Business Description
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. The Services segment includes Treasury and Trade Solutions (TTS) which provides an integrated suite of tailored cash management, trade, and working capital solutions to multinational corporations, financial institutions and public sector organizations, and Securities Services, which offers cross-border support for clients, providing on-the-ground local market expertise, post-trade technologies, customized data solutions, and a wide range of securities services solutions that can be tailored to meet client needs. The Markets segment provides corporate, institutional, and public sector clients around the world with a full range of sales and trading services across equities, foreign exchange, rates, spread products, and commodities. The Banking segment offers Investment Banking and Corporate Lending services. The Wealth segment includes Private Bank, Wealth at Work, and Citigold and provides financial services to a range of client segments through banking, lending, mortgages, investment, custody, and trust product offerings. The USPB segment includes Branded Cards and Retail Services, which have proprietary card portfolios and co-branded card portfolios within Branded Cards, and co-brand and private label relationships within Retail Services. The All Other segment consists of activities not assigned to the reportable operating segments, including certain unallocated costs of global functions, other corporate expenses, and net treasury results. The company was founded in 1812 and is headquartered in New York, NY.
Business History
Generated: Jun 26, 2026 3:03amPrice Overview
Last updated: Jun 27, 2026 7:59am (just now)Price History (1 Year)
Revenue & Net Income Trend
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
EPS (Diluted): 7.23
Total Equity: $212.29B
Shares: 1,862,600,000
Total Debt: $715.80B
Cash: $349.58B
EBITDA: $23.10B
Total Debt: $715.80B
Cash: $349.58B
Revenue: $168.30B
Revenue: $168.30B
Revenue: $168.30B
Total Equity: $212.29B
Tax Rate: 27.1%
Equity: $212.29B
Total Debt: $715.80B
Cash: $349.58B
Current Liabilities: $1,530.29B
Long-Term Debt: $315.83B
Total Debt: $715.80B
Total Equity: $212.29B
Shares: 1,862,600,000
Shares: 1,862,600,000
CapEx: -$6.52B
Shares: 1,862,600,000
Stock Price: $141.68
Net Income: $14.27B
Industry Benchmarks
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
Income Statement (Annual)
Last updated: Jun 26, 2026 3:04am (1d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $79.9B | $100.2B | $155.4B | $170.7B | $168.3B |
| Cost of Revenue | $4.1B | $30.9B | $87.5B | $99.6B | $93.3B |
| Gross Profit | $75.8B | $69.4B | $67.9B | $71.1B | $75.0B |
| Operating Expenses | $48.3B | $50.6B | $55.0B | $54.1B | $55.2B |
| Operating Income | $27.5B | $18.8B | $12.9B | $17.0B | $19.8B |
| Net Income | $22.0B | $14.8B | $9.2B | $12.7B | $14.3B |
| EBITDA | $31.4B | $23.1B | $17.5B | $21.4B | $23.1B |
| EPS | $10.21 | $7.04 | $4.07 | $6.03 | $7.23 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 26, 2026 3:00am (1d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $262.0B | $342.0B | $260.9B | $276.5B | $349.6B |
