Citigroup ($C) reported third-quarter 2026 results before the market opened on Tuesday, October 13, 2026, and the Citigroup Q3 2026 earnings report points in more than one direction. Diluted earnings per share (EPS) of $2.85 beat the consensus estimate of $2.71, while revenue of $23.845 billion came in 1.44% below the $24.19 billion consensus. Returns improved sharply, and Citi raised its full-year targets for returns, net interest income and efficiency for the first time this year. Share repurchases, meanwhile, shrank in every quarter of 2026 so far: $6.3 billion, then $4.0 billion, then $3.0 billion.
The headline profitability measure for a large bank is return on tangible common equity (RoTCE): net income available to common shareholders divided by common equity after goodwill and other intangible assets are removed. Citi's RoTCE was 11.5% in the third quarter, up from 8.0% a year earlier. Citi now expects full-year RoTCE above 11%, up from the 10% to 11% target it had carried since January.
The quarter ended September 30, 2026. Jane Fraser, Chair and Chief Executive Officer, and Gonzalo Luchetti, Chief Financial Officer, took analysts' questions on an 11:00 a.m. ET call the same day. Three threads run through the quarter: earnings grew faster than revenue, the outlook went up, and capital returned to shareholders slowed.
Key Takeaways
- Diluted EPS of $2.85 beat the $2.71 consensus by 5.08%, the smallest beat of the six prints from Q2 2025 to Q3 2026. Revenue of $23.845 billion was 1.44% below consensus.
- RoTCE rose to 11.5% from 8.0% a year earlier, and the efficiency ratio fell to 58.5% from 64.7%.
- Citi raised its 2026 outlook for RoTCE (above 11%), NII excluding Markets (up in the mid-to-high 6% range) and the efficiency ratio (below 60%). All three had been unchanged from January through July.
- Repurchases fell from $6.3 billion to $4.0 billion to $3.0 billion across the first three quarters, while the CET1 ratio stayed at 12.8%.
- Services revenue grew 15% and four of five businesses grew revenue. Luchetti guided fourth-quarter Markets revenue down about 20% or a bit more from the third quarter.
- The shares closed down 5.60% on October 13 and down 1.81% on October 14.
Citigroup Q3 2026 Earnings at a Glance
Citi's revenue rose 8% from a year earlier to $23,845 million and fell 4% from $24,766 million in the second quarter. Net income rose 40% to $5,245 million. Diluted EPS rose 53% to $2.85 from $1.86, though it was 10% below the second quarter's $3.15. The year-ago quarter included a one-off Banamex charge, which makes the reported year-over-year comparisons look stronger; the expenses section below separates it out.
| Metric ($M unless noted) | Q3 2026 | Q3 2025 | Change vs Q3 2025 | Q2 2026 |
|---|---|---|---|---|
| Revenue | 23,845 | 22,090 | +8% | 24,766 |
| Net interest income | 16,982 | 14,940 | +14% | 17,125 |
| NII excluding Markets ($B) | 13.71 | 12.76 | +7% | 13.12 |
| Markets NII ($B) | 3.27 | n/a | n/a | n/a |
| Non-interest revenue | n/a | n/a | -4% | n/a |
| Net interest margin | 2.43% | 2.40% | +0.03 pts | 2.54% |
| Operating expenses | 13,952 | 14,290 | -2% | 14,215 |
| Efficiency ratio | 58.5% | 64.7% | -6.2 pts | 57.4% |
| Provision for credit losses | 2,586 | 2,450 | +6% | 2,522 |
| Net income | 5,245 | 3,752 | +40% | 5,831 |
| Diluted EPS ($) | 2.85 | 1.86 | +53% | 3.15 |
| Average diluted shares (millions) | 1,706.6 | 1,862.6 | -8% | n/a |
| RoTCE | 11.5% | 8.0% | +3.5 pts | 13.0% |
| ROE | 10.1% | n/a | n/a | n/a |
| Effective tax rate (approx.) | 26% | 29% | n/a | n/a |
Fraser summarized the quarter in the press release:
"Our performance in the quarter, which included the best third-quarter revenue in a decade, positive operating leverage and meaningful improvement in our returns, reflects the continued disciplined and consistent execution of our strategy.
