# Citigroup (C) Q2 2026 earnings

Results filed 2026-07-14 for the quarter ended 2026-07-01. Source page: https://earnings.opennash.com/companies/c/2026-q2/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/831001/000110465926083383/0001104659-26-083383-index.htm
> 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

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Total revenues, net of interest expense | $24.8 billion | up 14% from the prior-year period | GAAP |
| Net income | $5.8 billion | up 45% from the prior-year period | GAAP |
| Diluted earnings per share | $3.15 | up from $1.96 in the prior-year period | GAAP |
| Return on average tangible common equity | 13.0% | up 430 bps from a year ago | non-GAAP |
| Common Equity Tier 1 capital ratio | 12.8% | versus 12.7% at the end of the prior quarter |  |
| Efficiency ratio | 57.4% | down 530 bps from a year ago |  |

## Segments and operating metrics

| Name | 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% |

## Outlook

| Metric | Period | Outlook |
| --- | --- | --- |
| Planned dividend increase | planned dividend | 12% |
| Share buyback plan | buyback plan | $30 billion |

## Key takeaways

1. **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.
2. **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.
3. **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%.
4. **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.
5. **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.

## 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.