AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 5/6 · 22/10/2026
Moat—
Insufficient evidence for every rubric criterion; no category score is inferred.
structural advantage · — · International infrastructure and exclusive distribution are demonstrated, but their ability to prevent substitution or sustain superior economics is unestablished.
durability · — · Growing institutional demand supports current franchise value. Contract duration, renewal protection and persistent comparative advantage are missing.
customer dependency · — · Operating deposits and recurring transaction activity suggest embedded relationships, but disclosed migration costs or indispensable customer dependence are absent.
erosion resilience · — · Demand growth and control-remediation progress coexist with loan spread compression and card economic pressure. These do not establish resilience of a structural moat.
Pricing power44
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 2/4 · Services deposit spreads improved, but lower corporate loan spreads reduced lending revenue despite higher balances and commitments. Higher card fees were outweighed by partner and rewards costs. Fee growth alone does not isolate unit pricing.
retention · 2/4 · Operating deposits and transaction activity provide indirect evidence of repeat demand. Card engagement is mixed: general-purpose spending and active accounts grew while private-label activity contracted. Acquisitions and market valuations affect comparisons; no retention rate is inferred.
margin resilience · 2/4 · The consolidated efficiency ratio improved to 58.5% from 64.7%, while expenses excluding the prior-year notable item rose 3%. Corporate spread compression and declining card income show uneven resilience. Efficiency improvement is not itself proof of pricing power.
contractual freedom · 1/4 · Card agreements generally share economics and have fixed terms, with significant competition for renewals. This supports weak bargaining freedom in that business; broader unilateral repricing rights are not supplied.
Predictability95
Financial-sector stability over five consecutive reported annual periods: equal weights for nondeclining revenue frequency, revenue-growth volatility (5–40pp), positive consolidated earnings frequency, and net-income/revenue margin volatility (3–20pp). Uses reported accounting scope; not industrial FCF or a growth forecast.
- Nondeclining revenue years (%)
- 100.00
- Revenue growth volatility (pp)
- 0.63
- positiveEarningsShare
- 100.00
- netMarginStdDev
- 6.36
Financial strength56
Qualitative bank assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy financial-industry-1; not an industrial ratio score or credit rating.
capital adequacy · 2/4 · June CET1 of 12.8% was approximately 120 basis points above the disclosed requirement. June SLR of 5.15% exceeded the applicable 4.0% requirement including buffer. Preliminary September CET1 remained 12.8%, while SLR fell to 5.0%. These support adequacy with narrowing leverage protection; September regulatory headroom is not inferred.
liquidity funding · 2/4 · Year-end 2025 average HQLA of $607.2 billion exceeded stressed 30-day net outflows of $529.3 billion. Operating deposits grew and September average deposits increased 11% year over year. Missing current liquidity coverage and funding concentration details limit a stronger assessment.
asset liability risk · 2/4 · Third-quarter credit losses were stable at $2.2 billion, alongside a $369 million reserve build. June internal corporate facility ratings show 78% at BBB or above, with 22% below. Downward-rate sensitivity and a modeled approximately $3 billion initial AOCI loss under an upward shock indicate meaningful exposures; forecast recovery is conditional.
earnings resilience · 3/4 · First-half net income of $11.6 billion and third-quarter income of $5.2 billion demonstrate continued earnings generation while absorbing provisions and investment. The prior-year impairment comparison and quarterly return variability limit conclusions about durability under severe stress.
