What is First Citizens Bancshares, Inc.'s earnings per share (EPS)?

First Citizens Bancshares, Inc. (FCNCO) reported diluted earnings per share of $165.24 for fiscal year 2025. This represents a -12.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

First Citizens Bancshares, Inc. Financials

FCNCO

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows First Citizens Bancshares, Inc. (FCNCO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI FCNCO FY2025 2026-04-22

Balance-sheet scale is driving the story: assets stayed near $230B while returns normalized back toward a low-ROA model.

From FY2023 to FY2025, net income fell from $11.5B to $2.2B, but operating cash flow stayed clustered around the high-$2B range; that gap implies reported earnings are much more volatile than the cash this balance sheet actually produces. With assets still near $229.7B and return on assets back to just 1.0%, the current earning profile looks like a very large, thin-spread balance sheet rather than a business becoming more efficient as it grows.

Only about 9.7% of FY2025 assets were funded by equity, on a $229.7B balance sheet. That structure explains why a return on assets of just 1.0% still produced a return on equity near 9.9%.

In FY2025, capital returns outran free cash flow: buybacks alone were $3.0B against $2.2B of FCF. The simultaneous $2.7B financing inflow shows those distributions were paired with fresh funding rather than being covered entirely by internally generated cash.

Financial Health Signals

Financial Profile 34/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of First Citizens Bancshares, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

First Citizens Bancshares, Inc.'s revenue declined 2.2% year-over-year, from $9.8B to $9.5B. This contraction results in a growth score of 0/100.

Leverage

First Citizens Bancshares, Inc. carries a low D/E ratio of 1.61, meaning only $1.61 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 69/100, indicating a strong balance sheet with room for future borrowing.

Cash Flow

First Citizens Bancshares, Inc. converts 23.2% of revenue into free cash flow ($2.2B). This strong cash generation earns a score of 80/100.

Returns

First Citizens Bancshares, Inc.'s ROE of 9.9% shows moderate profitability relative to equity, earning a score of 54/100. This is down from 12.5% the prior year.

Piotroski F-Score Neutral

4/9

First Citizens Bancshares, Inc. passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.33x

For every $1 of reported earnings, First Citizens Bancshares, Inc. generates $1.33 in operating cash flow ($2.9B OCF vs $2.2B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$9.5B

YoY-2.2%

5Y CAGR+45.1%

10Y CAGR+25.7%

First Citizens Bancshares, Inc. generated $9.5B in revenue in fiscal year 2025. This represents a decrease of 2.2% from the prior year.

EBITDA

N/A

Net Income

$2.2B

YoY-20.6%

5Y CAGR+35.0%

10Y CAGR+26.5%

First Citizens Bancshares, Inc. reported $2.2B in net income in fiscal year 2025. This represents a decrease of 20.6% from the prior year.

EPS (Diluted)

$165.24

YoY-12.8%

5Y CAGR+28.3%

First Citizens Bancshares, Inc. earned $165.24 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 12.8% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$2.2B

YoY-13.5%

5Y CAGR+55.6%

10Y CAGR+31.5%

First Citizens Bancshares, Inc. generated $2.2B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 13.5% from the prior year.

Cash & Debt

$801.0M

YoY-1.6%

5Y CAGR-28.4%

10Y CAGR+4.1%

First Citizens Bancshares, Inc. held $801.0M in cash against $35.8B in long-term debt as of fiscal year 2025.

Dividends Per Share

$7.95

YoY+15.7%

5Y CAGR+36.6%

10Y CAGR+20.8%

First Citizens Bancshares, Inc. paid $7.95 per share in dividends in fiscal year 2025. This represents an increase of 15.7% from the prior year.

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

23.1%

YoY-5.3pp

5Y CAGR-10.0pp

10Y CAGR+1.4pp

First Citizens Bancshares, Inc.'s net profit margin was 23.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 5.3 percentage points from the prior year.

Return on Equity

9.9%

YoY-2.6pp

5Y CAGR-1.7pp

10Y CAGR+2.6pp

First Citizens Bancshares, Inc.'s ROE was 9.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 2.6 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$3.0B

YoY+83.7%

5Y CAGR+55.4%

First Citizens Bancshares, Inc. spent $3.0B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 83.7% from the prior year.

