Citigroup Q3 2026 earnings jump 40% to $5.25B
Total assets were $2.941271 trillion and deposits were $1.505322 trillion at September 30, 2026.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
10-Q
Rhea-AI Filing Summary
Citigroup Inc. (C) reported third-quarter 2026 net revenues of $23.845 billion, up 8% from a year earlier, and net income attributable to Citigroup of $5.245 billion, up 40%. Diluted earnings per share were $2.85, versus $1.86. Net interest income rose 14% to $16.982 billion, while non-interest revenue declined 4% to $6.863 billion.
Operating expenses were $13.952 billion, down 2%, while provisions for credit losses and benefits and claims increased 6% to $2.586 billion. Services and Wealth revenues each grew 15%; Markets and Banking revenues each rose 6%. U.S. Consumer Cards revenue was $4.664 billion, compared with $4.656 billion, while its net income declined 8% to $851 million. Citi declared a third-quarter dividend of $0.67 per common share, versus $0.60 a year earlier, and repurchased $3.0 billion of common shares, compared with $5.0 billion.
3 points · 0 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter net income rose 40% to $5.245 billion year over year.
- Moderate pointThird-quarter net revenues increased 8% to $23.845 billion.
- Minor pointThe dividend declared per common share rose 12% to $0.67.
Negative
- Minor pointU.S. Consumer Cards net income declined 8% to $851 million year over year.
Filing Explained
Completed Banamex equity sales left part of its earnings attributable to non-Citi shareholders, reducing the share of subsidiary earnings attributed to Citi.
Effective January 1, 2026, Citi moved Retail Banking from the former U.S. Personal Banking business into Wealth and placed the remaining businesses in a new U.S. Consumer Cards segment. It also reclassified prior-period segment figures to match the new presentation, while consolidated results remained unchanged.
Citi reports that Banamex equity sales were completed in December 2025, April 2026, and August 2026. The company says those sales primarily explain the increase in noncontrolling interests. Noncontrolling interests are subsidiary earnings attributable to shareholders other than Citi, deducted in arriving at Citigroup net income.
Key Figures
Net revenues: $23.845 billion
Net income attributable to Citigroup: $5.245 billion
Diluted earnings per share: $2.85 per share
+4 more
7 metrics
Net revenues
$23.845 billion
Third quarter 2026; $22.090 billion in third quarter 2025
Net income attributable to Citigroup
$5.245 billion
Third quarter 2026; $3.752 billion in third quarter 2025
Diluted earnings per share
$2.85 per share
Third quarter 2026; $1.86 per share in third quarter 2025
Dividends declared per common share
$0.67 per common share
Third quarter 2026; $0.60 per common share in third quarter 2025
Common share repurchases
$3.0 billion
Third quarter 2026; $5.0 billion in third quarter 2025
Total assets
$2.941271 trillion
At September 30, 2026; $2.657202 trillion at December 31, 2025
Total deposits
$1.505322 trillion
At September 30, 2026; $1.403573 trillion at December 31, 2025
Key Terms
Return on tangible common equity (RoTCE), CET1 Capital, operating leverage, Allowance for credit losses on loans (ACLL), +1 more
5 terms
Return on tangible common equity (RoTCE) financial
"Return on tangible common equity (RoTCE)"
CET1 Capital financial
"Regulatory capital ratios CET1 Capital"
Common Equity Tier 1 (CET1) capital is a bank’s core financial cushion made up mainly of common shares and retained profits, minus items like goodwill, that regulators count first when judging a bank’s strength. It matters to investors because a higher CET1 ratio signals a bigger buffer to absorb losses, supports dividend payments and growth, and reduces the risk of regulatory restrictions—think of it as a household emergency fund that keeps the bank solvent under stress.
operating leverage financial
"Operating leverage represents the year-over-year growth rate"
Operating leverage measures how much a company's profits are affected by changes in sales volume. When a business has high operating leverage, small increases in sales can lead to much larger increases in profit, much like a lever amplifies force. It matters to investors because it indicates how sensitive a company's earnings are to fluctuations in sales, affecting risk and potential returns.
Allowance for credit losses on loans (ACLL) financial
"Allowance for credit losses on loans (ACLL)"
noncontrolling interests (NCI) financial
"Net income attributable to noncontrolling interests (NCI)"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue and net income did Citigroup (C) report in Q3 2026?
Citigroup reported net revenues of $23.845 billion, up 8%, and net income attributable to Citigroup of $5.245 billion, up 40%, for Q3 2026. Diluted earnings per share were $2.85, compared with $1.86 a year earlier.
What were C's total assets and deposits at September 30, 2026?
As of September 30, 2026, Citigroup reported total assets of $2.941271 trillion and total deposits of $1.505322 trillion. At December 31, 2025, the corresponding amounts were $2.657202 trillion and $1.403573 trillion.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
For the quarterly period ended September 30, 2026
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
For the transition period from to
Commission file number 1-9924
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
| Attention: Investor Relations | ||||||||||||||
| (Address of principal executive offices) | ||||||||||||||
( | ||||||||||||||
| (Registrant’s telephone number, including area code) | ||||||||||||||
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934 formatted in Inline XBRL: See Exhibit 99.01
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||||||||
| Emerging growth company | |||||||||||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Number of shares of Citigroup Inc. common stock outstanding on September 30, 2026: 1,655,204,519
Available online at www.citigroup.com
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CITIGROUP’S THIRD QUARTER 2026—FORM 10-Q
| OVERVIEW | 4 | |||||||||||||
| Citigroup’s Five Reportable Business Segments | 6 | |||||||||||||
| MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | 7 | |||||||||||||
| Executive Summary | 7 | |||||||||||||
| Citi’s Multiyear Transformation | 9 | |||||||||||||
| Summary of Selected Financial Data | 10 | |||||||||||||
| Balance Sheet Overview | 12 | |||||||||||||
Segment Revenues and Income (Loss) | 14 | |||||||||||||
| Services | 15 | |||||||||||||
| Markets | 18 | |||||||||||||
| Banking | 21 | |||||||||||||
| Wealth | 24 | |||||||||||||
| U.S. Consumer Cards (USCC) | 27 | |||||||||||||
| All Other—Managed Basis | 30 | |||||||||||||
| All Other—Divestiture-Related Impacts (Reconciling Items) | 33 | |||||||||||||
| CAPITAL RESOURCES | 35 | |||||||||||||
| Managing Global Risk—Table of Contents | 45 | |||||||||||||
| MANAGING GLOBAL RISK | 46 | |||||||||||||
| SIGNIFICANT ACCOUNTING POLICIES AND SIGNIFICANT ESTIMATES | 83 | |||||||||||||
| DISCLOSURE CONTROLS AND PROCEDURES | 87 | |||||||||||||
| DISCLOSURE PURSUANT TO SECTION 219 OF THE IRAN THREAT REDUCTION AND SYRIA HUMAN RIGHTS ACT | 87 | |||||||||||||
| FORWARD-LOOKING STATEMENTS | 88 | |||||||||||||
| Financial Statements and Notes—Table of Contents | 91 | |||||||||||||
| CONSOLIDATED FINANCIAL STATEMENTS | 92 | |||||||||||||
| NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) | 100 | |||||||||||||
| UNREGISTERED SALES OF EQUITY SECURITIES, REPURCHASES OF EQUITY SECURITIES AND DIVIDENDS | 198 | |||||||||||||
| OTHER INFORMATION | 198 | |||||||||||||
| EXHIBIT INDEX | 199 | |||||||||||||
| SIGNATURES | 200 | |||||||||||||
| GLOSSARY OF TERMS AND ACRONYMS | 201 | |||||||||||||
OVERVIEW
This Quarterly Report on Form 10-Q should be read in conjunction with Citigroup’s Annual Report on Form 10-K for the year ended December 31, 2025 (referred to herein as Citi’s 2025 Form 10-K), Citigroup’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 (First Quarter of 2026 Form 10-Q) and Citigroup’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 (Second Quarter of 2026 Form 10-Q).
Throughout this report, “Citigroup,” “Citi” and “the Company” refer to Citigroup Inc. and its consolidated subsidiaries. All “Note” references correspond to the Notes to the Consolidated Financial Statements herein, unless otherwise indicated.
For a list of certain terms and acronyms used in this Quarterly Report on Form 10-Q and other Citigroup presentations, see “Glossary of Terms and Acronyms” at the end of this report.
Additional Information
Additional information about Citigroup is available on Citi’s website at www.citigroup.com. Citigroup’s annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and proxy statements, as well as other filings with the U.S. Securities and Exchange Commission (SEC) are available free of charge through Citi’s website by clicking on “SEC Filings” under the “Investors” tab. The SEC’s website also contains these filings and other information regarding Citi at www.sec.gov.
Reporting Changes
As discussed below, certain reclassifications have been made to the prior periods’ financial statements and disclosures to conform to the current period’s presentation, effective January 1, 2026. Citi’s consolidated results were unchanged for all periods presented.
•Citi transferred its Retail Banking business from the former U.S. Personal Banking (USPB) to Wealth and integrated the remaining USPB businesses into a new U.S. Consumer Cards segment.
•As part of this transfer, the financial results and balance sheet of the Retail Banking business moved to the Wealth segment.
•Citi allocates tangible common equity (TCE) internally to its businesses annually, taking into consideration a variety of factors, including the economics of client relationships that cross businesses. Citi updated its TCE allocation methodology among the Services, Markets and Banking segments to better align their capital usage associated with the shared economic benefits of corporate lending to clients across these segments, eliminating the need for a corporate lending revenue share arrangement, which had historically been reflected in the “All other” revenue line item of these segments.
•As a result of these changes, the revenues of Services and Markets increased and the revenues of Banking decreased.
•Certain interest rate risk-management activities within Markets were moved to All Other—Corporate/Other, or between businesses within Markets. These changes impacted the results for Markets, as well as All Other—Corporate/Other.
For additional information on these and other reporting changes, see the Historical Quarterly Financial Data Supplement for the five-year quarterly and annual periods ended December 31, 2025, reflecting the above-mentioned first quarter of 2026 presentation changes, included as Exhibit 99.1 to Citigroup’s Current Report on Form 8-K furnished to the SEC on April 3, 2026.
As previously announced, Citi also enhanced its 2026 TCE allocation methodology, which affected the TCE allocation for each segment as of the first quarter of 2026. For additional information, see Citi’s First Quarter 2026 Earnings Results Presentation available on Citi’s Investor Relations website. This earnings results presentation is not incorporated by reference into, and does not form any part of, this Form 10-Q.
Non-GAAP Financial Measures
Citi prepares its financial statements in accordance with U.S. generally accepted accounting principles (GAAP) and also presents certain non-GAAP financial measures (non-GAAP measures) that exclude certain items or otherwise include components that differ from the most directly comparable measures calculated in accordance with U.S. GAAP. These non-GAAP financial measures are not intended to be a substitute for GAAP financial measures and may not be defined or calculated the same way as non-GAAP measures with similar names used by other companies.
Citi’s non-GAAP measures in this Form 10-Q include the following:
•Expenses, net income and net income per share, excluding a third quarter of 2025 Banamex goodwill impairment charge (notable item)
•All Other (managed basis), which excludes divestiture-related impacts, such as the notable item
•Banking and Corporate Lending revenues excluding gain (loss) on loan hedges
•TCE, return on tangible common equity (RoTCE) and tangible book value per share (TBVPS)
•Non-Markets net interest income (NII)
•Non-Markets non-interest revenue (NIR)
Citi’s expenses, net income and net income per share excluding the notable item represent as reported, or GAAP, financial results adjusted for the notable item. This notable item is reported within All Other—Legacy Franchises. Citi believes its results excluding the notable item are useful to investors, industry analysts and others in evaluating Citi’s results of operations and comparing its operational performance between periods, by providing a meaningful depiction of the underlying fundamentals of period-to-period operating results, particularly given the outsized impact of the notable item, as well as additional comparability to peer companies. For more information on the notable item, see
4
“Executive Summary” and “All Other—Managed Basis—Legacy Franchises (Managed Basis)” below.
Citi’s All Other (managed basis) results, which exclude divestiture-related impacts, represent as reported, or GAAP, financial results adjusted for items that are incurred and recognized, which are wholly and necessarily a consequence of actions taken to sell (including through a public offering), dispose of or wind down business activities associated with Citi’s previously announced exit markets within All Other—Legacy Franchises.
Citi’s Chief Executive Officer, its chief operating decision maker, regularly reviews financial information for All Other on a managed basis. For additional information, see “All Other—Divestiture-Related Impacts (Reconciling Items)” below.
Citi believes All Other (managed basis) results are useful to investors, industry analysts and others in evaluating Citi’s results of operations and comparing its operational performance between periods, by providing a meaningful depiction of the underlying fundamentals of period-to-period operating results; improved visibility into management decisions and their impacts on operational performance; and additional comparability to peer companies.
Citi believes that Banking and Corporate Lending revenues excluding gain (loss) on loan hedges are useful to investors, industry analysts and others because the gain (loss) on loan hedges are independent of Banking and Corporate Lending’s core operations and not indicative of the performance of the business operations. For more information on Banking and Corporate Lending revenues excluding gain (loss) on loan hedges, see “Banking” below.
TCE, RoTCE and TBVPS are used by management, as well as investors, industry analysts and others, in assessing Citi’s use of equity. Citi believes TCE and RoTCE are useful to investors, industry analysts and others by providing alternative measures of capital strength and performance. Citi believes TBVPS provides additional useful information about the level of tangible assets in relation to Citi’s outstanding shares of common stock. For more information on TCE, RoTCE and TBVPS, see “Capital Resources—Tangible Common Equity, Book Value Per Share, Tangible Book Value Per Share and Return on Equity” below.
Management uses non-Markets NII and non-Markets NIR to assess the performance of Citi’s non-Markets lending, investing (including asset-liability management) and deposit-raising activities, apart from any volatility associated with such Markets’ activities. Citi believes the use of this non-GAAP measure provides investors, industry analysts and others with an alternative measure to analyze the NII and NIR trends of Citi’s lending, investing and deposit-raising activities, by providing a meaningful depiction of the underlying fundamentals of period-to-period operating results of those activities; improved visibility into management decisions and their impacts on operational performance; and additional comparability to peer companies. For more
information on non-Markets NII, see “Executive Summary” and “Market Risk—Non-Markets Net Interest Income (NII)” below. For more information on non-Markets NIR, see “Executive Summary” below.
Please see “Risk Factors” in Citi’s 2025 Form 10-K for a discussion of material risks and uncertainties that could impact Citigroup’s businesses, results of operations and financial condition.
5
Citigroup is managed pursuant to five reportable business segments (segments), also referred to as Citi’s “five businesses”: Services, Markets, Banking, Wealth and U.S. Consumer Cards. Activities not assigned to the segments are included in All Other. For additional information, see the results of operations for each of the segments and All Other within “Management’s Discussion and Analysis of Financial Condition and Results of Operations” below.
Note: Mexico is included in Latin America (LATAM) within International.
(1)Fixed Income Markets consists of the Rates and Currencies sub-business and Spread Products and Other Fixed Income sub-business; Equity Markets consists of the equity derivatives, equity cash and prime services sub-businesses.
(2)Investment Banking consists of the Debt Capital Markets (DCM), Equity Capital Markets (ECM) and Advisory sub-businesses.
(3)USCC’s unsecured consumer lending consists of General Purpose Credit Cards (GPCC), Private Label Credit Cards (PLCC) and Installment Lending products.
(4)Mexico Consumer/SBMM operates primarily through Grupo Financiero Banamex, S.A. de C.V. (Banamex) and its consolidated subsidiaries.
(5)Primarily consists of Korea.
(6)Within International, Citi is organized into six clusters: United Kingdom; Japan, Asia North and Australia (JANA); LATAM; Asia South; Europe; and MEA, consisting of the Middle East and Africa and formerly Russia (as previously disclosed, on February 18, 2026, Citi completed the sale of AO Citibank in Russia—see Note 2). Although the chief operating decision maker (CODM) does not manage Citi’s segments and All Other by cluster, Citi provides selected financial information (revenue and certain corporate credit metrics) below for these six clusters.
6
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
EXECUTIVE SUMMARY
Overview
As described further throughout this Executive Summary, during the third quarter of 2026:
•Citi achieved positive operating leverage, driven by revenue growth of 8% and disciplined expense management (down 2% on a reported basis, and up 3% excluding the impact of a notable item consisting of a goodwill impairment charge related to Banamex in the third quarter of 2025, as described below).
•Citi returned $4.1 billion to common shareholders in the form of share repurchases ($3.0 billion) and dividends ($1.1 billion). For additional information, see “Unregistered Sales of Equity Securities, Repurchases of Equity Securities and Dividends” below.
•Citi’s Common Equity Tier 1 (CET1) Capital ratio under the Basel III Standardized Approach was 12.8% as of September 30, 2026, approximately 120 basis points above the regulatory requirement.
•Citi completed the sale of a 1.4% equity stake in Banamex, with Citi currently owning 51% of the voting stock of Banamex. For additional information, see “All Other—Managed Basis—Legacy Franchises (Managed Basis)—Banamex Divestiture ” below.
Third Quarter of 2026 Results Summary
The below comparisons are to the third quarter of 2025:
Citigroup
Citigroup reported net income of $5.2 billion, or $2.85 per share. This compared to net income of $3.8 billion, or $1.86 per share in the prior-year period. Third quarter of 2025 results included a notable item consisting of a goodwill impairment charge of $726 million ($714 million after-tax), related to Citi’s agreement to sell an equity stake in Banamex. Excluding the notable item, net income per share in the prior-year period was $2.24.
Net income increased 40% versus the prior-year period on a reported basis, driven by higher revenues, lower expenses and a lower effective tax rate, partially offset by a higher provision for credit losses. Excluding the notable item in the prior-year period, net income increased 17%.
Citigroup revenues of $23.8 billion increased 8%, driven by growth in Services, Wealth, Markets and Banking, partially offset by a decline in All Other (managed basis).
Net interest income (NII) of $17.0 billion increased 14% versus the prior-year period. The increase in NII was driven by growth in Markets, Services, Wealth and USCC, partially offset by declines in All Other (managed basis) and Banking. Non-Markets NII increased 7%, driven by growth in Services, Wealth and USCC, partially offset by declines in All Other (managed basis) and Banking. Markets NII of $3.3 billion compared to $2.2 billion in the prior-year period.
Non-interest revenue (NIR) of $6.9 billion decreased 4% versus the prior-year period. The decrease in NIR was driven by declines in Markets and USCC, largely offset by growth in All Other (managed basis), Services, Banking and Wealth. Non-Markets NIR increased 12%, driven by growth in All Other (managed basis), Services, Banking and Wealth, partially offset by a decline in USCC. Markets NIR of $2.8 billion compared to $3.6 billion in the prior-year period.
Citigroup’s average loans were $809 billion, up 12% versus the prior-year period, largely driven by loan growth in Markets, Services, USCC, Wealth and Banking. For additional information about Citi’s average loans by business, including drivers and loan trends, see each business’s results of operations and “Managing Global Risk—Credit Risk—Average Loans” below.
Citigroup’s average deposits were approximately $1.5 trillion, up 11% versus the prior-year period, driven by an increase in Services. For additional information about Citi’s average deposits by business, including drivers and deposit trends, see each business’s results of operations and “Liquidity Risk—Deposits” below.
Expenses
Citigroup’s operating expenses of $14.0 billion decreased 2% on a reported basis, driven by:
•the absence of the notable item, and
•lower professional services,
•partially offset by:
•higher transactional and product servicing expenses,
•higher deposit insurance costs,
•higher compensation and benefits, and
•a contribution to the Citi Foundation.
Excluding the notable item in the prior-year period, expenses were up 3%. The decrease in professional services expenses was driven by lower consulting expenses. The increase in transactional and product servicing expenses was driven by higher volumes in Markets, particularly in Equity Markets, higher customer engagement costs in USCC and higher volumes in Services. The higher deposit insurance costs were largely driven by the absence of a credit in the prior-year period. The increase in compensation and benefits expenses was driven by higher severance, partially offset by a decrease in other compensation expenses.
Provisions
Citi’s total provisions for credit losses and for benefits and claims were $2.6 billion, reflecting net credit losses of $2.2 billion and a net reserve build of $369 million. Net credit losses were largely unchanged from the prior-year period. The net reserve build was driven by changes in the macroeconomic outlook and portfolio growth.
7
Citi’s total provisions for credit losses and for benefits and claims in the prior-year period were $2.5 billion, reflecting net credit losses of $2.2 billion and a net reserve build of $236 million, driven by portfolio growth and transfer risk, partially offset by changes in the macroeconomic outlook.
For additional information on Citi’s allowance for credit losses (ACL) and Citi’s net credit losses, see each segment’s and All Other’s results of operations, “Credit Risk” and “Significant Accounting Policies and Significant Estimates—Allowance for Credit Losses” below.
Capital
Citigroup’s CET1 Capital ratio was 12.8% as of September 30, 2026, compared to 13.3% as of September 30, 2025, based on the Basel III Standardized Approach for determining risk-weighted assets (RWA). The decrease was driven by common share repurchases, the payment of common and preferred dividends and a net increase in RWA, primarily offset by net income and net beneficial movements in Accumulated other comprehensive income (AOCI).
For additional information on Citi’s capital metrics and capital actions, see “Capital Resources” and “Unregistered Sales of Equity Securities, Repurchases of Equity Securities and Dividends” below.
For information on the results of operations for the third quarter of 2026 for each segment and All Other, see “Services,” “Markets,” “Banking,” “Wealth,” “U.S. Consumer Cards (USCC)” and “All Other—Managed Basis” below.
Macroeconomic and Other Risks and Uncertainties Various macroeconomic, geopolitical and regulatory factors continue to contribute to challenges and uncertainties in the U.S. and globally, including, but not limited to, higher interest rates; elevated inflation; escalating conflicts in the Middle East; and risks related to AI. These factors could result in volatility and disruptions in financial markets, as well as adversely affect economic growth and unemployment in the U.S. and other countries and jurisdictions. Such risks and uncertainties could also adversely impact Citi’s clients, customers, businesses, funding costs, provisions and overall results of operations and financial condition during the remainder of 2026.
For a further discussion of trends, uncertainties and risks that will or could impact Citi’s segments and All Other, results of operations, capital and other financial condition during the remainder of 2026, see each segment’s and All Other’s results of operations, “Managing Global Risk” and “Forward-Looking Statements” below and “Citi’s Multiyear Transformation” and “Risk Factors” in Citi’s 2025 Form 10-K.
8
CITI’S MULTIYEAR TRANSFORMATION
As previously disclosed, Citi’s transformation, including remediating its 2020 Consent Orders with the Board of Governors of the Federal Reserve System (FRB) and Office of the Comptroller of the Currency (OCC), is a multiyear endeavor that has not been linear. For additional information on Citi’s transformation, including remaining focus areas and status, consent order compliance and governance, see “Citi’s Multiyear Transformation” in Citi’s First Quarter of 2026 Form 10-Q, Citi’s 2025 Form 10-K and Citi’s 2026 Proxy Statement for its Annual Meeting of Stockholders.
9
RESULTS OF OPERATIONS
SUMMARY OF SELECTED FINANCIAL DATA
Citigroup Inc. and Consolidated Subsidiaries
| Third Quarter | Nine Months | |||||||||||||||||||
| In millions of dollars, except per share amounts | 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||
| Net interest income (NII) | $ | 16,982 | $ | 14,940 | 14 | % | $ | 49,848 | $ | 44,127 | 13 | % | ||||||||
| Non-interest revenue (NIR) | 6,863 | 7,150 | (4) | 23,396 | 21,227 | 10 | ||||||||||||||
| Revenues, net of interest expense | $ | 23,845 | $ | 22,090 | 8 | % | $ | 73,244 | $ | 65,354 | 12 | % | ||||||||
Operating expenses(1) | 13,952 | 14,290 | (2) | 42,478 | 41,292 | 3 | ||||||||||||||
| Provisions for credit losses and for benefits and claims | 2,586 | 2,450 | 6 | 7,913 | 8,045 | (2) | ||||||||||||||
| Income from continuing operations before income taxes | $ | 7,307 | $ | 5,350 | 37 | % | $ | 22,853 | $ | 16,017 | 43 | % | ||||||||
| Income taxes | 1,887 | 1,559 | 21 | 5,470 | 4,085 | 34 | ||||||||||||||
| Income from continuing operations | $ | 5,420 | $ | 3,791 | 43 | % | $ | 17,383 | $ | 11,932 | 46 | % | ||||||||
| Income (loss) from discontinued operations, net of taxes | — | (1) | 100 | (1) | (2) | 50 | ||||||||||||||
| Net income before attribution of noncontrolling interests | $ | 5,420 | $ | 3,790 | 43 | % | $ | 17,382 | $ | 11,930 | 46 | % | ||||||||
Net income attributable to noncontrolling interests (NCI)(2) | 175 | 38 | 361 | 521 | 95 | 448 | ||||||||||||||
| Citigroup’s net income | $ | 5,245 | $ | 3,752 | 40 | % | $ | 16,861 | $ | 11,835 | 42 | % | ||||||||
| Earnings per share | ||||||||||||||||||||
| Basic | ||||||||||||||||||||
| Income from continuing operations | $ | 2.90 | $ | 1.89 | 53 | % | $ | 9.22 | $ | 5.87 | 57 | % | ||||||||
| Net income | 2.90 | 1.89 | 53 | 9.22 | 5.87 | 57 | ||||||||||||||
| Diluted | ||||||||||||||||||||
| Income from continuing operations | $ | 2.85 | $ | 1.86 | 53 | % | $ | 9.07 | $ | 5.78 | 57 | % | ||||||||
| Net income | 2.85 | 1.86 | 53 | 9.07 | 5.78 | 57 | ||||||||||||||
| Dividends declared per common share | 0.67 | 0.60 | 12 | 1.87 | 1.72 | 9 | ||||||||||||||
| Common dividends | $ | 1,142 | $ | 1,118 | 2 | % | $ | 3,246 | $ | 3,253 | — | % | ||||||||
| Preferred dividends | 353 | 274 | 29 | 996 | 830 | 20 | ||||||||||||||
| Common share repurchases | 3,000 | 5,000 | (40) | 13,300 | 8,750 | 52 | ||||||||||||||
Table continues on the next page, including footnotes.
10
SUMMARY OF SELECTED FINANCIAL DATA
(Continued)
Citigroup Inc. and Consolidated Subsidiaries
| In millions of dollars, except per share amounts, ratios and direct staff | Third Quarter | Nine Months | ||||||||||||||||||
| 2026 | 2025 | % Change | 2026 | 2025 | % Change | |||||||||||||||
| At September 30: | ||||||||||||||||||||
| Total assets | $ | 2,941,271 | $ | 2,642,475 | 11 | % | ||||||||||||||
| Total deposits | 1,505,322 | 1,383,929 | 9 | |||||||||||||||||
| Long-term debt | 345,785 | 315,846 | 9 | |||||||||||||||||
| Citigroup common stockholders’ equity | 191,359 | 193,973 | (1) | |||||||||||||||||
| Total Citigroup stockholders’ equity | 209,409 | 213,023 | (2) | |||||||||||||||||
| Average assets | 3,002,190 | 2,688,800 | 12 | $ | 2,918,332 | $ | 2,617,915 | 11 | % | |||||||||||
Direct staff (in thousands) | 217 | 227 | (4) | % | ||||||||||||||||
| Performance metrics | ||||||||||||||||||||
Return on average assets | 0.69 | % | 0.55 | % | 0.77 | % | 0.60 | % | ||||||||||||
Return on average common stockholders’ equity(3) | 10.1 | 7.1 | 11.0 | 7.6 | ||||||||||||||||
Return on average total stockholders’ equity(3) | 9.9 | 7.0 | 10.6 | 7.5 | ||||||||||||||||
Return on tangible common equity (RoTCE)(4) | 11.5 | 8.0 | 12.6 | 8.6 | ||||||||||||||||
Operating leverage(5) | 1,031 bps | 59 bps | 920 bps | 473 bps | ||||||||||||||||
| Efficiency ratio (total operating expenses/total revenues, net) | 58.5 | 64.7 | 58.0 | 63.2 | ||||||||||||||||
| Regulatory capital ratios | ||||||||||||||||||||
CET1 Capital(6) | 12.77 | % | 13.27 | % | ||||||||||||||||
Tier 1 Capital(6) | 14.56 | 14.97 | ||||||||||||||||||
Total Capital(6) | 15.63 | 15.31 | ||||||||||||||||||
| Supplementary Leverage ratio | 4.99 | 5.52 | ||||||||||||||||||
| Citigroup common stockholders’ equity to assets | 6.51 | % | 7.34 | % | ||||||||||||||||
| Total Citigroup stockholders’ equity to assets | 7.12 | 8.06 | ||||||||||||||||||
Dividend payout ratio(7) | 24 | 32 | 21 | % | 30 | % | ||||||||||||||
Total payout ratio(8) | 85 | 176 | 104 | 109 | ||||||||||||||||
| Book value per common share | $ | 115.61 | $ | 108.41 | 7 | % | ||||||||||||||
Tangible book value per share (TBVPS)(4) | 101.59 | 95.72 | 6 | |||||||||||||||||
(1) The third quarter of 2025 includes approximately $726 million ($714 million after-tax) for a goodwill impairment charge related to Banamex (notable item). For additional information, see “Executive Summary” above, “All Other—Divestiture-Related Impacts (Reconciling Items)” below and Note 14.
(2) Net income attributable to noncontrolling interests (NCI) represents the portion of net earnings of consolidated subsidiaries that is attributable to shareholders other than Citi. These amounts are deducted from Net income before attribution to noncontrolling interests to arrive at Citigroup’s net income. The increase in NCI in 2026 primarily relates to the Banamex equity sales completed in December 2025, April 2026 and August 2026, resulting in a portion of Banamex’s earnings being attributable to noncontrolling shareholders.
(3) The return on average common stockholders’ equity is calculated using net income less preferred stock dividends divided by average common stockholders’ equity. The return on average total Citigroup stockholders’ equity is calculated using net income divided by average Citigroup stockholders’ equity.
(4) RoTCE and TBVPS are non-GAAP financial measures. For information on RoTCE and TBVPS, see “Capital Resources—Tangible Common Equity, Book Value Per Share, Tangible Book Value Per Share and Return on Equity” below.
(5) Operating leverage represents the year-over-year growth rate in basis points (bps) of Total revenues, net of interest expense less the year-over-year growth rate of Total operating expenses. Positive operating leverage indicates that the revenue growth rate was greater than the expense growth rate.
(6) Citi’s binding CET1 Capital and Tier 1 Capital ratios were derived under the Basel III Standardized Approach, whereas Citi’s binding Total Capital ratio was derived under the Basel III Advanced Approaches framework for both periods presented.
(7) The dividend payout ratio represents dividends declared per common share as a percentage of net income per diluted share.
(8) The total payout ratio represents the total of common dividends declared plus common share repurchases as a percentage of net income available to common shareholders (Net income less preferred dividends). See “Consolidated Statement of Changes in Stockholders’ Equity,” Note 9 and “Unregistered Sales of Equity Securities, Repurchases of Equity Securities and Dividends—Equity Security Repurchases and Dividends” below for the component details.
11
BALANCE SHEET OVERVIEW
This section provides details of select assets and liabilities reported on Citigroup’s Consolidated Balance Sheet and the changes from December 31, 2025 to September 30, 2026:
| Increase (decrease) | ||||||||||||||
| In millions of dollars | September 30, 2026 | December 31, 2025 | $ | % | ||||||||||
| Assets | ||||||||||||||
| Cash and deposits with banks, net of allowance | $ | 354,841 | $ | 349,579 | $ | 5,262 | 2 | % | ||||||
| Securities borrowed and purchased under agreements to resell, net of allowance | 411,327 | 356,195 | 55,132 | 15 | ||||||||||
| Trading account assets | 635,077 | 537,139 | 97,938 | 18 | ||||||||||
| Investments, net of allowance | 472,766 | 444,229 | 28,537 | 6 | ||||||||||
| Loans, net of unearned income and allowance for credit losses on loans | 799,614 | 732,983 | 66,631 | 9 | ||||||||||
| All other assets | 267,646 | 237,077 | 30,569 | 13 | ||||||||||
| Total assets | $ | 2,941,271 | $ | 2,657,202 | $ | 284,069 | 11 | % | ||||||
| Liabilities and equity | ||||||||||||||
| Total deposits | $ | 1,505,322 | $ | 1,403,573 | $ | 101,749 | 7 | % | ||||||
| Securities loaned and sold under agreements to repurchase | 410,174 | 348,098 | 62,076 | 18 | ||||||||||
| Trading account liabilities | 212,635 | 162,798 | 49,837 | 31 | ||||||||||
| Short-term borrowings | 61,518 | 51,878 | 9,640 | 19 | ||||||||||
| Long-term debt | 345,785 | 315,827 | 29,958 | 9 | ||||||||||
| All other liabilities | 194,054 | 161,206 | 32,848 | 20 | ||||||||||
| Total liabilities | $ | 2,729,488 | $ | 2,443,380 | $ | 286,108 | 12 | % | ||||||
| Preferred stock | 18,050 | 20,050 | (2,000) | (10) | ||||||||||
| Common equity | 191,359 | 192,241 | (882) | — | ||||||||||
| Noncontrolling interests—equity (NCI—equity) | 2,374 | 1,531 | 843 | 55 | ||||||||||
| Total liabilities and equity | $ | 2,941,271 | $ | 2,657,202 | $ | 284,069 | 11 | % | ||||||
Cash and deposits with banks: increased $5 billion, or 2%, driven by growth in North American deposits in excess of loan growth, primarily offset by net purchases of Investments.
Securities borrowed and purchased under agreements to resell: increased $55 billion, or 15%, driven by Rates and Currencies and Equity Markets, reflecting increased client activity in Markets. See Note 10.
Trading account assets: increased $98 billion, or 18%, primarily driven by increases in U.S. and foreign government securities, equity securities and derivative assets, due to increased client demand in Markets. See Note 21.
Investments: increased $29 billion, or 6%. Available-for-sale (AFS) debt securities increased $60 billion, or 24%, driven by net purchases of U.S. Treasury securities and mortgage-backed securities. Held-to-maturity (HTM) debt securities decreased $32 billion, or 17%, driven by maturities of U.S. Treasury securities and paydowns of mortgage- and asset-backed securities. See Note 11.
Loans: increased $67 billion, or 9%, driven by growth in Markets, primarily due to higher financing activity in spread products; Banking, driven by increased demand in North America; Wealth, driven by securities-based lending and mortgages; USCC, driven by the acquisition of the additional American Airlines co-branded card portfolio in the second quarter of 2026; and Services, driven by increased demand for trade loans. See “Credit Risk—Loans” below and Note 12.
All other assets: represents brokerage receivables, premises and equipment, goodwill and intangibles, loans held-for-sale (HFS), deferred taxes, accruals, other receivables, leases and other. All other assets increased $31 billion, or 13%, driven by higher Brokerage receivables reflecting higher trading activity in Markets, partially offset by lower Other assets. See “Significant Accounting Policies and Significant Estimates” below and Notes 14 and 24.
Deposits: increased $102 billion, or 7%, driven by an increase in operational deposits in Services. See “Liquidity Risk—Deposits” below and Note 15.
12
Securities loaned and sold under agreements to repurchase: increased $62 billion, or 18%, primarily driven by increased financing in support of client activities in Markets. See Note 10.
Trading account liabilities: increased $50 billion, or 31%, driven by Equity Markets and Rates and Currencies, reflecting increased client activity in Markets. See Note 21.
Short-term borrowings: increased $10 billion, or 19%,
driven by increased commercial paper issuances, funding raised by Citi entities to support client activities and increased advances from the Federal Home Loan Bank (FHLB). See “Liquidity Risk—Short-Term Borrowings” below and Note 16.
Long-term debt: increased $30 billion, or 9%, driven by FHLB advances and non-bank customer-related debt, primarily offset by a decrease in non-bank benchmark debt. See “Liquidity Risk—Long-Term Debt” below and Note 16.
All other liabilities: represents Brokerage payables, accruals, deferred taxes, other payables, deposits HFS, leases and other. All other liabilities increased $33 billion, or 20%, due to higher Brokerage payables, reflecting higher trading activity in Markets, partially offset by lower Other liabilities. See “Significant Accounting Policies and Significant Estimates” below and Notes 2 and 24.
Preferred stock: decreased $2.0 billion, or 10%, reflecting $3.8 billion of redemptions, partially offset by $1.8 billion of issuances. See the Consolidated Statement of Changes in Stockholders’ Equity in the Consolidated Financial Statements and Note 18.
Common equity: increased $0.9 billion, as $16.9 billion in net income, a $1.6 billion increase from the Banamex equity sales completed in April and August 2026 and $1.9 billion in lower AOCI losses were primarily offset by $13.3 billion in common share repurchases and $4.2 billion of common ($3.2 billion) and preferred ($1.0 billion) dividends.
For additional information on changes in common equity, see the Consolidated Statement of Changes in Stockholders’ Equity in the Consolidated Financial Statements and “Unregistered Sales of Equity Securities, Repurchases of Equity Securities and Dividends” below.
Noncontrolling interests—equity (NCI—equity): represents the equity of consolidated subsidiaries that is attributable to shareholders other than Citi. These amounts are added to Total Citigroup’s stockholders’ equity to arrive at Total equity. NCI—equity increased $843 million, or 55%, primarily related to the Banamex equity sale completed in April 2026. See the Consolidated Statement of Changes in Stockholders’ Equity in the Consolidated Financial Statements and Note 2.
13
SEGMENT REVENUES AND INCOME (LOSS)
REVENUES
| Third Quarter | Nine Months | |||||||||||||||||||
| In millions of dollars | 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||
| Services | $ | 6,614 | $ | 5,730 | 15 | % | $ | 19,099 | $ | 16,364 | 17 | % | ||||||||
| Markets | 6,113 | 5,745 | 6 | 20,366 | 17,800 | 14 | ||||||||||||||
| Banking | 1,741 | 1,647 | 6 | 5,430 | 4,611 | 18 | ||||||||||||||
| Wealth | 3,269 | 2,839 | 15 | 9,511 | 8,410 | 13 | ||||||||||||||
| USCC | 4,664 | 4,656 | — | 13,942 | 13,694 | 2 | ||||||||||||||
All Other—managed basis(1) | 1,432 | 1,471 | (3) | 4,851 | 4,650 | 4 | ||||||||||||||
All Other—divestiture-related impacts (Reconciling Items)(1) | 12 | 2 | 500 | 45 | (175) | NM | ||||||||||||||
| Total Citigroup net revenues | $ | 23,845 | $ | 22,090 | 8 | % | $ | 73,244 | $ | 65,354 | 12 | % | ||||||||
INCOME
| Third Quarter | Nine Months | |||||||||||||||||||
| In millions of dollars | 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||
| Income (loss) from continuing operations | ||||||||||||||||||||
| Services | $ | 2,648 | $ | 2,098 | 26 | % | $ | 7,487 | $ | 5,675 | 32 | % | ||||||||
| Markets | 1,761 | 1,723 | 2 | 6,794 | 5,409 | 26 | ||||||||||||||
| Banking | 378 | 267 | 42 | 1,033 | 580 | 78 | ||||||||||||||
| Wealth | 585 | 303 | 93 | 1,600 | 879 | 82 | ||||||||||||||
| USCC | 851 | 929 | (8) | 2,435 | 2,525 | (4) | ||||||||||||||
All Other—managed basis(1) | (809) | (752) | (8) | (1,958) | (2,164) | 10 | ||||||||||||||
All Other—divestiture-related impacts (Reconciling Items)(1) | 6 | (777) | NM | (8) | (972) | 99 | ||||||||||||||
| Income from continuing operations | $ | 5,420 | $ | 3,791 | 43 | % | $ | 17,383 | $ | 11,932 | 46 | % | ||||||||
| Discontinued operations | $ | — | $ | (1) | 100 | % | $ | (1) | $ | (2) | 50 | % | ||||||||
| Less: NCI | 175 | 38 | 361 | 521 | 95 | 448 | ||||||||||||||
| Citigroup’s net income | $ | 5,245 | $ | 3,752 | 40 | % | $ | 16,861 | $ | 11,835 | 42 | % | ||||||||
(1) All Other (managed basis) excludes divestiture-related impacts (Reconciling Items) related to Citi’s divestitures of its Asia Consumer businesses and Banamex, within Legacy Franchises, such as the notable item. The Reconciling Items are reflected in the relevant line items in Citi’s Consolidated Statement of Income. See “All Other—Divestiture-Related Impacts (Reconciling Items)” below.
NM Not meaningful
14
SERVICES
Services includes Treasury and Trade Solutions (TTS) and Securities Services:
•TTS provides an integrated suite of tailored cash management, payments and trade and working capital solutions to multinational corporations, financial institutions and public sector organizations.
•Securities Services connects investors and issuers across global markets, providing a comprehensive product offering, including 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 clients’ needs.
Services revenues are generated primarily from spreads and fees associated with these activities. Services earns spread revenue on deposits, as well as interest on loans. Revenue generated from these activities is primarily recorded in Net interest income in the table below.
Fee revenue is earned for assisting clients with transactional services and clearing. Revenue generated from these activities is recorded in Commissions and fees. Revenue is also generated from assets under custody and administration (AUC/AUA) and is primarily recorded in Administration and other fiduciary fees. For additional information on these types of revenues, see Note 5.
Services maintains an international presence with product offerings in over 90 countries and jurisdictions.
| Third Quarter | Nine Months | |||||||||||||||||||
| In millions of dollars, except as otherwise noted | 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||
| Net interest income (including dividends) | $ | 4,472 | $ | 3,823 | 17 | % | $ | 12,906 | $ | 10,951 | 18 | % | ||||||||
| Fee revenue | ||||||||||||||||||||
| Commissions and fees | 915 | 880 | 4 | 2,748 | 2,599 | 6 | ||||||||||||||
| Administration and other fiduciary fees | 926 | 746 | 24 | 2,578 | 2,156 | 20 | ||||||||||||||
| Total fee revenue | $ | 1,841 | $ | 1,626 | 13 | % | $ | 5,326 | $ | 4,755 | 12 | % | ||||||||
| Principal transactions | 287 | 190 | 51 | 814 | 547 | 49 | ||||||||||||||
| All other | 14 | 91 | (85) | 53 | 111 | (52) | ||||||||||||||
| Total non-interest revenue | $ | 2,142 | $ | 1,907 | 12 | % | $ | 6,193 | $ | 5,413 | 14 | % | ||||||||
| Total revenues, net of interest expense | $ | 6,614 | $ | 5,730 | 15 | % | $ | 19,099 | $ | 16,364 | 17 | % | ||||||||
| Total operating expenses | $ | 2,976 | $ | 2,707 | 10 | % | $ | 8,714 | $ | 7,970 | 9 | % | ||||||||
| Net credit losses (NCLs) on loans | 3 | 11 | (73) | 11 | 37 | (70) | ||||||||||||||
| Credit reserve build (release) for loans | (23) | (4) | (475) | 120 | 73 | 64 | ||||||||||||||
| Provision (release) for credit losses on unfunded lending commitments | 11 | (8) | NM | — | (20) | 100 | ||||||||||||||
| Provisions for credit losses on other assets and held-to-maturity (HTM) debt securities | (17) | 62 | NM | (5) | 375 | NM | ||||||||||||||
| Provision (release) for credit losses | $ | (26) | $ | 61 | NM | $ | 126 | $ | 465 | (73) | % | |||||||||
| Income from continuing operations before taxes | $ | 3,664 | $ | 2,962 | 24 | % | $ | 10,259 | $ | 7,929 | 29 | % | ||||||||
| Income taxes | 1,016 | 864 | 18 | 2,772 | 2,254 | 23 | ||||||||||||||
| Income from continuing operations | $ | 2,648 | $ | 2,098 | 26 | % | $ | 7,487 | $ | 5,675 | 32 | % | ||||||||
| NCI | 11 | 17 | (35) | 38 | 48 | (21) | ||||||||||||||
| Net income | $ | 2,637 | $ | 2,081 | 27 | % | $ | 7,449 | $ | 5,627 | 32 | % | ||||||||
| Efficiency ratio | 45 | % | 47 | % | 46 | % | 49 | % | ||||||||||||
Balance Sheet data (in billions of dollars) | ||||||||||||||||||||
End-of-period (EOP) assets | $ | 672 | $ | 627 | 7 | % | ||||||||||||||
Average assets | 689 | 616 | 12 | $ | 662 | $ | 596 | 11 | % | |||||||||||
15
| Revenue by line of business | ||||||||||||||||||||
| Net interest income | $ | 3,671 | $ | 3,121 | 18 | % | $ | 10,636 | $ | 8,935 | 19 | % | ||||||||
| Non-interest revenue | 1,231 | 1,099 | 12 | 3,621 | 3,226 | 12 | ||||||||||||||
| TTS | $ | 4,902 | $ | 4,220 | 16 | % | $ | 14,257 | $ | 12,161 | 17 | % | ||||||||
| Net interest income | $ | 801 | $ | 702 | 14 | % | $ | 2,270 | $ | 2,016 | 13 | % | ||||||||
| Non-interest revenue | 911 | 808 | 13 | 2,572 | 2,187 | 18 | ||||||||||||||
| Securities Services | $ | 1,712 | $ | 1,510 | 13 | % | $ | 4,842 | $ | 4,203 | 15 | % | ||||||||
Total Services | $ | 6,614 | $ | 5,730 | 15 | % | $ | 19,099 | $ | 16,364 | 17 | % | ||||||||
| Revenue by managed geography | ||||||||||||||||||||
| North America | $ | 2,191 | $ | 1,759 | 25 | % | $ | 6,293 | $ | 4,968 | 27 | % | ||||||||
International | 4,423 | 3,971 | 11 | 12,806 | 11,396 | 12 | ||||||||||||||
| Total | $ | 6,614 | $ | 5,730 | 15 | % | $ | 19,099 | $ | 16,364 | 17 | % | ||||||||
| International revenue by cluster | ||||||||||||||||||||
| United Kingdom | $ | 626 | $ | 533 | 17 | % | $ | 1,816 | $ | 1,569 | 16 | % | ||||||||
| Japan, Asia North and Australia (JANA) | 988 | 751 | 32 | 2,722 | 2,171 | 25 | ||||||||||||||
| LATAM | 776 | 691 | 12 | 2,260 | 1,962 | 15 | ||||||||||||||
| Asia South | 723 | 724 | — | 2,084 | 2,016 | 3 | ||||||||||||||
| Europe | 734 | 689 | 7 | 2,153 | 1,947 | 11 | ||||||||||||||
| Middle East, Africa and Russia (MEA) | 576 | 583 | (1) | 1,771 | 1,731 | 2 | ||||||||||||||
| Total | $ | 4,423 | $ | 3,971 | 11 | % | $ | 12,806 | $ | 11,396 | 12 | % | ||||||||
Key drivers(1) | ||||||||||||||||||||
Average loans by line of business (in billions of dollars) | ||||||||||||||||||||
| TTS | $ | 106 | $ | 93 | 14 | % | $ | 101 | $ | 91 | 11 | % | ||||||||
| Securities Services | 1 | 1 | — | 2 | 1 | 100 | ||||||||||||||
| Total | $ | 107 | $ | 94 | 14 | % | $ | 103 | $ | 92 | 12 | % | ||||||||
Allowance for credit losses on loans (ACLL) as a percentage of EOP loans(2) | 0.43 | % | 0.35 | % | ||||||||||||||||
| NCLs (annualized) as a percentage of average loans | 0.01 | % | 0.05 | % | 0.01 | % | 0.05 | % | ||||||||||||
Average deposits by line of business (in billions of dollars) | ||||||||||||||||||||
| TTS | $ | 867 | $ | 744 | 17 | % | $ | 844 | $ | 716 | 18 | % | ||||||||
| Securities Services | 170 | 149 | 14 | 161 | 143 | 13 | ||||||||||||||
| Total | $ | 1,037 | $ | 893 | 16 | % | $ | 1,005 | $ | 859 | 17 | % | ||||||||
AUC/AUA(3) (in trillions of dollars) | $ | 34.5 | $ | 29.7 | 16 | % | ||||||||||||||
Cross-border transaction value (in billions of dollars) | 115.5 | 104.8 | 10 | $ | 336.4 | $ | 301.2 | 12 | % | |||||||||||
U.S. dollar clearing volume(4) (in millions) | 47.1 | 44.8 | 5 | 137.3 | 131.8 | 4 | ||||||||||||||
Commercial card spend volume (in billions of dollars) | $ | 20.2 | $ | 18.4 | 10 | $ | 58.9 | $ | 53.5 | 10 | ||||||||||
(1) Management uses this information in reviewing the segment’s results and believes it is useful to investors concerning underlying segment performance and trends.
(2) Excludes loans that are carried at fair value for all periods.
(3) AUC/AUA includes assets for which Citi provides custody or safekeeping services for assets held directly or by a third party on behalf of clients, or assets for which Citi provides administrative services for clients. Securities Services managed AUC/AUA, of which Citi provided both custody and administrative services to certain clients related to $3.5 trillion and $2.3 trillion of such assets at September 30, 2026 and 2025, respectively.
(4) Represents the number of U.S. dollar clearing payment instructions processed on behalf of U.S. and foreign-domiciled entities (primarily financial institutions).
NM Not meaningful
16
3Q26 vs. 3Q25
Net income of $2.6 billion increased 27%.
Revenues increased 15%, driven by growth in TTS and Securities Services.
Net interest income increased 17%, driven by a 16% increase in average deposit balances, and deposit spreads. Growth in average deposits was driven by both TTS and Securities Services, primarily due to growth in North America, largely driven by an increase in operating deposits. Non-interest revenue increased 12%, driven by higher fees and fee drivers, including assets under custody and administration, commercial card spend volume and U.S. dollar clearing volume.
TTS revenues increased 16%, driven by an 18% increase in net interest income and a 12% increase in non-interest revenue. The increase in net interest income was driven by higher average deposit balances, which grew 17%, and deposit spreads. The increase in non-interest revenue was driven by higher fees and underlying drivers, including cross-border transaction value up 10%, commercial card spend volume up 10% and U.S. dollar clearing volume up 5%, as well as a more favorable impact from currency devaluation in Argentina.
Securities Services revenues increased 13%, driven by a 13% increase in non-interest revenue and a 14% increase in net interest income. The increase in non-interest revenue was driven by higher fees, which benefited from a 16% increase in assets under custody and administration, which includes new assets onboarded, as well as the impact of market valuations, partially offset by a mark-to-market gain in the prior-year period. The increase in net interest income was driven by higher average deposit balances, which grew 14%.
Expenses increased 10%, primarily driven by higher volume-related expenses, including transactional costs, and higher compensation, including severance costs and performance-related compensation.
Provisions were a benefit of $26 million, reflecting a net reserve release of $29 million, and net credit losses of $3 million. The net reserve release was driven by refinements to certain loss assumptions. Provisions were $61 million in the prior-year period, reflecting a net reserve build of $50 million, driven by transfer risk, and net credit losses of $11 million.
For additional information on Citi’s ACL, see “Significant Accounting Policies and Significant Estimates” below.
For additional information on Services’ corporate credit portfolio, see “Managing Global Risk—Credit Risk—Corporate Credit” below.
For additional information on trends in Services’ deposits and loans, see “Managing Global Risk—Credit Risk—Average Loans” and “Managing Global Risk—Liquidity Risk—Deposits” below.
For additional information about trends, uncertainties and risks related to future results of the businesses, see “Executive Summary” above, “Forward-Looking Statements” below and “Risk Factors” in Citi’s 2025 Form 10-K.
YTD 2026 vs. YTD 2025
Net income of $7.4 billion increased 32%.
Revenues increased 17%, driven by growth in TTS and Securities Services.
Net interest income increased 18%, primarily due to a 17% increase in average deposit balances, driven by both TTS and Securities Services, with growth across both North America and International, largely driven by an increase in operating deposits. Non-interest revenue increased 14%, primarily driven by higher fees and fee drivers, including assets under custody and administration, commercial card spend volume and U.S. dollar clearing volume.
TTS revenues increased 17%, driven by a 19% increase in net interest income and a 12% increase in non-interest revenue. The increase in net interest income was driven by higher average deposit balances, which grew 18%, and deposit spreads. The increase in non-interest revenue was primarily driven by higher fees and underlying drivers, including cross-border transaction value up 12%, commercial card spend volume up 10% and U.S. dollar clearing volume up 4%, as well as a more favorable impact from currency devaluation in Argentina.
Securities Services revenues increased 15%, driven by an 18% increase in non-interest revenue and a 13% increase in net interest income. The increase in non-interest revenue was driven by higher fees, which benefited from a 16% increase in assets under custody and administration, which includes the impact of market valuations as well as new assets onboarded, partially offset by a mark-to-market gain in the prior-year period. The increase in net interest income was driven by higher average deposit balances, which grew 13%.
Expenses increased 9%, primarily driven by higher volume-related expenses, including transactional costs, and higher compensation, including severance costs and performance-related compensation.
Provisions were $126 million, reflecting a net reserve build of $115 million, and net credit losses of $11 million. The net reserve build was driven by changes in the macroeconomic outlook and portfolio growth. Provisions were $465 million in the prior-year period, reflecting a net reserve build of $428 million, primarily driven by transfer risk, and net credit losses of $37 million.
17
MARKETS
Markets includes Fixed Income Markets and Equity Markets and 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 range of services includes market-making across asset classes, risk management solutions, financing and prime brokerage.
Citi assesses its Markets business performance on a total revenues basis, as security inventory is often hedged by derivative instruments, creating offsetting gains and losses across revenue lines. As an example, securities that generate Net interest income may be hedged by derivative instruments, which are reported under Principal transactions within Non-interest revenue.
As a market maker, Markets facilitates transactions by holding inventory to meet client demand, with resulting gains or losses largely recorded as Principal transactions. Fee revenue is generated from services such as trading, financing, brokerage, securitization and underwriting. “Other” revenue includes gain (loss) on AFS debt and equity securities (non-trading), and other non-recurring items. Revenue generated from all of these activities is largely recorded in Non-interest revenue in the table below.
Net interest income includes interest and dividends on securities held and interest on long- and short-term debt, secured funding transactions, deposits, loans and funding costs.
Markets maintains an international presence supported by trading floors in nearly 80 countries and Citi’s proprietary network in over 90 countries and jurisdictions.
| Third Quarter | Nine Months | |||||||||||||||||||
| In millions of dollars, except as otherwise noted | 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||
| Net interest income (including dividends) | $ | 3,273 | $ | 2,178 | 50 | % | $ | 10,072 | $ | 6,926 | 45 | % | ||||||||
| Fee revenue | ||||||||||||||||||||
| Brokerage and fees | 447 | 400 | 12 | 1,394 | 1,199 | 16 | ||||||||||||||
Investment banking fees(1) | 141 | 163 | (13) | 404 | 404 | — | ||||||||||||||
| Other | 56 | 63 | (11) | 165 | 166 | (1) | ||||||||||||||
| Total fee revenue | $ | 644 | $ | 626 | 3 | % | $ | 1,963 | $ | 1,769 | 11 | % | ||||||||
| Principal transactions | 1,992 | 2,737 | (27) | 7,622 | 8,324 | (8) | ||||||||||||||
| All other | 204 | 204 | — | 709 | 781 | (9) | ||||||||||||||
| Total non-interest revenue | $ | 2,840 | $ | 3,567 | (20) | % | $ | 10,294 | $ | 10,874 | (5) | % | ||||||||
Total revenues, net of interest expense(2) | $ | 6,113 | $ | 5,745 | 6 | % | $ | 20,366 | $ | 17,800 | 14 | % | ||||||||
| Total operating expenses | $ | 3,750 | $ | 3,490 | 7 | % | $ | 11,369 | $ | 10,464 | 9 | % | ||||||||
| Net credit losses on loans | (2) | 68 | NM | (15) | 218 | NM | ||||||||||||||
| Credit reserve build (release) for loans | 62 | (44) | NM | 156 | 57 | 174 | ||||||||||||||
| Provision (release) for credit losses on unfunded lending commitments | 30 | 13 | 131 | 63 | 14 | 350 | ||||||||||||||
| Provisions (releases) for credit losses for other assets and HTM debt securities | (13) | (5) | (160) | (33) | 52 | NM | ||||||||||||||
| Provision (release) for credit losses | $ | 77 | $ | 32 | 141 | % | $ | 171 | $ | 341 | (50) | % | ||||||||
| Income from continuing operations before taxes | $ | 2,286 | $ | 2,223 | 3 | % | $ | 8,826 | $ | 6,995 | 26 | % | ||||||||
| Income taxes | 525 | 500 | 5 | 2,032 | 1,586 | 28 | ||||||||||||||
| Income from continuing operations | $ | 1,761 | $ | 1,723 | 2 | % | $ | 6,794 | $ | 5,409 | 26 | % | ||||||||
| NCI | 18 | 21 | (14) | 69 | 55 | 25 | ||||||||||||||
| Net income | $ | 1,743 | $ | 1,702 | 2 | % | $ | 6,725 | $ | 5,354 | 26 | % | ||||||||
| Efficiency ratio | 61 | % | 61 | % | 56 | % | 59 | % | ||||||||||||
Balance Sheet data (in billions of dollars) | ||||||||||||||||||||
| EOP assets | $ | 1,401 | $ | 1,179 | 19 | % | ||||||||||||||
Average assets | 1,438 | 1,229 | 17 | $ | 1,390 | $ | 1,189 | 17 | % | |||||||||||
18
| Revenue by line of business | ||||||||||||||||||||
| Fixed Income Markets | $ | 4,386 | $ | 4,225 | 4 | % | $ | 14,258 | $ | 13,191 | 8 | % | ||||||||
| Equity Markets | 1,727 | 1,520 | 14 | 6,108 | 4,609 | 33 | ||||||||||||||
| Total | $ | 6,113 | $ | 5,745 | 6 | % | $ | 20,366 | $ | 17,800 | 14 | % | ||||||||
| Rates and Currencies | $ | 2,965 | $ | 2,963 | — | % | $ | 9,523 | $ | 9,300 | 2 | % | ||||||||
| Spread Products and Other Fixed Income | 1,421 | 1,262 | 13 | 4,735 | 3,891 | 22 | ||||||||||||||
| Total Fixed Income Markets revenues | $ | 4,386 | $ | 4,225 | 4 | % | $ | 14,258 | $ | 13,191 | 8 | % | ||||||||
| Revenue by managed geography | ||||||||||||||||||||
| North America | $ | 2,302 | $ | 2,270 | 1 | % | $ | 7,422 | $ | 6,563 | 13 | % | ||||||||
| International | 3,811 | 3,475 | 10 | 12,944 | 11,237 | 15 | ||||||||||||||
| Total | $ | 6,113 | $ | 5,745 | 6 | % | $ | 20,366 | $ | 17,800 | 14 | % | ||||||||
| International revenue by cluster | ||||||||||||||||||||
| United Kingdom | $ | 1,003 | $ | 849 | 18 | % | $ | 3,946 | $ | 3,800 | 4 | % | ||||||||
| Japan, Asia North and Australia (JANA) | 943 | 754 | 25 | 3,121 | 2,256 | 38 | ||||||||||||||
| LATAM | 596 | 650 | (8) | 2,010 | 1,719 | 17 | ||||||||||||||
| Asia South | 541 | 482 | 12 | 1,705 | 1,499 | 14 | ||||||||||||||
| Europe | 350 | 399 | (12) | 1,116 | 1,004 | 11 | ||||||||||||||
| Middle East, Africa and Russia (MEA) | 378 | 341 | 11 | 1,046 | 959 | 9 | ||||||||||||||
| Total | $ | 3,811 | $ | 3,475 | 10 | % | $ | 12,944 | $ | 11,237 | 15 | % | ||||||||
Key drivers(3) (in billions of dollars) | ||||||||||||||||||||
| Average loans | $ | 191 | $ | 147 | 30 | % | $ | 176 | $ | 137 | 28 | % | ||||||||
| NCLs (annualized) as a percentage of average loans | — | % | 0.18 | % | (0.01) | % | 0.21 | % | ||||||||||||
ACLL as a percentage of EOP loans(4) | 0.60 | 0.78 | ||||||||||||||||||
| Average trading account assets | $ | 614 | $ | 555 | 11 | $ | 597 | $ | 525 | 14 | ||||||||||
(1) Investment banking fees are primarily composed of underwriting, advisory, loan syndication structuring and other related financing activity, and predominantly recorded in spread products.
(2) For a description of the composition of the above revenue line items, see Notes 4, 5 and 6.
(3) Management uses this information in reviewing the segment’s results and believes it is useful to investors concerning underlying segment performance and trends.
(4) Excludes loans that are carried at fair value for all periods.
NM Not meaningful
19
3Q26 vs. 3Q25
Net income of $1.7 billion increased 2%.
Revenues increased 6%, driven by higher revenues in both Equity Markets and Fixed Income Markets.
Fixed Income Markets revenues of $4.4 billion increased 4%, reflecting higher revenues in Spread Products and Other Fixed Income.
Rates and Currencies revenues were unchanged, driven by growth in the foreign exchange business, as continued strong client engagement drove higher volumes, offset by lower revenues in rates.
Spread Products and Other Fixed Income revenues increased 13%, driven by growth in spread products financing revenues. Overall, Markets average loans increased 30%, primarily driven by higher financing activity in Spread Products.
Equity Markets revenues were $1.7 billion, up 14%, driven by growth in prime services, as prime balances were up over 40%, including the impact of new balances onboarded as well as market valuations, partially offset by lower revenue in equity derivatives.
Expenses increased 7%, driven by higher transactional expenses and compensation, including higher performance-related compensation as well as severance costs.
Provisions were $77 million, reflecting a net reserve build of $79 million, and net credit recoveries of $2 million. The net reserve build was driven by portfolio growth and changes in the macroeconomic outlook. Provisions were $32 million in the prior-year period, reflecting net credit losses of $68 million, and a net reserve release of $36 million, driven by reserve releases related to charge-offs in Spread Products.
For additional information on Citi’s ACL, see “Significant Accounting Policies and Significant Estimates” below.
For additional information on Markets’ corporate credit portfolio, see “Managing Global Risk—Credit Risk” below.
For additional information about trends, uncertainties and risks related to future results of the businesses, see “Executive Summary” above, “Forward-Looking Statements” below and “Risk Factors” in Citi’s 2025 Form 10-K.
YTD 2026 vs. YTD 2025
Net income of $6.7 billion increased 25%.
Revenues increased 14%, driven by higher revenues in both Equity Markets and Fixed Income Markets.
Fixed Income Markets revenues of $14.3 billion increased 8%, reflecting higher revenues in Spread Products and Other Fixed Income and Rates and Currencies.
Rates and Currencies revenues grew 2%, driven by growth in the foreign exchange business as continued strong client engagement drove higher volumes, largely offset by lower revenues in rates.
Spread Products and Other Fixed Income revenues increased 22%, primarily driven by strong performance in commodities and growth in spread products financing revenues.
Equity Markets revenues were $6.1 billion, up 33%, primarily driven by growth in prime services on higher prime balances and equity derivatives on higher client activity.
Expenses increased 9%, primarily driven by higher performance-related compensation and volume-related expenses.
Provisions were $171 million, reflecting a net reserve build of $186 million, and net credit recoveries of $15 million. The net reserve build was driven by portfolio growth and changes in the macroeconomic outlook, partially offset by refinements to loss assumptions. Provisions were $341 million in the prior-year period, reflecting net credit losses of $218 million, and a net reserve build of $123 million, driven by portfolio growth, changes in the macroeconomic outlook and transfer risk, largely offset by reserve releases related to charge-offs in Spread Products.
20
BANKING
Banking includes Investment Banking (Debt Capital Markets (DCM), Equity Capital Markets (ECM) and Advisory sub-businesses) and Corporate Lending:
•Investment Banking supports clients’ capital-raising needs to help strengthen and grow their businesses, including equity and debt capital markets strategic financing solutions and loan syndication structuring, as well as advisory services related to mergers and acquisitions, divestitures, restructurings and corporate defense activities.
•Corporate Lending consists of corporate and commercial banking, serving as the conduit for Citi’s product suite to clients.
Banking primarily generates investment banking fees, composed of underwriting, advisory, loan syndication structuring and other related financing activity, in addition to earning net interest spread revenue on its Corporate Lending activities. For additional information on these types of revenues, see Note 5.