Capital allocation50
Qualitative bank assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy financial-industry-1; not an industrial ratio score or credit rating.
capital efficiency · 2/4 · Year-to-date consolidated return on average common equity improved to 11.0% and non-GAAP RoTCE to 12.6%. Third-quarter returns eased to 10.1% and 11.5%. These use different equity denominators; improvement is demonstrated, while durable superior capital productivity remains unestablished.
distributions and buffers · 2/4 · The 2025 payout exceeded common earnings at 133%; the latest quarterly payout moderated to 85%. Preliminary CET1 stabilized during the latest quarter, but SLR continued declining. Actual distributions therefore provide mixed evidence on buffer preservation.
dilution and cost · 2/4 · Average diluted shares declined approximately 8% year over year, but second-quarter repurchases diluted book value and tangible book value per share. Year-to-date compensation and benefits rose 6%. Lower shares alone do not establish efficient repurchase pricing or cost control.
investment discipline · 2/4 · Completed disposals and the card portfolio acquisition demonstrate implementation, with disclosed investment spending and improving consolidated returns. The Banamex equity sale recorded an approximately $0.5 billion loss against the sold interest's book value, while card partner and rewards costs pressure current economics. The acquisition's incremental return is not established.
Management56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Completed disposals and improved returns support discipline. The 2025 payout of 133%, book-value-dilutive second-quarter buybacks and declining SLR temper that assessment. The latest quarterly payout moderated to 85%.
incentive alignment · 3/4 · Actual compensation combines multiyear financial performance measures, deferred equity and clawbacks. Only 51.2% of target PSU units were earned for the disclosed period, demonstrating performance sensitivity, although appreciation lifted payout value to 126% of initial value. This supports strong design and an observed outcome, not exceptional alignment.
execution · 2/4 · Completed disposals, the portfolio acquisition, termination of the OCC amendment and improved earnings demonstrate progress. Regulatory findings and continuing remediation limit confidence in consistency. Earnings are indirect evidence of management contribution.
governance · 2/4 · The Lead Independent Director has substantive meeting and CEO-oversight powers. Combining CEO and Chair roles concentrates leadership, while regulatory deficiencies demonstrate oversight shortcomings. Termination of the OCC amendment provides a partial counterbalance.
Evidence
Markets maintains an international presence supported by trading floors in nearly 80 countries and Citi’s proprietary network in over 90 countries and jurisdictions.
Markets: international infrastructure · Filed 06/08/2026
The increase in average deposits was largely driven by higher operating deposits, as Citi continues to deepen relationships with existing clients and onboard new clients.
Services: operating deposits and client relationships · Filed 06/08/2026
The increase in non-interest revenue was driven by higher fees and underlying drivers, including cross-border transaction value up 10%, commercial card spend volume up 10% and U.S.
Third-quarter 2026 TTS: fees and transaction drivers · Filed 13/10/2026
The increase in non-interest revenue was driven by higher fees, which benefited from a 16% increase in assets under custody and administration, which includes new assets onboarded as well as the impact of market valuations, partially offset by a mark-to-market gain in the prior-year period.
Third-quarter 2026 Securities Services: custody assets and fees · Filed 13/10/2026
In 2024 the FRB entered into a Civil Money Penalty Consent Order with Citigroup in the amount of approximately $61 million, having found that Citigroup had ongoing deficiencies related to its data quality management program and inadequate measures for managing and controlling its data quality risks; and the OCC entered into a Civil Money Penalty Consent Order with Citibank, a wholly owned subsidiary of Citigroup, in the amount of $75 million, having found that Citibank had failed to make sufficient and sustainable progress toward achieving compliance with the OCC’s 2020 Consent Order.
Transformation: regulatory findings and penalties · Filed 20/02/2026
The OCC and Citibank also entered into an amendment to the October 7, 2020 OCC Consent Order (the Amendment), which the OCC terminated on December 18, 2025.
Transformation: termination of OCC amendment · Filed 20/02/2026
COMPETITION
The financial services industry is highly competitive.
Competition: industry competitiveness · Filed 20/02/2026
Citi’s competitors include a variety of financial services and advisory companies, as well as certain non-financial services firms.
Competition: generic competitor categories · Filed 20/02/2026
In April 2026, Citi completed the acquisition of the additional American Airlines co-branded card portfolio, including approximately $6.6 billion in loans from more than 2 million accounts.
USCC: completed American Airlines portfolio acquisition · Filed 06/08/2026
Citi is American Airlines’ exclusive credit card issuing partner.
USCC: exclusive issuing partnership · Filed 06/08/2026
Personal Banking” above). Citi’s co-branding and private label agreements often provide for shared economics between the parties and generally have a fixed term.
