C US S&P 500Russell 1000 Earnings call
Citigroup (C) · Q4 2025 results and valuation
Share price: $124.21 · 2026-11-11
Citigroup is not mentioned in the provided text. The text describes Stellantis North America, which manufactures and sells automobiles under various brands such as Chrysler, Dodge, Jeep, and Ram Trucks. It also distributes Alfa Romeo, Fiat, and Maserati vehicles in North America and operates a parts and accessories division. Source: Wikipedia
Results Q4 2025 vs Q3 2025 · previous quarter · published 14 Jan 2026 and 14 Oct 2025
Net income down 34.1% on the previous quarter. Management sounded cautious, though noticeably more positive answering analysts.
1 · Numbers
−34.1%
Net income vs Q3 2025
Outlook given
Net income 2.47B vs 3.75B
Revenue −10.0%
Against the same quarter last year (Q4 2024) it is −13.5% — part of the move on last quarter is seasonal.
Why Against the same quarter last year (−13.5%), net income fell by 13.5% primarily because expenses of $13.8 billion rose 6% due to higher compensation, benefits, tax charges, and legal expenses, as well as technology costs, partially offset by productivity savings and lower deposit insurance expense.
2 · How management spoke
Cautious
Among the least upbeat of all company calls
Answers to analysts: upbeat, and more positive than the script.
Last call it was different: script and answers matched.
3 · What stood out
Citigroup repurchased over $13 billion in common shares during the year, including $4.5 billion in the fourth quarter, as part of a $20 billion plan.
Valuation
Is Citigroup undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 4.2% growth a year (3-year revenue growth), the model's fair value is $115.08 a share — the stock trades 8% above it. Today's price assumes 5.2% growth a year.
Current price
$124.21
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+5.2% for 10 yrs
Fair value / share
$115.08
Buy below
$86.31
Price vs fair value
Overvalued 8%
Price vs buy-below price
Overvalued 44%
Read between the lines
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Guidance
Banking achieved a record year and its best quarter for M&A revenues in history, resulting in an 11.3% ROTCE due to gained share in target sectors and leveraged finance.
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Guidance
The company targets an efficiency ratio of around 60% for the full year, aiming to drive positive operating leverage through disciplined expense management and revenue momentum.
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Figure
Wealth delivered 14% revenue growth, 8% organic NNIA growth, and an ROTCE of over 12% in 2025.
Source quote
“Wealth delivered another year of strong performance in 2025, including 14% revenue growth, 8% organic NNIA growth, and an ROTCE of over 12%.”
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Figure
The company repurchased $4.5 billion in common shares during the fourth quarter as part of a $20 billion plan to repurchase over $13 billion in shares during the year.
Source quote
“In terms of capital, we repurchased over $13 billion in common shares during the year, including $4.5 billion in the fourth quarter, as part of our $20 billion plan.”
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Figure
Adjusted for the Russian item and divestiture impacts, revenues of $86.6 billion rose 7%, marking the company's strongest growth in over a decade.
Source quote
“Adjusted for the Russian notable item and excluding divestiture-related impacts, revenues of $86.6 billion were up 7%, our strongest growth in over a decade.”
4 more
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Figure
The firm-wide efficiency ratio improved to 63% on an adjusted basis due to productivity savings and revenue growth from recent investments.
Source quote
“We continue to see the benefits of these investments play through this year, with continued productivity savings, as well as revenue growth both contributing to an improvement in our firm-wide efficiency ratio to 63% on an adjusted basis.”
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Figure
Investment banking fees increased 35% and M&A was up 84%, resulting in a record quarter and a record year for the company.
Source quote
“Investment banking fees increased 35%, M&A was up 84%, reflecting a record quarter that closed a record year with momentum across several sectors and continued share gain.”
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Figure
The company will continue to buy back shares against its $20 billion buyback program.
Source quote
“We will, of course, continue to buy back shares against our $20 billion buyback program.”
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Guidance
The company aims to achieve its ROTCE target of 10 to 11% this year to deliver higher returns over time.
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q4 2025. Ring: Q3 2025.
Management was more positive answering analysts than in its script — usually a sign it was comfortable with the details it was asked about.
Sentences that drove the tone
“Investment banking fees increased 35%, M&A was up 84%, reflecting a record quarter that closed a record year with momentum across several sectors and continued share gain.”
“The decline in corporate other was driven by lower NII due to a lower benefit from cash and securities reinvestment, driven by actions taken over the last few quarters to...”
