Financials · NYSE: C
Citigroup: how the business works
Citigroup is a global bank that moves money, trades and lends for companies and investors and issues U.S. credit cards, with revenue of $85.2 billion in FY2025.
By Hardik Bhandare · Checked against filings: . Editorial policy. Corrections
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Citigroup Inc. · New York, New York · Founded 1812
Updated for Q3 FY2026 · checked
- Revenue, net of interest expense, FY2025
- $85.2B
- Net income to common shareholders, FY2025
- $13.2B
- Deposits, Sep 30, 2026
- $1.51 trillion
- Countries and jurisdictions
- Nearly 160
- Full-time employees, Dec 31, 2025
- About 226,000
The short version
Citigroup in 5 points
1 · What it sells
Citigroup moves money, trades, lends and advises for companies and investors in nearly 160 countries and jurisdictions and issues U.S. credit cards, with revenue of $85.2 billion in FY2025.
2 · Who pays it
Companies, governments and institutions brought in 60% of FY2025 revenue through Services, Markets and Banking, U.S. cardholders and retail-bank customers 25%, wealth clients 10% and other businesses 5%.
3 · What it keeps from $100
Of every $100 that came in during FY2025, Citi paid $49.4 in interest to depositors and lenders and kept $8.6 as profit, after a $1.2 billion Russia loss and a $726 million Banamex impairment.
4 · Where the operating profit comes from
Services earned $7.1 billion of FY2025 income from continuing operations, Markets $5.9 billion, U.S. Personal Banking $3.1 billion, Banking $2.3 billion and Wealth $1.5 billion, while All Other lost $5.5 billion.
5 · The one thing to watch
Citi held 51% of Banamex's voting stock at Sep 30, 2026 and expects an approximate $9 billion loss when it deconsolidates Banamex in early 2027, the CFO said on Oct 13, 2026.
Sources: From Citigroup's FY2025 10-K, Q3 FY2026 10-Q, Q3 FY2026 financial data supplement and Q3 FY2026 earnings call · checked
See the full receipt and the management scorecard below
Sources (5)
01Where $100 of a bank's money goes · FY2025
Where does $100 of Citigroup's money go?
Citigroup · FY2025
Receipt for every $100
| Interest paid to depositors and lenders | $49.4 |
|---|---|
| Employees | $17.6 |
| Technology, offices and other operating costs | $15.1 |
| Provisions for credit losses and for benefits and claims | $6.1 |
| Income tax | $3.2 |
| Kept as profit | $8.6 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
Cityfort calculation from the FY2025 10-K. Of every $100 that came in (interest income $142,864 million plus noninterest revenue $25,433 million = $168,297 million): each line = line ÷ $168,297 million × 100. Profit is income from continuing operations, before $146 million to minority holders of subsidiaries and $1,114 million of preferred dividends.
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02The business in one line
What does Citigroup do?
Companies, investors and cardholders pay Citigroup interest, fees and trading spreads; the biggest cost is interest paid to depositors and lenders, and $8.6 of every $100 that came in during FY2025 was left as profit.
- Citigroup's FY2025 revenue, after interest expense, was $85.2 billion: $59.8 billion of net interest income and $25.4 billion of noninterest revenue (fees, trading and other income).
- It held $1.40 trillion of deposits and $752.2 billion of loans at the end of FY2025.
03Who pays it
Who pays Citigroup?
Companies, governments and institutions
60%
of revenue
Fees, interest and trading income in Services, Markets and Banking
U.S. cardholders and retail-bank customers
25%
of revenue
Interest and fees on credit cards and U.S. retail bank accounts (U.S. Personal Banking)
Wealth clients
10%
of revenue
Advice, investment and lending fees and interest from wealthier clients
Other businesses
5%
of revenue
Mexico consumer banking (Banamex), Korea and central treasury (All Other)
- Companies, governments and institutions60%
- U.S. cardholders and retail-bank customers25%
- Wealth clients10%
- Other businesses5%
How spread out the customers are
Shares are Cityfort calculations from the FY2025 10-K's segment revenue; Citi does not split revenue by type of customer. Citi's five largest co-brand and store card partners together made up about 12% of its FY2025 revenue.
04Why it makes money
Why does Citigroup make money?
It earns a spread on deposits and adds fees from serving large companies
Citi earns more interest on loans and securities than it pays on deposits and borrowings. Fees from payments, trading and advice add the rest. Profit before credit costs rose from $22.1 billion in FY2023 to $30.1 billion in FY2025 as revenue grew faster than costs.
Net interest margin
2.0%2.5%
FY2021 to FY2025
- Companies and people keep deposits at Citi
- Citi lends and invests the money
- Interest earned exceeds interest paid
- Payments, trading and advice add fees
- Profit adds to capital
- Capital supports more lending and trading
↺ Step 6 feeds back into step 1.
05Business segments · FY2025
Which businesses make up Citigroup?
Markets
26%Trading in bonds, currencies, stocks and derivatives for clients. Income from continuing operations was $5.9 billion in FY2025.
Revenue $22.0B · Operating profit $5.9B
Services
25%Payments, cash management and trade finance for companies, and securities safekeeping. Income from continuing operations was $7.1 billion in FY2025.
