{"schemaVersion":1,"research":true,"symbol":"cfg","name":"Citizens Financial Group","topic":"moat","path":"/stock/cfg/moat","status":"published","version":4,"updatedAt":"2026-10-18T13:59:25.602Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"none","summary":"Citizens demonstrates a valuable deposit franchise and improving execution, but no durable economic moat. Deposits grew while funding rates fell, supporting current franchise strength. Disclosed lower entry barriers, lower-cost digital competitors and penalty-free customer exits weaken structural protection. Improved pricing outcomes also reflect asset repricing, funding mix and hedging effects, rather than demonstrated durable pricing power.","advantages":[{"mechanism":"cost_advantage","claim":"The deposit franchise provides a current funding benefit: first-half 2026 average deposits increased while the total deposit rate declined. A durable cost advantage over competitors is not established.","durability":"Demonstrated over the disclosed comparison period; persistence across interest-rate and competitive cycles remains unproven. Private Bank expansion is producing deposit growth, but its potential does not establish a moat.","risks":"Digital-only institutions have disclosed lower cost structures, competition depends partly on rates and fees, and most consumer deposits can leave without penalty. Growth in balances does not establish customer-level retention.","invalidation":"The current franchise-strength assessment would weaken if relationship deposit balances declined, brokered funding replaced them, or deposit costs rose relative to comparable market rates. Sustained peer-relative funding benefits and customer persistence across rate cycles would warrant reconsidering the no-moat verdict.","competitors":["KeyCorp","Fifth Third Bancorp","M&T Bank Corporation","PNC Financial Services Group"],"evidenceIds":["e1","e2","e7","e8"],"counterEvidenceIds":["e3","e4","e5","e6"]}],"evidence":[{"id":"e1","sourceId":"filing-2","location":"MD&A, Table 1: six-month components of net interest income","excerpt":"| 11 Six Months Ended June 30, 2026 2025 Change (dollars in millions) Average Balance Income/ Expense Yield/ Rate Average Balance Income/ Expense Yield/ Rate Average Balance Yield/ Rate (bps) Assets: Interest-bearing cash and due from banks and deposits in banks $10,461 $194 3.69 % $8,155 $181 4.41 % $2,306 (72) bps Taxable investment securities 47,511 870 3.67 46,304 846 3.66 1,207 1 Non-taxable investment securities 1 — 2.60 1 — 2.60 — — Total investment securities 47,512 870 3.67 46,305 846 3.66 1,207 1 Commercial and industrial 51,183 1,351 5.25 44,271 1,064 4.78 6,912 47 Commercial real estate 24,367 661 5.39 26,749 771 5.73 (2,382) (34) Total commercial 75,550 2,012 5.30 71,020 1,835 5.14 4,530 16 Residential mortgages 35,442 720 4.06 33,147 645 3.89 2,295 17 Home equity 19,555 626 6.45 16,988 601 7.14 2,567 (69) Automobile 1,878 44 4.73 4,047 88 4.40 (2,169) 33 Education 8,312 251 6.09 9,670 276 5.76 (1,358) 33 Other retail 4,039 199 9.94 4,385 235 10.79 (346) (85) Total retail 69,226 1,840 5.34 68,237 1,845 5.44 989 (10) Total loans and leases 144,776 3,852 5.32 139,257 3,680 5.29 5,519 3 Loans held for sale 1,613 47 5.85 1,975 52 5.30 (362) 55 Interest-earning assets 204,362 4,963 4.85 195,692 4,759 4.86 8,670 (1) Noninterest-earning assets 22,395 21,297 1,098 Total assets $226,757 $216,989 $9,768 Liabilities and Stockholders’ Equity: Checking with interest $37,834 $254 1.36 % $33,273 $233 1.41 % $4,561 (5) Savings 23,937 129 1.08 25,647 174 1.37 (1,710) (29) Money market 60,218 724 2.43 54,575 733 2.71 5,643 (28) Time 20,900 355 3.42 22,977 457 4.01 (2,077) (59) Total interest-bearing deposits 142,889 1,462 2.06 136,472 1,597 2.36 6,417 (30) Short-term borrowed funds 723 13 3.53 800 17 4.20 (77) (67) Long-term borrowed funds 12,099 295 4.87 12,578 317 5.04 (479) (17) Total borrowed funds 12,822 308 4.80 13,378 334 4.99 (556) (19) Total interest-bearing liabilities 155,711 1,770 2.29 149,850 1,931 2.59 5,861 (30) Noninterest-bearing demand deposits 39,585 36,948 2,637 Other noninterest-bearing liabilities 5,433 5,736 (303) Total liabilities 200,729 192,534 8,195 Stockholders’ equity 26,028 24,455 1,573 Total liabilities and stockholders’ equity $226,757 $216,989 $9,768 Interest rate spread 2.56 % 2.27 % 29 Net interest income and net interest margin $3,193 3.15 % $2,828 2.91 % 24 Net interest income and net interest margin, FTE(1) $3,199 3.16 % $2,836 2.92 % 24 Memo: Total deposits (interest-bearing and noninterest-bearing demand) $182,474 $1,462 1.62 % $173,420 $1,597 1.86 % $9,054 (24) bps (1) Net interest income and net interest margin on an FTE basis are non-GAAP financial measures."