Citigroup Q3 2026: revenue up 8% to $23.8B and RoTCE 11.5%, as US card non-interest revenue fell 62%

Citigroup is organised around five reporting businesses: Services (treasury, trade and securities services for companies and institutions), Markets, Banking, Wealth and US Consumer Cards, plus an “All Other” bucket that holds Legacy Franchises, including its Mexico businesses, where Citi has agreed to sell a 25% stake in Banamex. Net interest income made up about 71% of third-quarter revenue (our arithmetic).

Two measures matter most for reading the quarter. Return on average tangible common equity (RoTCE, a non-GAAP measure) is the yardstick Citi itself uses for its targets, and it rose to 11.5% from 8.0% a year earlier. And headline EPS needs one adjustment: last year’s third quarter carried a goodwill impairment that this year’s did not. The sections below make that adjustment first, then look at which businesses moved the numbers.

Citigroup Q3 2026 results at a glance

$ millions, except per share and %	Q3 2026	Q2 2026	Q3 2025
Total revenues, net of interest expense	23,845	24,766	22,090
Net interest income	16,982	17,125	14,940
Non-interest revenue	6,863	7,641	7,150
Total operating expenses	13,952	14,215	14,290
Provision for credit losses	2,586	2,522	2,450
Net income	5,245	5,831	3,752
Diluted EPS	$2.85	$3.15	$1.86
RoTCE	11.5%	13.0%	8.0%
CET1 ratio	12.8%	12.8%	13.3%

The Q3 2025 expenses include a $726 million goodwill impairment related to the agreement to sell a 25% stake in Banamex ($714 million after tax). Excluding it, year-ago net income was $4.5 billion and EPS $2.24, per the release.

The EPS jump, with and without the impairment

Reported EPS rose 53% to $2.85. Against the year-ago figure excluding the Banamex impairment, it rose 27%; the $2.24 is Citi’s own non-GAAP figure excluding the notable item, and by our reading the fairer comparison of the two quarters. Revenue rose 8%, expenses fell 2% as reported but rose 3% excluding the impairment, and the effective tax rate fell to about 26% from 29%. A lower share count from buybacks also lifted EPS. The efficiency ratio improved to 58.5% from 64.7%, or from about 61% excluding the impairment (our arithmetic).

Against Q2, net income fell 10% and EPS fell to $2.85 from $3.15, with Markets revenue down 13%, Banking 9% and All Other 18% from the second quarter.

Services, Markets, Banking and Wealth grew

Revenue, $ millions	Q3 2026	Q3 2025	Change
Services	6,614	5,730	+15%
Markets	6,113	5,745	+6%
Banking (incl. loan hedges)	1,741	1,647	+6%
Wealth	3,269	2,839	+15%
US Consumer Cards	4,664	4,656	—
All Other (managed basis)	1,432	1,471	−3%

Services was the largest contributor. Treasury and Trade Solutions revenue rose 16% on higher deposit balances and spreads, with cross-border transaction value and commercial card spend each up 10%; Securities Services rose 13%, with fees helped by assets under custody and administration up 16% to a preliminary $35 trillion. Services earned $2.6 billion, up 27%, at a 31.2% RoTCE.

In Markets, equities rose 14% on prime services, and fixed income 4%, as spread products grew 13% while rates and currencies were flat. Within Banking, equity capital markets revenue rose 77% while advisory and debt capital markets declined. Wealth grew in all three businesses, with net interest income up 20% on higher deposit spreads; Wealth net income nearly doubled, up 93% to $585 million.

US cards: loans grew, fees went the other way

US Consumer Cards revenue was flat at $4,664 million. Net interest income rose 6% to $5,422 million on higher interest-earning balances, but non-interest revenue was negative $758 million, against negative $468 million a year earlier, which the release prints as a 62% decrease. The release attributes that to higher partner payment accruals and rewards costs, partly offset by higher interchange and annual fees. Net credit losses fell 4% to $1,670 million, on better performance in private label cards, but a net reserve build of $208 million, which the release ties primarily to the macroeconomic outlook, pushed the card provision to about $1.9 billion. Card net income fell 8% to $851 million.