Revenue $21.3B · Operating profit $7.1B
U.S. Personal Banking
25%U.S. credit cards and retail banking in FY2025 ($3.1 billion of income). From 2026, cards report as U.S. Consumer Cards and retail banking sits in Wealth.
Revenue $21.0B · Operating profit $3.1B
Wealth
10%Private Bank, Wealth at Work and Citigold. Income from continuing operations was $1.5 billion in FY2025.
Revenue $8.6B · Operating profit $1.5B
Banking
10%Investment banking and corporate lending. Income from continuing operations was $2.3 billion in FY2025.
Revenue $8.2B · Operating profit $2.3B
All Other
5%Exiting consumer banks (Banamex, Korea), central treasury and unallocated costs, including divestiture items. It lost $5.5 billion in FY2025.
Revenue $4.3B · Operating profit −$5.5B
How the mix changed
- Markets
- Services
- U.S. Personal Banking
- Wealth
- Banking
- All Other
Revenue by segment, FY2023 to FY2025.
US$
See the numbers
06The numbers · Consolidated · US$
How has Citigroup done?
Net interest income
$59.8BFY2025
Net interest income rose from $42.5 billion in FY2021 to $59.8 billion in FY2025, and was $17.0 billion in Q3 FY2026.
* FY2021: reserve releases.
US$ · interest earned minus interest paid
See the yearly numbers
See the quarterly numbers
Net income
$13.2BFY2025
Net income to common shareholders was $4.9 billion in Q3 FY2026, up from $3.5 billion in Q3 FY2025, which included a $726 million Banamex goodwill impairment.
* FY2021: reserve releases.
US$ · after the provision for credit losses and tax
See the yearly numbers
See the quarterly numbers
Net interest margin
2.47%FY2025
The net interest margin rose from 1.99% in FY2021 to 2.47% in FY2025, on the taxable-equivalent basis Citi reports.
% · net interest income as a share of the assets that earn interest, as reported by the company
See the numbers
Loans written off (net charge-offs)
1.27%FY2025
Net credit losses rose from 0.73% of average loans in FY2021 to 1.27% in FY2025 (Cityfort calculation from the FY2021, FY2023 and FY2025 10-Ks), and the allowance was 2.58% of loans at the end of FY2025.
* FY2021: reserve releases.
% of average loans · loans written off as unlikely to be repaid, minus amounts later recovered, as reported
See the yearly numbers
See the quarterly numbers
See all yearly numbers
† Restated by the company. Diluted EPS as Citi reports it, on net income to common shareholders after preferred dividends.
Net interest income = interest earned on loans and securities minus interest paid to depositors and lenders. Revenue (net of interest expense) = net interest income + noninterest income (fees and other income). Provision for credit losses = money set aside for loans that may not be repaid. Net income is the amount for common stockholders. Fiscal years are the company's own (December 31).
- Revenue is Citi's "total revenues, net of interest expense". FY2021 to FY2024 revenue, noninterest revenue and noninterest expense are as restated in the FY2025 10-K, after card network fees were moved into revenue as a deduction from 2025.
- Provision is Citi's total provisions for credit losses and for benefits and claims; the provision for credit losses on loans alone was $9,497 million in FY2025. FY2021's provision was negative because Citi released reserves built in 2020.
- Loans leave out loans carried at fair value ($6,855 million at the end of FY2025), because Citi's allowance ratio does; total loans were $752,230 million at the end of FY2025.
- Net charge-offs are what Citi calls net credit losses. The annual ratios are Cityfort calculations (net credit losses ÷ average loans) from the FY2021, FY2023 and FY2025 10-Ks; the quarterly ratios, including Q4 FY2024's 1.30% in the Q4 FY2025 financial data supplement, are as Citi reported them.
- Net interest margin is on a taxable-equivalent basis, as Citi reports it; net interest income is the GAAP figure.
- CET1 is under the Basel III Standardized Approach, which binds Citi; the Q3 FY2026 ratio of 12.8% is preliminary. ROE is Citi's return on average common equity; RoTCE is Citi's own measure.
- Quarterly net income to common shareholders is Citigroup's net income minus preferred dividends (Cityfort calculation from the Q4 FY2025 and Q3 FY2026 financial data supplements).
Learn: What is net interest income and margin? NII and NIM at real US banks · How to read a US earnings release: Nvidia's Q2 fiscal 2027 · What a margin means: dollars kept per $100
Sources (10)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Form 10-K, fiscal year 2023 (ended Dec 31, 2023)
- Form 10-K, fiscal year 2021 (ended Dec 31, 2021)
- Fourth quarter 2025 Quarterly Financial Data Supplement (Form 8-K, Exhibit 99.2)
- Form 10-Q, first quarter 2026 (ended Mar 31, 2026)
- First quarter 2026 Quarterly Financial Data Supplement (Form 8-K, Exhibit 99.2)
- Form 10-Q, second quarter 2026 (ended Jun 30, 2026)
- Second quarter 2026 Quarterly Financial Data Supplement (Form 8-K, Exhibit 99.2)
- Third quarter 2026 Quarterly Financial Data Supplement (Form 8-K, Exhibit 99.2)
- Form 10-Q, third quarter 2026 (ended Sep 30, 2026)
07Who runs it
Who runs Citigroup, and did they deliver?
