Citigroup is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad, yet focused, range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, trade and securities services and wealth management. Citi does business in nearly 160 countries and jurisdictions. Citi's vision is to be the preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in the U.S.

Citi is managed pursuant to five reportable business segments: Services, Markets, Banking, Wealth and U.S. Personal Banking. Activities not assigned to the segments are included in All Other. Citi's five businesses each achieved positive operating leverage for 2025 for the second consecutive year.

Citigroup generates revenue through net interest income and non-interest revenue across its five reportable business segments. Net interest income was $59,792 million ¹ in 2025, compared to $54,095 million ² in 2024. Non-interest revenue was $25,433 million ³ in 2025, compared to $26,627 million ⁴ in 2024. Total revenues, net of interest expense, were $85,225 million ⁵ in 2025, compared to $80,722 million ⁶ in 2024.

The Services segment reported revenues of $20,160 million ⁷ in 2025, compared to $19,089 million ⁸ in 2024. The Markets segment reported revenues of $24,296 million ⁹ in 2025, compared to $22,750 million ¹⁰ in 2024. The Banking segment reported revenues of $8,310 million ¹¹ in 2025, compared to $7,907 million ¹² in 2024. The Wealth segment reported revenues of $7,575 million ¹³ in 2025, compared to $7,131 million ¹⁴ in 2024. U.S. Personal Banking reported revenues of $20,194 million ¹⁵ in 2025, compared to $19,575 million ¹⁶ in 2024. All Other—Managed Basis reported revenues of $5,069 million ¹⁷ in 2025, compared to $4,270 million ¹⁸ in 2024.

Citi returned $17.6 billion ¹⁹ to common shareholders in the form of share repurchases ($13.3 billion ²⁰) under its multiyear $20 billion common stock repurchase program and dividends ($4.3 billion ²¹). Citi continued to advance its transformation, with over 80% ²² of transformation programs now at or nearly at Citi's target state. In December 2025, the OCC terminated its July 2024 amendment to Citibank's 2020 Consent Order. Citi continued to make progress on its remaining divestitures, including completing the sale of a 25% equity stake in Banamex in 2025 and signing and closing the sale of AO Citibank in Russia to Renaissance Capital on February 18, 2026. Citi repurchased $13.3 billion ²³ of common shares and paid $4.3 billion ²⁴ of common dividends in 2025.

Citigroup reported net income of $14.3 billion ²⁵, or $6.99 ²⁶ per share, compared to net income of $12.7 billion ²⁷, or $5.94 ²⁸ per share in the prior year. Results in 2025 included a Russia-related notable item: revenues included a $1.2 billion ²⁹ ($1.1 billion ³⁰ after-tax) loss on sale related to the held-for-sale accounting treatment related to Citi's plan to sell AO Citibank in Russia. Results also included a Banamex-related notable item: expenses included a goodwill impairment of $726 million ³¹ ($714 million ³² after-tax) related to Citi's agreement to sell a 25% equity stake in Grupo Financiero Banamex. Excluding these notable items, net income was $16.1 billion ³³, or $7.97 ³⁴ per share. Net income increased 13% ³⁵ versus the prior year. Citigroup's effective tax rate was 27% ³⁶ in 2025 versus 25% ³⁷ in the prior year. Citigroup revenues of $85.2 billion ³⁸ in 2025 increased 6% ³⁹ on a reported basis, driven by an increase in net interest income, up 11% ⁴⁰, partially offset by lower non-interest revenue, down 4% ⁴¹. Excluding the Russia-related notable item, revenues were $86.4 billion ⁴². Citigroup's average loans in 2025 were $716 billion ⁴³, up 5% ⁴⁴ versus the prior year. Citigroup's average deposits in 2025 were approximately $1.4 trillion ⁴⁵, up 4% ⁴⁶ versus the prior year. Citigroup's operating expenses of $55.1 billion ⁴⁷ increased 3% ⁴⁸ from the prior year. Excluding the Banamex-related notable item, expenses were $54.4 billion ⁴⁹. Citi's total provisions for credit losses and for benefits and claims were $10.3 billion ⁵⁰, reflecting net credit losses of $9.1 billion ⁵¹ and a net allowance for credit losses build of $1.2 billion ⁵². Net credit losses were up 1% ⁵³ from the prior year. Citigroup's Common Equity Tier 1 Capital ratio was 13.2% ⁵⁴ as of December 31, 2025, compared to 13.6% ⁵⁵ as of December 31, 2024. Citigroup's Supplementary Leverage ratio as of December 31, 2025 was 5.5% ⁵⁶, compared to 5.8% ⁵⁷ as of December 31, 2024.

Citi's transformation-related expenses increased 14% ⁵⁸ from the prior year to approximately $3.3 billion ⁵⁹ in 2025, largely driven by increased spending on data, as well as on controls. While Citi's transformation investments will remain significant in 2026 and beyond, Citi expects them to decline over time.

Citi continued to advance its transformation, with over 80% ⁶⁰ of transformation programs now at or nearly at Citi's target state. Progress through 2025 included enhanced and implemented automated controls to further mitigate risk of large erroneous payments in over 90 countries, completed migration of committed corporate loans to Citi's strategic loans processing platform for North America, applied technology solutions leveraging AI to support governance of data reported in key regulatory reports, completed onboarding of wholesale and retail contractual data to two strategic data platforms with built-in controls for accuracy, completeness and timeliness, and continued to optimize, modernize and simplify Citi by retiring or replacing 548 ⁶¹ applications during 2025 (representing 9% ⁶² of all applications).

