Barclays PLC · BCS · FY2026 Q1 · Calendar Q2 2026

Barclays delivers solid Q1 with guidance maintained

Barclays' Q1 results support a constructive but qualified view: improved returns, income growth and capital strength were accompanied by maintained guidance, while tighter risk appetite and macro, credit and regulatory questions remain important counterweights.

Reported Before market openNYSEFinancial Services $74.74B market cap
90quality score

Earnings scorecard

Reported versus consensus
Reported EPS $0.76 Consensus $0.75
EPS surprise +1.3% Reported versus consensus
Reported revenue $11.02B Consensus $10.88B
Revenue surprise +1.3% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move -0.4% Event window
SPY move -0.5% Same window
Abnormal move +0.1% Stock minus SPY
Volume 0.7× Versus trailing sessions
Subsequent drift +6.8% Up to 20 sessions
BCSSPY benchmark

Ask FN2 about BCS FY2026 Q1

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Why did BCS fall 0.4% after beating EPS estimates in FY2026 Q1?What changed in BCS's guidance and outlook in FY2026 Q1?Give me the bull and bear case for BCS after FY2026 Q1 earnings.

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Transcript intelligence

What changed

Management highlighted stronger operating efficiency, a 6% increase in top-line income and investment-bank income above GBP 4bn. It also disclosed a GBP 228m single-name fraud charge, announced a GBP 500m buyback for Q1 and increased hedge notional by GBP 6bn. The shares underperformed the benchmark during the event session but subsequently drifted higher.

Guidance delta

Management maintained full-year NII guidance and pointed to UK corporate lending and US consumer deposit growth as supports.

Key takeaways

  • Group RoTE improved to 13.5% while the cost-to-income ratio fell to 56%.
  • Top-line income rose 6% to GBP 8.2bn, led in part by investment banking income above GBP 4bn.
  • CET1 was 14.1%; management cited a plan to return at least GBP 15bn to shareholders by 2028.

Management priorities

  • Launch Premier Wealth Management in the Barclays UK app in Q2
  • Complete the corporate-banking migration to iPortal by 2026
  • Integrate Best Egg and continue deploying UK risk-weighted assets

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Earnings History

Estimate Beat Miss Match
BCS EPS earnings history estimate and actual scatter chart 11 reported fiscal quarters and 3 future estimate-only quarters. Q3 '24 estimate $0.43 Q3 '24 actual $0.56, beat Q1 '25 estimate $0.56 Q1 '25 actual $0.70, beat Q2 '25 estimate $0.50 Q2 '25 actual $0.62, beat Q3 '25 estimate $0.54 Q3 '25 actual $0.56, beat Q4 '25 estimate $0.42 Q4 '25 actual $0.46, beat Q1 '26 estimate $0.75 Q1 '26 actual $0.76, match Q2 '26 estimate $0.89 Q2 '26 actual $0.90, match Q3 '26 estimate $0.67 Q3 '26 actual $0.66, match Q4 '26 estimate $0.47 Q1 '27 estimate $1.05 Q2 '27 estimate $1.03
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Analyst Consensus ?

ConsensusBuy25 ratings
Bullish1768.0%
Neutral728.0%
Bearish14.0%

Analyst 52W Price Targets

$22.01Previous close
$33Low
$33Average
$33High

Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 23, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Exane BNP Paribas Neutral OutperformDowngradeApr 14, 2026
Erste Group Hold BuyDowngradeMar 5, 2026
Citigroup Neutral BuyDowngradeJul 18, 2025
B of A Securities Underperform NeutralDowngradeOct 26, 2023
Morgan Stanley Overweight Equal WeightUpgradeSep 26, 2023
Show 20 more rating actions

Named analyst price targets

Upside is calculated against the persisted previous close $22.01. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
BarclaysTheresa Chen$33$22.95 +49.9%Oct 9, 2026

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Company context

Snapshot as of publication

Barclays PLC provides various financial services in the United Kingdom, Europe, the Americas, Africa, the Middle East, and Asia. The company operates through Barclays UK; Barclays UK Corporate Bank; Barclays Private Bank and Wealth Management; Barclays Investment Bank; and Barclays US Consumer Bank segments. It offers financial services, such as current accounts, savings accounts, mortgages and unsecured lending, such as credit cards and loans retail banking, wholesale banking, investment banking, wealth management, and investment management services, as well as lending products. In addition, the company engages in securities dealing activities and issuing of credit cards. The company was formerly known as Barclays Bank public limited company and changed its name to Barclays PLC in January 1985. Barclays PLC was founded in 1690 and is headquartered in London, the United Kingdom.

Historical context

All BCS earnings
-2.6%FY2026 Q3 · Calendar Q4 2026-5.5%FY2026 Q2 · Calendar Q3 2026

Financial Services peers this season

Latest reports in the same sector
CompanyQuarterEPS surpriseMarket moveHeadline
HBANM Huntington Bancshares Incorporated FY2026 Q3 · Calendar Q4 2026 -5.3% +0.5% Huntington Maintains 2027 Outlook as Fees and Synergies Grow
HBAN Huntington Bancshares Incorporated FY2026 Q3 · Calendar Q4 2026 +9.1% -0.4% HBAN maintains outlook as fee growth and credit quality support execution
HBANP Huntington Bancshares Incorporated FY2026 Q3 · Calendar Q4 2026 -5.3% 0.0% Huntington maintains EPS outlook as fees grow and credit stays solid
HBANL Huntington Bancshares Incorporated FY2026 Q3 · Calendar Q4 2026 -5.3% +0.5% Huntington maintains 2027 targets as fees and new markets support growth
NDAQ Nasdaq, Inc. FY2026 Q3 · Calendar Q4 2026 +2.0% +7.5% Nasdaq Q3: AI, cloud and market infrastructure sustain growth
SSB SouthState Bank Corp. FY2026 Q3 · Calendar Q4 2026 -4.2% +2.4% SouthState posts 9% loan and deposit growth as NIM holds

Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
  3. Polygon adjusted daily market bars · 2026-10-23T08:40:40.379642+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-23T08:40:40.376718+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-23. For educational purposes only; not investment advice.