Jane Fraser
Chair and Chief Executive Officer · since 2021
Joined Citi in 2004; CEO since March 2021 and Chair of the Board since October 2025. Earlier she ran Global Consumer Banking and Citi Latin America.
Gonzalo Luchetti
Chief Financial Officer · since 2026
CFO since Mar 2, 2026. Joined Citi in 2006; previously Head of U.S. Personal Banking.
Mark Mason
Executive Vice Chair (not a Board role) · since 2026
CFO from 2019 until Mar 2, 2026, when he moved to Executive Vice Chair and Senior Executive Advisor to the CEO.
James Flanagan
Director · since 2026
Elected to the Board and its Audit Committee on Oct 21, 2026; formerly Chief Operating Officer and Vice Chairman of PricewaterhouseCoopers from 2014 to 2021.
What they said, and what happened
1 delivered · 3 too early to tell
Said on Jul 14, 2026
Raise the quarterly dividend by 12% after the Federal Reserve's stress test (Jane Fraser, Q2 FY2026 earnings call).
DeliveredWhat happened
The dividend declared in Q3 FY2026 was $0.67 a share, up from $0.60 in Q3 FY2025.
Said on Jul 14, 2026
Reach RoTCE of 10% to 11% for FY2026 (Gonzalo Luchetti, Q2 FY2026 earnings call).
Too early to tellWhat happened
RoTCE was 12.6% for the first nine months of FY2026; the full year is not reported yet. On Oct 13, 2026 Citi said it expects RoTCE above 11%.
Said on Jul 14, 2026
Keep the FY2026 efficiency ratio around 60% (Gonzalo Luchetti, Q2 FY2026 earnings call).
Too early to tellWhat happened
The efficiency ratio was 58.0% for the first nine months of FY2026; on Oct 13, 2026 Citi said it expects below 60% for the year.
Said on Jul 14, 2026
A U.S. credit card net credit loss rate between 4.0% and 4.5% for FY2026 (Gonzalo Luchetti, Q2 FY2026 earnings call).
Too early to tellWhat happened
On Oct 13, 2026 Citi said it now expects around 4%, the low end of that range; the full year is not reported yet.
Sources (7)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- 2026 proxy statement (DEF 14A)
- Form 8-K, Item 5.02: James Flanagan elected director
- Second quarter 2026 earnings call transcript (Jul 14, 2026)
- Form 10-Q, third quarter 2026 (ended Sep 30, 2026)
- Third quarter 2026 Quarterly Financial Data Supplement (Form 8-K, Exhibit 99.2)
- Third quarter 2026 earnings call transcript (Oct 13, 2026)
08What could go wrong
What could go wrong for Citigroup?
- Execution
Banamex loss on deconsolidation
Citi held 51% of Banamex's voting stock at Sep 30, 2026. The CFO said on Oct 13, 2026 that Citi expects an approximate $9 billion currency translation loss through earnings in early 2027, when it deconsolidates Banamex; Citi says the loss will be regulatory capital neutral.
Watch The quarter Banamex is deconsolidated and the size of the loss.
- Demand
Credit card losses
U.S. Consumer Cards had $1,670 million of Citi's $2,217 million net credit losses in Q3 FY2026. Citi's 10-K says rising unemployment can hurt borrowers' ability to repay.
Watch The net credit loss ratio each quarter (1.09% in Q3 FY2026).
- Regulation
Regulators and card rules
The 2020 consent orders with the Federal Reserve and the OCC remain in force. Citi's 10-K also lists possible changes to U.S. credit card laws, "including a possible cap on interest rates".
Watch Consent order updates in each 10-Q and any U.S. card rate cap.
- Concentration
Card partner agreements
Citi's five largest co-brand and store card relationships made up about 12% of its FY2025 revenue. The agreements have fixed terms, and Citi says it may not keep them on existing terms or at all.
Watch Renewals or losses of large card partners.
- Regulation
Capital and shareholder returns
The CET1 ratio was 12.8% at Sep 30, 2026, about 120 basis points above Citi's requirement, down from 13.63% at the end of FY2024. Citi's 10-K says buybacks and dividends depend on its regulatory capital requirements and stress tests.
Watch CET1 each quarter and the Federal Reserve's annual stress test.
- Demand
Uneven trading income
Markets revenue was $4,609 million in Q4 FY2025, $7,246 million in Q1 FY2026 and $6,113 million in Q3 FY2026. The CFO said on Oct 13, 2026 that Citi expects a seasonal fourth-quarter decline of around 20%, or possibly a bit more.
Watch Markets revenue in Q4 FY2026.
- Pricing
Cost of deposits
Interest paid to depositors and lenders rose from $7,981 million in FY2021 to $83,072 million in FY2025, and took $49.4 of every $100 that came in during FY2025.
Watch Net interest margin each quarter (2.43% in Q3 FY2026).
