UBS Group AG (UBSN) Q3 2026 Earnings Report
MX:UBSN Q3 2026 EPS Results
- Actual EPS
- MXN 15.97
- Consensus EPS
- MXN 17.17
- Beat/Miss
- Missed by -MXN 1.20
- One Year Ago EPS
- MXN 14.28
MX:UBSN Q3 2026 Revenue Results
- Actual Revenue
- MXN 371.73B
- Expected Revenue
- MXN 245.56B
- Beat/Miss
- Beat by +MXN 126.17B
- YoY Revenue Growth
- +2.01%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/28/2026
- Time
- Before Open
- Conference Call
- Wednesday, October 28, 2026
UBS Group AG's next earnings date is estimated for February 3, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive overall. UBS reported broad-based profit growth, improving operating leverage, strong wealth-management inflows, record Global Markets performance, substantial cost reductions, solid capital and liquidity metrics, and continued progress toward completing the Credit Suisse integration. The principal challenges were Swiss regulatory uncertainty, integration and liability-management charges, asset-management outflows, weaker investment-banking advisory and global-banking revenues, measured market sentiment, and pending litigation. However, the positive operating and strategic developments significantly outweighed the stated challenges.
UBS expects to outperform its 2026 exit rate return target and achieve an exit rate cost-income ratio target of less than 70%; it expects $0.5 billion more gross cost reductions in the fourth quarter, bringing the total to around $13.7 billion, above its $13.5 billion ambition, with around $0.5 billion of integration-related expenses and a final cost to achieve multiple of around 1.1x at historical FX rates. UBS expects to end 2026 with a CET1 capital ratio at or very close to its target of around 14%, including a potential accrual for the initial portion of intended 2027 share buybacks. For the fourth quarter, it expects a low single-digit sequential increase in GWM net interest income, P&C net interest income in Swiss franc terms to increase slightly, further model releases to partly offset seasonally higher Stage 3 charges assuming the Swiss credit outlook remains constructive, a broadly similar impact from the O'Connor exit on the Q4 revenue and cost comparison with limited effects thereafter, sequential growth in global banking revenues assuming constructive market conditions, and a more typical sequential seasonal moderation in transaction volumes. Non-core and Legacy is expected to exit the year with around $300 million of annualized operating expenses, excluding litigation, with further reductions thereafter; the U.S. bank expects to roll out the first incremental array of capabilities during 2027, and UBS retains an 18% ambition for 2028 in the Americas.
- Strong Third-Quarter Group PerformanceReported net profit was $2.7 billion and earnings per share was $0.85. Underlying pre-tax profit increased 14% to $4.1 billion, return on CET1 capital was 16.7%, the cost-income ratio was 68.7%, and total revenues increased 10%, outpacing expense growth.
- Progress Toward 2026 Profitability TargetsYear-to-date return on CET1 capital was 17%, increasing confidence in outperforming the 2026 exit-rate return target. UBS remains on track to achieve an exit-rate cost-income ratio below 70%; for the first nine months, return on CET1 capital was 17% and the cost-income ratio was 70%.
- Positive Operating Leverage Across Core FranchisesExcluding litigation, core franchises delivered four points of positive operating leverage, supported by 3% higher revenues and lower costs.
- Capital Returns Above Pre-Acquisition LevelsUBS repurchased $4.8 billion of shares and accrued $2.8 billion for its dividend year-to-date. Total capital returns for 2026 are expected to exceed pre-acquisition levels, and UBS intends to repurchase another $1.2 billion of shares over the next three months to complete the current program.
- Credit Suisse Integration Nearing CompletionThe integration is in its final stages and remains on track for completion by year-end. Nearly all legacy applications are no longer in use, with 90% fully decommissioned, and UBS said it is close to achieving its related financial ambitions.
- Cost Reduction Program Exceeding AmbitionUBS has delivered $13.2 billion of gross cost reductions, including $0.6 billion in the third quarter, and expects to deliver another $0.5 billion in the fourth quarter. Total reductions are expected to reach around $13.7 billion, above the $13.5 billion ambition.
- Lower Headcount and Operating ExpensesQuarter-end headcount was 110,000, down 2% sequentially and 30% below the 2022 baseline. Group operating expenses declined by almost 30% over the same period when excluding litigation, variable compensation, and currency effects.
- Strong Balance Sheet and Liquidity PositionTotal assets were $1.7 trillion. UBS reported total loss-absorbing capacity of $187 billion, a net stable funding ratio of 115%, an LCR of 179%, credit-impaired exposures of 1%, and a group credit loss expense of $114 million, corresponding to an annualized cost of risk of 7 basis points.
- Solid CET1 Capital PositionThe group CET1 capital ratio was 14.7% and the CET1 leverage ratio was 4.6% at the end of September. Common Equity Tier 1 capital increased by $0.7 billion during the quarter, and UBS expects to end 2026 at or very close to a CET1 ratio of around 14%, including a potential accrual for the initial portion of intended 2027 share buybacks.
- Global Wealth Management Profit and Asset GrowthGlobal Wealth Management pre-tax profit increased 11% to $2 billion. Excluding nearly $200 million of litigation-related releases that benefited the prior-year quarter, pre-tax profit increased 25%, with double-digit growth across all regions. Net new assets were $55 billion, representing a 4.5% growth rate, and year-to-date net new assets reached $128 billion.
- Strong Wealth Management Fee-Generating FlowsDemand for CIO-led solutions generated $13 billion of net new fee-generating assets during the quarter. Recurring net fee income increased 9% to $3.8 billion, supported by positive market performance and more than $70 billion of net new fee-generating assets over the past 12 months.