Capital Expenditures

$710.0M

YoY+65.5%

5Y CAGR+39.8%

10Y CAGR+23.0%

First Citizens Bancshares, Inc. invested $710.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 65.5% from the prior year.

FCNCO Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$9.5B-2.2%	$9.8B-48.1%	$18.8B+269.7%	$5.1B+250.2%	$1.5B-2.2%	$1.5B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$3.3B+7.0%	$3.1B+16.8%	$2.6B+87.2%	$1.4B+85.5%	$759.0M+5.1%	$722.0M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$5.0B-4.7%	$5.2B+41.6%	$3.7B+687.8%	$467.0M+665.6%	$61.0M-36.5%	$96.0M
Income Tax	$765.0M-6.1%	$815.0M+33.4%	$611.0M+131.4%	$264.0M+71.4%	$154.0M+22.2%	$126.0M
Net Income	$2.2B-20.6%	$2.8B-75.8%	$11.5B+944.3%	$1.1B+100.7%	$547.0M+11.2%	$492.0M
EPS (Diluted)	$165.24-12.8%	$189.41-75.9%	$784.51+1064.0%	$67.40+25.1%	$53.88+13.4%	$47.50

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$2.3B-5.1%	$2.4B+0.2%	$2.4B+2.5%	$2.4B+3.3%	$2.3B-4.6%	$2.4B-1.6%	$2.4B-0.6%	$2.5B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$869.0M+2.4%	$849.0M+3.9%	$817.0M+0.9%	$810.0M-1.0%	$818.0M+2.1%	$801.0M+1.6%	$788.0M+5.8%	$745.0M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$1.2B-4.4%	$1.2B-3.6%	$1.3B+1.1%	$1.3B+1.5%	$1.2B-4.6%	$1.3B-3.7%	$1.3B+2.5%	$1.3B
Income Tax	$171.0M-26.0%	$231.0M+26.2%	$183.0M0.0%	$183.0M+8.9%	$168.0M+366.7%	$36.0M-84.6%	$234.0M-14.0%	$272.0M
Net Income	$534.0M-7.9%	$580.0M+2.1%	$568.0M-1.2%	$575.0M+19.0%	$483.0M-31.0%	$700.0M+9.5%	$639.0M-9.6%	$707.0M
EPS (Diluted)	$42.63	N/A	$43.08+1.7%	$42.36+22.9%	$34.47	N/A	$43.42-8.7%	$47.54

FCNCO Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$229.7B+2.7%	$223.7B+4.7%	$213.8B+95.6%	$109.3B+87.4%	$58.3B+16.7%	$50.0B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$801.0M-1.6%	$814.0M-10.4%	$908.0M+75.3%	$518.0M-94.3%	$9.0B+111.5%	$4.3B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	$862.0M	N/A
Goodwill	$346.0M0.0%	$346.0M0.0%	$346.0M0.0%	$346.0M0.0%	$346.0M-1.1%	$350.0M
Total Liabilities	$207.5B+3.0%	$201.5B+4.7%	$192.5B+93.2%	$99.6B+86.0%	$53.6B+17.2%	$45.7B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$35.8B-2.5%	$36.7B-1.3%	$37.2B+733.6%	$4.5B+273.1%	$1.2B-4.3%	$1.2B
Total Equity	$22.2B0.0%	$22.2B+4.6%	$21.3B+120.0%	$9.7B+103.9%	$4.7B+12.0%	$4.2B
Retained Earnings	$20.8B+7.3%	$19.4B+15.6%	$16.7B+210.5%	$5.4B+23.2%	$4.4B+13.2%	$3.9B

