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Quarter in detail

· FY2026 Q1

Macro Signals

→Credit↑Enterprise Spending→Consumer Spending

Truist delivered 25% EPS growth to $1.09 with 250 basis points of operating leverage, as investment banking produced its highest quarterly revenue since 2021. ROTCE improved 150 basis points year-over-year to 13.8% while the company announced a new long-term target of 16-18% over three to five years. Management refined FY2026 revenue to the low end of 4-5%, lowered NII growth to 2-3% on a no-cut rate outlook, but raised share repurchases to approximately $5 billion, leaving overall earnings expectations unchanged.

Key Themes6

positive📊 company

EPS Grows 25% YOY To $1.09 With 250bps Operating Leverage

First quarter EPS of $1.09, up 25% versus $0.87 in Q1 2025. Revenue increased 5.1% year-over-year. Year-over-year positive operating leverage of 250 basis points. ROTCE improved 150 basis points to 13.8%.

Margin

positive📊 company

New Long-Term ROTCE Target Of 16% To 18% Over 3-5 Years

Established long-term ROTCE target of 16% to 18% over the next 3 to 5 years, above the 15% 2027 target. Driven by continued execution, capital return, and expected changes to capital framework under Basel III proposal.

MarginCapital Allocation

positive📊 company

Investment Banking Delivers Highest Quarterly Revenue Since 2021

Investment Banking and Trading income increased 36% year-over-year to $372 million, the highest quarterly revenue since 2021. Broad-based strength across trading, capital markets, and core banking. Full-year IB&T growth now expected high teens to 20%.

Revenue Growth

positive📊 company

Share Repurchases Accelerated To $5B Target For 2026

Repurchased $1.1 billion in Q1, targeting $1.2 billion in Q2 and approximately $5 billion for full year 2026, up from prior $4 billion target. Basel III proposal could reduce risk-weighted assets by 9-11%, supporting continued elevated buybacks into 2028 and beyond.

Capital Allocation

mixed📊 company

NII Guidance Lowered On No-Cut Rate Outlook But Earnings Unchanged

Full year 2026 NII growth now expected 2% to 3% versus prior 3% to 4%, driven by expectation that fed funds rate will remain unchanged in 2026. However, stronger noninterest income (high single-digit growth), lower tax rate (14.5% from 16.5%), and higher buybacks ($5B from $4B) offset NII pressure. Overall earnings expectations unchanged.

MarginRevenue Growth

mixed📊 company

Deposit Competition Intensifies With Yield-Seeking Behavior

Competitive deposit environment with more rotation on product and yield-seeking behavior given rates higher for longer. Net new checking growth remains positive but deposit profitability pressured. Interest-bearing deposit costs declined 14bps linked quarter to 2.09%.

DemandCompetitive Dynamics

Q&A Topicsfrequency by quarter

	Margin	Competitive Dynamics	Demand	Revenue Growth	Credit	Capital Allocation	Cost Pressure	Innovation & R&D
2024Q4	6	5	3	2		2	2	1
2025Q1	3	2	1	1	4	3	1
2025Q2	5	2	2	3	1	1	3	2
2025Q3	6	1	3	2	7	1	1	1
2025Q4	7	1	3	3		2	3
2026Q1	8	4	3	4	1	1		1

	'24Q4	'25Q1	'25Q2	'25Q3	'25Q4	'26Q1
Margin	6	3	5	6	7	8
Competitive Dynamics	5	2	2	1	1	4
Demand	3	1	2	3	3	3
Revenue Growth	2	1	3	2	3	4
Credit		4	1	7		1
Capital Allocation	2	3	1	1	2	1
Cost Pressure	2	1	3	1	3
Innovation & R&D	1		2	1		1

Analyst Q&A12 analysts · 18 questions · 28% challenge

Chris McGrattyKBW

does that get easier? Or does that get perhaps more challenging? And what role does AI and investing in the company play in that

View in transcript →

David ChiaveriniJefferies

can you talk about the loan pricing environment and how spreads are holding up

View in transcript →

View Financial Services sector trends →View Banks - Regional industry trends →

Key financials

FY2026 Q1 selectedReported GAAP figures from SEC filings

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Quarter	Revenue	Rev YoY	EPS	EPS YoY	Net margin
FY2024 Q4	$7.65B	-9.2%	$0.91	+123.5%	16.7%
FY2025 Q1	$7.38B	-3.3%	$0.87	+7.4%	17.1%
FY2025 Q2	$7.55B	+563.2%	$0.90	+45.2%	16.4%
FY2025 Q3	$7.84B	+0.1%	$0.90	-9.1%	18.5%
FY2025 Q4	$7.66B	+0.1%	$1.00	+9.9%	17.7%
FY2026 Q1Selected	$7.41B	+0.4%	$1.09	+25.3%	20.0%
FY2026 Q2	$7.61B	+0.8%	$1.23	+36.7%	20.4%