Banking maintains an international presence leveraging a global network of bankers supporting over 90 countries and jurisdictions.
| Third Quarter | Nine Months | |||||||||||||||||||
| In millions of dollars, except as otherwise noted | 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||
| Net interest income (including dividends) | $ | 516 | $ | 562 | (8) | % | $ | 1,663 | $ | 1,583 | 5 | % | ||||||||
| Fee revenue | ||||||||||||||||||||
| Investment banking fees | 1,219 | 1,169 | 4 | 3,943 | 3,331 | 18 | ||||||||||||||
| Other | 57 | 65 | (12) | 178 | 173 | 3 | ||||||||||||||
| Total fee revenue | $ | 1,276 | $ | 1,234 | 3 | % | $ | 4,121 | $ | 3,504 | 18 | % | ||||||||
| Principal transactions | (94) | (164) | 43 | (279) | (433) | 36 | ||||||||||||||
| All other | 43 | 15 | 187 | (75) | (43) | (74) | ||||||||||||||
| Total non-interest revenue | $ | 1,225 | $ | 1,085 | 13 | % | $ | 3,767 | $ | 3,028 | 24 | % | ||||||||
| Total revenues, net of interest expense | $ | 1,741 | $ | 1,647 | 6 | % | $ | 5,430 | $ | 4,611 | 18 | % | ||||||||
| Total operating expenses | $ | 1,225 | $ | 1,139 | 8 | % | $ | 3,677 | $ | 3,310 | 11 | % | ||||||||
| Net credit losses on loans | 43 | 9 | 378 | 187 | 59 | 217 | ||||||||||||||
| Credit reserve build (release) for loans | (100) | 38 | NM | 56 | 253 | (78) | ||||||||||||||
| Provision (release) for credit losses on unfunded lending commitments | 95 | 98 | (3) | 163 | 207 | (21) | ||||||||||||||
| Provisions (releases) for credit losses on other assets and HTM debt securities | (15) | 12 | NM | (9) | 25 | NM | ||||||||||||||
| Provisions (releases) for credit losses | $ | 23 | $ | 157 | (85) | % | $ | 397 | $ | 544 | (27) | % | ||||||||
| Income from continuing operations before taxes | $ | 493 | $ | 351 | 40 | % | $ | 1,356 | $ | 757 | 79 | % | ||||||||
| Income taxes | 115 | 84 | 37 | 323 | 177 | 82 | ||||||||||||||
| Income from continuing operations | $ | 378 | $ | 267 | 42 | % | $ | 1,033 | $ | 580 | 78 | % | ||||||||
| NCI | — | (3) | 100 | 1 | (6) | NM | ||||||||||||||
| Net income | $ | 378 | $ | 270 | 40 | % | $ | 1,032 | $ | 586 | 76 | % | ||||||||
| Efficiency ratio | 70 | % | 69 | % | 68 | % | 72 | % | ||||||||||||
Balance Sheet data (in billions of dollars) | ||||||||||||||||||||
| EOP assets | $ | 158 | $ | 141 | 12 | % | ||||||||||||||
Average assets | 159 | 149 | 7 | $ | 158 | $ | 148 | 7 | % | |||||||||||
21
| Revenue by line of business | ||||||||||||||||||||
| Investment Banking | $ | 1,350 | $ | 1,238 | 9 | % | $ | 4,224 | $ | 3,425 | 23 | % | ||||||||
Corporate Lending (excluding gain (loss) on loan hedges)(1) | 382 | 453 | (16) | 1,179 | 1,278 | (8) | ||||||||||||||
Total Banking revenues (excluding gain (loss) on loan hedges)(1) | $ | 1,732 | $ | 1,691 | 2 | % | $ | 5,403 | $ | 4,703 | 15 | % | ||||||||
Gain (loss) on loan hedges(1) | 9 | (44) | NM | 27 | (92) | NM | ||||||||||||||
Total Banking revenues (including gain (loss) on loan hedges)(1) | $ | 1,741 | $ | 1,647 | 6 | % | $ | 5,430 | $ | 4,611 | 18 | % | ||||||||
Investment banking revenues | ||||||||||||||||||||
| Advisory | $ | 406 | $ | 425 | (4) | % | $ | 1,301 | $ | 1,258 | 3 | % | ||||||||
| Equity underwriting (ECM) | 343 | 194 | 77 | 1,026 | 551 | 86 | ||||||||||||||
| Debt underwriting (DCM) | 601 | 619 | (3) | 1,897 | 1,616 | 17 | ||||||||||||||
| Total | $ | 1,350 | $ | 1,238 | 9 | % | $ | 4,224 | $ | 3,425 | 23 | % | ||||||||
| Revenue by managed geography | ||||||||||||||||||||
| North America | $ | 947 | $ | 862 | 10 | % | $ | 3,143 | $ | 2,384 | 32 | % | ||||||||
| International | 794 | 785 | 1 | 2,287 | 2,227 | 3 | ||||||||||||||
| Total | $ | 1,741 | $ | 1,647 | 6 | % | $ | 5,430 | $ | 4,611 | 18 | % | ||||||||
| International revenue by cluster | ||||||||||||||||||||
| United Kingdom | $ | 163 | $ | 246 | (34) | % | $ | 642 | $ | 663 | (3) | % | ||||||||
| Japan, Asia North and Australia (JANA) | 312 | 150 | 108 | 572 | 451 | 27 | ||||||||||||||
| LATAM | 75 | 134 | (44) | 315 | 350 | (10) | ||||||||||||||
| Asia South | 87 | 82 | 6 | 225 | 241 | (7) | ||||||||||||||
| Europe | 130 | 125 | 4 | 437 | 418 | 5 | ||||||||||||||
| Middle East, Africa and Russia (MEA) | 27 | 48 | (44) | 96 | 104 | (8) | ||||||||||||||
| Total | $ | 794 | $ | 785 | 1 | % | $ | 2,287 | $ | 2,227 | 3 | % | ||||||||
Key drivers(2) (in billions of dollars) | ||||||||||||||||||||
| Average loans | $ | 85 | $ | 81 | 5 | % | $ | 85 | $ | 82 | 4 | % | ||||||||
| NCLs (annualized) as a percentage of average loans | 0.20 | % | 0.04 | % | 0.29 | % | 0.10 | % | ||||||||||||
ACLL as a percentage of EOP loans(3) | 1.89 | 1.83 | ||||||||||||||||||
(1) Credit derivatives are used to economically hedge a portion of the corporate loan portfolio that includes both accrual loans and loans at fair value. Gain (loss) on loan hedges includes the mark-to-market on the credit derivatives, partially offset by the mark-to-market on the loans in the portfolio that are at fair value. Hedges on accrual loans reflect the mark-to-market on credit derivatives used to economically hedge the corporate loan accrual portfolio. The fixed premium costs of these hedges are netted against the corporate lending revenues to reflect the cost of credit protection. Citigroup’s results of operations excluding the impact of gain (loss) on loan hedges are non-GAAP financial measures.
(2) Management uses this information in reviewing the segment’s results and believes it is useful to investors concerning underlying segment performance and trends.
(3) Excludes loans that are carried at fair value for all periods.
NM Not meaningful
22
The discussion of the results of operations for Banking below excludes (where noted) the impact of any gain (loss) on hedges of accrual loans, which are non-GAAP financial measures. For a reconciliation of these metrics to the reported results, see the table above.
3Q26 vs. 3Q25
Net income of $378 million increased 40%.
Revenues increased 6%, driven by growth in Investment Banking and gains on loan hedges, partially offset by a decline in Corporate Lending (excluding the impact of gain (loss) on loan hedges). Excluding the impact of gain (loss) on loan hedges, Banking revenues increased 2%.
Investment Banking revenues increased 9%, driven by growth in ECM, partially offset by declines in Advisory and DCM. ECM revenues increased 77%, driven by fee growth across products. Advisory revenues decreased 4% compared to a strong prior-year performance. DCM revenues decreased 3%, driven by a decline in investment-grade activity, primarily offset by growth in leveraged finance.
Corporate Lending revenues decreased 4%, including the impact of gain (loss) on loan hedges. Excluding the impact of gain (loss) on loan hedges, Corporate Lending revenues decreased 16%, driven by lower loan spreads, partially offset by higher average loan balances and commitments.
Expenses increased 8%, driven by higher compensation, including performance-related compensation and investments in the business.
Provisions were $23 million, reflecting net credit losses of $43 million, and a net reserve release of $20 million. The net reserve release was driven by changes in credit quality and transfer risk, largely offset by portfolio growth. Provisions were $157 million in the prior-year period, reflecting a net reserve build of $148 million, driven by changes in portfolio composition, including portfolio growth, and net credit losses of $9 million.
For additional information on Citi’s ACL, see “Significant Accounting Policies and Significant Estimates” below.
For additional information on Banking’s corporate credit portfolio, see “Managing Global Risk—Credit Risk” below.
For additional information about trends, uncertainties and risks related to future results of the businesses, see “Executive Summary” above, “Forward-Looking Statements” below and “Risk Factors” in Citi’s 2025 Form 10-K.
YTD 2026 vs. YTD 2025
Net income of $1.0 billion increased 76%.
Revenues increased 18%, driven by growth in Investment Banking and gains on loan hedges, partially offset by a decline in Corporate Lending (excluding the impact of gain (loss) on loan hedges). Excluding the impact of gain (loss) on loan hedges, Banking revenues increased 15%.
Investment Banking revenues increased 23%, driven by increases in ECM, DCM and Advisory. ECM was up 86%, driven by fee growth across products amid strong market conditions. DCM increased 17%, primarily driven by growth in both leveraged finance and investment-grade activity. Advisory increased 3%, with a strong first quarter of 2026.
Corporate Lending revenues increased 2%, including the impact of gain (loss) on loan hedges. Excluding the impact of gain (loss) on loan hedges, Corporate Lending revenues decreased 8%, driven by lower loan spreads and mark-to-market losses on certain assets.
Expenses increased 11%, primarily driven by an increase in compensation, including performance-related compensation and investments in the business, higher volume-related transaction expenses and higher legal expenses.
Provisions were $397 million, reflecting a net reserve build of $210 million, and net credit losses of $187 million. Net credit losses were primarily driven by loan sales, which were previously reserved for. The net reserve build was driven by portfolio growth and changes in the macroeconomic outlook, largely offset by reserve releases on loan sales, refinements to loss assumptions and changes in credit quality. Provisions were $544 million in the prior-year period, reflecting a net reserve build of $485 million, driven by changes in credit quality, changes in the macroeconomic outlook and portfolio growth, and net credit losses of $59 million.
23
WEALTH
Wealth includes Citigold and Retail Banking, the Private Bank and Wealth at Work, and provides financial and advisory services to a range of client segments. These services comprise banking, investment, lending, insurance and custody product offerings in approximately 20 countries and jurisdictions, including the U.S. Wealth has branches concentrated in six key metropolitan areas (New York, Los Angeles, San Francisco, Chicago, Miami and Washington, D.C.) and four wealth management centers outside the U.S.: Singapore, Hong Kong SAR, London and the UAE.
•Citigold and Retail Banking provides financial services to high net worth, affluent, retail and small business clients at every stage of their financial journey, from high net worth advisory to traditional banking.
•The Private Bank provides financial services to ultra-high net worth clients through customized services.
•Wealth at Work provides financial services to professional industries (including law firms, consulting groups, accounting and asset management firms) through tailored solutions.
Wealth revenues are primarily generated from spreads and fees associated with its financial and advisory services. Net interest income is mainly driven by interest earned on client deposits and tailored lending solutions, including mortgages, securities-based lending, personal, small business and other loans and international credit cards.
Fee revenue is primarily generated from asset-based advisory and management fees, as well as transaction-related fees from client investment activity across brokerage, structured products, foreign exchange and banking services.
For additional information on these types of revenues, see Note 5.
For additional information on Wealth’s end-of-period consumer loan portfolios and metrics, see “Managing Global Risk—Credit Risk—Consumer Credit” below.
| Third Quarter | Nine Months | |||||||||||||||||||
| In millions of dollars, except as otherwise noted | 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||
| Net interest income | $ | 2,281 | $ | 1,902 | 20 | % | $ | 6,531 | $ | 5,564 | 17 | % | ||||||||
| Fee revenue | ||||||||||||||||||||
| Commissions and fees | 552 | 494 | 12 | 1,682 | 1,432 | 17 | ||||||||||||||
Other(1) | 213 | 232 | (8) | 626 | 725 | (14) | ||||||||||||||
| Total fee revenue | $ | 765 | $ | 726 | 5 | % | $ | 2,308 | $ | 2,157 | 7 | % | ||||||||
All other(2) | 223 | 211 | 6 | 672 | 689 | (2) | ||||||||||||||
| Total non-interest revenue | $ | 988 | $ | 937 | 5 | % | $ | 2,980 | $ | 2,846 | 5 | % | ||||||||
| Total revenues, net of interest expense | $ | 3,269 | $ | 2,839 | 15 | % | $ | 9,511 | $ | 8,410 | 13 | % | ||||||||
| Total operating expenses | $ | 2,438 | $ | 2,375 | 3 | % | $ | 7,230 | $ | 7,078 | 2 | % | ||||||||
| Net credit losses on loans | 70 | 91 | (23) | 215 | 231 | (7) | ||||||||||||||
| Credit reserve build (release) for loans | 34 | (16) | NM | 47 | (17) | NM | ||||||||||||||
| Provision (release) for credit losses on unfunded lending commitments | (2) | (1) | (100) | — | (3) | 100 | ||||||||||||||
| Provisions (releases) for benefits and claims (PBC), and other assets | — | (1) | 100 | — | (5) | 100 | ||||||||||||||
| Provisions (releases) for credit losses and PBC | $ | 102 | $ | 73 | 40 | % | $ | 262 | $ | 206 | 27 | % | ||||||||
| Income from continuing operations before taxes | $ | 729 | $ | 391 | 86 | % | $ | 2,019 | $ | 1,126 | 79 | % | ||||||||
| Income taxes | 144 | 88 | 64 | 419 | 247 | 70 | ||||||||||||||
| Income from continuing operations | $ | 585 | $ | 303 | 93 | % | $ | 1,600 | $ | 879 | 82 | % | ||||||||
| NCI | — | — | — | — | — | — | ||||||||||||||
| Net income | $ | 585 | $ | 303 | 93 | % | $ | 1,600 | $ | 879 | 82 | % | ||||||||
| Efficiency ratio | 75 | % | 84 | % | 76 | % | 84 | % | ||||||||||||
Balance Sheet data (in billions of dollars) | ||||||||||||||||||||
EOP assets | $ | 329 | $ | 313 | 5 | % | ||||||||||||||
Average assets | 330 | 315 | 5 | $ | 325 | $ | 307 | 6 | % | |||||||||||
24
| Revenue by line of business | ||||||||||||||||||||
| Citigold and Retail Banking | $ | 2,275 | $ | 1,969 | 16 | % | $ | 6,518 | $ | 5,656 | 15 | % | ||||||||
| Private Bank | 766 | 656 | 17 | 2,292 | 2,051 | 12 | ||||||||||||||
Wealth at Work | 228 | 214 | 7 | 701 | 703 | — | ||||||||||||||
| Total | $ | 3,269 | $ | 2,839 | 15 | % | $ | 9,511 | $ | 8,410 | 13 | % | ||||||||
| Revenue by managed geography | ||||||||||||||||||||
| North America | $ | 2,124 | $ | 1,741 | 22 | % | $ | 5,994 | $ | 5,204 | 15 | % | ||||||||
International | 1,145 | 1,098 | 4 | 3,517 | 3,206 | 10 | ||||||||||||||
| Total | $ | 3,269 | $ | 2,839 | 15 | % | $ | 9,511 | $ | 8,410 | 13 | % | ||||||||
| International revenue by cluster | ||||||||||||||||||||
| United Kingdom | $ | 110 | $ | 100 | 10 | % | $ | 329 | $ | 314 | 5 | % | ||||||||
| Japan, Asia North and Australia (JANA) | 410 | 396 | 4 | 1,272 | 1,136 | 12 | ||||||||||||||
| LATAM | 46 | 35 | 31 | 131 | 112 | 17 | ||||||||||||||
| Asia South | 429 | 390 | 10 | 1,312 | 1,143 | 15 | ||||||||||||||
| Europe | 68 | 82 | (17) | 220 | 231 | (5) | ||||||||||||||
| Middle East, Africa and Russia (MEA) | 82 | 95 | (14) | 253 | 270 | (6) | ||||||||||||||
| Total | $ | 1,145 | $ | 1,098 | 4 | % | $ | 3,517 | $ | 3,206 | 10 | % | ||||||||
Key drivers(3) (in billions of dollars) | ||||||||||||||||||||
| EOP client balances | ||||||||||||||||||||
Client investment assets(4)(5) | $ | 759 | $ | 660 | 15 | % | ||||||||||||||
| Deposits | 419 | 408 | 3 | |||||||||||||||||
| Loans | 210 | 202 | 4 | |||||||||||||||||
| Total | $ | 1,388 | $ | 1,270 | 9 | % | ||||||||||||||
Net new investment assets (NNIA)(6) | $ | 38.1 | $ | 18.6 | 105 | % | $ | 68.5 | $ | 37.1 | 85 | % | ||||||||
| Average deposits | 416 | 405 | 3 | 415 | 401 | 3 | ||||||||||||||
| Average loans | 209 | 201 | 4 | 207 | 197 | 5 | ||||||||||||||
ACLL as a percentage of EOP loans(7) | 0.34 | % | 0.33 | % | ||||||||||||||||
| NCLs (annualized) as a percentage of average loans | 0.13 | 0.18 | 0.14 | % | 0.16 | % | ||||||||||||||
U.S. Retail Banking branches (actual) | 655 | 653 | — | |||||||||||||||||
(1) Primarily related to fiduciary and administrative fees.
(2) Primarily related to principal transactions revenue including FX translation.
(3) Management uses this information in reviewing the segment’s results and believes it is useful to investors concerning underlying segment performance and trends.
(4) Includes assets under management, and trust and custody assets.
(5) Beginning in the first quarter of 2026, Client investment assets include an additional approximate $10 billion associated with the value of client insurance policies that were not previously reported.
(6) Represents investment asset inflows, including dividends, interest and distributions, less investment asset outflows. See “Glossary of Terms and Acronyms” below for additional information. NNIA flows can fluctuate across quarters due to a variety of factors, including, but not limited to, the macroeconomic environment, market volatility, investor sentiment, client activity, seasonal effects and product mix and offering changes.
(7) Excludes loans that are carried at fair value for all periods.
NM Not meaningful
25
3Q26 vs. 3Q25
Net income of $585 million increased 93%.
Revenues increased 15%, driven by growth across all lines of business—Citigold and Retail Banking, Private Bank and Wealth at Work. Net interest income increased 20%, driven by higher deposit spreads and average deposit balances, partially offset by lower mortgage spreads. Non-interest revenue increased 5%, largely driven by higher investment fee revenues.
Client balances increased 9%, primarily driven by higher client investment assets, up 15%, primarily driven by NNIA generation as well as higher market valuations. NNIA generation was $38 billion for the third quarter, and over $75 billion for the last 12 months, representing 11% organic growth.
Average deposits increased 3%, driven by higher deposits in the Private Bank, partially offset by a decline in Citigold and Retail Banking. Average loans increased 4%, driven by growth in securities-based lending and mortgages.
Citigold and Retail Banking revenues increased 16%, driven by higher deposit spreads.
Private Bank revenues increased 17%, primarily driven by higher deposit spreads and average deposit balances.
Wealth at Work revenues increased 7%, driven by higher deposit spreads and average deposit balances, primarily offset by lower mortgage spreads.
Expenses increased 3%, driven by higher compensation, including performance-related compensation as well as severance costs.
Provisions were $102 million, reflecting net credit losses of $70 million, and a net reserve build of $32 million. Net credit losses were driven by Citigold and Retail Banking. The net reserve build was driven by portfolio growth and changes in the macroeconomic outlook. Provisions were $73 million in the prior-year period, reflecting net credit losses of $91 million, and a net reserve release of $18 million, driven by reserve releases related to write-downs.
For additional information on Citi’s ACL, see “Significant Accounting Policies and Significant Estimates” below.
For additional information on Wealth’s loan portfolios, see “Managing Global Risk—Credit Risk—Consumer Credit” below.
For additional information on trends in Wealth’s deposits and loans, see “Managing Global Risk—Credit Risk—Loans” and “Managing Global Risk—Liquidity Risk—Deposits” below.
For additional information about trends, uncertainties and risks related to future results of the businesses, see “Executive Summary” above, “Forward-Looking Statements” below and “Risk Factors” in Citi’s 2025 Form 10-K.
YTD 2026 vs. YTD 2025
Net income of $1.6 billion increased 82%.
Revenues increased 13%, driven by growth across Citigold and Retail Banking and the Private Bank, partially offset by lower revenues in Wealth at Work. Net interest income was up 17%, driven by higher deposit spreads and average deposit balances, partially offset by lower mortgage spreads. Non-interest revenue increased 5%, driven by higher investment fee revenues, largely offset by the absence of an approximate $80 million gain on sale of an alternative investments fund platform in the second quarter of 2025, as well as the loss of fee revenue from the sale of the trust business in the third quarter of 2025.
Citigold and Retail Banking revenues increased 15%, driven by higher deposit spreads and investment fee revenues.
Private Bank revenues increased 12%, driven by higher deposit spreads, average deposit balances and investment fee revenues, largely offset by lower mortgage spreads and the absence of an approximate $80 million gain on sale of an alternative investments fund platform in the second quarter of 2025, as well as the loss of fee revenue from the sale of the trust business in the third quarter of 2025.
Wealth at Work revenues were largely unchanged, as lower mortgage spreads were offset by higher deposit spreads and average deposit and mortgage balances.
Expenses increased 2%, largely driven by higher compensation, including performance-related compensation as well as severance costs, and technology costs.
Provisions were $262 million, reflecting net credit losses of $215 million, and a net reserve build of $47 million. Net credit losses were driven by Citigold and Retail Banking. The net reserve build was driven by changes in the macroeconomic outlook, partially offset by changes in credit quality. Provisions were $206 million in the prior-year period, reflecting net credit losses of $231 million, and a net reserve release of $25 million.
26
U.S. CONSUMER CARDS (USCC)
U.S. Consumer Cards (USCC) consists of unsecured consumer lending, including General Purpose Credit Cards, Private Label Credit Cards and Installment Lending products:
•General Purpose Credit Cards (GPCC) includes Citi branded (Value, Rewards and Cash) and co-branded (including, among others, American Airlines, Costco and GPCC products with Best Buy and Macy’s) card portfolios. These cards are accepted by a wide variety of merchants and service providers.
•Private Label Credit Cards (PLCC) includes closed loop retail-specific cards (including, among others, The Home Depot and PLCC products with Best Buy and Macy’s). These cards are limited to purchases of the retailer’s goods and services.
•Installment Lending includes digitally led personal installment loans and merchant installment lending.
USCC revenues are primarily generated from net interest income on unsecured consumer credit card and installment lending.
Fee revenue is generated through credit card activities, including interchange revenue and other card-related fees, and reflects offsetting impacts from card reward programs and partner payments. For additional information on these types of revenues, see Note 5.
| Third Quarter | Nine Months | |||||||||||||||||||
| In millions of dollars, except as otherwise noted | 2026(1) | 2025 | % Change | 2026(1) | 2025 | % Change | ||||||||||||||
| Net interest income | $ | 5,422 | $ | 5,124 | 6 | % | $ | 15,718 | $ | 15,026 | 5 | % | ||||||||
| Fee revenue | ||||||||||||||||||||
| Interchange fees | 2,738 | 2,448 | 12 | 7,882 | 7,192 | 10 | ||||||||||||||
| Card rewards and partner payments | (3,692) | (3,031) | (22) | (10,152) | (8,860) | (15) | ||||||||||||||
Other(2) | 173 | 114 | 52 | 445 | 313 | 42 | ||||||||||||||
| Total fee revenue (loss) | $ | (781) | $ | (469) | (67) | % | $ | (1,825) | $ | (1,355) | (35) | % | ||||||||
All other(3) | 23 | 1 | NM | 49 | 23 | 113 | ||||||||||||||
| Total non-interest revenue (loss) | $ | (758) | $ | (468) | (62) | % | $ | (1,776) | $ | (1,332) | (33) | % | ||||||||
| Total revenues, net of interest expense | $ | 4,664 | $ | 4,656 | — | % | $ | 13,942 | $ | 13,694 | 2 | % | ||||||||
| Total operating expenses | $ | 1,682 | $ | 1,644 | 2 | % | $ | 5,187 | $ | 4,961 | 5 | % | ||||||||
| Net credit losses on loans | 1,670 | 1,741 | (4) | 5,262 | 5,551 | (5) | ||||||||||||||
| Credit reserve build (release) for loans | 207 | 55 | 276 | 323 | (124) | NM | ||||||||||||||
| Provision for credit losses on unfunded lending commitments | — | — | — | — | — | — | ||||||||||||||
| Provisions for benefits and claims (PBC), and other assets | 1 | 3 | (67) | 3 | 7 | (57) | ||||||||||||||
| Provisions for credit losses and PBC | $ | 1,878 | $ | 1,799 | 4 | % | $ | 5,588 | $ | 5,434 | 3 | % | ||||||||
| Income from continuing operations before taxes | $ | 1,104 | $ | 1,213 | (9) | % | $ | 3,167 | $ | 3,299 | (4) | % | ||||||||
| Income taxes | 253 | 284 | (11) | 732 | 774 | (5) | ||||||||||||||
| Income from continuing operations | $ | 851 | $ | 929 | (8) | % | $ | 2,435 | $ | 2,525 | (4) | % | ||||||||
| NCI | — | — | — | — | — | — | ||||||||||||||
| Net income | $ | 851 | $ | 929 | (8) | % | $ | 2,435 | $ | 2,525 | (4) | % | ||||||||
| Efficiency ratio | 36 | % | 35 | % | 37 | % | 36 | % | ||||||||||||
Balance Sheet data (in billions of dollars) | ||||||||||||||||||||
EOP assets | $ | 183 | $ | 171 | 7 | % | ||||||||||||||
| Average assets | 182 | 171 | 6 | $ | 177 | $ | 169 | 5 | % | |||||||||||
27
Key drivers(4) (in billions of dollars, except as otherwise noted) | ||||||||||||||||||||
| Average loans | $ | 181 | $ | 171 | 6 | % | $ | 176 | $ | 169 | 4 | % | ||||||||
| ACLL as a percentage of EOP loans | 7.77 | % | 8.09 | % | ||||||||||||||||
| NCLs (annualized) as a percentage of average loans | 3.66 | 4.05 | 3.99 | % | 4.39 | % | ||||||||||||||
Revenue rate(5) | 10.22 | 10.80 | 10.59 | 10.83 | ||||||||||||||||
NII(6) (annualized) as a percentage of average loans | 11.88 | 11.89 | 11.94 | 11.89 | ||||||||||||||||
| GPCC | ||||||||||||||||||||
New credit cards account acquisitions(7) (in thousands of accounts) | 1,840 | 1,872 | (2) | % | 7,743 | 5,272 | 47 | % | ||||||||||||
Average active accounts(8) (in thousands of accounts) | 47,913 | 44,968 | 7 | 47,192 | 44,929 | 5 | ||||||||||||||
| Credit card spend volume | $ | 163 | $ | 145 | 13 | $ | 467 | $ | 423 | 10 | ||||||||||
| Average loans | 149 | 137 | 9 | 144 | 135 | 7 | ||||||||||||||
| NCLs (annualized) as a percentage of average loans | 3.51 | % | 3.85 | % | 3.79 | % | 4.16 | % | ||||||||||||
| Loans 90+ days past due as a percentage of EOP loans | 1.21 | 1.27 | ||||||||||||||||||
| Loans 30–89 days past due as a percentage of EOP loans | 1.16 | 1.21 | ||||||||||||||||||
| PLCC | ||||||||||||||||||||
New credit card account acquisitions(7) (in thousands of accounts) | 1,241 | 1,339 | (7) | % | 3,656 | 4,034 | (9) | % | ||||||||||||
Average active accounts(8) (in thousands of accounts) | 21,379 | 23,277 | (8) | 21,854 | 23,722 | (8) | ||||||||||||||
| Credit card spend volume | $ | 12 | $ | 13 | (4) | $ | 36 | $ | 37 | (4) | ||||||||||
| Average loans | 28 | 30 | (6) | 28 | 30 | (6) | ||||||||||||||
| NCLs (annualized) as a percentage of average loans | 4.19 | % | 4.67 | % | 4.68 | % | 5.19 | % | ||||||||||||
| Loans 90+ days past due as a percentage of EOP loans | 1.92 | 2.08 | ||||||||||||||||||
| Loans 30–89 days past due as a percentage of EOP loans | 1.96 | 2.07 | ||||||||||||||||||
(1) The three and nine months ended September 30, 2026 results, balances and metrics include the impact from the acquisition of the additional American Airlines co-branded card portfolio in the second quarter of 2026.
(2) Primarily related to annual fees, net of new-account acquisition costs.
(3) Primarily related to revenue incentives from card networks.
(4) Management uses this information in reviewing the segment’s results and believes it is useful to investors concerning underlying segment performance and trends.
(5) Total revenues, net of interest expense (annualized) as a percentage of average loans.
(6) Net interest income includes certain fees that are recorded as interest revenue.
(7) Represents the number of new credit card accounts opened or acquired.
(8) Represents average open credit card accounts on which there has been a purchase, payment or outstanding balance in the quarter.
NM Not meaningful
28
3Q26 vs. 3Q25
Net income of $851 million decreased 8%.
Revenues were unchanged, driven by growth in net interest income, offset by a decline in non-interest revenue. Net interest income increased 6%, driven by higher interest-earning balances. Non-interest revenue decreased 62%, driven by continuing higher partner payment accruals associated with expanded co-branded partnerships and rewards costs, partially offset by higher interchange and annual fees.
Expenses increased 2%, driven by higher transactional expenses, reflecting higher customer engagement costs, as well as advertising and marketing expenses, largely offset by lower compensation, including lower salaries and benefits, performance-related compensation and severance costs.
Provisions were $1.9 billion, reflecting net credit losses of $1.7 billion, and a net reserve build of $208 million. Net credit losses decreased 4%, primarily driven by improved credit performance in PLCC. The net reserve build was primarily driven by changes in the macroeconomic outlook. Provisions were $1.8 billion in the prior-year period, reflecting net credit losses of $1.7 billion, and a net reserve build of $58 million, driven by changes in portfolio quality and higher volume, largely offset by changes in the macroeconomic outlook.
For additional information on Citi’s ACL, see “Significant Accounting Policies and Significant Estimates” below.
For additional information on USCC’s GPCC, PLCC and Installment Lending loan portfolios, see “Managing Global Risk—Credit Risk—Consumer Credit” below.
For additional information about trends, uncertainties and risks related to future results of the businesses, see “Executive Summary” above, “Forward-Looking Statements” below and “Risk Factors” in Citi’s 2025 Form 10-K.
YTD 2026 vs. YTD 2025
Net income of $2.4 billion decreased 4%.
Revenues increased 2%, driven by growth in net interest income, largely offset by a decline in non-interest revenue. Net interest income increased 5%, driven by higher interest-earning balances and loan spreads. Non-interest revenue decreased 33%, driven by higher partner payment accruals and card rewards, largely offset by higher interchange and annual fees.
Expenses increased 5%, driven by higher transactional expenses and severance costs, as well as advertising and marketing expenses, partially offset by lower legal expenses.
Provisions were $5.6 billion, reflecting net credit losses of $5.3 billion, and a net reserve build of $326 million. Net credit losses decreased 5%, driven by improved credit performance in both PLCC and GPCC. The net reserve build was driven by changes in the macroeconomic outlook, the acquisition of the additional American Airlines co-branded card portfolio and changes in portfolio quality, largely offset by lower volume and refinements to loss assumptions. Provisions were $5.4 billion in the prior-year period, reflecting net credit losses of $5.6 billion, and a net reserve release of $117 million, driven by lower volume and changes in portfolio quality, largely offset by changes in the macroeconomic outlook.
29
ALL OTHER—Managed Basis
All Other (managed basis) includes:
•Legacy Franchises (managed basis), and
•Corporate/Other
Legacy Franchises (Managed Basis)
Legacy Franchises (managed basis) results include the following:
•Mexico Consumer/SBMM, which operates primarily through Grupo Financiero Banamex, S.A. de C.V. (Banamex) and its consolidated subsidiaries and provides traditional retail banking, branded card products, retirement fund administration services and insurance products to consumers and traditional middle-market banking products and services to small business and commercial customers
•Asia Consumer, which consists of the consumer banking operations in Korea that continue to be wound down
•Legacy Holdings Assets (LHA), which consists of certain non-core consumer loan portfolios and other legacy assets that are in the process of being wound down or sold
Legacy Franchises (managed basis) results exclude any divestiture-related impacts related to Banamex and Asia Consumer. For information on divestiture-related impacts, see All Other—Divestiture-Related Impacts (Reconciling Items) below.
At September 30, 2026, Legacy Franchises (managed basis) had the following, nearly all reported in Mexico Consumer/SBMM:
•1,268 retail branches
•$45 billion in deposits
•$17 billion in retail banking loans
•$10 billion in outstanding credit card balances
•$8 billion in outstanding corporate loans, reported within Mexico SBMM
Mexico Consumer/SBMM’s results of operations are presented in a managerial view, and include certain intercompany allocations, managerial charges and offshore expenses that reflect the Mexico Consumer/SBMM operations as a component of Citi’s consolidated operations. Mexico Consumer/SBMM’s results of operations do not reflect, and may differ significantly from, Banamex’s results and operations as a standalone legal entity.
For additional information on the loans and deposits of Mexico Consumer/SBMM and Asia Consumer, see “Mexico Consumer/SBMM—” and “Asia Consumer—key indicators” in the table below.
Banamex Divestiture
Citi continues to make progress toward the divestiture of Banamex, which remains a strategic priority.
On August 11, 2026, Citi completed the sale of 1.4% of Banamex’s outstanding common stock representing the final portion of the previously announced 24% stake that investors had committed to acquire. As a result, Citi currently owns 51% of the voting stock of Banamex.
As of September 30, 2026, Citi had approximately $9 billion of unrealized cumulative translation adjustment (CTA) losses, net of hedges and taxes and inclusive of amounts already reclassified to NCI from the 49% stake sales, attributed to Banamex and its consolidated subsidiaries. Citi currently expects to recognize the CTA losses in earnings and deconsolidate Banamex in early 2027, although the ultimate timing remains subject to change. Citi expects the following impacts as a result of the held-for-sale (HFS) classification and subsequent Banamex deconsolidation process:
•Citi will recognize the CTA losses in earnings when Banamex meets the criteria to be classified as HFS
•Citi will deconsolidate Banamex when it owns less than 50% of Banamex’s voting stock and does not have substantive participating rights in Banamex
•Upon deconsolidation, Citi will derecognize Banamex’s U.S. GAAP assets and liabilities, including DTAs, as well as related goodwill, CTA, AOCI and NCI balances from Citi’s Consolidated Balance Sheet
•The cumulative impact of the CTA losses recognized in connection with the 2025 and 2026 stake sales and a future deconsolidation of Banamex will be regulatory capital neutral to Citi
•In the aggregate, HFS classification and deconsolidation are expected to have a slightly accretive impact on Citi’s CET1 capital ratio
Following deconsolidation, Citi’s remaining equity interest in Banamex will be accounted for based on its ownership interest.
Any decisions related to the timing and structure of any subsequent transaction involving Banamex, including additional sales and the proposed Banamex initial public offering (IPO), will continue to be guided by several factors, including, among other things, financial considerations, market conditions and receipt of regulatory approvals.
For additional information, see “All Other—Managed Basis” in Citi’s Second Quarter of 2026 Form 10-Q and Citi’s First Quarter of 2026 Form 10-Q.
For additional information about risks and uncertainties related to the Banamex divestiture, see “Forward-Looking Statements” below.
Overall Divestiture Progress
With the exception of the Banamex divestiture, which has continued to progress, Citi has largely completed its exits from the 14 international consumer markets identified as part of its strategic refresh. For additional information on Legacy Franchises’ consumer banking business sales and wind-downs, see Note 2.
Corporate/Other
Corporate/Other includes results of Corporate Treasury managed activities, certain unallocated costs of global staff functions (including finance, risk, human resources, legal and compliance-related costs) including certain transformation related spend, unallocated global technology and operations expenses, other corporate expenses (including income taxes) and discontinued operations.
30
All Other—Managed Basis
| Third Quarter | Nine Months | % Change | ||||||||||||||||||
| In millions of dollars, except as otherwise noted | 2026 | 2025 | % Change | 2026 | 2025 | |||||||||||||||
| Net interest income | $ | 1,018 | $ | 1,351 | (25) | % | $ | 2,958 | $ | 4,077 | (27) | % | ||||||||
| Non-interest revenue | 414 | 120 | 245 | 1,893 | 573 | 230 | ||||||||||||||
| Total revenues, net of interest expense | $ | 1,432 | $ | 1,471 | (3) | % | $ | 4,851 | $ | 4,650 | 4 | % | ||||||||
| Total operating expenses | $ | 1,874 | $ | 2,169 | (14) | % | $ | 6,238 | $ | 6,672 | (7) | % | ||||||||
| Net credit losses on loans | 433 | 297 | 46 | 1,170 | 809 | 45 | ||||||||||||||
| Credit reserve build (release) for loans | 19 | 16 | 19 | 93 | 159 | (42) | ||||||||||||||
| Provision (release) for credit losses on unfunded lending commitments | — | (6) | 100 | (5) | (13) | 62 | ||||||||||||||
| Provisions (release) for benefits and claims (PBC), other assets and HTM debt securities | 80 | 24 | 233 | 112 | 109 | 3 | ||||||||||||||
| Provisions for credit losses and PBC | $ | 532 | $ | 331 | 61 | % | $ | 1,370 | $ | 1,064 | 29 | % | ||||||||
| Income (loss) from continuing operations before taxes | $ | (974) | $ | (1,029) | 5 | % | $ | (2,757) | $ | (3,086) | 11 | % | ||||||||
| Income taxes (benefits) | (165) | (277) | 40 | (799) | (922) | 13 | ||||||||||||||
| Income (loss) from continuing operations | $ | (809) | $ | (752) | (8) | % | $ | (1,958) | $ | (2,164) | 10 | % | ||||||||
| Income (loss) from discontinued operations, net of taxes | — | (1) | 100 | (1) | (2) | 50 | ||||||||||||||
NCI(1) | 146 | 3 | NM | 413 | (2) | NM | ||||||||||||||
| Net income (loss) | $ | (955) | $ | (756) | (26) | % | $ | (2,372) | $ | (2,164) | (10) | % | ||||||||
Balance Sheet data (in billions of dollars) | ||||||||||||||||||||
EOP assets | $ | 198 | $ | 211 | (6) | % | ||||||||||||||
Average assets | 204 | 209 | (2) | $ | 206 | $ | 209 | (1) | % | |||||||||||
| Revenue by line of business | ||||||||||||||||||||
| Mexico Consumer/SBMM | $ | 2,027 | $ | 1,722 | 18 | % | $ | 6,072 | $ | 4,725 | 29 | % | ||||||||
| Asia Consumer | 23 | 149 | (85) | 205 | 439 | (53) | ||||||||||||||
| Legacy Holdings Assets (LHA) | (203) | — | NM | (216) | 19 | NM | ||||||||||||||
| Corporate/Other | (415) | (400) | (4) | (1,210) | (533) | (127) | ||||||||||||||
| Total | $ | 1,432 | $ | 1,471 | (3) | % | $ | 4,851 | $ | 4,650 | 4 | % | ||||||||
Mexico Consumer/SBMM(2)—key indicators (in billions of dollars) | ||||||||||||||||||||
| EOP loans | $ | 32 | $ | 29 | 13 | % | ||||||||||||||
| EOP deposits | 44 | 41 | 9 | |||||||||||||||||
| Average loans | 33 | 27 | 20 | $ | 32 | $ | 26 | 24 | % | |||||||||||
| NCLs (annualized) as a percentage of average loans (Mexico Consumer only) | 6.68 | % | 5.46 | % | 6.40 | % | 5.42 | % | ||||||||||||
| Loans 90+ days past due as a percentage of EOP loans (Mexico Consumer only) | 1.73 | 1.60 | ||||||||||||||||||
Loans 30–89 days past due as a percentage of EOP loans (Mexico Consumer only) | 1.70 | 1.58 | ||||||||||||||||||
Asia Consumer—key indicators (in billions of dollars) | ||||||||||||||||||||
| EOP loans | $ | 2 | $ | 3 | (19) | % | ||||||||||||||
| EOP deposits | 1 | 1 | (38) | |||||||||||||||||
| Average loans | 2 | 3 | (21) | $ | 2 | $ | 4 | (39) | % | |||||||||||
LHA—key indicators (in billions of dollars) | ||||||||||||||||||||
| EOP loans | $ | 1 | $ | 2 | (50) | % | ||||||||||||||
(1) Net income attributable to NCI represents the portion of net earnings of consolidated subsidiaries that is attributable to shareholders other than Citi. These amounts are deducted from All Other’s Income from continuing operations above (and the total for all businesses from Citigroup’s net income before attribution to noncontrolling interests) to arrive at All Other’s Net income above (and in total for all businesses from Citigroup’s net income). The increase in NCI in 2026 primarily relates to the Banamex equity sales completed in December 2025 and April 2026, resulting in a portion of Banamex’s earnings being attributable to noncontrolling shareholders.
(2) Composed primarily of Grupo Financiero Banamex, S.A. de C.V. (Banamex) and its consolidated subsidiaries.
NM Not meaningful
31
3Q26 vs. 3Q25
Net loss was $955 million, compared to a net loss of $756 million in the prior-year period.
All Other (managed basis) revenues of $1.4 billion decreased 3%, driven by lower revenues in Legacy Franchises (managed basis) and Corporate/Other.
Legacy Franchises (managed basis) revenues of $1.8 billion decreased 1%, as continued revenue growth in Mexico Consumer/SBMM (managed basis) was offset by lower revenues in Asia Consumer and Legacy Holdings Assets.
Mexico Consumer/SBMM (managed basis) revenues of $2.0 billion increased 18%, driven by higher loan balances in retail banking and cards, deposits in retail banking and fee revenues from insurance, retirement and cards businesses, as well as the impact of Mexican peso appreciation.
Asia Consumer (managed basis) revenues were $23 million, compared to $149 million in the prior-year period, driven by a continued reduction from closed exits and wind-downs.
Legacy Holdings Assets revenues decreased $203 million, compared to the prior-year period, driven by the impact of an episodic item in the current period, which was fully offset within Corporate/Other.
Corporate/Other revenues decreased to $(415) million, compared to $(400) million in the prior-year period, driven by lower net interest income, offset by higher non-interest revenue. The lower net interest income was driven by higher asset and liability management impacts, partially offset by the impact of an episodic item in the current period, which was fully offset within Legacy Holdings Assets. The higher non-interest revenue was primarily driven by the impact of valuation adjustments on certain investments and positions.
Expenses decreased 14%, driven by lower transformation expenses, and lower expenses related to closed exits and wind-downs. This decline was partially offset by the impact of Mexican peso appreciation and a contribution to the Citi Foundation. For additional information on Citi’s transformation, including related expenses, see “Citi’s Multiyear Transformation” in Citi’s 2025 Form 10-K.
Provisions were $532 million, reflecting net credit losses of $433 million, and a net reserve build of $99 million. Net credit losses increased 46%, driven by higher volume and portfolio seasoning in Mexico Consumer. The net reserve build was primarily driven by policyholder benefits and claims in Mexico Consumer. Provisions were $331 million in the prior-year period, reflecting net credit losses of $297 million, and a net reserve build of $34 million, driven by higher volume and changes in portfolio quality, largely offset by changes in the macroeconomic outlook.
For additional information on Citi’s ACL, see “Significant Accounting Policies and Significant Estimates” below.
For additional information on the consumer portion of All Other—Legacy Franchises, including the Mexico Consumer loan portfolios, see “Managing Global Risk—Credit Risk—Consumer Credit” below.
For additional information about trends, uncertainties and risks related to future results of the businesses, see “Executive Summary” above, “Managing Global Risk—Other Risks—Country Risk” and “Forward-Looking Statements” below and “Risk Factors” in Citi’s 2025 Form 10-K.
YTD 2026 vs. YTD 2025
Net loss was $2.4 billion, compared to a net loss of $2.2 billion in the prior-year period.
All Other (managed basis) revenues increased 4%, driven by higher revenues in Legacy Franchises (managed basis), primarily offset by lower revenues in Corporate/Other.
Legacy Franchises (managed basis) revenues increased 17%, as higher revenues in Mexico Consumer/SBMM (managed basis) were partially offset by lower revenues in Asia Consumer and Legacy Holdings Assets.
Mexico Consumer/SBMM (managed basis) revenues increased 29%, driven by higher loan balances in cards and retail banking and higher deposits, higher fee revenues from insurance, cards and retirement businesses, a gain on sale from an investment and episodic items, as well as the impact of Mexican peso appreciation.
Asia Consumer (managed basis) revenues decreased 53%, driven by the closed exits and wind-downs.
Legacy Holdings Assets revenues decreased $235 million, compared to the prior-year period, primarily driven by the impact of an episodic item in the current period, which was fully offset within Corporate/Other.
Corporate/Other revenues decreased to $(1.2) billion, compared to $(533) million in the prior-year period, driven by lower net interest income, largely offset by higher non-interest revenue. The lower net interest income was driven by higher asset and liability management impacts. The higher non-interest revenue was driven by the impact of valuation adjustments on certain investments and positions, episodic items and gains on sale of certain investments.
Expenses decreased 7%, driven by lower transformation expenses, lower expenses related to closed exits and wind-downs and lower legal expenses. This decline was largely offset by the impact of Mexican peso appreciation, higher severance costs, continued investments in technology and higher compensation and benefits.
Provisions were $1.4 billion, reflecting net credit losses of $1.2 billion, and a net reserve build of $200 million. Net credit losses increased 45%, driven by higher volume and portfolio seasoning in Mexico Consumer. The net reserve build was driven by policyholder benefits and claims in Mexico Consumer and higher volume. Provisions were $1.1 billion in the prior-year period, reflecting net credit losses of $809 million, and a net reserve build of $255 million, primarily driven by higher volume and changes in portfolio quality in Mexico Consumer, transfer risk and changes in the macroeconomic outlook.
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ALL OTHER—Divestiture-Related Impacts (Reconciling Items)
The table below presents a reconciliation from All Other (U.S. GAAP) to All Other (managed basis). All Other (U.S. GAAP), less Reconciling Items, equals All Other (managed basis). The Reconciling Items are reflected on each relevant line item in Citi’s Consolidated Statement of Income.
All Other (managed basis) and Legacy Franchises (managed basis) results exclude divestiture-related impacts (see the “Reconciling Items” column in the table below) related to:
•Banamex, reported within All Other (U.S. GAAP), and
•Citi’s divestitures of its Asia Consumer businesses.
Certain of the results of operations of All Other (managed basis) and Legacy Franchises (managed basis) are non-GAAP financial measures (see “Overview—Non-GAAP Financial Measures” above).
| Third Quarter | ||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||
| In millions of dollars, except as otherwise noted | All Other (U.S. GAAP) | Reconciling Items(1) | All Other (managed basis) | All Other (U.S. GAAP) | Reconciling Items(2) | All Other (managed basis) | ||||||||||||||
| Net interest income | $ | 1,018 | $ | — | $ | 1,018 | $ | 1,351 | $ | — | $ | 1,351 | ||||||||
| Non-interest revenue | 426 | 12 | 414 | 122 | 2 | 120 | ||||||||||||||
| Total revenues, net of interest expense | $ | 1,444 | $ | 12 | $ | 1,432 | $ | 1,473 | $ | 2 | $ | 1,471 | ||||||||
| Total operating expenses | $ | 1,881 | $ | 7 | $ | 1,874 | $ | 2,935 | $ | 766 | $ | 2,169 | ||||||||
| Net credit losses on loans | 433 | — | 433 | 294 | (3) | 297 | ||||||||||||||
| Credit reserve build (release) for loans | 19 | — | 19 | 16 | — | 16 | ||||||||||||||
| Provision for credit losses on unfunded lending commitments | — | — | — | (6) | — | (6) | ||||||||||||||
| Provisions for benefits and claims (PBC), other assets and HTM debt securities | 80 | — | 80 | 24 | — | 24 | ||||||||||||||
| Provisions (benefits) for credit losses and PBC | $ | 532 | $ | — | $ | 532 | $ | 328 | $ | (3) | $ | 331 | ||||||||
| Income (loss) from continuing operations before taxes | $ | (969) | $ | 5 | $ | (974) | $ | (1,790) | $ | (761) | $ | (1,029) | ||||||||
| Income taxes (benefits) | (166) | (1) | (165) | (261) | 16 | (277) | ||||||||||||||
| Income (loss) from continuing operations | $ | (803) | $ | 6 | $ | (809) | $ | (1,529) | $ | (777) | $ | (752) | ||||||||
| Income (loss) from discontinued operations, net of taxes | — | — | — | (1) | — | (1) | ||||||||||||||
NCI(3) | 146 | — | 146 | 3 | — | 3 | ||||||||||||||
| Net income (loss) | $ | (949) | $ | 6 | $ | (955) | $ | (1,533) | $ | (777) | $ | (756) | ||||||||
| Nine Months | ||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||
| In millions of dollars, except as otherwise noted | All Other (U.S. GAAP) | Reconciling Items(4) | All Other (managed basis) | All Other (U.S. GAAP) | Reconciling Items(5) | All Other (managed basis) | ||||||||||||||
| Net interest income | $ | 2,958 | $ | — | $ | 2,958 | $ | 4,077 | $ | — | $ | 4,077 | ||||||||
| Non-interest revenue | 1,938 | 45 | 1,893 | 398 | (175) | 573 | ||||||||||||||
| Total revenues, net of interest expense | $ | 4,896 | $ | 45 | $ | 4,851 | $ | 4,475 | $ | (175) | $ | 4,650 | ||||||||
| Total operating expenses | $ | 6,301 | $ | 63 | $ | 6,238 | $ | 7,509 | $ | 837 | $ | 6,672 | ||||||||
| Net credit losses on loans | 1,169 | (1) | 1,170 | 811 | 2 | 809 | ||||||||||||||
| Credit reserve build (release) for loans | 93 | — | 93 | 148 | (11) | 159 | ||||||||||||||
| Provision for credit losses on unfunded lending commitments | (5) | — | (5) | (13) | — | (13) | ||||||||||||||
| Provisions for benefits and claims (PBC), other assets and HTM debt securities | 112 | — | 112 | 109 | — | 109 | ||||||||||||||
| Provisions (benefits) for credit losses and PBC | $ | 1,369 | $ | (1) | $ | 1,370 | $ | 1,055 | $ | (9) | $ | 1,064 | ||||||||
| Income (loss) from continuing operations before taxes | $ | (2,774) | $ | (17) | $ | (2,757) | $ | (4,089) | $ | (1,003) | $ | (3,086) | ||||||||
| Income taxes (benefits) | (808) | (9) | (799) | (953) | (31) | (922) | ||||||||||||||
| Income (loss) from continuing operations | $ | (1,966) | $ | (8) | $ | (1,958) | $ | (3,136) | $ | (972) | $ | (2,164) | ||||||||
| Income (loss) from discontinued operations, net of taxes | (1) | — | (1) | (2) | — | (2) | ||||||||||||||
NCI(3) | 413 | — | 413 | (2) | — | (2) | ||||||||||||||
| Net income (loss) | $ | (2,380) | $ | (8) | $ | (2,372) | $ | (3,136) | $ | (972) | $ | (2,164) | ||||||||
33
(1) The three months ended September 30, 2026 includes approximately $7 million in operating expenses ($6 million after-tax), largely driven by separation costs in Mexico.
(2) The three months ended September 30, 2025 includes approximately $766 million in operating expenses (approximately $744 million after-tax), driven by a goodwill impairment charge related to Banamex ($726 million ($714 million after-tax)) and separation costs in Mexico. For additional information, see Citi’s Quarterly Report on Form 10-Q for the period ended September 30, 2025.
(3) Net income attributable to NCI represents the portion of net earnings of consolidated subsidiaries that is attributable to shareholders other than Citi. These amounts are deducted from All Other’s Income from continuing operations above (and the total for all businesses from Citigroup’s net income before attribution to noncontrolling interests) to arrive at All Other’s Net income above (and in total for all businesses from Citigroup’s net income). The increase in NCI in 2026 primarily relates to the Banamex equity sales completed in December 2025 and April 2026, resulting in a portion of Banamex’s earnings being attributable to noncontrolling shareholders.
(4) The nine months ended September 30, 2026 includes approximately $63 million in operating expenses ($47 million after-tax), largely driven by separation costs in Mexico.
(5) The nine months ended September 30, 2025 includes (i) an approximate $186 million loss recorded in revenue (approximately $157 million after-tax), related to the announced sale of the Poland consumer banking business; and (ii) approximately $837 million in operating expenses (approximately $793 million after-tax), driven by a goodwill impairment charge related to Banamex ($726 million ($714 million after-tax)) and separation costs in Mexico and severance costs in the Asia exit markets (approximately $89 million (approximately $62 million after-tax)). For additional information, see Citi’s Quarterly Report on Form 10-Q for the period ended September 30, 2025.
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CAPITAL RESOURCES
For additional information about capital resources, including Citi’s capital management, regulatory capital buffers, the stress testing component of capital planning and current regulatory capital standards and developments, see “Capital Resources” and “Risk Factors” in Citi’s 2025 Form 10-K.
Capital Management
Citi’s capital management framework is designed to ensure that Citigroup and its principal subsidiaries maintain sufficient capital consistent with each entity’s respective risk profile, management targets and all applicable regulatory standards and guidelines. Citi assesses its capital adequacy against a series of internal quantitative capital goals, designed to evaluate its capital levels in expected and stressed economic environments. Underlying these internal quantitative capital goals are strategic capital considerations, centered on preserving and building financial strength.
For information on Citigroup’s recent capital actions, see “Unregistered Sales of Equity Securities, Repurchases of Equity Securities and Dividends” below.
Regulatory Capital
Citigroup is subject to regulatory capital rules issued by the FRB, in coordination with the OCC and the Federal Deposit Insurance Corporation (FDIC), including the U.S. implementation of the Basel III rules. These rules establish an integrated capital adequacy framework, encompassing both risk-based capital and leverage requirements.
Citigroup’s primary depository institution subsidiary, Citibank, N.A. (Citibank), must comply with the U.S. Basel III rules as well as the minimum capital requirements outlined in the Prompt Corrective Action (PCA) framework.
Risk-Based Capital Requirements
As Advanced Approaches institutions under the U.S. Basel III rules, Citigroup and Citibank must calculate risk-based measures using two methods, a Standardized Approach and Advanced Approaches. Capital adequacy is determined based on the lower ratios under the Standardized and Advanced Approaches compared to their respective requirements.
In addition to prescribed minimum requirements, Citigroup and Citibank are required to maintain several risk-based regulatory capital buffers above the stated minimum capital requirements to avoid limitations on capital distributions and discretionary bonus payments to executive officers. These buffers may include a capital conservation buffer (CCB), stress capital buffer (SCB), countercyclical capital buffer (CCyB) and global systemically important bank holding company (GSIB) surcharge. Current minimum requirements and buffers for Citigroup and Citibank are presented in the tables below.
For information on potential changes to the U.S. Basel III rules, see “Regulatory Capital Standards and Developments” below.
Leverage Requirements
Under the U.S. Basel III rules, Citigroup and Citibank are also subject to Tier 1 Leverage and Supplementary Leverage ratio (SLR) requirements, including an enhanced Supplementary Leverage ratio (eSLR) requirement.
Citi early adopted revised requirements under amendments to the eSLR standards for GSIBs and their depository institution subsidiaries on January 1, 2026. As of September 30, 2026, Citigroup and Citibank were required to maintain an eSLR buffer of 1.0%, calculated as 50% of Citi’s method 1 GSIB surcharge of 2.0%, resulting in a minimum SLR requirement of 4.0% for both entities. Under prior requirements, the minimum SLR requirement was 5.0% for Citigroup and 6.0% for Citibank.
In addition, under the revised eSLR standards, Citi’s external total loss-absorbing capacity (TLAC) and eligible long-term debt (LTD) leverage-based requirements were calibrated at 8.5% and 3.5%, respectively. For additional information regarding the eSLR buffer, see “Capital Resources—Regulatory Capital Standards and Developments” in Citi’s 2025 Form 10-K.
Regulatory Capital Standards and Developments
Stress Testing Framework and Stress Capital Buffer Requirements
On September 30, 2026, the FRB issued two final rules intended to (1) enhance the transparency and public accountability of its stress testing framework, and (2) to reduce volatility in SCB requirements. In connection with these two final rules, the FRB also finalized the models for the 2027 stress test and issued a notice of proposed rulemaking requesting public input on a revised non-interest income model.
The first final rule requires the FRB to solicit annual public input on supervisory stress test scenarios and material model changes, enhances the information disclosed to participating firms and establishes additional guidelines for scenario design. This final rule also revises certain elements of the annual stress testing calendar. For firms subject to the global market shock component, including Citi, the FRB will apply two global market shock scenarios using the same as-of date and use the scenario that generates the higher losses for each firm in calculating its supervisory stress test results.
The second final rule intends to reduce SCB year-over-year volatility by generally calculating the stress capital decline component using the average of the maximum projected decline in a firm’s CET1 capital ratio under the two most recent annual supervisory stress tests. The dividend add-on component will not be averaged and will continue to be updated annually. Under the final rule, the SCB remains subject to the existing 2.5% floor. The rule also changes the annual effective date of the SCB requirement from October 1 to January 1 and eliminates the existing phase-in for highly material supervisory model changes. The change in the annual effective date and other applicable elements of the final rule will first apply to SCB requirements effective January 1, 2028, while the averaging methodology will first apply to SCB requirements effective January 1, 2029.
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Basel III Revisions
On March 19, 2026, the U.S. banking agencies issued a notice of proposed rulemaking, known as the Basel III proposal, to amend U.S. regulatory capital requirements. The proposal remains under the agencies’ consideration.
The Basel III proposal would adopt a single approach for RWA measurement for the largest banks by replacing the current Standardized and Advanced Approaches with a new expanded risk-based approach (ERBA). ERBA, which includes revisions to the RWA calculation methodologies for credit, market and operational risk, is designed to improve risk sensitivity compared to the existing Standardized Approach and more closely align with international capital standards. For large banking organizations such as Citi, capital requirements under the new framework would consist of a prescribed minimum, the SCB, the GSIB surcharge and any applicable CCyB.
If adopted as proposed, the Basel III proposal would also impact the calculation of Total Leverage Exposure as well as affect external TLAC and LTD calculations.
GSIB Surcharge
On March 19, 2026, the FRB also proposed changes to the GSIB surcharge rule that aim to better align the surcharge calculation with systemic risks. The proposal remains under FRB consideration.
The proposal would modify the U.S.–specific method 2 calculation through adjustments to the fixed systemic indicator coefficients to account for economic growth and inflation, modification to the short-term wholesale funding systemic indicator and the use of daily and monthly averages instead of year-end values. In addition, the proposal would narrow surcharge bands under method 2 from 50 bps to 10 bps to reduce cliff effects when moving between bands.
For information about risks related to changes in regulatory capital requirements, see “Risk Factors—Strategic Risks,” “—Operational Risks” and “—Compliance Risks” in Citi’s 2025 Form 10-K.
Citigroup’s Capital Resources
The following table presents Citigroup’s risk-based capital requirements as of September 30, 2026 and December 31, 2025:
Regulatory Capital Buffers(1) | Standardized Approach | Advanced Approaches | ||||||
| GSIB surcharge | 3.5 | % | 3.5 | % | ||||
SCB(2) | 3.6 | N/A | ||||||
| CCB | N/A | 2.5 | ||||||
| CCyB | — | — | ||||||
| Regulatory Capital buffer requirement | 7.1 | % | 6.0 | % | ||||
| CET1 Capital (stated minimum) | 4.5 | 4.5 | ||||||
| CET1 Capital ratio requirement | 11.6 | % | 10.5 | % | ||||
| Additional Tier 1 Capital | 1.5 | 1.5 | ||||||
| Tier 1 Capital ratio requirement | 13.1 | % | 12.0 | % | ||||
| Tier 2 Capital | 2.0 | 2.0 | ||||||
| Total Capital ratio requirement | 15.1 | % | 14.0 | % | ||||
(1) For additional information on the capital buffers, see “Capital Resources—Regulatory Capital Buffers” in Citi’s 2025 Form 10-K.
(2) Citi’s SCB will remain at 3.6% through December 31, 2027. For additional information on changes to the SCB requirements, see “Regulatory Capital Standards and Developments” above.
N/A Not applicable
36
The following tables present Citigroup’s capital components and ratios as of September 30, 2026 and December 31, 2025:
| September 30, 2026 | ||||||||||||||
In millions of dollars, except ratios | Required Ratios | Standardized Approach | Required Ratios | Advanced Approaches | ||||||||||
Common Equity Tier 1 Capital | $ | 157,415 | $ | 157,415 | ||||||||||
Tier 1 Capital | 179,445 | 179,445 | ||||||||||||
Total Capital | 214,326 | 205,033 | ||||||||||||
Total Risk-Weighted Assets | 1,232,261 | 1,312,128 | ||||||||||||
Credit Risk | $ | 1,184,000 | $ | 981,368 | ||||||||||
Market Risk | 48,261 | 47,432 | ||||||||||||
Operational Risk | N/A | 283,328 | ||||||||||||
CET1 Capital ratio(1) | 11.6 | % | 12.77 | % | 10.5 | % | 12.00 | % | ||||||
Tier 1 Capital ratio(2) | 13.1 | 14.56 | 12.0 | 13.68 | ||||||||||
Total Capital ratio(3) | 15.1 | 17.39 | 14.0 | 15.63 | ||||||||||
Quarterly Adjusted Average Total Assets(4) | $ | 2,965,450 | $ | 2,965,450 | ||||||||||
Leverage ratio | 4.0 | % | 6.05 | % | 4.0 | % | 6.05 | % | ||||||
Total Leverage Exposure(5) | 3,592,763 | |||||||||||||
Supplementary Leverage ratio(6) | 4.0 | % | 4.99 | % | ||||||||||
| December 31, 2025 | ||||||||||||||
In millions of dollars, except ratios | Required Ratios | Standardized Approach | Required Ratios | Advanced Approaches | ||||||||||
Common Equity Tier 1 Capital | $ | 157,099 | $ | 157,099 | ||||||||||
Tier 1 Capital | 179,675 | 179,675 | ||||||||||||
Total Capital | 216,468 | 206,170 | ||||||||||||
Total Risk-Weighted Assets | 1,192,174 | 1,316,371 | ||||||||||||
Credit Risk | $ | 1,131,414 | $ | 943,012 | ||||||||||
Market Risk | 60,760 | 59,758 | ||||||||||||
Operational Risk | N/A | 313,601 | ||||||||||||
CET1 Capital ratio(1) | 11.6 | % | 13.18 | % | 10.5 | % | 11.93 | % | ||||||
Tier 1 Capital ratio(2) | 13.1 | 15.07 | 12.0 | 13.65 | ||||||||||
Total Capital ratio(3) | 15.1 | 18.16 | 14.0 | 15.66 | ||||||||||
Quarterly Adjusted Average Total Assets(4) | $ | 2,685,119 | $ | 2,685,119 | ||||||||||
Leverage ratio | 4.0 | % | 6.69 | % | 4.0 | % | 6.69 | % | ||||||
Total Leverage Exposure(5) | 3,276,212 | |||||||||||||
Supplementary Leverage ratio | 5.0 | % | 5.48 | % | ||||||||||
(1)For all periods presented, Citi’s binding CET1 Capital ratios were derived under the Standardized Approach.
(2)Citi’s binding Tier 1 Capital ratios were derived under the Standardized Approach for September 30, 2026 and the Advanced Approaches for December 31, 2025.
(3)For all periods presented, Citi’s binding Total Capital ratios were derived under the Advanced Approaches.
(4)Leverage ratio denominator. Represents average total on-balance sheet assets, less permitted deductions calculated in accordance with the U.S. Basel III rules.
(5)Supplementary Leverage ratio denominator. Represents average on-balance sheet assets, less permitted deductions and adding certain off-balance sheet exposures, calculated in accordance with the U.S. Basel III rules.
(6)As of September 30, 2026, Citigroup’s minimum SLR requirement was 4.0%, including an eSLR buffer of 1.0%, calculated as 50% of Citi’s method 1 GSIB surcharge of 2.0%. For additional information on the eSLR buffer, see “Leverage Requirements” above.
N/A Not applicable
Citi’s CET1 Capital was largely unchanged from December 31, 2025, as net income and net beneficial movements in AOCI were offset by common share repurchases and the payment of common and preferred dividends.
As indicated in the table above, Citigroup’s capital ratios at September 30, 2026 were in excess of the regulatory capital requirements under the U.S. Basel III rules. In addition, Citigroup was “well capitalized” under federal bank regulatory agencies definitions as of September 30, 2026.
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Components of Citigroup Capital
In millions of dollars | September 30, 2026 | December 31, 2025 | $ Change 2025 to 2026 | ||||||||
Common stockholders’ equity(1) | $ | 191,423 | $ | 192,304 | $ | (881) | |||||
Qualifying noncontrolling interests includable in CET1 Capital(2) | 186 | 226 | (40) | ||||||||
Goodwill, net of related deferred tax liabilities (DTLs)(3) | (18,425) | (18,482) | 57 | ||||||||
Other intangible assets, net of related DTLs | (3,751) | (3,135) | (616) | ||||||||
Deferred tax assets (DTAs) arising from net operating loss and tax credit carryforwards | (9,889) | (10,784) | 895 | ||||||||
Excess over 10%/15% limitations for other DTAs, certain common stock investments and mortgage servicing rights (MSRs)(4) | (3,129) | (3,117) | (12) | ||||||||
| Cumulative unrealized net (gain) loss related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax | 1,126 | 1,919 | (793) | ||||||||
| Accumulated net unrealized (gain) loss on cash flow hedges, net of tax | 1,367 | (10) | 1,377 | ||||||||
| Other | (1,493) | (1,822) | 329 | ||||||||
Total Common Equity Tier 1 Capital | $ | 157,415 | $ | 157,099 | $ | 316 | |||||
Qualifying noncumulative perpetual preferred stock(1) | $ | 17,986 | $ | 19,987 | $ | (2,001) | |||||
Qualifying trust preferred securities(5) | 1,443 | 1,433 | 10 | ||||||||
Qualifying noncontrolling interests includable in Tier 1 Capital, not included in CET1 Capital(2) | 2,654 | 1,229 | 1,425 | ||||||||
Other | (53) | (73) | 20 | ||||||||
Total Tier 1 Capital | $ | 179,445 | $ | 179,675 | $ | (230) | |||||
Qualifying subordinated debt | $ | 20,352 | $ | 22,380 | $ | (2,028) | |||||
Qualifying noncontrolling interests includable in Total Capital, not included in Tier 1 Capital(2) | 214 | 247 | (33) | ||||||||
Eligible allowance for credit losses | 14,941 | 14,311 | 630 | ||||||||
Other | (626) | (145) | (481) | ||||||||
Total Capital (Standardized Approach) | $ | 214,326 | $ | 216,468 | $ | (2,142) | |||||
Adjustment for excess of eligible credit reserves over expected credit losses(6) | $ | (9,293) | $ | (10,298) | $ | 1,005 | |||||
Total Capital (Advanced Approaches) | $ | 205,033 | $ | 206,170 | $ | (1,137) | |||||
(1)Issuance costs of $64 million and $63 million related to outstanding noncumulative perpetual preferred stock at September 30, 2026 and December 31, 2025, respectively, were excluded from common stockholders’ equity and netted against such preferred stock in accordance with FRB regulatory reporting requirements, which differ from those under U.S. GAAP.
(2)Represents the amount of qualifying capital issued by consolidated subsidiaries and held by external parties that is eligible for inclusion in Citi’s regulatory capital under the U.S. Basel III rules.
(3)Includes goodwill “embedded” in the valuation of significant common stock investments in unconsolidated financial institutions.
(4)At September 30, 2026 and December 31, 2025, this deduction related only to DTAs arising from temporary differences that exceeded the 10% limitation.
(5)Represents Citigroup Capital XIII trust preferred securities, which are permanently grandfathered as Tier 1 Capital under the U.S. Basel III rules.
(6)The total amount of eligible credit reserves in excess of expected credit losses that were eligible for inclusion in Tier 2 Capital, subject to limitation, under the Advanced Approaches framework were $5.6 billion and $4.0 billion at September 30, 2026 and December 31, 2025, respectively.
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Citigroup Risk-Weighted Assets Rollforward
| In millions of dollars | Standardized Approach | Advanced Approaches | ||||||
Total Risk-Weighted Assets at December 31, 2025 | $ | 1,192,174 | $ | 1,316,371 | ||||
General credit risk exposures(1) | 25,537 | 23,936 | ||||||
| Derivatives | 15,824 | 5,440 | ||||||
| Securities financing transactions | 17,785 | 14,651 | ||||||
| Securitization exposures | 7,463 | 10,346 | ||||||
| Equity exposures | (5,220) | (5,741) | ||||||
| Other exposures | (8,803) | (10,276) | ||||||
| Change in Credit Risk-Weighted Assets | $ | 52,586 | $ | 38,356 | ||||
Change in Market Risk-Weighted Assets | $ | (12,499) | $ | (12,326) | ||||
Change in Operational Risk-Weighted Assets | N/A | $ | (30,273) | |||||
Total Risk-Weighted Assets at September 30, 2026 | $ | 1,232,261 | $ | 1,312,128 | ||||
(1)General credit risk exposures include cash and balances due from depository institutions, securities, and loans and leases.