“All the investments we have made translated to growth and robust market share gains.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2025-12-31)
| Metric | Q4 2025period end 2025-12-31 | Q3 2025period end 2025-09-30 | Change | Q4 2024 | YoY |
|---|---|---|---|---|---|
| Revenue | 19.87B | 22.09B | −10.0% | 19.46B | +2.1% |
| Operating income | 3.81B | 5.35B | −28.8% | 3.80B | +0.2% |
| Net income | 2.47B | 3.75B | −34.1% | 2.86B | −13.5% |
| EPS | 1.21 | 1.86 | −34.9% | 1.33 | −9.0% |
| P/E today 17.0 | 16.7 | 14.3 | +2.4 | 11.9 | +4.8 |
Topics
Most discussed now
- Net interest income excluding markets, which you can see on the bottom left side of the slide, was also up...
- Good loan growth on the wealth side, particularly in security-based lending type activity, which is tied to some of the...
- New Citigroup is focused on the next step in the exit process, and it is actively looking at selling some additional smaller...
- Security services assets under custody and administration grew 24% as a result of existing client growth and the onboarding of...
- This quarter, Citigroup reported net income of $2.5 billion, EPS of 1.19, and an ROTCE of 5.1% on $19.9 billion...
Faded since Q3 2025
- Dropped GSIB, the Basel III endgame, etcetera, and by the time Citigroup gets to May, it hopes to have clarity on...
- Dropped The second point I'd make is that it's primarily made up of securitization exposures with diversified collateral pools.
- Dropped Citigroup is maintaining collateral pools that are well diversified with concentration limits.
- Fading The consistently strong results that Citigroup has been delivering are a consequence of how it has fundamentally changed the bank in...
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Current report · SEC 8-K · routine
- Director or officer change · SEC 8-K
Citigroup Inc. elected James Flanagan as an independent director and member of the Audit Committee on October 21, 2026.
- Results of operations · SEC 8-K
Citigroup reported revenue of $23.8 billion and net income of $5.2 billion for the third quarter of 2026, representing an 8% increase in revenue and a 40% increase in net income compared to the third quarter of 2025.
- Current report · SEC 8-K · routine
- Results of operations · SEC 8-K
Citigroup reported net income of $5.8 billion and revenues of $24.8 billion for the second quarter of 2026, representing increases of 45% and 14% respectively compared to the same period in 2025.
- Director or officer change; Shareholder vote results · SEC 8-K
On May 20, 2026, Citigroup Inc. stockholders approved an amendment to the 2019 Stock Incentive Plan, increasing the authorized number of shares available for grant by 20 million shares.
- Results of operations · SEC 8-K
Citigroup reported revenue of $24.6 billion, up 14% year over year, and net income of $5.8 billion, up 42% from $4.1 billion in the first quarter of 2025.
- Regulation FD disclosure · SEC 8-K
Citigroup provided a historical financial supplement for the period ended December 31, 2025, noting that consolidated results and tangible common equity remained unchanged despite internal segment reallocations.
Balance sheet & ownership
From SEC filings; short interest is FINRA data via Yahoo. Collected 2026-10-18.
Cash & runway
Cash & equivalents
$23.72B
2025-12-31
Implied runway
—
financial company: operating cash flow reflects client funds and trading, not burn
Dilution
weighted-average basic shares, per quarter. Change: -4.2% YoY, -1.9% QoQ.
| Quarter | Shares |
|---|---|
| Q1 2024 | 1.91B |
| Q2 2024 | 1.91B |
| Q3 2024 | 1.90B |
| Q1 2025 | 1.88B |
| Q2 2025 | 1.86B |
| Q3 2025 | 1.82B |
Insider transactions
Form 4 open-market trades (codes S/P), trailing 12 months. Coverage: newest 50 of 100 filings; 50 filings parsed.
Sold by insiders
43.5K shares
$5.6M · 5 transactions
Bought by insiders
0 shares
0 transactions
Net direction
net selling
Catalyst calendar
management-stated targets — from the latest earnings call; plans, not promises.
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this year
continuation of the trend of reducing headcount
Source quote
“As you can see on the bottom left side of the slide, we have been reducing headcount, and we expect that trend to continue.”
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2026
net interest income excluding markets growth
Source quote
“Following solid growth of nearly 6% in 2025, we expect NII ex markets to be up between 5-6% in 2026.”
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2026
drivers of NII markets growth
Source quote
“Overall, we expect the drivers of NII markets growth in 2026 to be consistent with those in 2025.”
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2026
operating efficiency and expense base
Source quote
“Turning to slide 20, we show our outlook for operating efficiency and the drivers of our expense base in 2026.”
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for the full year
efficiency ratio target
Source quote
“We expect our disciplined expense management combined with top-line revenue momentum will drive another year of positive operating leverage as we target an efficiency ratio of around 60% for the full year.”