- Americas Wealth Management MomentumAmericas pre-tax profit increased 28%, with a 16% profit margin, up more than 2 percentage points and supported by record revenues. The region added $17 billion of net new assets and $4 billion of net new loans, while strong same-store flows, improving advisor productivity, and normalized recruiting metrics supported growth.
- APAC Wealth Management GrowthAPAC pre-tax profit increased 19% and the profit margin was 45%. Net new assets and net new fee-generating assets grew at annualized rates of 9% and 8%, respectively. More than $20 billion of net new fee-generating assets over the past 12 months drove a 20% increase in recurring revenues.
- EMEA and Swiss Wealth Management PerformanceExcluding litigation, EMEA pre-tax profit increased 39%, with 13 percentage points of positive operating leverage and a 37% profit margin. Switzerland's wealth franchise reported a 34% increase in pre-tax profit excluding litigation and generated $12 billion of net new assets, equivalent to 5% annualized growth.
- Wealth Management Net Interest Income OutlookGlobal Wealth Management net interest income increased 8% year-over-year to $1.8 billion and was modestly higher sequentially. UBS expects a low single-digit sequential increase in fourth-quarter net interest income, supported by higher rates and lending growth, with modest deposit mix effects.
- Personal and Corporate Banking Record PerformancePersonal & Corporate Banking delivered its strongest quarter since the acquisition, with pre-tax profit of CHF 813 million, up 22%, and an underlying pre-tax return on equity above 18%. Revenues increased 4%, producing nine points of positive operating leverage, while operating expenses declined 5% due to continued synergy realization.
- P&C Lending and Client GrowthP&C attracted net new clients, grew loans and deposits, and generated annualized net new investment product growth of 7%. Net interest income increased 2% year-over-year and 3% sequentially, driven by strong lending momentum. UBS expects P&C net interest income in Swiss franc terms to increase slightly in the fourth quarter.
- Asset Management Efficiency and Alternatives DemandAsset Management pre-tax profit increased 6% to $300 million, with a 62% cost-income ratio. Operating expenses declined 14%, or 11% excluding O'Connor. Unified Global Alternatives attracted a record $12.5 billion of quarterly new commitments across GWM and Asset Management, bringing invested assets to $371 billion.
- Investment Bank Profit and Equities StrengthInvestment Bank pre-tax profit increased 9% to $854 million, with a pre-tax return on equity of 18%. Global Markets revenues rose 17% to a third-quarter record of $2.5 billion, led by broad-based equities strength. Equities revenues increased 22%, supported by higher client balances, market share gains, and healthy client activity.
- Disciplined Investment Bank Resource UseInvestment Bank risk-weighted assets and leverage exposure were broadly flat year-over-year despite business growth, reflecting disciplined resource management and portfolio optimization. Prime brokerage client balances increased 33% year-over-year and revenues increased 32%.
- Non-Core and Legacy ProgressNon-Core and Legacy operating expenses excluding litigation declined 69% to $91 million, with cumulative cost reductions against the 2022 baseline exceeding 90%. Risk-weighted assets declined $0.4 billion sequentially, and UBS expects to exit the year with around $300 million of annualized operating expenses excluding litigation.
- Employee Engagement and Responsible AI RecognitionThe employee survey continued to exceed financial-services benchmarks across all comparable measures, with overall sentiment strong and broadly consistent across UBS and former Credit Suisse employees. UBS was recognized by the 2026 Evident AI Index as the global leader in responsible AI and talent development in banking.
- U.S. National Bank Charter Expansion PlansWith the U.S. banking license in hand, UBS is in implementation mode and expects to roll out the first incremental capabilities during 2027, beginning with pilots early in the year and ramping over time. UBS expects the expanded offering to enhance net interest income and support higher pre-tax margins.
- Chinese Offshore Investment OpportunityUBS views proposed changes relating to offshore direct investment as strategically promising because they could provide a formal pathway for Chinese individuals to invest in onshore wealth and offshore direct and private-market opportunities. The company said it is too early to quantify the effect.
- Swiss Lending and Regional DiversificationIn Switzerland, UBS granted or renewed around CHF 40 billion of loans to businesses and households. In APAC, the One Bank approach is driving year-to-date pre-tax profit margins toward 50%, while enhanced scale is producing stronger operating leverage in EMEA.
MX:UBSN Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 03, 2027 | 2026 (Q4) | 16.96- | 13.02 | ― | ― |
| Oct 28, 2026 | 2026 (Q3) | 17.1715.97 | 14.28 | 11.84% (+1.69) | |
| Jul 29, 2026 | 2026 (Q2) | 16.9516.34 | 13.53 | 20.83% (+2.82) | |
| Apr 29, 2026 | 2026 (Q1) | 15.1017.66 | 9.58 | 84.31% (+8.08) | |
| Feb 04, 2026 | 2025 (Q4) | 10.1813.02 | 4.32 | 201.30% (+8.70) | |
| Oct 29, 2025 | 2025 (Q3) | 9.1714.28 | 8.08 | 76.74% (+6.20) | |
| Jul 30, 2025 | 2025 (Q2) | 12.8713.53 | 6.39 | 111.76% (+7.14) | |
| Apr 30, 2025 | 2025 (Q1) | 9.969.58 | 9.77 | -1.92% (-0.19) | |
| Feb 04, 2025 | 2024 (Q4) | 5.544.32 | -1.69 | 355.56% (+6.01) | |
| Oct 30, 2024 | 2024 (Q3) | 6.398.08 | -4.51 | 279.17% (+12.59) |
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.