N/A Not applicable
As presented in the table above, for the nine months ended September 30, 2026, Citigroup’s Credit RWAs increased under both the Standardized and Advanced Approaches compared to December 31, 2025, mainly driven by increased derivatives and securities financing transactions activity, growth in corporate lending and the acquisition of the additional American Airlines co-branded card portfolio. These increases were partially offset by the sale of AO Citibank in Russia predominantly reducing other exposures and the sale of the Poland consumer banking business. Advanced Approaches Credit RWAs also experienced reductions due to model updates.
Market RWAs decreased under both the Standardized and Advanced Approaches compared to December 31, 2025, primarily due to revised treatment for certain foreign exchange exposures, downside protection in equity products and exposure changes across multiple asset classes.
Operational RWAs decreased under the Advanced Approaches compared to December 31, 2025, due to model methodology updates.
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Citibank’s Capital Resources
Citibank Risk-Based Capital Requirements
The following table presents the risk-based capital requirements for Citibank, Citi’s primary U.S. depository institution subsidiary, under both the Standardized and Advanced Approaches as of September 30, 2026 and December 31, 2025:
Regulatory Capital Buffers(1) | Standardized and Advanced Approaches | ||||
| CCB | 2.5 | % | |||
| CCyB | — | ||||
| Regulatory Capital buffer requirement | 2.5 | % | |||
| CET1 Capital (stated minimum) | 4.5 | ||||
CET1 Capital ratio requirement(2) | 7.0 | % | |||
| Additional Tier 1 Capital | 1.5 | ||||
Tier 1 Capital ratio requirement(2) | 8.5 | % | |||
| Tier 2 Capital | 2.0 | ||||
Total Capital ratio requirement(2) | 10.5 | % | |||
(1)For additional information on the capital buffers, see “Capital Resources—Regulatory Capital Buffers” in Citi’s 2025 Form 10-K.
(2)Citibank must maintain minimum CET1 Capital, Tier 1 Capital and Total Capital of 6.5%, 8.0% and 10.0%, respectively, to be considered “well capitalized” under the PCA regulations applicable to insured depository institutions. See “Capital Resources—Prompt Corrective Action Framework” in Citi’s 2025 Form 10-K.
40
The following tables present the capital components and ratios for Citibank as of September 30, 2026 and December 31, 2025:
| September 30, 2026 | ||||||||||||||
In millions of dollars, except ratios | Required Ratios | Standardized Approach | Required Ratios | Advanced Approaches | ||||||||||
CET1 Capital | $ | 151,551 | $ | 151,551 | ||||||||||
Tier 1 Capital | 153,678 | 153,678 | ||||||||||||
Total Capital | 166,379 | 158,502 | ||||||||||||
Total Risk-Weighted Assets | 1,044,083 | 1,108,943 | ||||||||||||
Credit Risk | $ | 1,005,943 | $ | 841,715 | ||||||||||
Market Risk | 38,140 | 37,377 | ||||||||||||
Operational Risk | N/A | 229,851 | ||||||||||||
CET1 Capital ratio(1) | 7.0 | % | 14.52 | % | 7.0 | % | 13.67 | % | ||||||
Tier 1 Capital ratio(1) | 8.5 | 14.72 | 8.5 | 13.86 | ||||||||||
Total Capital ratio(1) | 10.5 | 15.94 | 10.5 | 14.29 | ||||||||||
Quarterly Adjusted Average Total Assets(2) | $ | 2,009,830 | $ | 2,009,830 | ||||||||||
Leverage ratio | 5.0 | % | 7.65 | % | 5.0 | % | 7.65 | % | ||||||
Total Leverage Exposure(3) | 2,566,603 | |||||||||||||
Supplementary Leverage ratio(4) | 4.0 | % | 5.99 | % | ||||||||||
| December 31, 2025 | ||||||||||||||
In millions of dollars, except ratios | Required Ratios | Standardized Approach | Required Ratios | Advanced Approaches | ||||||||||
CET1 Capital | $ | 158,202 | $ | 158,202 | ||||||||||
Tier 1 Capital | 160,338 | 160,338 | ||||||||||||
Total Capital | 175,949 | 168,005 | ||||||||||||
Total Risk-Weighted Assets | 1,006,961 | 1,104,193 | ||||||||||||
Credit Risk | $ | 971,591 | $ | 818,714 | ||||||||||
Market Risk | 35,370 | 35,208 | ||||||||||||
Operational Risk | N/A | 250,271 | ||||||||||||
CET1 Capital ratio(1) | 7.0 | % | 15.71 | % | 7.0 | % | 14.33 | % | ||||||
Tier 1 Capital ratio(1) | 8.5 | 15.92 | 8.5 | 14.52 | ||||||||||
Total Capital ratio(1) | 10.5 | 17.47 | 10.5 | 15.22 | ||||||||||
Quarterly Adjusted Average Total Assets(2) | $ | 1,864,383 | $ | 1,864,383 | ||||||||||
Leverage ratio | 5.0 | % | 8.60 | % | 5.0 | % | 8.60 | % | ||||||
Total Leverage Exposure(3) | 2,374,748 | |||||||||||||
Supplementary Leverage ratio | 6.0 | % | 6.75 | % | ||||||||||
(1)For all periods presented, Citibank’s binding CET1 Capital, Tier 1 Capital and Total Capital ratios were derived under the Advanced Approaches.
(2)Leverage ratio denominator. Represents average total on-balance sheet assets, less permitted deductions calculated in accordance with the U.S. Basel III rules.
(3)Supplementary Leverage ratio denominator. Represents average on-balance sheet assets, less permitted deductions and adding certain off-balance sheet exposures, calculated in accordance with the U.S. Basel III rules.
(4)As of September 30, 2026, Citibank’s minimum SLR requirement was 4.0%, including an eSLR buffer of 1.0%, calculated as 50% of Citi’s method 1 GSIB surcharge of 2.0%. For additional information on the eSLR buffer, see “Leverage Requirements” above.
N/A Not applicable
As presented in the table above, Citibank’s capital ratios at September 30, 2026 were in excess of the regulatory capital requirements under the U.S. Basel III rules. In addition, Citibank was “well capitalized” as of September 30, 2026.
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Citigroup Broker-Dealer Subsidiaries
At September 30, 2026, in accordance with the Net Capital Rule, Citigroup Global Markets Inc., a U.S. broker-dealer registered with the SEC that is an indirect wholly owned subsidiary of Citigroup, had net capital of $19 billion, which exceeded minimum regulatory capital requirements of $6 billion.
Citigroup Global Markets Limited, a broker-dealer registered with the United Kingdom’s Prudential Regulation Authority (PRA) that is also an indirect wholly owned subsidiary of Citigroup, had total regulatory capital of $30 billion at September 30, 2026, which exceeded the PRA’s combined buffer and minimum regulatory capital requirements.
In addition, certain of Citi’s other broker-dealer subsidiaries are subject to regulation in the countries and jurisdictions in which they operate, including requirements to maintain specified levels of net capital or its equivalent. Citigroup’s other principal broker-dealer subsidiaries were in compliance with their regulatory capital requirements at September 30, 2026.
Total Loss-Absorbing Capacity (TLAC)
U.S. GSIBs, including Citi, are required to maintain minimum levels of external TLAC and eligible long-term debt (LTD) and applicable buffers to avoid certain limitations on capital distributions and discretionary bonus payments to executive officers, each set by reference to the GSIB’s consolidated RWA and Total Leverage Exposure.
The table below details Citi’s external TLAC and LTD amounts and ratios, and each TLAC and LTD regulatory requirement, as well as the surplus amount in dollars in excess of each requirement:
| September 30, 2026 | ||||||||
| In billions of dollars, except ratios | External TLAC | LTD | ||||||
| Total eligible amount | $ | 345 | $ | 159 | ||||
| % of Advanced Approaches risk- weighted assets | 26.3 | % | 12.1 | % | ||||
Regulatory requirement(1)(2) | 22.5 | 9.5 | ||||||
| Surplus amount | $ | 50 | $ | 34 | ||||
| % of Total Leverage Exposure | 9.6 | % | 4.4 | % | ||||
Regulatory requirement(3) | 8.5 | 3.5 | ||||||
| Surplus amount | $ | 40 | $ | 33 | ||||
(1) External TLAC includes method 1 GSIB surcharge of 2.0%.
(2) LTD includes method 2 GSIB surcharge of 3.5%.
(3) Both leverage-based external TLAC and LTD requirements include an eSLR buffer of 1.0%.
As discussed above, on January 1, 2026, Citi adopted the eSLR final rule, which also included conforming changes to the external TLAC and LTD regulatory requirements. As of September 30, 2026, Citi’s external TLAC and LTD leverage-based requirements were 8.5% and 3.5%, respectively.
Citi exceeded each of the external TLAC and LTD regulatory requirements, resulting in a $33 billion surplus above its binding TLAC requirement of LTD as a percentage of Total Leverage Exposure.
For additional information on Citi’s TLAC-related requirements, see “Capital Resources—Total Loss-Absorbing Capacity (TLAC)” in Citi’s 2025 Form 10-K.
42
Tangible Common Equity, Book Value Per Share, Tangible Book Value Per Share and Return on Equity
As defined by Citi, tangible common equity (TCE) represents common stockholders’ equity less goodwill and identifiable intangible assets (other than mortgage servicing rights (MSRs)). Return on tangible common equity (RoTCE) represents annualized net income available to common shareholders as a percentage of average TCE. Tangible book value per share (TBVPS) represents TCE divided by common shares outstanding. Other companies may calculate these measures differently.
In millions of dollars or shares, except per share amounts | September 30, 2026 | December 31, 2025 | ||||||
Total Citigroup stockholders’ equity | $ | 209,409 | $ | 212,291 | ||||
Less: Preferred stock | 18,050 | 20,050 | ||||||
Common stockholders’ equity | $ | 191,359 | $ | 192,241 | ||||
Less: | ||||||||
Goodwill | 19,072 | 19,098 | ||||||
Identifiable intangible assets (other than MSRs) | 4,138 | 3,525 | ||||||
Tangible common equity (TCE) | $ | 168,149 | $ | 169,618 | ||||
Common shares outstanding (CSO) | 1,655.2 | 1,747.5 | ||||||
Book value per share (common stockholders’ equity/CSO) | $ | 115.61 | $ | 110.01 | ||||
Tangible book value per share (TCE/CSO) | 101.59 | 97.06 | ||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
In millions of dollars | 2026 | 2025 | 2026 | 2025 | ||||||||||
Net income available to common shareholders | $ | 4,892 | $ | 3,478 | $ | 15,865 | $ | 11,005 | ||||||
Average common stockholders’ equity | $ | 192,809 | $ | 195,471 | $ | 192,858 | $ | 194,296 | ||||||
| Less: | ||||||||||||||
| Average goodwill | 19,939 | 19,550 | 20,034 | 19,814 | ||||||||||
| Average intangible assets (other than MSRs) | 4,177 | 3,611 | 3,855 | 3,659 | ||||||||||
| Average goodwill and identifiable intangible assets (other than MSRs) related to businesses HFS | — | 8 | — | 12 | ||||||||||
Average TCE | $ | 168,693 | $ | 172,302 | $ | 168,969 | $ | 170,811 | ||||||
Return on average common stockholders’ equity | 10.1 | % | 7.1 | % | 11.0 | % | 7.6 | % | ||||||
RoTCE | 11.5 | 8.0 | 12.6 | 8.6 | ||||||||||
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44
MANAGING GLOBAL RISK—TABLE OF CONTENTS
| MANAGING GLOBAL RISK | 46 | |||||||
CREDIT RISK(1) | 46 | |||||||
| Average Loans | 46 | |||||||
| Corporate Credit | 47 | |||||||
| Consumer Credit | 53 | |||||||
| Additional Consumer and Corporate Credit Details | 58 | |||||||
| Loans Outstanding | 58 | |||||||
| Details of Credit Loss Experience | 59 | |||||||
| Allowance for Credit Losses on Loans (ACLL) | 60 | |||||||
| Non-Accrual Loans and Assets | 62 | |||||||
| LIQUIDITY RISK | 65 | |||||||
| High-Quality Liquid Assets (HQLA) | 65 | |||||||
| Liquidity Coverage Ratio (LCR) | 65 | |||||||
| Net Stable Funding Ratio (NSFR) | 66 | |||||||
| Deposits | 66 | |||||||
| Long-Term Debt (LTD) | 67 | |||||||
| Secured Funding Transactions and Short-Term Borrowings | 69 | |||||||
| Credit Ratings | 70 | |||||||
MARKET RISK(1) | 71 | |||||||
| Market Risk of Non-Trading Portfolios | 71 | |||||||
| Market Risk of Trading Portfolios | 80 | |||||||
| OTHER RISKS | 82 | |||||||
| Other Country Risk Exposures | 83 | |||||||
(1) For additional information regarding certain credit risk, market risk and other quantitative and qualitative information, refer to
Citi’s Pillar 3 Basel III Advanced Approaches Disclosures, as required by the U.S. Basel III disclosure requirements, on Citi’s
Investor Relations website. These Pillar 3 disclosures are not incorporated by reference into, and do not form any part of, this
Form 10-Q.
45
MANAGING GLOBAL RISK
For Citi, effective risk management is of primary importance to its overall operations. Accordingly, Citi has established an Enterprise Risk Management (ERM) Framework to ensure that Citi’s risks are managed appropriately and consistently across the Company and at an aggregate, enterprise-wide level. Citi’s culture drives a strong risk and control environment and is at the heart of the ERM Framework, underpinning the way Citi conducts business. The activities that Citi engages in, and the risks those activities generate, must be consistent with Citi’s Mission and Value Proposition and the key Leadership Principles that support it, as well as Citi’s risk appetite.
For more information on managing global risk at Citi, see “Managing Global Risk” in Citi’s 2025 Form 10-K.
CREDIT RISK
For more information on credit risk, including Citi’s credit risk management, measurement and stress testing, and Citi’s consumer and corporate credit portfolios, see “Credit Risk” and “Risk Factors” in Citi’s 2025 Form 10-K. In addition, see Notes 12 and 13.
Average Loans
The table below details average loans, by segment and All Other, and total Citigroup end-of-period loans for each of the periods indicated:
| In billions of dollars | 3Q26 | 2Q26 | 3Q25 | ||||||||
| Services | $ | 107 | $ | 103 | $ | 94 | |||||
| Markets | 191 | 176 | 147 | ||||||||
| Banking | 85 | 88 | 81 | ||||||||
| Wealth | 209 | 206 | 201 | ||||||||
USCC(1) | |||||||||||
| GPCC | $ | 149 | $ | 145 | $ | 137 | |||||
| PLCC | 28 | 28 | 30 | ||||||||
Installment Lending | 4 | 4 | 4 | ||||||||
Total USCC | $ | 181 | $ | 177 | $ | 171 | |||||
All Other(1) | $ | 36 | $ | 35 | $ | 31 | |||||
| Total Citigroup loans (AVG) | $ | 809 | $ | 785 | $ | 725 | |||||
| Total Citigroup loans (EOP) | $ | 820 | $ | 794 | $ | 734 | |||||
(1) There may be slight rounding differences in other tables where the balances are presented with decimals.
Average loans increased 12% year-over-year and 3% sequentially. The year-over-year increase was driven by growth in Markets, Services, USCC and Wealth.
As of the third quarter of 2026, average loans (compared to the third quarter of 2025) for:
•Services increased 14%, largely driven by increased demand in TTS for working capital loans as well as export and agency finance activities.
•Markets increased 30%, primarily driven by higher financing activity in spread products.
•Banking increased 5%, driven by increased customer demand for funded loans in North America, partially offset by a decline in Latin America.
•Wealth increased 4%, driven by growth in securities-based lending and mortgages.
•USCC increased 6%, driven by growth in GPCC (including the acquisition of the additional American Airlines co-branded card portfolio in the second quarter of 2026), partially offset by a decline in PLCC.
•All Other increased 16%, driven by growth in Mexico Consumer/SBMM (including the impact of Mexican peso appreciation), partially offset by the continued wind-downs in Asia Consumer and the reclassification of HFS loans to Other assets within Legacy Franchises.
For information about changes in Citi’s end-of-period loans, see “Balance Sheet Overview” above.
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CORPORATE CREDIT
The following table details Citi’s corporate credit portfolio across Services, Markets, Banking and the Mexico SBMM portion of All Other—Legacy Franchises, and before consideration of collateral or hedges, by remaining tenor or expiration for the periods indicated:
| September 30, 2026 | December 31, 2025 | |||||||||||||||||||||||||
| In billions of dollars | Due within 1 year | Greater than 1 year but within 5 years | Greater than 5 years | Total exposure | Due within 1 year | Greater than 1 year but within 5 years | Greater than 5 years | Total exposure | ||||||||||||||||||
Direct outstandings (on-balance sheet)(1)(2) | $ | 165 | $ | 166 | $ | 62 | $ | 393 | $ | 151 | $ | 136 | $ | 50 | $ | 337 | ||||||||||
Unfunded lending commitments (off-balance sheet)(3)(4) | 143 | 334 | 44 | 521 | 141 | 311 | 28 | 480 | ||||||||||||||||||
| Total exposure | $ | 308 | $ | 500 | $ | 106 | $ | 914 | $ | 292 | $ | 447 | $ | 78 | $ | 817 | ||||||||||
(1) Includes drawn loans, overdrafts, bankers’ acceptances and leases.
(2) Excludes loans carried at fair value of $8.5 billion and HFS of $6.7 billion as of September 30, 2026.
(3) Includes unused commitments to lend, letters of credit and financial guarantees.
(4) Includes lending-related commitments carried at fair value and HFS as of September 30, 2026.
Portfolio Mix—Geography and Counterparty
Citi’s corporate credit portfolio is diverse across geographies and types of counterparties. The following table presents the percentages of this portfolio across North America and the clusters within International based on the country of risk of the obligor (for additional information on Citi’s international exposures, see “Other Risks—Country Risk—Top 25 Country Exposures” below):
| September 30, 2026 | December 31, 2025 | |||||||
| North America | 58 | % | 58 | % | ||||
| International | 42 | 42 | ||||||
| Total | 100 | % | 100 | % | ||||
| International by cluster | (percentages are based on total Citi) | |||||||
| Europe | 16 | % | 16 | % | ||||
| LATAM | 7 | 7 | ||||||
| United Kingdom | 6 | 6 | ||||||
| Japan, Asia North and Australia (JANA) | 6 | 6 | ||||||
| Asia South | 4 | 4 | ||||||
| Middle East, Africa and Russia (MEA) | 3 | 3 | ||||||
The maintenance of accurate and consistent risk ratings across the corporate credit portfolio facilitates the comparison of credit exposure across all lines of business, geographies and products. Counterparty risk ratings reflect an estimated probability of default for a counterparty, and internal risk ratings are derived by leveraging validated statistical models and scorecards in combination with consideration of factors specific to the obligor or market, such as management experience, competitive position, regulatory environment and commodity prices. Facility risk ratings are assigned that reflect the probability of default of the obligor and factors that affect the loss given default of the facility, such as parental support or collateral. Internal ratings that generally correspond to BBB and above are considered investment grade, while those below are considered non-investment grade.
The following table presents the corporate credit portfolio by facility risk rating as a percentage of the total corporate credit portfolio:
| Total exposure | ||||||||
| September 30, 2026 | December 31, 2025 | |||||||
| AAA/AA/A | 48 | % | 49 | % | ||||
| BBB | 31 | 29 | ||||||
| BB/B | 19 | 20 | ||||||
| CCC or below | 2 | 2 | ||||||
| Total | 100 | % | 100 | % | ||||
Note: Total exposure includes direct outstandings and unfunded lending commitments.
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In addition to the obligor and facility risk ratings assigned to all exposures, Citi may classify exposures in the corporate credit portfolio. These classifications are consistent with Citi’s interpretation of the U.S. banking regulators’ definition of criticized exposures, which may categorize exposures as special mention, substandard, doubtful or loss.
Risk ratings and classifications are reviewed regularly and adjusted as appropriate. The credit review process incorporates quantitative and qualitative factors, including financial and non-financial disclosures or metrics, idiosyncratic events or changes to the competitive, regulatory or macroeconomic environment.
Citi believes the corporate credit portfolio to be appropriately rated and classified as of September 30, 2026. Citi has applied management judgment to adjust internal ratings and classifications of exposures as both the macroeconomic environment and obligor-specific factors have changed, particularly where additional stress has been observed.
Obligor risk ratings may be downgraded, reflecting the increase in the probability of default. Downgrades of obligor risk ratings tend to result in a higher provision for credit losses. In addition, appetite per obligor is reduced consistent with the ratings, and downgrades may result in the purchase of additional credit derivatives or other risk/structural mitigants to hedge the incremental credit risk, or may result in Citi seeking to reduce exposure to an obligor or an industry sector. Citi will continue to review exposures to ensure that the appropriate probability of default is incorporated into all risk assessments.
See Note 12 for additional information on Citi’s corporate credit portfolio.
Portfolio Mix—Industry
Citi’s corporate credit portfolio is diversified by industry. The industry classifications are generally based on the clients’ primary business activity. The following table details the allocation of Citi’s total corporate credit portfolio by industry:
| Total exposure | ||||||||
| September 30, 2026 | December 31, 2025 | |||||||
| Transportation and industrials | 18 | % | 19 | % | ||||
| Technology, media and telecom | 16 | 14 | ||||||
Banks and finance companies(1) | 14 | 13 | ||||||
| Real estate | 12 | 11 | ||||||
| Commercial | 9 | 8 | ||||||
| Residential | 3 | 3 | ||||||
| Consumer retail | 9 | 10 | ||||||
| Power, chemicals, metals and mining | 7 | 8 | ||||||
| Energy and commodities | 5 | 6 | ||||||
| Healthcare | 5 | 5 | ||||||
| Public sector | 4 | 4 | ||||||
| Insurance | 4 | 3 | ||||||
| Asset managers and funds | 3 | 3 | ||||||
| Financial markets infrastructure | 2 | 3 | ||||||
| Other industries | 1 | 1 | ||||||
| Total | 100 | % | 100 | % | ||||
(1) As of the periods in the table, Citi had less than 1% exposure to securities firms. See “Corporate Credit Portfolio—Industry” below.
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Corporate Credit Portfolio—Industry
As of September 30, 2026, the corporate credit portfolio increased $97 billion, or 12%, since December 31, 2025. The growth was largely driven by higher client demand in technology, media and telecom, primarily within Banking, as well as in real estate and banks and finance companies, both primarily within Markets.
| September 30, 2026 | Non-investment grade | Selected metrics | ||||||||||||||||||||||||||||||
| In millions of dollars | Total credit exposure(1)(8) | Funded(2) | Unfunded(3) | Investment grade | Non-criticized | Criticized performing | Criticized non-performing(4) | 30 days or more past due and accruing | Net credit losses (recoveries) | Credit derivative hedges(5) | ||||||||||||||||||||||
| Transportation and industrials | $ | 161,196 | $ | 60,521 | $ | 100,675 | $ | 118,981 | $ | 37,426 | $ | 4,339 | $ | 450 | $ | 51 | $ | 21 | $ | (7,712) | ||||||||||||
| Industrials | 73,685 | 21,271 | 52,414 | 53,155 | 18,175 | 2,014 | 341 | 41 | 16 | (4,121) | ||||||||||||||||||||||
Autos(6) | 53,471 | 25,474 | 27,997 | 43,392 | 8,289 | 1,760 | 30 | 6 | 5 | (2,481) | ||||||||||||||||||||||
| Transportation | 34,040 | 13,776 | 20,264 | 22,434 | 10,962 | 565 | 79 | 4 | — | (1,110) | ||||||||||||||||||||||
| Technology, media and telecom | 144,860 | 41,979 | 102,881 | 102,418 | 36,048 | 6,194 | 200 | 28 | 102 | (11,063) | ||||||||||||||||||||||
| Banks and finance companies | 125,015 | 89,345 | 35,670 | 113,601 | 10,037 | 1,309 | 68 | 1 | (3) | (924) | ||||||||||||||||||||||
| Real estate | 113,886 | 81,168 | 32,718 | 98,249 | 11,466 | 3,747 | 424 | 6 | (14) | (1,151) | ||||||||||||||||||||||
| Commercial | 81,006 | 52,018 | 28,988 | 65,988 | 10,849 | 3,745 | 424 | 6 | (14) | (1,151) | ||||||||||||||||||||||
| Residential | 32,880 | 29,150 | 3,730 | 32,261 | 617 | 2 | — | — | — | — | ||||||||||||||||||||||
| Consumer retail | 86,278 | 32,945 | 53,333 | 63,012 | 20,281 | 2,686 | 299 | 31 | 38 | (5,629) | ||||||||||||||||||||||
| Power, chemicals, metals and mining | 66,333 | 20,086 | 46,247 | 47,672 | 14,810 | 3,440 | 411 | 51 | 55 | (5,895) | ||||||||||||||||||||||
| Power | 29,637 | 6,659 | 22,978 | 24,592 | 4,692 | 353 | — | — | — | (2,879) | ||||||||||||||||||||||
| Chemicals | 21,896 | 7,745 | 14,151 | 12,875 | 6,255 | 2,506 | 260 | 26 | 50 | (2,100) | ||||||||||||||||||||||
| Metals and mining | 14,800 | 5,682 | 9,118 | 10,205 | 3,863 | 581 | 151 | 25 | 5 | (916) | ||||||||||||||||||||||
Energy and commodities(7) | 43,996 | 12,579 | 31,417 | 32,575 | 10,364 | 970 | 87 | 1 | (2) | (3,214) | ||||||||||||||||||||||
| Healthcare | 42,151 | 8,944 | 33,207 | 32,960 | 8,018 | 1,157 | 16 | 22 | 6 | (3,947) | ||||||||||||||||||||||
| Public sector | 38,500 | 22,878 | 15,622 | 33,840 | 3,419 | 1,195 | 46 | 16 | 4 | (885) | ||||||||||||||||||||||
| Insurance | 34,670 | 5,567 | 29,103 | 31,355 | 3,025 | 290 | — | 1 | — | (4,388) | ||||||||||||||||||||||
| Asset managers and funds | 34,446 | 13,497 | 20,949 | 28,417 | 5,847 | 113 | 69 | — | (6) | (308) | ||||||||||||||||||||||
| Financial markets infrastructure | 15,563 | 120 | 15,443 | 15,436 | 127 | — | — | — | — | (3) | ||||||||||||||||||||||
| Securities firms | 1,380 | 179 | 1,201 | 1,310 | 70 | — | — | — | — | (23) | ||||||||||||||||||||||
Other industries(8) | 6,183 | 3,002 | 3,181 | 4,158 | 1,784 | 193 | 48 | 31 | (1) | (3) | ||||||||||||||||||||||
| Total | $ | 914,457 | $ | 392,810 | $ | 521,647 | $ | 723,984 | $ | 162,722 | $ | 25,633 | $ | 2,118 | $ | 239 | $ | 200 | $ | (45,145) | ||||||||||||
(1) Represents gross credit exposures excluding any purchased credit protection.
(2) Funded excludes loans carried at fair value of $8.5 billion and HFS of $6.7 billion as of September 30, 2026.
(3) Unfunded includes lending-related commitments carried at fair value and HFS as of September 30, 2026.
(4) Includes non-accrual loan exposures and related criticized unfunded exposures.
(5) Represents the amount of risk mitigants that economically hedge portions of the credit risk in the corporate credit portfolio. Of the $45.1 billion, $42.4 billion represents the total notional of credit risk mitigants for individual reference entities primarily composed of purchased credit derivatives. The remaining $2.7 billion represents the first loss tranche of portfolios of purchased credit derivatives with a total notional amount of $26.2 billion, where the protection seller absorbs the first loss on the referenced loan portfolios.
(6) Autos total credit exposure includes securitization financing facilities secured by auto loans and leases, extended mainly to the finance company subsidiaries of global auto manufacturers, bank subsidiaries and independent auto finance companies, of approximately $20.1 billion ($12.8 billion of which was funded exposure with 100% rated investment grade) as of September 30, 2026.
(7) In addition to this exposure, Citi has energy-related exposure within the public sector (e.g., energy-related state-owned entities) and the transportation and industrials sector (e.g., offshore drilling entities) included in the table above. As of September 30, 2026, Citi’s total exposure to these energy-related entities was approximately $5.1 billion, of which approximately $2.0 billion consisted of direct outstanding funded loans.
(8) Includes $1.0 billion and $0.1 billion of funded and unfunded exposure at September 30, 2026, respectively, primarily related to commercial credit card delinquency-managed loans.
49
| December 31, 2025 | Non-investment grade | Selected metrics | ||||||||||||||||||||||||||||||
| In millions of dollars | Total credit exposure(1)(8) | Funded(2) | Unfunded(3) | Investment grade | Non-criticized | Criticized performing | Criticized non-performing(4) | 30 days or more past due and accruing | Net credit losses (recoveries) | Credit derivative hedges(5) | ||||||||||||||||||||||
| Transportation and industrials | $ | 153,721 | $ | 58,014 | $ | 95,707 | $ | 114,560 | $ | 33,086 | $ | 5,652 | $ | 423 | $ | 115 | $ | 24 | $ | (7,882) | ||||||||||||
Autos(6) | 51,344 | 22,265 | 29,079 | 41,389 | 8,336 | 1,609 | 10 | 4 | 7 | (2,504) | ||||||||||||||||||||||
| Transportation | 30,298 | 13,512 | 16,786 | 21,518 | 7,892 | 729 | 159 | 33 | 2 | (1,166) | ||||||||||||||||||||||
| Industrials | 72,079 | 22,237 | 49,842 | 51,653 | 16,858 | 3,314 | 254 | 78 | 15 | (4,212) | ||||||||||||||||||||||
| Technology, media and telecom | 115,075 | 34,144 | 80,931 | 73,946 | 37,367 | 3,417 | 345 | 49 | 6 | (7,701) | ||||||||||||||||||||||
| Banks and finance companies | 106,266 | 73,206 | 33,060 | 95,515 | 9,614 | 1,057 | 80 | 4 | 151 | (691) | ||||||||||||||||||||||
| Real estate | 90,677 | 62,776 | 27,901 | 76,691 | 9,881 | 3,454 | 651 | 32 | 11 | (917) | ||||||||||||||||||||||
| Commercial | 69,548 | 44,387 | 25,161 | 55,769 | 9,674 | 3,454 | 651 | 31 | 11 | (917) | ||||||||||||||||||||||
| Residential | 21,129 | 18,389 | 2,740 | 20,922 | 207 | — | — | 1 | — | — | ||||||||||||||||||||||
| Consumer retail | 82,879 | 34,119 | 48,760 | 58,111 | 20,751 | 3,841 | 176 | 23 | 77 | (5,614) | ||||||||||||||||||||||
| Power, chemicals, metals and mining | 61,347 | 18,695 | 42,652 | 43,453 | 12,408 | 5,058 | 428 | 28 | 5 | (5,860) | ||||||||||||||||||||||
| Power | 27,099 | 6,319 | 20,780 | 22,201 | 4,485 | 386 | 27 | 2 | 8 | (2,829) | ||||||||||||||||||||||
| Chemicals | 21,048 | 6,956 | 14,092 | 12,688 | 4,651 | 3,387 | 322 | 24 | 1 | (2,128) | ||||||||||||||||||||||
| Metals and mining | 13,200 | 5,420 | 7,780 | 8,564 | 3,272 | 1,285 | 79 | 2 | (4) | (903) | ||||||||||||||||||||||
Energy and commodities(7) | 46,282 | 12,686 | 33,596 | 37,864 | 7,453 | 790 | 175 | 7 | 77 | (3,176) | ||||||||||||||||||||||
| Healthcare | 43,520 | 8,076 | 35,444 | 34,162 | 7,779 | 1,555 | 24 | 25 | 3 | (3,520) | ||||||||||||||||||||||
| Public sector | 31,498 | 17,063 | 14,435 | 28,321 | 2,649 | 515 | 13 | 47 | 3 | (595) | ||||||||||||||||||||||
| Asset managers and funds | 27,725 | 10,642 | 17,083 | 20,957 | 6,611 | 153 | 4 | 3 | — | (117) | ||||||||||||||||||||||
| Insurance | 27,620 | 3,657 | 23,963 | 25,585 | 1,967 | 68 | — | 1 | — | (4,494) | ||||||||||||||||||||||
| Financial markets infrastructure | 23,360 | 151 | 23,209 | 23,227 | 133 | — | — | — | — | (14) | ||||||||||||||||||||||
| Securities firms | 1,286 | 154 | 1,132 | 1,074 | 211 | 1 | — | — | — | (19) | ||||||||||||||||||||||
Other industries(8) | 5,995 | 3,510 | 2,485 | 4,254 | 1,614 | 116 | 11 | 39 | 8 | (2) | ||||||||||||||||||||||
| Total | $ | 817,251 | $ | 336,893 | $ | 480,358 | $ | 637,720 | $ | 151,524 | $ | 25,677 | $ | 2,330 | $ | 373 | $ | 365 | $ | (40,602) | ||||||||||||
(1) Represents gross credit exposures excluding any purchased credit protection.
(2) Funded excludes loans carried at fair value of $6.8 billion and HFS of $5.2 billion as of December 31, 2025.
(3) Unfunded includes lending-related commitments carried at fair value and HFS as of December 31, 2025.
(4) Includes non-accrual loan exposures and related criticized unfunded exposures.
(5) Represents the amount of risk mitigants that economically hedge portions of the credit risk in the corporate credit portfolio. Of the $40.6 billion, $37.5 billion represents the total notional of credit risk mitigants for individual reference entities primarily composed of purchased credit derivatives. The remaining $3.1 billion represents the first loss tranche of portfolios of purchased credit derivatives with a total notional amount of $27.3 billion, where the protection seller absorbs the first loss on the referenced loan portfolios.
(6) Autos total credit exposure includes securitization financing facilities secured by auto loans and leases, extended mainly to the finance company subsidiaries of global auto manufacturers, bank subsidiaries and independent auto finance companies, of approximately $19.2 billion ($10.6 billion of which was funded exposure with 100% rated investment grade) as of December 31, 2025.
(7) In addition to this exposure, Citi has energy-related exposure within the public sector (e.g., energy-related state-owned entities) and the transportation and industrials sector (e.g., offshore drilling entities) included in the table above. As of December 31, 2025, Citi’s total exposure to these energy-related entities was approximately $4.4 billion, of which approximately $1.7 billion consisted of direct outstanding funded loans.
(8) Includes $0.7 billion and $0.1 billion of funded and unfunded exposure at December 31, 2025, respectively, primarily related to commercial credit card delinquency-managed loans.
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Credit Risk Mitigation
As part of its overall risk management activities, Citi uses credit derivatives, both partial and full term, and other risk mitigants to economically hedge portions of the credit risk in its corporate credit portfolio, in addition to outright asset sales. In advance of the expiration of partial-term economic hedges, Citi will determine, among other factors, the economic feasibility of hedging the remaining life of the instrument. The results of the mark-to-market and any realized gains or losses on credit derivatives are reflected primarily in principal transactions in Banking.
At September 30, 2026 and December 31, 2025, Citi had economic hedges on the corporate credit portfolio with notional values of $45.1 billion and $40.6 billion, respectively. Citi’s expected credit loss model used in the calculation of its ACL does not include the favorable impact of credit derivatives and other mitigants that are marked-to-market. In addition, the reported amounts of direct outstandings and unfunded lending commitments in the tables above do not reflect the impact of these hedging transactions. The purchased credit protection was economically hedging underlying corporate credit portfolio exposures, primarily in Banking, with the following risk rating distribution:
Rating of Hedged Exposure
| September 30, 2026 | December 31, 2025 | |||||||
| AAA/AA/A | 54 | % | 47 | % | ||||
| BBB | 34 | 41 | ||||||
| BB/B | 10 | 11 | ||||||
| CCC or below | 2 | 1 | ||||||
| Total | 100 | % | 100 | % | ||||
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52
CONSUMER CREDIT
The following section provides information about Citi’s consumer credit portfolio across Wealth, USCC and the consumer portion of All Other—Legacy Franchises.
Consumer Credit Portfolio
The following table presents Citi’s quarterly end-of-period consumer loans(1):
| In billions of dollars | September 30, 2026 | December 31, 2025 | ||||||
Wealth(2)(3) | ||||||||
Mortgages(4) | $ | 139.5 | $ | 139.5 | ||||
| Securities-based lending | 37.0 | 33.4 | ||||||
| Personal, small business and other | 28.5 | 26.5 | ||||||
| Cards | 4.6 | 4.9 | ||||||
| Total | $ | 209.6 | $ | 204.3 | ||||
| USCC | ||||||||
GPCC(5) | $ | 150.3 | $ | 143.2 | ||||
| PLCC | 27.6 | 30.5 | ||||||
| Installment Lending | 4.1 | 3.8 | ||||||
| Total | $ | 182.0 | $ | 177.5 | ||||
All Other—Legacy Franchises | ||||||||
| Mexico Consumer | $ | 23.7 | $ | 22.5 | ||||
Asia Consumer(6) | 2.2 | 2.5 | ||||||
Legacy Holdings Assets(7) | 0.9 | 1.7 | ||||||
| Total | $ | 26.8 | $ | 26.7 | ||||
| Total consumer loans | $ | 418.4 | $ | 408.5 | ||||
(1)End-of-period loans include interest and fees on credit cards.
(2)Consists of $152.0 billion and $150.2 billion of loans in North America as of September 30, 2026 and December 31, 2025, respectively. For additional information on the credit quality of the Wealth portfolio, see “Consumer Loans” in Note 12.
(3)Consists of $57.6 billion and $54.1 billion of loans outside North America as of September 30, 2026 and December 31, 2025, respectively. For additional information on Wealth’s loan portfolio by geography, see “Consumer Loans” in Note 12.
(4)See Note 12 for details on loan-to-value ratios for the mortgage portfolios and FICO scores for the U.S. portfolio.
(5)Includes the impact from the acquisition of the additional American Airlines co-branded card portfolio in the second quarter of 2026.
(6)Asia Consumer loan balances, reported within All Other—Legacy Franchises, include the remaining Asia Consumer loan portfolio in Korea.
(7) Consists of certain North America consumer mortgages.
For information on changes to Citi’s consumer loans, see “Credit Risk—Average Loans” above.
53
Consumer Credit Trends
| U.S. Consumer Cards | ||
U.S. Consumer Cards (USCC) consists of unsecured consumer lending, including General Purpose Credit Cards (GPCC), Private Label Credit Cards (PLCC) and Installment Lending products.
As of September 30, 2026, approximately 98% of USCC EOP loans consisted of GPCC and PLCC loans, of which 84% represented GPCC loans and 16% represented PLCC loans. GPCC and PLCC net credit losses represented approximately 97% of USCC’s total net credit losses for the third quarter of 2026.
As presented in the chart above, the third quarter of 2026 net credit loss rate for USCC decreased quarter-over-quarter, primarily driven by seasonality and improvements in overall portfolio performance, and decreased year-over-year, reflecting improvements in overall portfolio performance (see “GPCC” and “PLCC” below).
The 90+ days past due delinquency rate was broadly stable quarter-over-quarter, and decreased year-over-year, reflecting improvements in overall portfolio performance.
| GPCC | ||
As presented in the chart above, the third quarter of 2026 net credit loss rate for GPCC decreased quarter-over-quarter, largely driven by seasonality and improvements in overall portfolio performance, and decreased year-over-year, reflecting improvements in overall portfolio performance.
The 90+ days past due delinquency rate was broadly stable quarter-over-quarter, and decreased year-over-year, reflecting improvements in overall portfolio performance.
| PLCC | ||
As presented in the chart above, the third quarter of 2026 net credit loss rate for PLCC decreased quarter-over-quarter, primarily driven by seasonality and improvements in overall portfolio performance, and decreased year-over-year, reflecting improvements in overall portfolio performance.
The 90+ days past due delinquency rate was broadly stable quarter-over-quarter, and decreased year-over-year, reflecting improvements in overall portfolio performance.
For additional details on provisions for credit losses, loan delinquency and other information for Citi’s cards portfolios, see USCC’s results of operations above and Note 12.
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U.S. Cards FICO Distribution
The following table presents the current Fair Isaac Corporation (FICO) score distributions for Citi’s GPCC and PLCC portfolios based on end-of-period receivables. FICO scores are updated as they become available.
FICO distribution(1) | September 30, 2026 | June 30, 2026 | September 30, 2025 | ||||||||
| GPCC | |||||||||||
| ≥ 740 | 53 | % | 53 | % | 52 | % | |||||
| 660–739 | 34 | 34 | 35 | ||||||||
| < 660 | 13 | 13 | 13 | ||||||||
| Total | 100 | % | 100 | % | 100 | % | |||||
| PLCC | |||||||||||
| ≥ 740 | 36 | % | 36 | % | 35 | % | |||||
| 660–739 | 40 | 40 | 40 | ||||||||
| < 660 | 24 | 24 | 25 | ||||||||
| Total | 100 | % | 100 | % | 100 | % | |||||
(1) Excludes immaterial balances for Canada and customers for whom no FICO scores are available.
The FICO distributions of the GPCC and PLCC portfolios were largely unchanged quarter-over-quarter and year-over-year. The FICO distributions continued to reflect the strong underlying credit quality of the portfolios. See Note 12 for additional information on FICO scores.
| Wealth | ||
Wealth includes Citigold and Retail Banking, the Private Bank and Wealth at Work, and provides lending services to a range of client segments through consumer mortgages, securities-based lending, credit cards and other lending products, which could be delinquency managed or classifiably managed.
As of September 30, 2026, approximately $54 billion, or 26%, of the portfolios were classifiably managed and primarily consisted of securities-based lending, commercial real estate loans, personal and small business loans and other lending products. These classifiably managed loans are primarily evaluated for credit risk based on their internal risk rating, of which 68% were rated investment grade. The 90+ days past due delinquency rates shown in the chart above were
calculated only for the delinquency-managed portfolio, while the net credit loss rates were calculated using net credit losses for both the delinquency and classifiably managed portfolios.
As presented in the chart above, the third quarter of 2026 net credit loss rate in Wealth was broadly stable quarter-over-quarter, and decreased year-over-year, primarily driven by the absence of losses related to the California wildfires.
The 90+ days past due delinquency rate was broadly stable quarter-over-quarter, and decreased year-over-year, driven by consumer mortgages exiting forbearance programs related to the California wildfires.
| Mexico Consumer | ||
Mexico Consumer provides credit cards, consumer mortgages and small business and personal loans. Mexico Consumer serves a mass-market segment in Mexico and focuses on developing multiproduct relationships with customers.
As of September 30, 2026, approximately 40% of Mexico Consumer’s EOP loans consisted of credit card loans, which largely drives the overall credit performance of the Mexico Consumer portfolios, as the cards net credit losses represented approximately 60% of total Mexico Consumer net credit losses for the third quarter of 2026.
As presented in the chart above, the third quarter of 2026 net credit loss rate in Mexico Consumer increased quarter-over-quarter, driven by a $17 million reversal of recoveries from prior periods, as well as the growth and seasoning of credit card loans. The net credit loss rate increased year-over-year, largely driven by the growth and seasoning of credit card loans, as well as a $17 million reversal of recoveries from prior periods.
The 90+ days past due delinquency rate decreased quarter-over-quarter, driven by seasonality, and increased year-over-year, primarily driven by the growth and seasoning of credit card loans.
For additional details on provisions, loan delinquency and other information for Citi’s consumer loan portfolios, see the results of operations for USCC, Wealth and All Other—Legacy Franchises above and Note 12.
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Additional Consumer Credit Details
Consumer Loan Delinquencies Amounts and Ratios
EOP loans(1) | 90+ days past due(2) | 30–89 days past due(2) | |||||||||||||||
| In millions of dollars, except EOP loan amounts in billions | September 30, 2026 | September 30, 2026 | December 31, 2025 | September 30, 2026 | December 31, 2025 | ||||||||||||
Wealth delinquency-managed loans(3)(4) | $ | 155.7 | $ | 418 | $ | 525 | $ | 415 | $ | 496 | |||||||
| Ratio | 0.27 | % | 0.34 | % | 0.27 | % | 0.32 | % | |||||||||
Wealth classifiably managed loans(5) | 53.9 | N/A | N/A | N/A | N/A | ||||||||||||
USCC(6) | |||||||||||||||||
| Total | $ | 182.0 | $ | 2,370 | $ | 2,567 | $ | 2,332 | $ | 2,424 | |||||||
| Ratio | 1.30 | % | 1.45 | % | 1.28 | % | 1.37 | % | |||||||||
Credit cards total(6) (a+b) = (c) | 177.9 | 2,348 | 2,545 | 2,281 | 2,373 | ||||||||||||
| Ratio | 1.32 | % | 1.47 | % | 1.28 | % | 1.37 | % | |||||||||
GPCC(6) (a) | 150.3 | 1,818 | 1,895 | 1,740 | 1,766 | ||||||||||||
| Ratio | 1.21 | % | 1.32 | % | 1.16 | % | 1.23 | % | |||||||||
PLCC(6) (b) | 27.6 | 530 | 650 | 541 | 607 | ||||||||||||
| Ratio | 1.92 | % | 2.13 | % | 1.96 | % | 1.99 | % | |||||||||
| Installment Lending | 4.1 | 22 | 22 | 51 | 51 | ||||||||||||
| Ratio | 0.54 | % | 0.58 | % | 1.24 | % | 1.37 | % | |||||||||
| All Other | |||||||||||||||||
| Total | $ | 26.8 | $ | 451 | $ | 448 | $ | 452 | $ | 420 | |||||||
| Ratio | 1.70 | % | 1.69 | % | 1.70 | % | 1.58 | % | |||||||||
Mexico Consumer(7) | 23.7 | 410 | 387 | 402 | 358 | ||||||||||||
| Ratio | 1.73 | % | 1.72 | % | 1.70 | % | 1.59 | % | |||||||||
Asia Consumer(8) | 2.2 | 11 | 14 | 14 | 15 | ||||||||||||
| Ratio | 0.50 | % | 0.56 | % | 0.64 | % | 0.60 | % | |||||||||
Legacy Holdings Assets (consumer)(9) | 0.9 | 30 | 47 | 36 | 47 | ||||||||||||
| Ratio | 4.29 | % | 3.13 | % | 5.14 | % | 3.13 | % | |||||||||
| Total Citigroup consumer | $ | 418.4 | $ | 3,239 | $ | 3,540 | $ | 3,199 | $ | 3,340 | |||||||
| Ratio | 0.89 | % | 0.98 | % | 0.88 | % | 0.93 | % | |||||||||
(1)End-of-period (EOP) loans include interest and fees on credit cards.
(2)The ratios of 90+ days past due and 30–89 days past due are calculated based on EOP loans, net of unearned income.
(3)Excludes EOP classifiably managed Wealth loans. These loans are not included in the delinquency numerator, denominator and ratios.
(4)The 90+ days past due and 30–89 days past due and related ratios exclude loans guaranteed by U.S. government-sponsored agencies since the potential risk of loss predominantly resides with the U.S. government-sponsored agencies. The amounts excluded for loans 90+ days past due and (EOP loans) were $64 million ($0.4 billion) and $61 million ($0.4 billion) at September 30, 2026 and December 31, 2025, respectively. The amounts excluded for loans 30–89 days past due (the 30–89 days past due EOP loans have the same adjustments as the 90+ days past due EOP loans) were $47 million and $60 million at September 30, 2026 and December 31, 2025, respectively. The EOP loans in the table include the guaranteed loans.
(5)These loans are evaluated for non-accrual status and write-off primarily based on their internal risk classification and not solely on their delinquency status, and, therefore, delinquency metrics are excluded from this table. As of September 30, 2026 and December 31, 2025, 68% and 69%, respectively, of Wealth classifiably managed loans were rated investment grade. For additional information on the credit quality of the Wealth portfolio, including classifiably managed portfolios, see “Consumer Credit Trends” above.
(6)The 90+ days past due balances for GPCC and PLCC are generally still accruing interest. Citi’s policy is generally to accrue interest on credit card loans until 180 days past due, unless notification of bankruptcy filing has been received earlier.
(7)EOP loans include approximately $1.4 billion of classifiably managed loans.
(8)Asia Consumer loan balances and the related delinquencies, reported within All Other—Legacy Franchises, include the remaining Asia Consumer loan portfolio in Korea.
(9) The 90+ days past due and 30–89 days past due and related ratios exclude U.S. mortgage loans that are primarily related to U.S. mortgages guaranteed by U.S. government-sponsored agencies since the potential risk of loss predominantly resides with the U.S. government-sponsored agencies. The amounts excluded for 90+ days past due and (EOP loans) were $65 million ($0.2 billion) and $65 million ($0.2 billion) at September 30, 2026 and December 31, 2025, respectively. The amounts excluded for loans 30–89 days past due (the 30–89 days past due EOP loans have the same adjustments as the 90+ days past due EOP loans) were $26 million and $29 million at September 30, 2026 and December 31, 2025, respectively. The EOP loans in the table include the guaranteed loans.
N/A Not applicable
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Consumer Loan Net Credit Losses (NCLs) and Ratios
Average loans(1) | Net credit losses(2) | |||||||||||||
| In millions of dollars, except average loan amounts in billions | 3Q26 | 3Q26 | 2Q26 | 3Q25 | ||||||||||
| Wealth | $ | 208.5 | $ | 70 | $ | 57 | $ | 91 | ||||||
| Ratio | 0.13 | % | 0.11 | % | 0.18 | % | ||||||||
| USCC | ||||||||||||||
| Total | $ | 180.8 | $ | 1,670 | $ | 1,850 | $ | 1,741 | ||||||
| Ratio | 3.66 | % | 4.19 | % | 4.05 | % | ||||||||
| Credit cards total (a+b) = (c) | 176.8 | 1,613 | 1,788 | 1,681 | ||||||||||
| Ratio | 3.62 | % | 4.14 | % | 4.00 | % | ||||||||
| GPCC (a) | 148.7 | 1,316 | 1,450 | 1,328 | ||||||||||
| Ratio | 3.51 | % | 4.01 | % | 3.85 | % | ||||||||
| PLCC (b) | 28.1 | 297 | 338 | 353 | ||||||||||
| Ratio | 4.19 | % | 4.79 | % | 4.67 | % | ||||||||
| Installment Lending | 4.0 | 57 | 62 | 60 | ||||||||||
| Ratio | 5.65 | % | 6.54 | % | 6.43 | % | ||||||||
All Other—Legacy Franchises (managed basis)(3) | ||||||||||||||
| Total | $ | 27.5 | $ | 419 | $ | 365 | $ | 293 | ||||||
| Ratio | 6.04 | % | 5.34 | % | 4.63 | % | ||||||||
| Mexico Consumer | 24.4 | 411 | 362 | 281 | ||||||||||
| Ratio | 6.68 | % | 6.13 | % | 5.46 | % | ||||||||
Asia Consumer (managed basis)(3)(4) | 2.2 | 11 | 6 | 15 | ||||||||||
| Ratio | 1.98 | % | 1.09 | % | 2.13 | % | ||||||||
| Legacy Holdings Assets (consumer) | 0.9 | (3) | (3) | (3) | ||||||||||
| Ratio | (1.32) | % | (0.80) | % | (0.63) | % | ||||||||
Reconciling Items(3) | — | (2) | (3) | |||||||||||
| Total Citigroup | $ | 416.8 | $ | 2,159 | $ | 2,270 | $ | 2,122 | ||||||
| Ratio | 2.06 | % | 2.22 | % | 2.12 | % | ||||||||
(1)Average loans include interest and fees on credit cards.
(2)The ratios of net credit losses are calculated based on average loans, net of unearned income.
(3)All Other (managed basis) excludes divestiture-related impacts (Reconciling Items) related to Citi’s divestitures of its Asia Consumer businesses and Banamex, within Legacy Franchises. The Reconciling Items are reflected in Citi’s Consolidated Statement of Income. See “All Other—Divestiture-Related Impacts (Reconciling Items)” above.
(4)Asia Consumer NCLs and average loan balances, reported within All Other—Legacy Franchises, include the remaining Asia Consumer loan portfolio in Korea. Citi’s Poland consumer banking business was classified as HFS during the second quarter of 2025 as a result of Citi’s agreement to sell the business. Accordingly, these NCLs are not included in this table. Citi completed the sale of the Poland consumer banking business in the second quarter of 2026. See Note 2.
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ADDITIONAL CONSUMER AND CORPORATE CREDIT DETAILS
Loans Outstanding
| In millions of dollars | September 30, 2026 | December 31, 2025 | ||||||
| Consumer loans | ||||||||
In North America offices(1) | ||||||||
Residential first mortgages(2) | $ | 121,881 | $ | 119,389 | ||||
Home equity loans(2) | 2,251 | 2,872 | ||||||
| Credit cards | 177,914 | 173,656 | ||||||
| Personal, small business and other | 34,637 | 33,211 | ||||||
| Total | $ | 336,683 | $ | 329,128 | ||||
In offices outside North America(1) | ||||||||
Residential mortgages(2) | $ | 23,770 | $ | 24,041 | ||||
| Credit cards | 14,541 | 14,701 | ||||||
| Personal, small business and other | 45,206 | 40,320 | ||||||
| Total | $ | 83,517 | $ | 79,062 | ||||
Consumer loans, net of unearned income, excluding portfolio-layer cumulative basis adjustments(3) | $ | 420,200 | $ | 408,190 | ||||
| Unallocated portfolio-layer cumulative basis adjustments | $ | (1,783) | $ | 343 | ||||
Consumer loans, net of unearned income(3) | $ | 418,417 | $ | 408,533 | ||||
| Corporate loans | ||||||||
In North America offices(1) | ||||||||
| Commercial and industrial | $ | 62,218 | $ | 57,406 | ||||
| Financial institutions | 94,982 | 72,154 | ||||||
Mortgage and real estate(2) | 19,501 | 17,931 | ||||||
Installment and other(4) | 29,031 | 23,104 | ||||||
| Lease financing | 64 | 72 | ||||||
| Total | $ | 205,796 | $ | 170,667 | ||||
In offices outside North America(1) | ||||||||
| Commercial and industrial | $ | 98,022 | $ | 96,886 | ||||
| Financial institutions | 40,098 | 27,054 | ||||||
Mortgage and real estate(2) | 10,613 | 9,856 | ||||||
Installment and other(4) | 41,235 | 34,100 | ||||||
| Lease financing | 63 | 47 | ||||||
| Governments and official institutions | 5,560 | 5,070 | ||||||
| Total | $ | 195,591 | $ | 173,013 | ||||
Corporate loans, net of unearned income, excluding portfolio-layer cumulative basis adjustments(5) | $ | 401,387 | $ | 343,680 | ||||
Unallocated portfolio-layer cumulative basis adjustments | $ | (99) | $ | 17 | ||||
Corporate loans, net of unearned income(5) | $ | 401,288 | $ | 343,697 | ||||
| Total loans—net of unearned income | $ | 819,705 | $ | 752,230 | ||||
| Allowance for credit losses on loans (ACLL) | (20,091) | (19,247) | ||||||
| Total loans—net of unearned income and ACLL | $ | 799,614 | $ | 732,983 | ||||
ACLL as a percentage of total loans—net of unearned income(6) | 2.48 | % | 2.58 | % | ||||
ACLL for consumer loan losses as a percentage of total consumer loans—net of unearned income(6) | 4.00 | % | 3.96 | % | ||||
ACLL for corporate loan losses as a percentage of total corporate loans—net of unearned income(6) | 0.86 | % | 0.91 | % | ||||
(1)North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. The classification of corporate loans between offices in North America and outside North America is based on the domicile of the booking unit. The difference between the domicile of the booking unit and the risk-based country view is immaterial for the purposes of classification of corporate loans between offices in North America and outside North America.
(2)Loans secured primarily by real estate.
(3)Consumer loans are net of unearned income of $1,014 million and $971 million at September 30, 2026 and December 31, 2025, respectively. Unearned income on consumer loans primarily represents loan origination fees, net of certain direct origination costs, that are deferred and recognized as Interest income over the lives of the related loans, except for credit cards (see Note 5).
(4)Installment and other includes loans to SPEs and TTS commercial cards.
58
(5)Corporate loans include Mexico SBMM loans and are net of unearned income of $(1.3) billion and $(1.1) billion at September 30, 2026 and December 31, 2025, respectively. Unearned income on corporate loans primarily represents loan origination fees, net of certain direct origination costs, that are deferred and recognized as Interest income over the lives of the related loans.
(6)Because loans carried at fair value do not have an ACLL, they are excluded from the ACLL ratio calculation.
Details of Credit Loss Experience
| In millions of dollars | 3Q26 | 2Q26 | 1Q26 | 4Q25 | 3Q25 | ||||||||||||
| Allowance for credit losses on loans (ACLL) at beginning of period | $ | 19,961 | $ | 19,636 | $ | 19,247 | $ | 19,206 | $ | 19,123 | |||||||
| Provision for credit losses on loans (PCLL) | |||||||||||||||||
| Consumer | $ | 2,430 | $ | 2,361 | $ | 2,298 | $ | 2,107 | $ | 2,189 | |||||||
| Corporate | (14) | 242 | 307 | 93 | 70 | ||||||||||||
| Total | $ | 2,416 | $ | 2,603 | $ | 2,605 | $ | 2,200 | $ | 2,259 | |||||||
| Gross credit losses on loans | |||||||||||||||||
| Consumer | |||||||||||||||||
| In U.S. offices | $ | 2,214 | $ | 2,369 | $ | 2,325 | $ | 2,244 | $ | 2,243 | |||||||
| In offices outside the U.S. | 485 | 459 | 453 | 414 | 369 | ||||||||||||
| Corporate | |||||||||||||||||
| In U.S. offices | 52 | 125 | 17 | 18 | 28 | ||||||||||||
| In offices outside the U.S. | 23 | 28 | 25 | 48 | 86 | ||||||||||||
| Total | $ | 2,774 | $ | 2,981 | $ | 2,820 | $ | 2,724 | $ | 2,726 | |||||||
| Gross recoveries on loans | |||||||||||||||||
| Consumer | |||||||||||||||||
| In U.S. offices | $ | 513 | $ | 502 | $ | 532 | $ | 465 | $ | 448 | |||||||
| In offices outside the U.S. | 27 | 56 | 46 | 45 | 42 | ||||||||||||
| Corporate | |||||||||||||||||
| In U.S. offices | 7 | 7 | 30 | 8 | 11 | ||||||||||||
| In offices outside the U.S. | 10 | 12 | 4 | 16 | 11 | ||||||||||||
| Total | $ | 557 | $ | 577 | $ | 612 | $ | 534 | $ | 512 | |||||||
| Net credit losses on loans (NCLs) | |||||||||||||||||
| In U.S. offices | $ | 1,746 | $ | 1,985 | $ | 1,780 | $ | 1,789 | $ | 1,812 | |||||||
| In offices outside the U.S. | 471 | 419 | 428 | 401 | 402 | ||||||||||||
| Total | $ | 2,217 | $ | 2,404 | $ | 2,208 | $ | 2,190 | $ | 2,214 | |||||||
Other—net(1)(2)(3)(4)(5)(6) | $ | (69) | $ | 126 | $ | (8) | $ | 31 | $ | 38 | |||||||
| Allowance for credit losses on loans (ACLL) at end of period | $ | 20,091 | $ | 19,961 | $ | 19,636 | $ | 19,247 | $ | 19,206 | |||||||
ACLL as a percentage of EOP loans(7) | 2.48 | % | 2.54 | % | 2.61 | % | 2.58 | % | 2.65 | % | |||||||
Allowance for credit losses on unfunded lending commitments (ACLUC)(8) | $ | 2,044 | $ | 1,899 | $ | 2,013 | $ | 1,833 | $ | 1,820 | |||||||
| Total ACLL and ACLUC | $ | 22,135 | $ | 21,860 | $ | 21,649 | $ | 21,080 | $ | 21,026 | |||||||
| Net consumer credit losses on loans | $ | 2,159 | $ | 2,270 | $ | 2,200 | $ | 2,148 | $ | 2,122 | |||||||
| As a percentage of average consumer loans | 2.06 | % | 2.22 | % | 2.21 | % | 2.12 | % | 2.12 | % | |||||||
| Net corporate credit losses on loans | $ | 58 | $ | 134 | $ | 8 | $ | 42 | $ | 92 | |||||||
| As a percentage of average corporate loans | 0.06 | % | 0.14 | % | 0.01 | % | 0.05 | % | 0.11 | % | |||||||
ACLL by type at end of period(9) | |||||||||||||||||
| Consumer | $ | 16,721 | $ | 16,510 | $ | 16,297 | $ | 16,194 | $ | 16,205 | |||||||
| Corporate | 3,370 | 3,451 | 3,339 | 3,053 | 3,001 | ||||||||||||
| Total | $ | 20,091 | $ | 19,961 | $ | 19,636 | $ | 19,247 | $ | 19,206 | |||||||
(1)Includes all adjustments to the allowance for credit losses, such as changes in the allowance from acquisitions, dispositions, securitizations, FX translation, purchase accounting adjustments, etc.
(2)The third quarter of 2026 includes a decrease of approximately $69 million related to FX translation.
(3)The second quarter of 2026 includes approximately $78 million related to the acquisition of the additional American Airlines co-branded card portfolio and an increase of approximately $48 million related to FX translation.
(4)The first quarter of 2026 includes a decrease of approximately $8 million related to FX translation.
(5)The fourth quarter of 2025 includes an increase of approximately $31 million related to FX translation.
(6)The third quarter of 2025 includes an increase of approximately $38 million related to FX translation.
(7)September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025 exclude $8.5 billion, $8.2 billion, $8.5 billion, $6.9 billion and $7.9 billion, respectively, of loans that are carried at fair value.
(8)Represents additional credit reserves recorded as Other liabilities on the Consolidated Balance Sheet.
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(9)The ACLL represents management’s estimate of expected credit losses in the portfolio. See “Significant Accounting Policies and Significant Estimates” below. Attribution of the allowance is made for analytical purposes only and is available to absorb probable credit losses inherent in the overall portfolio.
Allowance for Credit Losses on Loans (ACLL)
The following tables detail information on Citi’s ACLL, loans and coverage ratios:
| September 30, 2026 | |||||||||||
| In billions of dollars | ACLL | EOP loans, net of unearned income | ACLL as a % of EOP loans(1) | ||||||||
| Consumer | |||||||||||
North America cards(2) | $ | 13.7 | $ | 177.9 | 7.7 | % | |||||
| North America personal installment loans | 0.4 | 4.1 | 9.8 | ||||||||
North America mortgages(3) | 0.2 | 122.4 | 0.2 | ||||||||
North America other(3) | 0.2 | 30.5 | 0.7 | ||||||||
| International cards | 1.2 | 14.5 | 8.3 | ||||||||
International other(3) | 1.0 | 69.0 | 1.4 | ||||||||
Total(1) | $ | 16.7 | $ | 418.4 | 4.0 | % | |||||
Corporate(4) | |||||||||||
| Commercial and industrial | $ | 2.0 | $ | 157.5 | 1.3 | % | |||||
| Financial institutions | 0.3 | 133.1 | 0.2 | ||||||||
Mortgage and real estate(4) | 0.8 | 30.1 | 2.7 | ||||||||
| Installment and other | 0.3 | 72.1 | 0.4 | ||||||||
Total(1) | $ | 3.4 | $ | 392.8 | 0.9 | % | |||||
Loans at fair value(1) | N/A | $ | 8.5 | N/A | |||||||
| Total Citigroup | $ | 20.1 | $ | 819.7 | 2.5 | % | |||||
| December 31, 2025 | |||||||||||
| In billions of dollars | ACLL | EOP loans, net of unearned income | ACLL as a % of EOP loans(1) | ||||||||
| Consumer | |||||||||||
North America cards(2) | $ | 13.3 | $ | 173.7 | 7.7 | % | |||||
| North America personal installment loans | 0.4 | 3.8 | 10.5 | ||||||||
North America mortgages(3) | 0.1 | 122.6 | 0.1 | ||||||||
North America other(3) | 0.2 | 29.4 | 0.7 | ||||||||
| International cards | 1.2 | 14.7 | 8.2 | ||||||||
International other(3) | 0.9 | 64.3 | 1.4 | ||||||||
Total(1) | $ | 16.1 | $ | 408.5 | 4.0 | % | |||||
Corporate(4) | |||||||||||
| Commercial and industrial | $ | 1.8 | $ | 151.8 | 1.2 | % | |||||
| Financial institutions | 0.3 | 98.9 | 0.3 | ||||||||
Mortgage and real estate(4) | 0.7 | 27.8 | 2.5 | ||||||||
| Installment and other | 0.3 | 58.4 | 0.5 | ||||||||
Total(1) | $ | 3.1 | $ | 336.9 | 0.9 | % | |||||
Loans at fair value(1) | N/A | $ | 6.9 | N/A | |||||||
| Total Citigroup | $ | 19.2 | $ | 752.2 | 2.6 | % | |||||
(1)Excludes loans carried at fair value, since they do not have an ACLL and are excluded from the ACLL ratio calculation.
(2)Includes both GPCC and PLCC. As of September 30, 2026, the $13.7 billion of ACLL represented approximately 26 months of coincident net credit loss coverage (based on third quarter of 2026 NCLs). As of December 31, 2025, the $13.3 billion of ACLL represented approximately 24 months of coincident net credit loss coverage (based on fourth quarter of 2025 NCLs).
(3)Includes residential mortgages, retail loans and personal, small business and other loans, including those extended through the Private Bank network.
(4)The above corporate loan classifications are broadly based on the loan’s collateral, purpose and type of borrower, which may be different from the following industry table. For example, commercial and industrial, financial institutions, and installment and other loan classifications include various forms of loans to borrowers across multiple industries, whereas mortgage and real estate includes loans secured primarily by real estate.
N/A Not applicable
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The following tables detail Citi’s corporate credit ACLL by industry exposure:
| September 30, 2026 | |||||||||||
| In millions of dollars, except percentages | Funded exposure(1)(2) | ACLL | ACLL as a % of funded exposure | ||||||||
| Banks and finance companies | $ | 89,345 | $ | 247 | 0.3 | % | |||||
| Real estate | 81,168 | 810 | 1.0 | ||||||||
| Commercial | 52,018 | 778 | 1.5 | ||||||||
| Residential | 29,150 | 32 | 0.1 | ||||||||
| Transportation and industrials | 60,521 | 664 | 1.1 | ||||||||
| Technology, media and telecom | 41,979 | 465 | 1.1 | ||||||||
| Consumer retail | 32,945 | 317 | 1.0 | ||||||||
| Power, chemicals, metals and mining | 20,086 | 408 | 2.0 | ||||||||
| Public sector | 22,878 | 100 | 0.4 | ||||||||
| Asset managers and funds | 13,497 | 66 | 0.5 | ||||||||
| Energy and commodities | 12,579 | 149 | 1.2 | ||||||||
| Healthcare | 8,944 | 107 | 1.2 | ||||||||
| Insurance | 5,567 | 22 | 0.4 | ||||||||
| Financial markets infrastructure | 120 | — | — | ||||||||
| Securities firms | 179 | 3 | 1.7 | ||||||||
| Other industries | 3,002 | 12 | 0.4 | ||||||||
Total(3) | $ | 392,810 | $ | 3,370 | 0.9 | % | |||||
(1) Funded exposure excludes loans carried at fair value of $8.5 billion that are not subject to the ACLL.
