Citigroup Inc(NYSE:C) 
Citigroup Inc., a diversified financial services holding company, provides various financial products and services to consumers, corporations, governments, and institutions in North America, Latin America, Asia, Europe, the Middle East, and Africa. The company operates in two segments, Global Consum...
Website: http://www.citigroup.com
Founded: 1812
Full Time Employees: 209,000
Sector: Financial Services
Industry: Banks-Diversified
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At a glance:
- Global Diversified Banking Franchise: Citigroup operates a broad suite of financial services with meaningful international exposure, spanning retail and institutional banking, payments, markets, and wealth.
- Ongoing Restructuring and Simplification Efforts: The company has been pursuing strategic exits and internal reorganization to streamline operations, reduce complexity, and improve long-term returns.
- Earnings Sensitive to Interest Rates and Credit Cycle: Profitability is influenced by net interest income trends, loan demand, and credit quality, with potential volatility tied to macroeconomic conditions.
- Capital and Liquidity Are Central Investment Focus Areas: Regulatory capital levels, stress-test outcomes, and liquidity management remain key considerations for valuation and shareholder-return capacity.
- Market and Trading Revenues Can Be Cyclical: Institutional client activity in markets and securities services can provide upside in volatile periods but may soften when capital markets activity slows.
Bull Thesis:
- Strategic Transformation and Simplification: Citigroup's ongoing multi-year transformation plan, including the exit from non-core consumer markets and a focus on its institutional and wealth management franchises, is expected to streamline operations, improve efficiency, and drive higher returns on tangible common equity (ROTCE) in the long run.
- Attractive Valuation and Capital Return Potential: Citi often trades at a significant discount to its tangible book value and peers. As the restructuring progresses and capital levels optimize, there is potential for increased capital returns to shareholders through dividends and share buybacks, enhancing shareholder value.
- Strong Global Institutional Franchise: The company boasts a robust global institutional client franchise, particularly in Treasury and Trade Solutions (TTS) and Investment Banking. This diversified, fee-based revenue stream provides stability and a competitive advantage in cross-border transactions and corporate services.
- Beneficiary of Higher Interest Rates: A sustained environment of higher interest rates is generally favorable for Citigroup, as it can lead to an expansion of Net Interest Income (NII) by increasing the yield on its earning assets more significantly than the cost of its deposits, thereby boosting profitability.
Bear Thesis:
- Significant Execution Risk in Transformation: The ambitious multi-year transformation and simplification strategy carries substantial execution risk. Delays, operational missteps, or unforeseen challenges in divesting assets and integrating new systems could prolong the period of underperformance and delay the realization of anticipated benefits.
- Persistent Lag in Profitability and ROTCE: Citigroup has historically struggled to achieve profitability metrics, particularly Return on Tangible Common Equity (ROTCE), comparable to its major banking peers. Structural inefficiencies, high operating costs, and the complexity of its global operations continue to weigh on its ability to generate superior returns.
- Ongoing Regulatory Scrutiny and Compliance Costs: Citi remains under significant regulatory scrutiny, stemming from past consent orders and operational deficiencies. High compliance costs, potential for future fines, and the need for substantial investments in risk management and technology continue to be a drag on earnings and operational flexibility.
- Exposure to Economic Downturn and Credit Risk: As a large global bank with significant consumer and institutional lending portfolios, Citigroup is exposed to potential credit quality deterioration during an economic downturn. Increased loan losses or a slowdown in client activity could negatively impact its financial performance.
Main Competitors:
- Bank of America Corp. ($BAC) (Diversified Financial Services), Bank of America competes with Citigroup across its major business lines, including consumer banking, global wealth and investment management, and global banking and markets. They vie for market share in credit cards, mortgages, investment banking mandates, and treasury services.
- Goldman Sachs Group Inc. ($GS) (Investment Banking, Global Markets, Asset Management), Goldman Sachs is a primary competitor to Citigroup's Institutional Clients Group (ICG), particularly in investment banking, global markets (trading), and asset management. They compete for large corporate and institutional clients seeking advisory services, capital raising, and sophisticated trading solutions.
- Wells Fargo & Co. ($WFC) (Retail Banking, Commercial Banking, Wealth Management), Wells Fargo competes with Citigroup primarily in traditional retail banking (deposits, mortgages, personal loans), commercial banking for middle-market businesses, and wealth management services. While less focused on global investment banking than Citi, they are a strong competitor for core banking relationships in the U.S.
Moat:
Citigroup's competitive moat is built on its vast global network, strong brand recognition, and the high regulatory barriers to entry in the financial services industry. Its diversified business model, spanning institutional clients to personal banking, allows for cross-selling and resilience across various economic cycles. Competition is intense across all segments, coming from other large universal banks (like JPMorgan Chase and Bank of America), specialized investment banks (like Goldman Sachs), regional banks, and increasingly, agile fintech companies. Citi differentiates itself through its extensive international presence, particularly in emerging markets, and its robust Treasury and Trade Solutions (TTS) platform, which is a critical service for multinational corporations. The ongoing challenge for Citi is to innovate and adapt to technological advancements while navigating complex regulatory environments and optimizing operational efficiency.
