10-Q · April 30, 2026
Huntington Bancshares reported a mixed Q1 2026, with net income of $523 million ($0.25 EPS), down from $527 million ($0.34 EPS) a year prior. While net interest income rose by 33% to $1.891 billion driven by increased…
Earnings analysis · 10-Q
HBAN earnings analysis
Filed July 28, 2026 · Our reading of the company's report
The latest report
Huntington delivered strong acquisition-supported revenue, NII, deposit, loan, and operating-cash-flow growth in Q2, with GAAP revenue of $2.837 billion and FTE NIM of 3.21%. However, GAAP diluted EPS fell to $0.33 from…
Read full summary
Huntington delivered strong acquisition-supported revenue, NII, deposit, loan, and operating-cash-flow growth in Q2, with GAAP revenue of $2.837 billion and FTE NIM of 3.21%. However, GAAP diluted EPS fell to $0.33 from $0.34 as $152 million of acquisition costs and higher operating expenses weighed on results. Credit quality softened, with NPAs reaching $1.612 billion and annualized net charge-offs rising to 0.25%, while consolidated CET1 fell to 10.0%. Item 1A states there were no material changes to risk factors previously disclosed in the 2025 10-K.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.33
What stood out
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Revenue accelerated sequentially and year over year
GAAP total revenue was $2.837 billion in Q2, up $899 million, or 46%, from $1.938 billion in Q2 2025 and approximately 10% from implied Q1 2026 GAAP revenue of $2.573 billion. FTE revenue was $2.857 billion, up 46% year over year, though acquisition effects were substantial.
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NII and margin expanded
Net interest income increased $585 million, or 40%, year over year to $2.052 billion, while FTE NIM expanded 10 basis points to 3.21%. Management attributed the increase to $67.5 billion of higher average earning assets and lower funding costs, partly offset by lower earning-asset yields.
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Noninterest income grew across major categories
Fee income strengthened: noninterest income rose $314 million, or 67%, to $785 million. Capital-markets and advisory fees increased $56 million, payments and cash-management revenue increased $39 million, and mortgage-banking income increased $25 million.
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Cash generation improved with modest capex
Operating cash flow was $1.647 billion for the first six months of 2026, up $580 million from $1.067 billion a year earlier. Premises-and-equipment purchases were $220 million, or roughly 13% of operating cash flow, leaving approximately $1.427 billion of operating cash flow after that capex measure; the company does not report FCF as a defined metric.
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Liquidity and deposits expanded
Balance-sheet liquidity increased: cash and cash equivalents rose $2.104 billion from year-end to $15.599 billion, and selected contingent liquidity sources increased to $127.638 billion from $110.963 billion. Deposits increased $45.856 billion, or 26%, to $222.466 billion, principally including $43.530 billion acquired in Cadence.
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Cadence acquisition materially expanded scale
The Cadence transaction added scale, with $51.346 billion of assets and $36.912 billion of loans acquired on February 1, 2026. It also generated preliminary goodwill of $3.497 billion and an $855 million core-deposit intangible asset.
What to watch
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GAAP EPS declined amid integration costs
Reported diluted EPS was $0.33, down $0.01, or 3%, from $0.34 a year ago, despite revenue growth; it improved from $0.25 in Q1 2026. Q2 included $152 million of acquisition-related expense, reducing diluted EPS by $0.06 per share.
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Nonperformers and charge-offs increased
Credit metrics weakened: nonperforming assets rose $667 million, or 71%, from year-end to $1.612 billion, while the NPA ratio increased to 0.85% from 0.63%. Net charge-offs increased to $119 million, or 0.25% of average loans, from $66 million and 0.20% a year earlier.
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Capital ratio declined as RWA expanded
The consolidated CET1 ratio declined 40 basis points to 10.0% from 10.4% at year-end as risk-weighted assets rose to $214.138 billion from $166.684 billion. The decrease reflected loan growth, the Cadence acquisition, and share repurchases.
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Expense growth outpaced efficiency
Cost pressure remains elevated: Q2 noninterest expense increased $612 million, or 51%, to $1.809 billion, and the efficiency ratio worsened to 61.5% from 59.0% a year ago. Even excluding $152 million of acquisition-related expense, costs increased $460 million, or 38%.
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Macroeconomic downside could require higher reserves
Management's adverse credit scenario would hypothetically increase the quantitative ACL by approximately $1.3 billion, excluding qualitative adjustments. The scenario assumes unemployment peaks at 8.5% in Q2 2027, versus the baseline forecast of 4.6% at year-end 2026.
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Cadence litigation carries sizeable claimed damages
A legacy Cadence legal proceeding seeks approximately $350 million of compensatory damages plus punitive damages, with trial scheduled for November 4, 2026. Huntington estimates aggregate reasonably possible losses of $0 to $75 million above accrued liabilities for matters where a range can be estimated.
Management's outlook
The 10-Q provides no new quantitative revenue or EPS outlook. Management states that it believes liquidity is sufficient for obligations over the next 12 months and for the foreseeable future, but does not provide earnings guidance.
Earlier filings 4
10-K · February 13, 2026
Huntington’s 2025 Form 10-K highlights inorganic expansion and improving margins: the Company completed the Veritex acquisition (added $12.0 billion of assets, including $9.3 billion of loans and $10.5 billion of…
10-Q · April 29, 2025
Huntington reported a stronger quarter vs the year-ago period: total revenue (FTE) of $1,935 million (+$168M, +10%), diluted EPS of $0.34 vs $0.26 (+$0.08, +31%), and net interest income of $1,426 million (+$139M,…
10-K · February 16, 2024
Huntington’s 2023 10-K emphasizes a people-first, digitally powered regional banking strategy (OCR sales model and “Fair Play” product suite) and an organizational realignment in Q2 2023 into two reportable segments…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.