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Top analysts & firms
All analyzed callsNot limited to the selected quarter · analysts and firms with 2 or more questions
What does “challenging” mean?
Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Most active analysts
Analyst
Firm
Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Filed after the FY2026 Q2 call day (Jul 14, 2026) through the next call day (Oct 13, 2026)From SEC 8-K filings
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Quarter in detail
· FY2026 Q2
Macro Signals
→Consumer Spending→Credit↑AI & Tech
Citi delivered its best quarterly revenue in a decade, with total revenues up 14% (net of interest expense) to $24.8 billion, net income of $5.8 billion, and an EPS of $3.15, generating over 9% positive operating leverage. Growth was broad-based across all five businesses: Services revenue rose 18% to a record, Markets climbed 17% past $7 billion, and Banking jumped 34% on a 44% surge in investment banking. US consumer cards was the lone soft spot, with revenue up just 1% as non-interest revenue fell 47% on higher partner-payment accruals and acquisition-cost investments. Management returned $4 billion via buybacks under a new $30 billion program and plans a 12% dividend increase, while holding its full-year ROTCE target at 10-11% despite a 13.1% year-to-date result, citing second-half markets seasonality and pulled-forward investments.
Key Themes7
positive📊 company
Record Firm-Wide Revenue And Earnings
Total revenues rose 14% to Citi's best quarterly revenue in a decade, with net income of $5.8 billion and an EPS of $3.15.
Revenue Growth
positive📊 company
Markets And Banking Strength
Markets revenues were up 17% and crossed $7 billion, while Banking revenues climbed 34% led by investment banking up 44%.
Revenue GrowthCompetitive Dynamics
positive📊 company
Services Record Revenue And Deposits
Services delivered its highest ever quarterly revenue, up 18%, with an ROTCE of 30.9% and average deposits up 19%.
Revenue GrowthDemand
mixed📊 company
US Consumer Cards Investment Drag
US consumer cards revenues were up 1% as non-interest revenue fell 47%, reflecting higher partner-payment accruals and new-account acquisition costs.
MarginCapex Investment
positive📊 company
Positive Operating Leverage And Expense Discipline
Expenses of $14.2 billion rose 5% against 14% revenue growth, producing over 9% positive operating leverage and improving operating efficiency by over 500 basis points.
MarginCost Pressure
positive📊 company
Capital Return And Stress-Test Improvement
Citi ended the quarter at a 12.8% CET1 ratio, repurchased $4 billion of stock under a new $30 billion program, and plans a 12% dividend increase.
Capital Allocation
mixed📊 company
Cautious Second-Half Outlook
Management held its full-year ROTCE target at 10-11% despite a 13.1% year-to-date result, citing markets seasonality and pulled-forward second-half investments.
FY2026 Q2 selectedReported GAAP figures from SEC filings
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Quarter
Revenue
Rev YoY
EPS
EPS YoY
Net margin
FY2024 Q4
$40.90B
-1.2%
$1.34
+217.5%
7.0%
FY2025 Q1
$41.26B
-5.6%
$1.96
+24.1%
9.9%
FY2025 Q2
$42.34B
-0.7%
$1.96
+28.9%
9.5%
FY2025 Q3
$43.84B
+1.1%
$1.86
+23.2%
8.6%
FY2025 Q4
$40.65B
-0.6%
$1.19
-11.2%
6.1%
FY2026 Q1
$44.44B
+7.7%
$3.06
+56.1%
13.0%
FY2026 Q2Selected
$45.30B
+14.0%
$3.15
+60.7%
12.9%
FY2026 Q3
$45.63B
+4.1%
$2.85
+53.2%
11.5%
As stated by management
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
EPS
“an EPS of $3.15”
Revenue
“Total revenues were up 14%”
Guidance
“we continue to target an ROTCE of 10-11% for the full year”
Citi delivered its best quarterly revenue in a decade, with total revenues up 14% (net of interest expense) to $24.8 billion, net income of $5.8 billion, and an EPS of $3.15, generating over 9% positive operating leverage.
Analyst challenge ratePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. · all analyzed quarters
16%
Share price · trailing year
daily closes, last 12 months — not scoped to the selected quarter · dots mark earnings calls, colored by that quarter’s score
C $124.531Y +24.7%YTD +6.7%● earnings calls (score)
Sources.Tellvest earnings-call sentiment score for Citigroup (C), FY2026 Q2: 8/10. Scores: Citigroup’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: C daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
Mentions8
What C and other companies said about each other on FY2026 Q2 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“when I look at your business versus your best in class peers, Capital 1, Amex, their spending, I think, around $6 billion in marketing, Chase is in sort of that mid single digit billions in marketing.”
An analyst noted Chase (JPMorgan Chase) spends in the mid-single-digit billions on card marketing when benchmarking Citi's cards investment plans against peers.
“when I look at your business versus your best in class peers, Capital 1, Amex, their spending, I think, around $6 billion in marketing, Chase is in sort of that mid single digit billions in marketing.”