},{"id":"e2","sourceId":"filing-2","location":"MD&A, average deposit growth and funding mix","excerpt":"Average deposits increased $9.5 billion and $9.1 billion for the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025, driven primarily by growth in the Private Bank and in commercial, partially offset by a reduction in higher-cost brokered deposits."},{"id":"e3","sourceId":"filing-1","location":"Business, competition and technology-related entry barriers","excerpt":"In addition, technology has lowered barriers to entry and made it possible for non-bank institutions to attract funds and provide lending and other financial products and services."},{"id":"e4","sourceId":"filing-1","location":"Business, digital-only competitors' funding rates and costs","excerpt":"These models are typically able to offer higher rates on deposit products than traditional retail banking institutions given their lower cost structure."},{"id":"e5","sourceId":"filing-1","location":"Business, factors driving loan and deposit competition","excerpt":"The primary factors driving competition for loans and deposits are interest rates, fees charged, tailored value propositions to different customer segments, customer service levels, convenience, including branch locations and hours of operation, and the range of products and services offered."},{"id":"e6","sourceId":"filing-1","location":"Market risk, consumer prepayment and withdrawal rights","excerpt":"For example, most consumer loans can be prepaid without penalty and most consumer deposits can be withdrawn without penalty."},{"id":"e7","sourceId":"filing-3","location":"Compensation discussion, peer group and competitive relevance","excerpt":"The peer group consists of companies with which the Company competes for talent, customers, and shareholder investments, and which are generally similar in size and business mix."},{"id":"e8","sourceId":"filing-3","location":"Compensation discussion, named peer companies","excerpt":"Comerica Corporation KeyCorp Regions Financial Corporation Fifth Third Bancorp M&T Bank Corporation Truist Financial Huntington Bancshares PNC Financial Services Group U.S."},{"id":"e9","sourceId":"filing-2","location":"MD&A, net interest income growth drivers","excerpt":"The increase in net interest income reflects an increase in interest-earning assets, higher net interest margin, terminated swap impacts, and fixed-rate asset repricing benefits."},{"id":"e10","sourceId":"filing-2","location":"MD&A, external influences on asset and liability pricing","excerpt":"Factors that influence our net interest income include, but are not limited to, the pricing and mix of interest-earning assets and interest-bearing liabilities which, in turn, are impacted by external factors such as economic conditions, competition for loans and deposits, the monetary policy of the FRB, and market interest rates."},{"id":"e11","sourceId":"filing-2","location":"Executive summary, quarterly and six-month efficiency ratios","excerpt":"•The efficiency ratio of 61.1% and 62.3% for the three and six months ended June 30, 2026, respectively, compared to 64.8% and 66.3% for the same periods in 2025."},{"id":"e12","sourceId":"filing-2","location":"Executive summary, fee income growth and mortgage offset","excerpt":"Citizens Financial Group, Inc. | 7 •Noninterest income of $652 million and $1.3 billion for the three and six months ended June 30, 2026, respectively, increased $52 million and $114 million compared to the same periods in 2025, driven by growth across numerous fee categories, primarily capital markets and wealth fees, partially offset by mortgage banking fees driven by lower MSR valuation results, net of hedge impact."