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2017-12-31 | 2009-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenues | ||||||||||||||||||||
interest income | 35,513,000,000 | 36,649,000,000 | 36,690,000,000 | 35,859,000,000 | 33,666,000,000 | 36,223,000,000 | ||||||||||||||
interest expense | 19,772,000,000 | 20,984,000,000 | 21,750,000,000 | 20,684,000,000 | 19,654,000,000 | 22,716,000,000 | 22,555,000,000 | 21,009,000,000 | 18,747,000,000 | 16,047,000,000 | 12,438,000,000 | 7,356,000,000 | 3,666,000,000 | 2,280,000,000 | ||||||
net interest income | 15,741,000,000 | 15,665,000,000 | 14,940,000,000 | 15,175,000,000 | 14,012,000,000 | 13,507,000,000 | 13,824,000,000 | 13,828,000,000 | 13,900,000,000 | 13,348,000,000 | 13,270,000,000 | 12,563,000,000 | 11,964,000,000 | 10,871,000,000 | ||||||
commissions and fees | 3,272,000,000 | 2,829,000,000 | 2,888,000,000 | 2,745,000,000 | 2,707,000,000 | 2,724,000,000 | 2,212,000,000 | 2,195,000,000 | 2,132,000,000 | 2,366,000,000 | 2,016,000,000 | 2,139,000,000 | 2,452,000,000 | 2,568,000,000 | ||||||
principal transactions | 4,008,000,000 | 1,450,000,000 | 2,772,000,000 | 3,406,000,000 | 3,921,000,000 | 3,274,000,000 | 1,473,000,000 | 3,008,000,000 | 2,528,000,000 | 3,939,000,000 | 2,419,000,000 | 2,625,000,000 | 4,525,000,000 | 4,590,000,000 | ||||||
administration and other fiduciary fees | 1,123,000,000 | 1,129,000,000 | 1,117,000,000 | 1,123,000,000 | 1,045,000,000 | 1,037,000,000 | 925,000,000 | 971,000,000 | 989,000,000 | 896,000,000 | 880,000,000 | 915,000,000 | 1,023,000,000 | 966,000,000 | ||||||
realized gains on sales of investments | 270,000,000 | 107,000,000 | 105,000,000 | 138,000,000 | 121,000,000 | 115,000,000 | 37,000,000 | 30,000,000 | 49,000,000 | 72,000,000 | -7,000,000 | 52,000,000 | -58,000,000 | 80,000,000 | ||||||
net impairment losses on investments recognized in earnings | -140,000,000 | -234,000,000 | -25,000,000 | -35,000,000 | ||||||||||||||||
other revenue | 359,000,000 | -1,075,000,000 | 293,000,000 | -884,000,000 | -152,000,000 | 477,000,000 | -932,000,000 | 178,000,000 | -92,000,000 | 913,000,000 | -348,000,000 | 300,000,000 | -174,000,000 | 201,000,000 | ||||||
total non-interest revenues | 8,892,000,000 | 4,206,000,000 | 7,150,000,000 | 6,493,000,000 | 7,584,000,000 | 7,597,000,000 | 3,616,000,000 | 6,311,000,000 | 5,536,000,000 | 8,099,000,000 | 4,736,000,000 | 5,945,000,000 | 7,674,000,000 | 8,315,000,000 | ||||||
total revenues, net of interest expense | 24,633,000,000 | 19,871,000,000 | 22,090,000,000 | 21,668,000,000 | 21,596,000,000 | 21,104,000,000 | 17,440,000,000 | 20,139,000,000 | 19,436,000,000 | 21,447,000,000 | 18,006,000,000 | 18,508,000,000 | 19,638,000,000 | 19,186,000,000 | ||||||
yoy | 14.06% | 4.67% | 24.24% | 7.23% | -1.60% | -3.14% | 8.81% | -1.03% | 11.78% | |||||||||||
qoq | 23.96% | -10.05% | 1.95% | 0.33% | 21.01% | -13.40% | 3.62% | -9.38% | 19.11% | -2.71% | -5.75% | 2.36% | ||||||||
provisions for credit losses and for benefits and claims | ||||||||||||||||||||
provision for credit losses on loans | 2,605,000,000 | 2,200,000,000 | 2,259,000,000 | 2,477,000,000 | 2,561,000,000 | 2,422,000,000 | 2,472,000,000 | 1,816,000,000 | 1,761,000,000 | 1,737,000,000 | 1,773,000,000 | 1,328,000,000 | 1,384,000,000 | 260,000,000 | ||||||
provision (release) for credit losses on htm debt securities | -30,000,000 | 15,000,000 | -5,000,000 | 7,000,000 | -5,000,000 | 10,000,000 | -6,000,000 | -3,000,000 | -4,000,000 | |||||||||||
provision for credit losses on other assets | 33,000,000 | -32,000,000 | 79,000,000 | 381,000,000 | 39,000,000 | 4,000,000 | 1,132,000,000 | 56,000,000 | 149,000,000 | 425,000,000 | 73,000,000 | 7,000,000 | -4,000,000 | |||||||
policyholder benefits and claims | 13,000,000 | 24,000,000 | 17,000,000 | 26,000,000 | 20,000,000 | 27,000,000 | 24,000,000 | 25,000,000 | 14,000,000 | 24,000,000 | 20,000,000 | 25,000,000 | 22,000,000 | 27,000,000 | ||||||
provision (release) for credit losses on unfunded lending commitments | 184,000,000 | 13,000,000 | 100,000,000 | -19,000,000 | 108,000,000 | -98,000,000 | -86,000,000 | -54,000,000 | -96,000,000 | |||||||||||