Card relationship risks: shared economics and fixed terms · Filed 20/02/2026
Competition among credit card issuers, including Citi, for these relationships is significant, and Citi may not be able to maintain such relationships on existing terms or at all.
Card relationship risks: competition and renewal terms · Filed 20/02/2026
Non-interest revenue decreased 62%, driven by higher partner payment accruals and rewards costs, partially offset by higher interchange and annual fees.
Third-quarter 2026 USCC: partner payments, rewards and fees · Filed 13/10/2026
USCC net income of $851 million decreased 8%.
Third-quarter 2026 USCC: net income · Filed 13/10/2026
Net interest income increased 17%, driven by higher average deposit balances and deposit spreads.
Third-quarter 2026 Services: deposit spreads and balances · Filed 13/10/2026
Corporate Lending revenues of $382 million, excluding gain/(loss) on loan hedges(8), decreased 16%, driven by lower loan spreads, partially offset by higher average loan balances and commitments.
Third-quarter 2026 Corporate Lending: lower loan spreads · Filed 13/10/2026
Second Quarter Six Months In millions of dollars, except as otherwise noted 2026 2025 % Change 2026 2025 % Change Net interest income $ 5,180 $ 4,918 5 % $ 10,296 $ 9,902 4 % Fee revenue Interchange fees 2,740 2,459 11 5,144 4,744 8 Card rewards and partner payments (3,563) (3,008) (18) (6,460) (5,829) (11) Other(1) 160 103 55 272 199 37 Total fee revenue $ (663) $ (446) (49) % $ (1,044) $ (886) (18) % All other(2) 4 (1) NM 26 22 18 Total non-interest revenue $ (659) $ (447) (47) % $ (1,018) $ (864) (18) % Total revenues, net of interest expense $ 4,521 $ 4,471 1 % $ 9,278 $ 9,038 3 % Total operating expenses $ 1,794 $ 1,626 10 % $ 3,505 $ 3,317 6 % Net credit losses on loans 1,850 1,856 — 3,592 3,810 (6) Credit reserve build (release) for loans 40 (5) NM 116 (179) NM Provision for credit losses on unfunded lending commitments(3) (272) — NM — — — Provisions for benefits and claims (PBC), and other assets — 1 (100) 2 4 (50) Provisions for credit losses and PBC $ 1,618 $ 1,852 (13) % $ 3,710 $ 3,635 2 % Income from continuing operations before taxes $ 1,109 $ 993 12 % $ 2,063 $ 2,086 (1) % Income taxes 257 235 9 479 490 (2) Income from continuing operations $ 852 $ 758 12 % $ 1,584 $ 1,596 (1) % NCI — — — — — — Net income $ 852 $ 758 12 % $ 1,584 $ 1,596 (1) % Efficiency ratio 40 % 36 % 38 % 37 % Balance Sheet data (in billions of dollars) EOP assets $ 182 $ 171 6 % Average assets 178 168 6 $ 175 $ 169 4 % 27 Key drivers(4)(5) (in billions of dollars, except as otherwise noted) Average loans $ 177 $ 168 5 % $ 174 $ 168 4 % ACLL as a percentage of EOP loans 7.68 % 8.08 % NCLs (annualized) as a percentage of average loans 4.19 % 4.43 % 4.16 % 4.57 % Revenue rate(6) 10.25 % 10.67 % 10.75 % 10.85 % NII(7) (annualized) as a percentage of average loans 11.74 % 11.74 % 11.93 % 11.89 % GPCC(5) Credit card spend volume $ 162 $ 145 12 % $ 304 $ 278 9 % Average active accounts(8) (in thousands of accounts) 47,446 44,761 6 46,832 44,909 4 Average loans $ 145 $ 134 8 $ 142 $ 134 6 NCLs (annualized) as a percentage of average loans 4.01 % 4.20 % 3.94 % 4.33 % Loans 90+ days past due as a percentage of EOP loans 1.21 1.30 Loans 30–89 days past due as a percentage of EOP loans 1.17 1.12 New credit cards account acquisitions(9) (in thousands of accounts) 4,004 1,704 135 5,903 3,400 74 PLCC Credit card spend volume $ 13 $ 14 (5) % $ 24 $ 25 (4) % Average active accounts(8) (in thousands of accounts) 21,718 23,660 (8) 22,092 23,944 (8) Average loans $ 28 $ 30 (6) $ 29 $ 30 (6) NCLs (annualized) as a percentage of average loans 4.79 % 5.18 % 4.92 % 5.44 % Loans 90+ days past due as a percentage of EOP loans 1.92 2.00 Loans 30–89 days past due as a percentage of EOP loans 1.84 1.89 New credit card account acquisitions(9) (in thousands of accounts) 1,372 1,551 (12) 2,415 2,695 (10) (1) Primarily related to annual fees, net of new-account acquisition costs.
