HBAN US S&P 500Russell 1000 Earnings call · transcribed from the recording

Huntington Bancshares (HBAN) · Q3 2026 results and valuation

Share price: $15.88 · 2026-11-11

Huntington Bancshares is an American bank holding company. Its subsidiary, The Huntington National Bank, provides banking services to customers in several states across the Midwest and other regions of the United States. Source: Wikipedia

Results Q3 2026 vs Q2 2026 · previous quarter · published 22 Oct 2026 and 23 Jul 2026

Net income down 0.8% on the previous quarter. Management sounded very upbeat, though noticeably less so answering analysts.

1 · Numbers

−0.8%

Net income vs Q2 2026

Outlook given

Net income 721.0M vs 727.0M

Revenue −3.6%

Why Against the same quarter last year (+14.6%), net income rose because the net interest margin increased to 3.25% due to higher asset yields, lower average Fed cash, and optimized interest-bearing liabilities, alongside growth in value-added fee businesses and treasury management revenue.

2 · How management spoke

Very upbeat

More upbeat than 90% of company calls

Answers to analysts: typical, but clearly less so than the script.

Similar to last call.

3 · What stood out

Huntington Bancshares expects 2027 EPS to grow more than 20% from 2025 while increasing ROTCE into the 17-18% range.

Valuation

Is Huntington Bancshares 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 5.8% growth a year (3-year revenue growth), the model's fair value is $17.93 a share — the stock trades 11% below it. Today's price assumes 4.2% growth a year.

Current price

$15.88

close of 2026-11-11

Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.

+4.2% for 10 yrs

Fair value / share

$17.93

Buy below

$13.45

Price vs fair value

Undervalued 11%

Price vs buy-below price

Overvalued 18%

Management expects

EPS +17.5% · from the Q3 2026 report: “The company expects 2027 EPS to grow more than 20% from 2025 while increasing ROTCE into the 17-18% range.”

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

Official channels

The company's own website and social media accounts.

Read between the lines

  1. Guidance

    The company expects 2027 EPS to grow more than 20% from 2025 while increasing ROTCE into the 17-18% range.

  2. Guidance

    HBAN expects to generate approximately $750 million in fee revenue for the fourth quarter, which provides a forward-looking estimate of fee income for the period.

  3. Guidance

    HBAN expects tangible book value per share to increase by more than 10% from the 2025 level due to earnings generation and disciplined capital management.

  4. Figure

    Treasury management revenue grew 42% year over year due to providing payment capabilities to the corporate customer base.

    Source quote
    “And in payments, we continue to provide capabilities to our corporate customer base, helping to drive our treasury management revenue growth of 42% year over year.”
  5. Guidance

    The bank expects to reengineer approximately 1.5% of its baseline expenses this year to create additional capacity to invest in growth and deliver strong operating leverage.

4 more
  1. Figure

    Net interest margin increased 4 basis points to 3.25% due to higher asset yields, lower average Fed cash, and optimization of interest-bearing liabilities.

    Source quote
    “Net interest margin increased 4 basis points to 3.25%, reflecting higher asset yields, lower average Fed cash, as well as continued optimization of our interest-bearing liabilities.”
  2. Guidance

    HBAN expects to realize about $150 million of incremental cost synergies as the company anniversaries the run rate benefits achieved from cadence synergies late this year.

  3. Key theme

    So embedded in Huntington Bancshares' expectation is a beta of around 50 to 60%.

  4. Figure

    The company aims to accrete capital higher based on its attractive return profile of nearly a 17% ROTC.

    Source quote
    “And it is our goal to continue to execute against that plan while also accreting capital higher as based largely on our very attractive return profile which is nearly a 17% ROTC.”

Tone

How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q3 2026. Ring: Q2 2026.

Prepared remarks Very upbeat (was very upbeat)
Answers to analysts Typical (was very upbeat)

Management sounded noticeably less positive answering analysts than in its prepared script — a bigger drop than in 88% of calls. Scripts are polished in advance; a drop under questioning often marks the topics analysts pressed on, so the answers deserve a closer read than the script.

Sentences that drove the tone
“Our geographic expansion and the growth of our national commercial businesses significantly increases the scale of the opportunity set to deploy these capabilities.”
“We are seeing increased treasury management penetration, growth in card payment volumes, increased merchant services adoption, expanding wealth relationships, and higher capital markets engagement.”
“Expanding on the trends for a moment, the growth was driven by C &I lending, with strong contributions from corporate and specialty banking, asset finance, and middle market banking.”

