Citigroup Inc
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −1.09%.
Did C Beat Earnings? Q4 2025 Results
Citigroup delivered a headline miss in Q4 2025, reporting earnings per share of $1.19 against a consensus estimate of $1.62, a shortfall of 26.54%, while revenue of $19.87 billion reflected a 51.4% decline year-over-year. The primary culprit was a Russia-related notable item, a $1.20 billion loss on the sale of AO Citibank tied to held-for-sale accounting treatment, which alone dragged reported EPS well below what underlying operations produced; stripping out the charge, adjusted EPS came in at $1.81. Beneath the headline noise, Citi's core franchises showed genuine traction, with Banking revenues surging 78% and Investment Banking fees climbing 35%, while U.S. Personal Banking net income more than doubled, rising 116% on easing credit provisions. For the full year, net income grew 13% to $14.31 billion on revenue of $85.22 billion. CEO Jane Fraser, who has also been raising price targets for select equities in other sectors, pointed to 2026 RoTCE guidance of 10% to 11% as evidence that Citi's multi-year transformation is gaining tangible momentum.
- Record revenues and positive operating leverage across all five business segments
- Banking revenue surged 78% driven by Investment Banking fees up 35% and Advisory fees up 84%
- Services revenue growth fueled by deeper client relationships and new client mandates
- USPB doubled its returns through customer engagement and innovative products
- Net interest income increased 14% driven by Markets, Services, USPB, and Wealth
- Net credit losses declined 2% year-over-year
- Provision for credit losses declined 14% to $2.2 billion
- End-of-period deposits up 9% to approximately $1.4 trillion
- End-of-period loans up 8% to $752 billion
“With record revenues and positive operating leverage for each of our five businesses, 2025 was a year of significant progress as we demonstrated that the investments we are making are driving strong top-line growth. Growth in Services was fueled by deeper client relationships and new client mandates; Markets maintained its top 3 position and improved its returns; Banking played a key role in many of the year's major transactions; Wealth delivered strong results and launched several significant partnerships; and USPB doubled its returns through a focus on customer engagement and new, innovative products.”
Citigroup CEO, on the earnings call
Forward Guidance & Outlook
Citigroup targets a 10-11% RoTCE for 2026, with CEO Jane Fraser citing visible momentum across the firm. The company is committed to positioning Citi for improved returns above that level in the years ahead. Citi continues to execute on its simplification and transformation strategy, including the wind-down of Legacy Franchises and divestiture of AO Citibank in Russia.
C YoY Financials
C Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.