Quarter
company-level, not the selected quarter
GAAP revenue YoY +14.0% → base 7. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
▸How this score was built
Base7Base 7GAAP revenue YoY +14.0% → base 7. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0revenue_yoy of -41.52% is a bank vendor error: the reported prior-year revenue is on a gross basis (~$42.4B) while the current quarter flipped to a net-of-interest-expense basis (~$24.8B), so the raw YoY is meaningless. Overrode revenue YoY to management's stated total-revenue growth of +14% (net of interest expense) and corrected the company_financials row. This is the GS/BAC bank interest-expense reclassification pattern; no GAAP-distortion transcript adjustment applied (tx=0) per the vendor-error protocol.+EPS+1EPS +1BANK RE-DERIVATION (OI trust gate 3d, added 2026-08-08; flagged by audit-scores bank_eps_adj_needs_ppnr). C FY2026-Q2 was logged CONFIRMED 2026-08-04 anchoring the +1 on the filed GAAP EPS-vs-revenue spread (+46.71 percentage points), which rule 4d makes INADMISSIBLE for a no-OI lending bank: C files no us-gaap OperatingIncomeLoss concept (no-oi-subtotal.ts), so vendor operating_income (oi_yoy +53.84%) is a reconstruction, and the GAAP EPS/NI spread sits BELOW pre-provision net revenue. Re-anchored on PPNR (pre-provision net revenue = net revenue minus noninterest operating expense): management-stated net revenue $24.8B +14% (prior ~$21.7B) minus noninterest expense $14.2B +5% (prior ~$13.6B) => PPNR ~$10.6B vs ~$8.1B = ~+30% YoY; (ppnr_yoy - revenue YoY) = ~30 - 14 = ~+16 percentage points, well above +5 percentage points, so +1 holds. Cross-checked two independent ways that agree: the reported-dollar path (PPNR $10.6B/$8.1B = +30.9%) matches the growth-rate path (rev +14%, exp +5% => PPNR +28.8%), and the efficiency-ratio path corroborates (efficiency ratio ~62.7% -> below 58%, i.e. 57.3%, a ~540bps improvement matching CFO Luchetti's 'over 500 basis points' and CEO Fraser's 'over 9% positive operating leverage'). The +1 is genuine operating leverage, not a benign-credit artifact: cost of credit was $2.5B with a firm-wide net ACL BUILD of $118M this quarter (US cards booked a $232M ACL release but the firm-wide provision was a net build), so net income/EPS growth was not manufactured below PPNR by a reserve-release tailwind; the EPS +60.71% was additionally buyback-aided ($4B repurchased), but the PPNR anchor is independent of both. Directly management-stated: CEO Jane Fraser said Citi delivered 'over 9% positive operating leverage' on its best quarterly revenue in a decade, and CFO Gonzalo Luchetti quantified it (total revenue +14% vs expenses +5%, operating-efficiency improvement over 500bps, with Services, Markets, Banking and Wealth each generating positive operating leverage; only US consumer cards carried an investment-driven drag Fraser confined to cards). Vendor OI cross-check (oi_yoy +53.84%) remains inadmissible and dropped. eps_override_used flipped false -> true (anchor is now the management-stated PPNR / positive-operating-leverage figure, not the inadmissible GAAP EPS spread).+Guidance0Guidance 0Full-year 2026 outlook maintained: ROTCE 10-11%, NII ex-markets growth ~5-6%, efficiency ratio ~60%, US cards NCL rate 4-4.5%. No guided metric was raised or lowered despite 13.1% year-to-date ROTCE (management cited second-half markets seasonality and investment pull-forward). Reiterated.=Final8
How this score was built
Base7Base 7GAAP revenue YoY +14.0% → base 7. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0revenue_yoy of -41.52% is a bank vendor error: the reported prior-year revenue is on a gross basis (~$42.4B) while the current quarter flipped to a net-of-interest-expense basis (~$24.8B), so the raw YoY is meaningless. Overrode revenue YoY to management's stated total-revenue growth of +14% (net of interest expense) and corrected the company_financials row. This is the GS/BAC bank interest-expense reclassification pattern; no GAAP-distortion transcript adjustment applied (tx=0) per the vendor-error protocol.
145.67
96.26
8
7
8
8
Oct 25Oct 26
An analyst benchmarked Citi's card marketing spend against American Express's, describing it as a best-in-class peer spending roughly $6 billion on marketing.
“when I look at your business versus your best in class peers, Capital 1, Amex, their spending, I think, around $6 billion in marketing, Chase is in sort of that mid single digit billions in marketing.”
An analyst benchmarked Citi's card marketing spend against Capital One's, describing it as a best-in-class peer spending roughly $6 billion on marketing.
Barclaysnot trackedFY2026 Q2Acquisition
“our acquisition of the AA Barclays portfolio in April”
Citi acquired the American Airlines co-branded card portfolio previously held by Barclays as part of expanding its consumer cards partnership investments.