USCC: fee economics, active accounts, spending and credit metrics · Filed 06/08/2026
1%
9%
Average deposits ($B)
1,528
1,504
1,382
2%
11%
Book value per share
$
115.61
$
114.74
$
108.41
1%
7%
Tangible book value per share(c)
$
101.59
$
100.89
$
95.72
1%
6%
Common Equity Tier 1 (CET1) Capital ratio(d)
12.8%
12.8%
13.3%
Supplementary Leverage ratio (SLR)(d)
5.0%
5.2%
5.5%
Return on average common equity (ROE)(e)
10.1%
11.4%
7.1%
(130) bps
300 bps
Return on average tangible common equity (RoTCE)(f)
11.5%
13.0%
8.0%
(150) bps
350 bps
Efficiency Ratio (total operating expenses/total revenues, net)
58.5%
57.4%
64.7%
110 bps
(620) bps
(a) Includes credit reserve build / (release) for loans and provision / (release) for credit losses on unfunded lending commitments.
Third-quarter 2026 financial results: efficiency, returns and capital ratios · Filed 13/10/2026
Excluding the notable item in the prior-year period, expenses were up 3%(3).
Third-quarter 2026 expenses excluding prior-year notable item · Filed 13/10/2026
2024 Change in bps 2023 Citigroup Services Markets Banking Wealth USPB Citigroup Services Markets Banking Wealth USPB Citigroup Services Markets Banking Wealth USPB Citigroup End-of-period common shares outstanding (C) 1,747,547,001 1,877,071,466 Book value per share [(A)/(C)] $110.01 $101.62 Tangible book value per share [(B)/(C)] $97.06 $89.34 Average tangible common equity during 2025 and 2024 $170,572 $24,700 $50,400 $20,600 $12,300 $23,400 $166,721 Return on tangible common equity—as reported 7.7% 28.6% 11.6% 11.3% 12.1% 13.2% 7.0% Less: Impact of notable items above (110) bps Total Citigroup RoTCE, excluding notable items 8.8% Average common equity $194,023 $190,070 Return on common equity [(reported net income less preferred dividends)/average common equity] 6.8% 6.1% Common dividends $4,340 $4,218 Common stock repurchases 13,250 2,500 Distributions to common shareholders (total payout) $17,590 $6,718 Total payout ratio [total payout/(net income less preferred dividends)] 133% 58% Table of Contents CITIGROUP INC.
2025 capital returns, equity returns and payout reconciliation · Filed 02/04/2026
RETURNED $4.1 BILLION IN THE FORM OF COMMON SHARE REPURCHASES AND COMMON DIVIDENDS
PAYOUT RATIO OF 85%(4)
COMMON EQUITY TIER 1 CAPITAL RATIO OF 12.8%(5)
BOOK VALUE PER SHARE OF $115.61
TANGIBLE BOOK VALUE PER SHARE OF $101.59(6)
New York, October 13, 2026 – Citigroup Inc.
Third-quarter 2026 distributions and payout ratio · Filed 13/10/2026
In addition, common share repurchases were dilutive to tangible book value per share and book value per share.