— Jane Fraser, Chair and Chief Executive Officer (Citigroup third-quarter 2026 earnings release)
For the first nine months of 2026, revenue reached $73,244 million, up 12%, with diluted EPS of $9.07 and RoTCE of 12.6%.
| Year to date and balance sheet | Q3 2026 | Q3 2025 | Change vs Q3 2025 |
|---|---|---|---|
| Revenue, first nine months ($M) | 73,244 | n/a | +12% |
| Diluted EPS, first nine months ($) | 9.07 | n/a | n/a |
| RoTCE, first nine months | 12.6% | n/a | n/a |
| Period-end loans ($B) | 819.7 | 733.9 | +12% |
| Period-end deposits ($B) | 1,505.3 | 1,383.9 | +9% |
Net Interest Income and Margin
Net interest income (NII) is what a bank earns on its loans and securities minus what it pays on deposits and other funding. Citi's NII rose 14% to $16,982 million. Citi also reports NII excluding Markets, which strips out the more volatile interest income tied to its trading business. That figure rose 7% to $13.71 billion, with Markets NII of $3.27 billion on top. The net interest margin, which is NII as a percentage of interest-earning assets, was 2.43%, against 2.40% a year earlier and 2.54% in the second quarter. Non-interest revenue, which covers fees, trading gains and other income, fell 4%.
The balance sheet grew. Period-end loans rose 12% to $819.7 billion, and deposits rose 9% to about $1.5 trillion ($1,505.3 billion).
Expenses and Positive Operating Leverage
Operating expenses were $13,952 million, down 2% as reported. The year-ago quarter included a $726 million goodwill impairment on Banamex ($714 million after tax), which Citi treats as a notable item. Excluding it, expenses rose 3%. Revenue grew 8%, faster than expenses on that basis, which Citi describes as positive operating leverage.
The efficiency ratio is operating expenses divided by revenue: the lower it is, the less a bank spends to produce each dollar of revenue. Citi's was 58.5%, against 64.7% a year earlier. Luchetti said roughly $500 million of investment and severance spending had been pulled into the second half of 2026, that about half of it landed in the third quarter, including about $200 million of severance, and that severance year to date is over $1 billion.
On the same notable-item basis, net income rose 17% from $4.5 billion a year earlier, and diluted EPS rose 27% from $2.24. The effective tax rate was about 26%, down from 29%.
| Notable item and expense detail | Amount |
|---|---|
| Q3 2025 Banamex goodwill impairment, pre-tax ($M) | 726 |
| Same impairment, after tax ($M) | 714 |
| Q3 2025 operating expenses excluding it ($M) | 13,564 |
| Q3 2026 expense change on that basis | +3% |
| Q3 2025 net income excluding it ($B) | 4.5 |
| Q3 2026 net income change on that basis | +17% |
| Q3 2025 diluted EPS excluding it ($) | 2.24 |
| Q3 2026 diluted EPS change on that basis | +27% |
| Investment and severance spend pulled into H2 2026, per CFO | about $500M |
| Share of that spend landing in Q3 2026, per CFO | about half |
| Severance in Q3 2026, per CFO | about $200M |
| Severance year to date, per CFO | over $1B |
EPS Beat, Revenue Miss: Results Versus Expectations
On earnings, Citigroup beat Q3 2026 expectations: diluted EPS of $2.85 was 5.08% above the $2.7121 consensus. On revenue it did not: $23,845 million was 1.44% short of the $24,193.5 million consensus. A consensus estimate is the average of analysts' published forecasts, and reading EPS against the consensus estimate means checking which line of the income statement produced the surprise. Here revenue came in light, so the beat came from lines below revenue.
| Measure | Q3 2026 actual | Q3 2026 consensus | Surprise |
|---|---|---|---|
| Diluted EPS ($) | 2.85 | 2.7121 | +5.08% |
| Revenue ($M) | 23,845 | 24,193.5 | -1.44% |
Per-share results also reflect the share count. Citi's average diluted shares fell to 1,706.6 million from 1,862.6 million a year earlier, one reason diluted EPS grew 53% while net income grew 40%.
