Citigroup (C) Q3 2026 Earnings Report
MX:C Q3 2026 EPS Results
- Actual EPS
- MXN 53.56
- Consensus EPS
- MXN 50.01
- Beat/Miss
- Beat by +MXN 3.55
- One Year Ago EPS
- MXN 34.95
MX:C Q3 2026 Revenue Results
- Actual Revenue
- MXN 858.04B
- Expected Revenue
- MXN 446.04B
- Beat/Miss
- Beat by +MXN 412.01B
- YoY Revenue Growth
- +4.05%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/13/2026
- Time
- Before Open
- Conference Call
- Tuesday, October 13, 2026
MX:C Upcoming Earnings
Citigroup's next earnings date is estimated for January 14, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:C Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive overall. Citi reported broad-based revenue growth, improved returns, positive operating leverage, strong services and wealth momentum, continued capital returns, improving credit metrics, and confidence in its longer-term ROTCE targets. The main negatives were flat US Consumer Cards revenue with a 62% decline in NIR, elevated credit costs, declines in corporate lending and advisory, expected fourth-quarter markets seasonality, macroeconomic headwinds, regulatory capital uncertainty, and the expected approximately $9 billion Banamex CTA-related loss in early 2027. Highlights significantly outweighed the lowlights.
Company Guidance
For full-year 2026, Citi expects to deliver an ROTCE above 11%, NIIX markets growth in the mid- to high-6% range, a fourth-quarter markets decline around the same magnitude as last year, which was 20% or possibly a bit more, and a full-year efficiency ratio below 60%; it now expects a full-year total U. S. Credit cards NCL rate of around 4%, the low end of the range provided previously, while the ACL will continue to be a function of the macroeconomic environment and business volumes. Citi reiterated near term returns targets of 11% to 13% into the 2027 and 2028 time period and a path to reach 14-15% in a sustainable manner, expects the $500 million or so pull forward in the second half of the year to be fully embedded inside the $5 billion of incremental investments over 3 years, and expects the regulatory minimum to go from 11.6% to 13.1% as a regulatory minimum starting in January 2028 under current rules.
- Strong Firm-Wide Third-Quarter ResultsCiti reported third-quarter net income of $5.2 billion, EPS of $2.85, ROTCE of 11.5%, and revenue of $23.8 billion. Net income increased 17% and revenue increased 8% year over year, producing the firm's best third-quarter revenue in a decade. Revenue grew in 4 out of 5 businesses, and firm-wide ROTCE increased 180 basis points from last year.
- Positive Operating Leverage and Expense DisciplineCiti delivered positive operating leverage. Reported expenses were $14 billion, down 2%, with an efficiency ratio of 58.5%. Excluding last year's $726 million Banamex goodwill impairment notable item, expenses increased 3%. The company recognized over $1 billion of severance year to date while continuing to reduce transformation expenses and stranded costs.
- Services Delivered Broad-Based GrowthServices revenue increased 15%, with growth across both Treasury and Trade Solutions and securities services. NII increased 17%, NIR increased 12%, average loans increased 14%, and average deposits increased 16%. Services generated $2.6 billion of net income, a 31.2% ROTCE, and positive operating leverage.
- Services Innovation and Client MomentumCiti launched Citi Token Services in the UAE and Manan and introduced Custody Plus. Assets under custody and administration increased 16%. Management said client win rates were up about 40% year over year, with minimal client attrition, and highlighted growing activity across fintech, digital asset, e-commerce, and emerging corridors such as the Middle East to Asia and Latin America to Asia.
- Markets Revenue and Equities MomentumMarkets revenue increased 6%. Equities revenue increased 14%, driven by continued momentum in prime services and Asia, where Citi has been investing to gain share. Prime balances grew by over 40%. Fixed-income revenue increased 4%, with spread products and other fixed income up 13% driven by higher spread-products financing revenue.
- Banking Investment Banking WinsBanking revenue increased 6%, supported by investment banking growth and gains on loan hedges. Citi played meaningful roles in the six largest equity capital markets transactions of the quarter, including leading SK Hynix's largest-ever transaction for an Asian-based issuer, and led an $11 billion high-yield offering, described as the largest ever of its kind.
- Strong Wealth Growth and Improving ReturnsWealth revenue increased 15%, with growth across all three businesses. NII increased 20%, NIR increased 5%, client investment assets increased 15%, and net new investment assets were $38 billion in the quarter, up over 100% from a year ago. Net new investment assets totaled over $75 billion over the last 12 months, representing 11% organic growth. Wealth generated a 22% pre-tax margin, positive operating leverage, $585 million of net income, and a 14.3% ROTCE.