total provisions for credit losses and for benefits and claims | 2,805,000,000 | 2,220,000,000 | 2,450,000,000 | 2,872,000,000 | 2,723,000,000 | 2,365,000,000 | 3,547,000,000 | 1,840,000,000 | 1,824,000,000 | 1,975,000,000 | 1,845,000,000 | 1,365,000,000 | 1,274,000,000 | 755,000,000 | ||||||
operating expenses | ||||||||||||||||||||
compensation and benefits | 8,382,000,000 | 7,068,000,000 | 7,474,000,000 | 7,633,000,000 | 7,464,000,000 | 7,673,000,000 | 6,882,000,000 | 7,424,000,000 | 7,388,000,000 | 7,538,000,000 | 6,618,000,000 | 6,745,000,000 | 6,472,000,000 | 6,820,000,000 | ||||||
technology/communication | 2,335,000,000 | 2,429,000,000 | 2,325,000,000 | 2,290,000,000 | 2,379,000,000 | 2,246,000,000 | 2,414,000,000 | 2,256,000,000 | 2,309,000,000 | 2,127,000,000 | 2,358,000,000 | 2,145,000,000 | 2,068,000,000 | 2,016,000,000 | ||||||
transactional and product servicing | 1,225,000,000 | 1,179,000,000 | 1,110,000,000 | |||||||||||||||||
premises and equipment | 586,000,000 | 681,000,000 | 607,000,000 | 615,000,000 | 574,000,000 | 585,000,000 | 695,000,000 | 620,000,000 | 595,000,000 | 598,000,000 | 601,000,000 | 557,000,000 | 619,000,000 | 543,000,000 | ||||||
professional services | 441,000,000 | 573,000,000 | 514,000,000 | 510,000,000 | 476,000,000 | |||||||||||||||
advertising and marketing | 233,000,000 | 318,000,000 | 260,000,000 | 269,000,000 | 250,000,000 | 228,000,000 | 377,000,000 | 324,000,000 | 361,000,000 | 331,000,000 | 424,000,000 | 407,000,000 | 414,000,000 | 311,000,000 | ||||||
other operating | 1,109,000,000 | 1,596,000,000 | 2,005,000,000 | 1,277,000,000 | 1,349,000,000 | 3,238,000,000 | 4,847,000,000 | 2,887,000,000 | 2,917,000,000 | 2,695,000,000 | 2,984,000,000 | 2,895,000,000 | 2,820,000,000 | 3,475,000,000 | ||||||
total operating expenses | 14,311,000,000 | 13,840,000,000 | 14,290,000,000 | 13,577,000,000 | 13,425,000,000 | 14,195,000,000 | 15,996,000,000 | 13,511,000,000 | 13,570,000,000 | 13,289,000,000 | 12,985,000,000 | 12,749,000,000 | 12,393,000,000 | 13,165,000,000 | ||||||
income from continuing operations before income taxes | 7,517,000,000 | 3,811,000,000 | 5,350,000,000 | 5,219,000,000 | 5,448,000,000 | 4,544,000,000 | -2,103,000,000 | 4,788,000,000 | 4,042,000,000 | 6,183,000,000 | 3,176,000,000 | 4,394,000,000 | 5,971,000,000 | 5,266,000,000 | ||||||
provision for income taxes | 1,578,000,000 | 1,288,000,000 | 1,559,000,000 | 1,186,000,000 | 1,340,000,000 | 1,136,000,000 | -296,000,000 | 1,203,000,000 | 1,090,000,000 | 1,531,000,000 | 640,000,000 | 879,000,000 | 1,182,000,000 | 941,000,000 | ||||||
income from continuing operations | 5,939,000,000 | 2,523,000,000 | 3,791,000,000 | 4,033,000,000 | 4,108,000,000 | 3,408,000,000 | -1,807,000,000 | 3,585,000,000 | 2,952,000,000 | 4,652,000,000 | 2,536,000,000 | 3,515,000,000 | 4,789,000,000 | 4,325,000,000 | ||||||
yoy | 44.57% | 11.24% | -323.19% | 14.59% | -26.74% | -171.25% | 1.99% | -38.36% | 7.56% | |||||||||||
qoq | 135.39% | -33.45% | -6.00% | -1.83% | -288.60% | -150.40% | 21.44% | -36.54% | 83.44% | -27.85% | -26.60% | 10.73% | ||||||||
operating margin % | 24.11% | 12.70% | 17.16% | 18.61% | 19.02% | NaN% | 16.15% | -10.36% | 17.80% | 15.19% | 21.69% | 14.08% | 18.99% | 24.39% | 22.54% | |||||
discontinued operations | ||||||||||||||||||||
income from discontinued operations | -1,000,000 | -1,000,000 | -1,000,000 | -1,000,000 | -1,000,000 | 2,000,000 | -1,000,000 | -1,000,000 | -2,000,000 | -6,000,000 | -262,000,000 | -2,000,000 | ||||||||
benefit for income taxes | -41,000,000 | |||||||||||||||||||
income from discontinued operations, net of taxes | -1,000,000 | -1,000,000 | -1,000,000 | -1,000,000 | -1,000,000 | 2,000,000 | -1,000,000 | -1,000,000 | -2,000,000 | -6,000,000 | -221,000,000 | -2,000,000 | ||||||||
net income before attribution to noncontrolling interests | 5,938,000,000 | 2,522,000,000 | 3,790,000,000 | 4,033,000,000 | 4,107,000,000 | 3,407,000,000 | -1,808,000,000 | 3,587,000,000 | 2,951,000,000 | 4,651,000,000 | 3,100,000,000 | 3,509,000,000 | 4,568,000,000 | |||||||