The beat extends a pattern. Every one of the six prints from Q2 2025 to Q3 2026 was a beat, with surprises of 20.15%, 15.58%, 5.96%, 13.30%, 12.69% and 5.08%. Q3 2026 is the smallest beat of those six prints in this series.
| Quarter | EPS estimate ($) | EPS actual ($) | Surprise |
|---|---|---|---|
| Q2 2025 | 1.63 | 1.96 | +20.15% |
| Q3 2025 | 1.94 | 2.24 | +15.58% |
| Q4 2025 | 1.71 | 1.81 | +5.96% |
| Q1 2026 | 2.70 | 3.06 | +13.30% |
| Q2 2026 | 2.80 | 3.15 | +12.69% |
| Q3 2026 | 2.71 | 2.85 | +5.08% |
What Drove the Quarter: Citi's Five Businesses
Fraser said revenue grew in four of Citi's five businesses: Services, Markets, Banking and Wealth, with U.S. Consumer Cards flat. Segment figures do not add exactly to the firmwide totals because of small reconciling items.
| Business | Revenue ($M) | Change vs Q3 2025 | Net income ($M) | Change vs Q3 2025 | RoTCE |
|---|---|---|---|---|---|
| Services | 6,614 | +15% | 2,637 | +27% | 31.2% |
| Markets | 6,113 | +6% | 1,743 | +2% | 12.3% |
| Banking | 1,741 | +6% | 378 | +40% | 19.2% |
| Wealth | 3,269 | +15% | 585 | +93% | 14.3% |
| U.S. Consumer Cards | 4,664 | flat | 851 | -8% | 21.8% |
| All Other (managed basis) | 1,432 | -3% | -955 | n/a | n/a |
| Business line detail | Q3 2026 | Change vs Q3 2025 |
|---|---|---|
| Treasury and Trade Solutions revenue ($M) | 4,902 | +16% |
| Securities Services revenue ($M) | 1,712 | +13% |
| Assets under custody and administration ($T) | 35 | +16% |
| Fixed Income markets revenue ($M) | 4,386 | +4% |
| Equity markets revenue ($M) | 1,727 | +14% |
| Prime balances | n/a | up over 40% |
| Markets revenue, Q2 2026 ($M) | 7,007 | n/a |
| Investment Banking fees ($M) | 1,350 | +9% |
| Equity underwriting ($M) | 343 | +77% |
| Advisory ($M) | 406 | -4% |
| Debt underwriting ($M) | 601 | -3% |
| Corporate Lending excluding loan hedges ($M) | 382 | -16% |
| Wealth net new investment assets ($B) | 38 | n/a |
| Wealth client investment assets ($B) | 759 | +15% |
| U.S. Consumer Cards net interest income | n/a | +6% |
| U.S. Consumer Cards non-interest revenue | n/a | -62% |
Services
Services combines Treasury and Trade Solutions, which handles cash management and trade finance for corporate clients, with Securities Services, which provides custody and fund administration. Revenue grew 15% to $6,614 million. Treasury and Trade Solutions rose 16% to $4,902 million and Securities Services rose 13% to $1,712 million. Net income rose 27% to $2,637 million, and the business earned a 31.2% RoTCE, the highest of Citi's five businesses. Assets under custody and administration reached $35 trillion, up 16%.
"Services delivered another standout quarter, up 15%, with momentum in every driver.
— Jane Fraser, Chair and Chief Executive Officer (Citigroup third-quarter 2026 earnings release)
Markets
Markets revenue rose 6% to $6,113 million but was 13% below the second quarter's $7,007 million. Fixed Income rose 4% to $4,386 million and Equity markets rose 14% to $1,727 million, with prime balances, the financing Citi provides to hedge funds and other investment clients, up over 40%. Net income rose 2% to $1,743 million, for a 12.3% RoTCE.
Banking
Banking revenue, including gains on loan hedges, rose 6% to $1,741 million. Investment Banking fees rose 9% to $1,350 million. Equity underwriting rose 77% to $343 million, while advisory fell 4% to $406 million and debt underwriting fell 3% to $601 million. Corporate Lending revenue excluding loan hedges fell 16% to $382 million. Net income rose 40% to $378 million, with a 19.2% RoTCE.
