◆ Inside the Latest Quarter (Q2 2026)

Citigroup (C) — the variant view

Citi's best quarter in a decade came from every business at once, with Services earning more than 30% on its capital.

📈 C valuation, revenue & earnings — P/E, P/S, revenue, EPS →

The second quarter of 2026 was a strong one on every headline line. Revenue was $24,766 million, up 14%, and net income $5,831 million, up 45%1. Earnings per share were $3.15 against $1.962. Jane Fraser called it Citi's "best quarterly revenue in a decade"3. The return on tangible equity was 13.0% and the efficiency ratio 57.4%4.

Segment revenue, Q2 2026 ($M)7,007Markets6,382Services4,521U.S. ConsumerCards3,177Wealth1,922Banking1,737All OtherCitigroup Q2 2026 earnings release; All Other on a managed basis
Every segment grew year on year.

Every business grew. Services earned $6,382 million, up 18%, with a return of 30.9%5, and Citi said it was the highest quarterly revenue Services had delivered6. Markets earned $7,007 million, up 17%, with equities up 45%7. Banking rose 34% to $1,922 million on debt and equity underwriting8. Wealth rose 13% to $3,177 million with a 14.4% return9. U.S. Consumer Cards grew 1% to $4,521 million, and earned 22.0%10.

Costs rose less than revenue: operating expenses were $14,215 million, up 5%11. Credit costs fell, with total provisions of $2,522 million against $2,872 million12.

Capital went out the door. Citi returned about $5.0 billion, including $4.0 billion of buybacks13, and the CET1 ratio was 12.8%, about 120 basis points above its requirement14. It declared a dividend of $0.67 a share15.

Some of the profit now belongs to others. Net income attributable to noncontrolling interests was $193 million in the quarter against $14 million a year earlier16, after Citi had sold 47.6% of Banamex17.

Pre-tax income was $8,029 million, up 54%, and income taxes $2,005 million18. The balance sheet grew with it: end-of-period loans of $794 billion and deposits of $1,493 billion19.

Credit held up. The reserve against funded loans was 2.5%, down from 2.7% a year earlier, and non-accrual loans fell 4% to $3.2 billion20. The effective tax rate rose to about 25% from 23%21.

The third quarter, due on 13 October22, will show whether this was the new level. A return on tangible equity above 11% would support it; a fall back to single digits would say the first half was the high point.