(2) Includes $1.0 billion of funded exposure primarily related to commercial credit card delinquency-managed loans.
(3) The ACLL above reflects coverage of 0.3% of funded investment-grade exposure and 2.5% of funded non-investment-grade exposure.
| December 31, 2025 | |||||||||||
| In millions of dollars, except percentages | Funded exposure(1)(2) | ACLL | ACLL as a % of funded exposure | ||||||||
| Banks and finance companies | $ | 73,206 | $ | 257 | 0.4 | % | |||||
| Real estate | 62,776 | 709 | 1.1 | ||||||||
| Commercial | 44,387 | 682 | 1.5 | ||||||||
| Residential | 18,389 | 26 | 0.1 | ||||||||
| Transportation and industrials | 58,014 | 614 | 1.1 | ||||||||
| Technology, media and telecom | 34,144 | 354 | 1.0 | ||||||||
| Consumer retail | 34,119 | 298 | 0.9 | ||||||||
| Power, chemicals, metals and mining | 18,695 | 381 | 2.0 | ||||||||
| Public sector | 17,063 | 67 | 0.4 | ||||||||
| Energy and commodities | 12,686 | 171 | 1.3 | ||||||||
| Asset managers and funds | 10,642 | 42 | 0.4 | ||||||||
| Healthcare | 8,076 | 102 | 1.3 | ||||||||
| Insurance | 3,657 | 15 | 0.4 | ||||||||
| Securities firms | 154 | 3 | 1.9 | ||||||||
| Financial markets infrastructure | 151 | — | — | ||||||||
Other industries(3) | 3,510 | 40 | 1.1 | ||||||||
Total(4) | $ | 336,893 | $ | 3,053 | 0.9 | % | |||||
(1) Funded exposure excludes loans carried at fair value of $6.8 billion that are not subject to the ACLL.
(2) Includes $0.7 billion of funded exposure primarily related to commercial credit card delinquency-managed loans.
(3) Includes the impact of FX translation on the ACLL that is not allocated to individual industries.
(4) The ACLL above reflects coverage of 0.3% of funded investment-grade exposure and 2.6% of funded non-investment-grade exposure.
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Non-Accrual Loans and Assets
For additional information on Citi’s non-accrual loans and assets, see “Non-Accrual Loans and Assets” in Citi’s 2025 Form 10-K.
Non-Accrual Loans (NAL)
The table below summarizes Citigroup’s NAL as of the periods indicated. NAL may still be current on interest payments. In situations where Citi reasonably expects that none or only a portion of the principal owed will ultimately be collected, all payments received are reflected as a reduction of principal and not as interest income. For all other NAL, cash interest receipts are generally recorded as revenue.
Total NAL decreased $0.4 billion at September 30, 2026 compared to December 31, 2025. Corporate NAL decreased $0.3 billion, driven by Markets, reflecting upgrades and repayments, and Banking, reflecting loan sales and the impact of net rating changes, partially offset by Services. Consumer NAL decreased $0.1 billion, primarily driven by Wealth.
| September 30, | December 31, | |||||||
| In millions of dollars | 2026 | 2025 | ||||||
Corporate NAL by region(1)(2)(3) | ||||||||
| North America | $ | 778 | $ | 1,145 | ||||
| International | 954 | 856 | ||||||
| Total | $ | 1,732 | $ | 2,001 | ||||
| International NAL by cluster | ||||||||
| United Kingdom | $ | 163 | $ | 127 | ||||
| Japan, Asia North and Australia (JANA) | 32 | 9 | ||||||
| LATAM | 548 | 576 | ||||||
| Asia South | 25 | 29 | ||||||
| Europe | 137 | 100 | ||||||
| Middle East, Africa and Russia (MEA) | 49 | 15 | ||||||
Corporate NAL(1)(2)(3) | ||||||||
| Services | $ | 416 | $ | 337 | ||||
| Markets | 400 | 622 | ||||||
| Banking | 797 | 919 | ||||||
| Mexico SBMM | 119 | 123 | ||||||
| Total | $ | 1,732 | $ | 2,001 | ||||
Total consumer NAL(1) | $ | 1,522 | $ | 1,618 | ||||
| Total NAL | $ | 3,254 | $ | 3,619 | ||||
(1)Corporate loans are placed on non-accrual status based on a review by Citigroup’s risk officers. Corporate NAL may still be current on interest payments. With limited exceptions, the following practices are applied for consumer loans: consumer loans, excluding credit cards and mortgages, are placed on non-accrual status at 90 days past due and are charged off at 120 days past due; residential mortgage loans are placed on non-accrual status at 90 days past due and written down to net realizable value at 180 days past due. Consistent with industry conventions, Citigroup generally accrues interest on credit card loans until such loans are charged off, which typically occurs at 180 days contractual delinquency. As such, the NAL disclosures do not include credit card loans, with the exception of certain international portfolios. The balances above represent NAL within Corporate loans and Consumer loans on the Consolidated Balance Sheet.
(2)Approximately 60% and 70% of Citi’s corporate NAL remain current on interest and principal payments at September 30, 2026 and December 31, 2025, respectively.
(3)The September 30, 2026 total corporate NAL represented 0.43% of total corporate loans.
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The changes in Citigroup’s NAL were as follows:
| Three Months Ended | Three Months Ended | |||||||||||||||||||
| September 30, 2026 | September 30, 2025 | |||||||||||||||||||
| In millions of dollars | Corporate | Consumer | Total | Corporate | Consumer | Total | ||||||||||||||
| NAL at beginning of quarter | $ | 1,747 | $ | 1,482 | $ | 3,229 | $ | 1,722 | $ | 1,632 | $ | 3,354 | ||||||||
| Additions | 256 | 532 | 788 | 760 | 633 | 1,393 | ||||||||||||||
| Sales and transfers to HFS | (19) | — | (19) | (39) | (7) | (46) | ||||||||||||||
| Returned to performing | (14) | (55) | (69) | — | (119) | (119) | ||||||||||||||
| Paydowns/settlements | (196) | (136) | (332) | (267) | (175) | (442) | ||||||||||||||
| Charge-offs | (44) | (264) | (308) | (105) | (369) | (474) | ||||||||||||||
| Other | 2 | (37) | (35) | — | 12 | 12 | ||||||||||||||
| Ending balance | $ | 1,732 | $ | 1,522 | $ | 3,254 | $ | 2,071 | $ | 1,607 | $ | 3,678 | ||||||||
| Nine Months Ended | Nine Months Ended | |||||||||||||||||||
| September 30, 2026 | September 30, 2025 | |||||||||||||||||||
| In millions of dollars | Corporate | Consumer | Total | Corporate | Consumer | Total | ||||||||||||||
| NAL at beginning of year | $ | 2,001 | $ | 1,618 | $ | 3,619 | $ | 1,377 | $ | 1,310 | $ | 2,687 | ||||||||
| Additions | 1,038 | 1,799 | 2,837 | 1,896 | 2,011 | 3,907 | ||||||||||||||
| Sales and transfers to HFS | (365) | — | (365) | (120) | (13) | (133) | ||||||||||||||
| Returned to performing | (285) | (301) | (586) | — | (274) | (274) | ||||||||||||||
| Paydowns/settlements | (548) | (468) | (1,016) | (750) | (428) | (1,178) | ||||||||||||||
| Charge-offs | (110) | (1,071) | (1,181) | (332) | (1,060) | (1,392) | ||||||||||||||
| Other | 1 | (55) | (54) | — | 61 | 61 | ||||||||||||||
| Ending balance | $ | 1,732 | $ | 1,522 | $ | 3,254 | $ | 2,071 | $ | 1,607 | $ | 3,678 | ||||||||
The table below summarizes Citigroup’s other real estate owned (OREO) assets. OREO is recorded on the Consolidated Balance Sheet within Other assets:
| September 30, | December 31, | |||||||
| In millions of dollars | 2026 | 2025 | ||||||
OREO(1) | ||||||||
| North America | $ | 44 | $ | 14 | ||||
International(2) | 24 | 8 | ||||||
Total OREO(1) | $ | 68 | $ | 22 | ||||
| Non-accrual assets (NAA) | ||||||||
| Corporate NAL | $ | 1,732 | $ | 2,001 | ||||
| Consumer NAL | 1,522 | 1,618 | ||||||
| NAL | $ | 3,254 | $ | 3,619 | ||||
OREO(1) | 68 | 22 | ||||||
| NAA | $ | 3,322 | $ | 3,641 | ||||
| NAL as a percentage of total loans | 0.40 | % | 0.48 | % | ||||
| NAA as a percentage of total assets | 0.11 | 0.14 | ||||||
ACLL as a percentage of NAL(3) | 617 | 532 | ||||||
(1)Represents the carrying value of all real estate property acquired by foreclosure or other legal proceedings when Citi has taken possession of the collateral and may also include former premises and property for use that is no longer contemplated.
(2)The International OREO details by cluster are not provided due to the immateriality of such amounts.
(3)The ACLL includes the allowance for Citi’s credit card portfolios and purchased credit-deteriorated loans, while the NAL exclude credit card balances (with the exception of certain international portfolios).
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LIQUIDITY RISK
For additional information on funding and liquidity at Citi, including objectives and stress testing, see “Liquidity Risk” and “Risk Factors—Liquidity Risks” in Citi’s 2025 Form 10-K.
High-Quality Liquid Assets (HQLA)
| Citibank | Citi non-bank and other entities | Total | |||||||||||||||||||||||||||
| In billions of dollars | Sep. 30, 2026 | Jun. 30, 2026 | Sep. 30, 2025 | Sep. 30, 2026 | Jun. 30, 2026 | Sep. 30, 2025 | Sep. 30, 2026 | Jun. 30, 2026 | Sep. 30, 2025 | ||||||||||||||||||||
| Available cash | $ | 298.3 | $ | 295.8 | $ | 270.1 | $ | 6.3 | $ | 6.5 | $ | 8.6 | $ | 304.6 | $ | 302.3 | $ | 278.7 | |||||||||||
U.S. sovereign | 165.4 | 169.6 | 161.3 | 52.3 | 43.3 | 50.5 | 217.7 | 212.9 | 211.8 | ||||||||||||||||||||
U.S. agency/agency MBS | 53.9 | 40.5 | 32.2 | 1.7 | 1.5 | 1.8 | 55.6 | 42.0 | 34.0 | ||||||||||||||||||||
Foreign government debt(1) | 68.7 | 69.7 | 53.0 | 14.7 | 14.3 | 10.9 | 83.4 | 84.0 | 63.9 | ||||||||||||||||||||
Other investment grade | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
| Total HQLA (AVG) | $ | 586.3 | $ | 575.6 | $ | 516.6 | $ | 75.0 | $ | 65.6 | $ | 71.8 | $ | 661.3 | $ | 641.2 | $ | 588.4 | |||||||||||
Note: The amounts in the table above are presented on an average basis. For securities, the amounts represent the liquidity value that potentially could be realized and, therefore, exclude any securities that are encumbered and incorporate any haircuts applicable under the U.S. LCR rule. The table above incorporates various restrictions that could limit the transferability of liquidity between legal entities, including Section 23A of the Federal Reserve Act.
(1) Foreign government debt includes securities issued or guaranteed by foreign sovereigns, agencies and multilateral development banks. Foreign government debt securities are held largely to support local liquidity requirements and Citi’s local franchises and principally include government bonds from Japan, Korea, China, the United Kingdom and Hong Kong SAR.
The table above includes average amounts of HQLA held at Citigroup’s operating entities that are eligible for inclusion in the calculation of Citigroup’s consolidated LCR, pursuant to the U.S. LCR rules. These amounts include the HQLA needed to meet the minimum requirements at these entities as well as any amounts in excess of these minimums that are available to be transferred to other entities within Citigroup.
As of September 30, 2026, Citigroup’s average HQLA increased compared to June 30, 2026, primarily driven by an increase in deposits and other wholesale funding activities.
As of September 30, 2026, Citigroup had approximately $1.1 trillion of available liquidity resources to support client and business needs, including:
•$678 billion of end-of-period HQLA included in Citi’s LCR calculation;
•$223 billion of additional unencumbered HQLA, including excess liquidity held at bank entities that is non-transferable to other entities within Citigroup; and
•$158 billion of unused borrowing capacity from available assets not already accounted for within Citi’s HQLA to support additional advances from the Federal Home Loan Bank (FHLB) and the Federal Reserve Bank discount window.
Short-Term Liquidity Measurement: Liquidity Coverage Ratio (LCR)
Citi monitors its liquidity by reference to the LCR in addition to internal 30-day liquidity stress testing performed for Citi’s major entities, operating subsidiaries, and countries and jurisdictions. The table below details the components of Citi’s LCR calculation and HQLA in excess of net outflows for the periods indicated:
| In billions of dollars | Sep. 30, 2026 | Jun. 30, 2026 | Sep. 30, 2025 | ||||||||
| HQLA | $ | 661.3 | $ | 641.2 | $ | 588.4 | |||||
| Net outflows | 581.7 | 567.5 | 510.5 | ||||||||
| LCR | 114 | % | 113 | % | 115 | % | |||||
| HQLA in excess of net outflows | $ | 79.6 | $ | 73.7 | $ | 77.9 | |||||
Note: The amounts are presented on an average basis.
As of September 30, 2026, Citigroup’s average LCR of 114% increased 1% from the quarter ended June 30, 2026, driven by an increase in unsecured wholesale funding within non-bank entities.
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Long-Term Liquidity Measurement: Net Stable Funding Ratio (NSFR)
The NSFR measures the availability of an institution’s stable funding against the required stable funding in accordance with U.S. NSFR rules. The ratio of available stable funding to required stable funding must be greater than 100%.
In general, an institution’s available stable funding includes portions of equity, deposits and long-term debt, while its required stable funding is based on the liquidity characteristics of its assets, derivatives and commitments. Standardized weightings are required to be applied to the various asset and liability classes.
For the quarter ended September 30, 2026, Citigroup’s consolidated NSFR was compliant with the 100% minimum requirement of the rule. (For additional information, see the Consolidated Citigroup NSFR Disclosure as of June 30, 2026, which includes the periods ended June 30, 2026 and March 31, 2026, on Citi’s Investor Relations website. The Consolidated Citigroup NSFR Disclosure on Citi’s Investor Relations website is not incorporated by reference into, and does not form any part of, this Form 10-Q.)
Deposits
The table below details average deposits, by segment and/or business, and the total Citigroup end-of-period deposits for each of the periods indicated:
| In billions of dollars | 3Q26 | 2Q26 | 3Q25 | ||||||||
| Services | $ | 1,037 | $ | 1,017 | $ | 893 | |||||
| TTS | 867 | 852 | 744 | ||||||||
Securities Services | 170 | 165 | 149 | ||||||||
| Markets | 22 | 20 | 20 | ||||||||
| Banking | 1 | — | 1 | ||||||||
| Wealth | 416 | 415 | 405 | ||||||||
All Other—Legacy Franchises | 45 | 45 | 40 | ||||||||
All Other—Corporate/Other | 7 | 7 | 23 | ||||||||
| Total Citigroup deposits (AVG) | $ | 1,528 | $ | 1,504 | $ | 1,382 | |||||
| Total Citigroup deposits (EOP) | $ | 1,505 | $ | 1,493 | $ | 1,384 | |||||
End-of-period deposits increased 9% year-over-year, driven by increases in Services and Wealth, partially offset by a reduction in Corporate/Other. End-of-period deposits increased 1% sequentially, primarily driven by Services and Wealth, partially offset by a reduction in All Other.
On an average basis, total deposits increased 11% year-over-year and 2% sequentially, driven by growth in Services. In the third quarter of 2026, average deposits year-over-year changed as follows:
•Services increased 16%, driven by growth in both TTS and Securities Services, with growth across both North America and International, largely driven by an increase in operating deposits.
•Wealth increased 3%, driven by higher deposits in the Private Bank, partially offset by a decline in Citigold and Retail Banking.
•All Other decreased 17%, reflecting a decrease in corporate certificates of deposits in Corporate/Other.
The majority of Citi’s $1.5 trillion end-of-period deposits are institutional (approximately $1,033 billion) and span approximately 90 countries and jurisdictions. A large majority of these institutional deposits are within Services and of these, approximately 85% are from clients that use at least three of Services’ integrated services: liquidity management, payments, trade and working capital solutions, investor services and issuer services. In addition, approximately 80% of Services deposits are from clients that have a longer than 15-year relationship with Citi.
Citi also has a strong consumer deposit base, with approximately $419 billion of Wealth deposits as of the end of the current quarter that are diversified across Citigold and Retail Banking, the Private Bank and Wealth at Work.
See Note 15 for additional information on Citi’s deposits.
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Long-Term Debt (LTD)
The following table presents Citi’s end-of-period total LTD outstanding for each of the dates indicated:
| In billions of dollars | Sep. 30, 2026 | Jun. 30, 2026 | Sep. 30, 2025 | ||||||||
Non-bank(1) | |||||||||||
| Benchmark debt: | |||||||||||
Senior debt | $ | 112.8 | $ | 103.8 | $ | 115.0 | |||||
Subordinated debt | 26.3 | 26.8 | 28.7 | ||||||||
Trust preferred | 1.6 | 1.6 | 1.6 | ||||||||
Customer-related debt(2) | 130.6 | 126.1 | 116.4 | ||||||||
Local country and other(3) | 17.7 | 17.2 | 13.6 | ||||||||
| Total non-bank | $ | 289.0 | $ | 275.5 | $ | 275.3 | |||||
| Bank | |||||||||||
| FHLB borrowings | $ | 23.0 | $ | 21.0 | $ | 6.0 | |||||
Securitizations(4) | 4.2 | 4.3 | 6.7 | ||||||||
| Citibank benchmark senior debt | 23.7 | 26.6 | 23.5 | ||||||||
Customer-related debt(2) | 1.9 | 2.4 | 2.8 | ||||||||
Local country and other(3) | 4.0 | 3.9 | 1.5 | ||||||||
| Total bank | $ | 56.8 | $ | 58.2 | $ | 40.5 | |||||
| Total LTD | $ | 345.8 | $ | 333.7 | $ | 315.8 | |||||
Note: Amounts represent the current value of LTD on Citi’s Consolidated Balance Sheet that, for certain debt instruments, includes consideration of fair value, hedging impacts and unamortized discounts and premiums.
(1)Non-bank includes LTD issued to third parties by the parent holding company (Citigroup) and Citi’s non-bank subsidiaries (including broker-dealer subsidiaries) that are consolidated into Citigroup. As of September 30, 2026, non-bank included $115.1 billion of LTD issued by Citi’s broker-dealer and other subsidiaries that are consolidated into Citigroup. Certain Citigroup consolidated hedging activities are also included in this line.
(2)Primarily structured notes, which contain an embedded derivative component that adjusts each security’s risk-return profile. See Note 22 for the fair value component of these issuances.
(3)Local country and other includes debt issued by Citi’s affiliates in support of their local operations. Within non-bank, certain secured financing is also included.
(4)Predominantly credit card securitizations, primarily backed by USCC receivables.
Citi’s total LTD outstanding increased 9% year-over-year, driven by increases in bank FHLB borrowings and issuances of non-bank customer-related debt. Citi’s total LTD increased 4% sequentially, driven by issuances of non-bank senior benchmark and customer-related debt and increases in FHLB borrowings, partially offset by Citibank benchmark redemptions.
The additional FHLB borrowings during the third quarter of 2026 were part of Citi’s funding strategy to support ongoing balance sheet growth in support of client-related activities. FHLB advances provide an efficient source of funding and complement Citi’s overall diversified liability base.
As part of its liability management, Citi regularly considers opportunities to redeem or repurchase its LTD pursuant to open market purchases, tender offers or other means. Decisions regarding such redemptions and repurchases are based on several factors, including without limitation, the economic value, regulatory changes, potential impact on net interest margin and borrowing costs, overall remaining tenor of Citi’s debt portfolio and capital impact, as well as overall market conditions.
For information about changes in Citi’s end-of-period LTD, see “Balance Sheet Overview” above. See Note 16 for additional information on Citi’s LTD.
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LTD Issuances and Maturities
The table below details Citi’s LTD issuances and maturities (including repurchases and redemptions) during the periods presented:
| 3Q26 | 2Q26 | 3Q25 | ||||||||||||||||||
| In billions of dollars | Maturities | Issuances | Maturities | Issuances | Maturities | Issuances | ||||||||||||||
| Non-bank | ||||||||||||||||||||
| Benchmark debt: | ||||||||||||||||||||
| Senior debt | $ | 1.0 | $ | 12.0 | $ | 7.8 | $ | — | $ | 7.7 | $ | 6.5 | ||||||||
| Subordinated debt | — | — | — | — | 1.4 | 1.1 | ||||||||||||||
| Trust preferred | — | — | — | — | — | — | ||||||||||||||
| Customer-related debt | 21.2 | 28.7 | 19.1 | 26.9 | 17.4 | 17.6 | ||||||||||||||
| Local country and other | 1.7 | 2.2 | 1.3 | 3.6 | 1.1 | 2.6 | ||||||||||||||
| Total non-bank | $ | 23.9 | $ | 42.9 | $ | 28.2 | $ | 30.5 | $ | 27.6 | $ | 27.8 | ||||||||
| Bank | ||||||||||||||||||||
| FHLB borrowings | $ | — | $ | 2.0 | $ | 1.0 | $ | 21.0 | $ | 0.5 | $ | — | ||||||||
| Securitizations | — | — | 0.9 | — | 0.4 | — | ||||||||||||||
| Citibank benchmark senior debt | 2.5 | — | — | 6.3 | 2.5 | — | ||||||||||||||
| Customer-related debt | 0.6 | — | 0.3 | 0.1 | 0.2 | 0.5 | ||||||||||||||
| Local country and other | 0.7 | 0.9 | 0.1 | 1.7 | 0.5 | 0.5 | ||||||||||||||
| Total bank | $ | 3.8 | $ | 2.9 | $ | 2.3 | $ | 29.1 | $ | 4.1 | $ | 1.0 | ||||||||
| Total | $ | 27.7 | $ | 45.8 | $ | 30.5 | $ | 59.6 | $ | 31.7 | $ | 28.8 | ||||||||
The table below details Citi’s aggregate LTD maturities (including repurchases and redemptions) during the first nine months of 2026, as well as its aggregate remaining LTD maturities by year as of September 30, 2026:
| Maturities | |||||||||||||||||||||||||||||
| In billions of dollars | 3Q26 YTD | Remaining 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | Thereafter | Total | ||||||||||||||||||||
| Non-bank | |||||||||||||||||||||||||||||
| Benchmark debt: | |||||||||||||||||||||||||||||
| Senior debt | $ | 13.3 | $ | 3.9 | $ | 2.1 | $ | 20.2 | $ | 11.7 | $ | 11.8 | $ | 14.1 | $ | 49.0 | $ | 112.8 | |||||||||||
| Subordinated debt | 1.5 | 1.0 | 3.8 | 2.0 | — | — | 0.3 | 19.2 | 26.3 | ||||||||||||||||||||
| Trust preferred | — | — | — | — | — | — | — | 1.6 | 1.6 | ||||||||||||||||||||
| Customer-related debt | 56.9 | 3.0 | 19.3 | 17.9 | 17.0 | 9.7 | 12.5 | 51.2 | 130.6 | ||||||||||||||||||||
| Local country and other | 3.5 | 0.5 | 3.8 | 2.2 | 1.8 | 1.2 | 1.1 | 7.1 | 17.7 | ||||||||||||||||||||
| Total non-bank | $ | 75.2 | $ | 8.4 | $ | 29.0 | $ | 42.3 | $ | 30.5 | $ | 22.7 | $ | 28.0 | $ | 128.1 | $ | 289.0 | |||||||||||
| Bank | |||||||||||||||||||||||||||||
| FHLB borrowings | $ | 3.0 | $ | — | $ | — | $ | 16.0 | $ | 7.0 | $ | — | $ | — | $ | — | $ | 23.0 | |||||||||||
| Securitizations | 0.9 | — | — | — | 0.8 | 2.2 | — | 1.2 | 4.2 | ||||||||||||||||||||
| Citibank benchmark senior debt | 5.5 | 2.4 | 6.5 | 2.9 | 4.2 | 2.9 | — | 4.8 | 23.7 | ||||||||||||||||||||
| Customer-related debt | 1.1 | — | — | — | 0.2 | 0.6 | 1.1 | — | 1.9 | ||||||||||||||||||||
| Local country and other | 1.2 | 0.1 | 0.4 | 1.0 | 0.4 | 0.1 | — | 2.0 | 4.0 | ||||||||||||||||||||
| Total bank | $ | 11.7 | $ | 2.5 | $ | 6.9 | $ | 19.9 | $ | 12.6 | $ | 5.8 | $ | 1.1 | $ | 8.0 | $ | 56.8 | |||||||||||
| Total LTD | $ | 86.9 | $ | 10.9 | $ | 35.9 | $ | 62.2 | $ | 43.1 | $ | 28.5 | $ | 29.1 | $ | 136.1 | $ | 345.8 | |||||||||||
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Secured Funding Transactions and Short-Term Borrowings
Citi supplements its primary sources of funding with short-term financings that generally include:
•secured funding transactions consisting of securities loaned or sold under agreements to repurchase, i.e., repos
•short-term borrowings consisting of commercial paper issuances and borrowings from the FHLB and other market participants
Secured Funding Transactions
Secured funding is primarily accessed through Citi’s broker-dealer subsidiaries, with a smaller portion executed through Citi’s bank entities to efficiently fund both (i) secured lending activity and (ii) a portion of the securities inventory held in the context of market making and customer activities. Secured funding transactions are predominantly collateralized by government debt securities. Changes in the level of Citi’s secured funding are primarily due to fluctuations in secured lending activity in the matched book (as described below), and changes in securities inventory and eligible counterparty balance sheet netting. In order to maintain reliable funding under a wide range of market conditions, Citi manages risks related to its secured funding by establishing secured funding limits and conducting daily stress tests that account for risks related to capacity, tenor, haircut, collateral type, counterparty and client actions.
Secured funding of $410 billion as of September 30, 2026 increased 17% year-over-year and was largely unchanged sequentially. The year-over-year increase was mainly driven by additional financing to support Markets activities. Average secured funding was $476 billion in the third quarter of 2026. For information about changes in Citi’s end-of-period securities loaned and sold under agreements to repurchase, see “Balance Sheet Overview” above. The portion of secured funding in the broker-dealer subsidiaries that funds secured lending is commonly referred to as “matched book” activity and is primarily secured by high-quality liquid securities such as U.S. Treasury, U.S. agency and foreign government debt securities. Other “matched book” activity is secured by less liquid securities, including equity securities, corporate bonds and asset-backed securities, the tenor of which is generally equal to or longer than the tenor of the corresponding assets. As indicated above, the remaining portion of secured funding is used to fund securities inventory held in the context of market making and customer activities.
Short-Term Borrowings
Citi’s short-term borrowings of $62 billion as of September 30, 2026 increased 12% year-over-year and decreased 11% sequentially. The year-over-year increase was mainly attributable to commercial paper and customer-related debt issuances by non-bank entities to support client activities. The sequential reduction was primarily attributed to lower commercial paper issuances by non-bank entities as Citi has diversified away from short-term funding. See Note 16 for further information on Citigroup’s and its affiliates’ outstanding short-term borrowings.
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Credit Ratings
The table below presents the current ratings for Citigroup and Citibank as of September 30, 2026. While not included in the table below, the current long-term and short-term ratings of Citigroup Global Markets Holdings Inc. (CGMHI) were AA-/F1+ at Fitch Ratings, A2/P-1 at Moody’s Ratings and A/A-1 at S&P Global Ratings as of September 30, 2026.
Ratings as of September 30, 2026
| Citigroup Inc. | Citibank, N.A. | |||||||||||||||||||
| Long-term | Short-term | Outlook | Long- term | Short- term | Outlook | |||||||||||||||
| Fitch Ratings (Fitch) | A | F1 | Positive | AA- | F1+ | Positive | ||||||||||||||
| Moody’s Ratings (Moody’s) | A3 | P-2 | Stable | Aa3 | P-1 | Stable | ||||||||||||||
| S&P Global Ratings (S&P) | BBB+ | A-2 | Stable | A+ | A-1 | Stable | ||||||||||||||
Potential Impacts of Ratings Downgrades
Ratings downgrades by Fitch, Moody’s or S&P could negatively impact Citigroup’s and/or Citibank’s funding and liquidity due to reduced funding capacity, including derivative triggers, which could take the form of cash obligations and collateral requirements.
For additional information on the impact of credit rating changes on Citi and its applicable subsidiaries, see “Risk Factors—Liquidity Risks” and “Liquidity Risk—Credit Ratings” in Citi’s 2025 Form 10-K.
Citigroup Inc. and Citibank—Potential Derivative Triggers
As of September 30, 2026, Citi estimates that a hypothetical one-notch downgrade of the senior debt/long-term rating across all three major rating agencies could impact funding and liquidity due to margin requirements related to derivative triggers by approximately $0.1 billion, unchanged from June 30, 2026, for Citigroup Inc., and $0.2 billion, an increase of $0.1 billion from June 30, 2026, for Citibank. Other funding sources, such as secured financing transactions and other margin requirements, for which there are no explicit triggers, could also be adversely affected.
In total, as of September 30, 2026, Citi estimates that a one-notch downgrade of Citigroup Inc. and Citibank across all three major rating agencies could result in increased aggregate cash obligations and collateral requirements of approximately $0.3 billion, an increase of $0.1 billion from June 30, 2026. As detailed under “High-Quality Liquid Assets (HQLA)” above, Citigroup has various liquidity resources available to its bank and non-bank entities in part as a contingency for the potential events described above.
Citibank—Additional Potential Impacts
In addition to the above derivative triggers, Citi believes that a potential downgrade of Citibank’s senior debt/long-term rating across any of the three major rating agencies could also have an adverse impact on the commercial paper/short-term rating of Citibank. Citibank has provided liquidity commitments to consolidated asset-backed commercial paper (ABCP) conduits, primarily in the form of asset purchase agreements. As of September 30, 2026, Citibank had liquidity commitments of approximately $13 billion to ABCP conduits (compared to $11.8 billion at June 30, 2026) (see Note 19).
In addition to the above-referenced liquidity resources of certain Citibank entities, Citibank could reduce the funding and liquidity risk, if any, of the potential downgrades described above through mitigating actions, including repricing certain assets funded by the commercial paper conduits. In the event of the potential downgrades described above, Citi believes that certain corporate customers could reduce borrowing through these conduits, which would result in a reduced amount of ABCP issuance.
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MARKET RISK
Market risk arises from both Citi’s trading and non-trading portfolios. For additional information on market risk and market risk management at Citi, see “Market Risk—Overview” and “Risk Factors” in Citi’s 2025 Form 10-K.
MARKET RISK OF NON-TRADING PORTFOLIOS
Market risk from non-trading portfolios stems predominantly from the potential impact of changes in interest rates and foreign exchange rates on Citi’s net interest income and Accumulated other comprehensive income (loss) (AOCI) from its investment securities portfolios. Market risk from non-trading portfolios also includes the potential impact of changes in foreign exchange rates on Citi’s capital invested in foreign currencies.
For interest rate risk purposes, Citi’s non-trading portfolios are referred to as the Banking Book, and Citi uses multiple metrics to measure its Banking Book interest rate risk, including Interest Rate Exposure (IRE). For additional information, see “Market Risk—Market Risk of Non-Trading Portfolios” in Citi’s 2025 Form 10-K.
Banking Book Interest Rate Risk
The following table presents the 12-month estimated impact to Citi’s net interest income, AOCI and the CET1 Capital ratio, each assuming an unanticipated parallel instantaneous 100 basis point (bps) increase in interest rates:
| In millions of dollars, except as otherwise noted | Sep. 30, 2026 | Jun. 30, 2026 | Sep. 30, 2025 | ||||||||
| Parallel interest rate shock +100 bps | |||||||||||
Interest rate exposure(1)(2) | |||||||||||
| U.S. dollar | $ | 37 | $ | (342) | $ | (252) | |||||
| All other currencies | 1,372 | 1,576 | 1,529 | ||||||||
| Total net interest income | $ | 1,409 | $ | 1,234 | $ | 1,277 | |||||
| As a percentage of average interest-earning assets | 0.05 | % | 0.05 | % | 0.05 | % | |||||
Estimated initial negative impact to AOCI (after-tax)(2) | $ | (3,117) | $ | (3,046) | $ | (2,381) | |||||
Estimated initial impact on CET1 Capital ratio (bps) from AOCI scenario | (17) | (18) | (18) | ||||||||
(1)Excludes trading book and fair value option banking book portfolios and replaces them with the associated transfer pricing.
(2)Includes the effect of changes in interest rates on AOCI related to investment securities, cash flow hedges and pension plans.
Citi’s +100 bps shock to current market-implied forward rates reflects its net interest income sensitivity to an unanticipated increase in interest rates.
Citi’s balance sheet continued to be asset sensitive (assets reprice faster than liabilities), resulting in higher net interest income in a higher interest rate scenario.
The estimated impact to Citi’s net interest income in a +100 bps shock scenario as of September 30, 2026 remained relatively stable year-over-year. At progressively higher interest rate levels, the marginal net interest income benefit is lower, as Citi assumes it will pass on a larger share of rate changes to depositors (i.e., higher betas), reducing Citi’s IRE sensitivity.
Currency-specific interest rate changes and balance sheet factors may drive quarter-to-quarter volatility in Citi’s estimated IRE for a 100 bps upward rate shock.
In a +100 bps shock scenario, Citi expects that the approximate $3.1 billion initial negative impact to AOCI could potentially be offset in shareholders’ equity through the forecasted interest income and paydowns from Citi’s investment portfolio over a period of approximately 14 months.
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Scenario Analysis
The table below presents the estimated impact to Citi’s net interest income and AOCI under eight different interest rate scenarios for the U.S. dollar and all other currencies as of September 30, 2026. These scenarios include the following:
•a parallel shift involving changes to both short-term and long-term rates by an equal amount
•a steeper yield curve involving constant short-term rates and increasing long-term rates or constant long-term rates and decreasing short-term rates
•a flatter yield curve involving increasing short-term rates and constant long-term rates or constant short-term rates and decreasing long-term rates
| In millions of dollars, except as otherwise noted | Parallel shift(1) | Short-end flattener | Long-end steepener | Long-end flattener | Short-end steepener | Parallel shift | Parallel shift | Parallel shift | ||||||||||||||||||
| Overnight rate change (bps) | 100 | 100 | — | — | (100) | (100) | 200 | (200) | ||||||||||||||||||
| 10-year rate change (bps) | 100 | — | 100 | (100) | — | (100) | 200 | (200) | ||||||||||||||||||
| Interest rate exposure | ||||||||||||||||||||||||||
| U.S. dollar | $ | 37 | $ | 34 | $ | 37 | $ | (100) | $ | (291) | $ | (418) | $ | 37 | $ | (1,027) | ||||||||||
All other currencies(1) | 1,372 | 1,163 | 210 | (209) | (1,059) | (1,252) | 2,726 | (2,361) | ||||||||||||||||||
| Total | $ | 1,409 | $ | 1,197 | $ | 247 | $ | (309) | $ | (1,350) | $ | (1,670) | $ | 2,763 | $ | (3,388) | ||||||||||
Estimated initial impact to AOCI (after-tax)(2) | $ | (3,117) | $ | (2,192) | $ | (1,024) | $ | 557 | $ | 2,212 | $ | 2,844 | $ | (6,348) | $ | 5,079 | ||||||||||
Note: Each scenario assumes that the rate change will occur instantaneously. Changes in interest rates for maturities between the overnight rate and the 10-year rate are interpolated. The interest rate exposure in the table above assumes no change in deposit size or mix from the baseline forecast included in the different interest rate scenarios presented. As a result, in higher interest rate scenarios, customer activity resulting in a shift from non-interest-bearing and low interest rate deposit products to higher-yielding deposits would reduce the expected benefit to net interest income. Conversely, in lower interest rate scenarios, customer activity resulting in a shift from higher-yielding deposits to non-interest-bearing and low interest rate deposit products would reduce the expected decrease to net interest income.
(1)The “parallel shift” impact of $1.4 billion consists of the following top five non-U.S. dollar currencies as of September 30, 2026, by absolute size: approximately $(0.4) billion from the euro, $0.3 billion from the British pound sterling and $0.2 billion from the Chinese yuan, and $0.1 billion each from the Japanese yen and Swiss franc. The remaining balance is spread across more than 65 additional currencies.
(2)Includes the effect of changes in interest rates on AOCI related to investment securities, cash flow hedges and pension plans.
As presented in the table above, the estimated impact to Citi’s net interest income is larger in the short end compared to the long end as Citi’s Banking Book has relatively higher interest rate exposure to the short end of the yield curve.
For the U.S. dollar, exposure to downward rate shocks is larger in magnitude than to upward rate shocks. This is because of the lower benefit to net interest income from Citi’s deposit base at higher rate levels, as well as the prepayment effects on mortgage loans and mortgage-backed securities.
The 100 bps and 200 bps downward rate scenarios potentially may be impacted by the low interest rates in several countries and the assumption that market interest rates, as well as rates paid to depositors and charged to borrowers, do not fall below zero (i.e., the “flooring assumption”). The interest rate scenarios are also impacted by convexity related to mortgage products and deposit pricing.
The magnitude of the impact to AOCI is greater in the short end compared to the long end. This is because Citi’s investment portfolio is more sensitive to shorter-term rates and pension liabilities are more sensitive at intermediate-term maturities.
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Changes in Foreign Exchange Rates—Impacts on AOCI and Capital
As of September 30, 2026, Citi estimates that a parallel instantaneous 5% appreciation of the U.S. dollar against all of the other currencies in which Citi has invested capital could reduce Citi’s tangible common equity (TCE) by approximately $1.5 billion, or 1.0%, as a result of changes to Citi’s CTA in AOCI, net of hedges. This reduction in the TCE would be primarily driven by depreciation of the euro, Mexican peso and Singapore dollar.
This reduction in the TCE does not reflect any mitigating actions Citi may take, including ongoing management of its foreign currency translation exposure. TCE is used as a simplified metric to manage CET1 capital ratio volatility. Specifically, as currency movements change the value of Citi’s net investments in foreign currency-denominated
capital, these movements also change the value of Citi’s RWA denominated in those same currencies. This, coupled with Citi’s foreign currency hedging strategies, such as foreign currency borrowings, foreign currency forwards and other currency hedging instruments, lessens the impact of foreign currency movements on Citi’s CET1 Capital ratio. Changes in these hedging strategies, as well as hedging costs, divestitures and tax impacts, can further affect the actual impact of changes in foreign exchange rates on Citi’s capital compared to an unanticipated parallel shock, as described above.
The effect of Citi’s ongoing management strategies with respect to quarterly changes in foreign exchange rates (versus the U.S. dollar), and the quarterly impact of these changes on Citi’s TCE and CET1 Capital ratio, are presented in the table below. See Note 17 for additional information on the changes in AOCI.
| For the quarter ended | |||||||||||
| In millions of dollars | Sep. 30, 2026 | Jun. 30, 2026 | Sep. 30, 2025 | ||||||||
Change in FX spot rate(1) | (0.3) | % | 0.3 | % | (0.1) | % | |||||
| Change in TCE due to FX translation, net of hedges | $ | (151) | $ | 1,947 | $ | 156 | |||||
| As a percentage of TCE | (0.1) | % | 1.2 | % | 0.1 | % | |||||
(1) FX spot rate change is a weighted average based on Citi’s quarterly average GAAP capital exposure to foreign countries. A negative change in FX spot rate represents foreign currency depreciation versus the U.S. dollar.
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Interest Income/Expense and Net Interest Margin (NIM)
| Change | ||||||||||||||||||||||||||
| In millions of dollars, except as otherwise noted | 3Q26 | 2Q26 | 3Q25 | 3Q26 vs. 3Q25 | ||||||||||||||||||||||
Interest income(1) | $ | 38,792 | $ | 37,690 | $ | 36,717 | 6 | % | ||||||||||||||||||
Interest expense(2) | 21,783 | 20,537 | 21,750 | — | ||||||||||||||||||||||
Net interest income, taxable equivalent basis(1) | $ | 17,009 | $ | 17,153 | $ | 14,967 | 14 | % | ||||||||||||||||||
Interest income—average rate(3) | 5.54 | % | 5.58 | % | 5.89 | % | (35) | bps | ||||||||||||||||||
| Interest expense—average rate | 3.77 | 3.67 | 4.26 | (49) | bps | |||||||||||||||||||||
Net interest margin(3)(4) | 2.43 | 2.54 | 2.40 | 3 | bps | |||||||||||||||||||||
| Interest rate benchmarks | ||||||||||||||||||||||||||
| Two-year U.S. Treasury note—average rate | 4.36 | % | 3.97 | % | 3.72 | % | 64 | bps | ||||||||||||||||||
| 10-year U.S. Treasury note—average rate | 4.76 | 4.42 | 4.26 | 50 | bps | |||||||||||||||||||||
| 10-year vs. two-year spread | 40 | bps | 45 | bps | 54 | bps | ||||||||||||||||||||
(1)Interest income and Net interest income include the taxable equivalent gross-up adjustments (TEGU) primarily related to the tax-exempt bond portfolio and certain tax-advantaged loan programs of $27 million, $28 million and $27 million for the three months ended September 30, 2026, June 30, 2026 and September 30, 2025, respectively.
(2)Interest expense associated with certain hybrid financial instruments, which are classified as Long-term debt and accounted for at fair value, is reported together with any changes in fair value as part of Principal transactions in the Consolidated Statement of Income and is therefore not reflected in Interest expense in the table above.
(3)The average rate on interest income and NIM reflects TEGU. See footnote 1 above.
(4)Citi’s NIM is calculated by dividing net interest income (including TEGU) by average interest-earning assets.
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Non-Markets Net Interest Income (NII)
| Change | ||||||||||||||
In millions of dollars | 3Q26 | 2Q26 | 3Q25 | 3Q26 vs. 3Q25 | ||||||||||
Total Citi net interest income (NII)—taxable equivalent basis(1) per above | $ | 17,009 | $ | 17,153 | $ | 14,967 | 14 | % | ||||||
| Less: | ||||||||||||||
Markets NII—taxable equivalent basis(1) | 3,300 | 4,030 | 2,205 | 50 | ||||||||||
Total Citi non-Markets NII—taxable equivalent basis(1) | $ | 13,709 | $ | 13,123 | $ | 12,762 | 7 | % | ||||||
(1)Interest income and Net interest income include TEGU discussed in the table above.
Citi’s NII in the third quarter of 2026 was $17.0 billion on a reported basis, an increase of 14%, or $2.0 billion, from the prior-year period. The increase was due to a 50%, or $1.1 billion, increase in Markets NII and a 7%, or $0.9 billion, increase in non-Markets NII. As noted in the table above, on a taxable equivalent basis, Citi’s NII was $17.0 billion in the third quarter of 2026.
Citi’s Markets business is primarily evaluated on a total revenue basis. See “Markets” above for additional information.
The increase in non-Markets NII compared to the prior-year period was primarily driven by:
•higher average deposit balances and deposit spreads in Services;
•higher deposit spreads and average deposit balances in Wealth; and
•higher interest-earning balances in USCC;
•partially offset by:
•lower mortgage spreads in Wealth; and
•higher asset and liability management impacts in All Other—Corporate/Other.
Citi’s net interest margin was 2.43% on a taxable equivalent basis in the third quarter of 2026, a decrease of 11 basis points from the prior quarter, largely driven by lower Markets NII, partially offset by a benefit from rates.
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Additional Interest Rate Details
Average Balances and Interest Rates—Assets(1)(2)(3)
Taxable Equivalent Basis
| Quarterly—Assets | Average balance | Interest income | % Average rate | ||||||||||||||||||||||||||
| In millions of dollars, except rates | 3Q26 | 2Q26 | 3Q25 | 3Q26 | 2Q26 | 3Q25 | 3Q26 | 2Q26 | 3Q25 | ||||||||||||||||||||
Deposits with banks(4) | $ | 361,153 | $ | 359,133 | $ | 332,245 | $ | 3,514 | $ | 3,375 | $ | 3,435 | 3.86 | % | 3.77 | % | 4.10 | % | |||||||||||
Securities borrowed and purchased under agreements to resell(5) | |||||||||||||||||||||||||||||
| In U.S. offices | $ | 247,610 | $ | 230,437 | $ | 176,255 | $ | 3,757 | $ | 3,740 | $ | 4,188 | 6.02 | % | 6.51 | % | 9.43 | % | |||||||||||
In offices outside the U.S.(4) | 216,466 | 210,152 | 181,549 | 3,439 | 3,112 | 2,815 | 6.30 | 5.94 | 6.15 | ||||||||||||||||||||
| Total | $ | 464,076 | $ | 440,589 | $ | 357,804 | $ | 7,196 | $ | 6,852 | $ | 7,003 | 6.15 | % | 6.24 | % | 7.77 | % | |||||||||||
Trading account assets(6)(7) | |||||||||||||||||||||||||||||
| In U.S. offices | $ | 274,516 | $ | 282,049 | $ | 287,515 | $ | 2,668 | $ | 2,991 | $ | 3,031 | 3.86 | % | 4.25 | % | 4.18 | % | |||||||||||
In offices outside the U.S.(4) | 293,709 | 277,688 | 235,819 | 2,547 | 3,121 | 2,258 | 3.44 | 4.51 | 3.80 | ||||||||||||||||||||
| Total | $ | 568,225 | $ | 559,737 | $ | 523,334 | $ | 5,215 | $ | 6,112 | $ | 5,289 | 3.64 | % | 4.38 | % | 4.01 | % | |||||||||||
| Investments | |||||||||||||||||||||||||||||
| In U.S. offices | |||||||||||||||||||||||||||||
| Taxable | $ | 260,098 | $ | 239,035 | $ | 235,659 | $ | 2,046 | $ | 1,651 | $ | 1,542 | 3.12 | % | 2.77 | % | 2.60 | % | |||||||||||
| Exempt from U.S. income tax | 9,848 | 10,112 | 10,587 | 97 | 53 | 99 | 3.91 | 2.10 | 3.71 | ||||||||||||||||||||
In offices outside the U.S.(4) | 201,239 | 203,997 | 203,443 | 2,396 | 2,394 | 2,536 | 4.72 | 4.71 | 4.95 | ||||||||||||||||||||
| Total | $ | 471,185 | $ | 453,144 | $ | 449,689 | $ | 4,539 | $ | 4,098 | $ | 4,177 | 3.82 | % | 3.63 | % | 3.69 | % | |||||||||||
Consumer loans(8) | |||||||||||||||||||||||||||||
| In U.S. offices | $ | 332,257 | $ | 327,633 | $ | 318,585 | $ | 8,838 | $ | 8,396 | $ | 8,493 | 10.55 | % | 10.28 | % | 10.58 | % | |||||||||||
In offices outside the U.S.(4) | 84,592 | 82,716 | 77,748 | 1,811 | 1,760 | 1,657 | 8.49 | 8.53 | 8.46 | ||||||||||||||||||||
| Total | $ | 416,849 | $ | 410,349 | $ | 396,333 | $ | 10,649 | $ | 10,156 | $ | 10,150 | 10.14 | % | 9.93 | % | 10.16 | % | |||||||||||
Corporate loans(8) | |||||||||||||||||||||||||||||
| In U.S. offices | $ | 193,774 | $ | 184,986 | $ | 157,865 | $ | 2,859 | $ | 2,642 | $ | 2,319 | 5.85 | % | 5.73 | % | 5.83 | % | |||||||||||
In offices outside the U.S.(4) | 197,926 | 189,710 | 170,821 | 3,046 | 2,860 | 2,944 | 6.11 | 6.05 | 6.84 | ||||||||||||||||||||
| Total | $ | 391,700 | $ | 374,696 | $ | 328,686 | $ | 5,905 | $ | 5,502 | $ | 5,263 | 5.98 | % | 5.89 | % | 6.35 | % | |||||||||||
Total loans(8) | |||||||||||||||||||||||||||||
| In U.S. offices | $ | 526,031 | $ | 512,619 | $ | 476,450 | $ | 11,697 | $ | 11,038 | $ | 10,812 | 8.82 | % | 8.64 | % | 9.00 | % | |||||||||||
In offices outside the U.S.(4) | 282,518 | 272,426 | 248,569 | 4,857 | 4,620 | 4,601 | 6.82 | 6.80 | 7.34 | ||||||||||||||||||||
| Total | $ | 808,549 | $ | 785,045 | $ | 725,019 | $ | 16,554 | $ | 15,658 | $ | 15,413 | 8.12 | % | 8.00 | % | 8.43 | % | |||||||||||
Other interest-earning assets(9) | $ | 103,152 | $ | 113,683 | $ | 83,974 | $ | 1,774 | $ | 1,595 | $ | 1,400 | 6.82 | % | 5.63 | % | 6.61 | % | |||||||||||
| Total interest-earning assets | $ | 2,776,340 | $ | 2,711,331 | $ | 2,472,065 | $ | 38,792 | $ | 37,690 | $ | 36,717 | 5.54 | % | 5.58 | % | 5.89 | % | |||||||||||
Non-interest-earning assets(6) | $ | 225,850 | $ | 224,670 | $ | 216,735 | |||||||||||||||||||||||
| Total assets | $ | 3,002,190 | $ | 2,936,001 | $ | 2,688,800 | |||||||||||||||||||||||
76
Nine Months—Assets | Average balance | Interest income | % Average rate | ||||||||||||||||||||||||||
| Nine Months | Nine Months | Nine Months | Nine Months | Nine Months | Nine Months | ||||||||||||||||||||||||
| In millions of dollars, except rates | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
Deposits with banks(4) | $ | 355,086 | $ | 303,656 | $ | 10,083 | $ | 9,479 | 3.80 | % | 4.17 | % | |||||||||||||||||
Securities borrowed and purchased under agreements to resell(5) | |||||||||||||||||||||||||||||
| In U.S. offices | $ | 226,100 | $ | 191,926 | $ | 11,293 | $ | 11,531 | 6.68 | % | 8.03 | % | |||||||||||||||||
In offices outside the U.S.(4) | 206,846 | 173,124 | 9,436 | 8,384 | 6.10 | 6.47 | |||||||||||||||||||||||
| Total | $ | 432,946 | $ | 365,050 | $ | 20,729 | $ | 19,915 | 6.40 | % | 7.29 | % | |||||||||||||||||
Trading account assets(6)(7) | |||||||||||||||||||||||||||||
| In U.S. offices | $ | 276,358 | $ | 276,732 | $ | 8,511 | $ | 8,855 | 4.12 | % | 4.28 | % | |||||||||||||||||
In offices outside the U.S.(4) | 278,001 | 212,464 | 7,713 | 6,625 | 3.71 | 4.17 | |||||||||||||||||||||||
| Total | $ | 554,359 | $ | 489,196 | $ | 16,224 | $ | 15,480 | 3.91 | % | 4.23 | % | |||||||||||||||||
| Investments | |||||||||||||||||||||||||||||
| In U.S. offices | |||||||||||||||||||||||||||||
| Taxable | $ | 242,406 | $ | 245,849 | $ | 5,178 | $ | 4,769 | 2.86 | % | 2.59 | % | |||||||||||||||||
| Exempt from U.S. income tax | 10,061 | 10,678 | 243 | 310 | 3.23 | 3.88 | |||||||||||||||||||||||
In offices outside the U.S.(4) | 203,485 | 196,438 | 7,244 | 7,488 | 4.76 | 5.10 | |||||||||||||||||||||||
| Total | $ | 455,952 | $ | 452,965 | $ | 12,665 | $ | 12,567 | 3.71 | % | 3.71 | % | |||||||||||||||||
Consumer loans(8) | |||||||||||||||||||||||||||||
| In U.S. offices | $ | 327,311 | $ | 315,512 | $ | 25,488 | $ | 24,876 | 10.41 | % | 10.54 | % | |||||||||||||||||
In offices outside the U.S.(4) | 83,024 | 75,612 | 5,294 | 4,803 | 8.53 | 8.49 | |||||||||||||||||||||||
| Total | $ | 410,335 | $ | 391,124 | $ | 30,782 | $ | 29,679 | 10.03 | % | 10.15 | % | |||||||||||||||||
Corporate loans(8) | |||||||||||||||||||||||||||||
| In U.S. offices | $ | 183,279 | $ | 150,268 | $ | 7,969 | $ | 6,594 | 5.81 | % | 5.87 | % | |||||||||||||||||
In offices outside the U.S.(4) | 189,319 | 167,919 | 8,707 | 8,866 | 6.15 | 7.06 | |||||||||||||||||||||||
| Total | $ | 372,598 | $ | 318,187 | $ | 16,676 | $ | 15,460 | 5.98 | % | 6.50 | % | |||||||||||||||||
Total loans(8) | |||||||||||||||||||||||||||||
| In U.S. offices | $ | 510,590 | $ | 465,780 | $ | 33,457 | $ | 31,470 | 8.76 | % | 9.03 | % | |||||||||||||||||
In offices outside the U.S.(4) | 272,343 | 243,531 | 14,001 | 13,669 | 6.87 | 7.50 | |||||||||||||||||||||||
| Total | $ | 782,933 | $ | 709,311 | $ | 47,458 | $ | 45,139 | 8.10 | % | 8.51 | % | |||||||||||||||||
Other interest-earning assets(9) | $ | 113,461 | $ | 81,007 | $ | 4,865 | $ | 3,716 | 5.73 | % | 6.13 | % | |||||||||||||||||
| Total interest-earning assets | $ | 2,694,737 | $ | 2,401,185 | $ | 112,024 | $ | 106,296 | 5.56 | % | 5.92 | % | |||||||||||||||||
Non-interest-earning assets(6) | $ | 223,595 | $ | 216,730 | |||||||||||||||||||||||||
| Total assets | $ | 2,918,332 | $ | 2,617,915 | |||||||||||||||||||||||||
(1)Interest income and Net interest income include TEGU of $27 million, $28 million and $27 million for the three months ended September 30, 2026, June 30, 2026 and September 30, 2025 and $84 million and $81 million for the nine months ended September 30, 2026 and 2025, respectively.
(2)Interest rates and amounts include the effects of risk management activities associated with the respective asset categories.
(3)Monthly or quarterly averages have been used by certain subsidiaries where daily averages are unavailable.
(4)Average rates reflect prevailing local interest rates, including inflationary effects and monetary corrections in certain countries.
(5)Average volumes of securities borrowed or purchased under agreements to resell are reported net pursuant to ASC 210-20-45. However, Interest income excludes the impact of ASC 210-20-45.
(6)The fair value carrying amounts of derivative contracts are reported net, pursuant to ASC 815-10-45, in Non-interest-earning assets and Other non-interest-bearing liabilities.
(7)Interest expense on Trading account liabilities of Services, Markets and Banking is reported as a reduction of Interest income. Interest income and Interest expense on cash collateral positions are reported in interest on Trading account assets and Trading account liabilities, respectively.
(8)Net of unearned income. Includes cash-basis loans.
(9)Includes Brokerage receivables.
77
Average Balances and Interest Rates—Liabilities and Equity, and Net Interest Income(1)(2)(3)
Taxable Equivalent Basis
| Quarterly—Liabilities | Average balance | Interest expense | % Average rate | ||||||||||||||||||||||||||
| In millions of dollars, except rates | 3Q26 | 2Q26 | 3Q25 | 3Q26 | 2Q26 | 3Q25 | 3Q26 | 2Q26 | 3Q25 | ||||||||||||||||||||
| Deposits | |||||||||||||||||||||||||||||
In U.S. offices(4) | $ | 699,240 | $ | 669,901 | $ | 596,319 | $ | 5,362 | $ | 4,987 | $ | 5,210 | 3.04 | % | 2.99 | % | 3.47 | % | |||||||||||
In offices outside the U.S.(5) | 623,817 | 625,272 | 584,048 | 3,848 | 3,760 | 3,953 | 2.45 | 2.41 | 2.69 | ||||||||||||||||||||
| Total | $ | 1,323,057 | $ | 1,295,173 | $ | 1,180,367 | $ | 9,210 | $ | 8,747 | $ | 9,163 | 2.76 | % | 2.71 | % | 3.08 | % | |||||||||||
Securities loaned and sold under agreements to repurchase(6) | |||||||||||||||||||||||||||||
| In U.S. offices | $ | 296,811 | $ | 290,752 | $ | 276,375 | $ | 4,216 | $ | 4,283 | $ | 5,315 | 5.64 | % | 5.91 | % | 7.63 | % | |||||||||||
In offices outside the U.S.(5) | 178,987 | 158,461 | 125,446 | 2,762 | 2,430 | 2,041 | 6.12 | 6.15 | 6.45 | ||||||||||||||||||||
| Total | $ | 475,798 | $ | 449,213 | $ | 401,821 | $ | 6,978 | $ | 6,713 | $ | 7,356 | 5.82 | % | 5.99 | % | 7.26 | % | |||||||||||
Trading account liabilities(7)(8) | |||||||||||||||||||||||||||||
| In U.S. offices | $ | 61,773 | $ | 48,014 | $ | 43,431 | $ | 499 | $ | 408 | $ | 421 | 3.20 | % | 3.41 | % | 3.85 | % | |||||||||||
In offices outside the U.S.(5) | 79,717 | 83,563 | 64,384 | 398 | 380 | 334 | 1.98 | 1.82 | 2.06 | ||||||||||||||||||||
| Total | $ | 141,490 | $ | 131,577 | $ | 107,815 | $ | 897 | $ | 788 | $ | 755 | 2.52 | % | 2.40 | % | 2.78 | % | |||||||||||
Short-term borrowings and other interest-bearing liabilities(9) | |||||||||||||||||||||||||||||
| In U.S. offices | $ | 118,465 | $ | 122,132 | $ | 95,540 | $ | 1,905 | $ | 1,784 | $ | 1,691 | 6.38 | % | 5.86 | % | 7.02 | % | |||||||||||
In offices outside the U.S.(5) | 56,364 | 67,306 | 51,635 | 362 | 262 | 242 | 2.55 | 1.56 | 1.86 | ||||||||||||||||||||
| Total | $ | 174,829 | $ | 189,438 | $ | 147,175 | $ | 2,267 | $ | 2,046 | $ | 1,933 | 5.14 | % | 4.33 | % | 5.21 | % | |||||||||||
Long-term debt(10) | |||||||||||||||||||||||||||||
| In U.S. offices | $ | 173,952 | $ | 174,084 | $ | 185,657 | $ | 2,355 | $ | 2,185 | $ | 2,537 | 5.37 | % | 5.03 | % | 5.42 | % | |||||||||||
In offices outside the U.S.(5) | 3,395 | 2,898 | 1,683 | 76 | 58 | 6 | 8.88 | 8.03 | 1.41 | ||||||||||||||||||||
| Total | $ | 177,347 | $ | 176,982 | $ | 187,340 | $ | 2,431 | $ | 2,243 | $ | 2,543 | 5.44 | % | 5.08 | % | 5.39 | % | |||||||||||
| Total interest-bearing liabilities | $ | 2,292,521 | $ | 2,242,383 | $ | 2,024,518 | $ | 21,783 | $ | 20,537 | $ | 21,750 | 3.77 | % | 3.67 | % | 4.26 | % | |||||||||||
Non-interest-bearing deposits(11) | $ | 204,971 | $ | 208,502 | $ | 201,830 | |||||||||||||||||||||||
Other non-interest-bearing liabilities(7) | 290,867 | 270,176 | 247,768 | ||||||||||||||||||||||||||
| Total liabilities | $ | 2,788,359 | $ | 2,721,061 | $ | 2,474,116 | |||||||||||||||||||||||
| Citigroup stockholders’ equity | $ | 211,234 | $ | 212,710 | $ | 213,846 | |||||||||||||||||||||||
| Noncontrolling interests | 2,597 | 2,230 | 838 | ||||||||||||||||||||||||||
| Total equity | $ | 213,831 | $ | 214,940 | $ | 214,684 | |||||||||||||||||||||||
| Total liabilities and stockholders’ equity | $ | 3,002,190 | $ | 2,936,001 | $ | 2,688,800 | |||||||||||||||||||||||
Net interest income as a percentage of average interest-earning assets(12) | |||||||||||||||||||||||||||||
| In U.S. offices | $ | 1,601,679 | $ | 1,551,843 | $ | 1,423,380 | $ | 9,501 | $ | 9,107 | $ | 7,736 | 2.35 | % | 2.35 | % | 2.16 | % | |||||||||||
In offices outside the U.S.(6) | 1,174,661 | 1,159,488 | 1,048,685 | 7,508 | 8,046 | 7,231 | 2.54 | 2.78 | 2.74 | ||||||||||||||||||||
| Total | $ | 2,776,340 | $ | 2,711,331 | $ | 2,472,065 | $ | 17,009 | $ | 17,153 | $ | 14,967 | 2.43 | % | 2.54 | % | 2.40 | % | |||||||||||
78
Nine Months—Liabilities | Average balance | Interest expense | % Average rate | ||||||||||||||||||||||||||
| Nine Months | Nine Months | Nine Months | Nine Months | Nine Months | Nine Months | ||||||||||||||||||||||||
| In millions of dollars, except rates | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Deposits | |||||||||||||||||||||||||||||
In U.S. offices(4) | $ | 668,254 | $ | 574,923 | $ | 15,000 | $ | 14,763 | 3.00 | % | 3.43 | % | |||||||||||||||||
In offices outside the U.S.(5) | 616,582 | 566,121 | 11,210 | 11,523 | 2.43 | 2.72 | |||||||||||||||||||||||
| Total | $ | 1,284,836 | $ | 1,141,044 | $ | 26,210 | $ | 26,286 | 2.73 | % | 3.08 | % | |||||||||||||||||
Securities loaned and sold under agreements to repurchase(6) | |||||||||||||||||||||||||||||
| In U.S. offices | $ | 283,618 | $ | 289,373 | $ | 12,832 | $ | 14,708 | 6.05 | % | 6.80 | % | |||||||||||||||||
In offices outside the U.S.(5) | 162,255 | 109,031 | 7,457 | 5,842 | 6.14 | 7.16 | |||||||||||||||||||||||
| Total | $ | 445,873 | $ | 398,404 | $ | 20,289 | $ | 20,550 | 6.08 | % | 6.90 | % | |||||||||||||||||
Trading account liabilities(7)(8) | |||||||||||||||||||||||||||||
| In U.S. offices | $ | 50,695 | $ | 38,429 | $ | 1,330 | $ | 1,249 | 3.51 | % | 4.35 | % | |||||||||||||||||
In offices outside the U.S.(5) | 79,798 | 62,615 | 1,124 | 1,011 | 1.88 | 2.16 | |||||||||||||||||||||||
| Total | $ | 130,493 | $ | 101,044 | $ | 2,454 | $ | 2,260 | 2.51 | % | 2.99 | % | |||||||||||||||||
Short-term borrowings and other interest-bearing liabilities(9) | |||||||||||||||||||||||||||||
| In U.S. offices | $ | 117,810 | $ | 94,506 | $ | 5,295 | $ | 4,670 | 6.01 | % | 6.61 | % | |||||||||||||||||
In offices outside the U.S.(5) | 65,355 | 44,961 | 850 | 789 | 1.74 | 2.35 | |||||||||||||||||||||||
| Total | $ | 183,165 | $ | 139,467 | $ | 6,145 | $ | 5,459 | 4.49 | % | 5.23 | % | |||||||||||||||||
Long-term debt(10) | |||||||||||||||||||||||||||||
| In U.S. offices | $ | 176,807 | $ | 180,023 | $ | 6,801 | $ | 7,460 | 5.14 | % | 5.54 | % | |||||||||||||||||
In offices outside the U.S.(5) | 2,827 | 1,698 | 193 | 73 | 9.13 | 5.75 | |||||||||||||||||||||||
| Total | $ | 179,634 | $ | 181,721 | $ | 6,994 | $ | 7,533 | 5.21 | % | 5.54 | % | |||||||||||||||||
| Total interest-bearing liabilities | $ | 2,224,001 | $ | 1,961,680 | $ | 62,092 | $ | 62,088 | 3.73 | % | 4.23 | % | |||||||||||||||||
Non-interest-bearing deposits(11) | $ | 207,870 | $ | 202,267 | |||||||||||||||||||||||||
Other non-interest-bearing liabilities(7) | 272,197 | 241,178 | |||||||||||||||||||||||||||
| Total liabilities | $ | 2,704,068 | $ | 2,405,125 | |||||||||||||||||||||||||
| Citigroup stockholders’ equity | $ | 212,117 | $ | 211,946 | |||||||||||||||||||||||||
| Noncontrolling interests | 2,147 | 844 | |||||||||||||||||||||||||||
| Total equity | $ | 214,264 | $ | 212,790 | |||||||||||||||||||||||||
| Total liabilities and stockholders’ equity | $ | 2,918,332 | $ | 2,617,915 | |||||||||||||||||||||||||
Net interest income as a percentage of average interest-earning assets(11) | |||||||||||||||||||||||||||||
| In U.S. offices | $ | 1,545,645 | $ | 1,396,448 | $ | 27,364 | $ | 22,269 | 2.37 | % | 2.13 | % | |||||||||||||||||
In offices outside the U.S.(6) | 1,149,092 | 1,004,737 | 22,568 | 21,939 | 2.63 | 2.92 | |||||||||||||||||||||||
| Total | $ | 2,694,737 | $ | 2,401,185 | $ | 49,932 | $ | 44,208 | 2.48 | % | 2.46 | % | |||||||||||||||||
(1)Interest income and Net interest income include TEGU discussed in the table above.
(2)Interest rates and amounts include the effects of risk management activities associated with the respective liability categories.
(3)Monthly or quarterly averages have been used by certain subsidiaries where daily averages are unavailable.
(4)Consists of other time deposits and savings deposits. Savings deposits are composed of insured money market accounts and other savings deposits.
(5)Average rates reflect prevailing local interest rates, including inflationary effects and monetary corrections in certain countries.
(6)Average volumes of securities sold under agreements to repurchase are reported net pursuant to ASC 210-20-45. However, Interest expense excludes the impact of ASC 210-20-45.
(7)The fair value carrying amounts of derivative contracts are reported net, pursuant to ASC 815-10-45, in Non-interest-earning assets and Other non-interest-bearing liabilities.
(8)Interest expense on Trading account liabilities of Services, Markets and Banking is reported as a reduction of Interest income. Interest income and Interest expense on cash collateral positions are reported in interest on Trading account assets and Trading account liabilities, respectively.
(9)Includes Brokerage payables.
(10)Excludes hybrid financial instruments and beneficial interests in consolidated variable interest entities (VIEs) that are classified as Long-term debt, as the changes in fair value for these obligations are recorded in Principal transactions.