},{"id":"e13","sourceId":"filing-2","location":"Executive summary, expenses and Private Bank investment","excerpt":"•Noninterest expense of $1.4 billion and $2.8 billion for the three and six months ended June 30, 2026, respectively, increased $75 million and $139 million compared to the same periods in 2025, driven by salaries and employee benefits reflecting hiring related to the Private Bank and Private Wealth build-out, and compensation associated with growth in capital markets fees."},{"id":"e14","sourceId":"filing-2","location":"Executive summary, provision expense and portfolio mix","excerpt":"•Provision expense of $134 million and $274 million for the three and six months ended June 30, 2026, respectively, decreased $30 million and $43 million compared to the same periods in 2025, reflecting the runoff of certain retail portfolios and improving credit trends and loan mix."},{"id":"e15","sourceId":"filing-2","location":"Consolidated statements of changes in stockholders' equity, six months","excerpt":"Citizens Financial Group, Inc. | 44 CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED) Preferred Stock Common Stock Additional Paid-in Capital Retained Earnings Treasury Stock, at Cost Accumulated Other Comprehensive Income (Loss) Total (dollars and shares in millions) Shares Amount Shares Amount Balance at January 1, 2025 2 $2,113 441 $7 $22,364 $10,412 ($7,047) ($3,595) $24,254 Dividends declared - common stock — — — — — (371) — — (371) Dividends declared - preferred stock — — — — — (67) — — (67) Treasury stock purchased — — (10) — — — (400) — (400) Share repurchase excise tax — — — — — — (3) — (3) Share-based compensation plans — — 2 — 41 — — — 41 Employee stock purchase plan — — — — 15 — — — 15 Total comprehensive income (loss): Net income — — — — — 809 — — 809 Other comprehensive income (loss) — — — — — — — 956 956 Total comprehensive income (loss) — — — — — 809 — 956 1,765 Balance at June 30, 2025 2 $2,113 433 $7 $22,420 $10,783 ($7,450) ($2,639) $25,234 Balance at January 1, 2026 2 $2,111 429 $7 $22,476 $11,345 ($7,652) ($1,970) $26,317 Dividends declared - common stock — — — — — (396) — — (396) Dividends declared - preferred stock — — — — — (66) — — (66) Treasury stock purchased — — (8) — — — (525) — (525) Share repurchase excise tax — — — — — — (5) — (5) Share-based compensation plans — — 2 — 29 — — — 29 Employee stock purchase plan — — — — 16 — — — 16 Total comprehensive income (loss): Net income — — — — — 1,104 — — 1,104 Other comprehensive income (loss) — — — — — — — (291) (291) Total comprehensive income (loss) — — — — — 1,104 — (291) 813 Balance at June 30, 2026 2 $2,111 423 $7 $22,521 $11,987 ($8,182) ($2,261) $26,183 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements."},{"id":"e16","sourceId":"filing-2","location":"Critical accounting estimates, allowance for credit losses","excerpt":"The ACL of $2.2 billion at June 30, 2026 increased $1 million compared to December 31, 2025, reflecting consideration for economic uncertainty and targeted risk concerns, largely offset by improved loan mix, given runoff of certain retail portfolios."},{"id":"e17","sourceId":"filing-2","location":"Borrowed funds note, unused secured borrowing capacity","excerpt":"At June 30, 2026, the Company’s unused secured borrowing capacity was approximately $78.3 billion, which includes unencumbered securities, FHLB borrowing capacity, and FRB discount window capacity."},{"id":"e18","sourceId":"filing-2","location":"Borrowed funds note, utilized FHLB borrowing capacity","excerpt":"The utilized FHLB borrowing capacity, primarily for advances and letters of credit, was $11.6 billion and $7.1 billion at June 30, 2026 and December 31, 2025, respectively."},{"id":"e19","sourceId":"filing-1","location":"Deposit analysis, insured deposit percentage and Private Bank mix","excerpt":"The decrease in the insured/secured deposits percentage during 2025 reflects growth in the private bank business, primarily corporate operating accounts which are generally more stable, and a decrease in insured Treasury brokered deposits as we continued to optimize our deposit mix."