Citigroup (C) Q3 FY26 earnings call

Earnings call· Sep 2026 (Q3 FY26)· Financials· Oct 13, 2026

Source: earnings call transcript

Citigroup delivered a strong third quarter, marked by robust revenue growth across most segments and significant improvement in returns. The firm demonstrated disciplined execution of its strategy, achieving positive operating leverage despite pulling forward some investments and severance. While macroeconomic conditions softened slightly, Citi maintains a positive near-term economic outlook, leveraging its network and high-quality client base to navigate a dynamic environment and progress towards its sustainable return targets.

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C operating KPIs by quarter

C operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Dec 2024 Q4 FY24	Mar 2025 Q1 FY25	Sep 2025 Q3 FY25	Dec 2025 Q4 FY25	Mar 2026 Q1 FY26	Jun 2026 Q2 FY26	This call Sep 2026 Q3 FY26	Change vs prior quarter
Common equity tier 1 ratio (CET1)	13.6% We grew our tangible book value per share by 4% and ended 2024 with a CET1 ratio of 13.6%, approximately 150 bps above our regulatory capital requirement. Source: earnings call transcript	13.4% We ended the quarter with a CET1 ratio of 13.4% and our tangible book value per share crossed $90. Source: earnings call transcript	13.2% We ended the quarter at a common equity Tier 1 capital ratio of 13.2%, over 100 bps above our regulatory requirement at quarter end. Source: earnings call transcript	13.2% We ended the quarter with a preliminary 13.2% standardized CET1 capital ratio, approximately 160 basis points above our 11.6% regulatory capital requirement, which reflects a 3.6% stress capital buffer. Source: earnings call transcript	12.7% We ended the quarter with a CET1 ratio of 12.7%, which is 110 basis points above our regulatory capital requirement, and our tangible book value grew by 8% from a year ago. Source: earnings call transcript	12.8% Our CET1 ratio stood at 12.8% and remains about 120 basis points above our current regulatory minimum. Source: earnings call transcript	12.8% Our tangible book value per share rose 6% to $101.9 and our CET1 ratio stood at 12.8%. Source: earnings call transcript	0 pt
Return on tangible common equity (ROTCE)	6.1% This quarter, we reported net income of $2.9 billion, EPS of $1.34 and an RoTCE of 6.1% on $19.6 billion of revenues, generating positive operating leverage for the firm and in each of our businesses. Source: earnings call transcript	9.1% This morning, we reported net income of $4.1 billion and earnings per share of $1.96 with an ROTCE of 9.1%. Source: earnings call transcript	—	—	13.1% This morning, we reported net income of $5.8 billion for the first quarter with an EPS of $3.06 and an ROTCE of 13.1%. Source: earnings call transcript	13% This morning, we reported net income of $5.8 billion for the second quarter with an EPS of $3.15 and an RoTCE of 13%. Source: earnings call transcript	11.5% This morning, we reported net income of $5.2 billion for the third quarter with an EPS of $2.85 and an RoTCE of 11.5%. Source: earnings call transcript	-1.5 pt
Return on tangible common equity (ROTCE) Services	—	26.2% Services generated positive operating leverage for the third consecutive quarter and delivered net income of $1.6 billion and continued to deliver a high ROTCE of 26.2%. Source: earnings call transcript	28.9% Services generated positive operating leverage for the fifth consecutive quarter and delivered net income of $1.8 billion, with an ROTCE of 28.9% in the quarter and 26.1% year-to-date. Source: earnings call transcript	36.1% Services delivered net income of $2.2 billion, with an RoTCE of 36.1% in the quarter and 28.6% for the full year. Source: earnings call transcript	27% Services generated positive operating leverage and delivered net income of $2.2 billion with an RoTCE of 27%. Source: earnings call transcript	30.9% Services generated positive operating leverage and delivered net income of $2.6 billion with an RoTCE of 30.9% in the quarter and 29% year-to-date. Source: earnings call transcript	31.2% Average deposits increased 16% primarily driven by growth in the US Services generated positive operating leverage, net income of $2.6 billion and an RoTCE of 31.2% in the quarter and 29.7% year-to-date. Source: earnings call transcript	+0.3 pt
Return on tangible common equity (ROTCE) Markets	7.4% Markets generated another quarter of positive operating leverage and delivered net income of $1 billion and $4.9 billion for the year and delivered an RoTCE of 7.4% and 9.1% for the year. Source: earnings call transcript	14.3% Markets generated positive operating leverage for the fourth consecutive quarter and delivered net income of $1.8 billion and an ROTCE of 14.3%. Source: earnings call transcript	12.3% Markets generated positive operating leverage for the sixth consecutive quarter and delivered net income of $1.6 billion with an ROTCE of 12.3% in the quarter and 13.5% year-to-date. Source: earnings call transcript	6.2% Markets delivered net income of $783 million with an RoTCE of 6.2% in the quarter and 11.6% for the full year. Source: earnings call transcript	18.7% Markets generated positive operating leverage and delivered net income of $2.6 billion with an RoTCE of 18.7%. Source: earnings call transcript	17% Markets generated positive operating leverage and delivered net income of $2.4 billion with an RoTCE of 17% in the quarter and 17.8% year-to-date. Source: earnings call transcript	12.3% Markets delivered net income of $1.7 billion an RoTCE of 12.3% in the quarter and 15.9% year-to-date. Source: earnings call transcript	-4.7 pt