(11)Includes non-interest-bearing deposits in both the U.S. and outside of the U.S.
(12)Includes allocations for capital and funding costs based on the location of the asset.
79
MARKET RISK OF TRADING PORTFOLIOS
Value at Risk (VaR) (at 99% Confidence)
As presented in the table below, Citi’s average trading VaR for the third quarter of 2026 increased $7 million, due to an increase in average interest rate exposure in Rates and Currencies in Markets.
Citi believes its VaR model is conservatively calibrated to incorporate fat-tail impact and the greater of short-term (approximately the most recent month) and long-term (18 months for commodities and three years for others) market volatility. For additional information regarding Citi’s VaR, see “Managing Global Risk—Market Risk of Trading Portfolios—Value at Risk (VaR)” in Citi’s 2025 Form 10-K. As of September 30, 2026, Citi estimates that the conservative features of the VaR calibration contribute approximately 17% more to the trading and credit portfolio VaR than a VaR estimated under the assumption of normally distributed markets. As of June 30, 2026, the contribution was approximately 5%.
Total Citi—Quarter-end and Average Trading VaR and Trading and Credit Portfolio VaR
| In millions of dollars | September 30, 2026 | 3Q26 Average | June 30, 2026 | 2Q26 Average | September 30, 2025 | 3Q25 Average | ||||||||||||||
| Interest rate | $ | 99 | $ | 111 | $ | 118 | $ | 96 | $ | 100 | $ | 104 | ||||||||
| Credit spread | 72 | 81 | 78 | 74 | 75 | 80 | ||||||||||||||
Covariance adjustment(1) | (49) | (59) | (61) | (54) | (58) | (66) | ||||||||||||||
Fully diversified interest rate and credit spread(2) | $ | 122 | $ | 133 | $ | 135 | $ | 116 | $ | 117 | $ | 118 | ||||||||
| Foreign exchange | 42 | 38 | 39 | 44 | 46 | 44 | ||||||||||||||
| Equity | 26 | 25 | 23 | 28 | 20 | 21 | ||||||||||||||
| Commodity | 33 | 33 | 38 | 35 | 36 | 42 | ||||||||||||||
Covariance adjustment(1) | (104) | (100) | (104) | (101) | (109) | (106) | ||||||||||||||
Total trading VaR—all market risk factors, including general and specific risk (excluding credit portfolios)(2) | $ | 119 | $ | 129 | $ | 131 | $ | 122 | $ | 110 | $ | 119 | ||||||||
Specific risk-only component(3) | $ | 1 | $ | (3) | $ | (7) | $ | 2 | $ | — | $ | (2) | ||||||||
| Total trading VaR—general market risk factors only (excluding credit portfolios) | $ | 118 | $ | 132 | $ | 138 | $ | 120 | $ | 110 | $ | 121 | ||||||||
Incremental impact of the credit portfolio(4) | $ | 7 | $ | 7 | $ | 5 | $ | 5 | $ | 3 | $ | 9 | ||||||||
| Total trading and credit portfolio VaR | $ | 126 | $ | 136 | $ | 136 | $ | 127 | $ | 113 | $ | 128 | ||||||||
(1) Covariance adjustment (also known as diversification benefit) equals the difference between the total VaR and the sum of the VaRs tied to each risk type. The benefit reflects the fact that the risks within individual and across risk types are not perfectly correlated and, consequently, the total VaR on a given day will be lower than the sum of the VaRs relating to each risk type. The determination of the primary drivers of changes to the covariance adjustment is made by an examination of the impact of both model parameter and position changes.
(2) The total trading VaR includes mark-to-market and certain fair value option trading positions with the exception of hedges of the loan portfolio, fair value option loans and all CVA exposures. Available-for-sale and accrual exposures are not included.
(3) The specific risk-only component represents the level of equity and fixed income issuer-specific risk embedded in VaR.
(4) The credit portfolio is composed of mark-to-market positions associated with non-trading business units, with the CVA relating to derivative counterparties, all associated CVA hedges and market sensitivity FVA hedges. FVA and DVA are not included. The credit portfolio also includes hedges of the loan portfolio, fair value option loans and hedges of the leveraged finance pipeline within capital markets origination.
80
The table below provides the range of market factor VaRs associated with total Citi trading VaR, inclusive of specific risk:
| 3Q26 | 2Q26 | 3Q25 | ||||||||||||||||||
| In millions of dollars | Low | High | Low | High | Low | High | ||||||||||||||
| Interest rate | $ | 94 | $ | 133 | $ | 73 | $ | 118 | $ | 93 | $ | 113 | ||||||||
| Credit spread | 72 | 88 | 68 | 80 | 74 | 94 | ||||||||||||||
| Fully diversified interest rate and credit spread | $ | 115 | $ | 151 | $ | 103 | $ | 135 | $ | 109 | $ | 133 | ||||||||
| Foreign exchange | 29 | 47 | 33 | 58 | 34 | 54 | ||||||||||||||
| Equity | 17 | 44 | 21 | 46 | 13 | 36 | ||||||||||||||
| Commodity | 29 | 39 | 30 | 42 | 36 | 79 | ||||||||||||||
| Total trading | $ | 114 | $ | 149 | $ | 109 | $ | 142 | $ | 110 | $ | 137 | ||||||||
| Total trading and credit portfolio | 119 | 157 | 113 | 147 | 113 | 147 | ||||||||||||||
Note: No covariance adjustment can be inferred from the above table as the high and low for each market factor will be from different close-of-business dates.
The following table provides the VaR only for Markets, excluding the CVA relating to derivative counterparties, hedges of CVA, fair value option loans and hedges of the loan portfolio:
Markets VaR
| In millions of dollars | September 30, 2026 | ||||
| Total—all market risk factors, including general and specific risk | |||||
| Average—during quarter | $ | 129 | |||
| High—during quarter | 148 | ||||
| Low—during quarter | 113 | ||||
Regulatory VaR Back-Testing
In accordance with the U.S. Basel III rules, Citi is required to perform back-testing to evaluate the effectiveness of its Regulatory VaR model. For additional information regarding Citi’s Regulatory VaR back-testing, see “Managing Global Risk—Market Risk of Trading Portfolios—Regulatory VaR Back-Testing” in Citi’s 2025 Form 10-K.
As of September 30, 2026, no back-testing exceptions were observed for Citi’s Regulatory VaR in the last 12 months.
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OTHER RISKS
Country Risk
For additional information regarding country risk, including Citi’s management of country risk, see “Managing Global Risk—Country Risk” in Citi’s 2025 Form 10-K.
Top 25 Country and Jurisdiction Exposures
The following table presents Citi’s top 25 exposures by country and jurisdiction (excluding the U.S.) as of September 30, 2026. Citi’s combined top 25 country and jurisdiction exposures together with the U.S. represent 92% of Citi’s exposure to all countries and jurisdictions as of September 30, 2026.
Citi’s top 25 country and jurisdiction exposures may change from period to period due to a variety of factors, including client activity, market flows, FX fluctuations and Citi’s liquidity management activities.
For purposes of the table, amounts are reflected based on the country of risk of the obligor. Additionally, the table does not include cumulative translation adjustment (CTA) gains and losses.
The country of risk will generally be the same as the country of incorporation of the obligor, except in certain situations, such as where the source of repayment is concentrated in a different country or jurisdiction or where the obligor is guaranteed by a parent entity incorporated in a different country or jurisdiction (e.g., a Swiss-incorporated subsidiary that is guaranteed by a Chinese-incorporated parent would be reflected as China risk).
Investment securities and trading account assets are generally categorized based on the domicile of the issuer of the security of the underlying reference entity.
| In billions of dollars | Funded, ex-Legacy Franchises(1) | Legacy Franchises loans | Unfunded(2) | Trading activity(3) | Total hedges (on loans and CVA) | Investment securities(4) | Total as of 3Q26 | Total as of 4Q25 | Total as a % of Citi as of 3Q26 | ||||||||||||||||||||
| United Kingdom | $ | 26.9 | $ | — | $ | 23.6 | $ | 35.3 | $ | (4.3) | $ | 7.6 | $ | 89.1 | $ | 73.1 | 4.4 | % | |||||||||||
| Mexico | 8.9 | 32.1 | 10.7 | 8.7 | (2.3) | 20.3 | 78.4 | 80.8 | 3.9 | ||||||||||||||||||||
Hong Kong SAR(5) | 23.4 | — | 1.9 | 4.1 | (0.3) | 12.4 | 41.5 | 36.6 | 2.1 | ||||||||||||||||||||
| Singapore | 22.4 | — | 5.7 | 2.4 | (0.8) | 9.4 | 39.1 | 37.6 | 1.9 | ||||||||||||||||||||
| France | 4.0 | — | 14.1 | 17.3 | (5.0) | 3.7 | 34.1 | 19.8 | 1.7 | ||||||||||||||||||||
| India | 15.0 | — | 3.6 | 6.9 | (0.7) | 8.7 | 33.5 | 29.7 | 1.7 | ||||||||||||||||||||
| Brazil | 16.3 | — | 3.6 | 6.4 | (1.6) | 5.9 | 30.6 | 29.2 | 1.5 | ||||||||||||||||||||
| Canada | 5.2 | — | 7.3 | 11.4 | (1.3) | 4.7 | 27.3 | 22.5 | 1.4 | ||||||||||||||||||||
| Luxembourg | 13.8 | — | 8.0 | 1.2 | (0.8) | 4.0 | 26.2 | 20.6 | 1.3 | ||||||||||||||||||||
| Australia | 12.4 | — | 7.5 | 2.8 | (1.2) | 2.3 | 23.8 | 18.8 | 1.2 | ||||||||||||||||||||
| Ireland | 12.7 | — | 8.7 | 2.6 | (0.5) | — | 23.5 | 17.7 | 1.2 | ||||||||||||||||||||
| China | 7.1 | — | 2.9 | 1.1 | (0.8) | 11.8 | 22.1 | 19.7 | 1.1 | ||||||||||||||||||||
| Japan | 7.4 | — | 3.5 | 5.2 | (1.4) | 6.6 | 21.3 | 18.0 | 1.1 | ||||||||||||||||||||
| South Korea | 8.4 | 2.2 | 2.2 | 1.3 | (0.5) | 4.9 | 18.5 | 23.4 | 0.9 | ||||||||||||||||||||
| Poland | 4.5 | — | 3.1 | 3.6 | (0.2) | 6.9 | 17.9 | 20.2 | 0.9 | ||||||||||||||||||||
| United Arab Emirates | 9.0 | — | 2.3 | 0.3 | (0.2) | 5.3 | 16.7 | 17.3 | 0.8 | ||||||||||||||||||||
| Netherlands | 5.3 | — | 8.4 | 2.0 | (1.7) | 1.9 | 15.9 | 15.9 | 0.8 | ||||||||||||||||||||
| Germany | 3.8 | — | 13.8 | (4.1) | (3.9) | 4.7 | 14.3 | 27.9 | 0.7 | ||||||||||||||||||||
| Cayman Islands | 4.1 | — | 6.3 | 1.9 | (0.3) | — | 12.0 | 11.6 | 0.6 | ||||||||||||||||||||
| Switzerland | 4.3 | — | 8.9 | 0.1 | (1.8) | — | 11.5 | 9.8 | 0.6 | ||||||||||||||||||||
| Spain | 3.5 | — | 5.5 | 2.0 | (1.1) | 0.2 | 10.1 | 7.8 | 0.5 | ||||||||||||||||||||
| Belgium | 0.3 | 0.1 | 1.9 | 0.8 | (0.7) | 6.4 | 8.8 | 7.8 | 0.4 | ||||||||||||||||||||
| Italy | 2.6 | — | 3.7 | 3.5 | (1.6) | 0.2 | 8.4 | 5.3 | 0.4 | ||||||||||||||||||||
| Saudi Arabia | 4.5 | — | 2.9 | 0.3 | (0.1) | — | 7.6 | 6.3 | 0.4 | ||||||||||||||||||||
| Czech Republic | 0.7 | — | 0.6 | 4.4 | (0.1) | 1.6 | 7.2 | 6.0 | 0.4 | ||||||||||||||||||||
| Total as a percentage of Citi’s total exposure | 31.9 | % | |||||||||||||||||||||||||||
| Total as a percentage of Citi’s non-U.S. total exposure | 80.3 | % | |||||||||||||||||||||||||||
(1) Includes loans and other direct exposures such as loans HFS, other loans in Corporate/Other and investments accounted for under the equity method.
(2) Unfunded commitments include unfunded corporate lending commitments, letters of credit and other contingencies, including clearing house guarantee funds.
(3) Includes trading account assets, which are represented on a net basis and include issuer risk on both long- and short-term debt and equity securities and derivative exposure, as well as mark-to-market (MTM) exposures on OTC derivatives, carrying amounts of securities lending/borrowing transactions (repos) and margin loan balances. This exposure is also net of collateral and inclusive of CVA.
(4) Investment securities include AFS debt securities, recorded at fair market value, and HTM debt securities, recorded at amortized cost.
(5) Special Administrative Region. See “Glossary of Terms and Acronyms” below.
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Other Country Risk Exposures
For additional information on Citi’s emerging markets risks, see “Risk Factors—Other Risks” in Citi’s 2025 Form 10-K.
For additional information on risks related to (i) Citi’s Argentina exposures as of March 31, 2026, see “Managing Global Risk—Other Risks—Other Country Risk Exposures” in Citi’s First Quarter of 2026 Form 10-Q and (ii) Citi’s Argentina and Ukraine exposures as of December 31, 2025, see “Managing Global Risk—Other Risks—Country Risk—Argentina” and “—Ukraine” in Citi’s 2025 Form 10-K.
SIGNIFICANT ACCOUNTING POLICIES AND SIGNIFICANT ESTIMATES
This section contains a summary of Citi’s most significant accounting policies. Note 1 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K contains a summary of all of Citigroup’s significant accounting policies. These policies, as well as estimates made by management, are integral to the presentation of Citi’s results of operations and financial condition. While all of these policies require a certain level of management judgment and estimates, this section highlights and discusses the significant accounting policies that require management to make highly difficult, complex or subjective judgments and estimates at times regarding matters that are inherently uncertain and susceptible to change (see also “Risk Factors—Operational Risks” in Citi’s 2025 Form 10-K). Management has discussed each of these significant accounting policies, the related estimates and its judgments with the Audit Committee of the Citigroup Board of Directors.
Valuations of Financial Instruments
Citigroup holds debt and equity securities, derivatives, retained interests in securitizations, investments in private equity and other financial instruments. A portion of these assets and liabilities is reflected at fair value on Citi’s Consolidated Balance Sheet as Trading account assets, Available-for-sale securities and Trading account liabilities.
For additional information on Citi’s valuation of financial instruments and fair value analysis, see Notes 6, 21 and 22 in this Form 10-Q and “Significant Accounting Policies and Significant Estimates—Valuations of Financial Instruments” and Note 1 (“Fair Value” and “Fair Value Hedges”) to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
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Allowance for Credit Losses
Citi’s allowance for credit losses (ACL) represents management’s estimate of expected credit losses and includes the following, reflected on the Consolidated Balance Sheet:
•allowance for credit losses on loans (ACLL)
•allowance for credit losses on unfunded lending commitments (ACLUC), reflected in Other liabilities
•other financial assets carried at amortized cost, reflected in Other assets
For additional information on Citi’s accounting policy on accounting for credit losses under ASC Topic 326, Financial Instruments—Credit Losses; Current Expected Credit Losses (CECL), see Note 1 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
The table below presents Citi’s ACL rollforward as of September 30, 2026:
| ACL | |||||||||||||||||||||||||||||||||||
| In millions of dollars | Balance Dec. 31, 2025 | 1Q26 build (release) | 1Q26 FX/ Other | Balance Mar. 31, 2026 | 2Q26 build (release) | 2Q26 FX/ Other | Balance Jun. 30, 2026 | 3Q26 build (release) | 3Q26 FX/Other | Balance Sep. 30, 2026 | ACLL/EOP loans Sep. 30, 2026 | ||||||||||||||||||||||||
| Services | $ | 327 | $ | 97 | $ | 1 | $ | 425 | $ | 46 | $ | 3 | $ | 474 | $ | (23) | $ | (2) | $ | 449 | |||||||||||||||
| Markets | 1,027 | 23 | (6) | 1,044 | 71 | 3 | 1,118 | 62 | (1) | 1,179 | |||||||||||||||||||||||||
| Banking | 1,578 | 175 | (11) | 1,742 | (19) | (2) | 1,721 | (100) | (2) | 1,619 | |||||||||||||||||||||||||
Legacy Franchises corporate (Mexico SBMM)(1) | 121 | 4 | 3 | 128 | 10 | — | 138 | (11) | (4) | 123 | |||||||||||||||||||||||||
| Total corporate ACLL | $ | 3,053 | $ | 299 | $ | (13) | $ | 3,339 | $ | 108 | $ | 4 | $ | 3,451 | $ | (72) | $ | (9) | $ | 3,370 | 0.86 | % | |||||||||||||
| U.S. cards | $ | 13,324 | $ | 78 | $ | (2) | $ | 13,400 | $ | 41 | $ | 77 | $ | 13,518 | $ | 213 | $ | — | $ | 13,731 | 7.72 | % | |||||||||||||
| Installment lending | 422 | (2) | — | 420 | (1) | — | 419 | (6) | — | 413 | |||||||||||||||||||||||||
Total USCC(2) | $ | 13,746 | $ | 76 | $ | (2) | $ | 13,820 | $ | 40 | $ | 77 | $ | 13,937 | $ | 207 | $ | — | $ | 14,144 | |||||||||||||||
| Wealth | 669 | 13 | (1) | 681 | — | — | 681 | 34 | 1 | 716 | |||||||||||||||||||||||||
All Other consumer—managed basis(3) | 1,779 | 9 | 8 | 1,796 | 51 | 45 | 1,892 | 30 | (61) | 1,861 | |||||||||||||||||||||||||
Reconciling Items(3) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
| Total consumer ACLL | $ | 16,194 | $ | 98 | $ | 5 | $ | 16,297 | $ | 91 | $ | 122 | $ | 16,510 | $ | 271 | $ | (60) | $ | 16,721 | 4.00 | % | |||||||||||||
| Total ACLL | $ | 19,247 | $ | 397 | $ | (8) | $ | 19,636 | $ | 199 | $ | 126 | $ | 19,961 | $ | 199 | $ | (69) | $ | 20,091 | 2.48 | % | |||||||||||||
ACLUC(4) | $ | 1,833 | $ | 184 | $ | (4) | $ | 2,013 | $ | (97) | $ | (17) | $ | 1,899 | $ | 134 | $ | 11 | $ | 2,044 | |||||||||||||||
| Total ACLL and ACLUC | $ | 21,080 | $ | 581 | $ | (12) | $ | 21,649 | $ | 102 | $ | 109 | $ | 21,860 | $ | 333 | $ | (58) | $ | 22,135 | |||||||||||||||
Other(5) | 293 | 3 | 6 | 302 | (1) | (10) | 291 | (47) | (4) | 240 | |||||||||||||||||||||||||
| Total ACL | $ | 21,373 | $ | 584 | $ | (6) | $ | 21,951 | $ | 101 | $ | 99 | $ | 22,151 | $ | 286 | $ | (62) | $ | 22,375 | |||||||||||||||
(1) Includes Legacy Franchises corporate loans activity related to Mexico SBMM as well as other Legacy Holdings Assets corporate loans.
(2) The second quarter of 2026 includes approximately $78 million related to the acquisition of the additional American Airlines co-branded card portfolio in the FX/Other column.
(3) All Other (managed basis) excludes divestiture-related impacts (Reconciling Items) related to Citi’s divestitures of its Asia Consumer businesses and Banamex, within Legacy Franchises. The Reconciling Items are reflected in Citi’s Consolidated Statement of Income. See “All Other—Divestiture-Related Impacts (Reconciling Items)” above.
(4) The first quarter of 2026 includes a reserve build related to Citi’s forward purchase commitment of the additional American Airlines co-branded card portfolio. This was released from unfunded lending commitments in the second quarter of 2026 and re-established as a reserve for the loans that were acquired.
(5) Includes ACL on Other assets, primarily related to transfer risk associated with exposures outside the U.S. and Held-to-maturity debt securities.
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3Q26 Changes in the ACL
Citi’s ending ACL balance at September 30, 2026 was $22.4 billion, an increase of $0.2 billion from June 30, 2026, driven by a net ACL build of $0.3 billion, partially offset by a $0.1 billion decrease related to FX translation. The net ACL build in the quarter was driven by changes in the macroeconomic outlook and portfolio growth.
Consumer Allowance for Credit Losses on Loans
Citi’s consumer ACLL is primarily driven by U.S. cards in USCC. Citi’s total consumer ACLL net build was $0.3 billion in the third quarter of 2026, primarily driven by changes in the macroeconomic outlook and higher volume. This resulted in a September 30, 2026 ACLL balance of $16.7 billion, or 4.00% of total funded consumer loans.
For U.S. cards, the level of reserves relative to total funded loans increased to 7.72% at September 30, 2026, compared to 7.61% at June 30, 2026. For the remaining consumer exposures, the level of reserves relative to total funded loans was 1.24% at September 30, 2026, compared to 1.25% at June 30, 2026.
Corporate Allowance for Credit Losses on Loans
Citi had a corporate ACLL net release of $0.1 billion in the third quarter of 2026, driven by Banking, reflecting changes in credit quality, and Services, reflecting refinements to certain loss assumptions, largely offset by Markets, due to portfolio growth and changes in the macroeconomic outlook. This resulted in a September 30, 2026 ACLL balance of $3.4 billion, or 0.86% of total funded corporate loans.
ACLUC
Citi’s ACLUC balance, included in Other liabilities, was $2.0 billion at September 30, 2026, compared to $1.9 billion at June 30, 2026. The increase was driven by portfolio growth.
ACL on Other Financial Assets
Citi had an ACL balance of $0.2 billion on other financial assets carried at amortized cost at September 30, 2026, compared to $0.3 billion at June 30, 2026. The decrease was driven by transfer risk and lower accounts receivable balances.
Macroeconomic Variables
The ACL is estimated using three weighted forward-looking macroeconomic scenarios—base, upside and downside, which consider various global macroeconomic variables. The forecasts of the U.S. unemployment rate and U.S. real GDP growth rate represent the key macroeconomic variables that most significantly affect Citi’s estimate of the ACL.
The tables below present the forecasted quarterly average U.S. unemployment rate and year-over-year U.S. real GDP growth rate used in determining the base macroeconomic forecast for Citi’s ACL at each quarterly reporting period from the third quarter of 2025 to the third quarter of 2026:
| Quarterly average | ||||||||||||||
| U.S. unemployment | 4Q26 | 2Q27 | 4Q27 | 8-quarter average(1) | ||||||||||
| Forecast at 3Q25 | 4.5 | % | 4.3 | % | 4.3 | % | 4.4 | % | ||||||
| Forecast at 4Q25 | 4.5 | 4.4 | 4.4 | 4.5 | ||||||||||
| Forecast at 1Q26 | 4.5 | 4.4 | 4.4 | 4.4 | ||||||||||
| Forecast at 2Q26 | 4.4 | 4.4 | 4.3 | 4.3 | ||||||||||
| Forecast at 3Q26 | 4.3 | 4.3 | 4.2 | 4.2 | ||||||||||
(1) Represents the average unemployment rate for the rolling, forward-looking eight quarters in the forecast horizon.
Year-over-year growth rate(1) | |||||||||||
| Full year | |||||||||||
| U.S. real GDP | 2026 | 2027 | 2028 | ||||||||
| Forecast at 3Q25 | 1.5 | % | 2.0 | % | 2.1 | % | |||||
| Forecast at 4Q25 | 1.9 | 2.0 | 2.0 | ||||||||
| Forecast at 1Q26 | 2.1 | 2.0 | 2.0 | ||||||||
| Forecast at 2Q26 | 2.0 | 2.0 | 2.0 | ||||||||
| Forecast at 3Q26 | 2.1 | 2.0 | 2.0 | ||||||||
(1) The year-over-year growth rate is the percentage change in the real (inflation-adjusted) GDP level.
Scenario Weighting
Citi’s ACL is sensitive to various macroeconomic scenarios and is estimated using three weighted macroeconomic scenarios—base, upside and downside. Citi evaluates scenario weights on a quarterly basis, which, among other factors, takes into consideration (i) key macroeconomic drivers of the ACL, (ii) the severity of the scenario and (iii) other sources of macroeconomic uncertainty and risks.
Citi’s downside scenario incorporates more adverse macroeconomic assumptions than the weighted scenario assumptions or the base scenario. For example, compared to the base scenario, Citi’s downside scenario reflects a recession, including an elevated average U.S. unemployment rate of 6.9% over the eight-quarter reasonable and supportable (R&S) period, with a peak difference of 3.6% in the first quarter of 2028. The weighted-average U.S. unemployment rate that considers all three weighted scenarios is 5.3% over the eight-quarter R&S period. The downside scenario also reflects a year-over-year U.S. real GDP contraction in 2027 of 2.1%, with a peak quarter-over-quarter difference to the base scenario of 1.3%.
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To demonstrate this sensitivity of the downside scenario, if Citi applied 100% weight to the downside scenario as of September 30, 2026 to reflect the most severe economic deterioration forecast in the macroeconomic scenarios, there would have been a hypothetical incremental increase in the ACL of approximately $4.5 billion related to lending exposures, excluding loans individually evaluated for credit losses and other financial assets carried at amortized cost.
This analysis does not incorporate any impacts or changes to the qualitative component of the ACL, which could change the outcome of the sensitivity analysis based on historical experience and current conditions at the time of the assessment. Given the uncertainty inherent in macroeconomic forecasting, Citi continues to believe that its ACL estimate based on a three weighted macroeconomic scenario approach combined with the qualitative component remains appropriate as of September 30, 2026.
See Notes 1 (“Allowance for Credit Losses (ACL)”) and 16 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K for further descriptions of the ACL and related accounts.
Goodwill
For a description of Citi’s significant valuation judgments associated with goodwill impairment, see “Significant Accounting Policies and Significant Estimates—Goodwill” in both Citi’s 2025 Form 10-K and Citi’s First Quarter of 2026 Form 10-Q.
See Note 14 for additional information on goodwill, including the changes in the goodwill balance in the quarter and the segments’ and All Other’s goodwill balances as of September 30, 2026.
Litigation Accruals
See the discussion in Note 25 for Citi’s policies on establishing accruals for litigation and regulatory contingencies.
INCOME TAXES
Effective Tax Rate
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
| In millions of dollars | 2026 | 2025 | 2026 | 2025 | ||||||||||
| Income from continuing operations before income tax expense | $ | 7,307 | $ | 5,350 | $ | 22,853 | $ | 16,017 | ||||||
| Provision for income taxes | 1,887 | 1,559 | 5,470 | 4,085 | ||||||||||
| Effective tax rate | 26 | % | 29 | % | 24 | % | 26 | % | ||||||
Citi’s effective tax rate decreased to 26% in the third quarter of 2026, compared to 29% in the third quarter of 2025, largely due to the absence of a goodwill impairment charge related to Banamex in the prior-year period for which only a limited tax benefit was recognized.
Deferred Tax Assets
For additional information on Citi’s deferred tax assets (DTAs), see “Capital Resources,” “Risk Factors—Strategic Risks,” “Significant Accounting Policies and Significant Estimates—Income Taxes” and Notes 1 (“Income Taxes”) and 10 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
The table below summarizes Citi’s net DTAs balance:
| Jurisdiction/Component | DTAs balance | |||||||
| In billions of dollars | September 30, 2026 | December 31, 2025 | ||||||
| Total U.S. | $ | 26.3 | $ | 26.4 | ||||
| Non-U.S. | 2.9 | 3.1 | ||||||
| Total | $ | 29.2 | $ | 29.5 | ||||
At September 30, 2026, Citigroup’s net DTAs were $29.2 billion, an increase of $0.2 billion from June 30, 2026. The $29.2 billion of net DTAs consisted of (i) $12.3 billion deducted in calculating Citi’s regulatory capital, and (ii) $16.9 billion appropriately risk weighted under the U.S. Basel III rules.
The $12.3 billion of DTAs deducted from regulatory capital was composed of $9.9 billion of tax carry-forwards (foreign tax credits, net operating losses and general business credits) and $3.1 billion of temporary differences in excess of the 10% regulatory limitation, reduced by $0.7 billion of deferred tax liabilities, primarily associated with goodwill and certain other intangible assets that were separately deducted from capital.
DTA Realizability
Citi believes that the net DTAs of $29.2 billion at September 30, 2026 are more-likely-than-not to be realized, based on management’s expectations of future taxable income generation in the jurisdictions in which the DTAs arise, as well as consideration of available tax planning strategies (as defined in ASC Topic 740, Income Taxes).
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DISCLOSURE CONTROLS AND PROCEDURES
Citi’s disclosure controls and procedures are designed to ensure that information required to be disclosed under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, including without limitation that information required to be disclosed by Citi in its SEC filings is accumulated and communicated to management, including the Chief Executive Officer (CEO) and Chief Financial Officer (CFO), as appropriate, to allow for timely decisions regarding required disclosure.
Citi’s Disclosure Committee assists the CEO and CFO in their responsibilities to design, establish, maintain and evaluate the effectiveness of Citi’s disclosure controls and procedures. The Disclosure Committee is responsible for, among other things, the oversight, maintenance and implementation of the disclosure controls and procedures, subject to the supervision and oversight of the CEO and CFO.
Citi’s management, with the participation of its CEO and CFO, has evaluated the effectiveness of Citigroup’s disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934) as of September 30, 2026. Based on that evaluation, the CEO and CFO have concluded that at that date Citigroup’s disclosure controls and procedures were effective.
DISCLOSURE PURSUANT TO SECTION 219 OF THE IRAN THREAT REDUCTION AND SYRIA HUMAN RIGHTS ACT
Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012 (Section 219), which added Section 13(r) to the Securities Exchange Act of 1934, as amended, Citi is required to disclose in its annual or quarterly reports, as applicable, whether it or any of its affiliates knowingly engaged in certain activities, transactions or dealings relating to Iran or with certain individuals or entities that are the subject of sanctions under U.S. law. Disclosure may be required even where the activities, transactions or dealings were conducted in compliance with applicable law. To the extent that transactions or dealings for its clients are permitted by U.S. law, Citi may continue to engage in such activities. Citi did not identify any reportable activities, transactions or dealings pursuant to Section 219 for the first, second and third quarters of 2026.
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FORWARD-LOOKING STATEMENTS
Certain statements in this Form 10-Q, including but not limited to statements included within Management’s Discussion and Analysis of Financial Condition and Results of Operations, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, Citigroup may make forward-looking statements in its other documents filed with or furnished to the SEC, and its management may make forward-looking statements orally to analysts, investors, representatives of the media and others.
Generally, forward-looking statements are not based on historical facts but instead represent Citigroup’s and its management’s beliefs regarding future events. Such statements may be identified by words such as believe, expect, anticipate, intend, estimate, may increase, may fluctuate, target, outlook, guidance and illustrative, and similar expressions or future or conditional verbs such as will, should, would and could.
Such statements are based on management’s current expectations and are subject to risks, uncertainties and changes in circumstances. Actual results of operations and financial conditions, including capital and liquidity, may differ materially from those included in these statements due to a variety of factors, including without limitation (i) the precautionary statements included within the “Executive Summary,” as well as those included within Citi’s Second Quarter of 2026 Form 10-Q, Citi’s First Quarter of 2026 Form 10-Q, Citi’s 2025 Form 10-K and Citi’s other SEC filings; (ii) any trends, uncertainties and risks included in each segment’s and All Other’s results of operations above; (iii) the factors described under “Citi’s Multiyear Transformation” and “Risk Factors” in Citi’s 2025 Form 10-K; and (iv) the risks and uncertainties summarized below:
•the potential impact to Citi from macroeconomic and geopolitical challenges, tensions and uncertainties, including, among others, elevated inflation; conflicts in the Middle East; slowing economic growth or recessions in the U.S. and elsewhere; increases in unemployment rates; deterioration in consumer and corporate confidence; political challenges and volatilities; risks associated with AI, such as financing and counterparty exposures to capital-intensive AI technology and infrastructure, as well as indirect credit risks and competitive pressures facing corporate borrowers across sectors undergoing technological transition; and volatility or disruptions in financial markets;
•the potential adverse impacts from higher interest rates on economic growth and unemployment, as well as on Citi, including the fair value of Citi’s AFS debt securities;
•the risks to Citi arising from the development, adoption and use of AI, including a market correction in AI-related technology, infrastructure and other sectors; AI-related operational, legal, regulatory and third-party risks, including from AI-enabled cyber, discovery and exploitation of vulnerabilities by threat actors using Frontier AI, fraud and financial crime threats; model governance and oversight; risks from autonomous or Agentic AI systems; Citi’s ability to develop, implement and scale AI capabilities effectively, safely and
responsibly, and the potential for loss of competitiveness, market share, franchise value or operating efficiency if it does not do so; evolving and fragmented regulatory frameworks; concentration risks arising from reliance on a limited number of third-party AI vendors or foundational model providers; technology infrastructure constraints; and challenges in attracting, developing and retaining personnel with AI-related expertise;
•the potential impact on Citi’s ability to return capital to common shareholders, whether through its stock repurchase program or common stock dividend, consistent with its capital planning efforts and targets, due to, among other things, regulatory capital requirements; Citi’s results of operations and financial condition; the potential capital impact related to any CTA recognized in earnings upon Banamex meeting the HFS criteria, while the CTA remains in stockholders’ equity until deconsolidation; Citi’s ability to maintain an effective capital planning process and management framework, including forecasts of expected macroeconomic conditions and their associated impacts; and Citi’s DTA utilization;
•the ongoing regulatory and legislative uncertainties and changes faced by Citi in the U.S. and globally, such as potential changes to various aspects of the U.S. regulatory capital framework and requirements applicable to Citi; potential fiscal, monetary, tax, sanctions and other changes from the U.S. federal government and other governments; and the potential impact these uncertainties and changes could have on Citi’s compliance risks and costs, competitive position, businesses, revenues, results of operations and financial condition;
•Citi’s ability to achieve its objectives from its simplification, transformation and enhanced business performance priorities, including completing its divestiture of Banamex, which involve various execution challenges and uncertainties, may take longer than expected and may result in higher expenses or lower-than-expected expense savings, CTA and other losses or other negative financial or strategic impacts, which could be material, and litigation and regulatory scrutiny, and depend, in part, on factors that Citi cannot control or be able to mitigate, including, among others, macroeconomic challenges and uncertainties, customer, client and competitor actions and ongoing regulatory requirements or changes;
•Citi’s geographic mix of earnings, which influences Citi’s utilization of its DTAs and the impact of the DTAs on Citi’s regulatory capital, including its ability to generate U.S. income in the relevant reversal periods;
•the potential impact to Citi if its interpretation or application of the complex tax laws to which it is subject differs from those of the relevant governmental taxing authorities, whether in the context of litigation, examinations or otherwise, and the potential payment of additional taxes, penalties or interest, the reduction of certain tax benefits or the requirement to make adjustments to amounts recorded;
•the potential impact from a deterioration in or failure to maintain Citi’s co-branding or private label credit card relationships;
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•Citi’s ability to address shortcomings or deficiencies or guidance provided by the FRB or FDIC on its resolution plan submissions;
•the potential impact on Citi’s performance and the performance of its individual businesses, including its competitive position and ability to effectively grow and manage its businesses, as well as to execute on its strategic priorities, if Citi is unable to hire and retain qualified employees;
•Citi’s ability to compete effectively in the U.S. and globally amid potential disruptions from an evolving business environment and emerging technologies;
•the potential impact to Citi from climate change due to both physical risks and transition risks;
•the potential impact to Citi from a disruption or failure of its operational processes or systems, including as a result of, among other things, operational or execution failures or deficiencies by third parties that provide products or services to Citi (e.g., cloud service providers); deficiencies in processes or controls; inadequate management of data governance practices, data controls and monitoring mechanisms that may adversely impact reporting and decision-making; cyber or information security incidents; human error, such as manual transaction processing errors; Agentic AI systems that act without appropriate human oversight or produce unintended results; fraud or malice on the part of employees or third parties; insufficient (or limited) straight-through processing between legacy or bespoke systems and any failure to design and effectively operate controls that mitigate operational risks associated with those legacy or bespoke systems, leading to potential risk of errors and operating losses; accidental system or technological failure; electrical or telecommunication outages; failure of or cyber incidents involving computer servers or infrastructure; and other similar losses or damage to Citi’s property or assets;
•the increasing risk to Citi’s and third parties’ computer systems, software and networks from evolving and sophisticated cybersecurity incidents, the risks of which are heightened by new and emerging technologies, such as AI (including Frontier AI models and Agentic AI) and digital assets, as well as conflicts in the Middle East, that could result in, among other things, the theft, loss, non-availability, alteration, misuse or disclosure of personal, confidential or proprietary Citi, client, customer or employee information or assets and a disruption of computer, software or network systems; and the potential impact from such risks, including reputational damage, loss of revenues, deposit outflows, additional costs (including repair, replacement, remediation and other costs), exposure to litigation and regulatory action and other financial losses;
•the potential impact of changes in or incorrect accounting assumptions, judgments or estimates, or the application of certain accounting principles, related to the preparation of Citi’s financial statements, including the estimate of Citi’s ACL; reserves related to litigation, regulatory and tax matters; valuation of DTAs; the fair values of certain assets and liabilities and the assessment of goodwill and
other assets for impairment; and the financial impact from reclassification of any CTA component of AOCI into Citi’s earnings due to a sale or other deconsolidation event;
•the impact of changes to financial accounting and reporting standards or interpretations on how Citi records and reports its financial condition and results of operations;
•the potential impact to Citi’s results of operations and/or regulatory capital and capital ratios if Citi’s risk management and other processes or strategies are deficient or ineffective;
•the potential impact of credit risk and concentrations of risk on Citi’s results of operations, including due to defaults by or a significant downgrade in credit ratings of a counterparty; a decline in the credit quality or value of, or Citi’s inability to liquidate or realize the fair value of, any underlying collateral, which risks can be heightened by macroeconomic, geopolitical, market, emerging technologies (including AI) and other factors, particularly for leveraged finance exposures and vulnerable sectors, industries or countries and jurisdictions; and any systemic risk concerns related to non-bank financial institutions, including private credit;
•the potential impact on Citi’s liquidity, sources of funding and costs of funding if it does not effectively manage its liquidity, whether due to factors it cannot control or otherwise;
•the potential impact on Citi’s funding and liquidity as well as on the results of operations of certain of its businesses of a credit ratings downgrade of Citi or certain of its subsidiaries or issuing entities, or from negative actions on U.S. sovereign ratings;
•risks and costs from regulatory and supervisory expectations and scrutiny in the U.S. and globally and ongoing interpretation and implementation of regulatory and legislative requirements and changes, with respect to, among other things, infrastructure; data; risk management practices and controls; anti-money laundering; increasingly complex sanctions regimes; customer and client protection; market practices; and various disclosure and regulatory reporting requirements, for which a failure to comply could result in increased regulatory oversight and material restrictions, including, among others, imposition of additional capital buffers and limitations on capital distributions, enforcement proceedings, penalties and fines;
•the potential outcomes of the extensive legal and regulatory proceedings, examinations, investigations, consent orders and related compliance efforts and other inquiries to which Citi is or may be subject at any given time, including, among others, the 2020 consent orders with the FRB and OCC, including Citi’s ability to implement extensive targeted action plans and submit quarterly progress reports on a timely and sufficient basis detailing the results and status of improvements to comply with the consent orders, which will continue to require investments to meet regulatory expectations; and the heightened scrutiny and expectations generally from
89
regulators, and the severity of the remedies that may be sought by regulators; and
•the various risks faced by Citi as a result of its presence in the emerging markets, including, among others, those resulting from limitations or unavailability of hedges on foreign investments; foreign currency volatility and devaluations; central bank interest rate and other monetary policies; macroeconomic, geopolitical and domestic political challenges, uncertainties and volatilities; foreign exchange controls; cyberattacks; restrictions arising from retaliatory laws and regulations; sanctions or asset freezes; sovereign debt volatility; fluctuations in commodity prices; limitations on foreign investment; sociopolitical instability; nationalization or loss of licenses; potential criminal charges; closure of branches or subsidiaries; and confiscation of assets.
Any forward-looking statements made by or on behalf of Citigroup speak only as to the date they are made, and Citi does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date that the forward-looking statements were made.
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FINANCIAL STATEMENTS AND NOTES—TABLE OF CONTENTS
| CONSOLIDATED FINANCIAL STATEMENTS | |||||
Consolidated Statement of Income (Unaudited)—For the Three and Nine Months Ended September 30, 2026 and 2025 | 92 | ||||
Consolidated Statement of Comprehensive Income (Unaudited)—For the Three and Nine Months Ended September 30, 2026 and 2025 | 93 | ||||
Consolidated Balance Sheet—September 30, 2026 (Unaudited) and December 31, 2025 | 94 | ||||
Consolidated Statement of Changes in Stockholders’ Equity (Unaudited)—For the Three and Nine Months Ended September 30, 2026 and 2025 | 96 | ||||
Consolidated Statement of Cash Flows (Unaudited)— For the Nine Months Ended September 30, 2026 and 2025 | 98 | ||||
| NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) | |||||
| Note 1—Basis of Presentation, Updated Accounting Policies and Accounting Changes | 100 | ||||
| Note 2—Significant Disposals and Other Business Exits | 102 | ||||
| Note 3—Reportable Business Segments and All Other | 103 | ||||
| Note 4—Interest Income and Expense | 107 | ||||
| Note 5—Commissions and Fees; Administration and Other Fiduciary Fees | 108 | ||||
| Note 6—Principal Transactions | 109 | ||||
| Note 7—Incentive Plans | 110 | ||||
| Note 8—Retirement Benefits | 110 | ||||
| Note 9—Earnings per Share | 111 | ||||
| Note 10—Securities Borrowed, Loaned and Subject to Repurchase Agreements | 112 | ||||
| Note 11—Investments | 115 | ||||
| Note 12—Loans | 122 | ||||
| Note 13—Allowance for Credit Losses | 142 | ||||
| Note 14—Goodwill and Intangible Assets | 146 | ||||
| Note 15—Deposits | 148 | ||||
| Note 16—Debt | 149 | ||||
| Note 17—Changes in Accumulated Other Comprehensive Income (Loss) (AOCI) | 150 | ||||
| Note 18—Preferred Stock | 154 | ||||
| Note 19—Securitizations and Variable Interest Entities | 156 | ||||
| Note 20—Derivatives | 163 | ||||
| Note 21—Fair Value Measurement | 171 | ||||
| Note 22—Fair Value Elections | 189 | ||||
| Note 23—Guarantees and Commitments | 192 | ||||
| Note 24—Leases | 195 | ||||
| Note 25—Contingencies | 195 | ||||
| Note 26—Subsidiary Guarantees | 197 | ||||
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CONSOLIDATED FINANCIAL STATEMENTS
| CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) | Citigroup Inc. and Subsidiaries | |||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
| In millions of dollars, except per share amounts | 2026 | 2025 | 2026 | 2025 | ||||||||||
| Revenues | ||||||||||||||
| Interest income | $ | $ | $ | $ | ||||||||||
| Interest expense | ||||||||||||||
| Net interest income (NII) | $ | $ | $ | $ | ||||||||||
| Commissions and fees | $ | $ | $ | $ | ||||||||||
| Principal transactions | ||||||||||||||
| Administration and other fiduciary fees | ||||||||||||||
| Net realized gains on sales of investments, net | ||||||||||||||
| Net impairment losses on investments recognized in earnings | ( | ( | ( | ( | ||||||||||
| Other revenue | ||||||||||||||
| Total non-interest revenues (NIR) | $ | $ | $ | $ | ||||||||||
| Total revenues, net of interest expense | $ | $ | $ | $ | ||||||||||
| Provisions for credit losses and for benefits and claims | ||||||||||||||
| Provision for credit losses on loans | $ | $ | $ | $ | ||||||||||
| Provision (release) for credit losses on HTM debt securities | ( | ( | ( | |||||||||||
| Provision for credit losses on other assets | ( | ( | ||||||||||||
| Policyholder benefits and claims | ||||||||||||||
| Provision (release) for credit losses on unfunded lending commitments | ||||||||||||||
| Total provisions for credit losses and for benefits and claims | $ | $ | $ | $ | ||||||||||
| Operating expenses | ||||||||||||||
| Compensation and benefits | $ | $ | $ | $ | ||||||||||
| Technology/communication | ||||||||||||||
| Transactional and product servicing | ||||||||||||||
| Premises and equipment | ||||||||||||||
| Professional services | ||||||||||||||
| Advertising and marketing | ||||||||||||||
| Other operating | ||||||||||||||
| Total operating expenses | $ | $ | $ | $ | ||||||||||
| Income from continuing operations before income taxes | $ | $ | $ | $ | ||||||||||
| Provision for income taxes | ||||||||||||||
| Income from continuing operations | $ | $ | $ | $ | ||||||||||
| Discontinued operations | ||||||||||||||
| Income (loss) from discontinued operations | $ | $ | ( | $ | ( | $ | ( | |||||||
| Benefit for income taxes | ||||||||||||||
| Income (loss) from discontinued operations, net of taxes | $ | $ | ( | $ | ( | $ | ( | |||||||
| Net income before attribution to noncontrolling interests | $ | $ | $ | $ | ||||||||||
| Noncontrolling interests (NCI) | ||||||||||||||
| Citigroup’s net income | $ | $ | $ | $ | ||||||||||
| Statement continues on the next page. | ||||||||||||||
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Basic earnings per share(1) | ||||||||||||||
| Income from continuing operations | $ | $ | $ | $ | ||||||||||
| Income from discontinued operations, net of taxes | ||||||||||||||
| Net income | $ | $ | $ | $ | ||||||||||
Weighted-average common shares outstanding (in millions) | ||||||||||||||
Diluted earnings per share(1) | ||||||||||||||
| Income from continuing operations | $ | $ | $ | $ | ||||||||||
| Income (loss) from discontinued operations, net of taxes | ||||||||||||||
| Net income | $ | $ | $ | $ | ||||||||||
Adjusted weighted-average diluted common shares outstanding (in millions) | ||||||||||||||
(1) Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income.
The Notes to the Consolidated Financial Statements are an integral part of these Unaudited Consolidated Financial Statements.
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | Citigroup Inc. and Subsidiaries | |||||||
| (UNAUDITED) | ||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
| In millions of dollars | 2026 | 2025 | 2026 | 2025 | ||||||||||
| Citigroup’s net income | $ | $ | $ | $ | ||||||||||
| Net changes, net of taxes in Citigroup’s other comprehensive income (loss) | ||||||||||||||
Unrealized gains and losses on AFS debt securities(1) | $ | ( | $ | $ | ( | $ | ||||||||
| Debt valuation adjustment (DVA) | ( | ( | ||||||||||||
| Cash flow hedges | ( | ( | ||||||||||||
Benefit plans liability adjustment(1) | ( | |||||||||||||
Currency translation adjustment (CTA), net of hedges(1) | ( | |||||||||||||
| Excluded component of fair value hedges | ||||||||||||||
Long-duration insurance contracts(1) | ( | ( | ||||||||||||
| Citigroup’s total other comprehensive income (loss) | $ | ( | $ | ( | $ | ( | $ | |||||||
| Citigroup’s total comprehensive income | $ | $ | $ | $ | ||||||||||
| Add: Other comprehensive income (loss) attributable to noncontrolling interests | $ | ( | $ | $ | ( | $ | ||||||||
| Add: Net income (loss) attributable to noncontrolling interests (NCI) | ||||||||||||||
| Total comprehensive income | $ | $ | $ | $ | ||||||||||
(1) The changes reflected in these line items are exclusive of the impacts of the Banamex equity sales. See the Consolidated Statement of Changes in Stockholders’ Equity and Notes 2 and 17.
The Notes to the Consolidated Financial Statements are an integral part of these Unaudited Consolidated Financial Statements.
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| CONSOLIDATED BALANCE SHEET | Citigroup Inc. and Subsidiaries | |||||||
| September 30, | ||||||||
| 2026 | December 31, | |||||||
| In millions of dollars | (Unaudited) | 2025 | ||||||
| Assets | ||||||||
| Cash and due from banks (including segregated cash and other deposits) | $ | $ | ||||||
| Deposits with banks, net of allowance | ||||||||
Securities borrowed and purchased under agreements to resell (including $ | ||||||||
| Brokerage receivables, net of allowance | ||||||||
Trading account assets (including $ | ||||||||
| Investments: | ||||||||
Available-for-sale debt securities (including $ | ||||||||
Held-to-maturity debt securities, net of allowance (fair value of which is $ | ||||||||
Equity securities (including $ | ||||||||
Total investments | $ | $ | ||||||
| Loans: | ||||||||
Consumer (including $ | ||||||||
Corporate (including $ | ||||||||
| Loans, net of unearned income | $ | $ | ||||||
| Allowance for credit losses on loans (ACLL) | ( | ( | ||||||
| Total loans, net | $ | $ | ||||||
| Goodwill | ||||||||
Intangible assets (including MSRs of $ | ||||||||
| Premises and equipment, net of depreciation and amortization | ||||||||
Other assets (including $ | ||||||||
| Total assets | $ | $ | ||||||
Statement continues on the next page.
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CONSOLIDATED BALANCE SHEET Citigroup Inc. and Subsidiaries
(Continued)
| September 30, | ||||||||
| 2026 | December 31, | |||||||
| In millions of dollars, except shares and par value per share amounts | (Unaudited) | 2025 | ||||||
| Liabilities | ||||||||
Deposits (including $ at fair value) | $ | $ | ||||||
Securities loaned and sold under agreements to repurchase (including $ | ||||||||
Brokerage payables (including $ respectively, at fair value) | ||||||||
| Trading account liabilities | ||||||||
Short-term borrowings (including $ | ||||||||
Long-term debt (including $ | ||||||||
| Other liabilities, plus allowances | ||||||||
| Total liabilities | $ | $ | ||||||
| Stockholders’ equity | ||||||||
Preferred stock ($ | $ | $ | ||||||
Common stock ($ | ||||||||
| Additional paid-in capital | ||||||||
| Retained earnings | ||||||||
Treasury stock, at cost: September 30, 2026— | ( | ( | ||||||
Accumulated other comprehensive income (loss) (AOCI) | ( | ( | ||||||
| Total Citigroup stockholders’ equity | $ | $ | ||||||
| Noncontrolling interests—equity (NCI—equity) | ||||||||
| Total equity | $ | $ | ||||||
| Total liabilities and equity | $ | $ | ||||||
The Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.
95
| CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY | Citigroup Inc. and Subsidiaries | ||||
| (UNAUDITED) | |||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
| In millions of dollars | 2026 | 2025 | 2026 | 2025 | ||||||||||
| Preferred stock at aggregate liquidation value | ||||||||||||||
| Balance, beginning of period | $ | $ | $ | $ | ||||||||||
| Issuance of new preferred stock | ||||||||||||||
| Redemption of preferred stock | ( | ( | ( | |||||||||||
| Balance, end of period | $ | $ | $ | $ | ||||||||||
| Common stock and additional paid-in capital (APIC) | ||||||||||||||
| Balance, beginning of period | $ | $ | $ | $ | ||||||||||
| Employee benefit plans | ( | ( | ||||||||||||
| Net increase (decrease) due to Banamex equity sales | ( | — | ( | — | ||||||||||
| Other | ( | ( | ||||||||||||
| Balance, end of period | $ | $ | $ | $ | ||||||||||
| Retained earnings | ||||||||||||||
| Balance, beginning of period | $ | $ | $ | $ | ||||||||||
| Citigroup’s net income | ||||||||||||||
Common dividends(1) | ( | ( | ( | ( | ||||||||||
| Preferred dividends | ( | ( | ( | ( | ||||||||||
| Other (primarily reclassifications from APIC for preferred issuance costs on redemptions) | ( | ( | ( | |||||||||||
| Balance, end of period | $ | $ | $ | $ | ||||||||||
| Treasury stock, at cost | ||||||||||||||
| Balance, beginning of period | $ | ( | $ | ( | $ | ( | $ | ( | ||||||
Employee benefit plans(2) | ||||||||||||||
Excise tax on share repurchases(3) | ( | ( | ( | ( | ||||||||||
| Treasury stock acquired | ( | ( | ( | ( | ||||||||||
| Balance, end of period | $ | ( | $ | ( | $ | ( | $ | ( | ||||||
| Citigroup’s accumulated other comprehensive income (loss) | ||||||||||||||
| Balance, beginning of period | $ | ( | $ | ( | $ | ( | $ | ( | ||||||
| Citigroup’s total other comprehensive income (loss) | ( | ( | ( | |||||||||||
| Net increase (decrease) due to Banamex equity sales | — | — | ||||||||||||
| Balance, end of period | $ | ( | $ | ( | $ | ( | $ | ( | ||||||
| Total Citigroup common stockholders’ equity | $ | $ | $ | $ | ||||||||||
| Total Citigroup stockholders’ equity | $ | $ | $ | $ | ||||||||||
| Noncontrolling interests—equity (NCI—equity) | ||||||||||||||
| Balance, beginning of period | $ | $ | $ | $ | ||||||||||
| Transactions between Citigroup and NCI—equity | ( | |||||||||||||
| Net income attributable to NCI—equity | ||||||||||||||
| Distributions paid to NCI—equity | ( | ( | ( | |||||||||||
Other comprehensive income (loss) attributable to NCI—equity | ( | ( | ||||||||||||
| Net increase (decrease) due to Banamex equity sales | — | — | ||||||||||||
| Other | ( | ( | ||||||||||||
| Net change in NCI—equity | $ | ( | $ | ( | $ | $ | ||||||||
| Balance, end of period | $ | $ | $ | $ | ||||||||||
| Total equity | $ | $ | $ | $ | ||||||||||
(1) Common dividends declared were $0.67 per share for 3Q26, $0.60 0.60 per share for 3Q25 and $0.56
(2) Includes treasury stock related to certain activity under Citi’s employee restricted or deferred stock programs where shares are withheld to satisfy employees’ tax requirements.
(3) The 1% excise tax on the fair market value of common stock repurchased in the taxable year, reduced by the fair market value of any common stock issued during the same year.
The Notes to the Consolidated Financial Statements are an integral part of these Unaudited Consolidated Financial Statements.
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| CONSOLIDATED STATEMENT OF CASH FLOWS | Citigroup Inc. and Subsidiaries | |||||||
| (UNAUDITED) | ||||||||
| Nine Months Ended September 30, | ||||||||
| In millions of dollars | 2026 | 2025 | ||||||
| Cash flows from operating activities of continuing operations | ||||||||
| Net income before attribution of noncontrolling interests | $ | $ | ||||||
| Net income attributable to noncontrolling interests | ||||||||
| Citigroup’s net income | $ | $ | ||||||
| Income (loss) from discontinued operations, net of taxes | ( | ( | ||||||
| Income from continuing operations—excluding noncontrolling interests | $ | $ | ||||||
| Adjustments to reconcile net income to net cash provided by (used in) operating activities of continuing operations | ||||||||
Net loss (gain) on sale of significant disposals(1) | ( | |||||||
| Depreciation and amortization | ||||||||
| Deferred income taxes | ||||||||
| Provisions for credit losses and for benefits and claims | ||||||||
| Goodwill impairment | ||||||||
| Realized gains from sales of investments | ( | ( | ||||||
| Impairment losses on investments and other assets | ||||||||
| Change in trading account assets | ( | ( | ||||||
| Change in trading account liabilities | ||||||||
| Change in brokerage receivables net of brokerage payables | ( | |||||||
| Change in loans HFS | ( | |||||||
| Change in other assets | ( | ( | ||||||
| Change in other liabilities | ||||||||
| Other, net | ( | ( | ||||||
| Total adjustments | $ | ( | $ | ( | ||||
| Net cash provided by (used in) operating activities of continuing operations | $ | ( | $ | ( | ||||
| Cash flows from investing activities of continuing operations | ||||||||
| Change in securities borrowed and purchased under agreements to resell | $ | ( | $ | ( | ||||
| Change in loans | ( | ( | ||||||
Proceeds from divestitures(1) | ||||||||
| Purchase of portfolio of consumer loans | ( | |||||||
| Proceeds from sales and securitizations of loans | ||||||||
| AFS debt securities | ||||||||
| Purchases of investments | ( | ( | ||||||
| Proceeds from sales of investments | ||||||||
| Proceeds from maturities of investments | ||||||||
| HTM debt securities | ||||||||
| Purchases of investments | ( | ( | ||||||
| Proceeds from maturities of investments | ||||||||
| Capital expenditures on premises and equipment and capitalized software | ( | ( | ||||||
| Proceeds from sales of premises and equipment and repossessed assets | ||||||||
| Other, net | ||||||||
| Net cash provided by (used in) investing activities of continuing operations | $ | ( | $ | ( | ||||
| Statement continues on the next page. | ||||||||
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| CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||
| (UNAUDITED) (Continued) | ||||||||
| Nine Months Ended September 30, | ||||||||
| In millions of dollars | 2026 | 2025 | ||||||
| Cash flows from financing activities of continuing operations | ||||||||
| Dividends paid | $ | ( | $ | ( | ||||
| Issuance of preferred stock | ||||||||
| Redemption of preferred stock | ( | ( | ||||||
| Treasury stock acquired | ( | ( | ||||||
| Stock tendered for payment of withholding taxes | ( | ( | ||||||
Proceeds from divestitures(2) | ||||||||
| Change in securities loaned and sold under agreements to repurchase | ||||||||
| Issuance of long-term debt | ||||||||
| Payments and redemptions of long-term debt | ( | ( | ||||||
| Change in deposits | ||||||||
| Change in short-term borrowings | ||||||||
| Net cash provided by (used in) financing activities of continuing operations | $ | $ | ||||||
| Effect of exchange rate changes on cash, due from banks and deposits with banks | $ | ( | $ | |||||
| Change in cash, due from banks and deposits with banks | ||||||||
| Cash, due from banks and deposits with banks at beginning of period | ||||||||
| Cash, due from banks and deposits with banks at end of period | $ | $ | ||||||
| Cash and due from banks (including segregated cash and other deposits) | $ | $ | ||||||
| Deposits with banks, net of allowance | ||||||||
| Cash, due from banks and deposits with banks at end of period | $ | $ | ||||||
| Supplemental disclosure of cash flow information for continuing operations | ||||||||
| Cash paid during the period for interest | ||||||||
Non-cash investing activities(1)(3) | ||||||||
| Decrease in net loans associated with divestitures reclassified to HFS | $ | $ | ||||||
Transfers to loans HFS (Other assets) from loans HFI | ||||||||
Non-cash financing activities(1)(3) | ||||||||
| Decrease in deposits associated with divestitures reclassified to HFS | $ | $ | ||||||
(1) See “Significant Disposals” in Note 2.
(2) See “Other Business Exits” in Note 2 and Note 2 (“Sale of 25% Equity Stake in Banamex”) in Citi’s 2025 Form 10-K.
(3) Operating and finance lease right-of-use assets and lease liabilities represent non-cash investing and financing activities, respectively, and are not included in the non-cash investing activities presented here. See Note 24 for more information and balances as of September 30, 2026.
The Notes to the Consolidated Financial Statements are an integral part of these Unaudited Consolidated Financial Statements.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
1. BASIS OF PRESENTATION, UPDATED ACCOUNTING POLICIES AND ACCOUNTING CHANGES
Basis of Presentation
The accompanying unaudited Consolidated Financial Statements as of September 30, 2026 and for the three and nine months ended September 30, 2026 and 2025 include the accounts of Citigroup Inc. and its consolidated subsidiaries.
In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation have been reflected. The accompanying unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes included within Citigroup’s Annual Report on Form 10-K for the year ended December 31, 2025 (2025 Form 10-K), Citigroup’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 (First Quarter of 2026 Form 10-Q) and Citigroup’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 (Second Quarter of 2026 Form 10-Q).
Certain financial information that is usually included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP), but is not required for interim reporting purposes, has been condensed or omitted.
Management must make estimates and assumptions that affect the Consolidated Financial Statements and the related footnote disclosures. While management uses its best judgment, actual results could differ from those estimates.
As noted above, the Notes to these Consolidated Financial Statements are unaudited.
Throughout these Notes, “Citigroup,” “Citi” and “the Company” refer to Citigroup Inc. and its consolidated subsidiaries.
Certain reclassifications and updates have been made to the prior periods’ financial statements and notes to conform to the current period’s presentation.
Accounting for Environmental Credit Programs
In May 2026, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818), which provides recognition, measurement, presentation and disclosure requirements for all entities that generate, purchase or receive environmental credits or have a regulatory compliance obligation that may be settled with environmental credits.
The initial measurement of an environmental credit depends on how the entity obtained the credit, and the subsequent measurement depends on how the entity intends to use the credit. In general, environmental credits are initially measured at cost but may be subsequently measured at fair value based on a class-wide accounting policy election if the
credits were obtained in an exchange transaction and will not be used to settle a regulatory compliance obligation or voluntary initiative.
The Company is not subject to any environmental credit obligations and has acquired its environmental credits through trading activities. Prior to adoption of the ASU, environmental credits were carried on a lower of cost or market basis and subject to a fair value hedge program, other than credits used for voluntary initiatives that were expensed at acquisition.
Citi early adopted the ASU in the third quarter of 2026, with an effective date of January 1, 2026. The primary impact of adoption is the Company’s election to measure all classes of eligible environmental credits at fair value. Although adoption of the ASU is on a modified retrospective basis with a cumulative effect adjustment recorded to retained earnings as of the beginning of the year of adoption, the adoption impact to remeasure the Company’s credits at fair value as of January 1, 2026 was not material to the financial statements of the Company because the carrying value of the Company’s environmental credits approximated fair value due to the application of fair value hedging.
See Note 1 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K for a discussion of 2025 accounting changes.
FUTURE ACCOUNTING CHANGES
Initial Measurement of Paid-in-Kind Dividends on Equity-Classified Preferred Stock
In April 2026, the FASB issued ASU No. 2026-01, Equity (Topic 505): Initial Measurement of Paid-in-Kind Dividends on Equity-Classified Preferred Stock, to provide authoritative guidance on how an issuer should initially measure paid-in-kind (PIK) dividends on equity-classified preferred stock. The amendments do not affect the recognition timing of PIK dividends but clarify that PIK dividends within scope are to be initially measured on the basis of the PIK dividend rate stated in the preferred stock agreement. The ASU will be effective for all entities for interim and annual periods beginning after December 15, 2026, with early adoption permitted. Adoption may be applied either on a prospective basis or on a modified retrospective basis for equity-classified preferred stock instruments outstanding as of the initial application date. Adoption of the ASU is not expected to have a material impact on Citi’s operating results or financial position.
Hedge Accounting Improvements
In November 2025, the FASB issued ASU No. 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements, to clarify certain aspects of the guidance on hedge accounting and to address several incremental hedge accounting issues arising from the global reference rate reform initiative. The objective of the ASU is to more closely align hedge accounting with the economics of an entity’s risk management activities. The amendments, which are adopted
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prospectively, are effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual reporting periods, with early adoption permitted. Adoption of the ASU is not expected to have a material impact on Citi’s operating results or financial position.
Purchased Loans
In November 2025, the FASB issued ASU No. 2025-08, Financial Instruments—Credit Losses (Topic 326): Purchased Loans, which amends Topic 326 to expand the application of the gross-up method of recording the expected credit losses at the purchase date to “purchased seasoned loans” that do not have more-than-insignificant credit losses at acquisition.
All non-purchased credit deteriorated (PCD) loans (excluding credit cards) that are acquired in a business combination are deemed seasoned while other non-PCD loans (excluding credit cards) are seasoned if they were purchased at least 90 days after origination and the acquirer was not involved in the origination of the loans. As a result of this ASU, originated loans and purchased non-seasoned loans without credit deterioration will recognize expected credit losses at origination or when purchased, while purchased loans with credit deterioration and purchased seasoned loans without credit deterioration will reflect a gross-up associated with credit at acquisition.
The amendments in this ASU are effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, with early adoption permitted. The amendments in this ASU should be applied prospectively to loans that are acquired on or after the initial application date (excluding credit cards). Citi is currently evaluating the impact of this ASU on its financial statements.
Derivatives Scope Refinements and Scope Clarification for Share-Based Non-Cash Consideration from a Customer in a Revenue Contract
In September 2025, the FASB issued ASU No. 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606). The amendments in the ASU exclude from derivative accounting certain non-exchange-traded contracts with underlyings that are based on operations or activities specific to one of the parties to the contract. The amendments also clarify that an entity should apply the guidance in Topic 606, including the guidance on non-cash consideration, to a contract with share-based non-cash consideration from a customer for the transfer of goods or services. The transition method is prospective with the modified retrospective method permitted. The amendments will be effective for fiscal years beginning after December 15, 2026, with early adoption permitted. Citi is currently evaluating the impact of the amendments.
Accounting for Internal-Use Software Costs
In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, intended to modernize the internal-use software guidance, primarily by eliminating accounting consideration of software project development stages and enhancing the guidance around the “probable-to-complete” threshold in determining when capitalization of internal-use software costs begins. The ASU will be effective for all entities for interim and annual periods beginning after December 15, 2027, with early adoption permitted. Citi is currently assessing the impact of and approach toward adopting this ASU.
Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), to improve the disclosures of expenses by requiring public business entities to provide further disaggregation of relevant expense captions (i.e., employee compensation, depreciation, intangible asset amortization) in a separate note to the financial statements, a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and the total amount of selling expenses and, in an annual reporting period, an entity’s definition of selling expenses.
The transition method is prospective with the retrospective method permitted, and the ASU will be effective for Citi for its annual period ending December 31, 2027 and interim periods for the interim period beginning January 1, 2028. Citi is currently evaluating the impact on its disclosures.
Equity Securities Subject to Contractual Sale Restrictions
In September 2026, the FASB issued ASU No. 2026-03, Fair Value Measurement (Topic 820)—Investment Companies with Equity Securities Subject to Contractual Sale Restrictions. Under the ASU, an investment company within the scope of ASC Topic 946 must incorporate the effect of a contractual sale restriction in the fair value measurement of equity securities.
The amendments, which will apply to the Company’s broker-dealer subsidiaries, are to be adopted on a prospective basis and will be effective for annual reporting periods beginning after December 15, 2027, and interim periods within those annual reporting periods, with early adoption permitted. Adoption of the ASU is not expected to have a material impact on Citi’s operating results or financial position.
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2. SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS
As of September 30, 2026, with the exception of Banamex, Citi has largely completed its exits from the 14 international consumer markets identified as part of its strategic refresh, all of which are reported within All Other—Legacy Franchises. As discussed below, this included the completion of the sale of the Poland consumer banking business during the second quarter of 2026. In addition, Citi continued to make substantial progress on the divestiture of Banamex, including the sales of 22.6 % and 1.4 % of Banamex’s outstanding common stock during the second and third quarters of 2026.