},{"id":"e20","sourceId":"filing-3","location":"Appendix A, GAAP common earnings and tangible equity return reconciliation","excerpt":"110 2026 Proxy Statement Appendix A—Non-GAAP Financial Measures and Reconciliations Non-GAAP financial measures and reconciliations (in millions, except share, per-share and ratio data) FULL YEAR 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Net income available to common stockholders, Underlying: Net income available to common shareholders (GAAP) A $ 1,688 $ 1,372 $ 1,491 $ 1,960 $ 2,206 $ 950 $ 1,718 $ 1,692 $ 1,638 $ 1,031 $ 833 $ 865 Add: Notable items, net of income tax expense (benefit) — 98 357 352 78 83 17 16 (340) (19) — — Add: Restructuring charges and special items, net of income tax expense (benefit) — — — — — — — — — — (31) (75) Net income available to common shareholders, Underlying (non-GAAP) B $ 1,688 $ 1,470 $ 1,848 $ 2,312 $ 2,284 $ 1,033 $ 1,735 $ 1,708 $ 1,298 $ 1,012 $ 864 $ 790 Return on average tangible common equity and return on average tangible common equity, Underlying: Average common equity (GAAP) C $ 22,954 $ 21,881 $ 21,592 $ 21,724 $ 21,025 $ 20,438 $ 20,325 $ 19,645 $ 19,618 $ 19,698 $ 19,354 $ 19,399 Less: Average goodwill (GAAP) 8,187 8,187 8,184 7,872 7,062 7,049 7,036 6,912 6,883 6,876 6,876 6,876 Less: Average other intangibles (GAAP) 131 143 177 181 54 64 71 14 2 2 4 7 Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 439 433 422 413 381 376 371 359 534 502 445 377 Average tangible common equity D $ 15,075 $ 13,984 $ 13,653 $ 14,084 $ 14,290 $ 13,701 $ 13,589 $ 13,078 $ 13,267 $ 13,322 $ 12,919 $ 12,893 Return on average tangible common equity A/D 11.20 % 9.81 % 10.92 % 13.91 % 15.44 % 6.93 % 12.64 % 12.94 % 12.35 % 7.74 % 6.45 % 6.71 % Return on average tangible common equity, Underlying (non-GAAP)(1) B/D 11.20 % 10.51 % 13.53 % 16.41 % 15.98 % 7.53 % 12.76 % 13.06 % 9.79 % 7.60 % 6.69 % 6.13 % (1) Totals may be affected due to rounding."},{"id":"e21","sourceId":"filing-3","location":"Compensation discussion, approved 2023 PSU payout","excerpt":"On February 11, 2026, the Compensation and HR Committee approved a final payout level of 79.8% of target for the 2023 PSU Awards."},{"id":"e22","sourceId":"filing-3","location":"Compensation discussion, PSU targets and normalized performance outcomes","excerpt":"Core Metric 2023 PSU Award Targets 2023-2025 Normalized* Results % of Target Earned Based on Core Metrics % of Target Earned After Application of TSR Modifier Threshold Target Maximum By Metric Overall 3-Year Average ROTCE 10.46% 14.99% 17.58% 12.17% 69.8% 66.5% 79.8% (66.5% * 1.2) 3-Year Cumulative EPS $11.73 $16.64 $19.96 $13.03 63.3% * See Appendix A for more information on Non-GAAP Financial Measures and Reconciliations."},{"id":"e23","sourceId":"filing-3","location":"Compensation governance, prohibition on hedging and pledging","excerpt":"70 2026 Proxy Statement Compensation Matters Prohibition on Hedging and Pledging We prohibit our colleagues and directors, including our NEOs and other executive officers, from engaging in any hedging transactions (including transactions involving options, puts, calls, prepaid variable forward contracts, equity swaps, collars and exchange funds or other derivatives) that are designed to hedge or offset a decrease in the market value of the Company’s equity securities or pledging their ownership in our securities (including equity-based awards), which would undermine the risk alignment embedded in our executive compensation program."},{"id":"e24","sourceId":"filing-3","location":"Compensation discussion, granted off-cycle succession awards","excerpt":"In June 2024, the Compensation and HR Committee granted off-cycle Leadership Succession Awards to select executives, which the Board and Compensation and HR Committee viewed as necessary at that time to retain a strong pool of internal CEO candidates given the competitive market for executive talent."},{"id":"e25","sourceId":"filing-3","location":"Compensation discussion, shareholder opposition to off-cycle awards","excerpt":"While most shareholders we spoke with understood the rationale for the awards and appreciated the Company's proactive approach to succession planning, many shareholders did not support our 2025 say-on-pay proposal because they are not generally supportive of off-cycle awards as a matter of policy."