Citigroup Inc
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +3.67%.
Did C Beat Earnings? Q2 2025 Results
Citigroup posted a notably strong second quarter for 2025, with earnings per share of $1.96 clearing the $1.63 consensus estimate by 20.47% and revenue of $21.67 billion topping expectations by 4.04%, as broad-based momentum across all five of the bank's business segments drove an 8% year-over-year revenue gain on a reported basis. The clearest engine behind the beat was Markets, where revenues surged 16% to $5.88 billion, the division's best second-quarter showing since 2020, fueled by a 20% jump in Fixed Income on strength in rates and currencies. Net income climbed to $4.02 billion, up from $3.22 billion a year earlier, while tangible book value per share reached $94.16, an 8% improvement year-over-year. CEO Jane Fraser characterized the firm's 2026 return on tangible common equity target of 10% to 11% as a waypoint rather than a destination, signaling management's intent to push returns higher over time, even as macroeconomic uncertainty tied to tariff policies and potential recession remain forward risks the firm is navigating carefully.
- Revenue growth across all five interconnected businesses
- Markets delivered best second-quarter performance since 2020 with Fixed Income up 20% and record prime balances
- Banking Advisory fees surged 52% with market share gains across sectors and financial sponsors
- Wealth revenues grew 20% driven by higher deposit spreads and investment fee revenues
- Branded Cards revenues rose 11% on net interest margin expansion and loan growth
- Net interest income increased 12% across Citigroup
- Services continued to gain market share in TTS with cross-border transaction value up 9%
“We reported another very good quarter and continue to demonstrate that our strong results are sustainable through different environments. We're improving the performance of each of our businesses to take share and drive higher returns. With revenue up 8%, Services continues to show why this high-return business is our crown jewel. Markets had its best second quarter performance since 2020 with a record second quarter for Equities. Banking revenues were up 18% and we continue to be at the center of some of the most significant transactions. Wealth revenues were up 20% with solid growth across all three lines of business. In U.S. Personal Banking, we saw good growth in Branded Cards while Retail Banking benefited from higher deposit spreads.”
Citigroup CEO, on the earnings call
Forward Guidance & Outlook
CEO Jane Fraser indicated that the 2026 RoTCE target of 10-11% is a 'waypoint, not a destination,' signaling management's expectation to drive returns above that level over the long term. The company continues to invest in its transformation, technology, and AI deployment while streamlining processes. Forward-looking risks include macroeconomic uncertainty related to U.S. tariff policies and retaliatory actions, potential recession, rising unemployment, and geopolitical conflicts.
C YoY Financials
C Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.