Barclays (BARC.L) — Company Research

Last Updated: 25 April 2026

Barclays plc (LSE: BARC) is a FTSE 100 universal bank operating across UK retail and corporate banking, a global investment bank, US consumer cards and a private bank & wealth manager. The Tesco Bank retail acquisition completed 1 November 2024 added ~£8bn of credit-card and personal-loan assets and ~£6.8bn of deposits, anchoring a 10-year strategic distribution partnership with Tesco. FY2025 results (released Tuesday 10 February 2026) hit every financial guidance set under CEO C.S. "Venkat" Venkatakrishnan’s February 2024 three-year plan: Group income £29.1bn (+9%), profit before tax £9.1bn (+13%), attributable profit up 16% YoY, RoTE 11.3% (FY24: 10.5%), TNAV per share 409p (+15%), CET1 14.3% (14.0% rebased post-buyback), and a £1.0bn buyback plus 5.6p final dividend taking total 2025 distribution to ~£1.8bn. New 2028 medium-term targets: Group RoTE >14%, cost-income ratio "high 50s", and >£15bn of capital returns 2026–2028 (on top of the original 2024–2026 £10bn programme). With Q1 2026 results scheduled for Tuesday 28 April 2026 at 07:00 UK time — just three trading days from publication — this report compiles segment economics, balance-sheet metrics, the strategic plan progress, valuation snapshot and the latest 48-hour activity straight from Barclays’ own RNS, results announcements and Pillar 3 disclosures. No analyst opinions, no price targets. For live charts and watchlists see our live charts, the economic calendar, and the community forum.

1. Company Snapshot

Name	Barclays plc
Ticker	LSE: BARC (FTSE 100); ADR NYSE: BCS; ISIN GB0031348658
Sector	Banks — universal (UK retail/SME, UK Corporate, Investment Bank, Private Bank & Wealth, US Consumer Bank)
Headquarters	One Churchill Place, Canary Wharf, London E14 5HP
Heritage	Founded 1690 (John Freame & Thomas Gould, Lombard Street, London); “Barclay, Bevan & Tritton” partnership 1736; Barclay & Co. joint-stock company 1896 (amalgamation of 20 private banks); Barclays DCO 1925; Woolwich acquired 2000; Lehman North American businesses acquired Sep 2008; ING Direct UK 2013; Tesco Bank retail business completed 1 Nov 2024.
Group CEO	C.S. Venkatakrishnan (“Venkat”) since 1 November 2021
Group CFO	Anna Cross (since 23 April 2022)
Group Chair	Nigel Higgins
Employees	~83,500 globally (FY2025 filings)
FY2025 Group income	£29.1bn (+9% YoY)
FY2025 profit before tax	£9.1bn (+13%)
FY2025 attributable profit	+16% YoY; basic EPS 43.8p (+22%)
FY2025 Group RoTE	11.3% (FY24: 10.5%)
CET1 ratio (31 Dec 2025)	14.3% (14.0% rebased for £1bn buyback)
TNAV per share (31 Dec 2025)	409p (+15% YoY)
Total dividend (FY2025)	8.6p per share (interim 3.0p + final 5.6p)
Share price (24 Apr 2026 close)	~427.8p
Market cap (25 Apr 2026)	~£60bn
Website	home.barclays

2. Bull Case vs Bear Case

Bull Case

• FY2025 hit every guided metric: Group RoTE 11.3% (target >11%), Group NII ex-IB & Head Office £12.8bn (above >£12.6bn raised guidance), cost-income ratio improved to 61%. All five divisions delivered double-digit RoTE for the first time.
• New 2028 targets unveiled at FY25 results: Group RoTE >14% in 2028, >£15bn capital returns 2026–28 (in addition to ~£10bn delivered 2024–26), cost-income ratio in the “high 50s”.
• Capital strength: CET1 14.3% (14.0% post-buyback), top of the 13–14% target range; leverage ratio 5.1%; MREL ratio 35.8% with £16bn of MREL issued in 2025.
• UK structural-hedge tailwind: Group NII ex-IB & Head Office +13% YoY; net interest income at Barclays UK rose 15% to £7.7bn with mortgage NIM 3.63%; structural hedge gross income still has ~£11bn of locked-in roll-on benefits to come.
• Tesco Bank integration on plan — full-year contribution of NII running at expected level; 10-year exclusive Tesco distribution partnership unlocks ongoing customer-acquisition channel.
• Investment Bank RoTE improved to 10.6% (FY24: 8.5%) on greater capital productivity; Markets and Banking both grew with 11% income uplift, supported by Financing and International Corporate Bank as more stable income streams.
• Capital-return cadence: £1.0bn buyback announced 10 Feb 2026, executing in 2026; £0.8bn final dividend; total 2025 distribution ~£1.8bn.