Wealth
Wealth revenue rose 15% to $3,269 million, and net income rose 93% to $585 million, a 14.3% RoTCE. Net new investment assets were $38 billion, and client investment assets reached $759 billion, up 15%.
U.S. Consumer Cards
U.S. Consumer Cards revenue was unchanged at $4,664 million. Net interest income rose 6%, while non-interest revenue fell 62%, which Citi attributed to higher partner payment accruals and rewards costs. The results include the additional American Airlines co-branded card portfolio that Citi onboarded in the second quarter of 2026. Net income fell 8% to $851 million, a 21.8% RoTCE. All Other, on Citi's managed basis, posted revenue of $1,432 million, down 3%, and a net loss of $955 million.
Credit: Provisions, Reserve Build and Card Losses
The provision for credit losses is the amount a bank charges against earnings for bad loans. It combines net credit losses, the loans actually written off after recoveries, with any change in reserves. A reserve build means the bank added to its reserves for losses it expects in the future, on top of the losses it has already written off.
Citi's provision was $2,586 million, up 6%. It consisted of net credit losses of $2,217 million, flat from a year earlier, plus a net reserve build of $369 million, which Citi attributed to changes in the macroeconomic outlook and portfolio growth. The total allowance for credit losses was $22.4 billion, or 2.5% of funded loans. Luchetti said the reserves incorporate an eight-quarter weighted average unemployment rate of 5.3%.
Card losses moved the other way. The U.S. Consumer Cards net credit loss (NCL) rate was 3.66%, down from 4.05% a year earlier, and 3.99% for the first nine months of 2026, down from 4.39%.
| Credit measure | Q3 2026 | Q3 2025 |
|---|---|---|
| Provision for credit losses ($M) | 2,586 | 2,450 |
| Net credit losses ($M) | 2,217 | 2,214 |
| Net reserve build ($M) | 369 | n/a |
| Allowance for credit losses ($B) | 22.4 | n/a |
| Reserves to funded loans | 2.5% | n/a |
| U.S. Consumer Cards NCL rate, quarter | 3.66% | 4.05% |
| U.S. Consumer Cards NCL rate, first nine months | 3.99% | 4.39% |
| Unemployment rate in reserves, 8-quarter weighted average, per CFO | 5.3% | n/a |
Capital and Buybacks: CET1 Flat, Repurchases Smaller
The common equity tier 1 (CET1) ratio is the core loss-absorbing capital ratio regulators require: a bank's common equity, after deductions, as a percentage of its risk-weighted assets. Citi's preliminary CET1 ratio was 12.8% at September 30, unchanged from June 30 and down from 13.3% a year earlier. Citi's release says net income and a lower deferred-tax-asset deduction offset repurchases, dividends and unrealized losses on available-for-sale securities. Accumulated other comprehensive loss, the part of equity where those unrealized losses sit, widened to $41.4 billion from $39.5 billion at June 30. The supplementary leverage ratio was 5.0%, down from 5.2%.
Book value per share rose 7% to $115.61, and tangible book value per share rose 6% to $101.59. Common shares outstanding fell 7.5% to 1,655.2 million from 1,789.3 million a year earlier.
| Capital measure | Sep 30, 2026 | Jun 30, 2026 | Sep 30, 2025 | Change vs a year earlier |
|---|---|---|---|---|
| CET1 ratio | 12.8% (prelim.) | 12.8% | 13.3% | n/a |
| Supplementary leverage ratio | 5.0% | 5.2% | n/a | n/a |
| Accumulated other comprehensive loss ($B) | 41.4 | 39.5 | n/a | n/a |
| Book value per share ($) | 115.61 | n/a | 108.41 | +7% |
| Tangible book value per share ($) | 101.59 | n/a | 95.72 | +6% |
| Common shares outstanding (millions) | 1,655.2 | n/a | 1,789.3 | -7.5% |
Luchetti said the CET1 ratio sits about 120 basis points above the current 11.6% regulatory requirement. He said Citi assumes a 12.1% minimum from January 2028 under current rules, and that Citi's Investor Day gave a directional CET1 target of 13.1%.
