CFG US S&P 500Russell 1000 Earnings call

Citizens Financial Group (CFG) · Q3 2026 results and valuation

Share price: $65.38 · 2026-11-11

Citizens Financial Group provides retail and commercial banking products and services, including lending, deposit accounts, and wealth management. It serves individuals, small businesses, and large corporations across the United States. The company operates through a network of branches and non-branch offices in multiple states. Source: 10-K annual report (2026-02-12)

Results Q3 2026 vs Q2 2026 · previous quarter · published 16 Oct 2026 and 16 Jul 2026

Management sounded about as positive as a typical company call, in its script and in answers to analysts.

1 · Numbers

—

Figures not yet filed

Outlook given

2 · How management spoke

Typical

More upbeat than 56% of company calls

Answers to analysts: typical, in line with the script.

Similar to last call.

3 · What stood out

Citizens Financial Group increased its common share repurchase program capacity by 1.3 billion to a total of 1.95 billion.

Valuation

Is Citizens Financial Group undervalued?

Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

At 0.9% growth a year (3-year revenue growth), the model's fair value is $48.90 a share — the stock trades 34% above it. Today's price assumes 4.9% growth a year.

Current price

$65.38

close of 2026-11-11

Market implies growth of i

+4.9% for 10 yrs

Fair value / share

$48.90

Buy below

$36.68

Price vs fair value

Overvalued 34%

Price vs buy-below price

Overvalued 78%

Management expects

Growth +2.75% · from the Q3 2026 report: “Net interest income is expected to increase by 2.5% to 3% due to margin expansion to a range of 3.23% to 3.26%.”

A guidance figure for growth, usually one year ahead, not a 10-year free-cash-flow rate.

FCF growth / yr i Discount rate i Terminal growth i Margin of safety i

Official channels

The company's own website and social media accounts.

Read between the lines

Guidance

Net interest income is expected to increase by 2.5% to 3% due to margin expansion to a range of 3.23% to 3.26%.
Guidance

The company maintains a clear path to achieving its 16% to 18% ROTCE target by the end of 2027.
Figure

The Board authorized a 13% dividend increase to $0.52 per share due to consistent growth in earnings.

Source quote
“Given our consistent growth in earnings, the Board authorized an increase in our dividend of 13% to $0.52 per share.”
Figure

The Board increased the common share repurchase program capacity to 1.95 billion, an increase of 1.3 billion, to provide more shares for potential repurchase.

Source quote
“In addition, the Board also increased the capacity of the company's common share repurchase program to 1.95 billion, an increase of 1.3 billion.”
Figure

Wealth delivered a record quarter with fees increasing 7% over the linked quarter and 17% year over year.

Source quote
“Wealth delivered another record quarter. With fees up 7% linked quarter. And 17% year over year.”

3 more

Figure

The company returned $322 million to shareholders in the third quarter through $197 million in common dividends and $125 million in share repurchases.

Source quote
“We returned about $322 million to shareholders in the third quarter. With $197 million in common dividends and $125 million of share repurchases.”
Figure

Citizens Financial talks a lot about the private bank for wealth management, but it probably do not talk enough about is still about, 65% of its revenue streams in wealth management are coming from the part of the business that is…
Key theme

The company reported that its performance aligned with its expectations, indicating no changes from previous projections.

Source quote
“So I do not think I would call out anything different than that. That would be our expectation.”

Tone

How upbeat the language was, compared with other companiesi. Dot: Q3 2026. Ring: Q2 2026.

Prepared remarks Typical (was upbeat)

Answers to analysts Typical (was upbeat)

Script and answers carried a similar tone, so the script's message held up under questioning.

Sentences that drove the tone

“With good momentum across our businesses continuing to drive strong earnings growth and solid operating leverage.”

“With 2 basis point increase to 3.19% which positions us for strong NIM expansion in Q4.”