Second-quarter 2026: buyback effect on book value per share · Filed 14/07/2026
Performance Share Units As described on page 89, the Compensation Committee determined that 51.2% of the target number of shares subject to PSUs granted as part of our 2022 incentive compensation awards were earned for the three-year performance period from 2023 through 2025.
Executive compensation: actual PSU performance outcome · Filed 02/04/2026
The resulting payout value was equal to 126% of initial value, including the impact of both financial performance and TSR during the performance period.
Executive compensation: realized PSU payout value · Filed 02/04/2026
ELEMENT AWARD TYPE PORTION OF TOTAL INCENTIVE COMPENSATION PERFORMANCE LINK AND VESTING COMPENSATION TYPE Salary N/A N/A • Fixed portion of total pay at a competitive level that enables us to attract and retain talent Cash Short-Term Incentive Annual Bonus CEO: 15% Other NEOs: 40% • Performance assessment determines amount Cash Long-Term Incentives Performance Share Units CEO: 50% Other NEOs: 30% • Performance assessment and share price determine target number of units • Earned units are based on financial metrics over a three-year performance period (a description of the metrics for 2026 awards is included on pages 87 to 88) • Earned units are paid following a three-year performance period • Ultimate realizable value is based on performance achievement and TSR • Award capped at 100% of target if our TSR is negative over performance period • Subject to cancellation and clawbacks Equity-linked, performance-based and cash-settled Deferred Stock Awards CEO: 35% Other NEOs: 30% • Performance assessment and share price determine number of shares • Ultimate realizable value is based on future share price • Settled ratably over a four-year period • Subject to cancellation and clawbacks including the performance-based vesting condition described on page 93 Equity Citi 2026 Proxy Statement Table of Contents Proposal 3: Advisory Vote to Approve Our 2025 Executive Compensation 87 Performance Share Units Under the general structure of our annual executive compensation program, 50% of CEO variable pay and 30% of other NEO variable pay is awarded as PSUs.
Executive compensation: incentive mix, vesting and clawbacks · Filed 02/04/2026
•Citi continued to make progress on its remaining divestitures, including (i) completing the sale of the Poland consumer banking business and (ii) closing an additional Banamex equity sale.
Executive summary: completed divestitures · Filed 06/08/2026
Regarding our Board’s leadership, after careful deliberation, we decided in October to elect our CEO, Jane Fraser, as Chair of the Board, and to elect John Dugan in the newly established role of Lead Independent Director.
Board leadership: combined CEO and Chair roles · Filed 02/04/2026
● The Lead Independent Director presides at all meetings of the Board at which the Chair is not present, including executive sessions of the independent directors, and has the authority to call special meetings and executive sessions of the Board and of the independent directors.
Governance: Lead Independent Director meeting powers · Filed 02/04/2026
The Lead Independent Director plays a key role in the Board’s core oversight responsibilities, including leading the Board’s self-evaluation process; guiding and contributing to the Chief Executive Officer performance evaluation, compensation, and succession planning processes; and contributing to the identification, evaluation, and recruitment of director candidates.
Governance: independent leadership and CEO oversight · Filed 02/04/2026
•Citi’s Common Equity Tier 1 (CET1) Capital ratio under the Basel III Standardized Approach was 12.8% as of June 30, 2026, approximately 120 basis points above the regulatory requirement.
June 2026 CET1 ratio and disclosed regulatory headroom · Filed 06/08/2026
As of June 30, 2026, Citigroup and Citibank were required to maintain an eSLR buffer of 1.0%, calculated as 50% of Citi’s method 1 GSIB surcharge of 2.0%, resulting in a minimum SLR requirement of 4.0% for both entities.
June 2026 SLR requirement including enhanced buffer · Filed 06/08/2026
Citigroup’s preliminary CET1 Capital ratio(5) was 12.8% at quarter end, unchanged from the end of the prior quarter, driven by net income and lower deduction from DTA and other, offset by common share repurchases, the payment of common and preferred dividends and unrealized losses on AFS securities.
