Citigroup (C) earnings for the first quarter of 2026

Citigroup Beat the top and bottom lines during the first quarter.

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

• EPS: Estimate $3.06 vs $2.65
• profit: $24.63 billion compared to an estimated $23.55 billion

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

Citigroup achieved net income of $5.8 billion, or $3.06 per share, compared to $4.1 billion, or $1.96 per share, a year ago. Revenue rose 14% to $24.63 billion.

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

CEO Jane Fraser said in a statement that the bank is on track to meet its ROTCE target this year, and said of the company’s recent streamlining, “We have entered the final phase of our divestments and 90% of our turnaround programs are now at or near our target status.”

Citigroup, whose shares have fared the best performance among major banks, has gotten a boost from its turnaround efforts and relatively low valuations. The company is streamlining its operations and working through several regulatory approval orders, which it reportedly expects to complete this year.

However, given its global footprint, Citigroup is also seen as more sensitive to the geopolitical environment than many of its peers.

The bank’s markets division was a big driver of its first-quarter outperformance, with its larger fixed income division gaining 13% to $5.2 billion in revenue, beating StreetAccount estimates of $4.68 billion. Shares jumped 39% to $2.1 billion, beating the estimate by $500 million.

Investment banking came in light compared to estimates, excluding equity offerings, which came in at $208 million and beat estimates of $186.3 million, according to StreetAccount. The unit that includes services showed a 17% increase in revenue in the quarter to $6.1 billion and beat Wall Street expectations of $5.8 billion.

Citi’s US Wealth and Consumer Cards divisions were reshaped slightly in the quarter and are not comparable to estimates. However, all of them saw gains thanks to Citi Gold and retail banking.

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

Expenses were 7% higher due to service cuts and foreign currency translation.

— CNBC’s Laia Neelakandan contributed to this report.