Detailed financial statements for Citigroup Inc. (C): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Citigroup, Inc. is a holding company, which engages in the provision of financial products and services. It operates through the following segments: Services, Markets, Banking, Wealth, U.S. Personal Banking (USPB), and All Other.
Analysis Summary
Citigroup Inc. reported revenue of $168.28B in the most recent fiscal year, growing at a 5-year CAGR of 13.6%. Net income reached $14.31B, with a 5.3% 5-year CAGR.
Trailing-twelve-month margins: gross margin 53.7%, operating margin 17.3%, net margin 12.5%.
At $124.11 (closing price, October 28, 2026), C trades at a P/E of 12.11 and an ROE of 9.15%. Market capitalisation stands at $208.2B, placing it among large-cap names.
Balance sheet quality for C: current ratio of 0.5, net debt of $40.36B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$74.15B represents -518% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $83.31B | $88.96B | $97.12B | $103.45B | $88.83B | $79.87B | $100.22B | $155.38B | $170.71B | $168.28B |
| Cost of Revenue | $19.29B | $23.86B | $31.73B | $36.69B | $30.71B | $4.09B | $30.85B | $87.48B | $99.59B | $93.24B |
| Gross Profit | $64.02B | $65.10B | $65.39B | $66.76B | $58.12B | $75.78B | $69.37B | $67.90B | $71.12B | $75.05B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $22.81B | $22.90B | $22.80B | $23.02B | $23.54B | $26.74B | $28.30B | $30.71B | $29.75B | $30.82B |
| Operating Expenses | $42.54B | $42.34B | $41.94B | $42.86B | $44.49B | $48.31B | $50.56B | $54.99B | $54.07B | $55.22B |
| Operating Income | $21.48B | $22.76B | $23.45B | $23.90B | $13.63B | $27.47B | $18.81B | $12.91B | $17.05B | $19.83B |
| EBITDA | $25.20B | $26.42B | $27.20B | $27.81B | $17.57B | $31.43B | $23.07B | $17.47B | $21.36B | $24.20B |
| Interest Expense | $12.51B | $16.52B | $24.27B | $28.38B | $13.34B | $7.98B | $25.74B | $78.36B | $89.62B | $83.07B |
| Pre-tax Income | $21.48B | $22.76B | $23.45B | $23.90B | $13.63B | $27.47B | $18.81B | $12.91B | $17.05B | $19.83B |
| Income Tax | $6.44B | $29.39B | $5.36B | $4.43B | $2.52B | $5.45B | $3.64B | $3.53B | $4.21B | $5.37B |
| Net Income | $14.91B | -$6.80B | $18.05B | $19.40B | $11.05B | $21.95B | $14.85B | $9.23B | $12.68B | $14.31B |
| EPS | $4.74 | $-2.98 | $6.69 | $8.08 | $4.75 | $10.21 | $7.04 | $4.07 | $6.03 | $7.23 |
| EPS (Diluted) | $4.74 | $-2.98 | $6.68 | $8.04 | $4.73 | $10.14 | $7.00 | $4.04 | $5.95 | $6.99 |
| Shares Outstanding (Diluted) | 2,888.3 M | 2,698.5 M | 2,494.8 M | 2,265.3 M | 2,099.0 M | 2,049.4 M | 1,964.3 M | 1,955.8 M | 1,901.4 M | 1,862.6 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $40.65B | $44.44B | $45.30B | $23.81B |
| Gross Profit | $17.49B | $21.84B | $22.26B | $21.23B |
| Operating Income | $3.81B | $7.52B | $8.03B | $7.31B |
| EBITDA | $4.91B | $8.63B | $9.18B | $7.31B |
| Net Income | $2.47B | $5.79B | $5.83B | $5.25B |
| EPS | $1.21 | $3.12 | $3.21 | $2.85 |
| EPS (Diluted) | $1.19 | $3.06 | $3.15 | $2.85 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $160.49B | $180.52B | $188.10B | $193.92B | $309.62B | $262.03B | $342.02B | $260.93B | $276.53B | $349.58B |
| Short-term Investments | $291.19B | $281.42B | $278.75B | $271.54B | $329.16B | $279.30B | $238.75B | $245.07B | $221.49B | $325.86B |