Full figures

USD · SEC EDGAR XBRL (10-Q, period end 2026-09-30)

Metric Q3 2026period end 2026-09-30 Q2 2026period end 2026-06-30 Change Q3 2025 YoY
Revenue 484.0M 502.0M −3.6% 424.0M +14.2%
Net income 721.0M 727.0M −0.8% 629.0M +14.6%
EPS 0.33 0.33 ±0% 0.41 −19.5%
P/E today 12.7 12.5 13.6 −1.1 12.1 +0.4

Topics

Most discussed now

  • New The debt funds were offering more flexibility than the perceived posture of it, but most of it went Freddie Fannie.
  • Huntington Bancshares is delivering solid operating performance in a fluid environment.
  • The operating environment is generally constructive, evidenced by strong commercial pipelines and solid consumer spending trends.
  • With substantial scale and high growth markets that Huntington Bancshares werens't present in a year ago.
  • Huntington Bancshares' expectation is that conditions for the rest of this year and next remain supportive of healthy levels of customer...

Faded since Q2 2026

  • Fading Value added fee revenues increased 15%, and Huntington Bancshares generated 210 basis points of positive operating leverage on a trailing…
  • Dropped Payments, Huntington Bancshares has been building out very significant treasury management, commercial payments, merchant acquiring, and a…
  • Fading Huntington Bancshares has a terrific team of new leaders and colleagues who are excited about the opportunities ahead and are already...
  • Fading Huntington Bancshares delivered another quarter of strong organic loan and deposit growth, expanded fee revenues, and demonstrated…

Latest announcements

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

  • Other events · SEC 8-K

    Huntington Bancshares Incorporated declared a quarterly cash dividend of $0.155 per common share, which remained unchanged from the prior quarter.

  • Results of operations · SEC 8-K

    Huntington Bancshares reported a diluted EPS of $0.33 for the third quarter of 2026, compared to $0.41 in the third quarter of 2025.

  • Director or officer change · SEC 8-K

    Helga S. Houston, Senior Executive Vice President of Huntington Bancshares Incorporated, provided notice of her intent to retire from the company effective December 31, 2026.

  • Other events · SEC 8-K

    Huntington Bancshares Incorporated declared a quarterly cash dividend of $356.25 per share on its 5.70% Series I Non-Cumulative Perpetual Preferred Stock, payable on December 1, 2026.

  • Regulation FD disclosure · SEC 8-K
  • Director or officer change · SEC 8-K

    Huntington Bancshares appointed Brantley J. Standridge as President effective September 8, 2026, with his annual base salary increasing from $850,000 to $1,000,000.

  • Other events · SEC 8-K

    Huntington Bancshares Incorporated declared a quarterly cash dividend of $0.155 per common share, which remained unchanged from the prior quarter.

  • Results of operations · SEC 8-K

    Huntington Bancshares reported earnings per common share of $0.33 for the second quarter of 2026, which was $0.01 lower than the year-ago quarter.

Balance sheet & ownership

From SEC filings; short interest is FINRA data via Yahoo. Collected 2026-10-29.

Cash & runway

Cash & equivalents

$2.38B

2026-09-30

Implied runway

—

operating cash flow positive over the TTM window

Dilution

weighted-average basic shares, per quarter. Change: +38.4% YoY, -0.1% QoQ.

QuarterShares
Q1 20251.45B
Q2 20251.46B
Q3 20251.46B
Q1 20261.87B
Q2 20262.02B
Q3 20262.02B

Shares outstanding: 2.02B (2026-09-30)

Insider transactions

Form 4 open-market trades (codes S/P), trailing 12 months. Coverage: newest 50 of 211 filings; 50 filings parsed.

Sold by insiders

28.0K shares

$481.1K · 2 transactions

Bought by insiders

14.0K shares

$253.7K · 2 transactions

Net direction

net selling

Catalyst calendar

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

  1. over the next several quarters

    return substantial capital to our shareholders

    Source quote
    “we continue to expect to return substantial capital to our shareholders over the next several quarters.”
  2. 2027

    EPS to grow more than 20% from 2025, while steadily increasing ROTCE into the 17-18% range

    Source quote
    “We expect 2027 EPS to grow more than 20% from 2025, while steadily increasing ROTCE into the 17-18% range.”
  3. fourth quarter

    sequential growth

    Source quote
    “Customer demand appears solid across the broader bank, and we expect sequential growth in the fourth quarter.”
  4. fourth quarter

    Netetra's margin to remain relatively stable

    Source quote
    “Looking ahead, we expect Netetra's margin to remain relatively stable into the fourth quarter.”
  5. fourth quarter

    full run rate benefit from Cadence Expense Synergy actions

    Source quote
    “We completed the Cadence Expense Synergy actions during the quarter, with the full run rate benefit beginning in the fourth quarter.”