Huntington Q3: Profit Up, EPS Down to $0.33
Huntington Bancshares reported Q3 2026 profit of $680 million but earnings per share fell to $0.33 from $0.41 a year earlier, a divergence reflecting income growth that isn't translating to per-share
Huntington Q3: Profit $680M But EPS Falls to $0.33
NEW YORK, October 23 —
Huntington Bancshares Incorporated (HBAN) grew Q3 2026 profit to $680 million while earnings per share fell to $0.33 from $0.41 a year earlier, a divergence that tells investors aggregate income is expanding but per-share value is not. Robert W. Baird cut its price target on the stock that day.
- Q3 EPS $0.33, below the prior four-quarter run rate of $0.37, $0.39 per share
- Net interest income ~$2.1B, up 37% year-over-year; fee revenue up over 15% with Q4 guided at ~$750M
- HBAN at $15.73, a 17% discount to the $19.07 analyst consensus target; forward P/E 9.0x
Scale Without Per-Share Gain
Huntington is a regional bank with 20,424 employees whose commercial arm spans equipment financing, asset-based lending and municipal finance, alongside consumer products including Asterisk-Free Checking, Standby Cash and Money Scout. Reporting under its Q3 2026 8-K, the bank posted per-share earnings below the $0.37, $0.39 range recorded in each of the prior four quarters, a period that produced two beats and two misses. A rising aggregate profit figure alongside declining per-share earnings points to a business whose income pool is growing faster than the per-share value it delivers, the specific dynamic Baird flagged when it cut its price target following the report.
Where the Numbers Work
Net interest income of $2.1 billion, up 37% year-over-year, shows a bank that has substantially grown its lending base. Net interest margin reached 3.25%, up 4 basis points from the prior quarter, and management guided NIM to remain relatively stable in Q4; deposit cost increases moderated, with the cost of deposits rising only 2 basis points quarter-over-quarter to 190 basis points. Fee revenue climbed more than 15% year-over-year, with full-year 2026 growth tracking near 31%. Non-interest expense held flat at $1.7 billion linked-quarter, and trailing four-quarter operating leverage reached 120 basis points, already above the full-year target of at least 100.
| Ticker | Mkt cap | Fwd P/E | 52-wk |
|---|---|---|---|
| HBAN | $31.7B | 8.9x | -2.6% |
| FITB | $48.1B | 10.7x | +24.9% |
| KEY | $22.4B | 9.7x | +19.0% |
| RF | $24.2B | 10.0x | +15.6% |
| PNC | $89.3B | 10.5x | +21.0% |
| ZION | $9.7B | 9.6x | +25.0% |
The Q4 Test
HBAN at $15.73 trades at a 17% discount to the $19.07 analyst consensus target at a forward P/E of 9.0x. The number that frames the gap is Q4 EPS: management has guided flat core expenses and fee revenue near $750 million for the quarter, with full-year organic loan growth tracking toward approximately 6%. Whether those inputs translate to per-share earnings recovering toward year-ago levels determines whether the discount to consensus is a temporary dislocation or a pricing reset. Run the free Huntington Bancshares Incorporated deep-dive for updated fundamentals as Q4 results approach.
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Frequently Asked Questions
What were Huntington Bancshares Q3 2026 earnings?
Huntington reported Q3 2026 profit of $680 million with earnings per share of $0.33, down from $0.41 a year earlier. While aggregate profit grew, the per-share decline reflects a divergence between total income expansion and per-share value delivery.
What is Huntington stock trading at?
HBAN trades at $15.73, representing a 17% discount to the $19.07 analyst consensus price target and a forward P/E of 9.0x. Robert W. Baird cut its price target on the stock following Q3 results.
What happened to Huntington's net interest income?
Net interest income reached approximately $2.1 billion in Q3, up 37% year-over-year, with net interest margin at 3.25%, up 4 basis points from the prior quarter. Management guided NIM to remain relatively stable in Q4.
How did Huntington's fee revenue perform?
Fee revenue climbed more than 15% year-over-year in Q3, with full-year 2026 growth tracking near 31%. Management guided Q4 fee revenue near $750 million.
What is Huntington's Q4 outlook?
Management guided flat core expenses for Q4 and fee revenue near $750 million, with full-year organic loan growth tracking toward approximately 6%. Whether these inputs translate to per-share earnings recovering toward year-ago levels will determine if the stock's discount to consensus is temporary.
Huntington Bancshares reported Q3 2026 profit of $680 million alongside net interest income that climbed 37% year-over-year — yet earnings per share fell to $0.33 from $0.41 in the year-ago quarter. The gap between rising aggregate profit and declining per-share earnings landed the same day Robert W. Baird cut its price target on the stock.