noncontrolling interests | 153,000,000 | 51,000,000 | 38,000,000 | 14,000,000 | 43,000,000 | 36,000,000 | 31,000,000 | 41,000,000 | 36,000,000 | 45,000,000 | 21,000,000 | 30,000,000 | 21,000,000 | 17,000,000 | ||||||
citigroup’s net income | 5,785,000,000 | 2,471,000,000 | 3,752,000,000 | 4,019,000,000 | 4,064,000,000 | 3,371,000,000 | -1,839,000,000 | 3,546,000,000 | 2,915,000,000 | 4,606,000,000 | 2,513,000,000 | 3,479,000,000 | 4,547,000,000 | 4,306,000,000 | ||||||
yoy | 42.35% | 11.30% | -318.54% | 14.61% | -26.81% | -173.18% | 1.93% | -35.89% | 6.97% | |||||||||||
qoq | 134.12% | -34.14% | -6.64% | -1.11% | -283.31% | -151.86% | 21.65% | -36.71% | 83.29% | -27.77% | -23.49% | 5.60% | ||||||||
net income margin % | 23.48% | 12.44% | 16.99% | 18.55% | 18.82% | NaN% | 15.97% | -10.54% | 17.61% | 15.00% | 21.48% | 13.96% | 18.80% | 23.15% | 22.44% | |||||
statement continues on the next page. | ||||||||||||||||||||
restructuring | -4,000,000 | -5,000,000 | -2,000,000 | -3,000,000 | 225,000,000 | |||||||||||||||
transactional and tax charges | 985,000,000 | 936,000,000 | ||||||||||||||||||
impairment losses on investments: | ||||||||||||||||||||
impairment losses on investments | -58,000,000 | -30,000,000 | ||||||||||||||||||
(provision) releases for credit losses on afs debt securities | -250,000 | -1,000,000 | ||||||||||||||||||
net impairment losses recognized in earnings | -58,000,000 | -30,000,000 | -99,000,000 | -71,000,000 | -70,000,000 | -87,000,000 | -224,000,000 | -86,000,000 | -94,000,000 | -90,000,000 | ||||||||||
basic earnings per share | ||||||||||||||||||||
net income | 1.59 | -1.12 | 1.64 | 1.34 | 2.21 | 1.17 | 1.64 | 2.2 | 2.03 | |||||||||||
weighted-average common shares outstanding | 1,901.4 | 1,910.4 | 1,930.1 | 1,924.4 | 1,942.8 | 1,943.5 | 1,946.7 | 1,936.8 | 1,941.5 | 1,971.7 | ||||||||||
diluted earnings per share | ||||||||||||||||||||
interest revenue | 24,219,750,000 | 34,837,000,000 | 32,647,000,000 | 29,395,000,000 | 25,708,000,000 | 19,919,000,000 | 15,630,000,000 | 13,151,000,000 | ||||||||||||
impairment losses on investments and other assets | -56,750,000 | -70,000,000 | -71,000,000 | -86,000,000 | -222,000,000 | -91,000,000 | -96,000,000 | -90,000,000 | ||||||||||||
adjusted weighted-average diluted common shares outstanding | 1,955.8 | 1,951.7 | 1,968.6 | 1,964.1 | 1,964.3 | 1,955.1 | ||||||||||||||
provision (releases) for credit losses on afs debt securities | 1,000,000 | -1,000,000 | ||||||||||||||||||
provision for credit losses on htm debt securities | -17,000,000 | |||||||||||||||||||
provision for credit losses on unfunded lending commitments | -194,000,000 | 47,000,000 | -71,000,000 | -159,000,000 | 474,000,000 | |||||||||||||||
provision for credit losses on afs debt securities | -2,000,000 | 5,000,000 | 2,000,000 | |||||||||||||||||
provision for credit losses on held-to-maturity (htm) debt securities | 5,000,000 | 10,000,000 | 20,000,000 | -2,000,000 | ||||||||||||||||
adjusted weighted-average common shares outstanding | 1,958.1 | 1,988.2 | ||||||||||||||||||
net income before attribution of noncontrolling interests | 4,323,000,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-03-31 | 2024-03-31 | 2023-12-31 | 2023-06-30 | 2022-03-31 |
|---|---|---|---|---|---|---|---|---|
in millions of dollars | ||||||||
assets | ||||||||
cash and due from banks | 23,625,000,000 | 23,545,000,000 | 24,463,000,000 | 25,174,000,000 | 25,763,000,000 | |||
deposits with banks, net of allowance | 362,097,000,000 | 324,515,000,000 | 283,868,000,000 | 247,556,000,000 | 271,145,000,000 | |||
securities borrowed and purchased under agreements to resell (including 189,989 and 206,110 as of march 31, 2026 and december 31, 2025, respectively, at fair value), net of allowance | 353,094,000,000 | |||||||
brokerage receivables, net of allowance | 91,720,000,000 | 75,992,000,000 | 57,440,000,000 | 61,314,000,000 | 60,850,000,000 | |||