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$236.0B+2.7%	$229.7B-1.6%	$233.5B+1.7%	$229.7B+0.4%	$228.8B+2.3%	$223.7B+1.4%	$220.6B+0.3%	$219.8B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$1.1B+34.8%	$801.0M-8.4%	$874.0M-1.7%	$889.0M+9.5%	$812.0M-0.2%	$814.0M-5.6%	$862.0M+12.8%	$764.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$346.0M0.0%	$346.0M0.0%	$346.0M0.0%	$346.0M0.0%	$346.0M0.0%	$346.0M0.0%	$346.0M0.0%	$346.0M
Total Liabilities	$213.9B+3.1%	$207.5B-1.9%	$211.5B+2.0%	$207.4B+0.4%	$206.5B+2.5%	$201.5B+1.9%	$197.7B+0.2%	$197.3B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$33.8B-5.6%	$35.8B-6.5%	$38.3B+1.6%	$37.6B-0.8%	$38.0B+3.5%	$36.7B-0.2%	$36.8B-0.8%	$37.1B
Total Equity	$22.0B-0.9%	$22.2B+1.1%	$22.0B-1.4%	$22.3B0.0%	$22.3B+0.3%	$22.2B-2.6%	$22.8B+1.5%	$22.5B
Retained Earnings	$20.3B-2.0%	$20.8B-0.5%	$20.9B+2.6%	$20.3B+2.7%	$19.8B+2.3%	$19.4B+3.5%	$18.7B+3.3%	$18.1B

FCNCO Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$2.9B-2.2%	$3.0B+12.3%	$2.7B-4.7%	$2.8B+1082.7%	-$284.0M-175.5%	$376.0M
Capital Expenditures	$710.0M+65.5%	$429.0M+5.9%	$405.0M+161.3%	$155.0M+44.9%	$107.0M-19.5%	$133.0M
Free Cash Flow	$2.2B-13.5%	$2.6B+13.5%	$2.3B-14.5%	$2.6B+774.2%	-$391.0M-260.9%	$243.0M
Investing Cash Flow	-$5.6B+44.7%	-$10.2B-518.1%	$2.4B+3138.7%	$75.0M+101.0%	-$7.6B+23.6%	-$9.9B
Financing Cash Flow	$2.7B-62.2%	$7.1B+250.5%	-$4.7B-74.9%	-$2.7B-134.3%	$7.8B-17.7%	$9.5B
Dividends Paid	$161.0M+1.9%	$158.0M+35.0%	$117.0M+41.0%	$83.0M+97.6%	$42.0M+40.0%	$30.0M
Share Buybacks	$3.0B+83.7%	$1.6B	$0-100.0%	$1.2B	$0-100.0%	$334.0M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$172.0M-83.6%	$1.1B+14.6%	$916.0M+6.6%	$859.0M+776.5%	$98.0M-91.2%	$1.1B+12.9%	$991.0M+137.6%	$417.0M
Capital Expenditures	$141.0M-42.0%	$243.0M+2.1%	$238.0M+88.9%	$126.0M+22.3%	$103.0M-19.5%	$128.0M+20.8%	$106.0M+5.0%	$101.0M
Free Cash Flow	$31.0M-96.2%	$807.0M+19.0%	$678.0M-7.5%	$733.0M+14760.0%	-$5.0M-100.5%	$991.0M+12.0%	$885.0M+180.1%	$316.0M
Investing Cash Flow	-$6.5B-280.1%	$3.6B+195.5%	-$3.8B-576.3%	-$562.0M+88.5%	-$4.9B-30.3%	-$3.7B-1143.9%	-$301.0M+83.5%	-$1.8B
Financing Cash Flow	$6.6B+239.8%	-$4.8B-265.6%	$2.9B+1404.5%	-$220.0M-104.6%	$4.8B+85.4%	$2.6B+535.3%	-$592.0M-140.3%	$1.5B
Dividends Paid	$51.0M+27.5%	$40.0M+2.6%	$39.0M-2.5%	$40.0M-4.8%	$42.0M0.0%	$42.0M+10.5%	$38.0M-2.6%	$39.0M
Share Buybacks	$899.0M-0.1%	$900.0M+0.4%	$896.0M+46.2%	$613.0M-0.8%	$618.0M-34.8%	$948.0M+35.4%	$700.0M	$0