},{"id":"e26","sourceId":"filing-3","location":"Board structure, Compensation and HR Committee independence","excerpt":"Each member of the Compensation and HR Committee meets the independence requirements of the NYSE and Rule 10C-1 of the Exchange Act and is a “non-employee director” under Exchange Act Rule 16b-3."},{"id":"e27","sourceId":"filing-1","location":"Risk factors, anti-takeover provisions","excerpt":"Anti-takeover provisions in Delaware law and our restated certificate of incorporation and amended and restated bylaws, as well as regulatory approvals that would be required under federal law, could make it more difficult for a third party to take control of us and may prevent stockholders from receiving a premium for their shares of our common stock."},{"id":"e28","sourceId":"filing-1","location":"Share-based compensation note, annual expense","excerpt":"Share-based compensation expense was $120 million, $97 million, and $87 million for the years ended December 31, 2025, 2024, and 2023, respectively."},{"id":"e29","sourceId":"filing-6","location":"Executive summary, first-quarter return on tangible common equity","excerpt":"•ROTCE of 12.2% for the three months ended March 31, 2026 compared to 9.6% for the same period in 2025."},{"id":"e30","sourceId":"filing-3","location":"Compensation discussion, year-end 2025 CET1 ratio","excerpt":"•Maintained a strong capital position and liquidity profile, with a Common Equity Tier 1 Ratio of 10.6% at year-end 2025."},{"id":"e31","sourceId":"filing-1","location":"Regulatory capital note, stress and conservation buffer footnote","excerpt":"(1) Represents minimum requirement under the current capital framework plus the SCB of 4.5% and CCB of 2.5% for CFG and CBNA, respectively."},{"id":"e32","sourceId":"filing-1","location":"Market risk, floating loan and core deposit repricing mismatch","excerpt":"A primary source of our structural interest rate risk relates to faster repricing of floating-rate loans relative to core deposit funding."},{"id":"e33","sourceId":"filing-2","location":"Consolidated balance sheet, issued and outstanding common shares","excerpt":"$0.01 par value, 1,000,000,000 shares authorized; 653,998,397 shares issued and 422,677,660 shares outstanding at June 30, 2026 and 652,238,745 shares issued and 429,242,174 shares outstanding at December 31, 2025"},{"id":"e34","sourceId":"filing-1","location":"Regulatory capital note, restrictions on distributions","excerpt":"Under the FRB’s SCB framework, failure to maintain risk-based capital ratios above the respective minimum requirements, including the SCB, would result in graduated restrictions on the Company’s ability to make certain discretionary bonus payments and capital distributions, including common stock dividends and share repurchases."},{"id":"e35","sourceId":"filing-2","location":"Investment note, renewable energy investments and unfunded commitments","excerpt":"The Company’s investments in renewable energy entities totaled $224 million and $201 million, respectively, as of June 30, 2026 and December 31, 2025, with unfunded commitments related to these investments totaling $55 million as of June 30, 2026."}],"changes":["Retain the previous none verdict: actual deposit growth and improving results do not overcome disclosed low entry barriers and customer exit rights.","Add explicit management, pricing and bank-sector financial assessments. Capital adequacy remains ungraded because the supplied capital disclosures omit the complete applicable requirements and current ratio table."],"limitations":["All evidence is issuer-supplied SEC disclosure. Operating results support numerical assessments, but strategic descriptions and assertions of differentiation do not independently demonstrate competitive superiority.","Named companies are disclosed competitive peers; the passages provide no direct funding-cost, retention or market-share comparison against them. Digital-only competitors are described generically and cannot be named.","Deposit growth is indirect