| CET1 reference point, as described by the CFO | Level |
|---|---|
| Current regulatory requirement | 11.6% |
| Citi's position above the requirement | about 120 bp |
| Citi's assumed minimum from January 2028, under current rules | 12.1% |
| Directional target from the May 2026 Investor Day | 13.1% |
Citi bought back $6.3 billion of common stock in the first quarter, $4.0 billion in the second and $3.0 billion in the third. The year-to-date total of $13.3 billion already exceeds the $13.25 billion repurchased in all of 2025. Including common dividends, Citi returned $4.1 billion in the third quarter, an 85% payout ratio, which Citi defines as common dividends plus repurchases divided by net income available to common shareholders. The 12% increase in the quarterly common dividend was announced with the second-quarter results in July and applied from the third quarter.
| Capital return | Amount |
|---|---|
| Common share repurchases, Q1 2026 ($B) | 6.3 |
| Common share repurchases, Q2 2026 ($B) | 4.0 |
| Common share repurchases, Q3 2026 ($B) | 3.0 |
| Repurchases, 2026 year to date ($B) | 13.3 |
| Repurchases, full year 2025 ($B) | 13.25 |
| Repurchases plus common dividends, Q3 2026 ($B) | 4.1 |
| Payout ratio, Q3 2026 | 85% |
| Quarterly common dividend increase, announced July 2026 | 12% |
| Multi-year repurchase program authorized May 7, 2026 ($B) | 30 |
The $30 Billion Repurchase Program
The Board authorized a $30 billion multi-year repurchase program on May 7, 2026, around Citi's May 2026 Investor Day. Repurchases under it are subject to quarterly Board approval. On the call, Luchetti set out how Citi thinks about capital:
"Our framework is that we hold capital for resilience and flexibility, and we deploy it for returns and to distribute to shareholders.
— Gonzalo Luchetti, Chief Financial Officer (Citigroup third-quarter 2026 earnings call)
On the pace of repurchases this year, he said: “Last year was $13 billion, and we had said earlier that we expected this year to do more than last year, which we just achieved in the third quarter.”
Bank of America analyst Ebrahim Poonawala summarized the exchange as a sign there might be “some volatility or tempering in the pace of buybacks.” That was his own takeaway, not language Citi used. Fraser addressed the trade-off directly:
"We know buybacks are important. We know return of capital is important to our shareholders. We make that judgment as to what the right balance is.
— Jane Fraser, Chair and Chief Executive Officer (Citigroup third-quarter 2026 earnings call)
Citi's 2026 Outlook as It Moved Through the Year
Citi sets a full-year outlook at the start of the year and restates it in each quarterly presentation. Through the January, April and July presentations, the RoTCE, NII excluding Markets and efficiency ratio outlooks did not change. On October 13, all three were raised.
| 2026 outlook item | Jan 14 | Apr 14 | Jul 14 | Oct 13 |
|---|---|---|---|---|
| RoTCE target | 10-11% | 10-11% | 10-11% | above 11% |
| NII excluding Markets growth | up 5-6% | up about 5-6% | up about 5-6% | up in the mid-to-high 6% range |
| Efficiency ratio | about 60% | about 60% | about 60% | below 60% |
| U.S. cards NCL rate | Branded 3.50-4.00%; Retail Services 5.75-6.25% | U.S. Cards 4.0-4.5% | U.S. Cards 4.0-4.5% | about 4.0%, at the low end of the previously guided range |
| Share repurchases | not stated in the outlook slide | 2026 repurchases expected higher than in 2025 | higher than 2025, against the $30 billion program announced in May | continue under the $30 billion program |
The January outlook gave two card portfolio ranges, while April onward gave one combined U.S. Cards range, so the January cell is not directly comparable.