Credit and capital

The group provision of $2,586 million combined $2,217 million of net credit losses, unchanged from a year earlier, and a net reserve build of $369 million (a $333 million allowance build plus $36 million of other provisions), driven by changes in the macroeconomic outlook and portfolio growth. The allowance for credit losses on loans was $20.1 billion, 2.5% of funded loans against 2.7% a year earlier. Non-accrual loans fell 12% to $3.3 billion.

The preliminary CET1 ratio was 12.8%, unchanged from June 30: net income and a lower deferred-tax-asset deduction offset buybacks, dividends and unrealized losses on available-for-sale securities, per the release. Citi returned $4.1 billion to common shareholders in buybacks and dividends, a payout ratio of 85%. Book value per share rose 7% to $115.61 and tangible book value per share 6% to $101.59.

What to watch in Q4

• RoTCE against Citi’s own goal. The CEO’s commentary refers to an “11-13% near-term goal” and says Citi expects to exceed this year’s return target. Q3 RoTCE was 11.5%.
• Card partner payments. Card non-interest revenue was −$758 million; the trend in partner accruals and rewards decides whether card loan growth turns into profit.
• The reserve build. $369 million in Q3, driven by the macroeconomic outlook and portfolio growth; the card reserve build ($208 million) was tied to the macroeconomic outlook.
• Markets. Q3 Markets revenue of $6.1 billion fell 13% from $7.0 billion in Q2 but rose 6% from a year earlier.
• Banamex. The year-ago impairment tied to the 25% stake sale shows how that transaction can move reported earnings.

Quick answers

How much did Citigroup earn in Q3 2026?

Net income was $5,245 million, or $2.85 per diluted share, against $3,752 million and $1.86 a year earlier. Excluding the year-ago $726 million Banamex-related goodwill impairment, year-ago EPS was $2.24, so EPS rose 27% on that basis.

What was Citigroup’s revenue in Q3 2026?

$23,845 million, up 8% from $22,090 million a year earlier. Net interest income rose 14% to $16,982 million and non-interest revenue fell 4% to $6,863 million.

What is Citigroup’s CET1 ratio?

The preliminary CET1 capital ratio was 12.8% at September 30, 2026, unchanged from June 30 and down from 13.3% a year earlier.

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Sources and method. Consolidated and segment results, credit metrics, the capital ratio, book values, capital returns and the CEO’s commentary are Citigroup’s own disclosures in Exhibit 99.1 to the Form 8-K filed 2026-10-13 (accession 0001104659-26-115323) for the quarter ended 2026-09-30, read directly from SEC EDGAR and linked above. Total net interest income and non-interest revenue, the quarterly EPS history and some segment detail come from the Financial Supplement, Exhibit 99.2 to the same 8-K. The filing was accepted at 10:09 ET on 2026-10-13 (EDGAR filing index); the filing does not state when the release itself was issued, so this page gives no before-the-open or after-the-close timing. The CET1 ratio is preliminary, as the release states.

No consensus estimate is included, so this piece makes no claim that the quarter beat or missed expectations. The release gives no quarterly revenue or earnings outlook; the only forward reference used is the CEO’s return goal. This piece makes no claim about the share-price reaction.

Our arithmetic, labelled as such: net interest income at about 71% of revenue ($16,982 million of $23,845 million); and the year-ago efficiency ratio of about 61% excluding the impairment (($14,290 million − $726 million) ÷ $22,090 million). These are approximations built on the disclosed figures, not reported numbers. All other growth rates, ratios and changes are as printed in the release or supplement. The interpretation — that the institutional and wealth businesses drove the quarter while card partner payments held back US Consumer Cards — is our analysis, not a company statement, and is not a forecast.

Related: JPMorgan Chase Q3 2026 and Bank of America Q3 2026, which reported the same quarter.