Citigroup (C) earnings 1Q 2026

citigroup The top and bottom lines were beaten in the first quarter.

Here’s what the company does reported on TuesdayCompared to Wall Street estimates compiled by LSEG:

• Earnings per share: $3.06 versus $2.65 estimated
• Revenue: $24.63 billion and $23.55 billion forecast

These results marked the firm’s best quarterly earnings in a decade and a 56% year-over-year increase in earnings per share.

Citigroup’s return on tangible equity, a measure of profitability, reached its highest level since 2021 at 13.1%, above the firm’s ROTCE target of 10% to 11%.

CEO Jane Fraser said in a statement that the bank was on track to meet its ROTCE target this year and commented on the firm’s recent arrangements: “We have entered the final phase of our disposals and 90% of our transformation programs are now at or near target status.”

Citigroup, whose shares have been the best year-to-date performers among major banks, has been supported by recovery efforts and relatively low valuations. The firm is streamlining its operations and working on several regulatory consent orders, which it reportedly expects to complete this year.

However, due to its global footprint, Citigroup is also perceived to be more affected by the geopolitical environment than many of its peers.

The bank’s markets division was a big factor in its rise in the first quarter; The larger, fixed income division’s revenue rose 13% to $5.2 billion, while shares rose 39% to $2.1 billion.

Investment banking was light compared to forecasts, except for better equity underwriting. The services unit’s revenue rose 17% to $6.1 billion in the quarter, beating Wall Street expectations.

Citi’s wealth and U.S. consumer cards divisions were slightly restructured in the quarter and were not comparable to estimates. But thanks to Citigold and retail banking, each of them made a profit.

The firm’s allowance for credit losses was higher than expected due to net credit losses on consumer cards and a credit loss allowance of $579 million.

Expenses increased by 7% due to severance and foreign currency conversion.

This story is developing. Please check back for updates.