revenue growth
5–6 pct
FY 2026
official guidance
CITIGROUP INC.
Last · NYSE$122.27-2.26 (-1.81%)close · yahoo · 11h ago
Market cap$205.10B1.68B sh
P/E · TTM12.1fwd 9.4 · eps 10.07
Beta1.11vs S&P 500
Div yield2.03%annual · TTM
52w range
$95.00$147.96
Volume13.7Msession
| Revenue | $91.4B |
|---|---|
| Net income | $16.5B |
| Free cash flow | $-48.9B |
| Net margin | 18.0% |
| Return on equity | 7.8% |
| Period | TTM 2026-06-30 |
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong BuyBuyHoldSellStrong Sell
Strong execution is offset by deliberately lower near-term returns and limited visibility into second-half spending.
Citi delivered a strong quarter—$24.8 billion of revenue (+14%), $5.8 billion of net income, $3.15 EPS and 13.0% RoTCE—with double-digit growth in four of five businesses and positive operating leverage. However, management left the 2026 RoTCE target at 10%–11% and plans to accelerate organic investment, severance and potentially funding actions, while Markets may face a seasonal second-half decline exceeding 20%; the risk/reward is improved but not yet a clean buy.
Themes
- Q2 2026 Earnings
- Ro Tce Target
- Markets Seasonality
- Services Deposits
- Cards Investment
- Banamex Exit
Near term
Markets revenue could decline more than the historical 20% from the first half to the second half if current conditions do not persist; management offered no firm second-half revenue view.
Second-half expenses may rise from accelerated investment, additional severance and structural funding actions; year-to-date severance was already $800 million versus approximately $800 million for all of 2025.
U.S. Consumer Cards revenue growth is likely to lag expense growth for several quarters as Citi increases marketing, partner, product, loyalty and customer-acquisition spending following the American Airlines portfolio acquisition.
The planned 12% dividend increase and $30 billion buyback program, including $4 billion repurchased in Q2, provide capital-return support, subject to continued capital strength.
Longer term
Services is showing genuine share and client momentum: institutional market share increased 120 basis points year over year, but management expects deposit growth to normalize from the recent 19% pace toward more sustainable levels.
Wealth is improving structurally, with 9% organic growth in investment assets and a 14.4% quarterly RoTCE, but execution must continue to prove the path toward the targeted 15%–20% returns.
Cards remains a high-return growth opportunity, but Citi is materially outspent by Capital One, American Express and JPMorgan in marketing and acknowledged that investments will take time to pay off.
Lower stress losses, stronger PPNR and potential Basel, GSIB and stress-capital-buffer changes could improve capital efficiency; Citi currently holds a 12.8% CET1 ratio, 120 basis points above its regulatory requirement.
Banamex deconsolidation is expected in early 2027, potentially freeing roughly $5 billion of capital, but will also create a capital-neutral CTA hit and reduce earnings contribution.
Red flags
Management repeatedly declined to quantify second-half investment or severance levels, leaving investors unable to determine whether the unchanged 10%–11% RoTCE target reflects conservatism, seasonality or substantial reinvestment.
Analyst pushback highlighted that 13% first-half RoTCE and a 10%–11% full-year target imply a materially weaker second half; management defended the long game rather than providing the requested math.
The consent-order timeline remains entirely at regulators’ discretion, with remaining work on data governance and regulatory reporting still unresolved.
The Cards strategy is exposed to intense competitive marketing and promotional spending, while some acquisition investment is recorded as contra-revenue, obscuring the near-term revenue drag.
Markets and investment banking benefited from unusually constructive conditions; management acknowledged that sustaining first-half performance requires an equally favorable external backdrop.
Forward outlook
Recommendation history
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
From latest 10-K · 2026-02-20
- Corporate Loan Growth
- Government Securities Concentration
- Regulatory Capital
- Interest Rate Sensitivity
- Transformation Execution
- Operational Resilience
- Cybersecurity
- Funding Risk
Red flags
- Securities exposure was concentrated in $464 billion of U.S. government and agency securities, $287 billion of foreign-government securities and $10 billion of state and municipal securities at December 31, 2025.
- Corporate loans increased to $343.7 billion from $301.4 billion one year earlier, a roughly 14% increase; the largest outside-North-America categories included $96.9 billion of commercial and industrial loans and $34.1 billion of installment and other loans.
- Long-term debt rose to $315.8 billion from $287.3 billion, while short-term borrowings totaled $51.9 billion; higher funding costs or market stress could pressure liquidity and earnings.
- Citi sold or reclassified $4.9 billion of corporate loans to held-for-sale in 2025, indicating continued portfolio repositioning and potential sensitivity to credit-market conditions.
Recent earnings
Reported · 1:01 PM UTC+2
Period
Sep 2026
EPS
$2.83Beat+8.02%
Est. revenue
23.7B
Earnings transcripts
- Issuer IR
2026psqtr2 transcript
CITIGROUP INC.
- Issuer IR
citi ID26 closing remarks transcript
CITIGROUP INC.
- Issuer IR
citi ID26 services presentation transcript
CITIGROUP INC.
- Issuer IR
citi ID26 wealth presentation transcript
CITIGROUP INC.
- Issuer IR
citi ID26 us consumer cards presentation transcript
CITIGROUP INC.
- Issuer IR
citi ID26 opening remarks transcript
CITIGROUP INC.
Press & signals
- Satelight
Wall Street banks launch record $60bn chip deal for Broadcom and Anthropic
- Satelight
Citi to speed up promotion path for junior bankers as hiring war heats up
- Satelight
US sanctions Kremlin-backed fintech A7 for allegedly assisting Iran
The rest of this company's wire — with summaries and source links — is part of Pro.
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