References
  1. ReportedRevenue was $24,766 million, up 14%, and net income $5,831 million, up 45%.
    Citigroup second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - firm results, returns, efficiency, capital returned, tangible book value and All Other. — Q2 2026 · publ. 14 July 2026 · source ↗
  2. ReportedEarnings per share were $3.15 against $1.96.
    Citigroup second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - firm results, returns, efficiency, capital returned, tangible book value and All Other. — Q2 2026 · publ. 14 July 2026 · source ↗
  3. ReportedJane Fraser called it Citi's "best quarterly revenue in a decade".
    Citigroup second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - firm results, returns, efficiency, capital returned, tangible book value and All Other. — Q2 2026 · publ. 14 July 2026 · source ↗
  4. ReportedThe return on tangible equity was 13.0% and the efficiency ratio 57.4%.
    Citigroup second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - firm results, returns, efficiency, capital returned, tangible book value and All Other. — Q2 2026 · publ. 14 July 2026 · source ↗
  5. ReportedServices earned $6,382 million, up 18%, with a return of 30.9%, and Citi said it was the highest quarterly revenue Services had delivered.
    Citigroup second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - Services, Markets and Banking results and key metrics. — Q2 2026 · publ. 14 July 2026 · source ↗
  6. ReportedServices earned $6,382 million, up 18%, with a return of 30.9%, and Citi said it was the highest quarterly revenue Services had delivered.
    Citigroup second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - Services, Markets and Banking results and key metrics. — Q2 2026 · publ. 14 July 2026 · source ↗
  7. ReportedMarkets earned $7,007 million, up 17%, with equities up 45%.
    Citigroup second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - Services, Markets and Banking results and key metrics. — Q2 2026 · publ. 14 July 2026 · source ↗
  8. ReportedBanking rose 34% to $1,922 million on debt and equity underwriting.
    Citigroup second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - Services, Markets and Banking results and key metrics. — Q2 2026 · publ. 14 July 2026 · source ↗
  9. ReportedWealth rose 13% to $3,177 million with a 14.4% return.
    Citigroup second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - Wealth and U.S. Consumer Cards results and key metrics. — Q2 2026 · publ. 14 July 2026 · source ↗
  10. ReportedU.S. Consumer Cards grew 1% to $4,521 million, and earned 22.0%.
    Citigroup second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - Wealth and U.S. Consumer Cards results and key metrics. — Q2 2026 · publ. 14 July 2026 · source ↗
  11. ReportedCosts rose less than revenue: operating expenses were $14,215 million, up 5%.
    Citigroup second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - firm results, returns, efficiency, capital returned, tangible book value and All Other. — Q2 2026 · publ. 14 July 2026 · source ↗
  12. ReportedCredit costs fell, with total provisions of $2,522 million against $2,872 million.
    Citigroup second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - firm results, returns, efficiency, capital returned, tangible book value and All Other. — Q2 2026 · publ. 14 July 2026 · source ↗
  13. ReportedCiti returned about $5.0 billion, including $4.0 billion of buybacks, and the CET1 ratio was 12.8%, about 120 basis points above its requirement.
    Citigroup second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - firm results, returns, efficiency, capital returned, tangible book value and All Other. — Q2 2026 · publ. 14 July 2026 · source ↗
  14. ReportedCiti returned about $5.0 billion, including $4.0 billion of buybacks, and the CET1 ratio was 12.8%, about 120 basis points above its requirement.
    Citigroup Form 10-Q for the quarter ended 30 June 2026 - results, capital, the $30 billion repurchase program, dividends, staff, U.S. Consumer Cards partners and the American Airlines portfolio. — Q2 2026 · publ. 6 August 2026 · source ↗
  15. ReportedIt declared a dividend of $0.67 a share.
    Citigroup Form 10-Q for the quarter ended 30 June 2026 - results, capital, the $30 billion repurchase program, dividends, staff, U.S. Consumer Cards partners and the American Airlines portfolio. — Q2 2026 · publ. 6 August 2026 · source ↗
  16. ReportedNet income attributable to noncontrolling interests was $193 million in the quarter against $14 million a year earlier, after Citi had sold 47.6% of Banamex.
    Citigroup Form 10-Q for the quarter ended 30 June 2026 - results, capital, the $30 billion repurchase program, dividends, staff, U.S. Consumer Cards partners and the American Airlines portfolio. — Q2 2026 · publ. 6 August 2026 · source ↗
