Barclays (BARC) Q2 2026 earnings summary

Executive summary

• Delivered Q2 2026 income of £8.3bn (+16% YoY) and profit before tax of £3.3bn (+32% YoY); H1 2026 profit before tax £6.1bn (+17% YoY), with RoTE at 16.1% for Q2 and 14.8% for H1.

• Upgraded 2026 group income target to ~£31.5bn and reaffirmed RoTE guidance of >12% for 2026 and >14% for 2028.

• Announced £2.3bn capital distributions for H1 2026 (+61% YoY), including £1.5bn buyback and £0.8bn dividend.

• Completed acquisitions of Best Egg in the US and GoHenry in the UK, expanding consumer franchises.

Financial highlights

• Q2 income £8.3bn (+16% YoY); H1 income £16.5bn (+11% YoY); EPS for Q2 16.7p (+43%), H1 30.7p (+24%).

• Cost-to-income ratio improved to 54% in Q2 (from 59%); H1 at 55%; £350m gross efficiency savings YTD.

• CET1 ratio at 14.3% (14% pro forma for buyback); tangible net asset value per share at 423p (+10% YoY).

• Loan loss rate 51bps in Q2; H1 at 62bps; credit impairment charges rose to £1.4bn.

Outlook and guidance

• 2026 group income target raised to ~£31.5bn; NII (excl. IB/Head Office) expected to exceed £13.7bn.

• RoTE target >12% for 2026 and >14% by 2028.

• Cost-to-income ratio targeted in the high 50s% for 2026, stepping down to low 50s% by 2028.

• Loan loss rate guidance maintained at 50–60bps through the cycle.

• Plan to return at least £10bn capital to shareholders by end-2026.