evidence of customer demand, not a measured retention rate. Customer cohorts, switching effort and relationship profitability are absent.","Reported deposit rates include mix and hedging effects. Fee income growth does not distinguish higher prices from volumes, activity or product mix.","A 10.6% year-end 2025 CET1 ratio and buffer footnote are supplied, but complete applicable capital requirements and June 2026 regulatory ratios are absent. No regulatory headroom is inferred.","Credit provisions and allowances are available, but comprehensive charge-off, delinquency, nonperforming loan and interest-rate sensitivity results are missing.","Actual compensation policies, awards and payout decisions are disclosed; executive ownership amounts and the later shareholder voting outcomes are absent. Proposals are not treated as adopted measures.","Financial grades use sources filed in 2026, within 550 days of October 18, 2026. Source dates retain dateKind filed; none is treated as a retrieval date."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":1,"rationale":"The deposit franchise has current economic value, but lower entry barriers and lower-cost digital alternatives make its structural protection weak. No durable peer-relative cost lead is demonstrated.","evidenceIds":["e1","e2","e3","e4"]},{"criterion":"durability","grade":1,"rationale":"Recent funding improvement does not establish persistence across cycles. Rate-based competition and penalty-free withdrawals leave the benefit fragile.","evidenceIds":["e1","e5","e6"]},{"criterion":"customer_dependency","grade":1,"rationale":"Growing balances support demand, but customer dependency is weakly evidenced. Most consumer loans and deposits permit penalty-free exits; operational switching friction is not quantified.","evidenceIds":["e2","e6"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Deposit growth and lower funding rates demonstrate recent competitive resilience despite entry pressure. They do not establish durable resistance to lower-cost alternatives.","evidenceIds":["e1","e2","e3","e4"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"First-half total deposit rates fell from 1.86% to 1.62% while average deposits grew; loan yields increased slightly. Outcomes are favorable but mixed with funding composition, market rates, repricing and hedging effects.","evidenceIds":["e1","e2","e9","e10"]},{"criterion":"retention","grade":2,"rationale":"Higher deposit balances alongside lower paid rates provide indirect evidence of continuing demand. New customer acquisition cannot be separated from retention, and penalty-free withdrawal rights limit protection.","evidenceIds":["e1","e2","e6"]},{"criterion":"margin_resilience","grade":2,"rationale":"First-half net interest margin improved from 2.91% to 3.15%, and efficiency improved. This demonstrates recent resilience, but swap effects and asset repricing prevent attributing the result solely to pricing power.","evidenceIds":["e1","e9","e11"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Competitive demand constrains deposit pricing, and consumer prepayment and withdrawal rights weaken the ability to preserve economics through existing contracts. Detailed unilateral repricing rights are not supplied.","evidenceIds":["e5","e6","e10"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Portfolio runoff and funding optimization coincide with lower provisions and deposit growth. First-half distributions were below net income, but current regulatory headroom and full investment returns are unavailable.","evidenceIds":["e2","e14","e15"]},{"criterion":"incentive_alignment","grade":2,"rationale":"An approved PSU payout below target and hedging restrictions demonstrate actual alignment mechanisms. Normalized performance metrics and granted off-cycle succession awards opposed by shareholders temper the assessment; ownership amounts are missing.","evidenceIds":["e21","e22","e23","e24","e25"]},{"criterion":"execution","grade":3,"rationale":"Deposit and fee growth, improving efficiency and lower provisions demonstrate strong recent execution despite investment-related expense growth. Attribution to individual initiatives is indirect, and