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Truist Financial Corporation
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NYSE: TFC Financials Bank 🔎 Screen
S&P 500
$59.4B
Market Cap
12.9
P/E
0.96
PEG
—
ROCE
8.2%
ROE
1.12
D/E
—
OPM
-14.7%
% from 52W High
55
α RS
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Currency-adjusted total returns for TFC including FX impact
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Ratio Health
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About

Truist Financial Corporation, a financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through two segments, Consumer and Small Business Banking; and Wholesale Banking. Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts. The company also provides funding; asset management; credit card lending; home equity and mortgage lending; other direct retail lending; home mortgage lending; Investment brokerage services; mobile/online banking; payment solutions; point-of-sale lending; retail and small business deposit products; and small business lending. In addition, it offers asset-based lending, commercial deposit and treasury services; commercial lending; floor plan lending; derivatives; institutional trust services; insurance premium finance; international banking; investment banking and capital markets services; leasing; merchant services; mortgage warehouse lending; real estate lending; supply chain financing; and wealth management/private banking. The company was formerly known as BB&T Corporation and changed its name to Truist Financial Corporation in December 2019. Truist Financial Corporation was founded in 1872 and is headquartered in Charlotte, North Carolina.

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3-Statement Financial Model
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Mixed quarter Investor Presentation One-Pager? Q2 2026
Revenue
$5.3B
+5.5% YoY
Operating Income (PPNR)
$2.26B
+10% YoY
Efficiency Ratio
58.0%
-190 bps YoY
Net Income
$1.5B
+25% YoY
What Went Right
  • EPS grew 37% YoY to $1.23; net income to common shareholders reached $1.5B.
  • ROTCE improved 310 bps YoY to 15.4%, above the 2026 target of >14%.
  • Noninterest income rose 17% YoY, led by investment banking and trading revenue up 72%.
  • Returned more than 100% of earnings via $1.2B buybacks and dividends; CET1 ratio improved to 10.9%.
What to Watch
  • Full-year NII growth guidance was cut to 1%-1.5% from 2%-3% on loan spread compression and less favorable deposit mix.
  • Exited marine/RV lending and cut consumer production ~40%, reducing NII/NIM but improving ROTCE.
  • NIM fell 4 bps QoQ to 2.98%; DDA mix is expected to decline to ~25% by year-end as clients chase higher-rate deposits.
Management Guidance
  • Q3 2026: revenue +1% QoQ, NII +1.5% QoQ, noninterest income relatively stable, noninterest expense +2% QoQ.
  • FY2026: revenue +3.5%-4% (prior ~4%), NII +1%-1.5%, noninterest income ~10%, expense +1.75%.
  • FY2026: NCOs 55 bps, effective tax rate 14.5%, share buybacks $5B, ROTCE above 14%.
Investor Lens
The thesis is stronger on execution even though the NII outlook is softer. ROTCE of 15.4% already clears the full-year target, fee momentum is robust at ~10% growth, and capital return is aggressive. The key question is whether loan spread compression and deposit remixing persist into 2027; management kept the EPS trajectory intact and framed the changes as deliberate, return-accretive portfolio shifts.
From investor presentation · AI-generated analysis · Not investment advice
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📊 MIXED Strong profit growth but NII guidance trimmed
Revenue
Revenue on a taxable-equivalent basis was $5.31B, up 5.5% YoY and 2.2% QoQ. Reported revenue was $5.27B. Strength was driven by noninterest income, which rose 17% YoY, while NII was roughly flat YoY.
Profitability
Net income available to common shareholders was $1.5B, with EPS of $1.23, up 37% YoY. ROCE was 10.4% and ROTCE was 15.4%, up 310 bps YoY. Positive operating leverage of 320 bps YoY supported profitability.
Margins
NIM on a TE basis was 2.98%, down 4 bps QoQ, reflecting higher deposit costs, lower loan spreads, and a larger balance sheet. Efficiency ratio improved to 58.0% from 59.9% a year ago. Expense growth of 2.3% YoY remained below revenue growth of 5.5%.
Balance Sheet
CET1 ratio increased 10 bps QoQ to 10.9%. Average loans rose 0.7% QoQ to $329B, and average deposits increased 1.5% QoQ to $405B. ALLL ratio was 1.51% and the NCO ratio improved to 50 bps. The company returned $1.8B through dividends and buybacks in Q2.
Key Risks
Management flagged continued market-driven loan spread compression, expecting full-year spreads down 5-10 bps if they hold. Deposit mix pressure is persistent as clients shift to higher-rate products, with DDA expected to fall to ~25% by year-end. Reducing consumer loan production lowers near-term NII, while indirect auto non-accrual changes pushed NPAs slightly higher.
Outlook
Q3 2026 revenue is expected to increase 1% QoQ, with NII up about 1.5% and expenses up about 2%. For the full year, revenue growth is now expected at 3.5%-4%, NII at 1%-1.5%, and fee income at roughly 10%; management remains confident in ROTCE above 14%.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-17
Q2 2026 saw net income rise 37% year-over-year to $1.5B, with ROTCE at 15.4% and strong fee income growth. Guidance for 2026 was revised to lower NII growth but higher non-interest income, with continued focus on capital efficiency and $5B in share buybacks.
Q1 2026 Q1 2026 2026-04-17
Net income rose 25% year-over-year to $1.4 billion, driven by strong loan and fee growth, disciplined expense management, and robust investment banking results. 2026 guidance was refined for lower NII but higher non-interest income and share repurchases, with ROTCE targets raised to 16%-18% over the next 3-5 years.
Q4 2025 Q4 2025 2026-01-21
Reported $5B net income for 2025 with strong loan and deposit growth, disciplined expense management, and robust capital returns. 2026 guidance calls for 4%-5% revenue growth, improved operating leverage, and $4B in share repurchases, with continued investment in digital and branch expansion.
Q3 2025 Q3 2025 2025-10-17
Q3 2025 saw strong net income of $1.3B, driven by growth in loans, digital channels, and non-interest income. Asset quality remained solid, capital return was robust, and guidance points to accelerating revenue and buybacks in 2026, with a 15% ROTCE target for 2027.
Q2 2025 Q2 2025 2025-07-18
Net income reached $1.2 billion with strong loan growth and improved asset quality. Investments in digital platforms and talent fueled client acquisition, while capital returns exceeded targets. Guidance for 2025 remains positive, with revenue and expense growth supporting operating leverage.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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