10-QPeriod: Q3 FY2025

CITIGROUP INC Quarterly Report for Q3 Ended Sep 30, 2025

Filed November 6, 2025For Securities:CC-PNC-PR

Summary

Citigroup Inc. (C) reported a strong third quarter of 2025, demonstrating continued progress on its multiyear transformation and delivering positive operating leverage for the sixth consecutive quarter. The company achieved a 9.3% revenue growth driven by strong performance across all five business segments, alongside disciplined expense management, with reported operating expenses up 8.7% (3.2% excluding a goodwill impairment charge). Net income rose 16% year-over-year to $3.8 billion, or $1.86 per share, with adjusted net income per share at $2.24, excluding a $726 million goodwill impairment related to the Banamex divestiture. Citigroup returned approximately $6.1 billion to common shareholders through $5.0 billion in share repurchases and $1.1 billion in dividends. The Common Equity Tier 1 (CET1) capital ratio remained robust at 13.3% under the Basel III Standardized Approach, exceeding regulatory requirements by 120 basis points. The company advanced its strategic priorities, including making key investments in infrastructure modernization and process automation, with a notable acceleration in Generative AI adoption. Progress on divestitures, particularly the agreement to sell a 25% equity stake in Banamex, signifies ongoing efforts to streamline operations.

Financial Highlights

38 data points
Beta

Revenue

$22.09B

Net Income

$3.75B

17.0% Net Margin

EPS (Diluted)

$1.86

Total Assets

$2.64T

Cash & Equivalents

$348.06B

Free Cash Flow

-$517.00M

Financial Statements
Beta
Revenue$22.09B
Operating Income$11.84B
Net Income$3.75B
EPS (Basic)$1.89
EPS (Diluted)$1.86
Shares Outstanding (Basic)1.82B
Shares Outstanding (Diluted)1.86B

Key Highlights

  • 1Positive operating leverage achieved for the sixth consecutive quarter, driven by 9.3% revenue growth and disciplined expense management.
  • 2Net income increased 16% year-over-year to $3.8 billion ($1.86 per share), with adjusted EPS of $2.24, excluding a $726 million goodwill impairment.
  • 3Returned $6.1 billion to shareholders via share repurchases ($5.0 billion) and dividends ($1.1 billion).
  • 4CET1 Capital ratio remained strong at 13.3% (Standardized Approach), 120 bps above regulatory requirement.
  • 5Services segment saw a 7% revenue increase, driven by growth in TTS and Securities Services.
  • 6Markets segment revenues surged 15%, with strong performance in both Fixed Income and Equity Markets.
  • 7Banking segment net income increased 168% due to higher revenues and lower provisions, particularly in Investment Banking and Corporate Lending.

Frequently Asked Questions

Citigroup recorded a $726 million ($714 million after-tax) goodwill impairment charge in the third quarter of 2025 related to the agreement to sell a 25% equity stake in Banamex. This charge is classified as a notable item and has been excluded from adjusted earnings per share, which was $2.24 for the quarter.

Citigroup's Common Equity Tier 1 (CET1) Capital ratio under the Basel III Standardized Approach was 13.3% as of September 30, 2025, a slight decrease from 13.5% in the prior quarter. This decrease was primarily driven by common share repurchases, dividend payments, and an increase in risk-weighted assets, partially offset by net income. The ratio remains well above the regulatory requirement.

All five business segments reported positive performance. Markets saw the strongest revenue growth at 15%, driven by strong performance in both Fixed Income and Equity Markets. Banking also showed significant improvement, with net income increasing 168% due to higher revenues in Investment Banking and Corporate Lending. Services reported a 7% revenue increase, driven by growth in Treasury and Trade Solutions (TTS) and Securities Services.

Citigroup returned $6.1 billion to common shareholders in the third quarter of 2025 through $5.0 billion in share repurchases and $1.1 billion in dividends. The company plans to maintain a quarterly common dividend of $0.60 per share, subject to market conditions and Board approval, and has $11.3 billion remaining under its current common stock repurchase program.