Bear Case

• Investment Bank earnings remain inherently volatile — Q1 2025 RoTE 14.0%, Q2 12.3%, Q3 10.6%, FY 10.6%; sequential declines across 2025 quarters underline cyclical sensitivity.
• Barclays UK profit before tax dipped 5% to £3.4bn in FY25 because the £0.6bn Tesco day-1 acquisition gain (booked Q4 2024) did not repeat — a reminder that headline growth is being flattered by structural-hedge tailwind that will eventually plateau.
• Reported £600m exposure to collapsed UK specialist lender Market Financial Solutions Ltd disclosed in Q1 2026; combined with FCA scrutiny of risk-transfer processes and CEO cybersecurity warnings, this introduces tail-risk concerns.
• US Consumer Bank RoTE only 11.0% — lowest of the five divisions; structurally lower profitability than UK businesses, dependent on co-brand card partnerships (American Airlines, JetBlue, Wyndham, Gap) which require constant renewal.
• Private Bank & Wealth Management profit slipped slightly YoY in 2025 despite income growth (£1,418m, +6%); cost-to-income drag in PBWM as Barclays invests for scale.
• Active competitive bid process for Evelyn Partners (~£2.5bn / £67bn AUM) flagged Dec 2025 — if successful, integration risk re-emerges; if unsuccessful, the wealth-scale gap to UK majors persists.
• UK retail funding pressures: Barclays personal saver rates moved into the bottom quartile during 2025 (Moneyfacts); deposit competition from challenger banks could squeeze NIM if rates fall.
• CEO Venkat’s comp climbed to ~£15m FY2025 against a 2028 RoTE plan that requires another ~270bps of return uplift in two years — execution risk if the IB cycle turns.

3. What Does Barclays Actually Do?

Barclays is a transatlantic universal bank organised into five operating divisions following the February 2024 reorganisation announced at Venkat’s investor update. The split moved the group from three reporting segments to five for “more granular disclosure”, separating UK retail (Barclays UK) from UK corporate banking (Barclays UK Corporate Bank, formerly part of the legacy Corporate & Investment Bank), and Private Bank & Wealth Management from the Investment Bank. The five divisions all delivered double-digit RoTE in FY2025.

• Barclays UK. UK personal banking, retail mortgages (£172bn book), credit cards, Barclaycard UK, plus the Tesco Bank business (£8bn unsecured assets, £6.8bn deposits). FY25 income £8.7bn (+5%); profit before tax £3.4bn (−5% on non-repeat of £0.6bn Tesco day-1 gain); NIM 3.63%; ~24m UK retail customers.
• Barclays UK Corporate Bank. Mid-market UK corporates and SMEs, transaction banking, business deposits. Carved out at the 2024 reorg; double-digit RoTE in FY25 with stable income.
• Barclays Private Bank & Wealth Management (PBWM). UK and international private banking, mass-affluent wealth, Smart Investor self-directed platform. FY25 income £1,418m (+6%); profit before tax £367m (slight dip YoY); growth driven by net new inflows, invested-asset and loan-balance increases, plus market movements.
• Barclays Investment Bank. Global Markets (FICC, Equities), Banking (M&A advisory, ECM, DCM), International Corporate Bank, Financing. FY25 income +11% YoY; RoTE 10.6% (+2.1pp YoY); the largest single division by income and capital. Approximate FY25 IB profit before tax £4.6bn, the largest single-segment contributor.
• Barclays US Consumer Bank. US private-label and co-branded credit cards (American Airlines, JetBlue, Wyndham, Gap, AARP), Barclays online savings. FY25 USCB income +21% YoY; RoTE 11.0% (+1.9pp YoY).