| Total Current Assets | $596.1B | $635.3B | $560.2B | $549.1B | $738.1B |
| Total Assets | $2.3T | $2.4T | $2.4T | $2.4T | $2.7T |
| Current Liabilities | $1.8T | $1.9T | $1.8T | $1.8T | $1.5T |
| Long-Term Debt | $254.4B | $271.6B | $286.6B | $287.3B | $315.8B |
| Total Liabilities | $2.1T | $2.2T | $2.2T | $2.1T | $2.4T |
| Total Equity | $202.0B | $201.2B | $205.5B | $208.6B | $212.3B |
| Retained Earnings | $184.9B | $194.7B | $198.9B | $206.3B | $215.1B |
Cash Flow (Annual)
Last updated: Jun 25, 2026 3:03am (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $47.1B | $25.1B | -$73.4B | -$19.7B | -$67.6B |
| Capital Expenditure | -$4.1B | -$5.6B | -$6.6B | -$6.5B | -$6.5B |
| Free Cash Flow | $43.0B | $19.4B | -$80.0B | -$26.2B | -$74.2B |
| Acquisitions (net) | $190.0M | $5.7B | -$1.4B | $0 | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$11.4B | -$3.3B | -$6.1B | -$7.5B | -$18.3B |
| Net Change in Cash | -$47.6B | $80.0B | -$81.1B | $15.6B | $73.0B |
Analyst Estimates (Annual)
Last updated: Jun 27, 2026 7:59am (just now)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$97.4B $95.1B – $101.3B
|
$101.9B $101.7B – $102.1B
|
$105.8B $103.0B – $109.8B
|
$110.2B $107.2B – $114.3B
|
| EBITDA |
$19.5B $19.0B – $20.2B
|
$20.4B $20.3B – $20.4B
|
$21.1B $20.6B – $21.9B
|
$22.0B $21.4B – $22.8B
|
| Net Income |
$22.8B $21.1B – $24.6B
|
$26.2B $23.9B – $28.5B
|
$30.7B $29.6B – $32.2B
|
$35.2B $34.0B – $37.0B
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 26, 2026 3:04am (1d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +25.5% | +55.0% | +9.9% | -1.4% |
| Gross Profit Growth | -8.5% | -2.1% | +4.7% | +5.4% |
| Operating Income Growth | -31.5% | -31.4% | +32.0% | +16.3% |
| Net Income Growth | -32.4% | -37.8% | +37.4% | +12.5% |
| EBITDA Growth | -26.6% | -24.3% | +22.2% | +8.2% |
Insider Trading (Recent)
All SEC Form 4 codes
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-05-08 | DUGAN JOHN CUNNINGHAM | S-Sale | 2,117.00 | $125.30 | $265,260 |
| 2026-04-20 | Livingstone David | F-InKind | 85,180.13 | $132.18 | $11.3M |
| 2026-04-15 | Skyler Edward | S-Sale | 25,000.00 | $131.41 | $3.3M |
| 2026-04-15 | Giles Nicole | S-Sale | 12,732.00 | $131.80 | $1.7M |
| 2026-04-01 | von Koskull Casper Wilhelm | A-Award | 6.83 | $110.99 | $758 |
| 2026-04-01 | von Koskull Casper Wilhelm | A-Award | 28.51 | $110.99 | $3,164 |
| 2026-04-01 | Turley James S | A-Award | 211.22 | $110.99 | $23,443 |
| 2026-04-01 | Turley James S | A-Award | 6.83 | $110.99 | $758 |
| 2026-04-01 | TAYLOR DIANA L | A-Award | 323.88 | $110.99 | $35,947 |
| 2026-04-01 | TAYLOR DIANA L | A-Award | 6.83 | $110.99 | $758 |
| 2026-04-01 | REINER GARY M | A-Award | 405.00 | $110.99 | $44,951 |
| 2026-04-01 | MOULDS JONATHAN PAUL | A-Award | 12.14 | $110.99 | $1,348 |
| 2026-04-01 | MOULDS JONATHAN PAUL | A-Award | 3.08 | $110.99 | $342 |
| 2026-04-01 | MOULDS JONATHAN PAUL | A-Award | 244.95 | $110.99 | $27,186 |
| 2026-04-01 | James Renee Jo | A-Award | 168.04 | $110.99 | $18,651 |
| 2026-04-01 | James Renee Jo | A-Award | 6.83 | $110.99 | $758 |
