The Quarter in Brief
Citigroup reported its third quarter of 2026, the three months ended September 30, on the morning of October 13. Revenue was $23.85 billion, up 8% from a year earlier and, in the bank's words, its best third quarter in a decade. Net income was $5.25 billion, up 40%, and earnings per share were $2.85, up 53% from $1.86. Part of that jump is a base effect: a year ago the bank booked a $726 million goodwill write-down tied to the sale of a stake in Banamex, its Mexican bank. Leaving that out, last year's figure was $2.24 and the increase was 27%.
Both figures were above expectations: analysts had expected about $2.66 a share and about $23.74 billion of revenue, according to Financial Modeling Prep's consensus. This quarter had no items the bank excludes, so its reported and adjusted figures are the same. What made the quarter different was the gap between revenue and costs. Revenue grew 8% while expenses fell 2%, or rose 3% leaving out last year's write-down, and the bank raised its outlook for the year. Yet the shares fell 5.6% on the day.