4. The Business Model

Barclays generates revenue from three principal income streams:

1. Net interest income (NII) — the spread between lending rates and deposit/funding costs, plus the contribution from the structural hedge (a portfolio of swaps that smooths the impact of interest-rate moves on capital and current-account balances). FY25 Group NII excluding Investment Bank and Head Office £12.8bn (+13% YoY) — ahead of the upgraded >£12.6bn guidance set at Q3. The structural hedge has a multi-year tailwind as low-yielding swaps roll off and reprice into higher rates.
2. Fee, commission and trading income — investment banking advisory fees, capital markets underwriting, FICC/Equities trading, transaction banking fees, wealth-management fees, credit-card interchange. The Investment Bank’s Markets and Banking franchises are the dominant fee generators.
3. US card-receivable interest — the US Consumer Bank business is largely a private-label/co-brand card lender; revenue is driven by card balances and effective APRs. Co-brand partnerships (American Airlines, JetBlue, Wyndham Rewards, Gap, AARP) are the customer-acquisition channel.

Cost discipline. The February 2024 plan committed to ~£2bn of gross efficiency savings by 2026 (roughly £500m/year). Barclays achieved its ~£500m FY2025 gross efficiency savings target a quarter ahead of schedule (delivered by Q3). Group cost-income ratio improved to 61% in FY2025 (FY24: 63%), with the new 2028 target set at “high 50s” — implying a further ~3–4pp reduction.

Capital framework. Barclays is a UK G-SIB and operates under PRA-supervised CET1, leverage and MREL requirements. FY2025: CET1 14.3% (14.0% rebased for £1.0bn buyback) on RWAs of £356.8bn; leverage ratio 5.1%; MREL ratio 35.8%. The 13–14% CET1 target range positions Barclays at the upper end with deliberate buffer capacity for buybacks and Tesco-style bolt-ons.

Subsidy/regulatory-credit dependency: not material in the way EV or renewables companies depend on tax credits. Barclays’ principal regulatory exposures are PRA capital rules (Basel 3.1 implementation), FCA conduct supervision (motor finance redress, premium-finance review, vulnerable-customer rules), and Bank of England macro-prudential settings (counter-cyclical buffer, leverage constraints). The motor-finance commission redress case is a meaningful contingent liability for the consumer-credit industry — Barclays disclosed an FY24 £90m provision for FCA motor-commission scheme exposure but is not a primary motor lender.

5. Financial Health

Five-year revenue, profit and capital trend (£ millions, source: Barclays results announcements)

Metric	FY21	FY22	FY23	FY24	FY25
Total income	21,940	24,954	25,378	26,789	29,107
Profit before tax	8,194	7,012	6,558	8,108	9,139
Attributable profit	6,378	5,023	4,275	5,318	~6,170
Basic EPS (p)	36.5	30.8	27.8	36.0	43.8
Total dividend (p)	6.0	7.25	8.0	8.4	8.6
RoTE (Group)	13.4%	10.4%	9.0%	10.5%	11.3%
CET1 ratio	15.1%	13.9%	13.8%	13.6%	14.3%
TNAV / share (p)	291	295	331	357	409
RWAs (£bn)	314	337	344	358	357

Quarterly progression through 2025 (income / RoTE / cost-income): banks do not report “gross margin” in the manufacturing-style sense, so the standard quarterly revenue + gross-margin SVG used elsewhere on the site is omitted here in favour of the more relevant divisional and quarterly RoTE / cost-income disclosures. The table below summarises the 2025 quarterly cadence.