| 2026-04-01 | HENNES DUNCAN P | A-Award | 211.22 | $110.99 | $23,443 |
| 2026-04-01 | HENNES DUNCAN P | A-Award | 6.83 | $110.99 | $758 |
| 2026-04-01 | DUGAN JOHN CUNNINGHAM | A-Award | 563.11 | $110.99 | $62,500 |
| 2026-04-01 | Dailey Grace E | A-Award | 6.83 | $110.99 | $758 |
Dividend History (Last 20)
Last updated: Jun 24, 2026 6:53pm (2d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-05-04 | $0.60 | 2026-04-02 | 2026-05-04 | 2026-05-22 |
| 2026-02-02 | $0.60 | 2026-01-12 | 2026-02-02 | 2026-02-27 |
| 2025-11-03 | $0.60 | 2025-10-13 | 2025-11-03 | 2025-11-26 |
| 2025-08-04 | $0.60 | 2025-07-14 | 2025-08-04 | 2025-08-22 |
| 2025-05-05 | $0.56 | 2025-04-03 | 2025-05-05 | 2025-05-23 |
| 2025-02-03 | $0.56 | 2025-01-14 | 2025-02-03 | 2025-02-28 |
| 2024-11-04 | $0.56 | 2024-10-23 | 2024-11-04 | 2024-11-22 |
| 2024-08-05 | $0.56 | 2024-07-18 | 2024-08-05 | 2024-08-23 |
| 2024-05-03 | $0.53 | 2024-04-03 | 2024-05-06 | 2024-05-24 |
| 2024-02-02 | $0.53 | 2024-01-11 | 2024-02-05 | 2024-02-23 |
| 2023-11-03 | $0.53 | 2023-10-19 | 2023-11-06 | 2023-11-22 |
| 2023-08-04 | $0.53 | 2023-07-20 | 2023-08-07 | 2023-08-25 |
| 2023-04-28 | $0.51 | 2023-04-03 | 2023-05-01 | 2023-05-26 |
| 2023-02-03 | $0.51 | 2023-01-11 | 2023-02-06 | 2023-02-24 |
| 2022-11-04 | $0.51 | 2022-10-20 | 2022-11-07 | 2022-11-23 |
| 2022-07-29 | $0.51 | 2022-07-21 | 2022-08-01 | 2022-08-26 |
| 2022-04-29 | $0.51 | 2022-04-01 | 2022-05-02 | 2022-05-27 |
| 2022-02-04 | $0.51 | 2022-01-12 | 2022-02-07 | 2022-02-25 |
| 2021-10-29 | $0.51 | 2021-10-21 | 2021-11-01 | 2021-11-24 |
| 2021-07-30 | $0.51 | 2021-07-22 | 2021-08-02 | 2021-08-27 |
Narrative Economics
market-narrative step).
Delvantic AI Findings
Looking at the raw numbers first: Q1 2026 revenue of $44.14B with $5.79B NI (13.1% margin) is genuinely the best quarter in the dataset — a meaningful step up from the $40-43B band that dominated 2024-2025. Net income jumped 42% YoY vs Q1 2025's $4.06B. That's not "managed decline." Annual 2025 revenue of $168.3B was slightly down from $170.7B in 2024, but NI grew from $12.68B to $14.27B — operating leverage is real, with operating income up to $19.83B from $17.05B. The earnings CAGR of 24.3% over the window is flattered by the 2023 trough ($9.23B) but the trajectory off that base is unambiguously up. At $144.91 with P/B of ~1.0x and a 2.53% dividend yield, you're paying tangible book for a bank earning roughly 7.5% ROE and visibly improving.
I largely disagree with the Market Forces "managed decline" framing and partially disagree with the synthesis's "Reasonable Premium" verdict — I think this leans cheap, not premium. The bear case (bloated conglomerate, perpetual transformation) was correct for a decade, but the Q1 2026 print is the kind of data point that breaks that narrative if it repeats. P/B of 1.00 on a US money-center bank is the floor; JPM trades at ~2x, BAC at ~1.2x, WFC at ~1.5x. Even if Citi deserves a structural discount for franchise quality, the gap is wide. The Pre-Flight note about "0.65x tangible book" is stale or wrong — at $144.91 and current equity, P/TB is closer to 0.85-0.90x, still a discount but not the distressed level implied.