trading account assets | 593,473,000,000 | -14,000,000 | 562,254,000,000 | 518,577,000,000 | 431,468,000,000 | 113,000,000 | 423,189,000,000 | 237,000,000 |
investments: | ||||||||
available-for-sale debt securities | 257,822,000,000 | 246,227,000,000 | 225,180,000,000 | 254,898,000,000 | 237,334,000,000 | |||
held-to-maturity debt securities, net of allowance | 178,503,000,000 | 197,092,000,000 | 220,385,000,000 | 252,459,000,000 | 262,066,000,000 | |||
equity securities | 7,839,000,000 | 7,413,000,000 | 7,323,000,000 | 7,826,000,000 | 7,745,000,000 | |||
total investments | 444,164,000,000 | 450,732,000,000 | 452,888,000,000 | 515,183,000,000 | 507,145,000,000 | |||
loans: | ||||||||
consumer | 402,391,000,000 | 398,628,000,000 | 386,312,000,000 | 381,759,000,000 | 374,591,000,000 | |||
corporate | 359,225,000,000 | 335,277,000,000 | 315,744,000,000 | 292,819,000,000 | 286,021,000,000 | |||
loans, net of unearned income | 761,616,000,000 | 733,905,000,000 | 702,056,000,000 | 674,578,000,000 | 660,612,000,000 | |||
allowance for credit losses on loans | -19,636,000,000 | -19,206,000,000 | -18,726,000,000 | -18,296,000,000 | -17,496,000,000 | |||
total loans | 741,980,000,000 | 714,699,000,000 | 683,330,000,000 | 656,282,000,000 | 643,116,000,000 | |||
goodwill | 18,997,000,000 | 19,126,000,000 | 19,422,000,000 | 20,042,000,000 | 19,998,000,000 | |||
intangible assets | 4,305,000,000 | 4,330,000,000 | 4,430,000,000 | 4,338,000,000 | 4,576,000,000 | |||
premises and equipment | 33,574,000,000 | 32,819,000,000 | 30,814,000,000 | 29,188,000,000 | 27,818,000,000 | |||
other assets (including 17,652 and 15,840 as of march 31, 2026 and december 31, 2025, respectively, at fair value), net of allowance | 110,658,000,000 | |||||||
total assets | 2,777,687,000,000 | 412,385,000,000 | 2,642,475,000,000 | 2,571,514,000,000 | 2,432,510,000,000 | 387,514,000,000 | 2,423,675,000,000 | 392,560,000,000 |
in millions of dollars, except shares and par value per share amounts | ||||||||
liabilities | ||||||||
deposits | 1,446,240,000,000 | 1,383,929,000,000 | 1,316,410,000,000 | 1,307,163,000,000 | 1,319,867,000,000 | |||
securities loaned and sold under agreements to repurchase | 369,585,000,000 | 349,726,000,000 | 403,959,000,000 | 299,387,000,000 | 260,035,000,000 | |||
brokerage payables | 111,224,000,000 | 89,596,000,000 | 78,302,000,000 | 73,013,000,000 | 69,433,000,000 | |||
trading account liabilities | 185,266,000,000 | 160,243,000,000 | 148,688,000,000 | 156,652,000,000 | 34,000,000 | 170,664,000,000 | 22,000,000 | |
short-term borrowings | 72,056,000,000 | 54,760,000,000 | 49,139,000,000 | 31,910,000,000 | 40,430,000,000 | |||
long-term debt | 307,566,000,000 | 177,855,000,000 | 315,846,000,000 | 295,684,000,000 | 285,495,000,000 | 162,309,000,000 | 274,510,000,000 | 170,142,000,000 |
other liabilities, plus allowances | 73,178,000,000 | 74,498,000,000 | 66,074,000,000 | 71,492,000,000 | 79,314,000,000 | |||
total liabilities | 2,565,115,000,000 | 2,428,598,000,000 | 2,358,256,000,000 | 2,225,112,000,000 | 2,214,253,000,000 | |||
stockholders’ equity | 212,291,000,000 | 205,453,000,000 | 197,709,000,000 | |||||
preferred stock (1.00 par value; authorized shares: 30 million), issued shares: as of march 31, 2026—782,000 and as of december 31, 2025—802,000, at aggregate liquidation value | 19,550,000,000 | |||||||
common stock (0.01 par value... | 31,000,000 | 31,000,000 | 31,000,000 | 31,000,000 | 31,000,000 | |||
additional paid-in capital | 107,821,000,000 | 109,010,000,000 | 108,616,000,000 | 108,592,000,000 | 108,579,000,000 | |||
retained earnings | 219,542,000,000 | 214,034,000,000 | 209,013,000,000 | 200,956,000,000 | 199,976,000,000 | |||
treasury stock | -95,370,000,000 | -84,932,000,000 | -77,880,000,000 | -74,865,000,000 | -74,247,000,000 | |||
accumulated other comprehensive income | -40,615,000,000 | -44,170,000,000 | -45,722,000,000 | -45,729,000,000 | -45,865,000,000 | |||
total citigroup stockholders’ equity | 210,959,000,000 | 213,023,000,000 | 212,408,000,000 | 206,585,000,000 | 208,719,000,000 | |||