Citi's operating expenses of $55.1 billion ⁶³ increased 3% ⁶⁴ from the prior year, driven by higher compensation and benefits, the Banamex-related notable item, higher technology and communications and higher transactional and product servicing expenses, partially offset by lower deposit insurance expenses and restructuring charges. Excluding the Banamex-related notable item, expenses were $54.4 billion ⁶⁵.

Citi's transformation, including the remediation of its consent orders with the FRB and OCC, is a multiyear endeavor that is not linear. Citi is modernizing and simplifying the Company in order to lead in a dynamic, competitive and digital world. Citi's transformation target outcomes remain focused on changing its business and operating models such that they simultaneously further strengthen controls, enhance data quality and governance, reduce risk and continue to improve Citi's regulatory compliance and its culture, and enhance Citi's value to customers, clients and shareholders.

Citi returned $17.6 billion ⁶⁶ to common shareholders in the form of share repurchases ($13.3 billion ⁶⁷) under its multiyear $20 billion common stock repurchase program and dividends ($4.3 billion ⁶⁸). Citi will continue to assess the level of common share repurchases on a quarter-by-quarter basis.

Various macroeconomic, geopolitical and regulatory factors have contributed to economic uncertainties in the U.S. and globally, including, but not limited to, those related to various geopolitical challenges, tensions and conflicts; changes in U.S. laws or policies, including those related to trade and tariffs; and lower interest rates. These factors could adversely affect economic growth, unemployment and inflation in the U.S. and other countries and result in volatility and disruptions in financial markets. Such risks and uncertainties could adversely impact Citi's clients, customers, businesses, funding costs, provisions and overall results of operations and financial condition during 2026.

Citi may continue to experience significant challenges in progressing the transformation and satisfying the regulators' expectations in both sufficiency and timing, particularly with regard to data quality management related to governance and regulatory reporting. The regulators may also identify additional risk and control issues that could result in further regulatory actions.

Management's message emphasizes that Citi demonstrated improved business performance and made significant progress on its strategic priorities in 2025 and early 2026. Citi and its five businesses each achieved positive operating leverage for 2025 for the second consecutive year, driven by revenue growth of 6% ⁷¹ and disciplined expense management, with expenses up 3% ⁷². Citi returned $17.6 billion ⁷³ to common shareholders in the form of share repurchases ($13.3 billion ⁷⁴) under its multiyear $20 billion common stock repurchase program and dividends ($4.3 billion ⁷⁵). Citi continued to advance its transformation, with over 80% ⁷⁶ of transformation programs now at or nearly at Citi's target state. Additionally, in December 2025, the OCC terminated its July 2024 amendment to Citibank's 2020 Consent Order. Citi continued to make progress on its remaining divestitures, including completing the sale of a 25% equity stake in Banamex in 2025 and signing and closing the sale of AO Citibank in Russia to Renaissance Capital on February 18, 2026.

Citigroup reported total revenues, net of interest expense, of $85,225 million ⁷⁷ in 2025, compared to $80,722 million ⁷⁸ in 2024. Net income was $14,277 million ⁷⁹ in 2025, compared to $12,680 million ⁸⁰ in 2024. Diluted earnings per share was $6.99 ⁸¹ in 2025, compared to $5.94 ⁸² in 2024. Net interest income was $59,792 million ⁸³ in 2025, compared to $54,095 million ⁸⁴ in 2024. Non-interest revenue was $25,433 million ⁸⁵ in 2025, compared to $26,627 million ⁸⁶ in 2024. Total operating expenses were $55,131 million ⁸⁷ in 2025, compared to $53,627 million ⁸⁸ in 2024. Provision for credit losses was $10,272 million ⁸⁹ in 2025, compared to $10,117 million ⁹⁰ in 2024. Income from continuing operations before taxes was $19,822 million ⁹¹ in 2025, compared to $16,978 million ⁹² in 2024. Citigroup's effective tax rate was 27% ⁹³ in 2025 versus 25% ⁹⁴ in the prior year. The Services segment reported revenues of $20,160 million ⁹⁵ in 2025, compared to $19,089 million ⁹⁶ in 2024. The Markets segment reported revenues of $24,296 million ⁹⁷ in 2025, compared to $22,750 million ⁹⁸ in 2024. The Banking segment reported revenues of $8,310 million ⁹⁹ in 2025, compared to $7,907 million ¹⁰⁰ in 2024. The Wealth segment reported revenues of $7,575 million ¹⁰¹ in 2025, compared to $7,131 million ¹⁰² in 2024. U.S. Personal Banking reported revenues of $20,194 million ¹⁰³ in 2025, compared to $19,575 million ¹⁰⁴ in 2024.

Citi faces material risks related to its multiyear transformation, including the remediation of consent orders with the FRB and OCC. Citi may continue to experience significant challenges in progressing the transformation and satisfying the regulators' expectations in both sufficiency and timing, particularly with regard to data quality management related to governance and regulatory reporting. The regulators may also identify additional risk and control issues that could result in further regulatory actions. Various macroeconomic, geopolitical and regulatory factors have contributed to economic uncertainties in the U.S. and globally, including, but not limited to, those related to various geopolitical challenges, tensions and conflicts; changes in U.S. laws or policies, including those related to trade and tariffs; and lower interest rates. These factors could adversely affect economic growth, unemployment and inflation in the U.S. and other countries and result in volatility and disruptions in financial markets. Such risks and uncertainties could adversely impact Citi's clients, customers, businesses, funding costs, provisions and overall results of operations and financial condition during 2026. Citi's transformation-related expenses increased 14% ⁶⁹ from the prior year to approximately $3.3 billion ⁷⁰ in 2025, and while Citi expects them to decline over time, they will remain significant in 2026 and beyond.