“Client assets increased by $1.2 billion to end the quarter at $12.4 billion We added another strong team in Tampa and additional bankers in Philadelphia this quarter.”

Full figures

Q3 2026 figures are not available yet: the company files its quarterly report (10-Q) a few weeks after the call. This page compares what management said; the figures are added when the report is filed.

Topics

Most discussed now

New There is a lot of cross currents taking place that would factor into Citizens Financial's decision making.
New Feel confident that Citizens Financial can operate at these levels and it will take a little bit of precaution and let...
While the benefits of fixed rate asset repricing and improved asset yields were essentially offset by funding costs as rates...
With respect to its balance sheet, Citizens Financial continues to maintain robust capital strong liquidity levels and a healthy credit…
The so called time based benefits as Citizens Financial described them with legacy swaps accounting drag rolling off every quarter.

Faded since Q2 2026

Fading If you look at kind of what Citizens Financial has continued to do is it has kind of built out industry...
Fading Citizens Financial is gonna continue to wind down, not wind down, but it will continue to be very selective on the...
Fading When you look over to the private bank though, Citizens Financial is creating some capacity for them to serve their client...
Fading Banking experience and Citizens Financial can handle all your banking needs deposits

Latest announcements

Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.

2026-10-30 Auditor change · SEC 8-K
2026-10-16 Results of operations; Regulation FD disclosure · SEC 8-K
2026-10-08 Articles or bylaws amended · SEC 8-K · routine
2026-07-31 Change to shareholder rights; Articles or bylaws amended; Other events · SEC 8-K
The company filed a Certificate of Designations for Series J Preferred Stock on July 27, 2026, and entered into an underwriting agreement for the public offering of 400,000 shares of said stock.
2026-07-21 Other events · SEC 8-K
2026-07-16 Results of operations; Regulation FD disclosure · SEC 8-K
The company reported total revenue of $2.283 billion in the second quarter of 2026, which represents an increase of 12% compared to the second quarter of 2025.
2026-04-24 Shareholder vote results · SEC 8-K · routine
2026-04-16 Results of operations; Regulation FD disclosure · SEC 8-K
Total revenue for the first quarter of 2026 was $2.168 billion, which represents an increase of 12% compared to the first quarter of 2025.

Balance sheet & ownership

From SEC filings; short interest is FINRA data via Yahoo. Collected 2026-10-21.

Cash & runway

Cash & equivalents

$1.22B

2026-06-30

Implied runway

—

operating cash flow positive over the TTM window

Dilution

weighted-average basic shares, per quarter. Change: -2.5% YoY, -0.6% QoQ.

Quarter	Shares
Q3 2024	446.6M
Q1 2025	438.3M
Q2 2025	433.6M
Q3 2025	431.4M
Q1 2026	425.3M
Q2 2026	422.9M

Shares outstanding: 421.2M (2026-07-24)

Insider transactions

Form 4 open-market trades (codes S/P), trailing 12 months. Coverage: newest 50 of 81 filings; 50 filings parsed.

Sold by insiders

148.7K shares

$10.5M · 3 transactions

Bought by insiders

30 shares

$1.1K · 2 transactions

Net direction

net selling

Catalyst calendar

management-stated targets — from the latest earnings call; plans, not promises.

Q4

NIM expansion

Source quote
“With 2 basis point increase to 3.19% which positions us for strong NIM expansion in Q4.”
Q4

seasonality on deposits turning favorable

Source quote
“Loans and deposits were broadly flat as expected given some loan pull forward into Q2 and seasonality on deposits which will turn favorable in Q4.”
Q4

deals moving into the quarter

Source quote
“Fees were down slightly given volatile capital markets conditions which resulted in some deals pushing into Q4.”
Q4

share repurchases

Source quote
“which will still allow for at least $200 million in Q4 share repurchases.”
fourth quarter

reversal of seasonality on deposits

Source quote
“Despite some seasonality, which should reverse in the fourth quarter.”