Latest quarter
Citigroup reported Q3 FY2026 revenue of $23.8 billion, compared with consensus revenue of $23.7 billion, or 0.78% above the consensus. The company reported adjusted EPS, as the consensus counts it, of $2.85, versus the $2.66 consensus estimate, a 7.14% difference. Citigroup said third-quarter revenue rose 8% year over year to $23.8 billion.
The company said net interest income grew 14%, helped by 12% growth in average loans to $809 billion. Citigroup reported Q3 FY2026 net income of $5.2 billion. Its filing said the provision for credit losses was $2.6 billion, including a $369 million reserve build tied to a softer macro outlook. Citigroup also reported that U.S. Consumer Cards net income fell 8% to $851.0 million, while net credit losses were flat at $2.2 billion.
Citigroup reported gross margin of 52.3% in Q3 FY2026, versus 50.4% a year earlier, and operating margin of 16.0%, versus 12.2% a year earlier. For Q2 FY2026, Citigroup reported free cash flow of −$25.6 billion.
| Q3 FY2026 | Q3 FY2025 | Change | |
|---|---|---|---|
| Revenue | $45.6 billion | $43.8 billion | 4.08% |
| Diluted EPS | $3.18 | $1.86 | 70.7% |
| Gross margin | 52.3% | 50.4% | 1.9 percentage points |
| Operating margin | 16.0% | 12.2% | 3.8 percentage points |
| Free cash flow | −$25.6 billion | −$38.3 billion | — |
| Against the consensus | Reported | Consensus | Result |
|---|---|---|---|
| Adjusted EPS | $2.85 | $2.66 | Beat by 7.14% |
| Revenue | $23.8 billion | $23.7 billion | Beat by 0.78% |
Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.
What management said on the call
On Citi’s Q2 2026 earnings call, Jane Fraser said the company reported net income of $5.8 billion, EPS of $3.15 and ROTCE of 13% for the quarter. Fraser said Services delivered its highest quarterly revenue, with cross-border transactions up 13%, deposits up 19% and assets under custody and administration up more than 20%. She said Markets revenue rose 17% and crossed $7 billion, with Equities up more than 40%, while Banking revenue climbed 34% and investment-banking revenue rose 44%.
Fraser said Wealth revenue increased 13% for a ninth consecutive quarter, while client investment assets grew 14% and net new investment assets reached $30 billion so far in 2026. She said Citi’s U.S. consumer-cards investments, including products and partners, affected operating leverage in that business during the quarter. In response to a question on card spending, Fraser said Citi would increase marketing spending across products, customer acquisition, partnerships, its lifestyle platform and AI, while saying that these investments would take time to generate returns.
On margins and expenses, Fraser said Citi was investing in its businesses while reducing transformation and stranded costs. She said much of the transformation work was winding down and that Citi was applying what it had learned from large-scale implementation to use AI across its businesses and functions. Fraser said nearly nine out of 10 employees were using Citi’s AI tools.
In response to questions about client demand, Fraser said Citi’s global corporate clients had strong balance sheets and diversified revenue streams, which she said enabled them to adapt to tariffs, supply-chain shifts and energy shocks. She said European companies were focused on the United States and Asia for growth, while an AI-driven electronics upcycle was supporting parts of Asia.
Fraser said Citi would not provide a geographic breakdown for its business, but cited institutional market-share gains, client wins and growth with asset managers and fintechs. Asked about Banamex, Fraser said Citi did not expect additional sales in 2026 and expected deconsolidation in early 2027, followed by an IPO when market conditions allow.
Guidance
Management guidance was not available for this page. As a result, Citigroup’s current outlook for the period cannot be compared here with its prior guidance, and no changed, reaffirmed or withdrawn company measures are stated in this section.