Sources (5)
09Both sides
What do supporters and critics point to?
What supporters point to
- Revenue, net of interest expense, rose every year from $71.6 billion in FY2021 to $85.2 billion in FY2025.
- Return on average common equity was 10.1% in Q3 FY2026, up from 7.1% in Q3 FY2025.
- The efficiency ratio was 58.0% for the first nine months of FY2026, against 63.2% a year earlier.
- Citi completed the sale of its Russian bank on Feb 18, 2026 and had sold 49% of Banamex by Q3 FY2026.
- Citi bought back $13.3 billion of its shares in the first nine months of FY2026, and diluted shares fell from 1,955.8 million in FY2023 to 1,706.6 million in Q3 FY2026.
What critics point to
- Return on average common equity was 6.8% in FY2025, against 11.5% in FY2021.
- The 2020 consent orders with the Federal Reserve and the OCC remain in force, and civil money penalty orders were added in July 2024.
- Citi expects a currency translation loss of about $9 billion when it deconsolidates Banamex in early 2027, the CFO said on Oct 13, 2026.
- The CET1 ratio fell from 13.63% at the end of FY2024 to 12.8% at Sep 30, 2026.
- Net credit losses rose from 0.73% of average loans in FY2021 to 1.27% in FY2025.
10What to watch next
What should you watch next at Citigroup?
Next event
Q4 FY2026 results
Date not announced yet.
Banamex deconsolidation
Citi held 51% of Banamex's voting stock at Sep 30, 2026, and expects an approximate $9 billion currency translation loss through earnings in early 2027, the CFO said on Oct 13, 2026.
U.S. card losses
U.S. Consumer Cards had $1,670 million of Citi's $2,217 million net credit losses in Q3 FY2026. Citi said on Oct 13, 2026 it expects a full-year U.S. card loss rate of around 4%.
Capital and buybacks
CET1 was 12.8% at Sep 30, 2026, and $23.0 billion of the $30 billion buyback program was left.
11Key facts
Key facts about Citigroup
- What does Citigroup do?
- Citigroup is a bank holding company that moves money, trades, lends and advises for companies, governments and investors in nearly 160 countries and jurisdictions, and issues credit cards in the U.S.; its FY2025 revenue was $85.2 billion.
- How does Citigroup make money?
- Citigroup earns the gap between the interest it charges and the interest it pays, plus fees and trading income: in FY2025 its net interest income was $59.8 billion and its noninterest revenue $25.4 billion, for revenue of $85.2 billion after interest expense.
- Is Citigroup profitable?
- Citigroup earned net income of $14.3 billion in FY2025, or $13.2 billion for common shareholders after preferred dividends, up from $11.6 billion in FY2024; its net income for the first nine months of FY2026 was $16.9 billion.
- What is Citigroup's revenue by segment?
- Citigroup's FY2025 revenue of $85.2 billion came from Markets ($22.0 billion), Services ($21.3 billion), U.S. Personal Banking ($21.0 billion), Wealth ($8.6 billion), Banking ($8.2 billion) and All Other ($4.3 billion). Services earned $7.1 billion of income from continuing operations, Markets $5.9 billion, U.S. Personal Banking $3.1 billion, Banking $2.3 billion and Wealth $1.5 billion, while All Other lost $5.5 billion.
- Who owns Citigroup?
- Citigroup has no controlling shareholder: Vanguard Capital Management reported owning 7.22% of its common stock in an Apr 29, 2026 filing and BlackRock 6.9% in an Apr 24, 2025 filing, while Citigroup's directors and executive officers as a group owned about 0.11% at Mar 23, 2026.
- What is Citigroup's Services business?
- Citigroup's Services business handles cash management, payments and trade finance for companies (Treasury and Trade Solutions) and holds securities for investors (Securities Services); it brought in $21.3 billion of revenue in FY2025 and $19.1 billion in the first nine months of FY2026.
- What is Citigroup's Markets business?
- Citigroup's Markets business buys and sells bonds, currencies, stocks and derivatives for clients; its revenue was $22.0 billion in FY2025 and $20.4 billion in the first nine months of FY2026.
- How big is Citigroup's U.S. credit card business?
- Citigroup's U.S. Consumer Cards business, which issues Citi-branded cards and co-brand and store cards with partners such as Costco, American Airlines and The Home Depot, brought in $13.9 billion of revenue in the first nine months of FY2026.
- What are Citigroup's Wealth and Banking businesses?
- Citigroup's Wealth business (Private Bank, Wealth at Work, Citigold and, from 2026, U.S. retail banking) brought in $9.5 billion of revenue in the first nine months of FY2026; its Banking business, which covers investment banking and corporate lending, brought in $5.4 billion.
- How much does Citigroup hold in deposits and loans?
- Citigroup held $1.51 trillion of deposits and $819.7 billion of loans at Sep 30, 2026, up from $1.40 trillion of deposits and $752.2 billion of loans at the end of FY2025.
Sources (5)
Terms on this page
- Allowance for credit losses
- CET1 ratio
- Dividend payout ratio
- Earnings per share (EPS)
- Efficiency ratio
- Market cap
- Net charge-offs
- Net interest income and margin
- P/E ratio
- Stock buyback
Each explains the term in plain English, with the same number from other companies on Cityfort.