These are Citi's own outlook figures. The October presentation labels them subject to macro and market conditions, and actual results could differ materially. Luchetti said that in the preceding weeks Citi had already pointed to the high end of its 5% to 6% range for NII excluding Markets and to a bit better than 11% for RoTCE. Fraser described where returns are heading:
"we expect to exceed this year's RoTCE target of 10% to 11%, even as we pull forward the investments to support our near-term target of 11% to 13%.
— Jane Fraser, Chair and Chief Executive Officer (Citigroup third-quarter 2026 earnings call)
Luchetti on the Fourth Quarter
Luchetti set out the seasonal pattern Citi expects in trading:
"In Markets, we expect a typical seasonal decline in the fourth quarter around the same magnitude as last year, which was 20%, or possibly a bit more given the strong performance so far this year.
— Gonzalo Luchetti, Chief Financial Officer (Citigroup third-quarter 2026 earnings call)
Asked by Truist Securities analyst John McDonald about the fourth quarter, Luchetti said that applying the usual seasonality to the return math, “you land at a high single-digit rate.” Mike Mayo of Wells Fargo asked about that implied fourth quarter, saying it “looks really lousy for you to get to 11%.” Luchetti answered that the guidance reflected caution, an “abundance of caution” in his words. Replying to an analyst on the Markets guidance, Fraser said: “Don't read too much into it.”
What Citi Said About Conditions
Fraser said: “Conditions did soften a bit during the third quarter.” She described the U.S. consumer as still driving much of the growth and the labor market as stable. Luchetti said a higher-for-longer rate environment should be a net positive for Citi given its asset sensitivity, meaning its income tends to rise when rates stay high, while Citi has to absorb unrealized losses in other comprehensive income in the short term. JPMorgan Chase, Wells Fargo and Goldman Sachs also reported on October 13.
Banamex and Citi's Targets Beyond 2026
Fraser said Citi closed the sale of a further 1.4% equity stake in Banamex, bringing the total divested so far to 49%. She said Citi is preparing for Banamex's deconsolidation in 2027, with an initial public offering to follow when market conditions allow and regulatory requirements are met.
The third-quarter presentation adds the accounting. When Banamex meets held-for-sale criteria, Citi expects to realize about $9 billion of cumulative translation adjustment (CTA) losses, with the deconsolidation process expected in early 2027. A CTA loss is the accumulated currency loss on a foreign business that passes through the income statement when the business is sold. Citi expects the cumulative impact to be neutral for regulatory capital and the combined impact on its CET1 ratio to be slightly accretive.
| Banamex item | Citi disclosure |
|---|---|
| Equity stake divested so far | 49%, after a further 1.4% sale |
| Expected CTA loss when held-for-sale criteria are met | about $9 billion |
| Expected timing | deconsolidation process in early 2027 |
| Impact on regulatory capital | neutral |
| Combined impact on CET1 ratio | slightly accretive |
Citi's near-term targets for 2027-2028 are a RoTCE of about 11% to 13% and an efficiency ratio of about 55% to 60%, both excluding that notable item. For 2029-2031, the medium-term targets are a RoTCE of about 14% to 15% and an efficiency ratio below 55%. By Citi's own definitions, the near-term targets exclude the expected Banamex loss, so reported 2027 results and the ex-notable-item targets will differ. These are Citi's targets, not Money365.Market forecasts.
| Citi target | 2027-2028 (near term) | 2029-2031 (medium term) |
|---|---|---|
| RoTCE | about 11-13%, excluding the Banamex notable item | about 14-15% |
| Efficiency ratio | about 55-60%, excluding the Banamex notable item | below 55% |
Two Ways to Read the Quarter
One way to read the quarter is as a beat-and-raise quarter with fast-improving returns. EPS beat consensus, RoTCE rose to 11.5% from 8.0%, the efficiency ratio fell to 58.5% from 64.7%, four of five businesses grew revenue, and Citi raised its full-year outlook for returns, NII excluding Markets and efficiency at the same time. Luchetti said Citi had raised its return expectation more than once over the previous 30 days, and Fraser said Citi expects to exceed its 10% to 11% target even while pulling investment forward.