FCNCO Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	23.1%-5.3pp	28.5%-32.6pp	61.0%+39.4pp	21.6%-16.1pp	37.7%+4.5pp	33.1%
Return on Equity	9.9%-2.6pp	12.5%-41.4pp	53.9%+42.6pp	11.4%-0.2pp	11.5%-0.1pp	11.6%
Return on Assets	1.0%-0.3pp	1.2%-4.1pp	5.4%+4.4pp	1.0%+0.1pp	0.9%-0.0pp	1.0%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.61-0.0	1.65-0.1	1.75+1.3	0.46+0.2	0.25-0.0	0.30
FCF Margin	23.2%-3.0pp	26.2%+14.2pp	12.0%-39.9pp	51.9%+78.8pp	-27.0%-43.3pp	16.4%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	23.1%-0.7pp	23.8%+0.4pp	23.4%-0.9pp	24.2%+3.2pp	21.0%-8.1pp	29.1%+3.0pp	26.1%-2.6pp	28.7%
Return on Equity	2.4%-0.2pp	2.6%+0.0pp	2.6%0.0pp	2.6%+0.4pp	2.2%-1.0pp	3.1%+0.3pp	2.8%-0.3pp	3.1%
Return on Assets	0.2%-0.0pp	0.3%+0.0pp	0.2%-0.0pp	0.3%+0.0pp	0.2%-0.1pp	0.3%+0.0pp	0.3%-0.0pp	0.3%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.53-0.1	1.61-0.1	1.74+0.1	1.69-0.0	1.70+0.1	1.65+0.0	1.61-0.0	1.65
FCF Margin	1.3%-31.8pp	33.1%+5.2pp	27.9%-3.0pp	30.9%+31.1pp	-0.2%-41.4pp	41.1%+5.0pp	36.2%+23.3pp	12.8%

Frequently Asked Questions

What is First Citizens Bancshares, Inc.'s annual revenue?

First Citizens Bancshares, Inc. (FCNCO) reported $9.5B in total revenue for fiscal year 2025. This represents a -2.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is First Citizens Bancshares, Inc.'s revenue growing?

First Citizens Bancshares, Inc. (FCNCO) revenue declined by 2.2% year-over-year, from $9.8B to $9.5B in fiscal year 2025.

Is First Citizens Bancshares, Inc. profitable?

Yes, First Citizens Bancshares, Inc. (FCNCO) reported a net income of $2.2B in fiscal year 2025, with a net profit margin of 23.1%.

How much debt does First Citizens Bancshares, Inc. have?

As of fiscal year 2025, First Citizens Bancshares, Inc. (FCNCO) had $801.0M in cash and equivalents against $35.8B in long-term debt.

What is First Citizens Bancshares, Inc.'s net profit margin?

First Citizens Bancshares, Inc. (FCNCO) had a net profit margin of 23.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does First Citizens Bancshares, Inc. pay dividends?

Yes, First Citizens Bancshares, Inc. (FCNCO) paid $7.95 per share in dividends during fiscal year 2025.

What is First Citizens Bancshares, Inc.'s return on equity (ROE)?

First Citizens Bancshares, Inc. (FCNCO) has a return on equity of 9.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is First Citizens Bancshares, Inc.'s free cash flow?

First Citizens Bancshares, Inc. (FCNCO) generated $2.2B in free cash flow during fiscal year 2025. This represents a -13.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is First Citizens Bancshares, Inc.'s operating cash flow?

First Citizens Bancshares, Inc. (FCNCO) generated $2.9B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are First Citizens Bancshares, Inc.'s total assets?

First Citizens Bancshares, Inc. (FCNCO) had $229.7B in total assets as of fiscal year 2025, including both current and long-term assets.

What are First Citizens Bancshares, Inc.'s capital expenditures?

First Citizens Bancshares, Inc. (FCNCO) invested $710.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does First Citizens Bancshares, Inc. buy back shares?

Yes, First Citizens Bancshares, Inc. (FCNCO) spent $3.0B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

What is First Citizens Bancshares, Inc.'s debt-to-equity ratio?

First Citizens Bancshares, Inc. (FCNCO) had a debt-to-equity ratio of 1.61 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is First Citizens Bancshares, Inc.'s return on assets (ROA)?

First Citizens Bancshares, Inc. (FCNCO) had a return on assets of 1.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is First Citizens Bancshares, Inc.'s Piotroski F-Score?

First Citizens Bancshares, Inc. (FCNCO) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are First Citizens Bancshares, Inc.'s earnings high quality?

First Citizens Bancshares, Inc. (FCNCO) has an earnings quality ratio of 1.33x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is First Citizens Bancshares, Inc.?

First Citizens Bancshares, Inc. (FCNCO) scores 34 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.