Go deeper
More detail from the same filings. Open any section.
12What it sells
12What it sells
What does Citigroup sell?
Services
Cash management, payments and trade finance for companies (Treasury and Trade Solutions), and safekeeping of securities for investors (Securities Services).
Markets
Buying and selling bonds, currencies, stocks and derivatives for clients, and financing their trades.
Banking
Investment banking (helping companies sell bonds and shares, and advising on deals) and loans to large companies.
Wealth
Private Bank, Wealth at Work and Citigold for wealthier clients; from Jan 1, 2026 it also includes U.S. retail banking (deposits, mortgages and other loans).
U.S. Consumer Cards
Citi-branded credit cards, co-brand cards (including Costco and American Airlines) and store cards for retailers such as The Home Depot, Best Buy and Macy's.
All Other
Consumer banks Citi is leaving, mainly Banamex in Mexico and Korea, plus central treasury and costs not given to a business.
What it does
- Does: Takes deposits from companies and people
- Does: Moves money and handles trade payments for companies across borders
- Does: Trades bonds, currencies and stocks for clients
- Does: Issues credit cards in the U.S., many with retail and airline partners
What it does not do
- Does not: Run the card payment networks its cards use; it pays fees to card networks
- Does not: Offer consumer banking in most countries outside the U.S.; it set out to exit 14 such markets
- Does not: Own all of Banamex: it held 51% of the voting stock at Sep 30, 2026
13How the money flows
13How the money flows · FY2025
How does money flow through Citigroup?
Money in
- Interest earned on loans, securities and other assets$142.9B
- Noninterest revenue (fees, trading and other)$25.4B
The company
Citigroup
$168.3B came in
Money out
- Interest paid to depositors and lenders$83.1B
- Employees$29.6B
- Technology, offices and other operating costs$25.5B
- Provisions for credit losses and for benefits and claims$10.3B
- Income tax$5.4B
- Income from continuing operations$14.5B
- Companies, governments and people deposit money with Citi, and Citi also borrows from bond investors.
- Citi lends and invests that money, earning $142.9 billion of interest in FY2025.
- It paid $83.1 billion of interest to depositors and lenders, leaving $59.8 billion of net interest income.
- Fees, trading and other income added $25.4 billion, after a $1.2 billion loss on its Russian bank.
- After staff, other costs, $10.3 billion of provisions for credit losses and tax, $14.5 billion was left as profit from continuing operations.
14What it needs to run
14What it needs to run
What does Citigroup need to run?
Deposits
$1.40 trillion at the end of FY2025, against total assets of $2.66 trillion; $208.7 billion of the deposits paid no interest.
Capital
Common Equity Tier 1 (CET1) capital of $157.4 billion at Sep 30, 2026, 12.8% of risk-weighted assets. Regulators set the minimum ratio, and it limits how much Citi can lend and return to shareholders.
People
About 226,000 full-time employees at Dec 31, 2025, in over 90 countries; about 31% are in the U.S.
Card partners
Co-brand and store card partners such as Costco, American Airlines, The Home Depot, Best Buy and Macy's. The agreements share economics and have fixed terms.
Credit ratings
Citibank, N.A. was rated AA- by Fitch, Aa3 by Moody's and A+ by S&P at Sep 30, 2026. Citi's 10-Q says downgrades could reduce its funding and require more collateral on derivatives.
15Where growth could come from
15Where growth could come from
Where could Citigroup's growth come from?
Citi said on its Oct 13, 2026 earnings call that it expects FY2026 RoTCE (its own return measure) above 11%, net interest income outside Markets to grow in the mid-to-high 6% range, and an efficiency ratio below 60%. CEO Jane Fraser called 11% to 13% RoTCE its near-term target; the presentation dates that to 2027 and 2028.
Services
Working+16.7% revenue, 9M FY2026
Revenue was $19.1 billion in the first nine months of FY2026, against $16.4 billion a year earlier, on the 2026 segment basis.
Status: Working, on track against what the company said.
Wealth
Working+13.1% revenue, 9M FY2026
Revenue was $9.5 billion in the first nine months of FY2026, against $8.4 billion a year earlier; income from continuing operations rose to $1.6 billion from $0.9 billion.
Status: Working, on track against what the company said.
Investment banking and corporate lending
Working+17.8% revenue, 9M FY2026
Banking revenue was $5.4 billion in the first nine months of FY2026, against $4.6 billion a year earlier, and $8.2 billion in FY2025, up from $4.7 billion in FY2023.
Status: Working, on track against what the company said.
U.S. Consumer Cards
Mixed+1.8% revenue, 9M FY2026
Revenue was $13.9 billion in the first nine months of FY2026, against $13.7 billion a year earlier, while income from continuing operations fell to $2.4 billion from $2.5 billion.
Status: Mixed, partly on track.