Another reading starts from the lines that moved the other way. Revenue missed consensus by 1.44% and fell 4% from the second quarter. The EPS beat was the smallest of the six prints in this series. Repurchases fell from $6.3 billion to $4.0 billion to $3.0 billion while the CET1 ratio stayed at 12.8% and Citi's own assumed minimum rises to 12.1% from January 2028. And Luchetti's guidance implies a weaker fourth quarter: Markets revenue down about 20% or a bit more from the third quarter, and a quarterly return that lands at a high single-digit rate.
The fourth-quarter report will show how full-year RoTCE compares with the above-11% outlook, and each quarterly Board approval under the $30 billion program will show the pace of repurchases.
Citigroup Stock After Earnings: The First Two Sessions
Citi's shares closed at $131.92 on October 12, the session before the release. On October 13 the stock traded as high as $133.50, 1.20% above that close, then closed at $124.53, down 5.60% and $0.09 above the session low of $124.44. Volume was 20.4 million shares, against 9.3 million on October 12. On October 14 the stock closed at $122.27, down 1.81%.
| Session | Close ($) | Change | High ($) | Low ($) | Volume (M shares) |
|---|---|---|---|---|---|
| Oct 12, 2026 (pre-release) | 131.92 | n/a | n/a | n/a | 9.3 |
| Oct 13, 2026 | 124.53 | -5.60% | 133.50 | 124.44 | 20.4 |
| Oct 14, 2026 | 122.27 | -1.81% | n/a | n/a | n/a |
Across the two sessions since the release, the shares are down 7.32% from the October 12 close. Measured from the December 31, 2025 close of $116.69, they are up 4.78% for the year at the October 14 close, and they are 5.57% below the September 30 quarter-end close of $129.48. At $122.27, the stock trades at about 1.20 times the September 30 tangible book value per share of $101.59 (price divided by tangible book value per share).
| Reference point | Value | Change to Oct 14 close |
|---|---|---|
| Close on Dec 31, 2025 ($) | 116.69 | +4.78% |
| Close on Sep 30, 2026, quarter end ($) | 129.48 | -5.57% |
| Close on Oct 12, 2026, pre-release ($) | 131.92 | -7.32% |
| Oct 14 close divided by Sep 30 tangible book value per share of $101.59 | about 1.20x | n/a |
FAQ: Citigroup Q3 2026 Earnings
Did Citigroup beat earnings expectations in Q3 2026?
On EPS, yes; on revenue, no. Diluted EPS of $2.85 was 5.08% above the $2.71 consensus, the sixth beat in six prints since Q2 2025 and the smallest of those six. Revenue of $23.845 billion was 1.44% below the $24.19 billion consensus.
What did Citi change in its 2026 outlook?
Citi raised its full-year RoTCE target to above 11% from 10% to 11%, its NII excluding Markets growth outlook to the mid-to-high 6% range from about 5% to 6%, and its efficiency ratio outlook to below 60% from about 60%. It now expects a U.S. Cards net credit loss rate of about 4.0%. Citi labels the outlook subject to macro and market conditions.
How much stock has Citigroup bought back in 2026?
Citi repurchased $13.3 billion of common stock in the first three quarters of 2026: $6.3 billion, $4.0 billion and $3.0 billion. That already exceeds the $13.25 billion repurchased in all of 2025. Repurchases continue under the $30 billion multi-year program authorized on May 7, 2026, subject to quarterly Board approval.
What is Citigroup's CET1 ratio after Q3 2026?
The preliminary CET1 ratio was 12.8% at September 30, 2026, unchanged from June 30 and down from 13.3% a year earlier. Luchetti said that is about 120 basis points above the current 11.6% requirement.
What happens with Banamex in 2027?
Citi has divested 49% of Banamex and is preparing for its deconsolidation in 2027, with an IPO to follow when conditions allow. Citi expects to realize about $9 billion of CTA losses when Banamex meets held-for-sale criteria, with no impact on regulatory capital and a slightly accretive effect on the CET1 ratio. Citi's 2027-2028 targets exclude that loss.
How did Citigroup stock trade after the October 13 report?
The stock closed at $124.53 on October 13, down 5.60%, and at $122.27 on October 14, down 1.81%. Across the two sessions it is down 7.32% from the October 12 close of $131.92.