September 2026 preliminary CET1 ratio and movements · Filed 13/10/2026
Citigroup’s Supplementary Leverage ratio(5) for the third quarter 2026 was 5.0%, versus 5.2% at the end of the prior quarter.
September 2026 supplementary leverage ratio · Filed 13/10/2026
31, 2025
Sep. 30, 2025
Dec. 31, 2024
HQLA
607.2
588.4
558.4
Net outflows
529.3
510.5
480.8
LCR
HQLA in excess of net outflows
77.9
77.9
77.6
Note: The amounts are presented on an average basis.
Liquidity risk: average HQLA and stressed net outflows · Filed 20/02/2026
The LCR is calculated by dividing HQLA by estimated net outflows assuming a stressed 30-day period, with the net outflows determined by standardized stress outflow and inflow rates prescribed in the LCR rule.
Liquidity risk: LCR calculation and stress horizon · Filed 20/02/2026
Citigroup’s average deposits were approximately $1.5 trillion in the third quarter 2026, up 11% versus the prior-year period, driven by growth in Services.
Third-quarter 2026 average deposit growth · Filed 13/10/2026
Citigroup provision for credit losses was $2.6 billion, reflecting $2.2 billion of net credit losses and a net reserve build of $369 million, driven by changes in the macroeconomic outlook and portfolio growth.
Third-quarter 2026 credit losses and reserve build · Filed 13/10/2026
Net credit losses were unchanged from the prior-year period.
Third-quarter 2026 credit-loss comparison · Filed 13/10/2026
The following table presents the corporate credit portfolio by facility risk rating as a percentage of the total corporate credit portfolio: Total exposure June 30, 2026 December 31, 2025 AAA/AA/A 47 % 49 % BBB 31 29 BB/B 20 20 CCC or below 2 2 Total 100 % 100 % Note: Total exposure includes direct outstandings and unfunded lending commitments.
June 2026 corporate credit portfolio: internal facility ratings · Filed 06/08/2026
At current rate levels Citi assumes it will be unable to pass on a larger share of initial rate declines to depositors, increasing Citi’s IRE sensitivity to a 100 bps downward shock.
Banking Book: downward interest-rate sensitivity assumptions · Filed 06/08/2026
In a 100 bps upward rate shock scenario, Citi expects that the approximate $3 billion initial negative impact to AOCI could potentially be offset in shareholders’ equity through the forecasted interest income and paydowns from Citi’s investment portfolio over a period of approximately 17 months.
Banking Book: modeled AOCI shock and conditional recovery · Filed 06/08/2026
and Subsidiaries (UNAUDITED) Six Months Ended June 30, In millions of dollars 2026 2025 Cash flows from operating activities of continuing operations Net income before attribution of noncontrolling interests $ 11,962 $ 8,140 Net income attributable to noncontrolling interests 346 57 Citigroup’s net income $ 11,616 $ 8,083 Income (loss) from discontinued operations, net of taxes (1) (1) Income from continuing operations—excluding noncontrolling interests $ 11,617 $ 8,084 Adjustments to reconcile net income to net cash provided by (used in) operating activities of continuing operations Net loss (gain) on sale of significant disposals(1) (3) 186 Depreciation and amortization 2,262 2,147 Deferred income taxes 189 220 Provisions for credit losses and for benefits and claims 5,327 5,595 Realized gains from sales of investments (439) (259) Impairment losses on investments and other assets 204 97 Change in trading account assets (97,290) (125,897) Change in trading account liabilities 24,395 30,106 Change in brokerage receivables net of brokerage payables 20,597 11,160 Change in loans held-for-sale (HFS) (891) (4,810) Change in other assets (12,447) (8,588) Change in other liabilities 3,342 437 Other, net (2,815) (13,765) Total adjustments $ (57,569) $ (103,371) Net cash provided by (used in) operating activities of continuing operations $ (45,952) $ (95,287) Cash flows from investing activities of continuing operations Change in securities borrowed and purchased under agreements to resell $ (48,460) $ (49,830) Change in loans (44,146) (40,293) Proceeds from divestitures(1) 377 — Purchase of portfolio of consumer loans (7,200) — Proceeds from sales and securitizations of loans 4,094 2,063 Available-for-sale (AFS) debt securities Purchases of investments (202,611) (140,047) Proceeds from sales of investments 60,306 54,554 Proceeds from maturities of investments 100,903 91,153 Held-to-maturity (HTM) debt securities Purchases of investments (1,183) (5,006) Proceeds from maturities of investments 23,143 41,335 Capital expenditures on premises and equipment and capitalized software (2,966) (3,272) Proceeds from sales of premises and equipment and repossessed assets 43 16 Other, net (914) 378 Net cash provided by (used in) investing activities of continuing operations $ (118,614) $ (48,949) Statement continues on the next page.
