01—Abstract
Summary
Summary of the 10-Q filed November 6, 2025. Cited figures are marked; the original filing is the authoritative source.
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 billiona, 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%b 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.
02—Key points
Key Highlights
- Positive operating leverage achieved for the sixth consecutive quarter, driven by 9.3% revenue growth and disciplined expense management.
- Net 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.
- Returned $6.1 billion to shareholders via share repurchases ($5.0 billion) and dividends ($1.1 billion).
- CET1 Capital ratio remained strong at 13.3% (Standardized Approach), 120 bps above regulatory requirement.
- Services segment saw a 7% revenue increase, driven by growth in TTS and Securities Services.
- Markets segment revenues surged 15%, with strong performance in both Fixed Income and Equity Markets.
- Banking segment net income increased 168% due to higher revenues and lower provisions, particularly in Investment Banking and Corporate Lending.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed November 6, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Revenue | $22.09B$20.21B | +9.3% |
| Operating Income | $11.84B$9.83B | +20.4% |
| Net Income | $3.75B$3.24B | +15.9% |
| EPS (Basic) | $1.89$1.53 | +23.5% |
| EPS (Diluted) | $1.86$1.51 | +23.2% |
| Shares Outstanding (Basic) | 1.82B1.90B | −4.2% |
| Shares Outstanding (Diluted) | 1.86B1.94B | −4.0% |
05—Questions
Frequently Asked Questions
What was the impact of the Banamex divestiture on the results?
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.
How did Citigroup's capital position change this 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.
Which business segments performed strongest in the quarter?
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.
What is the outlook for capital returns to shareholders?
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.
06—Continue