Of the 13 exits, Citi has disposed of 10 consumer banking businesses through sales and exited two consumer markets through wind-down activities and loan portfolio dispositions, and has largely completed the wind-down of its consumer banking operations in Korea. For additional information, see Note 2 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
Significant Disposals
During 2026, the following two transactions were identified as significant disposals. The losses from the sales represent life-to-date amounts, which may be updated to reflect post-closing purchase price adjustments. As of September 30, 2026, there were no remaining assets or liabilities included on Citi’s Consolidated Balance Sheet related to the significant disposals.
Sale of Poland Consumer Banking Business
On June 12, 2026, Citi completed the sale of its Poland consumer banking business. The business had approximately $5.9 billion in assets, including $1.2 billion of Cash and due from banks, $2.2 billion of Deposits with banks, $1.6 billion of loans (net of allowance of $24 million) and $0.8 billion of Trading account assets. The total amount of liabilities was $5.7 billion, primarily consisting of deposits. Since 2025, on a cumulative basis, the sale resulted in a pretax loss on sale of approximately $153 million ($118 million after-tax), recorded in Other revenue.
Excluding the pretax loss on sale, the Income before taxes for the Poland consumer banking business was as follows:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
| In millions of dollars | 2026 | 2025 | 2026 | 2025 | ||||||||||
| Income before taxes | $ | $ | $ | $ | ||||||||||
Sale of AO Citibank
On February 18, 2026, Citi signed and closed the sale of AO Citibank to Renaissance Capital (RenCap). AO Citibank conducted Citi’s remaining operations in Russia, which were historically reported within the Services, Markets and Banking reportable segments as well as within All Other.
At the time of sale, AO Citibank had approximately $13.5 billion in assets, including $11.4 billion of Other assets and $2.0 billion of Cash and deposits with banks. The total amount of liabilities was $13.7 billion, primarily consisting of deposits, including $1.7 billion in intercompany deposits, which was owed to Citi by RenCap. The sale resulted in a
pretax loss on sale of approximately $1.2 billion ($1.1 billion after-tax) recorded in Other revenue, primarily reflected in the fourth quarter of 2025.
Excluding the pretax loss on sale, the Income before taxes for AO Citibank was as follows:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
| In millions of dollars | 2026 | 2025 | 2026 | 2025 | ||||||||||
| Income before taxes | $ | $ | $ | $ | ( | |||||||||
Citi did not have any other significant disposals as of September 30, 2026. For a description and the financial impact of the Company’s significant disposal transactions in prior periods, see Note 2 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
Other Business Exits
Other significant transactions during 2026 included the following:
Sale of 24 % Equity Stake in Banamex
On April 29, 2026 and August 11, 2026, Citi completed the sales of an aggregate 24 % of Banamex’s outstanding common stock (approximately 499 million shares) to a group of institutional investors and family offices for a fixed purchase price of approximately MXN 43 billion, consisting of an initial 22.6 % stake and a subsequent 1.4 % stake representing the final portion of the investors’ previously announced commitment to acquire a 24 % ownership interest in Banamex. As a result, Citi currently owns 51 % of the voting stock of Banamex.
As a result of the closing of the aggregate 24 % interest in Banamex, Citi received total cash consideration of approximately $2.4 billion. Citi’s total stockholders’ equity increased by approximately $1.6 billion, due to (i) the reclassification of an approximate $2.1 billion CTA loss associated with Banamex from AOCI (within Total Citigroup stockholders’ equity) to Noncontrolling interests (NCI), partially offset by (ii) a net loss on sale of approximately $0.6 billion recorded primarily in Additional paid-in capital within Total Citigroup stockholders’ equity, which reflects the difference between the cash consideration received and 24 % of the Banamex U.S. GAAP book value, as well as the impact of purchase price adjustments recognized in connection with the current and prior Banamex share sale transactions.
The following table presents the effect of changes in Citi’s ownership interest in Banamex on Citi’s equity:
| In millions of dollars | Three Months Ended September 30, 2026 | Nine Months Ended September 30, 2026 | ||||||
| Net income attributable to Citigroup common shareholders | $ | $ | ||||||
| Changes in Citigroup’s equity for sale of interest in Banamex | ||||||||
| Changes from net income attributable to Citigroup common shareholders and changes in Citigroup’s ownership interest | $ | $ | ||||||
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3. REPORTABLE BUSINESS SEGMENTS AND ALL OTHER
The reportable business segments (segments) and All Other reflect how the CEO, who is the chief operating decision maker (CODM), manages the Company, including allocating resources and measuring performance.
Citi is organized into five
Prior-period reportable operating segment and All Other results have been recast to reflect the following changes effective January 1, 2026:
•Citi transferred its Retail Banking business from the former U.S. Personal Banking (USPB) to Wealth and integrated the remaining USPB businesses into a new U.S. Consumer Cards segment.
•Citi eliminated the corporate lending revenue share arrangement by updating its TCE methodology among the Services, Markets and Banking segments to better align their capital usage associated with the shared economic benefits of corporate lending to clients across these segments.
•Certain interest rate risk-management activities within Markets were moved to All Other—Corporate/Other, or between businesses within Markets.
•Certain other immaterial reclassifications impacting the results of each business segment and All Other were made.
Citi’s consolidated results remain unchanged for all periods presented following the changes and reclassifications discussed above.
Revenues and expenses directly associated with each segment or line of business are included in determining respective operating results. Other revenues and expenses that are attributable to a particular segment or All Other are generally allocated from Corporate/Other within All Other based on respective net revenues, non-interest expenses or other relevant measures.
Revenues and expenses from transactions with other segments and All Other are treated as transactions with external parties for purposes of segment disclosures, while funding charges paid by segments and funding credits received by Corporate Treasury within All Other are included in net interest income. The Company includes intersegment eliminations from Corporate/Other within All Other to reconcile the segment results to Citi’s consolidated results.
The accounting policies of these segments and All Other are the same as those disclosed in Note 1 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
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The following tables present certain information regarding the Company’s continuing operations by reportable business segment and All Other on a managed basis that excludes divestiture-related impacts. The CODM uses Income (loss) from continuing operations as the performance measure, to evaluate the results of each reportable business segment and
All Other by comparing to and monitoring against budget and prior-year results. This information is used to allocate resources to each of the segments and All Other and to make operational decisions when managing the Company, such as whether to reinvest profits or to return capital to shareholders through dividends and share repurchases.
| Three Months Ended September 30, | ||||||||||||||||||||
| In millions of dollars, except end-of-period assets, average loans and average deposits in billions | Services | Markets | Banking | |||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |||||||||||||||
| Net interest income | $ | $ | $ | $ | $ | $ | ||||||||||||||
| Non-interest revenue | ||||||||||||||||||||
| Total revenues, net of interest expense | $ | $ | $ | $ | $ | $ | ||||||||||||||
Compensation expense(1) | $ | $ | $ | $ | $ | $ | ||||||||||||||
Non-compensation expense(2) | ||||||||||||||||||||
| Total operating expense | $ | $ | $ | $ | $ | $ | ||||||||||||||
| Provisions for credit losses and for benefits and claims | $ | ( | $ | $ | $ | $ | $ | |||||||||||||
| Provision (benefits) for income taxes | ||||||||||||||||||||
| Income (loss) from continuing operations | ||||||||||||||||||||
End-of-period assets (September 30, 2026 and December 31, 2025) | $ | $ | $ | $ | $ | $ | ||||||||||||||
| Average loans | ||||||||||||||||||||
| Average deposits | ||||||||||||||||||||
| In millions of dollars, except end-of-period assets, average loans and average deposits in billions | Wealth | USCC | ||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||
| Net interest income | $ | $ | $ | $ | ||||||||||||||||
| Non-interest revenue (loss) | ( | ( | ||||||||||||||||||
| Total revenues, net of interest expense | $ | $ | $ | $ | ||||||||||||||||
Compensation expense(1) | $ | $ | $ | $ | ||||||||||||||||
Non-compensation expense(2) | ||||||||||||||||||||
| Total operating expense | $ | $ | $ | $ | ||||||||||||||||
| Provisions for credit losses and for benefits and claims | $ | $ | $ | $ | ||||||||||||||||
| Provision (benefits) for income taxes | ||||||||||||||||||||
| Income (loss) from continuing operations | ||||||||||||||||||||
End-of-period assets (September 30, 2026 and December 31, 2025) | $ | $ | $ | $ | ||||||||||||||||
| Average loans | ||||||||||||||||||||
| Average deposits | ||||||||||||||||||||
| In millions of dollars, except end-of-period assets, average loans and average deposits in billions | All Other(3) | Reconciling Items(3) | Total Citi | |||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |||||||||||||||
| Net interest income | $ | $ | $ | $ | $ | $ | ||||||||||||||
| Non-interest revenue | ||||||||||||||||||||
| Total revenues, net of interest expense | $ | $ | $ | $ | $ | $ | ||||||||||||||
| Total operating expense | $ | $ | $ | $ | $ | $ | ||||||||||||||
| Provisions for credit losses and for benefits and claims | $ | $ | $ | $ | ( | $ | $ | |||||||||||||
| Provision (benefits) for income taxes | ( | ( | ( | |||||||||||||||||
| Income (loss) from continuing operations | ( | ( | ( | |||||||||||||||||
End-of-period assets (September 30, 2026 and December 31, 2025) | $ | $ | $ | $ | ||||||||||||||||
| Average loans | ||||||||||||||||||||
| Average deposits | ||||||||||||||||||||
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| Nine Months Ended September 30, | ||||||||||||||||||||
| In millions of dollars, except average loans and average deposits in billions | Services | Markets | Banking | |||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |||||||||||||||
| Net interest income | $ | $ | $ | $ | $ | $ | ||||||||||||||
| Non-interest revenue | ||||||||||||||||||||
| Total revenues, net of interest expense | $ | $ | $ | $ | $ | $ | ||||||||||||||
Compensation expense(1) | $ | $ | $ | $ | $ | $ | ||||||||||||||
Non-compensation expense(2) | ||||||||||||||||||||
| Total operating expense | $ | $ | $ | $ | $ | $ | ||||||||||||||
| Provisions for credit losses and for benefits and claims | $ | $ | $ | $ | $ | $ | ||||||||||||||
| Provision (benefits) for income taxes | ||||||||||||||||||||
| Income (loss) from continuing operations | ||||||||||||||||||||
| Average loans | $ | $ | $ | $ | $ | $ | ||||||||||||||
| Average deposits | ||||||||||||||||||||
| In millions of dollars, except average loans and average deposits in billions | Wealth | USCC | ||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||
| Net interest income | $ | $ | $ | $ | ||||||||||||||||
| Non-interest revenue (loss) | ( | ( | ||||||||||||||||||
| Total revenues, net of interest expense | $ | $ | $ | $ | ||||||||||||||||
Compensation expense(1) | $ | $ | $ | $ | ||||||||||||||||
Non-compensation expense(2) | ||||||||||||||||||||
| Total operating expense | $ | $ | $ | $ | ||||||||||||||||
| Provisions for credit losses and for benefits and claims | $ | $ | $ | $ | ||||||||||||||||
| Provision (benefits) for income taxes | ||||||||||||||||||||
| Income (loss) from continuing operations | ||||||||||||||||||||
| Average loans | $ | $ | $ | $ | ||||||||||||||||
| Average deposits | ||||||||||||||||||||
| In millions of dollars, except average loans and average deposits in billions | All Other(3) | Reconciling Items(3) | Total Citi | |||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |||||||||||||||
| Net interest income | $ | $ | $ | $ | $ | $ | ||||||||||||||
| Non-interest revenue | ( | |||||||||||||||||||
| Total revenues, net of interest expense | $ | $ | $ | $ | ( | $ | $ | |||||||||||||
| Total operating expense | $ | $ | $ | $ | $ | $ | ||||||||||||||
| Provisions for credit losses and for benefits and claims | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||
| Provision (benefits) for income taxes | ( | ( | ( | ( | ||||||||||||||||
| Income (loss) from continuing operations | ( | ( | ( | ( | ||||||||||||||||
| Average loans | $ | $ | $ | $ | ||||||||||||||||
| Average deposits | ||||||||||||||||||||
(1) Excludes allocations of Compensation and benefits expense related to services provided by Corporate/Other within All Other, which are allocated from All Other to each segment, as applicable, through the non-compensation expense line.
(2) Non-compensation expense for each segment includes allocated compensation and benefits-related costs from Corporate/Other within All Other to the respective segments, and expenses related to Technology/communication, Transactional and product servicing, Premises and equipment, Professional services, Advertising and marketing and Other operating (all of which include certain overhead expenses).
(3) Segment results are presented on a managed basis that excludes divestiture-related impacts related to Citi’s divestitures of its Asia Consumer businesses and Banamex, within All Other—Legacy Franchises. Adjustments are included in Legacy Franchises within All Other and are reflected in the reconciliations above to arrive at Citi’s reported results in the Consolidated Statement of Income.
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The following table presents a reconciliation of total Citigroup income from continuing operations as reported:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
| In millions of dollars | 2026(1) | 2025(2) | 2026(3) | 2025(4) | ||||||||||
Total reportable business segments and All Other—income from continuing operations(5) | $ | $ | $ | $ | ||||||||||
| Divestiture-related impact on: | ||||||||||||||
| Total revenues, net of interest expense | ( | |||||||||||||
| Total operating expenses | ||||||||||||||
| Provision (release) for credit losses | ( | ( | ( | |||||||||||
| Provision (benefits) for income taxes | ( | ( | ( | |||||||||||
| Income from continuing operations | $ | $ | $ | $ | ||||||||||
(1) The three months ended September 30, 2026 includes approximately $7 million in operating expenses ($6 million after-tax), largely driven by separation costs in Mexico.
(2) The three months ended September 30, 2025 includes approximately $766 million in operating expenses (approximately $744 million after-tax), driven by a goodwill impairment charge related to Banamex ($726 million ($714 million after-tax)) and separation costs in Mexico. For additional information, see Citi’s Quarterly Report on Form 10-Q for the period ended September 30, 2025.
(3) The nine months ended September 30, 2026 includes approximately $63 million in operating expenses ($47 million after-tax), largely driven by separation costs in Mexico.
(4) The nine months ended September 30, 2025 includes (i) an approximate $186 million loss recorded in revenue (approximately $157 million after-tax), related to the announced sale of the Poland consumer banking business; and (ii) approximately $837 million in operating expenses (approximately $793 million after-tax), driven by a goodwill impairment charge related to Banamex ($726 million ($714 million after-tax)) and separation costs in Mexico and severance costs in the Asia exit markets (approximately $89 million (approximately $62 million after-tax)). For additional information, see Citi’s Quarterly Report on Form 10-Q for the period ended September 30, 2025.
(5) Segment results are presented on a managed basis that excludes divestiture-related impacts related to Citi’s divestitures of its Asia Consumer businesses and Banamex, within All Other—Legacy Franchises. Adjustments are included in Legacy Franchises within All Other and are reflected in the reconciliations above to arrive at Citi’s reported results in the Consolidated Statement of Income.
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4. INTEREST INCOME AND EXPENSE
Interest income and Interest expense consisted of the following:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
| In millions of dollars | 2026 | 2025 | 2026 | 2025 | ||||||||||
| Interest income | ||||||||||||||
| Consumer loans | $ | $ | $ | $ | ||||||||||
| Corporate loans | ||||||||||||||
| Loan interest, including fees | $ | $ | $ | $ | ||||||||||
| Deposits with banks | ||||||||||||||
| Securities borrowed and purchased under agreements to resell | ||||||||||||||
| Investments, including dividends | ||||||||||||||
Trading account assets(1) | ||||||||||||||
Other interest-bearing assets(2) | ||||||||||||||
| Total interest income | $ | $ | $ | $ | ||||||||||
| Interest expense | ||||||||||||||
| Deposits | $ | $ | $ | $ | ||||||||||
| Securities loaned and sold under agreements to repurchase | ||||||||||||||
Trading account liabilities(1) | ||||||||||||||
Short-term borrowings and other interest-bearing liabilities(3) | ||||||||||||||
| Long-term debt | ||||||||||||||
| Total interest expense | $ | $ | $ | $ | ||||||||||
| Net interest income | $ | $ | $ | $ | ||||||||||
| Provision for credit losses on loans | ||||||||||||||
| Net interest income after provision for credit losses on loans | $ | $ | $ | $ | ||||||||||
(1)Interest expense on Trading account liabilities of Services, Markets and Banking is reported as a reduction of Interest income. Interest income and Interest expense on cash collateral positions are reported in interest on Trading account assets and Trading account liabilities, respectively.
(2)Includes assets from businesses held-for-sale (see “Significant Disposals” in Note 2) and Brokerage receivables.
(3)Includes liabilities from businesses held-for-sale (see “Significant Disposals” in Note 2) and Brokerage payables.
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5. COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES
Commissions and Fees
The primary components of Commissions and fees revenue are investment banking fees, brokerage commissions, credit card and bank card income, deposit-related fees and transactional service fees. See Note 3 for segment results and Note 5 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K for additional information on Citi’s commissions and fees.
The following table presents Commissions and fees revenue:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
| In millions of dollars | 2026 | 2025 | 2026 | 2025 | ||||||||||
Investment banking fees(1)(2) | $ | $ | $ | $ | ||||||||||
Brokerage commissions(1)(3) | ||||||||||||||
Credit card and bank card income(1) | ||||||||||||||
| Interchange fees | ||||||||||||||
| Card-related loan fees | ||||||||||||||
| Card rewards and partner payments | ( | ( | ( | ( | ||||||||||
Deposit-related fees(1) | ||||||||||||||
Transactional service fees(1) | ||||||||||||||
Corporate finance(1) | ||||||||||||||
Insurance distribution revenue(1) | ||||||||||||||
Insurance premiums(1) | ||||||||||||||
| Loan servicing | ||||||||||||||
| Other | ||||||||||||||
Total(4) | $ | $ | $ | $ | ||||||||||
(1) Investment banking fees are earned primarily by Banking and Markets. Brokerage commissions are earned primarily by Markets and Wealth. Credit card and bank card income is earned primarily by USCC and Services. Deposit-related fees are earned primarily by Services and Wealth. Transactional service fees are earned primarily by Services. Corporate finance is earned primarily by Banking. Insurance distribution revenue is earned primarily by Wealth and Legacy Franchises within All Other. Insurance premiums are earned primarily by Legacy Franchises within All Other.
(2) For the periods presented, the contract liability amount was negligible.
(3) The Company recognized $49 million and $155 million of revenue related to variable consideration for the three and nine months ended September 30, 2026, and $46 million and $137 million for the three and nine months ended September 30, 2025, respectively. These amounts primarily relate to performance obligations satisfied in prior periods.
(4) Commissions and fees include $(3.5 ) billion and $(9.6 ) billion not accounted for under ASC 606, Revenue from Contracts with Customers, for the three and nine months ended September 30, 2026, and $(3.0 ) billion and $(8.6 ) billion for the three and nine months ended September 30, 2025, respectively. Amounts reported in Commissions and fees accounted for under other guidance primarily include card-related loan fees, card reward programs and certain partner payments, corporate finance fees, insurance premiums and loan servicing fees.
Administration and Other Fiduciary Fees
Administration and other fiduciary fees revenue is primarily composed of custody fees and fiduciary fees. See Note 3 for segment results and Note 5 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K for additional information on Citi’s administration and other fiduciary fees.
The following table presents Administration and other fiduciary fees revenue:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
| In millions of dollars | 2026 | 2025 | 2026 | 2025 | ||||||||||
Custody fees(1) | $ | $ | $ | $ | ||||||||||
Fiduciary fees(1) | ||||||||||||||
| Guarantee fees | ||||||||||||||
Total administration and other fiduciary fees(2) | $ | $ | $ | $ | ||||||||||
(1) Custody fees are earned primarily by Services. Fiduciary fees are earned primarily by Wealth and Legacy Franchises within All Other.
(2) Administration and other fiduciary fees include $150 million and $135 million for the three months ended September 30, 2026 and 2025, and $423 million and $402 million for the nine months ended September 30, 2026 and 2025, respectively, that are not accounted for under ASC 606, Revenue from Contracts with Customers. These generally include guarantee fees.
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6. PRINCIPAL TRANSACTIONS
The table below consists of realized and unrealized gains and losses presented in Principal transactions. Activities include revenues from fixed income, equities, credit and commodities products and foreign exchange transactions that are managed on a portfolio basis and characterized below based on the primary risk managed by each trading desk (as such, the trading desks can be periodically reorganized and thus the risk categories).
Principal transactions include CVA (credit valuation adjustments) and FVA (funding valuation adjustments) on over-the-counter derivatives. These adjustments are discussed further in Note 21.
For transactions that are denominated in a currency other than the functional currency, including transactions denominated in the local currencies of foreign operations that use the U.S. dollar as their functional currency, the effects of changes in exchange rates are included in Principal transactions, along with the related effects of any qualifying and economic hedges.
Not included in the table below is the impact of net interest income related to trading activities, which is an integral part of the profitability of trading activities (see Note 4).
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
| In millions of dollars | 2026 | 2025 | 2026 | 2025 | ||||||||||
Interest rate risks(1) | $ | ( | $ | $ | $ | |||||||||
Foreign exchange risks(2) | ||||||||||||||
Equity risks(3) | ||||||||||||||
Commodity and other risks(4) | ||||||||||||||
Credit products and risks(5) | ( | ( | ( | ( | ||||||||||
| Total | $ | $ | $ | $ | ||||||||||
(1) Includes revenues from government securities, municipal securities, mortgage securities and other debt instruments. Also includes spot and forward trading of currencies and exchange-traded and over-the-counter (OTC) currency options, options on fixed income securities, interest rate swaps, currency swaps, swap options, caps and floors, financial futures, OTC options and forward contracts on fixed income securities.
(2) Includes revenues from foreign exchange spot, forward, option and swap contracts, as well as foreign currency translation gains and losses.
(3) Includes revenues from common, preferred and convertible preferred stock, convertible corporate debt, equity-linked notes and exchange-traded and OTC equity options and warrants.
(4) Primarily includes revenues from energy products, metals and other commodities trades.
(5) Includes revenues from corporate debt, secondary trading loans, mortgage securities, single name and index credit default swaps, and structured credit products.
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7. INCENTIVE PLANS
For information on Citi’s incentive plans, see Note 7 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
8. RETIREMENT BENEFITS
For additional information on Citi’s retirement benefits, see Note 8 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
Citigroup remeasures its significant pension and postretirement benefit plans’ obligations and assets by updating plan actuarial assumptions quarterly, when certain conditions are met to trigger interim remeasurement. No interim remeasurement occurred for the nine months ended September 30, 2026 and 2025.
Net Expense (Benefit)
The following tables summarize the components of net expense (benefit) recognized in the Consolidated Statement of Income for the Company’s pension and postretirement benefit plans. Service cost is reported in Compensation and benefits expenses and all other components of the net periodic benefit cost are reported in Other operating expenses in the Consolidated Statement of Income.
| Three Months Ended September 30, | ||||||||||||||||||||||||||
| Pension plans | Postretirement benefit plans | |||||||||||||||||||||||||
| U.S. plans | Non-U.S. plans | U.S. plans | Non-U.S. plans | |||||||||||||||||||||||
| In millions of dollars | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||
| Service cost | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
| Interest cost on benefit obligation | ||||||||||||||||||||||||||
| Expected return on assets | ( | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||
| Amortization of unrecognized: | ||||||||||||||||||||||||||
| Prior service (benefit) | ( | ( | ( | ( | ( | |||||||||||||||||||||
| Net actuarial loss (gain) | ( | ( | ||||||||||||||||||||||||
| Total net expense (benefit) | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||
| Nine Months Ended September 30, | ||||||||||||||||||||||||||
| Pension plans | Postretirement benefit plans | |||||||||||||||||||||||||
| U.S. plans | Non-U.S. plans | U.S. plans | Non-U.S. plans | |||||||||||||||||||||||
| In millions of dollars | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||
| Service cost | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
| Interest cost on benefit obligation | ||||||||||||||||||||||||||
| Expected return on assets | ( | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||
| Amortization of unrecognized: | ||||||||||||||||||||||||||
| Prior service cost (benefit) | ( | ( | ( | ( | ( | |||||||||||||||||||||
| Net actuarial loss (gain) | ( | ( | ||||||||||||||||||||||||
Curtailment (gain)(1) | ( | |||||||||||||||||||||||||
| Total net expense (benefit) | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||
(1) Curtailment relates to divestiture and other wind-down activities.
Contributions
The following table summarizes the Company’s expected contributions for 2026 and the actual contributions made in 2025:
| Pension plans | Postretirement benefit plans | |||||||||||||||||||||||||
| U.S. plans | Non-U.S. plans(1) | U.S. plans | Non-U.S. plans | |||||||||||||||||||||||
| In millions of dollars | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||
Company contributions(2) expected to be made during the year, and made during the prior year | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
(1)The Company made a discretionary contribution of approximately $40 million and $210 million to a pension plan and a postretirement benefit plan, respectively, in Mexico Consumer/SBMM during the fourth quarter of 2025. The Company also made a contribution of approximately $190 million to a pension plan in Korea during 2025 due to legislative updates.
(2)Company contributions are composed of cash contributions made to the plans and benefits paid directly by the Company.
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9. EARNINGS PER SHARE
The following table reconciles the income and share data used in the basic and diluted earnings per share (EPS) computations:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
| In millions of dollars, except per share amounts | 2026 | 2025 | 2026 | 2025 | ||||||||||
| Earnings per common share | ||||||||||||||
| Income from continuing operations before attribution of noncontrolling interests | $ | $ | $ | $ | ||||||||||
| Less: Noncontrolling interests from continuing operations | ||||||||||||||
| Net income from continuing operations (for EPS purposes) | $ | $ | $ | $ | ||||||||||
| Loss from discontinued operations, net of taxes | ( | ( | ( | |||||||||||
| Citigroup’s net income | $ | $ | $ | $ | ||||||||||
| Less: Preferred dividends | ||||||||||||||
| Net income available to common shareholders | $ | $ | $ | $ | ||||||||||
Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with rights to dividends, and other relevant items(1), applicable to basic EPS | ||||||||||||||
| Net income allocated to common shareholders for basic EPS | $ | $ | $ | $ | ||||||||||
Weighted-average common shares outstanding applicable to basic EPS (in millions) | ||||||||||||||
| Basic earnings per share | ||||||||||||||
| Income from continuing operations | $ | $ | $ | $ | ||||||||||
| Discontinued operations | ||||||||||||||
Net income per share—basic(2) | $ | $ | $ | $ | ||||||||||
| Diluted earnings per share | ||||||||||||||
| Net income allocated to common shareholders for basic EPS | $ | $ | $ | $ | ||||||||||
| Add back: Dividends allocated to employee restricted and deferred shares with rights to dividends that are forfeitable | ||||||||||||||
| Net income allocated to common shareholders for diluted EPS | $ | $ | $ | $ | ||||||||||
Weighted-average common shares outstanding applicable to basic EPS (in millions) | ||||||||||||||
Effect of dilutive securities(3) | ||||||||||||||
| Other employee plans | ||||||||||||||
Adjusted weighted-average common shares outstanding applicable to diluted EPS (in millions) | ||||||||||||||
| Diluted earnings per share | ||||||||||||||
| Income from continuing operations | $ | $ | $ | $ | ||||||||||
| Discontinued operations | ||||||||||||||
Net income per share—diluted(2) | $ | $ | $ | $ | ||||||||||
(1)The total for this line includes dividends and undistributed earnings ($52 million combined for 3Q26) allocated to employee restricted and deferred shares with rights to dividends.
(2)Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income.
(3) During the nine months ended September 30, 2026 there were 1.1 million weighted-average stock options outstanding; however, they did not impact dilutive securities or EPS above using the treasury stock method. There were no weighted-average options outstanding during the prior-year period.
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10. SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS
For additional information on the Company’s resale and repurchase agreements and securities borrowing and lending agreements, see Note 12 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
Securities borrowed and purchased under agreements to resell, at their respective carrying values, consisted of the following:
| In millions of dollars | September 30, 2026 | December 31, 2025 | ||||||
Securities purchased under agreements to resell(1) | $ | $ | ||||||
| Securities borrowed | ||||||||
Total, net(2) | $ | $ | ||||||
Allowance for credit losses on securities purchased and borrowed(3) | ( | ( | ||||||
| Total, net of allowance | $ | $ | ||||||
Securities loaned and sold under agreements to repurchase, at their respective carrying values, consisted of the following:
| In millions of dollars | September 30, 2026 | December 31, 2025 | ||||||
| Securities sold under agreements to repurchase | $ | $ | ||||||
| Securities loaned | ||||||||
Total, net(2) | $ | $ | ||||||
(1) Includes an immaterial balance of federal funds sold.
(2) The above tables do not include securities-for-securities lending transactions of $4.7 billion and $5.5 billion at September 30, 2026 and December 31, 2025, respectively, where the Company acts as lender and receives securities that can be sold or pledged as collateral. In these transactions, the Company recognizes the securities received at fair value within Other assets and the obligation to return those securities as a liability within Brokerage payables.
(3) See Note 13.
112
The following tables present the gross and net resale and repurchase agreements and securities borrowing and lending agreements and the related offsetting amounts permitted under ASC 210-20-45. The tables also include amounts related to financial instruments that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting rights has been obtained. Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right.
| As of September 30, 2026 | |||||||||||||||||
| In millions of dollars | Gross amounts of recognized assets | Gross amounts offset on the Consolidated Balance Sheet(1)(2) | Net amounts of assets included on the Consolidated Balance Sheet | Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default(2)(3) | Net amounts(4) | ||||||||||||
Securities purchased under agreements to resell(5) | $ | $ | $ | $ | $ | ||||||||||||
| Securities borrowed | |||||||||||||||||
| Total | $ | $ | $ | $ | $ | ||||||||||||
| In millions of dollars | Gross amounts of recognized liabilities | Gross amounts offset on the Consolidated Balance Sheet(1)(2) | Net amounts of liabilities included on the Consolidated Balance Sheet | Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default(2)(3) | Net amounts(4) | ||||||||||||
| Securities sold under agreements to repurchase | $ | $ | $ | $ | $ | ||||||||||||
| Securities loaned | |||||||||||||||||
| Total | $ | $ | $ | $ | $ | ||||||||||||
| As of December 31, 2025 | |||||||||||||||||
| In millions of dollars | Gross amounts of recognized assets | Gross amounts offset on the Consolidated Balance Sheet(1)(2) | Net amounts of assets included on the Consolidated Balance Sheet | Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default(2)(3) | Net amounts(4) | ||||||||||||
| Securities purchased under agreements to resell | $ | $ | $ | $ | $ | ||||||||||||
| Securities borrowed | |||||||||||||||||
| Total | $ | $ | $ | $ | $ | ||||||||||||
| In millions of dollars | Gross amounts of recognized liabilities | Gross amounts offset on the Consolidated Balance Sheet(1)(2) | Net amounts of liabilities included on the Consolidated Balance Sheet | Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default(2)(3) | Net amounts(4) | ||||||||||||
| Securities sold under agreements to repurchase | $ | $ | $ | $ | $ | ||||||||||||
| Securities loaned | |||||||||||||||||
| Total | $ | $ | $ | $ | $ | ||||||||||||
(1)Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45.
(2)Beginning January 1, 2025, excludes amounts relating to accrued interest. Accrued interest receivable on Securities purchased under agreements to resell (reverse repos) is presented in Other assets and accrued interest payable on Securities sold under agreements to repurchase (repos) is presented in Other liabilities.
(3)Includes financial instruments subject to enforceable master netting agreements that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting right has been obtained.
(4)Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right.
(5)Includes an immaterial balance of federal funds sold.
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The following tables present the gross amounts of liabilities associated with repurchase agreements and securities lending agreements by remaining contractual maturity:
| As of September 30, 2026 | |||||||||||||||||
| In millions of dollars | Open and overnight | Up to 30 days | 31–90 days | Greater than 90 days | Total | ||||||||||||
| Securities sold under agreements to repurchase | $ | $ | $ | $ | $ | ||||||||||||
| Securities loaned | |||||||||||||||||
| Total | $ | $ | $ | $ | $ | ||||||||||||
| As of December 31, 2025 | |||||||||||||||||
| In millions of dollars | Open and overnight | Up to 30 days | 31–90 days | Greater than 90 days | Total | ||||||||||||
| Securities sold under agreements to repurchase | $ | $ | $ | $ | $ | ||||||||||||
| Securities loaned | |||||||||||||||||
| Total | $ | $ | $ | $ | $ | ||||||||||||
The following tables present the gross amounts of liabilities associated with repurchase agreements and securities lending agreements by class of underlying collateral:
| As of September 30, 2026 | |||||||||||
| In millions of dollars | Repurchase agreements | Securities lending agreements | Total | ||||||||
| U.S. Treasury and federal agency securities | $ | $ | $ | ||||||||
| State and municipal securities | |||||||||||
| Foreign government securities | |||||||||||
| Corporate bonds | |||||||||||
| Equity securities | |||||||||||
| Mortgage-backed securities | |||||||||||
| Asset-backed securities | |||||||||||
| Other | |||||||||||
| Total | $ | $ | $ | ||||||||
| As of December 31, 2025 | |||||||||||
| In millions of dollars | Repurchase agreements | Securities lending agreements | Total | ||||||||
| U.S. Treasury and federal agency securities | $ | $ | $ | ||||||||
| State and municipal securities | |||||||||||
| Foreign government securities | |||||||||||
| Corporate bonds | |||||||||||
| Equity securities | |||||||||||
| Mortgage-backed securities | |||||||||||
| Asset-backed securities | |||||||||||
| Other | |||||||||||
| Total | $ | $ | $ | ||||||||
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11. INVESTMENTS
For additional information regarding Citi’s investment portfolios, including evaluating investments for impairment, see Note 14 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
The following table presents Citi’s investments by category:
| In millions of dollars | September 30, 2026 | December 31, 2025 | ||||||
| Available-for-sale (AFS) debt securities | $ | $ | ||||||
Held-to-maturity (HTM) debt securities(1) | ||||||||
Marketable equity securities carried at fair value(2) | ||||||||
Non-marketable equity securities carried at fair value(2)(3) | ||||||||
Non-marketable equity securities measured using the measurement alternative(4) | ||||||||
Non-marketable equity securities carried at cost(5) | ||||||||
Total investments(6) | $ | $ | ||||||
(1)Carried at adjusted amortized cost basis, net of any ACL.
(2)Unrealized gains and losses are recognized in earnings.
(3)Includes $48 million and $37 million of investments in funds for which the fair values are estimated using the net asset value of the Company’s ownership interest in the funds at September 30, 2026 and December 31, 2025, respectively.
(4)Impairment losses and adjustments to the carrying value as a result of observable price changes are recognized in earnings. See “Non-Marketable Equity Securities Not Carried at Fair Value” below.
(5) Represents shares issued by the Federal Reserve Bank, Federal Home Loan Banks and certain exchanges of which Citigroup is a member.
(6) Not included in the balances above is approximately $3 billion and $2 billion of accrued interest receivable at September 30, 2026 and December 31, 2025, respectively, which is included in Other assets on the Consolidated Balance Sheet. The Company does not recognize an allowance for credit losses on accrued interest receivable for AFS and HTM debt securities, consistent with its non-accrual policy, which results in timely write-off of accrued interest by reversing interest income. Amounts reversed through interest income were immaterial for the three and nine months ended September 30, 2026 and 2025.
The following table presents interest and dividend income on investments:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
| In millions of dollars | 2026 | 2025 | 2026 | 2025 | ||||||||||
| Taxable interest | $ | $ | $ | $ | ||||||||||
| Interest exempt from U.S. federal income tax | ||||||||||||||
| Dividend income | ||||||||||||||
| Total interest and dividend income on investments | $ | $ | $ | $ | ||||||||||
The following table presents realized gains and losses on the sales of investments, which exclude impairment losses:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
| In millions of dollars | 2026 | 2025 | 2026 | 2025 | ||||||||||
| Gross realized investment gains | $ | $ | $ | $ | ||||||||||
| Gross realized investment losses | ( | ( | ( | ( | ||||||||||
| Net realized gains on sales of investments | $ | $ | $ | $ | ||||||||||
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Available-for-Sale (AFS) Debt Securities
The amortized cost and fair value of AFS debt securities were as follows:
| September 30, 2026 | ||||||||||||||||||||
| In millions of dollars | Amortized cost | Allowance for credit losses | Gross unrealized gains | Gross unrealized losses | Net unrealized gains (losses) | Fair value | ||||||||||||||
| AFS debt securities | ||||||||||||||||||||
Mortgage-backed securities(1) | ||||||||||||||||||||
| U.S. government-sponsored agency guaranteed | $ | $ | $ | $ | $ | ( | $ | |||||||||||||
| Other | ||||||||||||||||||||
| Total mortgage-backed securities | $ | $ | $ | $ | $ | ( | $ | |||||||||||||
| U.S. Treasury | $ | $ | $ | $ | $ | ( | $ | |||||||||||||
| State and municipal | ( | |||||||||||||||||||
| Foreign government | ( | |||||||||||||||||||
| Corporate | ( | |||||||||||||||||||
Asset-backed securities(1) | ||||||||||||||||||||
| Other debt securities | ( | |||||||||||||||||||
| Total AFS debt securities excluding portfolio-layer cumulative basis adjustments | $ | $ | $ | $ | $ | ( | $ | |||||||||||||
Unallocated portfolio-layer cumulative basis adjustments(2) | $ | ( | $ | — | $ | — | $ | — | $ | $ | — | |||||||||
| Total AFS debt securities | $ | $ | $ | $ | $ | ( | $ | |||||||||||||
| December 31, 2025 | ||||||||||||||||||||
| In millions of dollars | Amortized cost | Allowance for credit losses | Gross unrealized gains | Gross unrealized losses | Net unrealized gains (losses) | Fair value | ||||||||||||||
| AFS debt securities | ||||||||||||||||||||
Mortgage-backed securities(1) | ||||||||||||||||||||
| U.S. government-sponsored agency guaranteed | $ | $ | $ | $ | $ | ( | $ | |||||||||||||
| Other | ||||||||||||||||||||
| Total mortgage-backed securities | $ | $ | $ | $ | $ | ( | $ | |||||||||||||
| U.S. Treasury | $ | $ | $ | $ | $ | $ | ||||||||||||||
| State and municipal | ( | |||||||||||||||||||
| Foreign government | ||||||||||||||||||||
| Corporate | ( | |||||||||||||||||||
Asset-backed securities(1) | ||||||||||||||||||||
| Other debt securities | ||||||||||||||||||||
| Total AFS debt securities excluding portfolio-layer cumulative basis adjustments | $ | $ | $ | $ | $ | $ | ||||||||||||||
Unallocated portfolio-layer cumulative basis adjustments(2) | $ | $ | — | $ | — | $ | — | $ | ( | $ | — | |||||||||
| Total AFS debt securities | $ | $ | $ | $ | $ | ( | $ | |||||||||||||
(1)The Company invests in mortgage- and asset-backed securities, which are typically issued by variable interest entities (VIEs) through securitization transactions. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the tables above. See Note 19 for mortgage- and asset-backed securitizations in which the Company has other involvement.
(2)Represents the cumulative basis adjustments in active portfolio-layer method fair value hedges of AFS debt securities in closed portfolios, which are not allocated to individual securities. See Note 20.
116
The following table presents the fair value of AFS debt securities held at the balance sheet dates that were in an unrealized loss position:
| Less than 12 months | 12 months or longer | Total | ||||||||||||||||||
| In millions of dollars | Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | ||||||||||||||
| September 30, 2026 | ||||||||||||||||||||
| AFS debt securities | ||||||||||||||||||||
| Mortgage-backed securities | ||||||||||||||||||||
| U.S. government-sponsored agency guaranteed | $ | $ | $ | $ | $ | $ | ||||||||||||||
| Other | ||||||||||||||||||||
| Total mortgage-backed securities | $ | $ | $ | $ | $ | $ | ||||||||||||||
| U.S. Treasury | $ | $ | $ | $ | $ | $ | ||||||||||||||
| State and municipal | ||||||||||||||||||||
| Foreign government | ||||||||||||||||||||
| Corporate | ||||||||||||||||||||
| Asset-backed securities | ||||||||||||||||||||
| Other debt securities | ||||||||||||||||||||
Total AFS debt securities(1) | $ | $ | $ | $ | $ | $ | ||||||||||||||
| December 31, 2025 | ||||||||||||||||||||
| AFS debt securities | ||||||||||||||||||||
| Mortgage-backed securities | ||||||||||||||||||||
| U.S. government-sponsored agency guaranteed | $ | $ | $ | $ | $ | $ | ||||||||||||||
| Other | ||||||||||||||||||||
| Total mortgage-backed securities | $ | $ | $ | $ | $ | $ | ||||||||||||||
| U.S. Treasury | $ | $ | $ | $ | $ | $ | ||||||||||||||
| State and municipal | ||||||||||||||||||||
| Foreign government | ||||||||||||||||||||
| Corporate | ||||||||||||||||||||
| Asset-backed securities | ||||||||||||||||||||
| Other debt securities | ||||||||||||||||||||
Total AFS debt securities(1) | $ | $ | $ | $ | $ | $ | ||||||||||||||
(1) Gross unrealized losses exclude the effect of the cumulative basis adjustments in active portfolio-layer method fair value hedges.
117
The following table presents the amortized cost and fair value of AFS debt securities by contractual maturity dates:
| September 30, 2026 | ||||||||
| In millions of dollars | Amortized cost | Fair value | ||||||
Mortgage-backed securities(1) | ||||||||
| Due within 1 year | $ | $ | ||||||
| After 1 but within 5 years | ||||||||
| After 5 but within 10 years | ||||||||
| After 10 years | ||||||||
| Total | $ | $ | ||||||
| U.S. Treasury and federal agency securities | ||||||||
| Due within 1 year | $ | $ | ||||||
| After 1 but within 5 years | ||||||||
| After 5 but within 10 years | ||||||||
| After 10 years | ||||||||
| Total | $ | $ | ||||||
| State and municipal | ||||||||
| Due within 1 year | $ | $ | ||||||
| After 1 but within 5 years | ||||||||
| After 5 but within 10 years | ||||||||
| After 10 years | ||||||||
| Total | $ | $ | ||||||
| Foreign government | ||||||||
| Due within 1 year | $ | $ | ||||||
| After 1 but within 5 years | ||||||||
| After 5 but within 10 years | ||||||||
| After 10 years | ||||||||
| Total | $ | $ | ||||||
All other(2) | ||||||||
| Due within 1 year | $ | $ | ||||||
| After 1 but within 5 years | ||||||||
| After 5 but within 10 years | ||||||||
| After 10 years | ||||||||
| Total | $ | $ | ||||||
| Total AFS debt securities | $ | $ | ||||||
(1)Includes mortgage-backed securities of U.S. government-sponsored agencies. The Company invests in mortgage- and asset-backed securities, which are typically issued by VIEs through securitization transactions. See Note 19 for additional information about mortgage- and asset-backed securitizations in which the Company has other involvement.
(2)Includes corporate, asset-backed and other debt securities.
118
Held-to-Maturity (HTM) Debt Securities
The carrying value and fair value of HTM debt securities were as follows:
| In millions of dollars | Amortized cost, net(1) | Gross unrealized gains | Gross unrealized losses | Fair value | ||||||||||
| September 30, 2026 | ||||||||||||||
| HTM debt securities | ||||||||||||||
Mortgage-backed securities(2) | ||||||||||||||
| U.S. government-sponsored agency guaranteed | $ | $ | $ | $ | ||||||||||
| Other | ||||||||||||||
| Total mortgage-backed securities | $ | $ | $ | $ | ||||||||||
| U.S. Treasury securities | $ | $ | $ | $ | ||||||||||
| State and municipal | ||||||||||||||
| Foreign government | ||||||||||||||
Asset-backed securities(2) | ||||||||||||||
| Total HTM debt securities, net | $ | $ | $ | $ | ||||||||||
| December 31, 2025 | ||||||||||||||
| HTM debt securities | ||||||||||||||
Mortgage-backed securities(2) | ||||||||||||||
| U.S. government-sponsored agency guaranteed | $ | $ | $ | $ | ||||||||||
| Other | ||||||||||||||
| Total mortgage-backed securities | $ | $ | $ | $ | ||||||||||
| U.S. Treasury securities | $ | $ | $ | $ | ||||||||||
| State and municipal | ||||||||||||||
| Foreign government | ||||||||||||||
Asset-backed securities(2) | ||||||||||||||
| Total HTM debt securities, net | $ | $ | $ | $ | ||||||||||
(1)Amortized cost is reported net of ACL of $123 million and $146 million at September 30, 2026 and December 31, 2025, respectively.
(2)The Company invests in mortgage- and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. See Note 19 for mortgage- and asset-backed securitizations in which the Company has other involvement.
119
The following table presents the carrying value and fair value of HTM debt securities by contractual maturity dates:
| September 30, 2026 | ||||||||
| In millions of dollars | Amortized cost(1) | Fair value | ||||||
| Mortgage-backed securities | ||||||||
| Due within 1 year | $ | $ | ||||||
| After 1 but within 5 years | ||||||||
| After 5 but within 10 years | ||||||||
| After 10 years | ||||||||
| Total | $ | $ | ||||||
| U.S. Treasury securities | ||||||||
| Due within 1 year | $ | $ | ||||||
| After 1 but within 5 years | ||||||||
| After 5 but within 10 years | ||||||||
| After 10 years | ||||||||
| Total | $ | $ | ||||||
| State and municipal | ||||||||
| Due within 1 year | $ | $ | ||||||
| After 1 but within 5 years | ||||||||
| After 5 but within 10 years | ||||||||
| After 10 years | ||||||||
| Total | $ | $ | ||||||
| Foreign government | ||||||||
| Due within 1 year | $ | $ | ||||||
| After 1 but within 5 years | ||||||||
| After 5 but within 10 years | ||||||||
| After 10 years | ||||||||
| Total | $ | $ | ||||||
All other(2) | ||||||||
| Due within 1 year | $ | $ | ||||||
| After 1 but within 5 years | ||||||||
| After 5 but within 10 years | ||||||||
| After 10 years | ||||||||
| Total | $ | $ | ||||||
| Total HTM debt securities | $ | $ | ||||||
(1)Amortized cost is reported net of ACL of $123 million at September 30, 2026.
(2)Includes corporate and asset-backed securities.
HTM Debt Securities Delinquency and Non-Accrual Details
The total amount of HTM debt securities that were delinquent or on non-accrual status was immaterial at September 30, 2026 and December 31, 2025.
120
Evaluating Investments for Impairment—AFS Debt
Securities
For additional information, see “Evaluating Investments for Impairment—AFS Debt Securities” in Note 1 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
Recognition and Measurement of Impairment
The following table presents total impairment on AFS investments recognized in earnings:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
| In millions of dollars | 2026 | 2025 | 2026 | 2025 | ||||||||||
| Impairment losses recognized in earnings for debt securities that the Company intends to sell, would more-likely-than-not be required to sell or will be subject to an issuer call deemed probable of exercise | $ | $ | $ | $ | ||||||||||
| Total impairment losses recognized in earnings | $ | $ | $ | $ | ||||||||||
Allowance for Credit Losses on AFS Debt Securities
The allowance for credit losses on AFS debt securities held that the Company does not intend to sell nor will likely be required to sell was immaterial as of September 30, 2026 and December 31, 2025.
Non-Marketable Equity Securities Not Carried at
Fair Value
For additional information on non-marketable equity securities, see Notes 1 and 14 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
Below is the carrying value of non-marketable equity securities measured using the measurement alternative:
| In millions of dollars | September 30, 2026 | December 31, 2025 | ||||||
| Measurement alternative: | ||||||||
| Carrying value | $ | $ | ||||||
Below are amounts recognized in earnings and life-to-date amounts for non-marketable equity securities measured using the measurement alternative:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
| In millions of dollars | 2026 | 2025 | 2026 | 2025 | ||||||||||
Measurement alternative(1): | ||||||||||||||
| Impairment losses | $ | $ | $ | $ | ||||||||||
| Downward changes for observable prices | ||||||||||||||
| Upward changes for observable prices | ||||||||||||||
(1) See Note 21 for additional information about these nonrecurring fair value measurements.
| Life-to-date amounts on securities still held | |||||
| In millions of dollars | September 30, 2026 | ||||
| Measurement alternative: | |||||
| Impairment losses | $ | ||||
| Downward changes for observable prices | |||||
| Upward changes for observable prices | |||||
121
12. LOANS
Citigroup loans are reported in two categories: corporate and consumer. These categories are classified primarily according to the segment that manages the loans (or, if applicable, All Other—Legacy Franchises), in addition to the nature of the obligor, with corporate loans generally made for corporate, institutional and public sector clients and consumer loans to retail and small business customers. For additional information regarding Citi’s corporate and consumer loans, including related accounting policies, see Notes 1 and 15 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
CORPORATE LOANS
Corporate loans represent loans and leases managed by Services, Markets, Banking and the Mexico SBMM portion of All Other—Legacy Franchises. The following table presents information by corporate loan type:
| In millions of dollars | September 30, 2026 | December 31, 2025 | ||||||
In North America offices(1) | ||||||||
| Commercial and industrial | $ | $ | ||||||
| Financial institutions | ||||||||
Mortgage and real estate(2) | ||||||||
Installment and other(3) | ||||||||
| Lease financing | ||||||||
| Total | $ | $ | ||||||
In offices outside North America(1) | ||||||||
| Commercial and industrial | $ | $ | ||||||
| Financial institutions | ||||||||
Mortgage and real estate(2) | ||||||||
Installment and other(3) | ||||||||
| Lease financing | ||||||||
| Governments and official institutions | ||||||||
| Total | $ | $ | ||||||
Corporate loans, net of unearned income, excluding portfolio-layer hedges cumulative basis adjustments(4)(5)(6) | $ | $ | ||||||
Unallocated portfolio-layer hedges cumulative basis adjustments(7) | $ | ( | $ | |||||
Corporate loans, net of unearned income(4)(5)(6) | $ | $ | ||||||
(1)North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. The classification between offices in North America and outside North America is based on the domicile of the booking unit. The difference between the domicile of the booking unit and the risk-based country view is immaterial for the purposes of classification of corporate loans between offices in North America and outside North America.
(2)Loans secured primarily by real estate.
(3)Installment and other includes loans to SPEs and TTS commercial cards.
(4)Corporate loans are net of unearned income of $(1.3 ) billion and $(1.1 ) billion at September 30, 2026 and December 31, 2025, respectively. Unearned income on corporate loans primarily represents loan origination fees, net of certain direct origination costs, that are deferred and recognized as Interest income over the lives of the related loans.
(5)Not included in the balances above is approximately $2
(6)Accrued interest receivable considered to be uncollectible is reversed through interest income. Amounts reversed were immaterial for the three months ended September 30, 2026 and 2025.
(7)Represents fair value hedge basis adjustments related to portfolio-layer method hedges of mortgage and real estate loans, which are not allocated to individual loans in the portfolio. See Note 20.
The Company sold and/or reclassified to held-for-sale $1.8 billion and $4.3 billion of corporate loans during the three and nine months ended September 30, 2026, and $1.3 billion and $3.2 billion of corporate loans during the three and nine months ended September 30, 2025, respectively. The Company did not have significant purchases of corporate loans classified as held-for-investment for the three and nine months ended September 30, 2026 or 2025.
122
Corporate Loan Delinquencies and Non-Accrual Details at September 30, 2026
| In millions of dollars | 30–89 days past due and accruing(1) | ≥ 90 days past due and accruing(1) | Total past due and accruing | Total non-accrual(2) | Total current(3) | Total loans(4) | ||||||||||||||
| Commercial and industrial | $ | $ | $ | $ | $ | $ | ||||||||||||||
| Financial institutions | ||||||||||||||||||||
| Mortgage and real estate | ||||||||||||||||||||
| Lease financing | ||||||||||||||||||||
| Other | ||||||||||||||||||||
| Loans at fair value | N/A | N/A | N/A | N/A | N/A | |||||||||||||||
Total(5) | $ | $ | $ | $ | $ | $ | ||||||||||||||
Corporate Loan Delinquencies and Non-Accrual Details at December 31, 2025
| In millions of dollars | 30–89 days past due and accruing(1) | ≥ 90 days past due and accruing(1) | Total past due and accruing | Total non-accrual(2) | Total current(3) | Total loans(4) | ||||||||||||||
| Commercial and industrial | $ | $ | $ | $ | $ | $ | ||||||||||||||
| Financial institutions | ||||||||||||||||||||
| Mortgage and real estate | ||||||||||||||||||||
| Lease financing | ||||||||||||||||||||
| Other | ||||||||||||||||||||
| Loans at fair value | N/A | N/A | N/A | N/A | N/A | |||||||||||||||
Total(5) | $ | $ | $ | $ | $ | $ | ||||||||||||||
(1)Corporate loans that are 90 days or more past due are generally classified as non-accrual. Corporate loans are considered past due when principal or interest is contractually due but unpaid.
(2)Non-accrual loans generally include those loans that are 90 days or more past due or those loans for which Citi believes, based on actual experience and a forward-looking assessment of the collectibility of the loan in full, that the payment of interest and/or principal is doubtful.
(3)Loans less than 30 days past due are presented as current.
(4)The Total loans column includes loans at fair value that are not included in the various delinquency columns, and, therefore, the tables’ total rows will not cross-foot. Total loans at fair value were $8.5 billion and $6.8 billion at September 30, 2026 and December 31, 2025, respectively.
(5)Excludes $(99 ) million and $17 million of unallocated portfolio-layer hedges cumulative basis adjustments at September 30, 2026 and December 31, 2025, respectively.
N/A Not applicable
123
Corporate Loan Credit Quality Indicators
Recorded investment in loans(1) | ||||||||||||||||||||||||||
| Term loans by year of origination | Revolving line of credit arrangements(2) | September 30, 2026 | ||||||||||||||||||||||||
| In millions of dollars | 2026 | 2025 | 2024 | 2023 | 2022 | Prior | ||||||||||||||||||||
Investment grade(3) | ||||||||||||||||||||||||||
Commercial and industrial(4) | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Financial institutions(4) | ||||||||||||||||||||||||||
| Mortgage and real estate | ||||||||||||||||||||||||||
Other(5) | ||||||||||||||||||||||||||
| Total investment grade | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Non-investment grade(3) | ||||||||||||||||||||||||||
| Accrual | ||||||||||||||||||||||||||
Commercial and industrial(4) | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Financial institutions(4) | ||||||||||||||||||||||||||
| Mortgage and real estate | ||||||||||||||||||||||||||
Other(5) | ||||||||||||||||||||||||||
| Non-accrual | ||||||||||||||||||||||||||
Commercial and industrial(4) | ||||||||||||||||||||||||||
| Financial institutions | ||||||||||||||||||||||||||
| Mortgage and real estate | ||||||||||||||||||||||||||
Other(5) | ||||||||||||||||||||||||||
| Total non-investment grade | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Loans at fair value(6) | $ | |||||||||||||||||||||||||
Corporate loans, net of unearned income(7) | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Recorded investment in loans(1) | ||||||||||||||||||||||||||
| Term loans by year of origination | Revolving line of credit arrangements(2) | December 31, 2025 | ||||||||||||||||||||||||
| In millions of dollars | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | ||||||||||||||||||||
Investment grade(3) | ||||||||||||||||||||||||||
Commercial and industrial(4) | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Financial institutions(4) | ||||||||||||||||||||||||||
| Mortgage and real estate | ||||||||||||||||||||||||||
Other(5) | ||||||||||||||||||||||||||
| Total investment grade | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Non-investment grade(3) | ||||||||||||||||||||||||||
| Accrual | ||||||||||||||||||||||||||
Commercial and industrial(4) | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Financial institutions(4) | ||||||||||||||||||||||||||
| Mortgage and real estate | ||||||||||||||||||||||||||
Other(5) | ||||||||||||||||||||||||||
| Non-accrual | ||||||||||||||||||||||||||
| Commercial and industrial | ||||||||||||||||||||||||||
Financial institutions(4) | ||||||||||||||||||||||||||
| Mortgage and real estate | ||||||||||||||||||||||||||
Other(5) | ||||||||||||||||||||||||||
| Total non-investment grade | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Loans at fair value(6) | $ | |||||||||||||||||||||||||
Corporate loans, net of unearned income(7) | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
(1)Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount, less any direct write-downs.
(2)There were no significant revolving line of credit arrangements that converted to term loans during the period.
(3)Held-for-investment loans are accounted for on an amortized cost basis.
(4)Includes certain short-term loans with less than one year in tenor.
(5)Other includes installment and other, lease financing and loans to governments and official institutions.
(6)Loans at fair value include loans to commercial and industrial, financial institutions, mortgage and real estate and other.
(7)Excludes $(99 ) million and $17 million of unallocated portfolio-layer hedges cumulative basis adjustments at September 30, 2026 and December 31, 2025, respectively.
124
Corporate Gross Credit Losses
The tables below detail gross credit losses recognized during the nine months ended September 30, 2026 and 2025, by year of loan origination:
For the Nine Months Ended September 30, 2026 | ||||||||||||||||||||||||||
| In millions of dollars | 2026 | 2025 | 2024 | 2023 | 2022 | Prior | Revolving line of credit arrangement | Total | ||||||||||||||||||
| Commercial and industrial | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
| Financial institutions | ||||||||||||||||||||||||||
| Mortgage and real estate | ||||||||||||||||||||||||||
Other(1) | ||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
For the Nine Months Ended September 30, 2025 | ||||||||||||||||||||||||||
| In millions of dollars | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Revolving line of credit arrangement | Total | ||||||||||||||||||
| Commercial and industrial | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
| Financial institutions | ||||||||||||||||||||||||||
| Mortgage and real estate | ||||||||||||||||||||||||||
Other(1) | ||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
(1) Other includes installment and other, lease financing and loans to governments and official institutions.
Non-Accrual Corporate Loans
| September 30, 2026 | December 31, 2025 | |||||||||||||
| In millions of dollars | Recorded investment(1)(2) | Related specific allowance | Recorded investment(1)(2) | Related specific allowance | ||||||||||
| Non-accrual corporate loans with specific allowances | ||||||||||||||
| Commercial and industrial | $ | $ | $ | $ | ||||||||||
| Financial institutions | ||||||||||||||
| Mortgage and real estate | ||||||||||||||
| Other | ||||||||||||||
| Total non-accrual corporate loans with specific allowances | $ | $ | $ | $ | ||||||||||
| Non-accrual corporate loans without specific allowances | ||||||||||||||
| Commercial and industrial | $ | $ | ||||||||||||
| Financial institutions | ||||||||||||||
| Mortgage and real estate | ||||||||||||||
| Other | ||||||||||||||
| Total non-accrual corporate loans without specific allowances | $ | N/A | $ | N/A | ||||||||||
(1)Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount, less any direct write-downs.
(2)Interest income recognized for the three and nine months ended September 30, 2026 was $13 million and $31 million, and for the three and nine months ended September 30, 2025 was $3 million and $17 million, respectively.
N/A Not applicable
125
Corporate Loan Modifications to Borrowers Experiencing Financial Difficulty
Citi evaluates and may modify certain corporate loans to borrowers experiencing financial difficulty to reduce Citi’s exposure to loss, often providing the borrower with an opportunity to work through financial difficulties. Each modification is unique to the borrower’s individual circumstances. The following tables detail corporate loan
modifications granted during the three and nine months ended September 30, 2026 and 2025 to borrowers experiencing financial difficulty by type of modification granted and the financial effect of those modifications. Citi defines a corporate loan modification to a borrower experiencing financial difficulty as a modification of a loan classified as substandard or worse at the time of modification.
| In millions of dollars, except weighted-average term extension | Total modifications balance at September 30, 2026(1)(2)(3) | Term extension | Combination: Term extension and payment delay(4) | Weighted-average term extension (months) | ||||||||||
| Three Months Ended September 30, 2026 | ||||||||||||||
| Commercial and industrial | $ | $ | $ | |||||||||||
| Financial institutions | — | |||||||||||||
| Mortgage and real estate | ||||||||||||||
Other(5) | — | |||||||||||||
| Total | $ | $ | $ | |||||||||||
| Nine Months Ended September 30, 2026 | ||||||||||||||
| Commercial and industrial | $ | $ | $ | |||||||||||
| Financial institutions | — | |||||||||||||
| Mortgage and real estate | ||||||||||||||
Other(5) | ||||||||||||||
| Total | $ | $ | $ | |||||||||||
| In millions of dollars, except weighted-average term extension | Total modifications balance at September 30, 2025(1)(2)(3) | Term extension | Combination: Term extension and payment delay(4) | Weighted-average term extension (months) | ||||||||||
| Three Months Ended September 30, 2025 | ||||||||||||||
| Commercial and industrial | $ | $ | $ | |||||||||||
| Financial institutions | — | |||||||||||||
| Mortgage and real estate | — | |||||||||||||
Other(5) | — | |||||||||||||
| Total | $ | $ | $ | |||||||||||
| Nine Months Ended September 30, 2025 | ||||||||||||||
| Commercial and industrial | $ | $ | $ | |||||||||||
| Financial institutions | — | |||||||||||||
| Mortgage and real estate | — | |||||||||||||
Other(5) | — | |||||||||||||
| Total | $ | $ | $ | |||||||||||
(1)The above tables reflect activity for loans outstanding as of the end of the reporting period. The balances are not significant as a percentage of the total carrying values of loans by class of receivable as of September 30, 2026 and 2025.
(2)Commitments to lend to borrowers experiencing financial difficulty that were granted modifications totaled $369 million and $105 million as of September 30, 2026 and 2025, respectively.
(3)The allowance for corporate loans, including modified loans, is based on the borrower’s overall financial performance. Charge-offs for amounts deemed uncollectible may be recorded at the time of the modification or may have already been recorded in prior periods such that no charge-off is required at the time of modification.
(4)Payment delays either for principal or interest payments had an immaterial financial impact.
(5)Other includes installment and other, lease financing and loans to governments and official institutions.
126
Performance of Modified Corporate Loans
The following tables present the delinquencies of modified corporate loans to borrowers experiencing financial difficulty, including loans that were modified during the 12 months ended September 30, 2026 and December 31, 2025:
As of September 30, 2026(1) | ||||||||||||||
| In millions of dollars | Total | Current | 30–89 days past due | 90+ days past due | ||||||||||
| Commercial and industrial | $ | $ | $ | $ | ||||||||||
| Financial institutions | ||||||||||||||
| Mortgage and real estate | ||||||||||||||
Other(2) | ||||||||||||||
| Total | $ | $ | $ | $ | ||||||||||
As of December 31, 2025(1) | ||||||||||||||
| In millions of dollars | Total | Current | 30–89 days past due | 90+ days past due | ||||||||||
| Commercial and industrial | $ | $ | $ | $ | ||||||||||
| Financial institutions | ||||||||||||||
| Mortgage and real estate | ||||||||||||||
Other(2) | ||||||||||||||
| Total | $ | $ | $ | $ | ||||||||||
(1)Corporate loans are generally not modified as a result of their delinquency status; rather, they are modified because of events that have impacted the overall financial performance of the borrower. Corporate loans, if past due, are re-aged to current status upon modification.
(2)Other includes installment and other, lease financing and loans to governments and official institutions.
Defaults of Modified Corporate Loans
No modified corporate loans to borrowers experiencing financial difficulty defaulted during the three months ended September 30, 2026 and 2025. Default is defined as 60 days past due, except for classifiably managed commercial banking loans, where default is defined as 90 days past due. For a modified corporate loan that is not collateral dependent, expected default rates are considered in the loan’s individually assessed ACL.
CONSUMER LOANS
Consumer loans represent loans and leases managed by Wealth, USCC and All Other—Legacy Franchises (except Mexico SBMM).
Citi has established a risk management process to monitor, evaluate and manage the principal risks associated with its consumer loan portfolio. Credit quality indicators that are actively monitored include delinquency status, consumer credit scores under Fair Isaac Corporation (FICO) and loan-to-value (LTV) ratios, each as discussed in more detail below. Consumer loans are either delinquency managed or classifiably managed.
For Citi’s policies related to consumer loans, including non-accrual, charge-offs, delinquency managed or classifiably managed, see “Loans—Consumer Loans” and “Allowance for Credit Losses (ACL)—Consumer Loans” and “—Reserve Estimates and Policies” in Note 1 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
127
The following tables present Citi’s consumer loans by type:
Consumer Loans, Delinquencies and Non-Accrual Status at September 30, 2026
In millions of dollars | Total current(1)(2) | 30–89 days past due(3) | ≥ 90 days past due(3) | Past due government guaranteed(4) | Total loans | Non-accrual loans for which there is no ACLL | Non-accrual loans for which there is an ACLL | Total non-accrual | 90 days past due and accruing | ||||||||||||||||||||
In North America offices(5) | |||||||||||||||||||||||||||||
Residential first mortgages(6) | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Home equity loans(7)(8) | |||||||||||||||||||||||||||||
| Credit cards | |||||||||||||||||||||||||||||
Personal, small business and other(9) | |||||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
In offices outside North America(5) | |||||||||||||||||||||||||||||
Residential mortgages(6) | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Credit cards(10) | |||||||||||||||||||||||||||||
Personal, small business and other(9) | |||||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
| Total excluding portfolio-layer hedges cumulative basis adjustments | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Unallocated portfolio-layer hedges cumulative basis adjustments(11) | $ | ( | |||||||||||||||||||||||||||
Total Citigroup(12)(13) | $ | ||||||||||||||||||||||||||||
Consumer Loans, Delinquencies and Non-Accrual Status at December 31, 2025
| In millions of dollars | Total current(1)(2) | 30–89 days past due(3) | ≥ 90 days past due(3) | Past due government guaranteed(4) | Total loans | Non-accrual loans for which there is no ACLL | Non-accrual loans for which there is an ACLL | Total non-accrual | 90 days past due and accruing | ||||||||||||||||||||
In North America offices(5) | |||||||||||||||||||||||||||||
Residential first mortgages(6) | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Home equity loans(7)(8) | |||||||||||||||||||||||||||||
| Credit cards | |||||||||||||||||||||||||||||
Personal, small business and other(9) | |||||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
In offices outside North America(5) | |||||||||||||||||||||||||||||
Residential mortgages(6) | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Credit cards(10) | |||||||||||||||||||||||||||||
Personal, small business and other(9) | |||||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
| Total excluding portfolio-layer hedges cumulative basis adjustments | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Unallocated portfolio-layer hedges cumulative basis adjustments(11) | $ | ||||||||||||||||||||||||||||
Total Citigroup(12)(13) | $ | ||||||||||||||||||||||||||||
(1)Loans less than 30 days past due are presented as current.
(2)Includes less than $1 million and $51 million at September 30, 2026 and December 31, 2025, respectively, of residential first mortgages recorded at fair value.
(3)Excludes loans guaranteed by U.S. government-sponsored agencies. Excludes delinquencies on classifiably managed loans presented in “Classifiably Managed Loans” below.
(4)Consists of loans that are guaranteed by U.S. government-sponsored agencies that are 30–89 days past due of $0.1 billion and $0.1 billion and 90 days or more past due of $0.1 billion and $0.1 billion at September 30, 2026 and December 31, 2025, respectively.