noncontrolling interests | 1,613,000,000 | 854,000,000 | 850,000,000 | 813,000,000 | 703,000,000 | |||
total equity | 212,572,000,000 | 213,877,000,000 | 213,258,000,000 | 207,398,000,000 | 209,422,000,000 | |||
total liabilities and equity | 2,777,687,000,000 | 412,385,000,000 | 2,642,475,000,000 | 2,571,514,000,000 | 2,432,510,000,000 | 387,514,000,000 | 2,423,675,000,000 | 392,560,000,000 |
cash and due from banks—intercompany | 5,000,000 | 11,000,000 | 22,000,000 | |||||
deposits with banks—intercompany | 6,575,000,000 | 3,000,000,000 | 3,500,000,000 | |||||
trading account assets—intercompany | 99,000,000 | 348,000,000 | 421,000,000 | |||||
investments, net of allowance | 1,000,000 | 1,000,000 | 1,000,000 | |||||
advances to subsidiaries | 160,188,000,000 | 150,845,000,000 | 151,425,000,000 | |||||
investments in subsidiary bank holding company | 185,568,000,000 | 172,125,000,000 | ||||||
investments in non-bank subsidiaries | 44,310,000,000 | 46,870,000,000 | ||||||
other assets, net of allowance | 10,834,000,000 | 10,031,000,000 | 10,722,000,000 | |||||
other assets—intercompany | 4,819,000,000 | 4,170,000,000 | 4,109,000,000 | |||||
liabilities and equity | ||||||||
trading account liabilities—intercompany | 17,000,000 | 266,000,000 | 282,000,000 | |||||
advances from subsidiary bank holding company | 12,733,000,000 | 8,677,000,000 | ||||||
advances from non-bank subsidiaries | 6,586,000,000 | 8,047,000,000 | ||||||
other liabilities | 2,864,000,000 | 2,560,000,000 | 2,289,000,000 | |||||
other liabilities—intercompany | 39,000,000 | 168,000,000 | 117,000,000 | |||||
securities borrowed and purchased under agreements to resell (including 164,778 and 140,855 as of september 30, 2025 and december 31, 2024, respectively, at fair value), net of allowance | 321,347,000,000 | |||||||
other assets (including 15,584 and 13,703 as of september 30, 2025 and december 31, 2024, respectively, at fair value), net of allowance | 113,116,000,000 | |||||||
preferred stock (1.00 par value; authorized shares: 30 million), issued shares: as of september 30, 2025—762,000 and as of december 31, 2024—714,000, at aggregate liquidation value | 19,050,000,000 | |||||||
securities borrowed and purchased under agreements to resell (including 264,874 and 140,855 as of march 31, 2025 and december 31, 2024, respectively, at fair value), net of allowance | 390,215,000,000 | |||||||
other assets (including 15,875 and 13,703 as of march 31, 2025 and december 31, 2024, respectively, at fair value), net of allowance | 106,067,000,000 | |||||||
preferred stock (1.00 par value; authorized shares: 30 million), issued shares: as of march 31, 2025—734,000 and as of december 31, 2024—714,000, at aggregate liquidation value | 18,350,000,000 | |||||||
securities borrowed and purchased under agreements to resell (including 193,546 and 206,059 as of march 31, 2024 and december 31, 2023, respectively, at fair value), net of allowance | 344,264,000,000 | |||||||
other assets (including 12,731 and 12,290 as of march 31, 2024 and december 31, 2023, respectively, at fair value), net of allowance | 97,701,000,000 | |||||||
in millions of dollars, except shares and per share amounts | ||||||||
preferred stock (1.00 par value; authorized shares: 30 million), issued shares: as of march 31, 2024—704,000 and as of december 31, 2023—704,000, at aggregate liquidation value | 17,600,000,000 | |||||||
securities borrowed and purchased under agreements to resell (including 210,126 and 239,527 as of june 30, 2023 and december 31, 2022, respectively, at fair value), net of allowance | 337,103,000,000 | |||||||
other assets (including 13,637 and 10,658 as of june 30, 2023 and december 31, 2022, respectively, at fair value), net of allowance | 102,972,000,000 | |||||||
preferred stock (1.00 par value; authorized shares: 30 million), issued shares: as of june 30, 2023—809,800 and as of december 31, 2022—759,800, at aggregate liquidation value | 20,245,000,000 | |||||||
securities borrowed and purchased under resale agreements | ||||||||