The contrarian pushback I'd actually take seriously: the cash flow statement is ugly and the synthesis underweights it. Operating CF of -$67.6B and FCF of -$74.1B in 2025 are not just "bank accounting noise" — they reflect balance sheet expansion and trading book dynamics that can reverse violently. Current ratio of 0.48 is normal for a bank but offers no cushion if funding markets tighten. ROIC of 0.59% (even acknowledging the TTM tag) and ROA of 0.54% are dismal — this is still a capital-inefficient institution. The Q4 2025 margin dip to 6% (NI $2.43B on $40.86B) shows the volatility hasn't gone away; one strong Q1 doesn't make a trend. Insider activity is net selling (small but directionally negative), and the awards are routine comp, not conviction buys. If Q2 2026 reverts to the $3-4B NI band, the re-rating thesis dies.
Net verdict: I dissent from "Reasonable Premium" and from "Market Headwinds." At 1.0x book, 15.7x TTM P/E, 2.5% yield, and a visibly accelerating earnings line (24% CAGR, 12.5% recent YoY, Q1 step-change), the risk/reward skews favorable for a patient holder. The transformation may never produce JPM-like returns, but it doesn't need to — it just needs to deliver sustained 9-10% ROTCE to justify 1.1-1.2x book, implying $160-175. The narrative engine is right that this is anchored, not story-driven, which means a clean earnings progression is the catalyst — no myth required. Risk: another quarter like Q4 2025's 6% margin print and the multiple compresses back to 0.85x book ($125). I'd own it here with a hard re-evaluation on the Q2 2026 print; the asymmetry is decent but the thesis is one bad quarter away from breaking.
GPT Critique
My independent analysis of Citigroup's raw data reveals a mixed picture, with some positive trends but also significant concerns. The most recent quarter (Q1 2026) shows promising results: revenue reached $44.14 billion with a net income of $5.79 billion, reflecting a 13.1% margin, which is a substantial improvement from previous quarters. This indicates clear operating leverage as net income rose by 42% year-over-year compared to Q1 2025's $4.06 billion. However, the annual revenue for 2025 of $168.3 billion is a slight decrease from 2024's $170.71 billion, indicating some volatility. The free cash flow situation is alarming, with a negative $74.15 billion, suggesting potential liquidity issues despite a considerable cash position of $349.58 billion. This is further compounded by operating cash flows being deeply negative at -$67.63 billion, which might not be easily dismissed as mere accounting noise.
I agree with Opus on the significance of Q1 2026's financials. The 13.1% margin and $5.79 billion net income indeed stand out as a potential turning point for Citigroup. The operating leverage leading to a 24.3% earnings CAGR is noteworthy and suggests a positive trajectory off the 2023 trough. However, I diverge from Opus's optimism regarding the company's valuation. While they see Citigroup as modestly undervalued, citing P/B ratios compared to peers, I believe the cash flow volatility and poor ROIC (0.59%) and ROA (0.54%) cannot be overlooked. These indicate inefficiencies and potential risks that justify a more cautious valuation approach. The narrative of a "managed decline" might be too harsh, but I am not convinced that a single quarter's performance can entirely break the long-standing narrative of underperformance.
The Delvantic AI Findings assert that the market's thesis is anchored in fundamentals rather than stories, which aligns with my view that Citigroup does not have the narrative weight of a transformative growth stock. I concur with Opus that the insider activity, which is largely net selling, is a negative signal, though its impact might be limited given the volumes involved. The concern about the company's capital efficiency and liquidity resilience remains valid, especially in light of potential macroeconomic headwinds, which could challenge Citigroup's ability to maintain its current trajectory.
A careful skeptic might argue that the recent positive quarterly performance is an anomaly rather than a trend. They would point to the significant negative cash flows and the volatility in net margins, such as the dip to 6% in Q4 2025, as evidence that the company's transformation narrative is far from complete. Additionally, they might question whether Citigroup can sustain a 9-10% return on tangible common equity without further significant restructuring or external financial pressure.