Quarter	Group income	Group RoTE	CET1 (period end)	Notes
Q1 2025	£7.7bn (+11%)	14.0%	13.9%	NII guidance raised; profit +19%
Q2 2025	£7.2bn (+14%)	12.3%	14.0%	Markets +9%; Banking fees +6%
Q3 2025	£7.2bn (+9%)	10.6%	14.1%	£500m buyback announced; FY guidance raised to RoTE >11%
Q4 2025	£7.0bn (~+1%)	~9.6%	14.3%	FY25 attributable +16%; 2028 targets unveiled
FY 2025	£29.1bn (+9%)	11.3%	14.3%	Cost-income 61%; £1.0bn buyback announced

Note: Barclays disclosed gross efficiency savings of ~£500m delivered in 2025 (target hit a quarter early), and £16bn of MREL issuance in 2025 ending the year with an MREL ratio of 35.8%. Total assets and the full balance sheet are detailed in the Barclays Bank PLC and Barclays PLC Annual Reports for 2025 (released alongside the FY results on 10 February 2026).

6. Valuation & Market Data

Metric	Value	Notes / source date
Share price	~427.8p	Close 24 April 2026 (LSE)
Market cap	~£60bn	25 April 2026 (post Tesco-related share count)
Trailing P/E (FY25 EPS 43.8p)	~9.8x	Basic EPS basis
P/B (book value)	~0.78x	Group book value per share ~£5.50
P/TBV (TNAV 409p)	~1.05x	FY25 TNAV per share 409p (+15% YoY)
Dividend (FY25 total)	8.6p	Interim 3.0p + final 5.6p (paid 31 Mar 2026)
Dividend yield (trailing)	~2.0%	Forward yield enhanced by ongoing buyback (£1bn 2026)
52-week range	~275p – ~506p	High Mar 2026 (~506p); low ~275p Q3 2025 (cycle); 12-month range varies by data provider
RoTE (FY25)	11.3%	Target >12% in 2026; >14% in 2028
CET1 ratio	14.3% (14.0% rebased)	13–14% target range
Total capital ratio	~19.4%	Per Pillar 3 disclosure
Leverage ratio	5.1%	FY25
MREL ratio	35.8%	£16bn of MREL issued in 2025
Group NIM (Barclays UK)	3.63%	FY25 mortgages
Cost-income ratio	61%	FY25 (FY24: 63%); target high 50s by 2028
RWAs	£356.8bn	FY25
Buyback authority	£1.0bn	Announced 10 Feb 2026; executing 2026
Short interest	Not material	Per FCA Short Selling Register; no individually disclosable net short positions ≥0.5% as of late April 2026

7. What Are They Building / What’s Coming?

• 2026–2028 strategic plan. Set at FY25 results: Group RoTE >14% in 2028 (vs >12% target for 2026); cost-income ratio “high 50s” (vs 61% in FY25); >£15bn capital returns 2026–28; ~£2bn of gross cost savings cumulative through 2028.
• Tesco Bank integration. Acquisition completed 1 November 2024 for £600m headline consideration. The acquired business included £4.2bn gross credit-card receivables, £4.2bn unsecured personal loans and £6.8bn customer deposits. 10-year exclusive Tesco brand-distribution partnership runs alongside, with Barclays UK distributing financial services through Tesco channels and the Tesco Bank brand retained.
• Evelyn Partners bid (live process). December 2025 reports indicated Barclays is in a competitive auction for Evelyn Partners (UK wealth manager, £67bn AUM as of Sept 2025, valued ~£2.5bn). Permira and Warburg Pincus (the PE owners) requested non-binding offers by 10 December 2025. Barclays is reported through to a second round alongside NatWest and others. There is no certainty of a transaction.
• AI investment. Venkat’s FY25 results commentary highlighted AI as a productivity lever: “harnessing new technology, including AI, to improve efficiency and build segment-leading businesses and drive further growth.”
• Investment Bank capital productivity. The 2024 plan reweighted the IB toward stable income (Financing, International Corporate Bank) versus pure flow trading; FY25 IB RoTE +2.1pp to 10.6%.
• US Consumer Bank scaling. USCB income +21% in FY25 with RoTE +1.9pp to 11.0%; further co-brand pipeline and deposit growth flagged.
• Capital returns calendar. £1.0bn buyback executing 2026; final 5.6p dividend paid 31 March 2026; cumulative 2024–26 capital return is on track for the original ~£10bn pledge.