American Airlinesnot trackedFY2026 Q2Partner
“As Jane mentioned, this quarter we completed the acquisition of the additional American Airlines cobranded car portfolio, and our results reflect the impact of the over $6 billion in loans for more than 2 million accounts onboarded in April”
Citi deepened its American Airlines co-branded card partnership by acquiring an additional portfolio of loans and accounts in April, boosting US consumer cards volume.
SK Hynixnot trackedFY2026 Q2Customer
“SK Hynix for example, last week is another testament to that. An offering, by the way, that we led”
Citi led an SK Hynix debt/equity offering, cited by CEO Jane Fraser as evidence of strong AI-driven capital markets activity in the pipeline.
Cerebrasnot trackedFY2026 Q2Customer
“including lead roles on the high profile IPOs such as SpaceX, and Cerebras”
Citi played a lead role on Cerebras's high-profile IPO, cited as evidence of the bank's ECM share gains this quarter.
“including lead roles on the high profile IPOs such as SpaceX, and Cerebras”
Citi played a lead role on SpaceX's high-profile IPO, cited as evidence of the bank's ECM share gains this quarter.
+
EPS+1EPS +1BANK RE-DERIVATION (OI trust gate 3d, added 2026-08-08; flagged by audit-scores bank_eps_adj_needs_ppnr). C FY2026-Q2 was logged CONFIRMED 2026-08-04 anchoring the +1 on the filed GAAP EPS-vs-revenue spread (+46.71 percentage points), which rule 4d makes INADMISSIBLE for a no-OI lending bank: C files no us-gaap OperatingIncomeLoss concept (no-oi-subtotal.ts), so vendor operating_income (oi_yoy +53.84%) is a reconstruction, and the GAAP EPS/NI spread sits BELOW pre-provision net revenue. Re-anchored on PPNR (pre-provision net revenue = net revenue minus noninterest operating expense): management-stated net revenue $24.8B +14% (prior ~$21.7B) minus noninterest expense $14.2B +5% (prior ~$13.6B) => PPNR ~$10.6B vs ~$8.1B = ~+30% YoY; (ppnr_yoy - revenue YoY) = ~30 - 14 = ~+16 percentage points, well above +5 percentage points, so +1 holds. Cross-checked two independent ways that agree: the reported-dollar path (PPNR $10.6B/$8.1B = +30.9%) matches the growth-rate path (rev +14%, exp +5% => PPNR +28.8%), and the efficiency-ratio path corroborates (efficiency ratio ~62.7% -> below 58%, i.e. 57.3%, a ~540bps improvement matching CFO Luchetti's 'over 500 basis points' and CEO Fraser's 'over 9% positive operating leverage'). The +1 is genuine operating leverage, not a benign-credit artifact: cost of credit was $2.5B with a firm-wide net ACL BUILD of $118M this quarter (US cards booked a $232M ACL release but the firm-wide provision was a net build), so net income/EPS growth was not manufactured below PPNR by a reserve-release tailwind; the EPS +60.71% was additionally buyback-aided ($4B repurchased), but the PPNR anchor is independent of both. Directly management-stated: CEO Jane Fraser said Citi delivered 'over 9% positive operating leverage' on its best quarterly revenue in a decade, and CFO Gonzalo Luchetti quantified it (total revenue +14% vs expenses +5%, operating-efficiency improvement over 500bps, with Services, Markets, Banking and Wealth each generating positive operating leverage; only US consumer cards carried an investment-driven drag Fraser confined to cards). Vendor OI cross-check (oi_yoy +53.84%) remains inadmissible and dropped. eps_override_used flipped false -> true (anchor is now the management-stated PPNR / positive-operating-leverage figure, not the inadmissible GAAP EPS spread).
+
Guidance0Guidance 0Full-year 2026 outlook maintained: ROTCE 10-11%, NII ex-markets growth ~5-6%, efficiency ratio ~60%, US cards NCL rate 4-4.5%. No guided metric was raised or lowered despite 13.1% year-to-date ROTCE (management cited second-half markets seasonality and investment pull-forward). Reiterated.
Citi delivered its best quarterly revenue in a decade, with total revenues up 14% (net of interest expense) to $24.8 billion, net income of $5.8 billion, and an EPS of $3.15, generating over 9% positive operating leverage
Bank of America delivered an exceptionally strong second quarter, with revenue up 15% year-over-year to $31.6 billion (net of interest expense), net income up 27% to $9.1 billion, and EPS up 34% to $1.21
JPMorgan delivered an exceptional second quarter, reporting net income of $16.9 billion, GAAP EPS of $6.14, and a 23% ROTCE; excluding significant items, revenue rose 15% year-over-year (GAAP revenue +17.94% per company financials)
Wells Fargo delivered a strong second quarter, with GAAP diluted EPS of $2 up 25% from a year ago and revenue up 9%, as every operating segment generated higher net interest income and noninterest income