securities borrowed and purchased under resale agreements—intercompany | ||||||||
loans, net of unearned income—intercompany | ||||||||
investments in subsidiaries | 222,123,000,000 | |||||||
deposits—intercompany | ||||||||
securities loaned and sold under repurchase agreements | ||||||||
securities loaned and sold under repurchase agreements—intercompany | ||||||||
short-term borrowings—intercompany | ||||||||
long-term debt—intercompany | ||||||||
advances from subsidiaries | 21,999,000,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2024-03-31 | 2023-06-30 | 2022-03-31 |
|---|---|---|---|---|
cash flows from operating activities of continuing operations | ||||
net income before attribution of noncontrolling interests | 5,938,000,000 | 3,407,000,000 | 3,279,000,000 | 4,323,000,000 |
net income attributable to noncontrolling interests | 153,000,000 | 36,000,000 | 64,000,000 | 17,000,000 |
citigroup’s net income | 5,785,000,000 | 3,371,000,000 | 3,215,000,000 | 4,306,000,000 |
income from discontinued operations, net of taxes | -1,000,000 | -1,000,000 | ||
income from continuing operations—excluding noncontrolling interests | 5,786,000,000 | 3,372,000,000 | 3,215,000,000 | 4,308,000,000 |
adjustments to reconcile net income to net cash from operating activities of continuing operations | ||||
net loss on sale of significant disposals | 18,000,000 | |||
depreciation and amortization | 1,115,000,000 | 1,110,000,000 | 1,232,000,000 | 1,015,000,000 |
deferred income taxes | -168,000,000 | -348,000,000 | ||
provisions for credit losses and for benefits and claims | 2,805,000,000 | 2,365,000,000 | ||
realized gains from sales of investments | -270,000,000 | -115,000,000 | -41,000,000 | -80,000,000 |
impairment losses on investments and other assets | 136,000,000 | 30,000,000 | 67,000,000 | 90,000,000 |
change in trading account assets | -56,371,000,000 | -19,761,000,000 | -63,091,000,000 | -26,073,000,000 |
change in trading account liabilities | 22,468,000,000 | 1,307,000,000 | -26,513,000,000 | 26,530,000,000 |
change in brokerage receivables net of brokerage payables | 7,347,000,000 | 2,075,000,000 | -1,459,000,000 | -4,984,000,000 |
change in loans held-for-sale | 588,000,000 | -414,000,000 | ||
change in other assets | -6,920,000,000 | -997,000,000 | 2,613,000,000 | -7,497,000,000 |
change in other liabilities | 264,000,000 | -4,272,000,000 | -3,411,000,000 | 310,000,000 |
other | 1,329,000,000 | 4,817,000,000 | 17,705,000,000 | -11,773,000,000 |
total adjustments | -27,659,000,000 | -14,203,000,000 | -74,215,000,000 | -17,852,000,000 |
net cash from operating activities of continuing operations | -21,873,000,000 | -10,831,000,000 | -71,000,000,000 | -13,544,000,000 |
cash flows from investing activities of continuing operations | ||||
change in securities borrowed and purchased under agreements to resell | 3,101,000,000 | 1,436,000,000 | 46,420,000,000 | -18,122,000,000 |
change in loans | -13,692,000,000 | 11,380,000,000 | 893,000,000 | -9,643,000,000 |
proceeds from divestitures | 233,000,000 | |||
proceeds from sales and securitizations of loans | 1,473,000,000 | 709,000,000 | 1,478,000,000 | 676,000,000 |
available-for-sale (afs) debt securities | ||||
purchases of investments | -100,769,000,000 | -70,491,000,000 | -48,163,000,000 | -66,115,000,000 |
proceeds from sales of investments | 38,384,000,000 | 15,372,000,000 | -27,187,000,000 | 57,084,000,000 |
proceeds from maturities of investments | 48,787,000,000 | 55,520,000,000 | 76,871,000,000 | 28,333,000,000 |
held-to-maturity (htm) debt securities | ||||
capital expenditures on premises and equipment and capitalized software | -1,415,000,000 | -1,607,000,000 | -1,896,000,000 | -1,229,000,000 |
proceeds from sales of premises and equipment and repossessed assets | 3,000,000 | 162,000,000 | ||
net cash from investing activities of continuing operations | -12,391,000,000 | 14,844,000,000 | 77,240,000,000 | -34,523,000,000 |
statement continues on the next page. | ||||
consolidated statement of cash flows | ||||
