Key Highlights

  • First quarter earnings per share reached $3.06, surpassing the analyst consensus of $2.63
  • Quarterly revenue totaled $24.6B, representing the strongest performance in ten years and an increase from $21.7B in the prior year period
  • The markets division delivered exceptional results, with fixed income revenue climbing 13% and equities soaring 39% compared to last year
  • Net income increased 42% year-over-year to $5.8B; return on tangible common equity reached 13.1%, exceeding the 10-11% target range
  • Chief Executive Jane Fraser maintained 2026 projections and indicated that 90% of transformation initiatives have achieved or approached target performance levels

Citigroup delivered impressive first quarter results on Tuesday, surpassing analyst expectations across key metrics, with the markets business serving as the primary growth driver.

Earnings per share landed at $3.06, significantly exceeding the consensus estimate of $2.63. This represents a 56% increase compared to the same period last year and a substantial improvement from the $1.96 reported in Q1 2025.

Total revenue climbed to $24.6B, surpassing Wall Street’s projection of $23.6B and representing the financial institution’s strongest quarterly revenue performance in a decade. The comparable figure from the previous year stood at $21.7B.


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Net income grew 42% year-over-year to $5.8B. The return on tangible common equity metric registered at 13.1%, representing the highest level since 2021 and surpassing the company’s stated 10-11% ROTCE objective.

Shares advanced approximately 1.5% during premarket trading Tuesday. As of Monday’s closing bell, Citi has gained 6.4% year-to-date, positioning it as the top performer among major banking stocks in 2025. The S&P 500 has advanced just 0.4% during the same timeframe.

Trading Operations Delivered Exceptional Growth

The markets business emerged as the clear performance leader. Combined markets revenue totaled $7.25B, representing a 57% increase from the previous quarter and 19% growth year-over-year.

Fixed income trading generated $5.2B in revenue, climbing 13% from last year and exceeding the StreetAccount projection of $4.68B. Equities trading surged 39% to $2.1B, beating analyst forecasts by approximately $500 million.

The services segment produced $6.1B in revenue, advancing 17% year-over-year and topping Wall Street’s $5.8B forecast.

Wealth management revenue expanded 7% sequentially and 11% year-over-year to $3.06B, propelled by growth in Citigold and the Private Bank division.

U.S. Consumer Cards generated $4.76B in revenue, posting 4% gains both sequentially and compared to the prior year period.

Investment banking showed more modest performance. Total banking revenue registered $1.72B, declining 5% from the fourth quarter while still posting 13% year-over-year growth. Equity underwriting revenue of $208M exceeded the $186.3M analyst estimate.

Credit Provisions and Operating Costs Increased

The provision for credit losses expanded to $2.81B, above the consensus estimate of $2.64B. This figure incorporated net credit losses within the consumer cards portfolio and a $579M addition to loss reserves.

Total operating expenses registered $14.3B, climbing 7% from the previous quarter, primarily due to severance-related costs and foreign exchange translation impacts.

Net interest income totaled $15.7B, exceeding the $14.0B consensus forecast and climbing 12% year-over-year.

End-of-period loans expanded to $762B from $752B at the conclusion of the fourth quarter. Total deposits grew to $1.45T from $1.40T.

Chief Executive Jane Fraser announced the bank executed $6.3B in stock repurchases during the quarter and maintained the full-year 2026 net interest income guidance calling for 5-6% growth from the 2025 baseline of $49.8B, along with an efficiency ratio target of approximately 60%.

Fraser additionally stated that the institution has reached the concluding phase of its asset divestiture program and anticipates fulfilling its regulatory consent order obligations before year-end.