First-half 2026 consolidated earnings and investment spending · Filed 06/08/2026
today reported net income for the third quarter 2026 of $5.2 billion, or $2.85 per diluted share, on revenues of $23.8 billion.
Third-quarter 2026 consolidated net income and revenue · Filed 13/10/2026
Excluding the notable item, net income in the prior-year period was $4.5 billion(3).
Prior-year net income excluding notable item · Filed 13/10/2026
Common shares outstanding, at period end
1,789.3
1,747.5
1,705.6
1,677.4
1,655.2
(1%)
(7%)
Regulatory capital ratios and performance metrics:
Common Equity Tier 1 (CET1) Capital ratio(3)(4)
13.27%
13.18%
12.75%
12.78%
12.8%
Tier 1 Capital ratio(3)(4)
14.97%
13.65%
14.57%
14.68%
14.6%
Total Capital ratio(3)(4)
15.31%
15.66%
15.45%
15.67%
15.7%
Supplementary Leverage ratio (SLR)(3)(5)
5.52%
5.48%
5.25%
5.15%
5.0%
Return on average assets
0.55%
0.36%
0.83%
0.80%
0.69%
(11) bps
14 bps
0.60%
0.77%
17 bps
Return on average common equity (RoCE)
7.1%
4.5%
11.5%
11.4%
10.1%
(130) bps
300 bps
7.6%
11.0%
340 bps
Average tangible common equity (TCE) (in billions of dollars)(6)
$
172.3
$
170.4
$
169.2
$
169.1
$
168.7
-
(2%)
$
170.8
$
169.0
(1%)
Return on tangible common equity (RoTCE)(6)
8.0%
5.1%
13.1%
13.0%
11.5%
(150) bps
350 bps
8.6%
12.6%
400 bps
Operating leverage(7)
59 bps
(381) bps
746 bps
960 bps
1,031 bps
71 bps
972 bps
473 bps
920 bps
447 bps
Efficiency ratio (total operating expenses/total revenues, net)
64.7%
69.6%
58.1%
57.4%
58.5%
110 bps
(620) bps
63.2%
58.0%
(520) bps
Regulatory capital ratios and performance metrics:
Common Equity Tier 1 (CET1) Capital ratio(3)(4)
13.27%
13.18%
12.75%
12.78%
12.8%
Tier 1 Capital ratio(3)(4)
14.97%
13.65%
14.57%
14.68%
14.6%
Total Capital ratio(3)(4)
15.31%
15.66%
15.45%
15.67%
15.7%
Supplementary Leverage ratio (SLR)(3)(5)
5.52%
5.48%
5.25%
5.15%
5.0%
Return on average assets
0.55%
0.36%
0.83%
0.80%
0.69%
(11) bps
14 bps
0.60%
0.77%
17 bps
Return on average common equity (RoCE)
7.1%
4.5%
11.5%
11.4%
10.1%
(130) bps
300 bps
7.6%
11.0%
340 bps
Average tangible common equity (TCE) (in billions of dollars)(6)
$
172.3
$
170.4
$
169.2
$
169.1
$
168.7
-
(2%)
$
170.8
$
169.0
(1%)
Return on tangible common equity (RoTCE)(6)
8.0%
5.1%
13.1%
13.0%
11.5%
(150) bps
350 bps
8.6%
12.6%
400 bps
Operating leverage(7)
59 bps
(381) bps
746 bps
Financial summary: year-to-date equity returns and capital ratios · Filed 13/10/2026
Income (loss) from continuing operations (for EPS purposes)
3,459
2,170
5,443
5,466
4,861
(11%)
41%
10,930
15,770
44%
Net income (loss) (for EPS purposes)
3,458
2,169
5,442
5,466
4,861
(11%)
41%
10,928
15,769
44%
Shares (in millions):
Average basic
1,820.3
1,772.8
1,736.9
1,700.9
1,671.4
(8%)
