Citigroup (C) · Banking
Citigroup Q2 2026 earnings: summary, key numbers & outlook
Results filed 14 Jul 2026 · Quarter ended 1 Jul 2026
Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
Citigroup reported net income of $5.8 billion, or $3.15 per diluted share, on revenues of $24.8 billion for the second quarter 2026.
Citigroup earned $5.8 billion in the second quarter, up 45% from a year ago, on revenues of $24.8 billion, up 14%. Services, Markets, Banking and Wealth all grew revenue strongly, helped by higher deposits, equity trading and investment banking. Lower credit-loss provisions and a better efficiency ratio of 57.4% also helped. The bank returned about $5.0 billion to shareholders through buybacks and dividends.
Management gave no numerical earnings targets in these documents. It said it will raise its planned dividend by 12% and has launched a $30 billion buyback plan. The main tension is U.S. Consumer Cards, where revenue grew only 1% because of partner payment accruals and new account acquisition costs. Net credit losses also rose 8%, and the tax rate rose to about 25%.
Key numbers
- Total revenues, net of interest expense · GAAP
- $24.8 billion
- Net income · GAAP
- $5.8 billion
- Diluted earnings per share · GAAP
- $3.15
- Return on average tangible common equity · non-GAAP
- 13.0%
- Common Equity Tier 1 capital ratio
- 12.8%
- Efficiency ratio
- 57.4%
up 14% from the prior-year period
up 45% from the prior-year period
up from $1.96 in the prior-year period
up 430 bps from a year ago
versus 12.7% at the end of the prior quarter
down 530 bps from a year ago
| Segment or metric | Value | Change |
|---|---|---|
| Services revenues | $6.4 billion | up 18% |
| Markets revenues | $7.0 billion | up 17% |
| Banking revenues | $1.9 billion | up 34% |
| Wealth revenues | $3.2 billion | up 13% |
| U.S. Consumer Cards revenues | $4.5 billion | up 1% |
| Legacy Franchises revenues (managed basis) | $2.1 billion | up 21% |
Where each number comes from
- Total revenues, net of interest expense: “Citigroup revenues of $24.8 billion in the second quarter 2026 increased 14%, driven by growth in each of Citi’s five interconnected businesses and Legacy Franchises”
- Net income: “Citigroup net income was $5.8 billion in the second quarter 2026, compared to net income of $4.0 billion in the prior-year period”
- Diluted earnings per share: “net income for the second quarter 2026 of $5.8 billion, or $3.15 per diluted share, on revenues of $24.8 billion.”
- Return on average tangible common equity: “Return on average tangible common equity (RoTCE)(f) | | 13.0% | | 13.1% | | 8.7% | | (10) bps | | 430 bps”
- Common Equity Tier 1 capital ratio: “Citigroup’s preliminary CET1 Capital ratio(4) was 12.8% versus 12.7% at the end of the prior quarter”
- Efficiency ratio: “Efficiency Ratio (total operating expenses/total revenues, net) | | 57.4% | | 58.1% | | 62.7% | | (70) bps | | (530) bps”
- Services revenues: “Services revenues of $6.4 billion were up 18%, driven by growth in Treasury and Trade Solutions and Securities Services.”
- Markets revenues: “Markets revenues of $7.0 billion increased 17%, driven by growth in Equity markets and Fixed Income markets revenues.”
- Banking revenues: “Banking revenues of $1.9 billion increased 34%, driven by growth in Investment Banking, partially offset by a decline in Corporate Lending”
- Wealth revenues: “Wealth revenues of $3.2 billion increased 13%, driven by growth across all businesses.”
- U.S. Consumer Cards revenues: “USCC revenues of $4.5 billion increased 1%, driven by growth in net interest income, primarily offset by a decline in non-interest revenue.”
- Legacy Franchises revenues (managed basis): “revenues of $2.1 billion increased 21%, driven by growth in Mexico, including momentum in the underlying businesses and the impact of Mexican peso appreciation”
Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.
XBRL figures for this quarter arrive with the 10-Q or 10-K; the numbers above are from the press release.
Outlook
| Metric | Period | Outlook |
|---|---|---|
| Planned dividend increase | planned dividend | 12% |
| Share buyback plan | buyback plan | $30 billion |
Key takeaways
Net income rose 45% on 14% revenue growth
Net income was $5.8 billion versus $4.0 billion a year earlier, on revenues of $24.8 billion versus $21.7 billion. Higher revenues and a lower provision for credit losses were partly offset by higher expenses.
Services posted highest-ever revenue and 30.9% RoTCE
Services revenues of $6.4 billion were up 18% and Services RoTCE reached 30.9%. Average deposits in Services rose 19% to $1,017 billion.
Equity markets and capital markets drove strength
Equity markets revenues of $2.3 billion rose 45%, with prime balances up nearly 60%. Investment Banking revenues of $1.5 billion rose 44%, led by equity underwriting up 92% and debt underwriting up 65%.
Consumer Cards investments held back revenue growth
USCC revenues rose just 1% as non-interest revenue fell 47% on partner payment accruals and new account acquisition costs. New card account acquisitions were 5,376 thousand.
Capital returns continue with 12.8% CET1
Citi returned approximately $5.0 billion to common shareholders in the quarter and plans a 12% dividend increase and a $30 billion buyback. The CET1 ratio was 12.8%, up from 12.7% in the prior quarter.
Charts
Fourth quarter worked out from the annual figure.
Data
| Q1 2024 | $21.0B |
| Q2 2024 | $20.0B |
| Q3 2024 | $20.2B |
| Q4 2024 | $19.5B * |
| Q1 2025 | $21.6B |
| Q2 2025 | $21.7B |
| Q3 2025 | $22.1B |
| Q4 2025 | $19.9B * |
Data
| Q1 2024 | $1.58 |
| Q2 2024 | $1.52 |
| Q3 2024 | $1.51 |
| Q1 2025 | $1.96 |
| Q2 2025 | $1.96 |
| Q3 2025 | $1.86 |
Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.
Data
| Q1 2024 | -$12.4B |
| Q2 2024 | -$18.6B |
| Q3 2024 | -$18.2B |
| Q4 2024 | $23.1B |
| Q1 2025 | -$60.2B |
| Q2 2025 | -$38.3B |
| Q3 2025 | -$517.0M |
| Q4 2025 | $24.9B |
Operating cash flow minus capital expenditure, from cash flow statements.
Questions
What were Citigroup's second quarter 2026 results?
Citigroup reported net income of $5.8 billion, or $3.15 per diluted share, on revenues of $24.8 billion. That compares with net income of $4.0 billion, or $1.96 per diluted share, on revenues of $21.7 billion a year earlier.
Which Citi businesses grew fastest?
Banking revenues rose 34%, Services rose 18% and Markets rose 17%, with Equity markets up 45%. Wealth rose 13%, while U.S. Consumer Cards grew only 1%.
What is Citi doing with capital?
Citi returned approximately $5.0 billion to common shareholders in the quarter, a payout ratio of 92%. It plans to increase its dividend by 12% and has launched a $30 billion buyback plan, with a CET1 ratio of 12.8%.
How did credit quality look?
Total provision for credit losses fell 12% to $2.5 billion, but net credit losses rose 8% to $2.4 billion. The reserve-to-funded loans ratio was 2.5%, down from 2.7% a year ago.
What is weighing on results?
U.S. Consumer Cards revenue grew only 1% because of higher partner payment accruals and account acquisition costs. The effective tax rate rose to about 25% from 23%, and operating expenses rose 5% to $14.2 billion.
Documents
SEC filing