- US Consumer Cards General-Purpose GrowthAlthough overall US Consumer Cards revenue was flat, the general-purpose portfolio delivered 6% growth in total average loans. Spend volume increased 13% and average loans increased 9%, with both partially offset by declines in private-label cards. The business generated $851 million of net income and a 21.8% ROTCE.
- Banamex Divestiture ProgressCiti closed the sale of a 1.4% equity stake in Banamex, bringing total divestitures completed to 49%. Management is preparing for Banamex deconsolidation next year and said the IPO would occur after deconsolidation when market conditions allow and regulatory requirements are met.
- Capital Returns and Balance-Sheet StrengthCiti returned over $4 billion to shareholders in the quarter, including $3 billion of share buybacks, and increased its quarterly common stock dividend by 12%. Year-to-date repurchases reached $13.3 billion, exceeding the $13 billion completed last year. Tangible book value per share increased 6% to $101.59, while the CET1 ratio was 12.8%, approximately 120 basis points above the 11.6% regulatory requirement.
- Strong Liquidity and Credit QualityTotal assets were $2.9 trillion, up 2%, loans increased 3%, and deposits increased 1% to $1.5 trillion. Citi reported a 114% average liquidity coverage ratio and more than $1 trillion of available liquidity resources. Approximately 86% of US branded card balances were extended to consumers with FICO scores of 660 or higher, 79% of corporate exposure was investment grade, and overall cash portfolio net credit loss and delinquency rates declined year over year.
- AI-Driven Productivity and Client BenefitsCiti said it is deploying AI at scale. AI has increased product-launch speed by about 30%-40%, 14,000 engineers use the Devon coding tool, and technology vendor spend has declined 30% year over year. About 100 manual processes have been or are being re-engineered using AI and automation. In services, AI tools for client-service agents improved response times by 21% in two countries, while client satisfaction scores also improved.
- Cybersecurity and Resilience InvestmentsCiti is hardening systems, running challenging and disruptive scenarios, stress-testing defenses and responses, and updating playbooks based on the results. Management said it is deploying frontier AI models securely through a structured framework, working with peers and regulators to reduce systemic risk, and focusing on resilience and retaining trust.
- Positive Full-Year OutlookCiti expects full-year 2026 ROTCE to be above 11%, NII excluding markets growth in the mid- to high-6% range, and a full-year efficiency ratio below 60%. Management expects the full-year US credit-card net credit loss rate to be around 4%, at the low end of the previously provided range. Citi also expects to exceed its 10%-11% ROTCE target for the year and remains committed to its 11%-13% near-term target and 14%-15% sustainable target.
- Investment Banking Pipeline Remains ConstructiveManagement described the investment-banking pipeline as solid, with the US as the center of activity and some pickup in Europe and Asia. The debt capital markets pipeline was described as strong, refinancing activity is expected to remain elevated, and overall deal-making sentiment was constructive. Citi expects an above-average wallet for the remainder of the year, although below 2026 near-record levels.
- Higher-for-Longer Rate PositioningManagement said Citi's aggregate asset-sensitive positioning should be net positive in a higher-for-longer rate environment, particularly through its globally distributed services franchise. Services was identified as a large beneficiary, and management said deposit betas were performing in line with expectations.
MX:C Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Jan 14, 2027 | 2026 (Q4) | 44.01- | 22.36 | ― | ― |
| Oct 13, 2026 | 2026 (Q3) | 50.0153.56 | 34.95 | 53.23% (+18.60) | |
| Jul 14, 2026 | 2026 (Q2) | 51.4759.19 | 36.83 | 60.71% (+22.36) | |
| Apr 14, 2026 | 2026 (Q1) | 49.8657.50 | 36.83 | 56.12% (+20.67) | |
| Jan 14, 2026 | 2025 (Q4) | 30.9522.36 | 25.18 | -11.19% (-2.82) | |
| Oct 14, 2025 | 2025 (Q3) | 32.4934.95 | 28.38 | 23.18% (+6.58) | |
| Jul 15, 2025 | 2025 (Q2) | 31.1036.83 | 28.56 | 28.95% (+8.27) | |
| Apr 15, 2025 | 2025 (Q1) | 34.6936.83 | 29.69 | 24.05% (+7.14) | |
| Jan 15, 2025 | 2024 (Q4) | 22.9825.18 | -21.8 | 215.52% (+46.98) | |
| Oct 15, 2024 | 2024 (Q3) | 24.6428.38 | 30.63 | -7.36% (-2.26) |
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
