Citigroup (C) Q1 2026 results

Jane Fraser, CEO of CitiGroup, speaks at the World Economic Forum in Davos, Switzerland, on January 20, 2026.

Oscar Molina | CNBC

Citigroup hitting on both the top and bottom lines in the first quarter.

Here’s what the company reported Tuesday, compared to Wall Street estimates compiled by LSEG:

• Earnings per share: $3.06 versus an estimate of $2.65
• revenue: $24.63 billion versus an estimate of $23.55 billion

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

Citigroup’s return on tangible common equity, a measure of profitability, was 13.1%, the highest since 2021 and above the company’s target of 10% to 11% ROTCE.

CEO Jane Fraser said in a statement that the bank was on track to meet the ROTCE target this year and said of the company’s recent streamlining: “We have entered the final stages of our divestitures and 90% of our transformation programs are now at or near our target state.”

Citigroup, whose stock has been the best-performing major bank so far this year, has been buoyed by its turnaround efforts and relatively low valuations. The company has streamlined its operations and processed several regulatory approval orders, which are reportedly expected to be completed later this year.

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

The bank’s markets division was a key driver of first-quarter success: The larger fixed income division increased revenue 13% to $5.2 billion, beating the StreetAccount estimate of $4.68 billion. Shares rose 39% to $2.1 billion, beating estimates by about $500 million.

According to StreetAccount, investment banking performed poorly compared to estimates, with the exception of equity underwriting, which came in at $208 million, beating estimates of $186.3 million. The services unit reported a 17% increase in revenue to $6.1 billion in the quarter, beating Wall Street expectations of $5.8 billion.

Citi’s wealth and U.S. consumer card divisions were slightly reconfigured in the quarter and were not comparable to estimates. However, they each posted gains thanks to Citigold and retail banking.

The company’s provisions for credit losses were higher than expected – at $2.81 billion versus expected $2.64 billion, per StreetAccount – due to net credit losses on consumer cards and a provision for credit losses of $579 million.

Expenses increased by 7% due to severance payments and currency translation.

—CNBC’s Laya Neelakandan contributed to this report.

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