8. Competitive Landscape

Barclays’ competitive position differs sharply by division. In UK retail/SME it is one of the “Big 4” (Lloyds, NatWest, HSBC UK, Barclays) controlling collectively ~75% of personal current accounts and ~85% of business accounts. In UK mortgages it ranks roughly #4 by gross lending. In investment banking it is a top-six global player by Markets/Banking revenue, alongside JPMorgan, Goldman Sachs, Morgan Stanley, Citi, and Bank of America.

UK gross mortgage lending (2024 UK Finance data — latest published rankings; FY25 rankings expected from UK Finance July 2026):

Lender	2024 gross lending	Approx market share
Lloyds Banking Group	£47.0bn	~19.4%
Nationwide Building Society	£41.8bn	~17.3%
NatWest Group	~£32–33bn	~13–14%
Barclays	£23.9bn	~9.9%
HSBC UK	~£22–23bn	~9–9.5%
Santander UK	~£18–19bn	~7.5%

UK retail/current accounts (Big 4): Lloyds Banking Group (Halifax, Bank of Scotland, Lloyds), NatWest Group (NatWest, Royal Bank of Scotland, Ulster, Coutts), HSBC UK (HSBC UK, first direct, M&S Bank), Barclays. Collectively ~75% of personal current accounts; combined ~85% of business accounts.

Investment banking (global Markets & Banking peer set): JPMorgan Chase, Goldman Sachs, Morgan Stanley, Citigroup, Bank of America, Deutsche Bank, UBS Group, BNP Paribas. Barclays’ FICC franchise is a top-five global Macro/Credit dealer; Banking advisory and underwriting fees rank typically top-six European, top-eight global.

US Consumer Bank competitive set: Synchrony Financial, Citi (cards), Capital One, American Express (network/issuance), Bread Financial, US Bancorp. Co-brand and private-label cards are a concentrated segment; Synchrony and Citi dominate by partner count, with Barclays positioned as a premium-airline co-brand specialist.

UK Wealth competitive set: St. James’s Place (£200bn+ AUM), Schroders (incl. Schroders Personal Wealth/Cazenove Capital), Rathbones/Investec Wealth merger, Quilter, Brewin Dolphin (now RBC Brewin Dolphin), Hargreaves Lansdown (now CVC private), AJ Bell. Evelyn Partners (£67bn AUM) is the live target of the December 2025 auction process.

9. Leadership and Ownership

Executive team: C.S. Venkatakrishnan (“Venkat”) — Group CEO since 1 November 2021, previously Barclays Group Chief Risk Officer (2016–20) and Head of Global Markets (2020–21); 30+ year career at JPMorgan before joining Barclays. Anna Cross — Group CFO since 23 April 2022; previously Deputy Group Finance Director and Group Treasurer; ICAEW chartered accountant. Nigel Higgins — Group Chair since May 2019; ex-Vice Chair Rothschild & Co. Sasha Wiggins — CEO Private Bank & Wealth Management. Cathal Deasy & Taylor Wright — Co-Heads of Banking, Investment Bank. Adeel Khan & Stephen Dainton — Co-Presidents Barclays Bank PLC. Vim Maru — CEO Barclays UK (since 2024). Denny Nealon — CEO Barclays US Consumer Bank.

Top institutional holders (per public filings as of late 2025/early 2026; Barclays does not publish a full real-time register):

Holder	Approx stake	Notes
The Vanguard Group	~3.6% (~528m shares)	Largest disclosed institutional holder
BlackRock, Inc.	~3.2% (~470m)	Long-term passive holder
Solium Capital UK Ltd	~3.0% (~453m)	Employee share-plan administrator
Dodge & Cox	~3.0% (~444m)
Capital Group	~2–3%	Active value
State Street Global Advisors	~1.5–2%	Passive index
Legal & General Investment Mgmt	~1–2%	UK passive
Schroders / Norges Bank / abrdn	~1% each	Mixed UK / Norwegian sovereign

Activist Sherborne Investors (Edward Bramson) exited in 2021 at a loss after a multi-year campaign for Barclays to retreat from investment banking — Venkat’s 2024 plan went the other way and re-emphasised the IB.