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: “$1.09 per diluted share (Q1 2026 GAAP)”
Revenue: “Revenue increased 5.1% versus Q1 2025”
Guidance: “FY2026: revenue refined to low end of 4-5% range; NII lowered to +2-3% from +3-4%; non-interest income raised to high single digits from mid-to-high; GAAP expenses ~+1.75%; buybacks raised to ~$5B from $4B; effective tax rate lowered to ~14.5% from ~16.5%; earnings expectations unchanged”
Key metric: “ROTCE improved 150bps YoY to 13.8%; new long-term target 16-18% over 3-5 years”

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.
John Pancari	Evercore ISI	13 questions · 15% challenging
Mike Mayo	Wells Fargo	12 questions · 58% challenging
Ken Usdin	Autonomous Research	12 questions · 0% challenging
Matt O'Connor	Deutsche Bank	10 questions · 20% challenging
Scott Siefers	Piper Sandler	10 questions · 0% challenging
Ebrahim Poonawala	Bank of America	10 questions · 10% challenging
Erika Najarian	UBS	10 questions · 10% challenging
Betsy Graseck	Morgan Stanley	9 questions · 11% challenging
Gerard Cassidy	RBC Capital Markets	8 questions · 0% challenging
Chris McGratty	KBW	5 questions · 0% challenging

Most active firms

Firm	Analysts	Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Evercore ISI	1 analyst	13 questions · 15% challenging
Morgan Stanley	2 analysts	13 questions · 15% challenging
Autonomous Research	1 analyst	12 questions · 0% challenging
Wells Fargo	1 analyst	12 questions · 58% challenging
Deutsche Bank	1 analyst	10 questions · 20% challenging
Bank of America	1 analyst	10 questions · 10% challenging
Piper Sandler	1 analyst	10 questions · 0% challenging
UBS	1 analyst	10 questions · 10% challenging

How this score was built

Base5Transcript+1EPS0Guidance0Final6

Industry Peersas of Q1 2026

Banks - Regional

Company	Score	Rev YoY	Headline
TFC Truist Financial	6	+0.4%	Truist delivered 25% EPS growth to $1.09 with 250 basis points of operating leverage, as investment banking produced its highest quarterly revenue since 2021
CFG Citizens Financial Group	8	+4.5%	Citizens delivered Q1 EPS of $1.13 with a 12.2% RoTCE, posting record Q1 fees and over 700 basis points of operating leverage
FITB Fifth Third Bancorp	7	+25.8%	Fifth Third closed the largest acquisition in its history on February 1, and the Comerica addition drove revenue to $2.9 billion, up 33% year-over-year, with adjusted net income of $734 million, up 38%
HBAN Huntington Bancshares	7	+26.3%	Huntington delivered an outstanding first quarter, with GAAP EPS of $0.25 and adjusted EPS of $0.37, up 9% year-over-year excluding acquisition-related expenses and other notable items
KEY KeyCorp	9	+1.1%	KeyCorp delivered Q1 2026 EPS of $0.44, up 33% year-over-year, with revenue growing 10% and ROTCE exceeding 13% as NIM expanded to 2.87% on track for the 3%+ year-end target
MTB M&T Bank	7	+1.7%	M&T Bank delivered GAAP EPS of $4.13 with NIM expanding 2 basis points to 3.71% as fixed-rate asset repricing continued, while fee income grew 13% year-over-year with broad-based strength and C&I growth reached $1.5 billion driven by middle market utilization pickup
NU Nu Holdings Ltd.	8	+53.4%	Nu Holdings delivered record quarterly revenue of $5 billion and its highest-ever first-quarter net income of $871 million, up 41% year-over-year on an FX-neutral basis, as the customer base surpassed 135 million
PNC PNC Financial Services	8	+12.7%	PNC delivered $4.13 per share with NIM expanding to 2.95%, on a clear path toward 3%+, as organic loan growth hit a three-year high
RF Regions Financial Corporation	6	+0.5%	Strong Earnings Growth with Peer-Leading Returns
USB U.S. Bancorp	7	+4.7%	U.S

Shared themes this quarter

TFCFFIHBKEMTNUPNRFUS

Revenue growth

TFCFFIHBKEMTNUPNRF

Macro signal alignment

Enterprise Spending

↑ TFC↑ CFG FITB HBAN↑ KEY MTB↑ PNC↑ RF↑ USB

Consumer spending

TFC FITB HBAN MTB↑ NU RF USB

Corporate events

Quarter in detail

Q&A Topicsfrequency by quarter

Truist Financial TFC

Score details · FY2026 Q1

Share price · trailing year

Key financials

As stated by management

Top analysts & firms

Most active analysts

Most active firms

Pre-Earnings Brief