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Call sheet · Q3'26

Citigroup (C)

Q3'26 earnings call · held October 13, 2026 · compared with the Q2'26 call · management-credibility review
8/12
Disclosure score
1 medium, 1 low flags
Financial quality
Bottom line
Citi raised full-year ROTCE guidance to above 11% while describing Q4 markets seasonality. Compare the eventual full-year result on the same basis. USCC non-interest revenue fell 62% year over year, so the next useful detail is the bridge from partner payments and rewards costs to total card profitability. The additional 1.4% Banamex sale differs from the prior expectation; transaction timing and changed assumptions need explanation, not an unsupported governance allegation.

The 30-second version

  • Banamex sales differed from the prior expectation
  • Higher full-year return guidance already considers Q4 seasonality
  • Card non-interest revenue needs its own cost and revenue bridge

What changed this quarter

MetricQ2'26Q3'26Change
Net Income$5.8B (Q2'26)$5.2B (Q3'26)-10% sequential decline
EPS$3.15 (Q2'26)$2.85 (Q3'26)-9.5% sequential
ROTCE13.0% (Q2'26)11.5% (Q3'26)-150 bps sequential
Total Revenue$24.8B (Q2'26)$23.8B, +8% YoY (Q3'26)Sequential dip, YoY growth decelerating from 14%
Services Revenue Growth YoY+18% (Q2'26)+15% (Q3'26)-300 bps deceleration
Services ROTCE30.9% (Q2'26)31.2% (Q3'26)+30 bps, still far above stated mid-20s through-cycle target
Markets Revenue Growth YoY+17% (Q2'26)+6% (Q3'26)-1100 bps deceleration, biggest swing on the sheet
Banking Revenue Growth YoY+34% (Q2'26)+6% (Q3'26)-2800 bps deceleration off a record comp
Wealth Revenue Growth YoY+13% (Q2'26)+15% (Q3'26)+200 bps, still accelerating
Wealth NIR Growth YoY+4% (Q2'26)+5% (Q3'26)Flat-ish despite NNIA up over 100%

Accountability tracked

5 new promises made2 narrative shifts flagged4 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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