1,851.7
1,703.1
(8%)
Average diluted
1,862.6
1,816.9
1,776.0
1,735.6
1,706.6
(8%)
1,891.8
1,739.4
(8%)
2,657.2
2,777.7
2,894.7
2,941.3
11%
Total average assets
2,688.8
2,722.5
2,816.8
2,936.0
3,002.2
2,617.9
2,918.3
11%
Total loans
733.9
752.2
761.6
793.7
819.7
Total deposits
1,383.9
1,403.6
1,446.2
1,492.6
1,505.3
Citigroup's stockholders' equity
213.0
212.3
211.0
212.0
209.4
Book value per share
108.41
110.01
112.22
114.74
115.61
Tangible book value per share(6)
95.72
97.06
99.01
100.89
101.59
Direct staff (in thousands)
227
224
219
3Q25 includes approximately $726 million ($714 million after-tax) related to a goodwill impairment charge in Mexico.
Financial summary: diluted shares and balance-sheet metrics · Filed 13/10/2026
960 bps
1,031 bps
71 bps
972 bps
473 bps
920 bps
447 bps
Efficiency ratio (total operating expenses/total revenues, net)
64.7%
69.6%
58.1%
57.4%
58.5%
110 bps
(620) bps
63.2%
58.0%
(520) bps
Balance sheet data (in billions of dollars, except per share amounts)(8):
Total provisions for credit losses and for benefits and claims
2,450
2,220
2,805
2,522
2,586
3%
6%
8,045
7,913
(2%)
Operating expenses
Compensation and benefits
7,474
7,068
8,382
7,992
7,533
(6%)
1%
22,571
23,907
6%
Technology / communication
2,325
2,429
2,335
2,269
2,346
3%
1%
6,994
6,950
(1%)
Transactional and product servicing
1,110
1,179
1,225
1,341
1,328
(1%)
20%
3,396
3,894
15%
Premises and equipment
607
681
586
618
632
2%
4%
1,796
1,836
2%
Professional services
514
573
441
438
434
(1%)
(16%)
1,500
1,313
(12%)
Advertising and marketing
260
318
233
283
234
(17%)
(10%)
779
750
(4%)
Restructuring
(5)
(4)
-
-
-
-
100%
(10)
-
100%
Other operating
2,005
1,596
1,109
1,274
1,445
13%
(28%)
4,266
3,828
(10%)
Total operating expenses
14,290
13,840
14,311
14,215
13,952
(2%)
(2%)
41,292
42,478
3%
Income (loss) from continuing operations before income taxes
5,350
3,811
7,517
8,029
7,307
(9%)
37%
Interest expense on Trading account liabilities of Services, Markets, and Banking is reported as a reduction of Interest income.
Consolidated expenses: compensation and benefits · Filed 13/10/2026
Citi’s total stockholders’ equity increased by approximately $1.5 billion, due to (i) the reclassification of an approximate $2.0 billion CTA loss associated with Banamex from AOCI (within Total Citigroup stockholders’ equity) to Noncontrolling interests (NCI), partially offset by (ii) a net loss on sale of approximately $0.5 billion recorded primarily in Additional paid-in capital within Total Citigroup stockholders’ equity, which reflects the difference between the cash consideration received and 22.6% of the Banamex U.S.
Banamex equity sale: loss against sold interest's book value · Filed 06/08/2026