  17. Moat Explorer calcNet income attributable to noncontrolling interests was $193 million in the quarter against $14 million a year earlier, after Citi had sold 47.6% of Banamex.
    Moat Explorer calculation from Citigroup and peer figures ($ millions unless stated). Deposit cost: Bank of America 34,513 / (1,469,705 + 514,477) = 34,513 / 1,984,182 = 1.74%; Citi non-interest-bearing share 202,705 / 1,363,051 = 14.9%, about 15%; gap to JPMorgan 2.57% - 1.80% = 0.77 points; 0.0077 x 1,363,051 = 10,495, about $10.5 billion a year; 10,495 / 19,828 pre-tax income = 53%, more than half; JPMorgan average deposits 2,506,565 / 1,363,051 = 1.84 times. Market value: JPMorgan 911.91 / Citi 225.24 = 4.05, about four times; Citi / JPMorgan 225.24 / 911.91 = 0.247, about a quarter, about 0.25. Card partners: 12% x 85,225 = 10,227, roughly $10.2 billion. Institutional deposits 934 / 1,403.6 = 66.5%, about two-thirds, about 67%; other deposits 1,403.6 - 934 = 469.6. Banamex stake sold 25% + 22.6% = 47.6%. Shares: period-end common shares 1,747.5 / 1,903.1 - 1 = -8.2%, about 8%; average diluted shares 1,873.1 / 3,007.7 - 1 = -37.7%, about 38%. Market value over tangible common equity at year end ($bn): 2018 127.14 / 151.078 = 0.84; 2019 174.42 / 148.809 = 1.17; 2020 128.37 / 153.389 = 0.84; 2021 119.83 / 157.077 = 0.76; 2022 87.60 / 158.151 = 0.55; 2023 98.45 / 164.025 = 0.60; 2024 133.13 / 167.698 = 0.79; 2025 208.79 / 169.618 = 1.23. Trailing twelve months to June 2026: net income 14,306 - 8,083 + 11,616 = 17,839; revenue 85,225 - 43,264 + 49,399 = 91,360; diluted EPS 6.99 - 3.92 + 6.21 = 9.28; P/E 225,250 / 17,839 = 12.6; P/S 225,250 / 91,360 = 2.47. Year-end P/E and P/S (market value over net income and revenue): 2015 154.16 / 17.242 = 8.94, 154.16 / 77.277 = 1.995; 2016 169.36 / 14.912 = 11.36, / 70.797 = 2.392; 2017 196.74 / 73.693 = 2.670 (net loss); 2018 127.14 / 18.045 = 7.05, / 74.036 = 1.717; 2019 174.42 / 19.401 = 8.99, / 75.067 = 2.324; 2020 128.37 / 11.047 = 11.62, / 75.501 = 1.700; 2021 119.83 / 21.952 = 5.46, / 71.574 = 1.674; 2022 87.60 / 14.845 = 5.90, / 74.982 = 1.168; 2023 98.45 / 9.228 = 10.67, / 78.066 = 1.261; 2024 133.13 / 12.682 = 10.50, / 80.722 = 1.649; 2025 208.79 / 14.306 = 14.59, / 85.225 = 2.450. More: end-of-period deposits 1,493 / 1,403.6 - 1 = 6.4%, about 6%; Markets average loans 176 / 794 total loans = 22.2%, about 22%; JPMorgan deposit-cost gap 2.72 - 1.70 = 1.02 points (2023), 3.06 - 2.08 = 0.98 points (2024), about 1.0 point; Bank of America non-interest-bearing share 514,477 / 1,984,182 = 25.9%, about 26%; Services old-basis average deposits 935 / 1,422 = 65.8%, about 66%; AO Citibank assets 13.5 / 2,657.2 = 0.51%, about 0.5%; loss 1.2 / 13.5 = 8.9%, about 9%. Card partners against the card segment: 10,227 / 18,258 = 56%, more than half. Return improvement to target: 14.5 - 8.8 = 5.7 points, roughly six. Forecast extrapolation: 2026 revenue 49,399 x 2 = 98,798; 2026 EPS 134.28 / 11.58 = 11.60; revenue growth (85,225 / 78,066)^(1/2) - 1 = 4.5% a year. — FY2015-Q2 2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Citigroup's Forms 10-K and 10-Q, JPMorgan's and Bank of America's Forms 10-K, and market data from stockanalysis and companiesmarketcap; operands shown in the source line.
  18. ReportedPre-tax income was $8,029 million, up 54%, and income taxes $2,005 million.
    Citigroup second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - firm results, returns, efficiency, capital returned, tangible book value and All Other. — Q2 2026 · publ. 14 July 2026 · source ↗
  19. ReportedThe balance sheet grew with it: end-of-period loans of $794 billion and deposits of $1,493 billion.
    Citigroup second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - firm results, returns, efficiency, capital returned, tangible book value and All Other. — Q2 2026 · publ. 14 July 2026 · source ↗
  20. ReportedThe reserve against funded loans was 2.5%, down from 2.7% a year earlier, and non-accrual loans fell 4% to $3.2 billion.
    Citigroup second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - firm results, returns, efficiency, capital returned, tangible book value and All Other. — Q2 2026 · publ. 14 July 2026 · source ↗
  21. ReportedThe effective tax rate rose to about 25% from 23%.
    Citigroup second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - firm results, returns, efficiency, capital returned, tangible book value and All Other. — Q2 2026 · publ. 14 July 2026 · source ↗
  22. ReportedThe third quarter, due on 13 October, will show whether this was the new level.
    Citigroup (C) market data - $134.28 at the close on 25 September 2026, market value $225.25 billion, trailing P/E 14.60, forward P/E 11.58, dividend $2.68, next earnings date 13 October 2026. — September 2026 · publ. 25 September 2026 · source ↗
Sources
Generated September 28, 2026