Citigroup (C) FY2025 results: revenue $85.2 billion, up 5.6% on the year

Citigroup runs five businesses, and the one that distinguishes it is the least visible to a retail customer: moving money and holding securities for large institutions across borders. Its trading arm works from floors in nearly 80 countries, and the bank's own network reaches more than 90 countries and jurisdictions. The other four businesses are investment banking and corporate lending, trading, wealth management, and United States consumer banking.

Services

Two parts. TTS sells cash management, payments, and trade and working capital products to multinational companies, financial institutions and public sector bodies, as an integrated set rather than as separate products. Securities Services connects investors with issuers across markets, and sells local market expertise, post-trade technology, custom data and the rest of the machinery that sits behind a cross-border trade after it is struck.

Markets

Fixed Income Markets and Equity Markets, selling sales and trading to corporate, institutional and public sector clients worldwide across equities, foreign exchange, rates, spread products and commodities. The services include market-making across asset classes, risk management, financing and prime brokerage. This is the business that rests on the geographic reach: trading floors in nearly 80 countries, and the proprietary network across more than 90 countries and jurisdictions.

Banking

Investment Banking and Corporate Lending. Investment Banking splits into debt capital markets, equity capital markets and advisory, and supports clients raising money: equity and debt financing, loan syndication structuring, and advice on mergers, acquisitions and divestitures.

Wealth

Financial and advisory services to ultra-high net worth, high net worth and affluent clients, covering banking, investment, lending and custody, in roughly 20 countries including the United States, and run through four wealth management centres: Singapore, Hong Kong, the UAE and London. The Private Bank handles ultra-high net worth clients with tailored products; Citigold serves affluent and high net worth clients; and Wealth at Work sits alongside them.

U.S. Personal Banking

Three parts. Branded Cards holds Citi's own credit card portfolios, split into value, rewards and cash products, the co-branded portfolios including Costco and American Airlines, and personal instalment loans. Retail Services holds the co-brand and private label card relationships run for retailers, among them The Home Depot, Best Buy and Macy's. Retail Banking is traditional banking for retail and small business customers, covering deposits, mortgages and other lending, and its branches are concentrated in six metropolitan areas: New York, Los Angeles, San Francisco, Chicago, Miami and Washington, D.C.

What the company is working through

Two things the filing puts front and centre. The first is a multi-year transformation programme, which the company reports as having over 80 percent of its programmes at or near their target state, and it notes that in December 2025 the Office of the Comptroller of the Currency terminated its July 2024 amendment to Citibank's 2020 consent order. The second is a run of divestitures: the sale of a 25 percent equity stake in Grupo Financiero Banamex completed in 2025, and the sale of AO Citibank in Russia to Renaissance Capital, signed and closed on 18 February 2026, which the company describes as its full exit from Russian operations, covering all remaining businesses and about 800 employees.

Citigroup's Form 10-K carries no business section under an Item 1 heading; the business descriptions sit inside Management's Discussion and Analysis, and this description is drawn from there. From Citigroup's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 20 February 2026: read the full 10-K.