(5)North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America.
(6)Includes approximately $0.2 billion and less than $0.1 billion of residential first mortgage loans in process of foreclosure in North America and outside North America, respectively, and $18.1 billion of residential mortgages outside North America related to Wealth at September 30, 2026. Includes approximately $0.2
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billion and less than $0.1 billion of residential first mortgage loans in process of foreclosure in North America and outside North America, respectively, and $18.6 billion of residential mortgages outside North America related to Wealth at December 31, 2025.
(7)Includes less than $0.1 billion and less than $0.1 billion at September 30, 2026 and December 31, 2025, respectively, of home equity loans in process of foreclosure.
(8)Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions.
(9)Includes classifiably managed loans, presented as “current” above. See “Classifiably Managed Loans” below.
(10)Primarily relates to Mexico Consumer credit cards. While credit cards are generally not subject to non-accrual, Mexico Consumer credit cards cease accruing interest at 90 days past due and are charged off at 180 days past due.
(11)Represents fair value hedge basis adjustments related to portfolio-layer method hedges of mortgage and real estate loans, which are not allocated to individual loans in the portfolio. See Note 20.
(12)Consumer loans were net of unearned income of $1,014 million and $971 million at September 30, 2026 and December 31, 2025, respectively. Unearned income on consumer loans primarily represents loan origination fees, net of certain direct origination costs, that are deferred and recognized as Interest income over the lives of the related loans, except for credit cards (see Note 5).
(13)Not included in the balances above is approximately $1 billion and $1 billion of accrued interest receivable at September 30, 2026 and December 31, 2025, respectively, which is included in Other assets on the Consolidated Balance Sheet, except for credit card loans (which include accrued interest and fees).
During the three and nine months ended September 30, 2026, the Company reversed accrued interest (primarily related to credit cards) of approximately $0.5 billion and $1.4 billion, respectively. During the three and nine months ended September 30, 2025, the Company reversed accrued interest (primarily related to credit cards) of approximately $0.4 billion and $1.4 billion, respectively. These reversals of accrued interest are reflected as a reduction to Interest income in the Consolidated Statement of Income.
Interest Income Recognized for Non-Accrual Consumer Loans
| In millions of dollars | Three Months Ended September 30, 2026 | Three Months Ended September 30, 2025 | Nine Months Ended September 30, 2026 | Nine Months Ended September 30, 2025 | ||||||||||
In North America offices(1) | ||||||||||||||
| Residential first mortgages | $ | $ | $ | $ | ||||||||||
| Home equity loans | ||||||||||||||
| Personal, small business and other | ||||||||||||||
| Total | $ | $ | $ | $ | ||||||||||
In offices outside North America(1) | ||||||||||||||
| Residential mortgages | $ | $ | $ | $ | ||||||||||
| Personal, small business and other | ||||||||||||||
| Total | $ | $ | $ | $ | ||||||||||
| Total Citigroup | $ | $ | $ | $ | ||||||||||
(1)North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America.
Sales and Purchases of Consumer Loans
During the three and nine months ended September 30, 2026, the Company sold and/or reclassified to held-for-sale (HFS) approximately $3 million and $777 million of consumer loans, respectively. During the three and nine months ended September 30, 2025, the Company sold and/or reclassified to HFS approximately $12 million and $54 million of consumer loans, respectively. Accordingly, there were immaterial releases of the associated allowance for credit losses for the three and nine months ended September 30, 2026 and 2025. The transfers exclude certain consumer mortgage loans for which Citi has elected the fair value option (see Note 22), which do not have an associated allowance for credit losses. The transfers also exclude consumer loans held by businesses HFS (see “Significant Disposals” in Note 2).
Except for the acquisition of approximately $7
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Consumer Credit Scores (FICO)
The following tables provide details on the FICO scores for Citi’s U.S. consumer loan portfolio based on end-of-period receivables by year of origination. FICO scores are updated monthly for substantially all of the portfolio. Loans that did not have FICO scores as of the prior period have been updated with FICO scores as they become available.
With respect to Citi’s consumer loan portfolio outside of the U.S. as of September 30, 2026 and December 31, 2025 ($84.9 billion and $80.8 billion, respectively), various country-specific or regional credit risk metrics and acquisition and behavior scoring models are leveraged as one of the factors to evaluate the credit quality of customers (see “Consumer Loans and Ratios Outside of North America” below). As a result, details of relevant credit quality indicators for those loans are not comparable to the below FICO score distribution for the U.S. portfolio.
FICO score distribution—U.S. portfolio | September 30, 2026 | |||||||||||||||||||
| In millions of dollars | Less than 660 | 660 to 739 | Greater than or equal to 740 | Classifiably managed(1) | FICO not available(2) | Total loans | ||||||||||||||
| Residential first mortgages | ||||||||||||||||||||
| 2026 | $ | $ | $ | |||||||||||||||||
| 2025 | ||||||||||||||||||||
| 2024 | ||||||||||||||||||||
| 2023 | ||||||||||||||||||||
| 2022 | ||||||||||||||||||||
| Prior | ||||||||||||||||||||
| Total residential first mortgages | $ | $ | $ | $ | $ | $ | ||||||||||||||
| Home equity line of credit (pre-reset) | $ | $ | $ | |||||||||||||||||
| Home equity line of credit (post-reset) | ||||||||||||||||||||
| Home equity term loans | ||||||||||||||||||||
| 2026 | ||||||||||||||||||||
| 2025 | ||||||||||||||||||||
| 2024 | ||||||||||||||||||||
| 2023 | ||||||||||||||||||||
| 2022 | ||||||||||||||||||||
| Prior | ||||||||||||||||||||
| Total home equity loans | $ | $ | $ | $ | $ | $ | ||||||||||||||
| Credit cards | $ | $ | $ | |||||||||||||||||
Revolving loans converted to term loans(3) | ||||||||||||||||||||
Total credit cards(4) | $ | $ | $ | $ | $ | $ | ||||||||||||||
| Personal, small business and other | ||||||||||||||||||||
| 2026 | $ | $ | $ | |||||||||||||||||
| 2025 | ||||||||||||||||||||
| 2024 | ||||||||||||||||||||
| 2023 | ||||||||||||||||||||
| 2022 | ||||||||||||||||||||
| Prior | ||||||||||||||||||||
Total personal, small business and other(5)(6) | $ | $ | $ | $ | $ | $ | ||||||||||||||
Total(7) | $ | $ | $ | $ | $ | $ | ||||||||||||||
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| FICO score distribution—U.S. portfolio | December 31, 2025 | |||||||||||||||||||
| In millions of dollars | Less than 660 | 660 to 739 | Greater than or equal to 740 | Classifiably managed(1) | FICO not available(2) | Total loans | ||||||||||||||
| Residential first mortgages | ||||||||||||||||||||
| 2025 | $ | $ | $ | |||||||||||||||||
| 2024 | ||||||||||||||||||||
| 2023 | ||||||||||||||||||||
| 2022 | ||||||||||||||||||||
| 2021 | ||||||||||||||||||||
| Prior | ||||||||||||||||||||
| Total residential first mortgages | $ | $ | $ | $ | $ | $ | ||||||||||||||
| Home equity line of credit (pre-reset) | $ | $ | $ | |||||||||||||||||
| Home equity line of credit (post-reset) | ||||||||||||||||||||
| Home equity term loans | ||||||||||||||||||||
| 2025 | ||||||||||||||||||||
| 2024 | ||||||||||||||||||||
| 2023 | ||||||||||||||||||||
| 2022 | ||||||||||||||||||||
| 2021 | ||||||||||||||||||||
| Prior | ||||||||||||||||||||
| Total home equity loans | $ | $ | $ | $ | $ | $ | ||||||||||||||
| Credit cards | $ | $ | $ | |||||||||||||||||
Revolving loans converted to term loans(3) | ||||||||||||||||||||
Total credit cards(4) | $ | $ | $ | $ | $ | $ | ||||||||||||||
| Personal, small business and other | ||||||||||||||||||||
| 2025 | $ | $ | $ | |||||||||||||||||
| 2024 | ||||||||||||||||||||
| 2023 | ||||||||||||||||||||
| 2022 | ||||||||||||||||||||
| 2021 | ||||||||||||||||||||
| Prior | ||||||||||||||||||||
Total personal, small business and other(5)(6) | $ | $ | $ | $ | $ | $ | ||||||||||||||
Total(7) | $ | $ | $ | $ | $ | $ | ||||||||||||||
(1) These personal, small business and other loans without a FICO score available include $27.0 billion and $25.2 billion of loans as of September 30, 2026 and December 31, 2025, respectively, which are classifiably managed within Wealth and are primarily evaluated for credit risk based on their internal risk ratings. See “Classifiably Managed Loans” below.
(2) FICO scores not available are primarily driven by loans associated with clients whose underlying properties are held in trusts or LLCs, for non-U.S. citizens, and loans guaranteed by government-sponsored entities, for which FICO scores are generally not considered by Citi.
(3) Not included in the tables above are $41 million and $52 million of revolving credit card loans outside of the U.S. that were converted to term loans as of September 30, 2026 and December 31, 2025, respectively.
(4) Excludes $550 million and $548 million of balances related to Canada for September 30, 2026 and December 31, 2025, respectively.
(5) Excludes $817 million and $832 million of balances related to Canada for September 30, 2026 and December 31, 2025, respectively.
(6) Includes approximately $10 million and $14 million of personal revolving loans that were converted to term loans for September 30, 2026 and December 31, 2025, respectively.
(7) Excludes $(1,783 ) million and $343 million of unallocated portfolio-layer hedges cumulative basis adjustments at September 30, 2026 and December 31, 2025, respectively.
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Consumer Gross Credit Losses
The following tables provide details on gross credit losses recognized during the nine months ended September 30, 2026 and 2025, by year of loan origination:
| In millions of dollars | Nine Months Ended September 30, 2026 | ||||
| Residential first mortgages | |||||
| 2026 | $ | ||||
| 2025 | |||||
| 2024 | |||||
| 2023 | |||||
| 2022 | |||||
| Prior | |||||
| Total residential first mortgages | $ | ||||
| Home equity line of credit (pre-reset) | $ | ||||
| Home equity line of credit (post-reset) | |||||
| Home equity term loans | |||||
| Total home equity loans | $ | ||||
| Credit cards | $ | ||||
| Revolving loans converted to term loans | |||||
| Total credit cards | $ | ||||
| Personal, small business and other | |||||
| 2026 | $ | ||||
| 2025 | |||||
| 2024 | |||||
| 2023 | |||||
| 2022 | |||||
| Prior | |||||
| Total personal, small business and other | $ | ||||
| Total Citigroup | $ | ||||
| In millions of dollars | Nine Months Ended September 30, 2025 | ||||
| Residential first mortgages | |||||
| 2025 | $ | ||||
| 2024 | |||||
| 2023 | |||||
| 2022 | |||||
| 2021 | |||||
| Prior | |||||
| Total residential first mortgages | $ | ||||
| Home equity line of credit (pre-reset) | $ | ||||
| Home equity line of credit (post-reset) | |||||
| Home equity term loans | |||||
| Total home equity loans | $ | ||||
| Credit cards | $ | ||||
| Revolving loans converted to term loans | |||||
| Total credit cards | $ | ||||
| Personal, small business and other | |||||
| 2025 | $ | ||||
| 2024 | |||||
| 2023 | |||||
| 2022 | |||||
| 2021 | |||||
| Prior | |||||
| Total personal, small business and other | $ | ||||
| Total Citigroup | $ | ||||
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Loan-to-Value (LTV) Ratios—U.S. Consumer Mortgages
LTV ratios (loan balance divided by appraised value) are calculated at origination and updated by applying market price data.
The following tables provide details on the LTV ratios for Citi’s U.S. consumer mortgage portfolios by year of origination. LTV ratios are updated monthly using the most recent national home price index data available for substantially all of the portfolio, applied at the Metropolitan Statistical Area level, if available, or the state level if not.
LTV distribution—U.S. portfolio(1) | September 30, 2026 | ||||||||||||||||
| In millions of dollars | Less than or equal to 80% | > 80% but less than or equal to 100% | Greater than 100% | LTV not available(1) | Total | ||||||||||||
| Residential first mortgages | |||||||||||||||||
| 2026 | $ | $ | $ | ||||||||||||||
| 2025 | |||||||||||||||||
| 2024 | |||||||||||||||||
| 2023 | |||||||||||||||||
| 2022 | |||||||||||||||||
| Prior | |||||||||||||||||
| Total residential first mortgages | $ | $ | $ | $ | $ | ||||||||||||
| Home equity loans (pre-reset) | $ | $ | $ | ||||||||||||||
| Home equity loans (post-reset) | |||||||||||||||||
| Total home equity loans | $ | $ | $ | $ | $ | ||||||||||||
Total(2) | $ | $ | $ | $ | $ | ||||||||||||
LTV distribution—U.S. portfolio(1) | December 31, 2025 | ||||||||||||||||
| In millions of dollars | Less than or equal to 80% | > 80% but less than or equal to 100% | Greater than 100% | LTV not available(1) | Total | ||||||||||||
| Residential first mortgages | |||||||||||||||||
| 2025 | $ | $ | $ | ||||||||||||||
| 2024 | |||||||||||||||||
| 2023 | |||||||||||||||||
| 2022 | |||||||||||||||||
| 2021 | |||||||||||||||||
| Prior | |||||||||||||||||
| Total residential first mortgages | $ | $ | $ | $ | $ | ||||||||||||
| Home equity loans (pre-reset) | $ | $ | $ | ||||||||||||||
| Home equity loans (post-reset) | |||||||||||||||||
| Total home equity loans | $ | $ | $ | $ | $ | ||||||||||||
Total(2) | $ | $ | $ | $ | $ | ||||||||||||
(1)Residential first mortgages with no LTV information available include government-guaranteed loans that do not require LTV information for credit risk assessment and fair value loans.
(2)Excludes $(1,783 ) million and $343 million of unallocated portfolio-layer cumulative basis adjustments at September 30, 2026 and December 31, 2025, respectively.
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Loan-to-Value (LTV) Ratios—Outside of U.S. Consumer Mortgages
The following tables provide details on the LTV ratios for Citi’s consumer mortgage portfolio outside of the U.S. by year of origination:
LTV distribution—outside of U.S. portfolio(1) | September 30, 2026 | ||||||||||||||||
| In millions of dollars | Less than or equal to 80% | > 80% but less than or equal to 100% | Greater than 100% | LTV not available | Total | ||||||||||||
| Residential mortgages | |||||||||||||||||
| 2026 | $ | $ | $ | ||||||||||||||
| 2025 | |||||||||||||||||
| 2024 | |||||||||||||||||
| 2023 | |||||||||||||||||
| 2022 | |||||||||||||||||
| Prior | |||||||||||||||||
| Total | $ | $ | $ | $ | $ | ||||||||||||
LTV distribution—outside of U.S. portfolio(1) | December 31, 2025 | ||||||||||||||||
| In millions of dollars | Less than or equal to 80% | > 80% but less than or equal to 100% | Greater than 100% | LTV not available | Total | ||||||||||||
| Residential mortgages | |||||||||||||||||
| 2025 | $ | $ | $ | ||||||||||||||
| 2024 | |||||||||||||||||
| 2023 | |||||||||||||||||
| 2022 | |||||||||||||||||
| 2021 | |||||||||||||||||
| Prior | |||||||||||||||||
| Total | $ | $ | $ | $ | $ | ||||||||||||
(1)Mortgage portfolios outside of the U.S. are primarily in Wealth. As of September 30, 2026 and December 31, 2025, mortgage portfolios outside of the U.S. had an average LTV of approximately 53 % and 56 %, respectively.
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Consumer Loans and Ratios Outside of North America
| Delinquency-managed loans and ratios | |||||||||||||||||||||||
In millions of dollars at September 30, 2026 | Total loans outside of North America(1) | Classifiably managed loans(2) | Delinquency-managed loans | 30–89 days past due ratio | ≥ 90 days past due ratio | 3Q26 NCL ratio | 3Q25 NCL ratio | ||||||||||||||||
Residential mortgages(3) | $ | $ | $ | % | % | % | % | ||||||||||||||||
| Credit cards | |||||||||||||||||||||||
Personal, small business and other(4) | |||||||||||||||||||||||
| Total | $ | $ | $ | % | % | % | % | ||||||||||||||||
| Delinquency-managed loans and ratios | |||||||||||||||||||||||
In millions of dollars at December 31, 2025 | Total loans outside of North America(1) | Classifiably managed loans(2) | Delinquency-managed loans | 30–89 days past due ratio | ≥ 90 days past due ratio | ||||||||||||||||||
Residential mortgages(3) | $ | $ | $ | % | % | ||||||||||||||||||
| Credit cards | |||||||||||||||||||||||
Personal, small business and other(4) | |||||||||||||||||||||||
| Total | $ | $ | $ | % | % | ||||||||||||||||||
(1) Mexico is included in offices outside of North America.
(2) Classifiably managed loans are primarily evaluated for credit risk based on their internal risk classification. See “Classifiably Managed Loans” below.
(3) Includes $18.1 billion and $18.6 billion as of September 30, 2026 and December 31, 2025, respectively, of residential mortgages related to Wealth.
(4) Includes $34.9 billion and $30.6 billion as of September 30, 2026 and December 31, 2025, respectively, of loans related to Wealth.
Classifiably Managed Loans
The following table provides details on classifiably managed loans included in the total consumer loan population as of September 30, 2026:
| Classifiably managed | ||||||||||||||
In millions of dollars at September 30, 2026 | Total | Investment grade % | Delinquency managed | Total loans | ||||||||||
| In North America offices | ||||||||||||||
| Residential first mortgages | $ | — | % | $ | $ | |||||||||
| Home equity loans | — | |||||||||||||
| Credit cards | — | |||||||||||||
| Personal, small business and other | ||||||||||||||
| Total | $ | |||||||||||||
| In offices outside of North America | ||||||||||||||
| Residential mortgages | $ | — | % | $ | $ | |||||||||
| Credit cards | — | |||||||||||||
| Personal, small business and other | ||||||||||||||
| Total | $ | |||||||||||||
| Total excluding portfolio-layer hedges cumulative basis adjustments | $ | % | $ | $ | ||||||||||
| Unallocated portfolio-layer hedges cumulative basis adjustments | $ | ( | ||||||||||||
| Total Citigroup | $ | |||||||||||||
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Consumer Loan Modifications to Borrowers Experiencing Financial Difficulty
Citi’s significant consumer modification programs are described below.
Credit Cards
Citi evaluates and assists credit card borrowers who are experiencing financial difficulty by offering long-term loan modification programs. These modifications generally involve reducing the interest rate on the credit card, placing the customer on a fixed payment plan not to exceed 60 months and canceling the customer’s available line of credit. Citi also grants modifications to credit card borrowers working with third-party renegotiation agencies that seek to restructure customers’ entire unsecured debt. In certain situations, Citi may forgive a portion of an outstanding balance if the borrower pays a required amount.
Residential Mortgages
Citi utilizes a third-party subservicer for the servicing of its residential mortgage loans. Through this third-party subservicer, Citi evaluates and assists residential mortgage borrowers who are experiencing financial difficulty primarily by offering interest rate reductions, principal and/or interest forbearance, term extensions or combinations thereof. Borrowers enrolled in forbearance programs typically have payments suspended until the end of the forbearance period. In the U.S., before permanently modifying the contractual payment terms of a mortgage loan, Citi enters into a trial modification with the borrower, generally a three-month period during which the borrower makes monthly payments under the anticipated modified payment terms. Upon successful completion of the trial period, and the borrower’s formal acceptance of the modified terms, Citi and the borrower enter into a permanent modification. Citi expects the majority of loans entering trial modifications to ultimately be enrolled in a permanent modification.
During the three and nine months ended September 30, 2026, $5 million and $8 million, respectively, of mortgage loans were enrolled in trial modification programs. During the three and nine months ended September 30, 2025, $40 million and $59 million, respectively, of mortgage loans were enrolled in trial modification programs. Mortgage loans of $2 million and $4 million had gone through Chapter 7 bankruptcy during the three and nine months ended September 30, 2026, and $4 million and $8 million during the three and nine months ended September 30, 2025, respectively.
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Types of Consumer Loan Modifications and Their Financial Effect
The following tables provide details on permanent consumer loan modifications granted during the three and nine months ended September 30, 2026 and 2025 to borrowers experiencing financial difficulty by type of modification granted and the financial effect of those modifications:
For the Three Months Ended September 30, 2026 | |||||||||||||||||||||||||||||
| In millions of dollars, except weighted averages | Modifications as % of loans | Total modifications balance at September 30, 2026(1)(2)(3) | Interest rate reduction | Term extension | Payment delay | Combination: interest rate reduction and term extension | Weighted-average interest rate reduction % | Weighted-average term extension (months) | Weighted-average delay in payments (months) | ||||||||||||||||||||
In North America offices(4) | |||||||||||||||||||||||||||||
Residential first mortgages(5) | % | $ | $ | $ | $ | $ | % | ||||||||||||||||||||||
| Credit cards | — | — | |||||||||||||||||||||||||||
| Personal, small business and other | — | ||||||||||||||||||||||||||||
| Total | % | $ | $ | $ | $ | $ | |||||||||||||||||||||||
In offices outside North America(4) | |||||||||||||||||||||||||||||
| Residential mortgages | % | $ | $ | $ | $ | $ | % | ||||||||||||||||||||||
| Credit cards | — | ||||||||||||||||||||||||||||
| Personal, small business and other | — | ||||||||||||||||||||||||||||
| Total | % | $ | $ | $ | $ | $ | |||||||||||||||||||||||
For the Three Months Ended September 30, 2025 | |||||||||||||||||||||||||||||
| In millions of dollars, except weighted averages | Modifications as % of loans | Total modifications balance at September 30, 2025(1)(2)(3) | Interest rate reduction | Term extension | Payment delay | Combination: interest rate reduction and term extension | Weighted-average interest rate reduction % | Weighted-average term extension (months) | Weighted-average delay in payments (months) | ||||||||||||||||||||
In North America offices(4) | |||||||||||||||||||||||||||||
Residential first mortgages(5) | % | $ | $ | $ | $ | $ | % | ||||||||||||||||||||||
| Credit cards | — | — | |||||||||||||||||||||||||||
| Personal, small business and other | — | ||||||||||||||||||||||||||||
| Total | % | $ | $ | $ | $ | $ | |||||||||||||||||||||||
In offices outside North America(4) | |||||||||||||||||||||||||||||
| Residential mortgages | % | $ | $ | $ | $ | $ | % | ||||||||||||||||||||||
| Credit cards | — | ||||||||||||||||||||||||||||
| Personal, small business and other | — | ||||||||||||||||||||||||||||
| Total | % | $ | $ | $ | $ | $ | |||||||||||||||||||||||
(1) The above tables reflect activity for loans outstanding as of the end of the reporting period. During the three months ended September 30, 2026 and 2025, Citi granted forgiveness of $1 million and $1 million in residential first mortgage loans, $44 million and $38 million in credit card loans and $2 million and $3 million in personal, small business and other loans, respectively. As a result, there were no outstanding balances as of September 30, 2026 and 2025.
(2) Commitments to lend to borrowers experiencing financial difficulty that were granted modifications included in the tables above were immaterial at September 30, 2026 and 2025.
(3) For major consumer portfolios, the ACLL is based on macroeconomic-sensitive models that rely on historical performance and macroeconomic scenarios to forecast expected credit losses. Modifications of consumer loans impact expected credit losses by affecting the likelihood of default.
(4) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America.
(5) Excludes residential first mortgages discharged in Chapter 7 bankruptcy in the three months ended September 30, 2026 and 2025.
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For the Nine Months Ended September 30, 2026 | |||||||||||||||||||||||||||||
| In millions of dollars, except weighted averages | Modifications as % of loans | Total modifications balance at September 30, 2026(1)(2)(3) | Interest rate reduction | Term extension | Payment delay | Combination: interest rate reduction and term extension | Weighted-average interest rate reduction % | Weighted-average term extension (months) | Weighted-average delay in payments (months) | ||||||||||||||||||||
In North America offices(4) | |||||||||||||||||||||||||||||
Residential first mortgages(5) | % | $ | $ | $ | $ | $ | % | ||||||||||||||||||||||
| Home equity loans | — | ||||||||||||||||||||||||||||
| Credit cards | — | — | |||||||||||||||||||||||||||
| Personal, small business and other | — | ||||||||||||||||||||||||||||
| Total | % | $ | $ | $ | $ | $ | |||||||||||||||||||||||
In offices outside North America(4) | |||||||||||||||||||||||||||||
| Residential mortgages | % | $ | $ | $ | $ | $ | % | ||||||||||||||||||||||
| Credit cards | — | ||||||||||||||||||||||||||||
| Personal, small business and other | — | ||||||||||||||||||||||||||||
| Total | % | $ | $ | $ | $ | $ | |||||||||||||||||||||||
For the Nine Months Ended September 30, 2025 | |||||||||||||||||||||||||||||
| In millions of dollars, except weighted averages | Modifications as % of loans | Total modifications balance at September 30, 2025(1)(2)(3) | Interest rate reduction | Term extension | Payment delay | Combination: interest rate reduction and term extension | Weighted-average interest rate reduction % | Weighted-average term extension (months) | Weighted-average delay in payments (months) | ||||||||||||||||||||
In North America offices(4) | |||||||||||||||||||||||||||||
Residential first mortgages(5) | % | $ | $ | $ | $ | $ | % | ||||||||||||||||||||||
| Home equity loans | — | ||||||||||||||||||||||||||||
| Credit cards | — | ||||||||||||||||||||||||||||
| Personal, small business and other | — | ||||||||||||||||||||||||||||
| Total | % | $ | $ | $ | $ | $ | |||||||||||||||||||||||
In offices outside North America(4) | |||||||||||||||||||||||||||||
| Residential mortgages | % | $ | $ | $ | $ | $ | % | ||||||||||||||||||||||
| Credit cards | — | ||||||||||||||||||||||||||||
| Personal, small business and other | — | ||||||||||||||||||||||||||||
| Total | % | $ | $ | $ | $ | $ | |||||||||||||||||||||||
(1) The above tables reflect activity for loans outstanding as of the end of the reporting period. During the nine months ended September 30, 2026 and 2025, Citi granted forgiveness of $2 million and $1 million in residential first mortgage loans, $118 million and $93 million in credit card loans and $3 million and $3 million in personal, small business and other loans, respectively. As a result, there were no outstanding balances as of September 30, 2026 and 2025.
(2) Commitments to lend to borrowers experiencing financial difficulty that were granted modifications included in the tables above were immaterial at September 30, 2026 and 2025.
(3) For major consumer portfolios, the ACLL is based on macroeconomic-sensitive models that rely on historical performance and macroeconomic scenarios to forecast expected credit losses. Modifications of consumer loans impact expected credit losses by affecting the likelihood of default.
(4) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America.
(5) Excludes residential first mortgages discharged in Chapter 7 bankruptcy in the nine months ended September 30, 2026 and 2025.
138
Performance of Modified Consumer Loans
The following tables present the delinquencies and gross credit losses of permanently modified consumer loans to borrowers experiencing financial difficulty, including loans that were modified during the 12 months ended September 30, 2026 and the year ended December 31, 2025:
As of September 30, 2026 | |||||||||||||||||
| In millions of dollars | Total | Current | 30–89 days past due | 90+ days past due | Gross credit losses | ||||||||||||
In North America offices(1) | |||||||||||||||||
| Residential first mortgages | $ | $ | $ | $ | $ | ||||||||||||
| Home equity loans | |||||||||||||||||
| Credit cards | |||||||||||||||||
| Personal, small business and other | |||||||||||||||||
Total(2) | $ | $ | $ | $ | $ | ||||||||||||
In offices outside North America(1) | |||||||||||||||||
| Residential mortgages | $ | $ | $ | $ | $ | ||||||||||||
| Credit cards | |||||||||||||||||
| Personal, small business and other | |||||||||||||||||
Total(2) | $ | $ | $ | $ | $ | ||||||||||||
As of December 31, 2025 | |||||||||||||||||
| In millions of dollars | Total | Current | 30–89 days past due | 90+ days past due | Gross credit losses | ||||||||||||
In North America offices(1) | |||||||||||||||||
| Residential first mortgages | $ | $ | $ | $ | $ | ||||||||||||
| Home equity loans | |||||||||||||||||
| Credit cards | |||||||||||||||||
| Personal, small business and other | |||||||||||||||||
Total(2) | $ | $ | $ | $ | $ | ||||||||||||
In offices outside North America(1) | |||||||||||||||||
| Residential mortgages | $ | $ | $ | $ | $ | ||||||||||||
| Credit cards | |||||||||||||||||
| Personal, small business and other | |||||||||||||||||
Total(2) | $ | $ | $ | $ | $ | ||||||||||||
(1) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America.
(2) Typically, upon modification a loan re-ages to current. However, FFIEC guidelines for re-aging certain loans require that at least three consecutive minimum monthly payments, or the equivalent amount, be received. In these cases, the loan will remain delinquent until the payment criteria for re-aging have been satisfied.
139
Defaults of Modified Consumer Loans
The following tables present default activity for permanently modified consumer loans to borrowers experiencing financial difficulty by type of modification granted, including loans that were modified and subsequently defaulted during the three and nine months ended September 30, 2026 and 2025. Default is defined as 60 days past due:
For the Three Months Ended September 30, 2026 | |||||||||||||||||||||||
| In millions of dollars | Total(1)(2) | Interest rate reduction | Term extension | Payment delay | Combination: interest rate reduction and term extension | Combination: term extension and payment delay | Combination: interest rate reduction, term extension and payment delay | ||||||||||||||||
In North America offices(3) | |||||||||||||||||||||||
| Residential first mortgages | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
Credit cards(4) | |||||||||||||||||||||||
| Personal, small business and other | |||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
In offices outside North America(3) | |||||||||||||||||||||||
| Residential mortgages | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
Credit cards(4) | |||||||||||||||||||||||
| Personal, small business and other | |||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
For the Three Months Ended September 30, 2025 | |||||||||||||||||||||||
| In millions of dollars | Total(1)(2) | Interest rate reduction | Term extension | Payment delay | Combination: interest rate reduction and term extension | Combination: term extension and payment delay | Combination: interest rate reduction, term extension and payment delay | ||||||||||||||||
In North America offices(3) | |||||||||||||||||||||||
| Residential first mortgages | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
Credit cards(4) | |||||||||||||||||||||||
| Personal, small business and other | |||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
In offices outside North America(3) | |||||||||||||||||||||||
| Residential mortgages | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
Credit cards(4) | |||||||||||||||||||||||
| Personal, small business and other | |||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
140
For the Nine Months Ended September 30, 2026 | |||||||||||||||||||||||
| In millions of dollars | Total(1)(2) | Interest rate reduction | Term extension | Payment delay | Combination: interest rate reduction and term extension | Combination: term extension and payment delay | Combination: interest rate reduction, term extension and payment delay | ||||||||||||||||
In North America offices(3) | |||||||||||||||||||||||
| Residential first mortgages | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
Credit cards(4) | |||||||||||||||||||||||
| Personal, small business and other | |||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
In offices outside North America(3) | |||||||||||||||||||||||
| Residential mortgages | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
Credit cards(4) | |||||||||||||||||||||||
| Personal, small business and other | |||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
For the Nine Months Ended September 30, 2025 | |||||||||||||||||||||||
| In millions of dollars | Total(1)(2) | Interest rate reduction | Term extension | Payment delay | Combination: interest rate reduction and term extension | Combination: term extension and payment delay | Combination: interest rate reduction, term extension and payment delay | ||||||||||||||||
In North America offices(3) | |||||||||||||||||||||||
| Residential first mortgages | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
Credit cards(4) | |||||||||||||||||||||||
| Personal, small business and other | |||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
In offices outside North America(3) | |||||||||||||||||||||||
| Residential mortgages | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
Credit cards(4) | |||||||||||||||||||||||
| Personal, small business and other | |||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
(1) The above tables reflect activity for loans outstanding as of the end of the reporting period.
(2) Modified residential first mortgages that default are typically liquidated through foreclosure or a similar type of liquidation.
(3) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America.
(4) Modified credit card loans that default continue to be charged off in accordance with Citi’s consumer charge-off policy.
141
13. ALLOWANCE FOR CREDIT LOSSES
The following tables summarize Citi’s allowance for credit losses for the three and nine months ended September 30, 2026 and 2025:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
| In millions of dollars | 2026 | 2025 | 2026 | 2025 | ||||||||||
| Allowance for credit losses on loans (ACLL) at beginning of period | $ | $ | $ | $ | ||||||||||
| Gross credit losses on loans | ( | ( | ( | ( | ||||||||||
| Gross recoveries on loans | ||||||||||||||
| Net credit losses (NCLs) on loans | $ | ( | $ | ( | $ | ( | $ | ( | ||||||
| Replenishment of NCLs | $ | $ | $ | $ | ||||||||||
| Net reserve builds (releases) for loans | ( | |||||||||||||
| Net specific reserve builds (releases) for loans | ( | ( | ||||||||||||
| Total provision for credit losses on loans (PCLL) | $ | $ | $ | $ | ||||||||||
Initial allowance for credit losses on newly purchased credit-deteriorated assets during the period(1) | ||||||||||||||
| Other, net (see table below) | ( | ( | ||||||||||||
| ACLL at end of period | $ | $ | $ | $ | ||||||||||
Allowance for credit losses on unfunded lending commitments (ACLUC) at beginning of period(2) | $ | $ | $ | $ | ||||||||||
Provision (release) for credit losses on ACLUC(3) | ||||||||||||||
Other, net | ( | ( | ||||||||||||
ACLUC at end of period(2) | $ | $ | $ | $ | ||||||||||
| Total ACLL and ACLUC | $ | $ | $ | $ | ||||||||||
Allowance for credit losses on other assets at beginning of period(4) | $ | $ | $ | $ | ||||||||||
| NCLs on other assets | ( | ( | ( | |||||||||||
| Provision (release) for credit losses on other assets | ( | ( | ||||||||||||
Other, net(5) | ( | ( | ( | |||||||||||
Allowance for credit losses on other assets at end of period(4) | $ | $ | $ | $ | ||||||||||
| Allowance for credit losses on HTM debt securities at beginning of period | $ | $ | $ | $ | ||||||||||
| Provision (release) for credit losses on HTM debt securities | ( | ( | ( | |||||||||||
Other, net | ( | |||||||||||||
| Allowance for credit losses on HTM debt securities at end of period | $ | $ | $ | $ | ||||||||||
| Total ACL | $ | $ | $ | $ | ||||||||||
| Other, net details (ACLL) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
| In millions of dollars | 2026 | 2025 | 2026 | 2025 | ||||||||||
| Reclasses of consumer ACLL to HFS | $ | $ | $ | $ | ( | |||||||||
| FX translation and other | ( | ( | ||||||||||||
| Other, net (ACLL) | $ | ( | $ | $ | ( | $ | ||||||||
(1)Upon acquisition, the par value of the purchased credit-deteriorated assets was approximately $120
(2)Represents additional credit loss reserves for unfunded lending commitments and letters of credit recorded in Other liabilities on the Consolidated Balance Sheet.
(3)The first quarter of 2026 includes a reserve build related to Citi’s forward purchase commitment of the additional American Airlines co-branded card portfolio. This was released from unfunded lending commitments in the second quarter of 2026 and re-established as a reserve for the loans that were acquired.
(4)See additional details on the Allowance for credit losses on other assets below.
(5)Primarily reflects the impact of FX translation on Other assets for transfer risk associated with exposures outside the U.S.
142
Allowance for Credit Losses on Loans (ACLL) and End-of-Period Loans
| Three Months Ended | ||||||||||||||||||||
| September 30, 2026 | September 30, 2025 | |||||||||||||||||||
| In millions of dollars | Corporate | Consumer | Total | Corporate | Consumer | Total | ||||||||||||||
| ACLL at beginning of period | $ | $ | $ | $ | $ | $ | ||||||||||||||
| Charge-offs | ( | ( | ( | ( | ( | ( | ||||||||||||||
| Recoveries | ||||||||||||||||||||
| Replenishment of NCLs | ||||||||||||||||||||
| Net reserve builds (releases) | ( | ( | ( | |||||||||||||||||
| Net specific reserve builds (releases) | ||||||||||||||||||||
Initial allowance for credit losses on newly purchased credit-deteriorated assets during the period(1) | ||||||||||||||||||||
| Other | ( | ( | ( | |||||||||||||||||
| Ending balance | $ | $ | $ | $ | $ | $ | ||||||||||||||
| Nine Months Ended | ||||||||||||||||||||
| September 30, 2026 | September 30, 2025 | |||||||||||||||||||
| In millions of dollars | Corporate | Consumer | Total | Corporate | Consumer | Total | ||||||||||||||
| ACLL at beginning of period | $ | $ | $ | $ | $ | $ | ||||||||||||||
| Charge-offs | ( | ( | ( | ( | ( | ( | ||||||||||||||
| Recoveries | ||||||||||||||||||||
| Replenishment of NCLs | ||||||||||||||||||||
| Net reserve builds (releases) | ( | |||||||||||||||||||
| Net specific reserve builds (releases) | ( | ( | ( | ( | ( | |||||||||||||||
Initial allowance for credit losses on newly purchased credit-deteriorated assets during the period(1) | ||||||||||||||||||||
| Other | ( | ( | ( | |||||||||||||||||
| Ending balance | $ | $ | $ | $ | $ | $ | ||||||||||||||
(1)Upon acquisition, the par value of the purchased credit-deteriorated assets was approximately $120
| September 30, 2026 | December 31, 2025 | |||||||||||||||||||
| In millions of dollars | Corporate | Consumer | Total | Corporate | Consumer | Total | ||||||||||||||
| ACLL | ||||||||||||||||||||
| Collectively evaluated | $ | $ | $ | $ | $ | $ | ||||||||||||||
| Individually evaluated | ||||||||||||||||||||
| Purchased credit deteriorated | ( | ( | ||||||||||||||||||
| Total ACLL | $ | $ | $ | $ | $ | $ | ||||||||||||||
| Loans, net of unearned income | ||||||||||||||||||||
| Collectively evaluated | $ | $ | $ | $ | $ | $ | ||||||||||||||
| Individually evaluated | ||||||||||||||||||||
| Purchased credit deteriorated | ||||||||||||||||||||
| Held at fair value | ||||||||||||||||||||
| Total loans, net of unearned income | $ | $ | $ | $ | $ | $ | ||||||||||||||
143
Changes in the ACL
(September 30, 2026 vs. December 31, 2025)
The total allowance for credit losses on loans, leases, unfunded lending commitments, other assets and HTM debt securities (in aggregate, total ACL) as of September 30, 2026 was $22,375 million, an increase of $1,002 million from $21,373 million at December 31, 2025, driven by changes in the macroeconomic outlook, portfolio growth and changes in portfolio quality, partially offset by refinements to loss assumptions.
Consumer ACLL
Citi’s total consumer allowance for credit losses on loans (ACLL) as of September 30, 2026 was $16,721 million, an increase of $527 million from $16,194 million at December 31, 2025. The increase was driven by changes in the macroeconomic outlook and the acquisition of the additional American Airlines co-branded card portfolio, partially offset by refinements to loss assumptions.
Corporate ACLL
Citi’s total corporate ACLL as of September 30, 2026 was $3,370 million, an increase of $317 million from $3,053 million at December 31, 2025. The increase was driven by changes in the macroeconomic outlook and portfolio growth, partially offset by refinements to loss assumptions and changes in credit quality.
ACLUC
As of September 30, 2026, Citi’s total allowance for unfunded lending commitments (ACLUC), included in Other liabilities, was $2,044 million, an increase of $211 million from $1,833 million at December 31, 2025. The increase was driven by portfolio growth and changes in the macroeconomic outlook, partially offset by refinements to loss assumptions.
Allowance for Credit Losses on Other Assets
| Three Months Ended September 30, 2026 | ||||||||||||||
| In millions of dollars | Deposits with banks | Securities borrowed and purchased under agreements to resell | All other assets(1) | Total | ||||||||||
| Allowance for credit losses on other assets at beginning of quarter | $ | $ | $ | $ | ||||||||||
| Gross credit losses | ( | ( | ||||||||||||
| Gross recoveries | ||||||||||||||
| Net credit losses (NCLs) | $ | $ | $ | $ | ||||||||||
| Replenishment of NCLs | $ | $ | $ | ( | $ | ( | ||||||||
| Net reserve builds (releases) | ( | ( | ( | |||||||||||
| Total provision for credit losses | $ | ( | $ | $ | ( | $ | ( | |||||||
| Other, net | $ | ( | $ | $ | ( | $ | ( | |||||||
| Allowance for credit losses on other assets at end of quarter | $ | $ | $ | $ | ||||||||||
| Nine Months Ended September 30, 2026 | ||||||||||||||
| In millions of dollars | Deposits with banks | Securities borrowed and purchased under agreements to resell | All other assets(1) | Total | ||||||||||
| Allowance for credit losses on other assets at beginning of year | $ | $ | $ | $ | ||||||||||
| Gross credit losses | ( | ( | ||||||||||||
| Gross recoveries | ||||||||||||||
| Net credit losses (NCLs) | $ | $ | $ | ( | $ | ( | ||||||||
| Replenishment of NCLs | $ | $ | $ | $ | ||||||||||
| Net reserve builds (releases) | ( | ( | ( | ( | ||||||||||
| Total provision for credit losses | $ | ( | $ | ( | $ | ( | $ | ( | ||||||
Other, net | $ | $ | $ | ( | $ | ( | ||||||||
| Allowance for credit losses on other assets at end of quarter | $ | $ | $ | $ | ||||||||||
(1)Primarily ACL related to transfer risk associated with exposures outside the U.S.
144
| Three Months Ended September 30, 2025 | ||||||||||||||
| In millions of dollars | Deposits with banks | Securities borrowed and purchased under agreements to resell | All other assets(1) | Total | ||||||||||
| Allowance for credit losses on other assets at beginning of quarter | $ | $ | $ | $ | ||||||||||
| Gross credit losses | ( | ( | ||||||||||||
| Gross recoveries | ||||||||||||||
| Net credit losses (NCLs) | $ | $ | $ | ( | $ | ( | ||||||||
| Replenishment of NCLs | $ | $ | $ | $ | ||||||||||
| Net reserve builds (releases) | ( | |||||||||||||
| Total provision for credit losses | $ | $ | ( | $ | $ | |||||||||
| Other, net | $ | $ | $ | ( | $ | ( | ||||||||
| Allowance for credit losses on other assets at end of quarter | $ | $ | $ | $ | ||||||||||
| Nine Months Ended September 30, 2025 | ||||||||||||||
| In millions of dollars | Deposits with banks | Securities borrowed and purchased under agreements to resell | All other assets(1) | Total | ||||||||||
| Allowance for credit losses on other assets at beginning of year | $ | $ | $ | $ | ||||||||||
| Gross credit losses | ( | ( | ||||||||||||
| Gross recoveries | ||||||||||||||
| Net credit losses (NCLs) | $ | $ | $ | ( | $ | ( | ||||||||
| Replenishment of NCLs | $ | $ | $ | $ | ||||||||||
| Net reserve builds (releases) | ||||||||||||||
| Total provision for credit losses | $ | $ | $ | $ | ||||||||||
| Other, net | $ | $ | $ | $ | ||||||||||
| Allowance for credit losses on other assets at end of quarter | $ | $ | $ | $ | ||||||||||
(1) Primarily ACL related to transfer risk associated with exposures outside the U.S.
For the ACL on AFS debt securities, see Note 11.
145
14. GOODWILL AND INTANGIBLE ASSETS
Goodwill
The changes in Goodwill were as follows:
| In millions of dollars | Services | Markets | Banking | Wealth(1) | USCC(1) | All Other | Total | ||||||||||||||||
| Balance at December 31, 2025 | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
| Foreign currency translation | ( | ( | ( | ||||||||||||||||||||
| Balance at March 31, 2026 | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
| Foreign currency translation | ( | ||||||||||||||||||||||
| Balance at June 30, 2026 | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
| Foreign currency translation | ( | ( | ( | ||||||||||||||||||||
| Balance at September 30, 2026 | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
(1)During the first quarter of 2026, approximately $609
Citi tests for goodwill impairment annually as of October 1 (the annual test) and conducts interim assessments between the annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount.
As discussed in Note 3, effective January 1, 2026, Citi transferred its Retail Banking business from the former U.S. Personal Banking (USPB) to Wealth and integrated the remaining USPB businesses into a new U.S. Consumer Cards (USCC) segment. This business realignment was identified as a triggering event for purposes of goodwill impairment testing. In accordance with ASC 350, an interim goodwill impairment test was performed in the first quarter of 2026, which resulted in no impairment. Goodwill was reallocated from USCC to Wealth based on relative fair values as of the effective date of the business realignment.
Based on management’s qualitative assessment performed subsequent to the first-quarter interim impairment test, no other events or changes in circumstances were identified as of September 30, 2026, indicating that the fair value of any of Citi’s other reporting units was more-likely-than-not below its carrying amount, and no impairment was recognized.
Unanticipated declines in business performance, increases in credit losses, increases in capital requirements and adverse regulatory or legislative changes, and deterioration in
economic or market conditions, as well as circumstances related to Citi’s strategic refresh, are factors that could result in a material impairment loss to earnings in a future period
related to some portion of the associated goodwill.
For additional information regarding Citi’s goodwill impairment testing process, see Notes 1 (“Goodwill”) and 17 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
146
Intangible Assets
The components of intangible assets were as follows:
| September 30, 2026 | December 31, 2025 | |||||||||||||||||||
| In millions of dollars | Gross carrying amount | Accumulated amortization | Net carrying amount | Gross carrying amount | Accumulated amortization | Net carrying amount | ||||||||||||||
Purchased credit card relationships (PCCR)(1) | $ | $ | $ | $ | $ | $ | ||||||||||||||
Credit card contract-related intangibles(2) | ||||||||||||||||||||
| Other customer relationships | ||||||||||||||||||||
| Present value of future profits | ||||||||||||||||||||
| Indefinite-lived intangible assets | — | — | ||||||||||||||||||
| Intangible assets (excluding MSRs) | $ | $ | $ | $ | $ | $ | ||||||||||||||
Mortgage servicing rights (MSRs)(3) | — | — | ||||||||||||||||||
| Total intangible assets | $ | $ | $ | $ | $ | $ | ||||||||||||||
The changes in intangible assets were as follows:
| In millions of dollars | Net carrying amount at December 31, 2025 | Acquisitions/renewals/ divestitures | Amortization | Impairments | FX translation and other | Net carrying amount at September 30, 2026 | ||||||||||||||
PCCR(1) | $ | $ | $ | ( | $ | $ | $ | |||||||||||||
Credit card contract-related intangibles(2) | ( | |||||||||||||||||||
| Other customer relationships | ( | |||||||||||||||||||
| Indefinite-lived intangible assets | ( | |||||||||||||||||||
| Intangible assets (excluding MSRs) | $ | $ | $ | ( | $ | $ | $ | |||||||||||||
MSRs(3) | ||||||||||||||||||||
| Total intangible assets | $ | $ | ||||||||||||||||||
(1)Reflects intangibles for the value of purchased cardholder relationships included in card portfolio acquisitions, which are discrete from contract-related intangibles. The additional PCCR recorded during the period was related to the acquisition of the additional American Airlines co-branded card portfolio and has an amortization period of approximately 17 years.
(2)Reflects contract-related intangibles associated with Citi’s credit card program agreements with partners.
(3)See Note 19.
147
15. DEPOSITS
Deposits consisted of the following:
| September 30, | December 31, | |||||||
| In millions of dollars | 2026(1) | 2025 | ||||||
| Non-interest-bearing deposits in U.S. offices | $ | $ | ||||||
Interest-bearing deposits in U.S. offices (including $ | ||||||||
Total deposits in U.S. offices(1) | $ | $ | ||||||
Non-interest-bearing deposits in offices outside the U.S. (including $ | $ | $ | ||||||
Interest-bearing deposits in offices outside the U.S. (including $ | ||||||||
Total deposits in offices outside the U.S.(1) | $ | $ | ||||||
| Total deposits | $ | $ | ||||||
For additional information on Citi’s deposits, see Note 18 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
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16. DEBT
For additional information regarding Citi’s short-term borrowings and long-term debt, see Note 19 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
Short-Term Borrowings
| In millions of dollars | September 30, 2026 | December 31, 2025 | ||||||
| Commercial paper | ||||||||
Bank(1) | $ | $ | ||||||
Broker-dealer and other(2) | ||||||||
| Total commercial paper | $ | $ | ||||||
Other borrowings(3) | ||||||||
| Total | $ | $ | ||||||
(1)Represents Citibank entities as well as other bank entities.
(2)Represents broker-dealer and other non-bank subsidiaries that are consolidated into Citigroup Inc., the parent holding company.
(3)Includes borrowings from Federal Home Loan Banks and other market participants. At September 30, 2026 and December 31, 2025, collateralized short-term advances from Federal Home Loan Banks were $7.0 billion and $6.0 billion, respectively.
Long-Term Debt
| In millions of dollars | September 30, 2026 | December 31, 2025 | ||||||
Citigroup Inc.(1) | $ | $ | ||||||
Bank(2) | ||||||||
Broker-dealer and other(3) | ||||||||
| Total | $ | $ | ||||||
(1)Represents the parent holding company.
(2)Represents Citibank entities as well as other bank entities. At September 30, 2026 and December 31, 2025, collateralized long-term advances from the Federal Home Loan Banks were $23.0 billion and $3.0 billion, respectively.
(3)Represents broker-dealer and other non-bank subsidiaries that are consolidated into Citigroup Inc., the parent holding company. Certain Citigroup consolidated hedging activities are also included in this line.
Long-term debt outstanding includes junior subordinated debentures owned by Citigroup Capital III and Citigroup Capital XIII and related to Citi’s outstanding trust preferred securities with a balance sheet carrying value of $1.6
The following table summarizes Citi’s outstanding trust preferred securities at September 30, 2026:
| Junior subordinated debentures owned by trust | ||||||||||||||||||||||||||
| Trust | Issuance date | Securities issued | Liquidation value(1) | Coupon rate(2) | Common shares issued to parent | Notional amount | Maturity | Redeemable by issuer beginning | ||||||||||||||||||
| In millions of dollars, except securities and share amounts | ||||||||||||||||||||||||||
| Citigroup Capital III | Dec. 1996 | $ | % | $ | Dec. 1, 2036 | Not redeemable | ||||||||||||||||||||
| Citigroup Capital XIII | Oct. 2010 | 3 mo. SOFR + | Oct. 30, 2040 | Oct. 30, 2015 | ||||||||||||||||||||||
| Total obligated | $ | $ | ||||||||||||||||||||||||
Note: Distributions on the trust preferred securities and interest on the subordinated debentures are payable semiannually for Citigroup Capital III and quarterly for Citigroup Capital XIII.
(1)Represents the notional value received by outside investors from the trusts at the time of issuance. This differs from Citi’s balance sheet carrying value of $1.6 billion due primarily to unamortized discount and issuance costs.
(2)In each case, the coupon rate on the subordinated debentures is the same as that on the trust preferred securities.
(3)The spread incorporates the original contractual spread and a 26.161 bps tenor spread adjustment.
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17. CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI)
Changes in each component of Citigroup’s Accumulated other comprehensive income (loss) were as follows:
| In millions of dollars | Net unrealized gains (losses) on debt securities | Debt valuation adjustment (DVA)(1) | Cash flow hedges(2) | Benefit plans(3) | CTA, net of hedges(4)(5) | Excluded component of fair value hedges | Long-duration insurance contracts(6) | Accumulated other comprehensive income (loss) | ||||||||||||||||||
| Three Months Ended September 30, 2026 | ||||||||||||||||||||||||||
| Balance at June 30, 2026 | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ( | |||||||||||
Net increase (decrease) due to Banamex equity sales(7) | ( | ( | ||||||||||||||||||||||||
| Other comprehensive income before reclassifications | ( | ( | ( | ( | ||||||||||||||||||||||
Increase (decrease) due to amounts reclassified from AOCI | ( | ( | ||||||||||||||||||||||||
Change, net of taxes | $ | ( | $ | $ | ( | $ | $ | ( | $ | $ | $ | ( | ||||||||||||||
| Balance at September 30, 2026 | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ( | |||||||||||
| Nine Months Ended September 30, 2026 | ||||||||||||||||||||||||||
| Balance at December 31, 2025 | $ | ( | $ | ( | $ | $ | ( | $ | ( | $ | ( | $ | $ | ( | ||||||||||||
Net increase (decrease) due to Banamex equity sales(7) | ( | ( | ||||||||||||||||||||||||
| Other comprehensive income before reclassifications | ( | ( | ( | |||||||||||||||||||||||
Increase (decrease) due to amounts reclassified from AOCI | ( | ( | ( | ( | ||||||||||||||||||||||
| Change, net of taxes | $ | ( | $ | $ | ( | $ | $ | $ | $ | ( | $ | |||||||||||||||
| Balance at September 30, 2026 | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ( | |||||||||||
Change in Noncontrolling interests’ AOCI, not included above: | ||||||||||||||||||||||||||
| Three Months Ended September 30, 2026 | $ | ( | $ | $ | $ | $ | ( | $ | $ | $ | ( | |||||||||||||||
| Nine Months Ended September 30, 2026 | $ | ( | $ | $ | $ | $ | ( | $ | $ | $ | ( | |||||||||||||||
150
| In millions of dollars | Net unrealized gains (losses) on debt securities | Debt valuation adjustment (DVA)(1) | Cash flow hedges(2) | Benefit plans(3) | CTA, net of hedges(4) | Excluded component of fair value hedges | Long-duration insurance contracts(6) | Accumulated other comprehensive income (loss) | ||||||||||||||||||
| Three Months Ended September 30, 2025 | ||||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ( | |||||||||||
| Other comprehensive income before reclassifications | ( | ( | ( | ( | ( | |||||||||||||||||||||
Increase (decrease) due to amounts reclassified from AOCI | ( | ( | ||||||||||||||||||||||||
Change, net of taxes | $ | $ | ( | $ | $ | $ | $ | $ | ( | $ | ( | |||||||||||||||
| Balance at September 30, 2025 | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ( | |||||||||||
| Nine Months Ended September 30, 2025 | ||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ( | |||||||||||
| Other comprehensive income before reclassifications | ( | ( | ( | ( | ||||||||||||||||||||||
Increase (decrease) due to amounts reclassified from AOCI | ( | |||||||||||||||||||||||||
| Change, net of taxes | $ | $ | ( | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||
| Balance at September 30, 2025 | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ( | |||||||||||
Change in Noncontrolling interests’ AOCI, not included above: | ||||||||||||||||||||||||||
| Three Months Ended September 30, 2025 | $ | $ | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||
| Nine Months Ended September 30, 2025 | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
(1)Reflects the after-tax valuation of Citi’s fair value option liabilities. See “Market Valuation Adjustments” in Note 21.
(2)Primarily driven by Citi’s pay floating/receive fixed interest rate swap programs that hedge certain floating rates on assets and Citi’s pay fixed/receive floating interest rate swap programs that hedge certain floating rates on liabilities.
(3)Primarily reflects adjustments based on actuarial valuations of the Company’s pension and postretirement plans and amortization of amounts previously recognized in other comprehensive income. Citigroup remeasures its significant pension and postretirement benefits plans’ obligations and assets by updating plan actuarial assumptions quarterly, when certain conditions are met to trigger interim remeasurement. No interim remeasurement occurred for the third quarter of 2026 or 2025.
(4)Primarily reflects the movements in (by order of impact) the South Korean won, Mexican peso, Chilean peso and Japanese yen against the U.S. dollar and changes in related tax effects and hedges for the three months ended September 30, 2026. Primarily reflects the movements in (by order of impact) the Mexican peso, Indian rupee, euro, Polish zloty, South Korean won and Chilean peso against the U.S. dollar and changes in related tax effects and hedges for the nine months ended September 30, 2026. Primarily reflects the movement in (by order of impact) the Mexican peso, euro and Brazilian real against the U.S. dollar and changes in related tax effects and hedges for the three months ended September 30, 2025. Primarily reflects the movements in (by order of impact) the euro, Mexican peso, Polish zloty, Brazilian real, South Korean won, Singapore dollar and Japanese yen against the U.S. dollar and changes in related tax effects and hedges for the nine months ended September 30, 2025. Amounts recorded in the CTA component of AOCI remain in AOCI until the sale or substantial liquidation of the foreign entity, at which point such amounts related to the foreign entity are reclassified into earnings.
(5)The nine months ended September 30, 2026 reflects the reduction of a $1.6 billion CTA loss (net of hedges) associated with Citi’s sale of AO Citibank, which closed in the first quarter of 2026. For additional information see Note 2 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
(6)Reflects the change in the liability for future policyholder benefits for certain long-duration life-contingent annuity contracts that are issued by a regulated Banamex insurance subsidiary within Mexico Consumer/SBMM and reported within Legacy Franchises. The amount reflects the change in the liability after discounting using an upper-medium-grade fixed income instrument yield that reflects the duration characteristics of the liability. The balance of the liability for future policyholder benefits, which is recorded within Other liabilities, for this insurance subsidiary was approximately $547 million and $491 million at September 30, 2026 and 2025, respectively.
(7)Represents the change due to the Banamex equity sales on the sale effective date. See “Sale of 24 % Equity Stake in Banamex” in Note 2.
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The pretax and after-tax changes in each component of Accumulated other comprehensive income (loss) were as follows:
| In millions of dollars | Pretax | Tax effect(1) | After-tax | ||||||||
| Three Months Ended September 30, 2026 | |||||||||||
| Balance at June 30, 2026 | $ | ( | $ | $ | ( | ||||||
| Net unrealized gains (losses) on debt securities | ( | ( | |||||||||
| Debt valuation adjustment (DVA) | ( | ||||||||||
| Cash flow hedges | ( | ( | |||||||||
| Benefit plans | ( | ||||||||||
| Foreign currency translation adjustment (CTA) | ( | ( | |||||||||
| Excluded component of fair value hedges | ( | ||||||||||
| Long-duration insurance contracts | ( | ||||||||||
| Change | $ | ( | $ | $ | ( | ||||||
| Balance at September 30, 2026 | $ | ( | $ | $ | ( | ||||||
| Nine Months Ended September 30, 2026 | |||||||||||
| Balance at December 31, 2025 | $ | ( | $ | $ | ( | ||||||
| Net unrealized gains (losses) on debt securities | ( | ( | |||||||||
| DVA | ( | ||||||||||
| Cash flow hedges | ( | ( | |||||||||
| Benefit plans | ( | ||||||||||
| CTA | ( | ||||||||||
| Excluded component of fair value hedges | ( | ||||||||||
| Long-duration insurance contracts | ( | ( | |||||||||
| Change | $ | ( | $ | $ | |||||||
| Balance at September 30, 2026 | $ | ( | $ | $ | ( | ||||||
| In millions of dollars | Pretax | Tax effect(1) | After-tax | ||||||||
| Three Months Ended September 30, 2025 | |||||||||||
| Balance at June 30, 2025 | $ | ( | $ | $ | ( | ||||||
| Change in net unrealized gains (losses) on debt securities | ( | ||||||||||
| DVA | ( | ( | |||||||||
| Cash flow hedges | ( | ||||||||||
| Benefit plans | |||||||||||
| CTA | |||||||||||
| Excluded component of fair value hedges | ( | ||||||||||
| Long-duration insurance contracts | ( | ( | |||||||||
| Change | $ | ( | $ | $ | ( | ||||||
| Balance at September 30, 2025 | $ | ( | $ | $ | ( | ||||||
| Nine Months Ended September 30, 2025 | |||||||||||
| Balance at December 31, 2024 | $ | ( | $ | $ | ( | ||||||
| Change in net unrealized gains (losses) on debt securities | ( | ||||||||||
| DVA | ( | ( | |||||||||
| Cash flow hedges | ( | ||||||||||
| Benefit plans | ( | ( | |||||||||
| CTA | |||||||||||
| Excluded component of fair value hedges | ( | ||||||||||
| Long-duration insurance contracts | ( | ( | |||||||||
| Change | $ | $ | ( | $ | |||||||
| Balance at September 30, 2025 | $ | ( | $ | $ | ( | ||||||
(1) Income tax effects of these items are released from AOCI contemporaneously with the related gross pretax amount.
152
The Company recognized pretax (gains) losses related to amounts in AOCI reclassified to the Consolidated Statement of Income as follows:
| Increase (decrease) in AOCI due to amounts reclassified to Consolidated Statement of Income | ||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
| In millions of dollars | 2026 | 2025 | 2026 | 2025 | ||||||||||
| Realized (gains) losses on sales of investments | $ | ( | $ | ( | $ | ( | $ | ( | ||||||
| Gross impairment losses | ||||||||||||||
| Subtotal, pretax | $ | ( | $ | ( | $ | ( | $ | ( | ||||||
| Tax effect | ||||||||||||||
Net realized (gains) losses on investments, after-tax(1) | $ | ( | $ | ( | $ | ( | $ | ( | ||||||
| Realized DVA (gains) losses on fair value option liabilities, pretax | $ | $ | $ | $ | ||||||||||
| Tax effect | ( | ( | ( | ( | ||||||||||
| Net realized DVA, after-tax | $ | $ | $ | $ | ||||||||||
| Interest rate contracts | $ | $ | $ | $ | ||||||||||
| Foreign exchange contracts | ||||||||||||||
| Subtotal, pretax | $ | $ | $ | $ | ||||||||||
| Tax effect | ( | ( | ( | ( | ||||||||||
Amortization of cash flow hedges, after-tax(2) | $ | $ | $ | $ | ||||||||||
| Amortization of unrecognized: | ||||||||||||||
| Prior service cost (benefit) | $ | ( | $ | ( | $ | ( | $ | ( | ||||||
| Net actuarial loss | ||||||||||||||
Curtailment/settlement impact(3) | ( | |||||||||||||
| Subtotal, pretax | $ | $ | $ | $ | ||||||||||
| Tax effect | ( | ( | ( | ( | ||||||||||
Amortization of benefit plans, after-tax(3) | $ | $ | $ | $ | ||||||||||
| Excluded component of fair value hedges, pretax | $ | ( | $ | $ | ( | $ | ||||||||
| Tax effect | ||||||||||||||
| Excluded component of fair value hedges, after-tax | $ | ( | $ | $ | ( | $ | ||||||||
| Long-duration contracts, pretax | $ | $ | $ | $ | ||||||||||
| Tax effect | ||||||||||||||
| Long-duration contracts, after-tax | $ | $ | $ | $ | ||||||||||
| CTA, pretax | $ | $ | ( | $ | ( | $ | ||||||||
| Tax effect | ||||||||||||||
CTA, after-tax(4) | $ | $ | ( | $ | ( | $ | ||||||||
Total amounts reclassified out of AOCI, pretax | $ | $ | $ | ( | $ | |||||||||
| Total tax effect | ( | ( | ( | |||||||||||
Total amounts reclassified out of AOCI, after-tax | $ | $ | $ | ( | $ | |||||||||
(1)The pretax amount is reclassified to Realized gains (losses) on sales of investments, net and Gross impairment losses in the Consolidated Statement of Income. See Note 11.
(2)See Note 20.
(3)See Note 8.
(4)The pretax amount is reclassified to Other revenue in the Consolidated Statement of Income.
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18. PREFERRED STOCK
The following table summarizes the Company’s preferred stock outstanding:
Dividend rate as of September 30, 2026 | Redemption price per depositary share | Carrying value (in millions of dollars) | |||||||||||||||||||||
| Issuance date | Redeemable by issuer beginning | Number of depositary shares | September 30, 2026 | December 31, 2025 | |||||||||||||||||||
Series T(1) | April 25, 2016 | August 15, 2026 | N/A | $ | $ | $ | |||||||||||||||||
Series X(2) | February 18, 2021 | February 18, 2026 | N/A | ||||||||||||||||||||
Series Y(3) | October 27, 2021 | November 15, 2026 | % | ||||||||||||||||||||
Series Z(4) | March 7, 2023 | May 15, 2028 | |||||||||||||||||||||
Series AA(5) | September 21, 2023 | November 15, 2028 | |||||||||||||||||||||
Series BB(6) | March 6, 2024 | May 15, 2029 | |||||||||||||||||||||
Series CC(7) | May 29, 2024 | August 15, 2029 | |||||||||||||||||||||
Series DD(8) | July 30, 2024 | August 15, 2034 | |||||||||||||||||||||
Series EE(9) | December 3, 2024 | February 15, 2030 | |||||||||||||||||||||
Series FF(10) | February 12, 2025 | February 15, 2030 | |||||||||||||||||||||
Series GG(11) | July 23, 2025 | August 15, 2030 | |||||||||||||||||||||
Series HH(12) | December 10, 2025 | February 15, 2031 | |||||||||||||||||||||
Series II(13) | February 3, 2026 | February 15, 2031 | |||||||||||||||||||||
Series JJ(14) | February 12, 2026 | May 15, 2031 | |||||||||||||||||||||
| $ | $ | ||||||||||||||||||||||
(1)Citi redeemed Series T in its entirety on August 15, 2026.
(2)Citi redeemed Series X in its entirety on February 18, 2026.
(3)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, November 15, 2026, thereafter payable quarterly on the same dates at a fixed rate that resets on the Series Y reset date and every five years thereafter equal to the five-year treasury rate plus 3.000 %, in each case when, as and if declared by the Citi Board of Directors.
(4)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, May 15, 2028, thereafter payable quarterly on the same dates at a fixed rate that resets on the Series Z reset date and every five years thereafter equal to the five-year treasury rate plus 3.209 %, in each case when, as and if declared by the Citi Board of Directors.
(5)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, November 15, 2028, thereafter payable quarterly on the same dates at a fixed rate that resets on the Series AA reset date and every five years thereafter equal to the five-year treasury rate plus 3.211 %, in each case when, as and if declared by the Citi Board of Directors.
(6)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, May 15, 2029, thereafter payable quarterly on the same dates at a fixed rate that resets on the Series BB reset date and every five years thereafter equal to the five-year treasury rate plus 2.905 %, in each case when, as and if declared by the Citi Board of Directors.
(7)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, August 15, 2029, thereafter payable quarterly on the same dates at a fixed rate that resets on the Series CC reset date and every five years thereafter equal to the five-year treasury rate plus 2.693 %, in each case when, as and if declared by the Citi Board of Directors.
(8)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, August 15, 2034, thereafter payable quarterly on the same dates at a fixed rate that resets on the Series DD reset date and every 10 years thereafter equal to the 10-year treasury rate plus 2.757 %, in each case when, as and if declared by the Citi Board of Directors.
(9)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, February 15, 2030, thereafter payable quarterly on the same dates at a fixed rate that resets on the Series EE reset date and every five years thereafter equal to the five-year treasury rate plus 2.572 %, in each case when, as and if declared by the Citi Board of Directors.
(10)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, February 15, 2030, thereafter payable quarterly on the same dates at a fixed rate that resets on the Series FF reset date and every five years thereafter equal to the five-year treasury rate plus 2.726 %, in each case when, as and if declared by the Citi Board of Directors.
