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Citizens Financial Group (CFG) FY2025 results: revenue $8.2 billion, up 5.6% on the year

Citizens Financial Group Inc. (CFG) reported revenue of $8.2 billion for fiscal 2025, the year ended 31 December 2025, up 5.6% on the year before. Net income was $1.8 billion, up 21.3%, and diluted earnings per share $3.86. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2026.

Revenue
$8.2 billion
+5.6% on the year
FY2018FY2025
Operating margin
n/a
FY2018FY2025
Net income
$1.8 billion
+21.3% on the year
FY2018FY2025
Diluted EPS
$3.86
+27.4% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 1 new, 1 kept.

  • Net income and EPS rose: Net income was $528 million, up 7% from the third quarter and 32% from a year earlier; diluted EPS was $1.13, up 8% from the third quarter.
  • PPNR up 4%, operating leverage positive: PPNR was $814 million, up 4% from the third quarter and 19% from a year earlier, with operating leverage of 1.3% sequentially and 5.2% year over year on an Underlying basis.
  • Net interest margin widened 7 basis points: Net interest margin rose to 3.07%, helped by Non-Core runoff, lower terminated swap impacts, fixed-rate asset repricing and improved funding costs, partly offset by lower asset yields.
  • Loans grew 1% sequentially: Period-end loans and leases reached $142.7 billion, with growth in the Private Bank and Commercial partly offset by Non-Core runoff and balance sheet optimization.
  • Capital markets fees fell from Q3: Capital markets fees were $140 million, down $26 million from the third quarter, while loan syndication fees rose.
Read the Q4 FY2025 earnings call summary

From this 10-K

Citizens Financial Group is a bank holding company run from Providence, Rhode Island, incorporated in Delaware in 1984. It sells retail and commercial banking to individuals, small businesses, middle-market companies, large corporations and institutions. Its network runs to more than 1,000 branches across 14 states and the District of Columbia, plus 75 retail and commercial offices that are not branches, though some lines of business serve the whole country. Banking is done through Citizens Bank, National Association.

Citizens Financial Group Inc., the 10-K for 2025

Citizens Financial Group is a bank holding company run from Providence, Rhode Island, incorporated in Delaware in 1984. It sells retail and commercial banking to individuals, small businesses, middle-market companies, large corporations and institutions. Its network runs to more than 1,000 branches across 14 states and the District of Columbia, plus 75 retail and commercial offices that are not branches, though some lines of business serve the whole country. Banking is done through Citizens Bank, National Association.

Two segments

Consumer Banking and Commercial Banking, with everything else classified as Other, which is mainly treasury and community development along with unallocated assets, liabilities, capital, revenues, provisions and expenses.

Consumer Banking

Consumers and small businesses: deposits, mortgage and home equity lending, credit cards, small business loans and wealth management, mostly across the 14-state footprint. Two things are sold beyond it: education and point-of-sale finance loans, and selected digital deposit products, both nationwide. Citizens Private Bank and Private Wealth put banking and wealth management together for high and ultra-high net worth individuals and families, and for investors, entrepreneurs and businesses.

The distribution behind it, as the filing counts it: about 5,100 branch colleagues, 1,000 branches of which 117 sit inside other retailers' stores, and 3,100 cash machines. Around 1,500 specialists cover lending, savings and wealth management along with small business products. Customers are also served nationally through telephone service centres and the online and mobile platforms, where they can deposit funds, pay bills, and move money between accounts and to other people.

Commercial Banking

Commercial Banking serves companies and institutions. It sells lending and leasing, deposits and treasury management, foreign exchange, and interest rate and commodity risk management, alongside loan syndication, corporate finance, merger and acquisition work, and debt and equity capital markets. The segment is organised around client groups rather than around products.

Client money

Separate from the bank's own balance sheet, the company reported $61.9 billion of total client assets at the end of 2025. That splits into $35.9 billion under management, meaning assets it supervises or manages on a continuing basis, and $26.0 billion of transactional assets, meaning assets for which it provides execution, custody, recordkeeping and reporting rather than investment decisions. The distinction matters: only the first is money the bank is deciding what to do with.

Who supervises it

Citizens Financial Group is a bank holding company whose primary federal regulator is the FRB. Its banking subsidiary, Citizens Bank, National Association, answers primarily to the OCC, the federal regulator of national banks.

From Citizens Financial Group's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 12 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue8,2477,8098,224+5.6%
Interest expensen/an/a3,963
Pre-tax income2,3281,8882,030+23.3%
Income tax497379422+31.1%
Effective tax rate21.3%20.1%20.8%
Net income1,8311,5091,608+21.3%
Net margin22.2%19.3%19.6%
Diluted EPS$3.86$3.03$3.13+27.4%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow2,2112,0012,961+10.5%
Capital expenditure174122172+42.6%
Free cash flow2,0371,8792,789+8.4%
Cash from investing-5,9672,9875,248
Cash from financing5,882-6,015-7,128
Depreciation and amortisation478498478-4.0%
Share-based compensation12097.087.0+23.7%
Buybacks6001,050906-42.9%
Dividends paid755769808-1.8%
Dividend per share$1.72$1.68$1.68+2.4%
Diluted shares, weighted437m454m477m-3.7%
Shares outstanding at period end429m441m466m-2.6%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity26,31724,25424,342+8.5%
Deposits183,313174,776177,342+4.9%
Short-term borrowingsn/a0.0n/a
Debt11,28212,40113,972-9.0%
Other liabilities5,4396,0906,308-10.7%
Total liabilities and equity226,351217,521221,964+4.1%
Fixed assets915875895+4.6%
Goodwill8,1878,1878,1880.0%
Intangible assets115146157-21.2%
Securities held for sale or to maturity43,63041,36438,961+5.5%
Loans140,749137,142143,861+2.6%
Cash and equivalents12,72710,60111,628+20.1%
Other assets20,02819,20618,274+4.3%
Total assets226,351217,521221,964+4.1%

10-K for the year ended 31 December 2025, filed 12 February 2026: the filing.