| Receivables | $30.74B | $40.12B | $36.98B | $41.24B | $45.54B | $54.80B | $54.55B | $54.19B | $51.12B | $62.68B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $482.42B | $502.06B | $503.84B | $506.70B | $684.32B | $596.12B | $635.32B | $560.19B | $549.13B | $738.12B |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | $24.33B | $26.25B | $28.75B | $30.19B | $33.34B |
| Goodwill | $21.66B | $22.26B | $22.05B | $22.13B | $22.16B | $21.30B | $19.69B | $20.10B | $19.30B | $19.10B |
| Intangible Assets | $6.68B | $5.15B | $5.22B | $4.82B | $4.75B | $4.50B | $4.43B | $4.42B | $4.49B | $4.28B |
| Total Assets | $1.79T | $1.84T | $1.92T | $1.95T | $2.26T | $2.29T | $2.42T | $2.41T | $2.35T | $2.66T |
| Accounts Payable | $57.15B | $61.34B | $64.57B | $48.60B | $50.48B | $61.43B | $69.22B | $63.54B | $66.60B | $74.84B |
| Short-term Debt | $172.52B | $200.73B | $210.11B | $211.39B | $229.04B | $219.26B | $249.54B | $315.56B | $303.26B | $399.98B |
| Total Current Liabilities | $1.30T | $1.35T | $1.43T | $1.45T | $1.73T | $1.76T | $1.86T | $1.84T | $1.79T | $1.53T |
| Long-term Debt | $206.18B | $236.71B | $232.00B | $248.76B | $271.69B | $254.37B | $271.61B | $286.62B | $287.30B | $315.83B |
| Total Liabilities | $1.57T | $1.64T | $1.72T | $1.76T | $2.06T | $2.09T | $2.21T | $2.21T | $2.14T | $2.44T |
| Retained Earnings | $146.48B | $138.43B | $151.35B | $165.37B | $168.27B | $184.95B | $194.73B | $198.91B | $206.29B | $215.13B |
| Total Equity | $225.12B | $200.74B | $196.22B | $193.24B | $199.44B | $201.97B | $201.19B | $205.45B | $208.60B | $212.29B |
| Total Debt | $378.70B | $437.44B | $442.11B | $460.15B | $500.73B | $473.63B | $521.15B | $602.18B | $590.56B | $715.80B |
| Net Debt | -$72.98B | -$24.50B | -$24.74B | -$5.32B | -$138.05B | -$67.70B | -$59.62B | $96.18B | $92.54B | $40.36B |
| Working Capital | -$815.71B | -$845.01B | -$928.32B | -$943.77B | -$1.04T | -$1.16T | -$1.22T | -$1.28T | -$1.24T | -$792.17B |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $349.58B | $385.72B | $366.41B | $354.84B |
| Total Assets | $2.66T | $2.78T | $2.89T | $2.94T |
| Total Liabilities | $2.44T | $2.57T | $2.68T | $2.73T |
| Total Equity | $212.29B | $210.96B | $212.01B | $209.41B |
| Total Debt | $715.80B | $749.21B | $813.85B | $817.48B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $14.97B | -$6.69B | $18.05B | $19.41B | $11.07B | $21.95B | $15.08B | $9.23B | $12.68B | $14.31B |
| Depreciation & Amortization | $3.72B | $3.66B | $3.75B | $3.90B | $3.94B | $3.96B | $4.26B | $4.56B | $4.31B | $4.37B |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | $20.57B | -$33.88B | $15.82B | -$59.36B | -$53.18B | $38.86B | $19.55B | -$99.39B | -$59.03B | -$84.87B |
| Operating Cash Flow | $53.93B | -$8.77B | $36.95B | -$12.84B | -$23.49B | $47.09B | $25.07B | -$73.42B | -$19.67B | -$67.63B |
| Capital Expenditure | -$2.76B | -$3.36B | -$3.77B | -$5.34B | -$3.45B | -$4.12B | -$5.63B | -$6.58B | -$6.50B | -$6.52B |
| Acquisitions | $265.0M | $3.41B | $314.0M | 0 | 0 | $190.0M | $5.74B | -$1.39B | 0 | 0 |
| Stock Repurchased | -$9.29B | -$14.54B | -$15.23B | -$19.55B | -$4.42B | -$11.39B | -$3.25B | -$6.12B | -$7.52B | -$18.25B |
| Dividends Paid | -$2.29B | -$3.80B | -$5.02B | -$5.45B | -$5.35B | -$5.20B | -$5.00B | -$5.21B | -$5.20B | -$5.37B |
| Free Cash Flow | $51.18B | -$12.13B | $33.18B | -$18.17B | -$26.93B | $42.97B | $19.44B | -$80.00B | -$26.17B | -$74.15B |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $26.55B | -$21.87B | -$24.08B | 0 |
