Truist Financial Corp. (TFC) posted a fourth quarter net loss of $5.2 billion, or $3.85 per share, impacted by: $6.1 billion or $4.53 per share non-cash goodwill impairment charge; $507 million or $0.29 per share special FDIC assessment; $204 million, or $0.15 per share discrete tax benefit; and $183 million or $0.10 per share primarily due to restructuring charges. Adjusted net income was $1.09 billion or $0.81 per share, down 37.1% from a year ago. On average, 18 analysts polled by Thomson Reuters expected the company to report profit per share of $0.89, for the quarter. Analysts' estimates typically exclude special items.
Fourth quarter revenue was $5.76 billion compared to $6.26 billion, prior year. Analysts on average had estimated $5.69 billion in revenue.
For the first quarter, the company projects revenue to be flat to down 1% from linked quarter. For fiscal 2024, the company expects revenue to decline 1% - 3%.
Shares of Truist Financial are up 3% in pre-market trade on Thursday.
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May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.