Citigroup beats Q3 estimates as revenue hits decade high

Investing.com -- Citigroup Inc. (NYSE: C) reported its third-quarter results ahead of the open on Tuesday. Shares fell about 1.3% in premarket trading after the report.

Adjusted earnings per share was $2.85, above the analyst estimate of $2.65, as the bank posted revenue of $23.85 billion versus the consensus estimate of $23.72 billion. Revenue increased 8% YoY from $22.1 billion in the third quarter of 2025.

Net income reached $5.2 billion, or $2.85 per diluted share, compared to $3.8 billion, or $1.86 per diluted share, in the prior-year period. Excluding a $714 million after-tax goodwill impairment related to Banamex in the prior year, net income was $4.5 billion in the third quarter of 2025. The bank's shares fell 0.9% following the results.

Revenue growth was driven by a 15% increase in Services, a 6% rise in Markets, a 6% gain in Banking, and a 15% increase in Wealth. Services revenue of $6.6 billion benefited from higher deposit balances and spreads, while Markets revenue of $6.1 billion reflected growth in both Fixed Income and Equity markets. Investment Banking revenue increased 9% to $1.4 billion, with Equity Capital Markets revenue up 77%.

Operating expenses declined 2% to $14.0 billion, or 3% excluding the prior-year notable item. The provision for credit losses was $2.6 billion, reflecting $2.2 billion of net credit losses and a $369 million net reserve build driven by changes in the macroeconomic outlook and portfolio growth.

"Our performance in the quarter, which included the best third-quarter revenue in a decade, positive operating leverage and meaningful improvement in our returns, reflects the continued disciplined and consistent execution of our strategy," said CEO Jane Fraser.

The Common Equity Tier 1 Capital ratio was 12.8% at quarter end, unchanged from the prior quarter. Book value per share increased 7% YoY to $115.61, while tangible book value per share rose 6% to $101.59.

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