Leaving consumer banking abroad
WorkingAll exits largely done except Banamex
Citi said in its Q3 FY2026 10-Q that at Sep 30, 2026 it had largely completed its exits from all 14 markets except Banamex; the Poland sale closed on Jun 12, 2026. Separately from the 14-market plan, it sold its Russian bank on Feb 18, 2026. Citi held 51% of Banamex's voting stock at Sep 30, 2026.
Status: Working, on track against what the company said.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
16The company's own measures (non-GAAP)
16The company's own measures · FY2025 and Q3 FY2026
What do Citigroup's own measures show?
Official (GAAP): Return on average common equity, FY2025
6.8%
Company's own measure: Return on average tangible common equity (RoTCE), FY2025
7.7%
Citi's own measure: it leaves goodwill and other intangible assets out of common equity.
Official (GAAP): Return on average common equity, Q3 FY2026
10.1%
Company's own measure: RoTCE, Q3 FY2026
11.5%
The same definition, for one quarter, annualized by Citi.
Official (GAAP): Book value per share, Sep 30, 2026
$115.61
Company's own measure: Tangible book value per share, Sep 30, 2026
$101.59
Common equity minus goodwill and other intangible assets, per share, as Citi defines it.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out
17Financial strength: capital, loan losses, deposits
17Financial strength · FY2025
How strong is Citigroup's balance sheet?
- Loans made$745.4B
- Deposits taken$1.40T
- of which pay no interest$208.7B
Loans were 53.1% of deposits at the end of FY2025 (Cityfort calculation from the reported totals: loans ÷ deposits).
Noninterest-bearing deposits, such as many checking accounts, were 14.9% of deposits (Cityfort calculation: noninterest-bearing deposits ÷ total deposits).
- CET1 capital ratio
- 13.18%
- common equity capital as a share of risk-weighted assets (Standardized Approach); regulators set a minimum
- Allowance for credit losses
- $19.2B
- money set aside for expected loan losses: 2.58% of loans
- Net charge-offs
- $9.1B
- loans written off, minus recoveries: 1.27% of average loans
- Efficiency ratio
- 64.7%
- $ of noninterest expense per $100 of revenue (net interest income + noninterest income)
- Return on assets
- 0.54%
- net income as % of average total assets
- Return on equity
- 6.8%
- net income as % of average common equity
- Return on tangible common equity
- 7.7%
- the company's own measure (non-GAAP): equity without goodwill and other intangibles
Figures at the end of FY2025, consolidated, as reported by the company in its 10-K and earnings release; see the dates on each source.
Learn: What are net charge-offs? Loans written off, with real US companies · What is the allowance for credit losses? Loss reserves at US banks · What is the CET1 ratio? A bank's core capital, with real US companies · What is a bank efficiency ratio? Costs vs revenue, with real US banks · How to read a 10-K in 10 minutes
18Who owns it
18Who owns it · ownership as of Mar 23, 2026
Who owns Citigroup?
- Officers and directors (as a group), shares
- 0.1%
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Insider trades · Form 4 data as of Nov 6, 2026
What did Citigroup's insiders report trading?
Citigroup's insiders made 98 Form 4A filing an insider must make within two business days of buying or selling the company's shares. Learn more filings in the 12 months to Nov 6, 2026.
They reported no purchases and 11 sales (195,314 shares) in the open market or privately (codes P and S).
None of the sales were on forms with the Rule 10b5-1 plan box checked.
The same filings report 126 other share transactions (A: 100, F: 25, G: 1).
They also report 13 transactions in options, stock units or other derivatives.
Insiders are a company's officers, directors and owners of more than 10% of a class of its shares. Most changes in their holdings must be reported to the SEC on a Form 4 within two business days. Source: SEC Form 4 filings on EDGAR.
- P
- a purchase in the open market or privately
- S
- a sale in the open market or privately
- A
- a grant, award or other acquisition from the company under Rule 16b-3
- F
- shares withheld or handed over to pay an exercise price or tax when an award is received, exercised or vests
- G
- a bona fide gift
Code meanings: General Instruction 8 of Form 4 (SEC).
The latest 25 of 137 transactions
Shares: A = acquired, D = disposed of. A price the filing gives only in a footnote shows as “See filing”. The 10b5-1 box is checked when at least one trade on the form was made under a Rule 10b5-1 plan. A Form 4/A replaces the form it amends. See all of Citigroup's Form 4 filings on EDGAR.
Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes · Rule 10b5-1 trading plans: how insiders pre-schedule their trades
Sources (6)
- Form 10-Q, third quarter 2026 (ended Sep 30, 2026)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- 2026 proxy statement (DEF 14A)
- EDGAR submissions record, Citigroup Inc. (CIK 0000831001): tickers, exchanges, filing list
- Schedule 13G, Vanguard Capital Management, Citigroup common stock (event Mar 31, 2026)
- Schedule 13G/A, The Vanguard Group, Citigroup common stock (event Mar 13, 2026)
19What it does with profit
19What it does with profit
What does Citigroup do with its profit?
Dividend per share
$2.32FY2025
Dividend paid for each share, by financial year.
$ per share
See the numbers
Buyback · Sep 30, 2026
9M FY2026: $13.3 billion of common shares, against $8.75 billion in 9M FY2025. In Q3 Citi bought $3.0 billion under the $30 billion program announced May 7, 2026, with $23.0 billion left at Sep 30, 2026.