Recent named insider / PDMR transactions on RNS (last ~6 months):

Date	Name	Role	Transaction	Shares	Price	£ value
9 April 2026	Sasha Wiggins	CEO Private Bank & Wealth Management	Buy (off-market)	123	£4.0982	£504
18 February 2026	Sasha Wiggins	CEO Private Bank & Wealth Management	SAYE option exercise	21,428	£0.84	£18,000 (option strike)
Various Q1 2026	Multiple PDMRs (incl. Vim Maru, Anna Cross, Sasha Wiggins, Denny Nealon)	Executive Committee & Board	Conditional share-plan vestings (LTIP, deferred share awards)	Multiple tranches	n/a (vesting)	Disclosed via RNS Director/PDMR Shareholding notices
Daily 2026	Barclays plc	Issuer (own-share buyback)	Buy (£1bn programme)	Daily tranches	Market	Daily “Transaction in Own Shares” RNS

Note: SAYE/SIP option exercises and conditional vestings make up the majority of PDMR notifications; outright open-market discretionary purchases by individual directors are infrequent at UK universal banks. Wiggins’ April 2026 off-market acquisition was a small holding-related transaction rather than a signal trade.

10. Risks and Challenges

• Investment Bank cyclicality. The IB is the largest segment by income (~46% of FY25 Group income). RoTE was 14% in Q1 2025, 12.3% in Q2, 10.6% in Q3 and 10.6% for the full year — sequential declines reflect normal markets/banking cyclicality. A market-volatility decline or league-table loss in any one quarter materially impacts Group RoTE.
• Tesco Bank integration risk. The 10-year distribution partnership and integration timeline mean execution risk persists through 2028+. Day-1 gain (£0.6bn in Q4 2024) is a non-repeating item that flatters comparable-period growth.
• UK regulatory risk — motor finance redress. The FCA’s industry-wide motor commission scheme is the most material consumer-credit contingent liability; Barclays disclosed an FY24 £90m provision but is not a primary auto lender.
• UK regulatory risk — ring-fencing reform & Basel 3.1. The PRA’s phased Basel 3.1 implementation, ring-fencing review, and FCA premium-finance/vulnerable-customer rules can each shift capital, NIM and pricing economics.
• Specific counterparty exposures. Disclosed ~£600m exposure to Market Financial Solutions Ltd (collapsed UK specialist mortgage lender) is being worked through; CEO has flagged cybersecurity and risk-transfer process scrutiny as live areas of attention.
• US Consumer Bank concentration. Co-brand renewals (American Airlines, JetBlue, Wyndham, Gap) drive scale; partner loss or repricing materially affects USCB economics.
• Interest rate sensitivity. Structural-hedge tailwind benefits NII when rates stay elevated. UK Bank Rate cuts compress mortgage spreads and structural-hedge re-investment yields. Barclays’ UK retail saver rates fell into the bottom quartile in 2025 (Moneyfacts), exposing the bank to switching risk if rates fall.
• FX exposure. Material US Consumer Bank, IB and Private Bank operations in USD; group earnings sensitive to GBP/USD. The 2025 IB income uplift was supported by some USD strength.
• Capital allocation discretion. The 2026–28 plan envisions >£15bn capital returns plus capacity for bolt-ons (Tesco Bank ✓; Evelyn Partners process live). Mis-priced M&A is the largest discretionary risk.
• UK political risk. Bank windfall tax debate, surcharge changes, and FCA conduct supervision all create policy-step risks.
• Macro/credit cycle. UK and US recession scenarios drive impairments in cards, mortgages and corporate credit; FY25 impairment charges remained moderate but the cycle can re-accelerate.