Return on tangible common equity (ROTCE) Banking	6.5% Banking generated positive operating leverage for the fourth quarter in a row and delivered net income of $356 million and $1.5 billion for the year and delivered an RoTCE of 6.5% and 7% for the year. Source: earnings call transcript	10.7% Banking generated positive operating leverage for the fifth consecutive quarter and delivered net income of $543 million and an ROTCE of 10.7%. Source: earnings call transcript	12.3% Banking generated positive operating leverage for the seventh consecutive quarter and delivered net income of $638 million with an ROTCE of 12.3% in the quarter and 10.7% year-to-date. Source: earnings call transcript	13.2% Banking generated positive operating leverage for the 8th consecutive quarter and delivered net income of $685 million with an RoTCE of 13.2% in the quarter and 11.3% for the full year. Source: earnings call transcript	15.8% Banking delivered net income of $304 million with an RoTCE of 15.8%. Source: earnings call transcript	18% Banking generated positive operating leverage and delivered net income of $350 million with an RoTCE of 18% in the quarter and 16.9% year-to-date. Source: earnings call transcript	19.2% Banking delivered net income of $378 million, an RoTCE of 19.2% in the quarter and 17.7% year-to-date. Source: earnings call transcript	+1.2 pt
Net new assets Wealth	—	—	—	$7.2B Net new investment asset flows slowed to $7.2 billion in the quarter, consistent with typical seasonality and we continued to see growth in client investment assets which were up 14% including the impact of market valuations with net new investment assets for the full year representing approximately 8% organic growth. Source: earnings call transcript	~$15B Net new investment asset flows were approximately $15 billion in the quarter, contributing to approximately $43 billion in the last 12 months, representing approximately 7% organic growth. Source: earnings call transcript	$15.7B Net new investment asset flows were $15.7 billion in the quarter, contributing to over $56 billion in the last 12 months, representing 9% organic growth. Source: earnings call transcript	$38B We brought in $38 billion in net new investment assets this quarter, up over 100% from a year ago. Source: earnings call transcript	+142%
Return on tangible common equity (ROTCE) Wealth	10.1% Wealth generated a pretax margin of 21% and another quarter of positive operating leverage, delivering net income of $334 million and $1 billion for the year and delivered an RoTCE of 10.1% and 7.6% for the year. Source: earnings call transcript	9.4% Wealth had a pretax margin of 17% and generated positive operating leverage for the fourth consecutive quarter and delivered net income of $284 million and an ROTCE of 9.4%. Source: earnings call transcript	12.1% Wealth had a pretax margin of 22%, generated positive operating leverage for the sixth consecutive quarter and delivered net income of $374 million, with an ROTCE of 12.1% in the quarter and 12.5% year-to-date. Source: earnings call transcript	10.9% Wealth had a pretax margin of 21%, generated positive operating leverage for the 7th consecutive quarter and delivered net income of $338 million with an RoTCE of 10.9% in the quarter and 12.1% for the full year. Source: earnings call transcript	10.8% Wealth had a pretax margin of 18%, generated positive operating leverage and delivered net income of $432 million with an ROTCE of 10.8%. Source: earnings call transcript	14.4% Wealth had a pretax margin of 23%, generated positive operating leverage and delivered net income of $583 million with an RoTCE of 14.4% in the quarter and 12.6% year-to-date. Source: earnings call transcript	14.3% Wealth had a pretax margin of 22%, generated positive operating leverage, net income of $585 million and an RoTCE of 14.3% in the quarter and 13.2% year-to-date. Source: earnings call transcript	-0.1 pt
Return on tangible common equity (ROTCE) US Personal Banking	6.2% USPB generated another quarter of positive operating leverage and delivered net income of $392 million and $1.4 billion for the year, and delivered an RoTCE of 6.2% and 5.5% for the year. Source: earnings call transcript	12.9% USPB generated positive operating leverage for the tenth consecutive quarter and delivered net income of $745 million and an ROTCE of 12.9%. Source: earnings call transcript	14.5% USPB generated positive operating leverage for the 12th consecutive quarter and delivered net income of $858 million with an ROTCE of 14.5% in the quarter and 12.9% year-to-date. Source: earnings call transcript	14.3% USPB generated positive operating leverage for the 13th consecutive quarter and delivered net income of $845 million with an RoTCE of 14.3% in the quarter and 13.2% for the full year. Source: earnings call transcript	—	—	—	-0.2 pt
Employees	—	—	—	226K I want to thank Jane, my colleagues and all 226,000 employees for the privilege of serving as your CFO over the last 7 years. Source: earnings call transcript	—	219K The benefits of our past investments and productivity efforts have allowed us to gain efficiencies across our expense base and reduce our headcount to 219,000 with over $800 million of severance incurred year-to-date. Source: earnings call transcript	—	—
Efficiency ratio	—	—	—	—	58% Expenses of $14.3 billion were up 7% with an efficiency ratio of 58%, which I'll provide details on shortly. Source: earnings call transcript	—	58.5% Expenses of $14 billion were down 2% on a reported basis with an efficiency ratio of 58.5%. Source: earnings call transcript	—

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