Citigroup Q3 2026 earnings: EPS jumps 53% to $2.85 as Services revenue climbs 15%

Citigroup earned $2.85 a share in the third quarter, up 53% from $1.86 a year earlier, as revenue rose 8% to $23.8 billion and expenses fell, the bank said Tuesday in a regulatory filing.

Net income came to $5.2 billion, compared with $3.8 billion in the 2025 quarter. The year-ago period included a $726 million goodwill impairment tied to Citi's agreement to sell a 25% stake in Banamex. Excluding that item, last year's EPS was $2.24, so the comparable gain was 27%.

Chair and CEO Jane Fraser called it "the best third-quarter revenue in a decade." She said Citi expects to "exceed this year's return target" while pulling forward investments toward its 11% to 13% near-term returns goal.

Shares were down about 3.5% at $127.34 around 12:20 p.m. ET Tuesday, versus a $131.92 prior close.

Services again led the way. Revenue in the unit rose 15% to $6.6 billion, and its net income climbed 27% to $2.6 billion, helped by higher deposit balances and spreads. Treasury and Trade Solutions grew 16%, and Securities Services rose 13% as assets under custody and administration increased 16%.

Markets revenue rose 6% to $6.1 billion. Equity markets jumped 14% on prime services, while fixed income gained 4%. In Banking, investment banking revenue rose 9%, powered by a 77% surge in equity capital markets that offset softer advisory and debt underwriting.

Operating expenses slipped 2% to $14.0 billion as reported, though they rose 3% excluding last year's impairment. The efficiency ratio improved to 58.5% from 64.7%.

Credit costs ticked higher. The provision for credit losses was $2.6 billion, including $2.2 billion of net credit losses, which were unchanged from a year ago, and a $369 million net reserve build that Citi tied to the macroeconomic outlook and loan growth.

Citi returned $4.1 billion to common shareholders through buybacks and dividends, an 85% payout ratio. Its preliminary common equity tier 1 capital ratio held at 12.8%, unchanged from the prior quarter.

By the numbers

• Revenue: $23.8 billion, up 8%
• Diluted EPS: $2.85, vs. $1.86 (vs. $2.24 ex-notable item)
• Return on tangible common equity: 11.5%, vs. 8.0%
• Services revenue: $6.6 billion, up 15%
• Capital returned: $4.1 billion
• Tangible book value per share: $101.59, up 6%

Sources

1. Citigroup Inc., Form 8-K (Item 2.02), Exhibit 99.1, "Third Quarter 2026 Results and Key Metrics," filed October 13, 2026, accession 0001104659-26-115323.

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