$13.3B
Buyback · Dec 31, 2025
FY2025: $13.25 billion of common shares under the $20 billion program approved on Jan 13, 2025.
$13.3B
Buyback · Dec 31, 2024
FY2024: $2.5 billion of common shares.
$2.5B
20Governance signals
20Governance signals
What do Citigroup's governance filings show?
- Auditor
- KPMG LLP, since 1969
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- In 2025 Citi appointed BlackRock, one of its 5% holders, to manage about $80 billion of Citi Wealth clients' assets. The proxy says services between Citi and BlackRock or Vanguard, and loans to directors and officers, were on substantially the same terms as with unrelated parties.
- Credit rating
- Fitch, Moody's and S&P (as stated in Citi's Q3 FY2026 10-Q) Citigroup Inc.: A (Fitch), A3 (Moody's), BBB+ (S&P). Citibank, N.A.: AA- (Fitch), Aa3 (Moody's), A+ (S&P) (Positive (Fitch); Stable (Moody's, S&P)), Sep 30, 2026
A credit rating describes the company's ability to repay debt. It is not a rating of the share.
Flags to know about
regulatory · Nov 5, 2026
2020 consent orders still in force
In October 2020 Citigroup and Citibank entered into consent orders with the Federal Reserve and the OCC requiring improvements in risk management, compliance, data quality management and internal controls. In July 2024 the regulators entered into civil money penalty consent orders with them "to address remediation effort shortcomings", the Q3 FY2026 10-Q states.
other · Mar 2, 2026
New CFO
Gonzalo Luchetti replaced Mark Mason as CFO on Mar 2, 2026; Q1 FY2026 was the first quarter reported under him.
21What the market paid
21What the market paid · price as of Nov 5, 2026
What did the market pay for Citigroup on Nov 5, 2026?
Price as of Nov 5, 2026 (shown for education; prices change daily).
Price as of Nov 5, 2026: Citigroup's common stock closed at $118.45, from Nasdaq's historical price table for C; the shares are listed on the NYSE. Market value of about $196.1 billion (Cityfort calculation from the Nov 5, 2026 closing price and the Q3 FY2026 10-Q) = $118.45 × 1,655.2 million shares on Sep 30, 2026. P/E is price ÷ earnings per share: 11.6 on diluted EPS of $10.25 for the four quarters to Sep 30, 2026 (Cityfort calculation from the Q4 FY2025 and Q3 FY2026 financial data supplements). P/B is price ÷ book value per share: 1.02 on book value of $115.61 a share at Sep 30, 2026. Dividend yield is 2.26% (Cityfort calculation from the Q3 FY2026 10-Q and the Nov 5, 2026 closing price): the $0.67 dividend paid for Q3 FY2026 and declared on Oct 19, 2026 for Q4 FY2026 × 4 = $2.68 ÷ $118.45 = 2.26%.
- Share price
- $118.45
- Market value (market cap)
- $196.1B
- P/E
- 11.6×
- P/B
- 1×
More price-based ratios · as of Nov 5, 2026
Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.
Price to sales (P/S)
2.1×
$196.1B market value ÷ $93.1B revenue (four quarters to Sep 30, 2026) = 2.1×
Cityfort calculation from the Nov 5, 2026 closing price and the Q4 FY2025 to Q3 FY2026 earnings releases. Source: C historical prices, Oct 6 to Nov 5, 2026 (Nasdaq.com historical table; C is listed on the NYSE); Form 10-Q, third quarter 2026 (ended Sep 30, 2026); Third quarter 2026 Quarterly Financial Data Supplement (Form 8-K, Exhibit 99.2) and 1 more
How price ratios work
Shares used for the market value: 1,655.2 million ($118.45 × 1,655.2 million shares ≈ $196.1B). Source: Form 10-Q, third quarter 2026 (ended Sep 30, 2026); Form 10-K, fiscal year 2025 (ended Dec 31, 2025); 2026 proxy statement (DEF 14A) and 1 more
Source: C historical prices, Oct 6 to Nov 5, 2026 (Nasdaq.com historical table; C is listed on the NYSE); Form 10-Q, third quarter 2026 (ended Sep 30, 2026); Third quarter 2026 Quarterly Financial Data Supplement (Form 8-K, Exhibit 99.2) and 1 more
Sources (7)
- C historical prices, Oct 6 to Nov 5, 2026 (Nasdaq.com historical table; C is listed on the NYSE)
- Form 10-Q, third quarter 2026 (ended Sep 30, 2026)
- Third quarter 2026 Quarterly Financial Data Supplement (Form 8-K, Exhibit 99.2)
- Fourth quarter 2025 Quarterly Financial Data Supplement (Form 8-K, Exhibit 99.2)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- 2026 proxy statement (DEF 14A)
- EDGAR submissions record, Citigroup Inc. (CIK 0000831001): tickers, exchanges, filing list
22How it got here
22How it got here
How did Citigroup get here?
1812
Milestone
City Bank of New York
Citigroup's history dates back to the founding of the City Bank of New York in 1812, its 10-K says.
