinary shares on the London Stock Exchange since the initiative was announced on 29 July 2026. The latest tranche, bought from Citigroup Global ...
Business Operations and StrategyRegulatory Filings and Compliance
Barclays Directors Boost Holdings Through Fee-Funded Share Purchases
Positive
Jul 30, 2026
Barclays PLC has disclosed a series of share acquisitions by its Group Chairman and Non-Executive Directors under the company’s policy of using part of board fees to purchase ordinary shares. The transactions, executed on 28 July 2026 on the...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Barclays Updates Prospectus for Debt Issuance Programme
Positive
Jul 29, 2026
Barclays PLC has published a new prospectus supplement dated 29 July 2026 to its base prospectus for the Barclays PLC Debt Issuance Programme. The supplement has been approved by the U.K. Financial Conduct Authority and made available online, with...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Barclays Launches £1bn Share Buy-back to Cut Capital and Lift Returns
Positive
Jul 29, 2026
Barclays PLC has launched a share buy-back programme to repurchase up to £1bn of its ordinary shares, starting on 29 July 2026 and running until no later than 28 January 2027, with all repurchased shares to be cancelled to reduce the company&...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
Barclays outlines interim 2026 results and investor engagement plans
Neutral
Jul 28, 2026
Barclays has released its interim results for the six months to 30 June 2026, outlining performance across its major divisions, including UK retail and corporate banking, private banking and wealth management, investment banking and its US consume...
Delistings and Listing ChangesPrivate Placements and Financing
Barclays Adds 1.7 Million New Shares to London Listing
Neutral
Jul 1, 2026
Barclays PLC has admitted 1,709,224 additional ordinary shares to trading on the Main Market of the London Stock Exchange, bringing its total number of listed shares to 13,506,711,665. The newly issued shares, which are fully fungible with existin...
Regulatory Filings and Compliance
Barclays Confirms Total Voting Rights and Share Capital Base
Neutral
Jul 1, 2026
Barclays PLC has reported that, as of 30 June 2026, its issued share capital comprises 13,506,711,665 ordinary shares carrying voting rights, and that it holds no ordinary shares in treasury. The bank highlighted that this share count should be us...
Stock BuybackRegulatory Filings and Compliance
Barclays Completes £500 Million Share Buy-back, Cuts Share Count
Positive
Jun 25, 2026
Barclays PLC has completed a share buy-back programme on the London Stock Exchange, purchasing and cancelling a total of 110,060,483 ordinary shares since 29 April 2026 for approximately £500 million. The most recent purchases between 22 and ...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
Barclays’ US Unit Clears Fed Stress Test with Capital Headroom
Positive
Jun 25, 2026
Barclays PLC reported that the Federal Reserve’s annual stress tests showed projected capital ratios for its US intermediate holding company, Barclays US LLC, remained above regulatory minimums throughout all nine quarters of the assessment....
Regulatory Filings and Compliance
Barclays discloses share sales by senior executives
Neutral
Jun 24, 2026
Barclays PLC disclosed share disposals by two senior executives, in line with regulatory requirements for reporting transactions by persons discharging managerial responsibilities. Taylor Wright, Global Co-Head of Investment Banking, sold 51,458 o...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Barclays Advances Share Buy-Back, Cuts Share Count to 13.5 Billion
Positive
Jun 22, 2026
Barclays has continued its previously announced share buy-back programme, repurchasing and cancelling a series of ordinary shares on the London Stock Exchange between 15 and 19 June 2026 through J.P. Morgan Securities. The bank intends to cancel a...
Regulatory Filings and Compliance
Barclays Reports Senior Executives’ Disposal of Ordinary Shares
Neutral
Jun 16, 2026
Barclays has disclosed share disposals by two senior executives, in line with regulatory requirements governing transactions by persons discharging managerial responsibilities. The trades, executed via Computershare Investor Services as administra...
Stock BuybackRegulatory Filings and Compliance
Barclays Advances Buy-Back, Cutting Share Count and Updating Capital Base
Positive
Jun 15, 2026
Barclays PLC has continued its share buy-back programme, repurchasing and cancelling more than 20 million ordinary shares between 8 and 12 June 2026 at volume-weighted average prices ranging from about 447p to 469p per share. The move reduces the ...
Business Operations and StrategyStock Buyback
Barclays Advances Buy-Back, Shrinks Share Count Further
Positive
Jun 8, 2026
Barclays has continued its previously announced share buy-back programme, repurchasing and cancelling more than 14.7 million ordinary shares between 1 and 5 June 2026 at volume-weighted average prices around 455p–465p. The bank intends to ca...
