Citigroup Posts Solid Q3 as Lower Expenses Drive Earnings Beat, Oppenheimer Says

12:12 PM EDT, 10/15/2026 (MT Newswires) -- Citigroup's (C) Q3 results were "solid," with better-than-expected earnings driven largely by lower expenses and improving profitability in services and wealth management, Oppenheimer said in a report Thursday. Citigroup posted earnings per share of $2.85, above its $2.66 estimate and consensus, while revenue of $23.8 billion was broadly in line with expectations. Expenses of $14 billion came in below Oppenheimer's $14.5 billion estimate, helping "pre-provision earnings" rise 17.9% from a year earlier. The firm said there was "nothing not to like" in the quarter, noting services net income rose 27% year over year and wealth management net income increased 93%. The firm added that results were not "unduly dependent on trading," while credit quality remained stable. Oppenheimer raised 2027 estimates by 4.6% and said Citi's improving profitability matters more than debate over its target CET1 ratio, according to the report. Oppenheimer maintained a perform rating on Citigroup, while calling it a "top pick" among universal banks. Price: 121.79, Change: -0.48, Percent Change: -0.40