| Capital Expenditure | -$1.63B | -$1.42B | -$1.55B | 0 |
| Free Cash Flow | $24.92B | -$23.29B | -$25.63B | 0 |
| Dividends Paid | -$1.35B | -$1.35B | -$1.36B | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +6.8% | +9.2% | +6.5% | -14.1% | -10.1% | +25.5% | +55.0% | +9.9% | -1.4% | |
| Net Income Growth (YoY) | -145.6% | +365.4% | +7.5% | -43.1% | +98.7% | -32.4% | -37.8% | +37.4% | +12.8% | |
| EPS Growth (YoY) | -162.9% | +324.5% | +20.8% | -41.2% | +114.9% | -31.0% | -42.2% | +48.2% | +19.9% | |
| Shares Change (YoY) | -6.6% | -7.5% | -9.2% | -7.3% | -2.4% | -4.2% | -0.4% | -2.8% | -2.0% | |
| FCF Growth (YoY) | -123.7% | +373.4% | -154.8% | -48.2% | +259.5% | -54.8% | -511.6% | +67.3% | -183.4% | |
| Gross Margin | 76.8% | 73.2% | 67.3% | 64.5% | 65.4% | 94.9% | 69.2% | 43.7% | 41.7% | 44.6% |
| Operating Margin | 25.8% | 25.6% | 24.1% | 23.1% | 15.3% | 34.4% | 18.8% | 8.3% | 10.0% | 11.8% |
| EBITDA Margin | 30.2% | 29.7% | 28.0% | 26.9% | 19.8% | 39.4% | 23.0% | 11.2% | 12.5% | 14.4% |
| Net Margin | 17.9% | -7.6% | 18.6% | 18.8% | 12.4% | 27.5% | 14.8% | 5.9% | 7.4% | 8.5% |
| FCF Margin | 61.4% | -13.6% | 34.2% | -17.6% | -30.3% | 53.8% | 19.4% | -51.5% | -15.3% | -44.1% |
| Effective Tax Rate | 30.0% | 129.1% | 22.8% | 18.5% | 18.5% | 19.8% | 19.4% | 27.3% | 24.7% | 27.1% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $17.72 | $-4.50 | $13.30 | $-8.02 | $-12.83 | $20.97 | $9.90 | $-40.90 | $-13.76 | $-39.81 |
| Dividends Per Share | $0.79 | $1.41 | $2.01 | $2.40 | $2.55 | $2.54 | $2.55 | $2.66 | $2.73 | $2.88 |
| Shares Outstanding (Basic) | 2,888.1 M | 2,698.5 M | 2,493.3 M | 2,249.2 M | 2,085.8 M | 2,033.0 M | 1,946.7 M | 1,930.1 M | 1,901.4 M | 1,820.3 M |
What to look at in Banking companies
- Efficiency Ratio (<=55%) — Operating expenses / revenue. Top banks below 55%.
- ROA (>=1%) — How much they earn per dollar of assets. ROE misleads in banks due to leverage.
- ROTCE (>=12%) — Return on Tangible Common Equity. Strips goodwill and intangibles.
- Equity / Assets (Tier 1 proxy) (>=8%) — Capital ratio proxy. Regulatory Tier 1 is not in our data.
- P/B (1.0-1.5x) — Classic banking metric. <1x can be opportunity or distress.
- Sustainable dividend yield (>=2%, <8%) — EU banks pay 5-7% normally. >8% is distress signal.
Profitability
| Return on Equity | 9.15% |
| Return on Invested Capital | 1.80% |
| Return on Assets | 0.66% |
| Gross Margin | 53.71% |
| Operating Margin | 17.29% |
| Net Margin | 12.54% |
Financial Health
| Debt / Equity | 3.90 |
| Current Ratio | 0.86 |
| Piotroski F-Score | 6 |
| Altman Z-Score | -0.10 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 12.54 | -24.97 | 7.78 | 9.89 | 12.98 | 5.91 | 6.42 | 12.64 | 11.67 | 16.14 |
| P/B | 0.76 | 1.00 | 0.66 | 0.93 | 0.64 | 0.61 | 0.44 | 0.48 | 0.64 | 1.00 |
| P/S | 2.06 | 2.26 | 1.34 | 1.74 | 1.45 | 1.54 | 0.88 | 0.64 | 0.78 | 1.26 |
| Gross Margin | 76.8% | 73.2% | 67.3% | 64.5% | 65.4% | 94.9% | 69.2% | 43.7% | 41.7% | 44.6% |
| Operating Margin | 25.8% | 25.6% | 24.1% | 23.1% | 15.3% | 34.4% | 18.8% | 8.3% | 10.0% | 11.8% |
| Net Margin | 17.9% | -7.6% | 18.6% | 18.8% | 12.4% | 27.5% | 14.8% | 5.9% | 7.4% | 8.5% |
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Explore sector: Financial Services · Banks - Diversified
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