Executive/Board Changes
Barclays Names Julia Wilson Chair of Bank Remuneration Committee
Neutral
Jun 5, 2026
Barclays has announced a change in the governance of its banking subsidiary, with Julia Wilson becoming Chair of the Barclays Bank PLC Remuneration Committee effective 2 June 2026, in addition to her existing responsibilities. Her promotion, after...
Business Operations and StrategyDelistings and Listing Changes
Barclays Adds 1.8 Million Ordinary Shares to London Listing
Neutral
Jun 1, 2026
Barclays PLC has admitted an additional 1,797,156 ordinary shares to trading on the Main Market of the London Stock Exchange, bringing the total number of shares in issue and admitted to trading to 13,561,198,472. The newly admitted shares, which ...
Regulatory Filings and Compliance
Barclays Updates Market on Total Voting Rights and Share Capital
Neutral
Jun 1, 2026
Barclays PLC has disclosed that, as of 31 May 2026, its issued share capital comprises 13,561,198,472 ordinary shares carrying voting rights, with no ordinary shares held in treasury. This updated share count becomes the reference denominator for ...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Barclays Cuts Share Count Further as Buy-Back Reaches 53.9 Million Shares
Positive
Jun 1, 2026
Barclays has continued its share buy-back programme, repurchasing and cancelling more than 11.6 million ordinary shares between 26 and 29 May 2026 on the London Stock Exchange through J.P. Morgan Securities. Following these latest cancellations, t...
Delistings and Listing ChangesPrivate Placements and Financing
Barclays Lists £750m Subordinated Callable Notes on LSE
Positive
May 29, 2026
Barclays PLC has admitted a new issue of 6.174% Fixed Rate Resetting Subordinated Callable Notes due 29 July 2036 to trading on the Main Market of the London Stock Exchange. The notes, issued in an aggregate principal amount of £750 million, ...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Barclays Launches AUD 1 Billion Contingent Convertible Capital Issue
Positive
May 28, 2026
Barclays PLC has published an offering circular for the issuance of AUD 1 billion 8.000% fixed rate resetting perpetual subordinated contingent convertible securities. The documentation has been made available through the London Stock Exchange and...
Regulatory Filings and Compliance
Barclays Discloses Share Sales by Senior Executives
Neutral
May 26, 2026
Barclays has disclosed share disposals by two senior executives under regulatory rules for transactions by persons discharging managerial responsibilities. Global Co-Head of Investment Banking Cathal Deasy sold 1,014,557 ordinary shares at £4...
Business Operations and StrategyStock BuybackFinancial DisclosuresRegulatory Filings and Compliance
Barclays tightens share base with continued buy-back and cancellations
Positive
May 26, 2026
Barclays has continued executing its previously announced share buy-back, purchasing and cancelling more than 16 million ordinary shares between 18 and 22 May 2026 through J.P. Morgan Securities at volume-weighted average prices ranging from rough...
Delistings and Listing ChangesPrivate Placements and Financing
Barclays Lists JPY 75bn Senior Callable Notes on London Stock Exchange
Positive
May 21, 2026
Barclays PLC has admitted three new tranches of yen-denominated fixed rate resetting senior callable notes to trading on the Main Market of the London Stock Exchange, with maturities in 2030, 2032 and 2037. The notes, totalling JPY 75 billion in a...
Business Operations and StrategyDelistings and Listing Changes
Barclays to Redeem ¥67 Billion Callable Notes and Cancel LSE Listing
Neutral
May 19, 2026
Barclays PLC will fully redeem its JPY 67 billion 0.654 per cent fixed rate resetting senior callable notes due June 2027 on 9 June 2026, exercising its optional redemption right. The notes will be redeemed at 100 per cent of principal plus accrue...
Business Operations and StrategyDelistings and Listing Changes
Barclays to Fully Redeem CAD 450 Million Callable Notes and Cancel Listing
Neutral
May 19, 2026
Barclays PLC will redeem in full its CAD 450 million 2.166 per cent. Fixed Rate Resetting Senior Callable Notes due June 2027 on 23 June 2026, exercising its optional redemption right one year before maturity. Noteholders will receive 100 per cent...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Barclays cancels 22.5 million shares as buy-back lifts total repurchases to 25.9 million
Positive
May 18, 2026
Barclays PLC has continued its previously announced share buy-back programme, purchasing and cancelling a total of 22.5 million ordinary shares between 11 and 15 May 2026 on the London Stock Exchange via J.P. Morgan Securities. The move reduces th...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.