11. Recent Developments

• 24–25 April 2026 (last 48 hours). Barclays in pre-results “close period” ahead of Tuesday’s Q1 2026 results — no company-initiated material RNS in the past 48 hours other than the routine daily “Transaction in Own Shares” notices under the £1bn buyback programme. BARC.L closed Friday 24 April 2026 at ~427.8p; Q1 results will publish 07:00 BST Tuesday 28 April 2026.
• Mid-April 2026. Daily “Transaction in Own Shares” RNS notices under the £1.0bn buyback programme announced 10 February 2026.
• 9 April 2026 — Director/PDMR Shareholding RNS. Sasha Wiggins (CEO Private Bank & Wealth Management) acquired 123 ordinary shares at £4.0982 in an off-market transaction.
• 31 March 2026 — FY25 final dividend paid. 5.6p per share, ex-dividend 19 February 2026, record date 20 February 2026.
• 18 February 2026 — PDMR RNS. Sasha Wiggins exercised SAYE option over 21,428 shares at £0.84 strike.
• 10 February 2026 — FY2025 Results. Group income £29.1bn (+9%); profit before tax £9.1bn (+13%); attributable +16%; basic EPS 43.8p (+22%); RoTE 11.3%; CET1 14.3%; TNAV 409p (+15%); cost-income 61%; £1.0bn buyback announced; final dividend 5.6p; new 2028 medium-term targets unveiled (Group RoTE >14%; cost-income “high 50s”; >£15bn capital returns 2026–28). Venkat: “firing on all cylinders”.
• December 2025 — Evelyn Partners auction. Permira / Warburg Pincus invited non-binding offers by 10 December 2025; Barclays through to second round alongside NatWest, Lloyds, RBC and PE bidders; transaction outcome uncertain.
• 22 October 2025 — Q3 2025 Results. Income +9% to £7.2bn; profit before tax £2.1bn (−7%); RoTE 10.6% / YTD 12.3%; £500m buyback announced; FY25 RoTE guidance raised to >11% and Group NII ex-IB and HO to >£12.6bn; ~£500m gross efficiency savings achieved a quarter ahead of plan.
• 29 July 2025 — H1 2025 / Q2 Results. H1 RoTE 13.2%; Q2 income +14% to £7.2bn; interim dividend 3.0p declared; further upgrade to 2025 guidance.
• 30 April 2025 — Q1 2025 Results. Income £7.7bn (+11%); RoTE 14.0%; profit +19%; NII guidance raised; cautious commentary on tariff-led macro slowdown noted.
• 1 November 2024 — Tesco Bank acquisition completed. £600m headline consideration; ~£1bn tangible net assets at completion; £4.2bn gross credit-card receivables, £4.2bn unsecured personal loans, £6.8bn customer deposits transferred to Barclays UK; 10-year exclusive Tesco brand-distribution partnership commenced.
• 20 February 2024 — Investor Update. Three-year strategic plan: five-division reorganisation; £2bn cost savings target by 2026; ~£10bn capital returns 2024–26; RoTE >12% by 2026.

12. Key Dates Coming Up

• Tuesday 28 April 2026 — Q1 2026 Results. 07:00 BST RNS release; analyst & investor conference call 09:30 BST. Three trading days from publication of this report.
• May 2026 — AGM 2026 (Barclays AGM is typically held in early May; specific 2026 date confirmed in the Notice of AGM published in March 2026).
• 30 July 2026 (estimated) — H1 2026 / Q2 2026 Results & interim dividend declaration.
• 21 October 2026 (estimated) — Q3 2026 Results.
• 2026 — £1.0bn share buyback execution window. Daily RNS “Transaction in Own Shares” notices.
• Throughout 2026 — Tesco Bank integration milestones and Evelyn Partners process resolution.
• February 2027 — FY2026 Results announcement (estimated).
• 2026–2028 — >£15bn capital returns programme, Group RoTE >12% (2026) and >14% (2028) targets to be tracked at each quarterly update.

Related

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Disclaimer: Research only. This article is for information and discussion purposes. It is not investment advice, not a recommendation to buy or sell any security, and does not take your personal circumstances into account. All financial figures come from Barclays plc results announcements, RNS releases, Pillar 3 disclosures and shareholder updates; market data is as of the dates stated. Always do your own research and consult a qualified adviser before making investment decisions.