in millions of dollars | 2,026,000,000 | 2,024,000,000 | 1,000,000 | 2,022,000,000 |
cash flows from financing activities of continuing operations | ||||
dividends paid | -1,353,000,000 | -1,291,000,000 | -1,261,000,000 | -1,286,000,000 |
issuance of preferred stock | 1,785,000,000 | 548,000,000 | ||
redemption of preferred stock | -2,300,000,000 | -550,000,000 | ||
treasury stock acquired | -6,300,000,000 | -413,000,000 | 1,833,000,000 | -2,833,000,000 |
stock tendered for payment of withholding taxes | -1,147,000,000 | -433,000,000 | 8,000,000 | -330,000,000 |
change in securities loaned and sold under agreements to repurchase | 21,487,000,000 | 21,280,000,000 | 44,382,000,000 | 13,209,000,000 |
issuance of long-term debt | 24,924,000,000 | 20,412,000,000 | 3,021,000,000 | 29,668,000,000 |
payments and redemptions of long-term debt | -28,692,000,000 | -20,137,000,000 | -18,923,000,000 | -17,061,000,000 |
change in deposits | 42,667,000,000 | -1,518,000,000 | -80,903,000,000 | 34,816,000,000 |
change in short-term borrowings | 20,178,000,000 | -5,547,000,000 | -8,837,000,000 | 2,171,000,000 |
net cash from financing activities of continuing operations | 71,249,000,000 | 12,351,000,000 | -59,435,000,000 | 58,354,000,000 |
effect of exchange rate changes on cash, due from banks and deposits with banks | -842,000,000 | -4,566,000,000 | ||
change in cash, due from banks and deposits with banks | 36,143,000,000 | 11,798,000,000 | -55,171,000,000 | 10,054,000,000 |
cash, due from banks and deposits with banks at beginning of period | 349,579,000,000 | 260,932,000,000 | 79,992,000,000 | 262,033,000,000 |
cash, due from banks and deposits with banks at end of period | 385,722,000,000 | 272,730,000,000 | 24,821,000,000 | 272,087,000,000 |
cash and due from banks | 23,625,000,000 | 25,174,000,000 | -2,005,000,000 | 27,768,000,000 |
deposits with banks, net of allowance | 362,097,000,000 | 247,556,000,000 | 26,826,000,000 | 244,319,000,000 |
supplemental disclosure of cash flow information for continuing operations | ||||
cash paid during the period for interest | 19,559,000,000 | 22,115,000,000 | 29,021,000,000 | 2,782,000,000 |
non-cash investing activities | ||||
transfers to loans hfs (other assets) from loans hfi | 1,213,000,000 | 959,000,000 | ||
net payment due to transfer of net liabilities associated with divestitures | ||||
cash paid during the period for income taxes | 1,457,000,000 | 2,400,000,000 | 631,000,000 | |
transfer of investment securities from htm to afs | ||||
transfers from loans hfs (other assets) to loans hfi | ||||
goodwill impairment | 535,000,000 | |||
proceeds from sales of premises and equipment, subsidiaries and affiliates and repossessed assets | -4,000,000 | 15,000,000 | ||
effect of exchange rate changes on cash and due from banks | -1,976,000,000 | -233,000,000 | ||
transfer of investment securities from afs to htm | ||||
decrease in net loans associated with divestitures reclassified to hfs | ||||
decrease in goodwill associated with divestitures reclassified to hfs | ||||
non-cash financing activities | ||||
decrease in deposits associated with divestitures reclassified to hfs | ||||
decrease in long-term debt associated with divestitures reclassified to hfs | ||||
loss from discontinued operations, net of taxes | -2,000,000 | |||
net loss on significant disposals | 118,000,000 | |||
provisions for credit losses on loans and unfunded lending commitments | 734,000,000 | |||
change in loans hfs | 3,223,000,000 | |||
available-for-sale debt securities: | ||||
held-to-maturity debt securities: | ||||
decrease in net loans associated with significant disposals reclassified to hfs | 14,970,000,000 | |||
decrease in goodwill associated with significant disposals reclassified to hfs | 715,000,000 | |||
transfers to loans hfs (other assets) from loans | 328,000,000 | |||
decrease in deposits associated with significant disposals reclassified to hfs | 18,334,000,000 | |||
decrease in long-term debt associated with significant disposals reclassified to hfs | 28,000,000 |