2020
Crisis
Consent orders
Citigroup and Citibank entered into consent orders with the Federal Reserve and the OCC requiring improvements in risk management, data and controls.
2021
Business-model change
New CEO, consumer exits
Jane Fraser became CEO in March 2021. Citi set out to exit consumer banking in 14 markets in Asia, Europe, the Middle East and Mexico; it had exited nine by its FY2025 10-K.
2024
Crisis
Civil money penalty orders
In July 2024 the Federal Reserve and the OCC entered into civil money penalty consent orders with Citigroup and Citibank over remediation shortcomings.
2025
Milestone
$20 billion buyback program
The Board approved a $20 billion buyback program on Jan 13, 2025; Citi repurchased $13.25 billion of shares in FY2025.
2025
Business-model change
First Banamex stake sold
Citi sold 25% of Banamex on Dec 15, 2025 to a company owned by Fernando Chico Pardo and his family. A $726 million goodwill impairment tied to the deal was booked in Q3 FY2025.
2026
Business-model change
Russia exit
Citi booked a $1.2 billion loss ($1.1 billion after tax) in Q4 FY2025 on its Russian bank, AO Citibank, and completed the sale to RenCap on Feb 18, 2026.
2026
Business-model change
Five businesses redrawn
From Jan 1, 2026, U.S. Personal Banking was split: cards became U.S. Consumer Cards and retail banking moved into Wealth.
2026
Milestone
Banamex down to 51%
Sales of 22.6% and 1.4% more of Banamex in 2026 left Citi with 51% of its voting stock at Sep 30, 2026.
Sources (7)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Form 10-Q, third quarter 2026 (ended Sep 30, 2026)
- Third quarter 2026 Quarterly Financial Data Supplement (Form 8-K, Exhibit 99.2)
- Fourth quarter 2025 earnings release (Form 8-K, Exhibit 99.1)
- Form 10-Q, first quarter 2026 (ended Mar 31, 2026)
- First quarter 2026 earnings release (Form 8-K, Exhibit 99.1)
- Second quarter 2026 earnings call transcript (Jul 14, 2026)
23Sources and changes
Where every number on this page comes from
Sources (21 documents)
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025) · Citigroup Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 20, 2026
- S2Form 10-K, fiscal year 2023 (ended Dec 31, 2023) · Citigroup Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 23, 2024
- S3Form 10-K, fiscal year 2021 (ended Dec 31, 2021) · Citigroup Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 28, 2022
- S4Form 10-Q, third quarter 2026 (ended Sep 30, 2026) · Citigroup Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 5, 2026
- S5Form 10-Q, second quarter 2026 (ended Jun 30, 2026) · Citigroup Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 6, 2026
- S6Form 10-Q, first quarter 2026 (ended Mar 31, 2026) · Citigroup Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 7, 2026
- S8Third quarter 2026 Quarterly Financial Data Supplement (Form 8-K, Exhibit 99.2) · Citigroup Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 13, 2026
- S10Second quarter 2026 Quarterly Financial Data Supplement (Form 8-K, Exhibit 99.2) · Citigroup Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 14, 2026
- S11First quarter 2026 earnings release (Form 8-K, Exhibit 99.1) · Citigroup Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 14, 2026
- S12First quarter 2026 Quarterly Financial Data Supplement (Form 8-K, Exhibit 99.2) · Citigroup Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 14, 2026
- S13Fourth quarter 2025 earnings release (Form 8-K, Exhibit 99.1) · Citigroup Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 14, 2026
- S14Fourth quarter 2025 Quarterly Financial Data Supplement (Form 8-K, Exhibit 99.2) · Citigroup Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 14, 2026
- S152026 proxy statement (DEF 14A) · Citigroup Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 2, 2026
- S16Schedule 13G, Vanguard Capital Management, Citigroup common stock (event Mar 31, 2026) · Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2026
- S17Schedule 13G/A, The Vanguard Group, Citigroup common stock (event Mar 13, 2026) · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 26, 2026
- S18Form 8-K, Item 5.02: James Flanagan elected director · Citigroup Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 22, 2026
- S19Third quarter 2026 earnings presentation · Citigroup Inc. · Tier 1: company or exchange filing · Oct 13, 2026
- S20Third quarter 2026 earnings call transcript (Oct 13, 2026) · Citigroup Inc. · Tier 1: company or exchange filing · Oct 13, 2026
- S21Second quarter 2026 earnings call transcript (Jul 14, 2026) · Citigroup Inc. · Tier 1: company or exchange filing · Jul 14, 2026
- S22C historical prices, Oct 6 to Nov 5, 2026 (Nasdaq.com historical table; C is listed on the NYSE) · Nasdaq, Inc. · Tier 1: company or exchange filing · Nov 6, 2026
- S23EDGAR submissions record, Citigroup Inc. (CIK 0000831001): tickers, exchanges, filing list · SEC EDGAR · Tier 1: company or exchange filing · Nov 6, 2026
Changes to this page (v1 · Nov 6, 2026)
- v1 · Nov 6, 2026First version, through Q3 FY2026 (quarter ended Sep 30, 2026). (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
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