long-term Private Bank returns remain unproven.","evidenceIds":["e2","e11","e12","e13","e14"]},{"criterion":"governance","grade":2,"rationale":"Independent compensation committee membership and hedging restrictions support oversight. Shareholder opposition to actual off-cycle awards and disclosed anti-takeover provisions provide counterweights; later voting outcomes are not supplied.","evidenceIds":["e23","e24","e25","e26","e27"]}]}],"financialAssessments":[{"category":"financial_strength","checks":[{"criterion":"capital_adequacy","grade":null,"rationale":"The year-end 2025 CET1 ratio is 10.6%, and a footnote identifies CFG's 4.5% stress capital buffer. Complete applicable minimum ratios and June 2026 regulatory capital figures are missing, preventing a supported adequacy or headroom assessment.","evidenceIds":["e30","e31"]},{"criterion":"liquidity_funding","grade":2,"rationale":"Deposit growth, reduced brokered funding and $78.3 billion of unused secured borrowing capacity support liquidity. Increased FHLB usage and the disclosed shift toward uninsured Private Bank operating accounts temper the assessment; current concentration detail is incomplete.","evidenceIds":["e2","e17","e18","e19"]},{"criterion":"asset_liability_risk","grade":2,"rationale":"Lower provision expense and improved portfolio mix are favorable. The $2.2 billion allowance still reflects economic uncertainty and targeted risks; first-half AOCI deteriorated, and structural repricing mismatch remains. Missing loss and sensitivity tables limit precision.","evidenceIds":["e14","e15","e16","e32"]},{"criterion":"earnings_resilience","grade":3,"rationale":"First-half net income increased to $1.104 billion from $809 million, with higher net interest and fee income and improved efficiency. Positive common earnings across the disclosed historical years reinforce resilience, although results remain cyclical and rate-sensitive.","evidenceIds":["e1","e11","e12","e15","e20"]}]},{"category":"capital_allocation","checks":[{"criterion":"capital_efficiency","grade":2,"rationale":"ROTCE improved to 11.20% in 2025 and 12.2% in first-quarter 2026, but remained below some earlier annual results. ROTCE uses tangible common equity excluding goodwill and other intangibles; it is not a return on total regulatory capital.","evidenceIds":["e20","e29"]},{"criterion":"distributions_and_buffers","grade":2,"rationale":"First-half 2026 common dividends of $396 million, preferred dividends of $66 million and buybacks of $525 million were collectively below $1.104 billion net income. Equity nevertheless declined slightly with AOCI losses. Regulatory restrictions are disclosed, but current capital headroom cannot be verified.","evidenceIds":["e15","e34"]},{"criterion":"dilution_and_cost","grade":2,"rationale":"Outstanding shares fell from about 429.2 million to 422.7 million during first-half 2026, demonstrating net dilution control through repurchases. Buybacks consumed capital, while annual share-based compensation expense rose to $120 million in 2025 from $97 million in 2024.","evidenceIds":["e15","e28","e33"]},{"criterion":"investment_discipline","grade":2,"rationale":"Private Bank and wealth hiring coincides with deposit and fee growth, while portfolio runoff supports lower provisions. These are favorable but indirect investment outcomes; initiative-level returns and renewable energy investment returns are not disclosed, and unfunded commitments 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unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital 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period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":6.466512702078522},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs 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industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":6.327462491846053},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs 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period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":7.339449541284404},"issues":{"pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately 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