UBS Group AG (UBS) Earnings
UBS Group AG is expected to report next earnings on July 29, 2026 (in NaN days), with a consensus EPS estimate of $0.80. UBS has beaten EPS estimates in 10 of its last 11 reported quarters (average surprise +29.3% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 29, 2026 | $0.85 | $0.94 | +10.6% | $13.6B | +3.7% |
| Feb 4, 2026 | $0.25 | $0.37 | +48.0% | $14.6B | +24.6% |
| Oct 29, 2025 | $0.49 | $0.76 | +55.9% | $12.2B | +2.3% |
| Jul 30, 2025 | $0.70 | $0.72 | +2.9% | $18.3B | +92.1% |
| Apr 30, 2025 | $0.42 | $0.51 | +21.4% | $10.9B | +13.7% |
| Feb 4, 2025 | $0.31 | $0.23 | -25.8% | $10.6B | -3.2% |
| Oct 30, 2024 | $0.35 | $0.43 | +22.9% | $11.0B | +0.6% |
| Aug 14, 2024 | $0.30 | $0.34 | +13.3% | $11.9B | +5.0% |
| Aug 1, 2023 | — | $0.61 | — | $9.5B | — |
| Jan 31, 2023 | $0.38 | $0.50 | +31.6% | $8.0B | -0.6% |
| Oct 25, 2022 | $0.46 | $0.52 | +13.0% | $8.0B | -2.0% |
| Jul 26, 2022 | $0.48 | $0.61 | +27.1% | $8.1B | -13.1% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q3 FY2025 · October 29, 2025
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### Management Statement and Operational Highlights - **Integration Progress**: Over 2/3 of Swiss client accounts migrated, with personal banking nearly complete and corporate/institutional transfers underway. Integration of Asset Management substantially complete. - **Cost Savings**: Achieved $900 million of incremental gross run rate cost saves in Q3, with cumulative total reaching $10 billion, 1 quarter ahead of schedule. - **Litigation Resolutions**: Resolved significant legacy litigation related to Credit Suisse's RMBS matter and UBS' legacy cross-border matter in France. - **AI Capabilities**: 340 live AI use cases across the bank. - **National Bank Charter**: Filed application for a national bank charter in the U.S., expected approval in 2026.
Guidance
### Guidance - **Tax Rate**: Expect tax rate to normalize in Q4, resulting in low double-digit effective tax rate for full year 2025. - **Cost Savings**: Expect moderately lower integration costs in Q4 as the program enters final stretch. Cumulative gross run rate cost saves reached $10 billion, 1 quarter ahead of schedule. - **IB Outlook**: Expect banking activity to normalize from Q3's exceptional levels due to seasonality and potential U.S. government shutdown impacts. - **GWM Outlook**: Expect turnover to moderate in GWM, supported by healthy recruiting pipeline and record number of advisers staying.
Segment performance
### Segment Performance - **Global Wealth Management (GWM)**: Delivered pretax profit of $1.8 billion. Invested assets increased 4% sequentially to $4.7 trillion. Net new assets were $38 billion, with Asia Pacific contributing $38 billion. Recurring net fee income grew 7% to $3.5 billion, transaction-based income rose 11% to $1.3 billion, and net interest income was $1.6 billion, up 3% YoY. - **Personal & Corporate Banking (P&C)**: Pretax profit was CHF 668 million, up 1% YoY. Revenues across recurring net fee and transaction-based income were up 2%. Net interest income decreased 9% YoY, but sequentially Swiss franc NII increased 1%. - **Asset Management**: Pretax profit was $282 million, up 19% YoY. Invested assets surpassed $2 trillion for the first time. Net new money was $18 billion, with positive flows across all asset classes. - **Investment Bank (IB)**: Pretax profit was $787 million, more than double YoY. Revenues reached $3 billion, with banking revenues up 52% and global markets revenues up 14%. - **Noncore and Legacy**: Pretax profit was $102 million, with negative revenues of $42 million. Operating expenses were driven by net litigation releases.
Risks & headwinds
### Risks - **Macro Uncertainties**: Clouded outlook for Swiss economy due to macro uncertainties, strong Swiss franc, and higher U.S. tariffs. - **U.S. Government Shutdown**: May delay capital market activities. - **Interest Rate Environment**: Low interest rates in Switzerland and U.S. impacting net interest income in certain segments.
Analyst Q&A
Q: It seems clear that UBS is already ahead of the plan. Why wait for Q4 before upgrading the guidance? And comments on First Brands and O'Connor?
A: Thanks for recognizing progress. The planning process is ongoing, including year-end planning for integration budgets, gross run rate cost saves, and division outlooks. On First Brands, UBS has no balance sheet exposure, affected funds were for sophisticated investors with risk disclosures. Working to protect clients' interests in O'Connor sale to Cantor Fitzgerald.
Q: Benefits of National Charter and net new asset outlook for Wealth Management Americas?
A: National Charter will broaden banking capabilities. On net new assets, adviser movement led to negative net new assets in Americas, but pretax margins improving as strategic reset drives operating leverage. Turnover expected to taper with healthy recruiting pipeline.
Q: Asia flows and dividend accruals from UBS AG?
A: Asia flows were strong with constructive market backdrop and post-integration momentum. In 3Q, no additional dividends accrued from UBS AG to group, but $6.5 billion second tranche of $13 billion accrued in prior year was paid.
Q: Appeal of AT1 ruling and cost savings breakdown?
A: Being party in proceedings to safeguard AT1 instruments' credibility. Technology expected to make up close to 40% of residual $3 billion gross run rate cost saves, with headcount capacity and third-party costs making up remaining.
Q: AT1 write-down liability and U.S. competitive dynamics?
A: Write-down was integral part of rescue transaction, no additional legal liability. U.S. competitive dynamics monitored, but focus on capital-light strategy and executing appropriately in U.S. Wealth and IB.
Q: Global Wealth Management unit performance and Q4 buyback accrual?
A: Global Wealth Management unit performance affected by integration expenses. Q4 buyback accrual to be determined based on integration progress and capital requirements visibility. At time of acquisition, Credit Suisse had no outstanding AT1 instruments.
Q: Buyback plans, integration of Swiss operations, and NII guidance?
A: Share buyback in 2026 to be determined with integration progress and capital requirements. Integration of Swiss operations progressing well with most clients happy. NII in Q4 expected stable due to balance sheet management in low interest rate environment.
Q: National Bank Charter impact and U.S. government shutdown materiality?
A: National Bank Charter to enhance NII and banking capabilities over time. U.S. government shutdown potential headwind on ECM revenues, but materiality difficult to frame.
Q: Litigation similarities/differences and NII trajectory?
A: No comment on other firms' litigation. NII in Q4 expected stable due to low interest rates and balance sheet management, with challenges in moving NII given current rate environment.
Q: Capital upstreaming and credit exposure to NBFIs?
A: Expect capital upstreaming from subsidiaries as balance sheet derisking continues. Credit exposure to NBFIs is comfortable with investment grade counterparties and collateralized positions.
Q: U.S. wealth operating margin and PCB balance sheet development?
A: Changes to grid in U.S. wealth are pretax margin accretive, with turnover expected to taper. PCB balance sheet management focuses on extending credit to clients in Switzerland, with balance sheet development monitored in cloudy Swiss outlook.