Citigroup Inc. (C) Earnings
Citigroup Inc. is expected to report next earnings on July 14, 2026 (in NaN days), with a consensus EPS estimate of $2.59. C has beaten EPS estimates in 11 of its last 12 reported quarters (average surprise +3.9% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 14, 2026 | $2.65 | $3.06 | +15.5% | $24.6B | +4.4% |
| Jan 21, 2026 | $1.80 | $1.34 | -25.6% | $40.9B | — |
| Nov 6, 2025 | $1.73 | $1.86 | +7.5% | $22.1B | +4.8% |
| Jul 15, 2025 | $1.66 | $1.96 | +18.1% | $21.7B | +3.2% |
| Apr 15, 2025 | $1.85 | $1.96 | +5.9% | $21.6B | +1.6% |
| Jan 15, 2025 | $1.21 | $1.34 | +10.7% | $19.6B | +0.4% |
| Oct 15, 2024 | $1.31 | $1.51 | +15.3% | $20.3B | +2.0% |
| Jul 12, 2024 | $1.39 | $1.52 | +9.4% | $20.1B | +0.4% |
| Apr 12, 2024 | $1.23 | $1.86 | +51.2% | $21.0B | +2.7% |
| Jan 12, 2024 | $0.73 | $0.84 | +15.1% | $18.8B | +0.5% |
| Oct 13, 2023 | $1.21 | $1.52 | +25.6% | $19.7B | +2.2% |
| Jul 14, 2023 | $1.30 | $1.37 | +5.4% | $19.4B | +0.9% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 14, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Strong first quarter with net income $5.8 billion, EPS $3.06, ROTCE 13.1%, 4 core businesses had double-digit revenue growth. • Services excelled with new mandates up 40%, revenues up 17%, deposits and assets under custody growing. • Markets had best quarter in over a decade, revenues up 19%, equities and FIC showing growth. • Banking saw fees up 12%, ECM up over 60%, advising on major deals. • Wealth had eighth straight quarter of growth, Citi Gold and retail banking up 13%, investment revenue rising. • Divestitures ongoing, with Banamex and Poland consumer business sales in progress. • Transformation 90% of programs at target state, starting to reduce transformation spend. • AI being methodically deployed across firm for various benefits
Guidance
• NII ex-markets expected to be up approximately 5% to 6%. • NIR ex-markets growth driven by services, banking, wealth. • Efficiency ratio around 60%. • Total U.S. credit cards NCL rate between 4% and 4.5%. • On track to deliver 10% to 11% ROTCE for the year, more detail on share repurchases at investor day
Segment performance
Services: Revenues up 17%, new mandates up 40%, deposits grew by 16%, assets under custody and administration up over 20%. Markets: Revenues up 19%, equities up nearly 40%, FIC up 13%. Banking: Fees up 12%, ECM up over 60%. Wealth: Eighth straight quarter of growth, Citi Gold and retail banking up 13%, investment revenue grew 11%, client investment assets up 14%. U.S. consumer cards: 4% revenue growth, 19% ROTCE. Other: Revenues up 15% driven by legacy franchises, expenses down 4%
Risks & headwinds
• Global macroeconomy facing shocks, Middle East conflict affecting regions differently. • Inflation risk to growth, possible restrictive monetary policies. • Uncertainty in macroeconomic outlook impacting credit losses and ACL. • Regulatory changes' potential impact on capital and operations
Analyst Q&A
Q: Glenn Shore inquired about services, including BlackRock Middle Office and growth outlook.
A: Services performance from executing strategy, growth via client deepening, new clients, innovations.
Q: Mike Mayo asked about acquisitions and last 10% of transformation.
A: Citi focused on organic growth, no acquisitions; remaining transformation related to data for regulatory reporting.
Q: John McDonald asked about Basel and G-SIB proposals and efficiency ratio.
A: Net benefit to Citi from proposals; efficiency ratio target 60 with cost and structural efficiencies.
Q: Ibrahim Poonawalla asked about capital and CET1.
A: CET1 around 12.6%, earnings and Russia entity sale contributing, capital deployment plans.
Q: Jim Mitchell asked about consumer branch banking.
A: Progress in retail and wealth franchises, driving growth and operating leverage.
Q: Monongo Salia asked about capital deployment and tech stack.
A: Capital deployment supported by events, tech stack modernized with single platforms and data architecture.
Q: Ken Houston asked about NII sustainability.
A: NII growth anchored by client activity, commercial intensity.
Q: Stephen Chuback asked about DTA and headcount.
A: Accelerate DTA via North American earnings, headcount management with severance and AI.
Q: Erica Najarian asked about management buffer and Basel.
A: Management buffer of 100 basis points, no immediate change.
Q: David Chiaverini asked about capital markets and Banamex IPO.
A: Strong M&A pipeline, Banamex IPO after deconsolidation in 2027.
Q: Gerard Cassidy asked about leverage loans and private label cards.
A: Disciplined risk management in leverage loans, private label cards affected by customer behavior.
Q: Vivek Duneja asked about capital benefit and DTA pace.
A: Moderate capital benefit, expect DTA reduction over $800 million this year.
Q: Chris McGrady asked about AI and rate sensitivity.
A: AI deployment with four buckets for ROE, well-diversified rate sensitivity