(11)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, August 15, 2030, thereafter payable quarterly on the same dates at a fixed rate that resets on the Series GG reset date and every five years thereafter equal to the five-year treasury rate plus 2.890 %, in each case when, as and if declared by the Citi Board of Directors.
(12)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, February 15, 2031, thereafter payable quarterly on the
154
same dates at a fixed rate that resets on the Series HH reset date and every five years thereafter equal to the five-year treasury rate plus 3.001 %, in each case when, as and if declared by the Citi Board of Directors.
(13)Issued as depositary shares, each representing a 1/1000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate, as and if declared by the Citi Board of Directors.
(14)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, May 15, 2031, thereafter payable quarterly on the same dates at a fixed rate that resets on the Series JJ reset date and every five years thereafter equal to the five-year treasury rate plus 2.745 %, in each case when, as and if declared by the Citi Board of Directors.
N/A Not applicable, as the series has been redeemed.
155
19. SECURITIZATIONS AND VARIABLE INTEREST ENTITIES
For additional information regarding Citi’s use of special purpose entities (SPEs) and variable interest entities (VIEs), see Note 23 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
Citigroup’s involvement with consolidated and unconsolidated VIEs with which the Company holds significant variable interests or has continuing involvement through servicing a majority of the assets in a VIE is presented below:
| As of September 30, 2026 | ||||||||||||||||||||||||||
Maximum exposure to loss in significant unconsolidated VIEs(1) | ||||||||||||||||||||||||||
Funded exposures(2) | Unfunded exposures | |||||||||||||||||||||||||
In millions of dollars | Total involvement with SPE assets | Consolidated VIE/SPE assets | Significant unconsolidated VIE assets(3) | Debt investments | Equity investments | Funding commitments | Guarantees and derivatives | Total | ||||||||||||||||||
Credit card securitizations | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Mortgage securitizations(4) | ||||||||||||||||||||||||||
U.S. agency-sponsored | ||||||||||||||||||||||||||
Non-agency-sponsored | ||||||||||||||||||||||||||
| Citi-administered asset-backed commercial paper conduits | ||||||||||||||||||||||||||
| Collateralized loan obligations (CLOs) | ||||||||||||||||||||||||||
Asset-based financing(5) | ||||||||||||||||||||||||||
| Municipal securities tender option bond trusts (TOBs) | ||||||||||||||||||||||||||
Municipal investments | ||||||||||||||||||||||||||
Client intermediation | ||||||||||||||||||||||||||
| Investment funds | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
| As of December 31, 2025 | ||||||||||||||||||||||||||
Maximum exposure to loss in significant unconsolidated VIEs(1) | ||||||||||||||||||||||||||
Funded exposures(2) | Unfunded exposures | |||||||||||||||||||||||||
In millions of dollars | Total involvement with SPE assets | Consolidated VIE/SPE assets | Significant unconsolidated VIE assets(3) | Debt investments | Equity investments | Funding commitments | Guarantees and derivatives | Total | ||||||||||||||||||
Credit card securitizations | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Mortgage securitizations(4) | ||||||||||||||||||||||||||
U.S. agency-sponsored | ||||||||||||||||||||||||||
Non-agency-sponsored | ||||||||||||||||||||||||||
| Citi-administered asset-backed commercial paper conduits | ||||||||||||||||||||||||||
| Collateralized loan obligations (CLOs) | ||||||||||||||||||||||||||
Asset-based financing(5) | ||||||||||||||||||||||||||
| Municipal securities tender option bond trusts (TOBs) | ||||||||||||||||||||||||||
Municipal investments | ||||||||||||||||||||||||||
Client intermediation | ||||||||||||||||||||||||||
| Investment funds | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
(1) The definition of maximum exposure to loss is included in the text that follows this table.
(2) Included on Citigroup’s September 30, 2026 and December 31, 2025 Consolidated Balance Sheet.
(3) A significant unconsolidated VIE is an entity in which the Company has any variable interest or continuing involvement considered to be significant, regardless of the likelihood of loss.
(4) Citigroup mortgage securitizations also include agency and non-agency (private label) re-securitization activities. These SPEs are not consolidated. See “Re-securitizations” below for further discussion.
(5) Included within this line are loans to third-party-sponsored private equity funds, which represent $165.7 billion and $138.7 billion in unconsolidated VIE assets and $2.0 billion and $1.7 billion in maximum exposure to loss as of September 30, 2026 and December 31, 2025, respectively.
156
The previous tables do not include:
•certain investment funds for which the Company provides investment management services and personal estate trusts for which the Company provides administrative, trustee and/or investment management services;
•certain third-party-sponsored private equity funds to which the Company provides credit facilities. The Company has no decision-making power and does not consolidate these funds, some of which may meet the definition of a VIE. The Company’s maximum exposure to loss is generally limited to a loan or lending-related commitment. As of September 30, 2026 and December 31, 2025, the Company’s maximum exposure to loss related to these transactions was $9.9 billion and $9.2 billion, respectively (see Note 12 and Note 23 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K);
•certain VIEs structured by third parties in which the Company holds securities in inventory, as these investments are made on arm’s-length terms;
•certain positions in mortgage- and asset-backed securities held by the Company, which are classified as Trading account assets, Investments or Loans, in which the Company has no other involvement with the related securitization entity deemed to be significant (see Notes 11, 12 and 21);
•certain representations and warranties exposures in Citigroup residential mortgage securitizations, in which the original mortgage loan balances are no longer outstanding; and
•VIEs such as preferred securities trusts used in connection with the Company’s funding activities. The Company does not have a variable interest in these trusts.
Consolidated VIEs
The Company engages in on-balance sheet securitizations, which are securitizations that do not qualify for sales treatment; thus, the assets remain on Citi’s Consolidated Balance Sheet, and any proceeds received are recognized as secured liabilities. For additional information on consolidated VIES, see Note 23 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
157
The following tables present assets and liabilities related to consolidated VIEs, which are included on Citi’s Consolidated Balance Sheet. These assets can only be used to settle obligations of consolidated VIEs. In addition, the assets and liabilities of consolidated VIEs include only third-party balances and exclude intercompany balances that eliminate in consolidation. The liabilities also exclude amounts where creditors or beneficial interest holders have recourse to the general credit of Citigroup.
| September 30, | ||||||||
| 2026 | December 31, | |||||||
| In millions of dollars | (Unaudited) | 2025 | ||||||
| Assets of consolidated VIEs to be used to settle obligations of consolidated VIEs | ||||||||
| Cash and due from banks | $ | $ | ||||||
| Trading account assets | ||||||||
| Investments | ||||||||
| Loans, net of unearned income | ||||||||
| Consumer | ||||||||
| Corporate | ||||||||
| Loans, net of unearned income | $ | $ | ||||||
| Allowance for credit losses on loans | ( | ( | ||||||
| Total loans, net | $ | $ | ||||||
| Other assets | ||||||||
| Total assets of consolidated VIEs to be used to settle obligations of consolidated VIEs | $ | $ | ||||||
| September 30, | ||||||||
| 2026 | December 31, | |||||||
| In millions of dollars | (Unaudited) | 2025 | ||||||
| Liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of Citigroup | ||||||||
| Short-term borrowings | $ | $ | ||||||
Long-term debt | ||||||||
| Other liabilities | ||||||||
| Total liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of Citigroup | $ | $ | ||||||
158
Funding Commitments for Significant Unconsolidated VIEs—Liquidity Facilities and Loan Commitments
The following table presents the notional amount of liquidity facilities and loan commitments that are classified as funding commitments in the VIE tables above:
| September 30, 2026 | December 31, 2025 | |||||||||||||
In millions of dollars | Liquidity facilities | Loan/equity commitments | Liquidity facilities | Loan/equity commitments | ||||||||||
| Non-agency-sponsored mortgage securitizations | $ | $ | $ | $ | ||||||||||
Asset-based financing | ||||||||||||||
Municipal securities tender option bond trusts (TOBs) | ||||||||||||||
Municipal investments | ||||||||||||||
Investment funds | ||||||||||||||
Total funding commitments | $ | $ | $ | $ | ||||||||||
Significant Interests in Unconsolidated VIEs—Balance Sheet Classification
The following table presents the carrying amounts and classification of significant variable interests in unconsolidated VIEs:
In billions of dollars | September 30, 2026 | December 31, 2025 | ||||||
Cash | $ | $ | ||||||
Trading account assets | ||||||||
Investments | ||||||||
Total loans, net of allowance | ||||||||
Other | ||||||||
Total assets | $ | $ | ||||||
Credit Card Securitizations
The Company securitizes credit card receivables through two revolving master trusts established to purchase the receivables. These trusts are consolidated entities given Citi’s continuing involvement. For additional information, see Note 23 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
The following table reflects amounts related to the Company’s securitized credit card receivables:
In billions of dollars | September 30, 2026 | December 31, 2025 | ||||||
Ownership interests in principal amount of trust credit card receivables | ||||||||
| Sold to investors via trust-issued securities | $ | $ | ||||||
| Retained by Citigroup as trust-issued securities | ||||||||
| Retained by Citigroup via non-certificated interests | ||||||||
Total | $ | $ | ||||||
The following table summarizes selected cash flow information related to Citigroup’s credit card securitizations:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
In billions of dollars | 2026 | 2025 | 2026 | 2025 | ||||||||||
Proceeds from new securitizations | $ | $ | $ | $ | ||||||||||
| Paydown of maturing notes | ( | ( | ( | |||||||||||
159
Mortgage Securitizations
The following tables summarize selected cash flow information and retained interests related to Citigroup mortgage securitizations:
| Three Months Ended September 30, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
In billions of dollars | U.S. agency- sponsored mortgages | Non-agency- sponsored mortgages | U.S. agency- sponsored mortgages | Non-agency- sponsored mortgages | ||||||||||
Principal securitized | $ | $ | $ | $ | ||||||||||
Proceeds from new securitizations | ||||||||||||||
| Contractual servicing fees received | ||||||||||||||
| Cash flows received on retained interests and other net cash flows | ||||||||||||||
| Nine Months Ended September 30, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
In billions of dollars | U.S. agency- sponsored mortgages | Non-agency- sponsored mortgages | U.S. agency- sponsored mortgages | Non-agency- sponsored mortgages | ||||||||||
Principal securitized | $ | $ | $ | $ | ||||||||||
Proceeds from new securitizations | ||||||||||||||
| Contractual servicing fees received | ||||||||||||||
| Cash flows received on retained interests and other net cash flows | ||||||||||||||
Note: Excludes re-securitization transactions.
Gains recognized on the securitization of U.S. agency-sponsored mortgages were $0.2 million and $1.6 million for the three and nine months ended September 30, 2026. Gains recognized on the securitization of non-agency-sponsored mortgages were $91.7 million and $231.1 million for the three and nine months ended September 30, 2026, respectively.
Gains recognized on the securitization of U.S. agency-sponsored mortgages were less than $1 69.2 million and $164.8 million for the three and nine months ended September 30, 2025, respectively.
| September 30, 2026 | December 31, 2025 | |||||||||||||||||||
Non-agency-sponsored mortgages(1) | Non-agency-sponsored mortgages(1) | |||||||||||||||||||
In millions of dollars | U.S. agency- sponsored mortgages | Senior interests | Subordinated interests | U.S. agency- sponsored mortgages | Senior interests | Subordinated interests | ||||||||||||||
Carrying value of retained interests(2) | $ | $ | $ | $ | $ | $ | ||||||||||||||
(1) Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization.
(2) Retained interests consist of Level 2 and Level 3 assets depending on the observability of significant inputs. See Note 21 for more information about fair value measurements.
The following table includes information about loan delinquencies and liquidation losses for assets held in non-consolidated, non-agency-sponsored securitization entities:
| Liquidation (gains) losses | ||||||||||||||||||||||||||
| Securitized assets | 90 days past due | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
| In billions of dollars, except liquidation losses in millions | Sep. 30, 2026 | Dec. 31, 2025 | Sep. 30, 2026 | Dec. 31, 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||
Securitized assets | ||||||||||||||||||||||||||
Residential mortgages(1) | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||
Commercial and other | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||
(1) Securitized assets include $0.1 billion of personal loan securitizations as of September 30, 2026.
160
Consumer Loan Securitizations
The following table summarizes selected cash flow information related to Citigroup consumer loan securitizations:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
| In billions of dollars | 2026 | 2025 | 2026 | 2025 | ||||||||||
Principal securitized | $ | $ | $ | $ | ||||||||||
Proceeds from new securitizations | ||||||||||||||
| Contractual servicing fees received | ||||||||||||||
| Cash flows received on retained interests and other net cash flows | ||||||||||||||
The gains recognized on the securitization of consumer loans were $11.9 million and $26.1 million for the three and nine months ended September 30, 2026, compared to $2.1 million and $2.7 million for the three and nine months ended September 30, 2025, respectively.
Mortgage Servicing Rights (MSRs)
In connection with the securitization of mortgage loans, Citi generally retains the servicing rights, which entitle the Company to a future stream of cash flows based on the outstanding principal balances of the loans and the contractual servicing fee. Citi retains ownership of the servicing rights and engages with a third-party subservicer to perform servicing activities on Citi’s behalf. Accordingly, Citi continues to recognize the MSR asset and remains responsible for oversight of the servicing performed by the subservicer. Failure to service the loans in accordance with contractual requirements may lead to the termination of the servicing rights and the loss of future servicing fees. These transactions create intangible assets referred to as MSRs, which are recorded at fair value on Citi’s Consolidated Balance Sheet (see Note 21 for the valuation of MSRs). The MSRs correspond to principal loan balances of $60 billion and $58 billion as of September 30, 2026 and 2025, respectively.
The Company receives fees during the course of servicing previously securitized mortgages. The amounts of these fees were as follows:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
| In millions of dollars | 2026 | 2025 | 2026 | 2025 | ||||||||||
Servicing fees | $ | $ | $ | $ | ||||||||||
Late fees | ||||||||||||||
Total MSR fees | $ | $ | $ | $ | ||||||||||
In the Consolidated Statement of Income these fees are primarily classified as Commissions and fees, and changes in MSR fair values are classified as Other revenue.
Re-securitizations
The Company engages in re-securitization transactions backed by either residential or commercial mortgages in which debt securities are transferred to a VIE in exchange for new beneficial interests. Citi did not transfer non-agency (private label) securities to re-securitization entities, nor did Citi hold retained interests in such securitizations, during the three months ended September 30, 2026 and 2025.
As of September 30, 2026 and December 31, 2025, Citi held no
The Company also re-securitizes U.S. government-agency-guaranteed mortgage-backed (agency) securities. During the three and nine months ended September 30, 2026, Citi transferred agency securities with a fair value of approximately $10.5 billion and $29.1 billion to re-securitization entities, compared to approximately $10.5 billion and $24.1 billion for the three and nine months ended September 30, 2025, respectively.
As of September 30, 2026, the fair value of Citi-retained interests in agency re-securitization transactions structured by Citi totaled approximately $3.5 billion (including $2.7 billion related to re-securitization transactions executed in 2026), compared to $2.6 billion as of December 31, 2025 (including $1.9 billion related to re-securitization transactions executed in 2025), which is recorded in Trading account assets. The original fair values of agency re-securitization transactions in which Citi holds a retained interest as of September 30, 2026 and December 31, 2025 were approximately $101.2 billion and $83.4 billion, respectively.
As of September 30, 2026 and December 31, 2025, the Company did not consolidate any private label or agency re-securitization entities.
161
Citi-Administered Asset-Backed Commercial Paper Conduits
At September 30, 2026 and December 31, 2025, the commercial paper conduits administered by Citi had approximately $23.4 billion and $19.2 billion of purchased assets outstanding and unfunded commitments of approximately $14.8 billion and $17.5 billion, respectively.
At September 30, 2026 and December 31, 2025, the weighted-average remaining maturities of the commercial paper issued by the conduits were approximately 66 and 58 days, respectively.
The conduits have obtained letters of credit from the Company that total approximately $2.3 billion and $2.0 billion as of September 30, 2026 and December 31, 2025, respectively. In the event that defaulted assets exceed the credit enhancements described above, any losses in each conduit are allocated first to the Company and then to the commercial paper investors.
At September 30, 2026 and December 31, 2025, the Company owned $10.4 billion and $9.2 billion, respectively, of the commercial paper issued by its administered conduits. The Company’s investments were not driven by market illiquidity and the Company is not obligated under any agreement to purchase the commercial paper issued by the conduits.
Municipal Securities Tender Option Bond (TOB) Trusts
Municipal TOB trusts are consolidated VIEs that hold fixed- or floating-rate, taxable or tax-exempt securities issued by state and local governments and municipalities. TOB trusts finance the purchase of their municipal assets by issuing two classes of certificates: long-dated, floating rate certificates (Floaters) that are putable at par pursuant to a liquidity facility and residual interest certificates (Residuals). The Floaters are purchased by third-party investors, typically tax-exempt money market funds, and the Residuals are purchased by the Company and provide the Company with the unilateral power to cause the sale of the bonds held by a TOB trust.
Approximately $4.2 billion and $2.9 billion of putable Floaters issued by consolidated TOB trusts are reflected in Short-term borrowings at September 30, 2026 and December 31, 2025, respectively.
Asset-Based Financing
The primary types of Citi’s asset-based financings, total assets of the unconsolidated VIEs with significant involvement and Citi’s maximum exposure to loss are presented below. For Citi to realize the maximum loss, the VIE (borrower) would have to default with no recovery from the assets held by the VIE.
| September 30, 2026 | December 31, 2025 | |||||||||||||
In millions of dollars | Total unconsolidated VIE assets | Maximum exposure to unconsolidated VIEs | Total unconsolidated VIE assets | Maximum exposure to unconsolidated VIEs | ||||||||||
Type | ||||||||||||||
| Commercial and other real estate | $ | $ | $ | $ | ||||||||||
Corporate loans | ||||||||||||||
| Other (including investment funds, airlines and shipping) | ||||||||||||||
Total | $ | $ | $ | $ | ||||||||||
162
20. DERIVATIVES
In the ordinary course of business, Citigroup enters into various types of derivative transactions. Derivatives are primarily recorded in Trading account assets/Trading account liabilities on the Consolidated Balance Sheet. For additional information on Citi’s use of and accounting for derivatives, see Note 24 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
Information pertaining to Citigroup’s derivatives activities, based on notional amounts, is presented in the table below.
Derivative notional amounts are reference amounts from which contractual payments are derived and are not indicative of Citi’s actual risk exposure to derivative transactions. Citi’s derivative exposure arises primarily from market fluctuations
(i.e., market risk), counterparty failure (i.e., credit risk) and/or periods of high volatility or financial stress (i.e., liquidity risk), as well as any market valuation adjustments that may be required on the transactions. Moreover, notional amounts presented below do not reflect the netting of offsetting trades. For example, if Citi enters into a receive-fixed interest rate swap with $100 million notional, and offsets this risk with an identical but opposite pay-fixed position with a different counterparty, $200 million in derivative notionals is reported, although these offsetting positions may result in de minimis overall market risk.
In addition, aggregate derivative notional amounts can fluctuate from period to period in the normal course of business based on Citi’s market share, levels of client activity and other factors.
Derivative Notionals
| Hedging instruments under ASC 815 | Trading derivative instruments | |||||||||||||
| In millions of dollars | September 30, 2026 | December 31, 2025 | September 30, 2026 | December 31, 2025 | ||||||||||
| Interest rate contracts | ||||||||||||||
| Swaps | $ | $ | $ | $ | ||||||||||
| Futures and forwards | ||||||||||||||
| Written options | ||||||||||||||
| Purchased options | ||||||||||||||
| Total interest rate contracts | $ | $ | $ | $ | ||||||||||
| Foreign exchange contracts | ||||||||||||||
| Swaps | $ | $ | $ | $ | ||||||||||
| Futures, forwards and spot | ||||||||||||||
| Written options | ||||||||||||||
| Purchased options | ||||||||||||||
| Total foreign exchange contracts | $ | $ | $ | $ | ||||||||||
| Equity contracts | ||||||||||||||
| Swaps | $ | $ | $ | $ | ||||||||||
| Futures and forwards | ||||||||||||||
| Written options | ||||||||||||||
| Purchased options | ||||||||||||||
| Total equity contracts | $ | $ | $ | $ | ||||||||||
| Commodity and other contracts | ||||||||||||||
| Swaps | $ | $ | $ | $ | ||||||||||
| Futures and forwards | ||||||||||||||
| Written options | ||||||||||||||
| Purchased options | ||||||||||||||
| Total commodity and other contracts | $ | $ | $ | $ | ||||||||||
| Credit derivatives | ||||||||||||||
| Protection sold | $ | $ | $ | $ | ||||||||||
| Protection purchased | ||||||||||||||
| Total credit derivatives | $ | $ | $ | $ | ||||||||||
| Total derivative notionals | $ | $ | $ | $ | ||||||||||
163
The following tables present the gross and net fair values of the Company’s derivative transactions and the related offsetting amounts as of September 30, 2026 and December 31, 2025. Gross positive fair values are offset against gross negative fair values by counterparty, pursuant to enforceable master netting agreements. Under ASC 815-10-45, payables and receivables in respect of cash collateral received from or paid to a given counterparty pursuant to a credit support annex are included in the offsetting amount if a legal opinion supporting the enforceability of netting and collateral rights has been obtained. GAAP does not permit similar offsetting for security collateral.
For additional information on Citi’s derivative mark-to-market (MTM) receivables/payables, see Note 24 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
Derivative Mark-to-Market (MTM) Receivables/Payables
Derivatives classified in Trading account assets/liabilities(1)(2) | ||||||||
| In millions of dollars at September 30, 2026 | Assets | Liabilities | ||||||
| Derivatives instruments designated as ASC 815 hedges | ||||||||
| Over-the-counter | $ | $ | ||||||
| Cleared | ||||||||
| Interest rate contracts | $ | $ | ||||||
| Over-the-counter | $ | $ | ||||||
| Cleared | ||||||||
| Foreign exchange contracts | $ | $ | ||||||
| Total derivatives instruments designated as ASC 815 hedges | $ | $ | ||||||
| Derivatives instruments not designated as ASC 815 hedges | ||||||||
| Over-the-counter | $ | $ | ||||||
| Cleared | ||||||||
| Exchange traded | ||||||||
| Interest rate contracts | $ | $ | ||||||
| Over-the-counter | $ | $ | ||||||
| Cleared | ||||||||
| Exchange traded | ||||||||
| Foreign exchange contracts | $ | $ | ||||||
| Over-the-counter | $ | $ | ||||||
| Cleared | ||||||||
| Exchange traded | ||||||||
| Equity contracts | $ | $ | ||||||
| Over-the-counter | $ | $ | ||||||
| Exchange traded | ||||||||
| Commodity and other contracts | $ | $ | ||||||
| Over-the-counter | $ | $ | ||||||
| Cleared | ||||||||
| Credit derivatives | $ | $ | ||||||
| Total derivatives instruments not designated as ASC 815 hedges | $ | $ | ||||||
| Total derivatives | $ | $ | ||||||
Less: Netting agreements(3) | $ | ( | $ | ( | ||||
Less: Netting cash collateral received/paid(4) | ( | ( | ||||||
Net receivables/payables included on the Consolidated Balance Sheet(5) | $ | $ | ||||||
| Additional amounts subject to an enforceable master netting agreement, but not offset on the Consolidated Balance Sheet | ||||||||
| Less: Cash collateral received/paid | $ | ( | $ | ( | ||||
| Less: Non-cash collateral received/paid | ( | ( | ||||||
Total net receivables/payables(5) | $ | $ | ||||||
(1)The derivatives fair values are also presented in Note 21.
(2)Over-the-counter (OTC) derivatives are derivatives executed and settled bilaterally with counterparties without the use of an organized exchange or central clearing house. Cleared derivatives include derivatives executed bilaterally with a counterparty in the OTC market, but then novated to a central clearing house, whereby the central clearing house becomes the counterparty to both of the original counterparties. Exchange-traded derivatives include derivatives executed directly on an organized exchange that provides pre-trade price transparency.
164
(3)Represents the netting of balances with the same counterparty under enforceable netting agreements. Approximately $256 146 62
(4)Represents the netting of cash collateral paid and received by counterparties under enforceable credit support annexes with appropriate legal opinion supporting enforceability of netting. Substantially all netting of cash collateral received and paid is against OTC derivative assets and liabilities, respectively.
(5)The net receivables/payables include approximately $10 billion of derivative asset and $17 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively.
Derivatives classified in Trading account assets/liabilities(1)(2) | ||||||||
| In millions of dollars at December 31, 2025 | Assets | Liabilities | ||||||
| Derivatives instruments designated as ASC 815 hedges | ||||||||
| Over-the-counter | $ | $ | ||||||
| Cleared | ||||||||
| Interest rate contracts | $ | $ | ||||||
| Over-the-counter | $ | $ | ||||||
| Cleared | ||||||||
| Foreign exchange contracts | $ | $ | ||||||
| Total derivatives instruments designated as ASC 815 hedges | $ | $ | ||||||
| Derivatives instruments not designated as ASC 815 hedges | ||||||||
| Over-the-counter | $ | $ | ||||||
| Cleared | ||||||||
| Exchange traded | ||||||||
| Interest rate contracts | $ | $ | ||||||
| Over-the-counter | $ | $ | ||||||
| Cleared | ||||||||
| Exchange traded | ||||||||
| Foreign exchange contracts | $ | $ | ||||||
| Over-the-counter | $ | $ | ||||||
| Cleared | ||||||||
| Exchange traded | ||||||||
| Equity contracts | $ | $ | ||||||
| Over-the-counter | $ | $ | ||||||
| Exchange traded | ||||||||
| Commodity and other contracts | $ | $ | ||||||
| Over-the-counter | $ | $ | ||||||
| Cleared | ||||||||
| Credit derivatives | $ | $ | ||||||
| Total derivatives instruments not designated as ASC 815 hedges | $ | $ | ||||||
| Total derivatives | $ | $ | ||||||
Less: Netting agreements(3) | $ | ( | $ | ( | ||||
Less: Netting cash collateral received/paid(4) | ( | ( | ||||||
Net receivables/payables included on the Consolidated Balance Sheet(5) | $ | $ | ||||||
| Additional amounts subject to an enforceable master netting agreement, but not offset on the Consolidated Balance Sheet | ||||||||
| Less: Cash collateral received/paid | $ | ( | $ | ( | ||||
| Less: Non-cash collateral received/paid | ( | ( | ||||||
Total net receivables/payables(5) | $ | $ | ||||||
(1)The derivative fair values are also presented in Note 21.
(2)OTC derivatives are derivatives executed and settled bilaterally with counterparties without the use of an organized exchange or central clearing house. Cleared derivatives include derivatives executed bilaterally with a counterparty in the OTC market, but then novated to a central clearing house, whereby the central clearing house becomes the counterparty to both of the original counterparties. Exchange-traded derivatives include derivatives executed directly on an organized exchange that provides pre-trade price transparency.
(3)Represents the netting of balances with the same counterparty under enforceable netting agreements. Approximately $227 136 43
165
(4)Represents the netting of cash collateral paid and received by counterparties under enforceable credit support annexes with appropriate legal opinion supporting enforceability of netting. Substantially all netting of cash collateral received and paid is against OTC derivative assets and liabilities, respectively.
(5)The net receivables/payables include approximately $11 billion of derivative asset and $15 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively.
For the three and nine months ended September 30, 2026 and 2025, amounts recognized in Principal transactions in the Consolidated Statement of Income include certain derivatives not designated in a qualifying hedging relationship. Citigroup presents this disclosure by business classification, showing derivative gains and losses related to its trading activities together with gains and losses related to non-derivative instruments within the same trading portfolios, as this represents how these portfolios are risk managed. See Note 6 for further information.
Fair Value Hedges
For additional information on Citi’s fair value hedges, see Notes 1 and 24 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
The following table summarizes the gain (loss) on the Company’s fair value hedges:
Gain (loss) on fair value hedges(1) | ||||||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| In millions of dollars | Principal transactions | Net interest income | Principal transactions | Net interest income | Principal transactions | Net interest income | Principal transactions | Net interest income | ||||||||||||||||||
| Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges | ||||||||||||||||||||||||||
| Interest rate hedges | $ | $ | $ | $ | ( | $ | $ | $ | $ | ( | ||||||||||||||||
| Foreign exchange hedges | ( | ( | ||||||||||||||||||||||||
Commodity hedges(2) | ( | ( | ( | |||||||||||||||||||||||
| Total gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges | $ | ( | $ | $ | ( | $ | ( | $ | ( | $ | $ | ( | $ | ( | ||||||||||||
| Gain (loss) on the hedged item in designated and qualifying fair value hedges | ||||||||||||||||||||||||||
| Interest rate hedges | $ | $ | ( | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||
| Foreign exchange hedges | ( | ( | ||||||||||||||||||||||||
Commodity hedges(2) | ( | |||||||||||||||||||||||||
| Total gain (loss) on the hedged item in designated and qualifying fair value hedges | $ | $ | ( | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||
| Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | ||||||||||||||||||||||||||
| Interest rate hedges | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Foreign exchange hedges(3) | ||||||||||||||||||||||||||
Commodity hedges(2)(4) | ||||||||||||||||||||||||||
| Total net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
(1)Gain (loss) amounts for interest rate risk hedges are included in Interest income/Interest expense. The accrued interest income on fair value hedges is recorded in Net interest income and is excluded from this table. Amounts included both hedges of AFS securities and long-term debt on a net basis, which largely offset in the current period.
(2)The nine months ended September 30, 2026 reflects the impact of the early adoption of ASU 2026-02, Environmental Credits and Environmental Credit Obligations, effective January 1, 2026.
(3)Amounts related to the forward points (i.e., the spot-forward difference) that are excluded from the assessment of hedge effectiveness and are generally reflected directly in earnings under the mark-to-market approach. Amounts related to cross-currency basis, which are recognized in AOCI, are not reflected in the table above. The amount of cross-currency basis included in AOCI was $10 million and $14 million for the three months ended September 30, 2026 and 2025, respectively.
(4)Amounts related to the forward points (i.e., the spot-forward difference) that are excluded from the assessment of hedge effectiveness and are generally reflected directly in earnings under the mark-to-market approach or recorded in AOCI under the amortization approach. The quarter ended September 30, 2026 includes a gain (loss) of approximately $44 million and $2 million under the mark-to-market approach and amortization approach, respectively. The quarter ended September 30, 2025 includes a gain (loss) of approximately $107 million and less than $1 million under the mark-to-market approach and amortization approach, respectively.
166
Cumulative Basis Adjustment
For additional information on Citi’s cumulative basis adjustment, see Notes 1 and 24 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
The table below presents the carrying amount of Citi’s hedged assets and liabilities under qualifying fair value hedges at September 30, 2026 and December 31, 2025, along with the cumulative basis adjustments included in the carrying value of those hedged assets and liabilities that would reverse through earnings in future periods:
Balance sheet line item in which hedged item is recorded (in millions of dollars) | Carrying amount of hedged asset/ liability(1) | Cumulative basis adjustment increasing (decreasing) the carrying amount | |||||||||
| Active | De-designated | ||||||||||
| As of September 30, 2026 | |||||||||||
AFS debt securities—specifically hedged(2) | $ | $ | ( | $ | ( | ||||||
AFS debt securities—portfolio-layer method(2)(3) | ( | ||||||||||
Consumer loans—portfolio-layer method(4) | ( | ||||||||||
Corporate loans—portfolio-layer method(5) | ( | ( | |||||||||
| ( | ( | ||||||||||
| Short-term borrowings | ( | ||||||||||
| As of December 31, 2025 | |||||||||||
AFS debt securities—specifically hedged(2) | $ | $ | $ | ||||||||
AFS debt securities—portfolio-layer method(2)(3) | |||||||||||
Consumer loans—portfolio-layer method(4) | |||||||||||
Corporate loans—portfolio-layer method(5) | ( | ||||||||||
| ( | |||||||||||
(1)Excludes physical commodities inventories with a carrying value of approximately $6.0 billion and $11.2 billion as of September 30, 2026 and December 31, 2025, respectively, which includes cumulative basis adjustments of approximately $(0.1 ) billion and $0.1 billion, respectively, for active hedges and $(10 ) million for de-designated hedges at September 30, 2026.
(2)Carrying amount represents the amortized cost basis of the hedged securities or portfolio layers.
(3)The Company designated approximately $50.7 billion and $24.0 billion as the hedged amount in the portfolio-layer hedging relationship as of September 30, 2026 and December 31, 2025, respectively.
(4) The Company designated approximately $27.0 billion and $26.0 billion as the hedged amount in the portfolio-layer hedging relationship as of September 30, 2026 and December 31, 2025, respectively.
(5) The Company designated approximately $2.0 billion and $2.8 billion as the hedged amount in the portfolio-layer hedging relationship as of September 30, 2026 and December 31, 2025, respectively.
167
Cash Flow Hedges
For additional information on Citi’s cash flow hedges, see Notes 1 and 24 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
The pretax change in AOCI from cash flow hedges is presented below:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
| In millions of dollars | 2026 | 2025 | 2026 | 2025 | ||||||||||
Amount of gain (loss) recognized in AOCI on derivatives | ||||||||||||||
| Interest rate contracts | $ | ( | $ | ( | $ | ( | $ | ( | ||||||
| Foreign exchange contracts | ( | ( | ( | ( | ||||||||||
Total gain (loss) recognized in AOCI | $ | ( | $ | ( | $ | ( | $ | ( | ||||||
| Net interest income | ||||||||||||||
Amount of gain (loss) reclassified from AOCI to earnings(1) | ||||||||||||||
| Interest rate contracts | $ | ( | $ | ( | $ | ( | $ | ( | ||||||
| Foreign exchange contracts | ( | ( | ( | ( | ||||||||||
Total gain (loss) reclassified from AOCI into earnings | $ | ( | $ | ( | $ | ( | $ | ( | ||||||
Net pretax change in cash flow hedges included within AOCI | $ | ( | $ | $ | ( | $ | ||||||||
(1)All amounts reclassified into earnings for interest rate contracts are included in Interest income/Interest expense (Net interest income). For all other hedges, the amounts reclassified to earnings are included primarily in Other revenue and Net interest income in the Consolidated Statement of Income.
The net gain (loss) associated with cash flow hedges expected to be reclassified from AOCI within 12 months of September 30, 2026 is approximately $(0.8 ) billion. The maximum length of time over which forecasted cash flows are hedged is 12 years.
The after-tax impact of cash flow hedges on AOCI is presented in Note 17.
Net Investment Hedges
For additional information on Citi’s net investment hedges, see Notes 1 and 24 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
The pretax gain (loss) recorded in CTA within AOCI, related to net investment hedges, was $(268 ) million and $(327 ) million for the three and nine months ended September 30, 2026, and $161 million and $(2,302 ) million for the three and nine months ended September 30, 2025, respectively. The three and nine months ended September 30, 2026 included pretax losses of $35 million and $564 million, respectively, that were reclassified to Noncontrolling interests. See Notes 2 and 17.
168
Credit Derivatives
For additional information on Citi’s credit derivatives, see Note 24 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
The following tables summarize the key characteristics of Citi’s credit derivatives portfolio by derivative form, rating of reference entity and maturity:
| Fair values | Notionals | |||||||||||||
In millions of dollars at September 30, 2026 | Receivable(1) | Payable(2) | Protection purchased | Protection sold | ||||||||||
| By instrument | ||||||||||||||
| Credit default swaps and options | $ | $ | $ | $ | ||||||||||
| Total return swaps and other | ||||||||||||||
| Total by instrument | $ | $ | $ | $ | ||||||||||
| By rating of reference entity | ||||||||||||||
| Investment grade | $ | $ | $ | $ | ||||||||||
| Non-investment grade | ||||||||||||||
| Total by rating of reference entity | $ | $ | $ | $ | ||||||||||
| By maturity | ||||||||||||||
| Within 1 year | $ | $ | $ | $ | ||||||||||
| From 1 to 5 years | ||||||||||||||
| After 5 years | ||||||||||||||
| Total by maturity | $ | $ | $ | $ | ||||||||||
(1)The fair value amount receivable is composed of $7,387 million under protection purchased and $5,704 million under protection sold.
(2)The fair value amount payable is composed of $7,422 million under protection purchased and $2,919 million under protection sold.
| Fair values | Notionals | |||||||||||||
In millions of dollars at December 31, 2025 | Receivable(1) | Payable(2) | Protection purchased | Protection sold | ||||||||||
| By instrument | ||||||||||||||
| Credit default swaps and options | $ | $ | $ | $ | ||||||||||
| Total return swaps and other | ||||||||||||||
| Total by instrument | $ | $ | $ | $ | ||||||||||
| By rating of reference entity | ||||||||||||||
| Investment grade | $ | $ | $ | $ | ||||||||||
| Non-investment grade | ||||||||||||||
| Total by rating of reference entity | $ | $ | $ | $ | ||||||||||
| By maturity | ||||||||||||||
| Within 1 year | $ | $ | $ | $ | ||||||||||
| From 1 to 5 years | ||||||||||||||
| After 5 years | ||||||||||||||
| Total by maturity | $ | $ | $ | $ | ||||||||||
(1) The fair value amount receivable is composed of $3,899 million under protection purchased and $5,824 million under protection sold.
(2) The fair value amount payable is composed of $9,275 million under protection purchased and $1,957 million under protection sold.
169
Credit Risk-Related Contingent Features in Derivatives
Certain derivative instruments contain provisions that require the Company to either post additional collateral or immediately settle any outstanding liability balances upon the occurrence of a specified event related to the credit risk of the Company. These events, which are defined by the existing derivative contracts, are primarily downgrades in the credit ratings of the Company and its affiliates.
The fair value (excluding CVA) of all derivative instruments with credit risk-related contingent features that were in a net liability position at September 30, 2026 and December 31, 2025 was $14 billion and $16 billion, respectively. The Company posted $12 billion and $13 billion as collateral for this exposure in the normal course of business as of September 30, 2026 and December 31, 2025, respectively.
A downgrade could trigger additional collateral or cash settlement requirements for the Company and certain affiliates. In the event that Citigroup and Citibank were downgraded a single notch by all three major rating agencies as of September 30, 2026, the Company could be required to post an additional $0.3 billion as either collateral or settlement of the derivative transactions.
Derivatives Accompanied by Financial Asset Transfers
For transfers of financial assets accounted for as a sale by the Company, and for which the Company has retained substantially all of the economic exposure to the transferred asset through a total return swap executed with the same counterparty in contemplation of the initial sale (and still outstanding), the asset amounts derecognized and the gross cash proceeds received as of the date of derecognition were $6.5 billion and $8.2 billion as of September 30, 2026 and December 31, 2025, respectively.
At September 30, 2026, the fair value of these previously derecognized assets was $6.4 billion. The fair value of the total return swaps as of September 30, 2026 was $14 million recorded as gross derivative assets and $256 million recorded as gross derivative liabilities. At December 31, 2025, the fair value of these previously derecognized assets was $8.0 billion, and the fair value of the total return swaps was $103 million recorded as gross derivative assets and $69 million recorded as gross derivative liabilities.
170
21. FAIR VALUE MEASUREMENT
For additional information regarding fair value measurement at Citi, see Notes 1 (“Fair Value”) and 26 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
Market Valuation Adjustments
The table below summarizes the credit valuation adjustments (CVA) and funding valuation adjustments (FVA) applied to the fair value of derivative instruments (recorded in Trading account assets and Trading account liabilities on the Consolidated Balance Sheet) at September 30, 2026 and December 31, 2025:
| Credit and funding valuation adjustments contra-liability (contra-asset) | ||||||||
| In millions of dollars | September 30, 2026 | December 31, 2025 | ||||||
| Counterparty CVA | $ | ( | $ | ( | ||||
| Asset FVA | ( | ( | ||||||
| Citigroup (own credit) CVA | ||||||||
| Liability FVA | ||||||||
| Total CVA and FVA—derivative instruments | $ | ( | $ | ( | ||||
The table below summarizes pretax gain (loss) related to changes in CVA and FVA on derivative instruments, net of hedges (recorded in Principal transactions revenue in the Consolidated Statement of Income), and changes in debt valuation adjustments (DVA) on Citi’s own fair value option (FVO) liabilities (recorded in Other comprehensive income in the Consolidated Statement of Comprehensive Income) for the periods indicated:
| Credit/funding/debt valuation adjustments gain (loss) | ||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
| In millions of dollars | 2026 | 2025 | 2026 | 2025 | ||||||||||
| Counterparty CVA | $ | ( | $ | $ | ( | $ | ( | |||||||
| Asset FVA | ( | |||||||||||||
| Own credit CVA | ( | |||||||||||||
| Liability FVA | ( | ( | ||||||||||||
| Total CVA and FVA—derivative instruments | $ | $ | $ | $ | ( | |||||||||
| DVA related to own FVO liabilities | $ | $ | ( | $ | $ | ( | ||||||||
| Total CVA, DVA and FVA | $ | $ | ( | $ | $ | ( | ||||||||
171
Items Measured at Fair Value on a Recurring Basis
The following tables present for each of the fair value hierarchy levels the Company’s assets and liabilities that are measured at fair value on a recurring basis at September 30, 2026 and December 31, 2025. The Company may hedge
positions that have been classified in the Level 3 category with other financial instruments (hedging instruments) that may be classified as Level 3, but also with financial instruments classified as Level 1 or Level 2. These hedges are presented gross in the following tables:
Fair Value Levels
| In millions of dollars at September 30, 2026 | Level 1 | Level 2 | Level 3 | Gross inventory | Netting(1) | Net balance | ||||||||||||||
| Assets | ||||||||||||||||||||
| Securities borrowed and purchased under agreements to resell | $ | $ | $ | $ | $ | ( | $ | |||||||||||||
| Trading non-derivative assets | ||||||||||||||||||||
| Trading mortgage-backed securities | ||||||||||||||||||||
| U.S. government-sponsored agency guaranteed | — | |||||||||||||||||||
| Residential | — | |||||||||||||||||||
| Commercial | — | |||||||||||||||||||
| Total trading mortgage-backed securities | $ | $ | $ | $ | $ | — | $ | |||||||||||||
| U.S. Treasury and federal agency securities | $ | $ | $ | $ | $ | — | $ | |||||||||||||
| State and municipal | — | |||||||||||||||||||
| Foreign government | — | |||||||||||||||||||
| Corporate | — | |||||||||||||||||||
| Equity securities | — | |||||||||||||||||||
| Asset-backed securities | — | |||||||||||||||||||
Other trading assets(2) | — | |||||||||||||||||||
| Total trading non-derivative assets | $ | $ | $ | $ | $ | — | $ | |||||||||||||
| Trading derivatives | ||||||||||||||||||||
| Interest rate contracts | $ | $ | $ | $ | ||||||||||||||||
| Foreign exchange contracts | ||||||||||||||||||||
| Equity contracts | ||||||||||||||||||||
| Commodity contracts | ||||||||||||||||||||
| Credit derivatives | ||||||||||||||||||||
| Total trading derivatives—before netting and collateral | $ | $ | $ | $ | ||||||||||||||||
| Netting agreements | $ | ( | ||||||||||||||||||
| Netting of cash collateral received | ( | |||||||||||||||||||
| Total trading derivatives—after netting and collateral | $ | $ | $ | $ | $ | ( | $ | |||||||||||||
| Investments | ||||||||||||||||||||
| Mortgage-backed securities | ||||||||||||||||||||
| U.S. government-sponsored agency guaranteed | $ | $ | $ | $ | $ | — | $ | |||||||||||||
| Other | — | |||||||||||||||||||
| Total investment mortgage-backed securities | $ | $ | $ | $ | $ | — | $ | |||||||||||||
| U.S. Treasury and federal agency securities | $ | $ | $ | $ | $ | — | $ | |||||||||||||
| State and municipal | — | |||||||||||||||||||
| Foreign government | — | |||||||||||||||||||
| Corporate | — | |||||||||||||||||||
| Marketable equity securities | — | |||||||||||||||||||
| Asset-backed securities | — | |||||||||||||||||||
| Other debt securities | — | |||||||||||||||||||
Non-marketable equity securities(3) | — | |||||||||||||||||||
| Total investments | $ | $ | $ | $ | $ | — | $ | |||||||||||||
Table continues on the next page.
172
| In millions of dollars at September 30, 2026 | Level 1 | Level 2 | Level 3 | Gross inventory | Netting(1) | Net balance | ||||||||||||||
| Loans | $ | $ | $ | $ | $ | — | $ | |||||||||||||
| Mortgage servicing rights | — | |||||||||||||||||||
| Other financial assets | $ | $ | $ | $ | $ | — | $ | |||||||||||||
| Total assets | $ | $ | $ | $ | $ | ( | $ | |||||||||||||
Total as a percentage of gross assets(4) | ||||||||||||||||||||
| Liabilities | ||||||||||||||||||||
| Deposits | $ | $ | $ | $ | $ | — | $ | |||||||||||||
| Securities loaned and sold under agreements to repurchase | ( | |||||||||||||||||||
| Trading account liabilities | ||||||||||||||||||||
| Securities sold, not yet purchased | — | |||||||||||||||||||
| Other trading liabilities | — | |||||||||||||||||||
| Total trading account liabilities | $ | $ | $ | $ | $ | — | $ | |||||||||||||
| Trading derivatives | ||||||||||||||||||||
| Interest rate contracts | $ | $ | $ | $ | ||||||||||||||||
| Foreign exchange contracts | ||||||||||||||||||||
| Equity contracts | ||||||||||||||||||||
| Commodity contracts | ||||||||||||||||||||
| Credit derivatives | ||||||||||||||||||||
| Total trading derivatives—before netting and collateral | $ | $ | $ | $ | ||||||||||||||||
| Netting agreements | $ | ( | ||||||||||||||||||
| Netting of cash collateral paid | ( | |||||||||||||||||||
| Total trading derivatives—after netting and collateral | $ | $ | $ | $ | $ | ( | $ | |||||||||||||
| Short-term borrowings | $ | $ | $ | $ | $ | — | $ | |||||||||||||
| Long-term debt | — | |||||||||||||||||||
| Other financial liabilities | $ | $ | $ | $ | $ | — | $ | |||||||||||||
| Total liabilities | $ | $ | $ | $ | $ | ( | $ | |||||||||||||
Total as a percentage of gross liabilities(4) | % | % | % | |||||||||||||||||
(1)Represents netting of (i) the amounts due under securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase and (ii) derivative exposures covered by a qualifying master netting agreement and cash collateral offsetting.
(2)Includes physical commodities accounted for at the lower of cost or fair value. Also includes positions related to investments in unallocated precious metals.
(3)Amounts exclude $48 million of investments measured at net asset value (NAV) in accordance with ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).
(4)Because the amount of the cash collateral paid/received has not been allocated to the Level 1, 2 and 3 subtotals, these percentages are calculated based on total assets and liabilities measured at fair value on a recurring basis, excluding the cash collateral paid/received on derivatives.
173
| In millions of dollars at December 31, 2025 | Level 1 | Level 2 | Level 3 | Gross inventory | Netting(1) | Net balance | ||||||||||||||
| Assets | ||||||||||||||||||||
| Securities borrowed and purchased under agreements to resell | $ | $ | $ | $ | $ | ( | $ | |||||||||||||
| Trading non-derivative assets | ||||||||||||||||||||
| Trading mortgage-backed securities | ||||||||||||||||||||
| U.S. government-sponsored agency guaranteed | — | |||||||||||||||||||
| Residential | — | |||||||||||||||||||
| Commercial | — | |||||||||||||||||||
| Total trading mortgage-backed securities | $ | $ | $ | $ | $ | — | $ | |||||||||||||
| U.S. Treasury and federal agency securities | $ | $ | $ | $ | $ | — | $ | |||||||||||||
| State and municipal | — | |||||||||||||||||||
| Foreign government | — | |||||||||||||||||||
| Corporate | — | |||||||||||||||||||
| Equity securities | — | |||||||||||||||||||
| Asset-backed securities | — | |||||||||||||||||||
Other trading assets(2) | — | |||||||||||||||||||
| Total trading non-derivative assets | $ | $ | $ | $ | $ | — | $ | |||||||||||||
| Trading derivatives | ||||||||||||||||||||
| Interest rate contracts | $ | $ | $ | $ | ||||||||||||||||
| Foreign exchange contracts | ||||||||||||||||||||
| Equity contracts | ||||||||||||||||||||
| Commodity contracts | ||||||||||||||||||||
| Credit derivatives | ||||||||||||||||||||
| Total trading derivatives—before netting and collateral | $ | $ | $ | $ | ||||||||||||||||
| Netting agreements | $ | ( | ||||||||||||||||||
| Netting of cash collateral received | ( | |||||||||||||||||||
| Total trading derivatives—after netting and collateral | $ | $ | $ | $ | $ | ( | $ | |||||||||||||
| Investments | ||||||||||||||||||||
| Mortgage-backed securities | ||||||||||||||||||||
| U.S. government-sponsored agency guaranteed | $ | $ | $ | $ | $ | — | $ | |||||||||||||
| Other | — | |||||||||||||||||||
| Total investment mortgage-backed securities | $ | $ | $ | $ | $ | — | $ | |||||||||||||
| U.S. Treasury and federal agency securities | $ | $ | $ | $ | $ | — | $ | |||||||||||||
| State and municipal | — | |||||||||||||||||||
| Foreign government | — | |||||||||||||||||||
| Corporate | — | |||||||||||||||||||
| Marketable equity securities | — | |||||||||||||||||||
| Asset-backed securities | — | |||||||||||||||||||
| Other debt securities | — | |||||||||||||||||||
Non-marketable equity securities(3) | — | |||||||||||||||||||
| Total investments | $ | $ | $ | $ | $ | — | $ | |||||||||||||
Table continues on the next page.
174
| In millions of dollars at December 31, 2025 | Level 1 | Level 2 | Level 3 | Gross inventory | Netting(1) | Net balance | ||||||||||||||
| Loans | $ | $ | $ | $ | $ | — | $ | |||||||||||||
| Mortgage servicing rights | — | |||||||||||||||||||
| Other financial assets | $ | $ | $ | $ | $ | $ | ||||||||||||||
| Total assets | $ | $ | $ | $ | $ | ( | $ | |||||||||||||
Total as a percentage of gross assets(4) | ||||||||||||||||||||
| Liabilities | ||||||||||||||||||||
| Deposits | $ | $ | $ | $ | $ | — | $ | |||||||||||||
| Securities loaned and sold under agreements to repurchase | ( | |||||||||||||||||||
| Trading account liabilities | ||||||||||||||||||||
| Securities sold, not yet purchased | — | |||||||||||||||||||
| Other trading liabilities | — | |||||||||||||||||||
| Total trading account liabilities | $ | $ | $ | $ | $ | — | $ | |||||||||||||
| Trading derivatives | ||||||||||||||||||||
| Interest rate contracts | $ | $ | $ | $ | ||||||||||||||||
| Foreign exchange contracts | ||||||||||||||||||||
| Equity contracts | ||||||||||||||||||||
| Commodity contracts | ||||||||||||||||||||
| Credit derivatives | ||||||||||||||||||||
| Total trading derivatives—before netting and collateral | $ | $ | $ | $ | ||||||||||||||||
| Netting agreements | $ | ( | ||||||||||||||||||
| Netting of cash collateral paid | ( | |||||||||||||||||||
| Total trading derivatives—after netting and collateral | $ | $ | $ | $ | $ | ( | $ | |||||||||||||
| Short-term borrowings | $ | $ | $ | $ | $ | — | $ | |||||||||||||
| Long-term debt | — | |||||||||||||||||||
| Other financial liabilities | $ | $ | $ | $ | $ | $ | ||||||||||||||
| Total liabilities | $ | $ | $ | $ | $ | ( | $ | |||||||||||||
Total as a percentage of gross liabilities(4) | % | % | % | |||||||||||||||||
(1)Represents netting of (i) the amounts due under securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase and (ii) derivative exposures covered by a qualifying master netting agreement and cash collateral offsetting.
(2)Includes physical commodities accounted for at the lower of cost or fair value. Also includes positions related to investments in unallocated precious metals.
(3)Amounts exclude $37 million of investments measured at NAV in accordance with ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).
(4)Because the amount of the cash collateral paid/received has not been allocated to the Level 1, 2 and 3 subtotals, these percentages are calculated based on total assets and liabilities measured at fair value on a recurring basis, excluding the cash collateral paid/received on derivatives.
175
Changes in Level 3 Fair Value Category
The following tables present the changes in the Level 3 fair value category for the three and nine months ended September 30, 2026 and 2025. The gains and losses presented below include changes in the fair value related to both observable and unobservable inputs.
The Company often hedges positions with offsetting positions that are classified in a different level. For example,
the gains and losses for assets and liabilities in the Level 3 category presented in the tables below do not reflect the effect of offsetting losses and gains on hedging instruments that may be classified in the Level 1 or Level 2 categories. In addition, the Company hedges items classified in the Level 3 category with instruments also classified in Level 3 of the fair value hierarchy. The hedged items and related hedges are presented gross in the following tables:
Level 3 Fair Value Rollforward
Net realized/unrealized gains (losses) incl. in(1) | Transfers | Unrealized gains (losses) still held(3) | |||||||||||||||||||||||||||||||||
| In millions of dollars | Jun. 30, 2026 | Principal transactions | Other(1)(2) | into Level 3 | out of Level 3 | Purchases | Issuances | Sales | Settlements | Sep. 30, 2026 | |||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||||||||
| Securities borrowed and purchased under agreements to resell | $ | $ | $ | $ | $ | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||
| Trading non-derivative assets | |||||||||||||||||||||||||||||||||||
| Trading mortgage-backed securities | |||||||||||||||||||||||||||||||||||
| U.S. government-sponsored agency guaranteed | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Residential | ( | ( | |||||||||||||||||||||||||||||||||
| Commercial | ( | ( | |||||||||||||||||||||||||||||||||
| Total trading mortgage-backed securities | $ | $ | ( | $ | $ | $ | ( | $ | $ | $ | ( | $ | $ | $ | ( | ||||||||||||||||||||
| U.S. Treasury and federal agency securities | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| State and municipal | |||||||||||||||||||||||||||||||||||
| Foreign government | ( | ( | ( | ||||||||||||||||||||||||||||||||
| Corporate | ( | ( | |||||||||||||||||||||||||||||||||
| Marketable equity securities | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Asset-backed securities | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Other trading assets | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Total trading non-derivative assets | $ | $ | ( | $ | $ | $ | ( | $ | $ | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||
Trading derivatives, net(4) | |||||||||||||||||||||||||||||||||||
| Interest rate contracts | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ | ( | $ | $ | $ | ( | ||||||||||||||||||||
| Foreign exchange contracts | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
| Equity contracts | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
| Commodity contracts | ( | ( | ( | ||||||||||||||||||||||||||||||||
| Credit derivatives | ( | ( | ( | ||||||||||||||||||||||||||||||||
Total trading derivatives, net(4) | $ | ( | $ | $ | $ | $ | $ | ( | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||
Table continues on the next page.
176
Net realized/unrealized gains (losses) incl. in(1) | Transfers | Unrealized gains (losses) still held(3) | |||||||||||||||||||||||||||||||||
| In millions of dollars | Jun. 30, 2026 | Principal transactions | Other(1)(2) | into Level 3 | out of Level 3 | Purchases | Issuances | Sales | Settlements | Sep. 30, 2026 | |||||||||||||||||||||||||
| Investments | |||||||||||||||||||||||||||||||||||
| Mortgage-backed securities | |||||||||||||||||||||||||||||||||||
| U.S. government-sponsored agency guaranteed | $ | $ | $ | ( | $ | $ | $ | $ | $ | ( | $ | $ | $ | ( | |||||||||||||||||||||
| Other | |||||||||||||||||||||||||||||||||||
| Total investment mortgage-backed securities | $ | $ | $ | ( | $ | $ | $ | $ | $ | ( | $ | $ | $ | ( | |||||||||||||||||||||
| U.S. Treasury and federal agency securities | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| State and municipal | ( | ( | ( | ||||||||||||||||||||||||||||||||
| Foreign government | ( | ( | |||||||||||||||||||||||||||||||||
| Corporate | ( | ( | ( | ||||||||||||||||||||||||||||||||
| Marketable equity securities | ( | ||||||||||||||||||||||||||||||||||
| Asset-backed securities | |||||||||||||||||||||||||||||||||||
| Other debt securities | |||||||||||||||||||||||||||||||||||
| Non-marketable equity securities | ( | ||||||||||||||||||||||||||||||||||
| Total investments | $ | $ | $ | $ | $ | ( | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||
| Loans | $ | $ | $ | $ | $ | ( | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||
| Mortgage servicing rights | ( | ||||||||||||||||||||||||||||||||||
| Other financial assets | |||||||||||||||||||||||||||||||||||
| Liabilities | |||||||||||||||||||||||||||||||||||
| Deposits | $ | $ | $ | $ | $ | $ | $ | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||
| Securities loaned and sold under agreements to repurchase | ( | ||||||||||||||||||||||||||||||||||
| Trading account liabilities | |||||||||||||||||||||||||||||||||||
| Securities sold, not yet purchased | ( | ( | |||||||||||||||||||||||||||||||||
| Other trading liabilities | |||||||||||||||||||||||||||||||||||
| Short-term borrowings | ( | ( | ( | ||||||||||||||||||||||||||||||||
| Long-term debt | ( | ( | |||||||||||||||||||||||||||||||||
| Other financial liabilities measured on a recurring basis | |||||||||||||||||||||||||||||||||||
(1)Net realized/unrealized gains (losses) are presented as increase (decrease) to Level 3 assets and as (increase) decrease to Level 3 liabilities. Changes in fair value of available-for-sale debt securities are recorded in AOCI, unless related to credit impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments in the Consolidated Statement of Income.
(2)Unrealized gains (losses) on MSRs are recorded in Other revenue in the Consolidated Statement of Income.
(3)Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale debt securities and DVA on fair value option liabilities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at September 30, 2026.
(4)Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only.
177
Net realized/unrealized gains (losses) incl. in(1) | Transfers | Unrealized gains (losses) still held(3) | |||||||||||||||||||||||||||||||||
| In millions of dollars | Dec. 31, 2025 | Principal transactions | Other(1)(2) | into Level 3 | out of Level 3 | Purchases | Issuances | Sales | Settlements | Sep. 30, 2026 | |||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||||||||
| Securities borrowed and purchased under agreements to resell | $ | $ | $ | $ | $ | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||
| Trading non-derivative assets | |||||||||||||||||||||||||||||||||||
| Trading mortgage-backed securities | |||||||||||||||||||||||||||||||||||
| U.S. government-sponsored agency guaranteed | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Residential | ( | ( | ( | ||||||||||||||||||||||||||||||||
| Commercial | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Total trading mortgage-backed securities | $ | $ | ( | $ | $ | $ | ( | $ | $ | $ | ( | $ | $ | $ | ( | ||||||||||||||||||||
| U.S. Treasury and federal agency securities | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| State and municipal | |||||||||||||||||||||||||||||||||||
| Foreign government | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Corporate | ( | ( | |||||||||||||||||||||||||||||||||
| Marketable equity securities | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Asset-backed securities | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Other trading assets | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
| Total trading non-derivative assets | $ | $ | ( | $ | $ | $ | ( | $ | $ | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||
Trading derivatives, net(4) | |||||||||||||||||||||||||||||||||||
| Interest rate contracts | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||
| Foreign exchange contracts | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
| Equity contracts | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||
| Commodity contracts | ( | ( | ( | ||||||||||||||||||||||||||||||||
| Credit derivatives | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Total trading derivatives, net(4) | $ | ( | $ | $ | $ | ( | $ | $ | ( | $ | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||||
Table continues on the next page.
178
Net realized/unrealized gains (losses) incl. in(1) | Transfers | Unrealized gains (losses) still held(3) | |||||||||||||||||||||||||||||||||
| In millions of dollars | Dec. 31, 2025 | Principal transactions | Other(1)(2) | into Level 3 | out of Level 3 | Purchases | Issuances | Sales | Settlements | Sep. 30, 2026 | |||||||||||||||||||||||||
| Investments | |||||||||||||||||||||||||||||||||||
| Mortgage-backed securities | |||||||||||||||||||||||||||||||||||
| U.S. government-sponsored agency guaranteed | $ | $ | $ | ( | $ | $ | $ | $ | $ | ( | $ | $ | $ | ( | |||||||||||||||||||||
| Other | |||||||||||||||||||||||||||||||||||
| Total investment mortgage-backed securities | $ | $ | $ | ( | $ | $ | $ | $ | $ | ( | $ | $ | $ | ( | |||||||||||||||||||||
| U.S. Treasury and federal agency securities | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| State and municipal | ( | ( | ( | ||||||||||||||||||||||||||||||||
| Foreign government | ( | ( | ( | ||||||||||||||||||||||||||||||||
| Corporate | ( | ( | ( | ||||||||||||||||||||||||||||||||
| Marketable equity securities | ( | ( | |||||||||||||||||||||||||||||||||
| Asset-backed securities | ( | ||||||||||||||||||||||||||||||||||
| Other debt securities | |||||||||||||||||||||||||||||||||||
| Non-marketable equity securities | ( | ||||||||||||||||||||||||||||||||||
| Total investments | $ | $ | $ | $ | $ | ( | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||
| Loans | $ | $ | $ | $ | $ | ( | $ | $ | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||
| Mortgage servicing rights | ( | ||||||||||||||||||||||||||||||||||
| Other financial assets | |||||||||||||||||||||||||||||||||||
| Liabilities | |||||||||||||||||||||||||||||||||||
| Deposits | $ | $ | $ | $ | $ | ( | $ | $ | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||
| Securities loaned and sold under agreements to repurchase | ( | ||||||||||||||||||||||||||||||||||
| Trading account liabilities | |||||||||||||||||||||||||||||||||||
| Securities sold, not yet purchased | ( | ( | |||||||||||||||||||||||||||||||||
| Other trading liabilities | |||||||||||||||||||||||||||||||||||
| Short-term borrowings | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Long-term debt | ( | ( | |||||||||||||||||||||||||||||||||
| Other financial liabilities measured on a recurring basis | |||||||||||||||||||||||||||||||||||
(1)Net realized/unrealized gains (losses) are presented as increase (decrease) to Level 3 assets, and as (increase) decrease to Level 3 liabilities. Changes in fair value of available-for-sale debt securities are recorded in AOCI, unless related to credit impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments in the Consolidated Statement of Income.
(2)Unrealized gains (losses) on MSRs are recorded in Other revenue in the Consolidated Statement of Income.
(3)Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale debt securities and DVA on fair value option liabilities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at September 30, 2026.
(4)Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only.
179
Net realized/unrealized gains (losses) incl. in(1) | Transfers | Unrealized gains (losses) still held(3) | |||||||||||||||||||||||||||||||||
| In millions of dollars | Jun. 30, 2025 | Principal transactions | Other(1)(2) | into Level 3 | out of Level 3 | Purchases | Issuances | Sales | Settlements | Sep. 30, 2025 | |||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||||||||
| Securities borrowed and purchased under agreements to resell | $ | $ | $ | $ | $ | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||
| Trading non-derivative assets | |||||||||||||||||||||||||||||||||||
| Trading mortgage-backed securities | |||||||||||||||||||||||||||||||||||
| U.S. government-sponsored agency guaranteed | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Residential | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Commercial | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Total trading mortgage-backed securities | $ | $ | ( | $ | $ | $ | ( | $ | $ | $ | ( | $ | $ | $ | ( | ||||||||||||||||||||
| U.S. Treasury and federal agency securities | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| State and municipal | |||||||||||||||||||||||||||||||||||
| Foreign government | ( | ( | |||||||||||||||||||||||||||||||||
| Corporate | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Marketable equity securities | ( | ( | |||||||||||||||||||||||||||||||||
| Asset-backed securities | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Other trading assets | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
| Total trading non-derivative assets | $ | $ | ( | $ | $ | $ | ( | $ | $ | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||
Trading derivatives, net(4) | |||||||||||||||||||||||||||||||||||
| Interest rate contracts | $ | ( | $ | $ | $ | $ | $ | $ | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||||||
| Foreign exchange contracts | ( | ( | ( | ||||||||||||||||||||||||||||||||
| Equity contracts | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||
| Commodity contracts | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Credit derivatives | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Total trading derivatives, net(4) | $ | ( | $ | ( | $ | $ | $ | $ | ( | $ | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||||
Table continues on the next page.
180
Net realized/unrealized gains (losses) incl. in(1) | Transfers | Unrealized gains (losses) still held(3) | |||||||||||||||||||||||||||||||||
| In millions of dollars | Jun. 30, 2025 | Principal transactions | Other(1)(2) | into Level 3 | out of Level 3 | Purchases | Issuances | Sales | Settlements | Sep. 30, 2025 | |||||||||||||||||||||||||
| Investments | |||||||||||||||||||||||||||||||||||
| Mortgage-backed securities | |||||||||||||||||||||||||||||||||||
| U.S. government-sponsored agency guaranteed | $ | $ | $ | $ | $ | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||
| Other | ( | ( | |||||||||||||||||||||||||||||||||
| Total investment mortgage-backed securities | $ | $ | $ | $ | $ | ( | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||
| U.S. Treasury and federal agency securities | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| State and municipal | ( | ||||||||||||||||||||||||||||||||||
| Foreign government | ( | ( | |||||||||||||||||||||||||||||||||
| Corporate | ( | ( | ( | ||||||||||||||||||||||||||||||||
| Marketable equity securities | |||||||||||||||||||||||||||||||||||
| Asset-backed securities | |||||||||||||||||||||||||||||||||||
| Other debt securities | |||||||||||||||||||||||||||||||||||
| Non-marketable equity securities | ( | ||||||||||||||||||||||||||||||||||
| Total investments | $ | $ | $ | $ | $ | ( | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||
| Loans | $ | $ | $ | $ | $ | ( | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||
| Mortgage servicing rights | ( | ( | ( | ||||||||||||||||||||||||||||||||
| Other financial assets | ( | ( | |||||||||||||||||||||||||||||||||
| Liabilities | |||||||||||||||||||||||||||||||||||
| Deposits | $ | $ | $ | ( | $ | $ | $ | $ | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||
| Securities loaned and sold under agreements to repurchase | ( | ( | |||||||||||||||||||||||||||||||||
| Trading account liabilities | |||||||||||||||||||||||||||||||||||
| Securities sold, not yet purchased | ( | ( | |||||||||||||||||||||||||||||||||
| Other trading liabilities | |||||||||||||||||||||||||||||||||||
| Short-term borrowings | ( | ( | ( | ||||||||||||||||||||||||||||||||
| Long-term debt | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Other financial liabilities | ( | ||||||||||||||||||||||||||||||||||
(1)Net realized/unrealized gains (losses) are presented as increase (decrease) to Level 3 assets and as (increase) decrease to Level 3 liabilities. Changes in fair value of available-for-sale debt securities are recorded in AOCI, unless related to credit impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments in the Consolidated Statement of Income.
(2)Unrealized gains (losses) on MSRs are recorded in Other revenue in the Consolidated Statement of Income.
(3)Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale debt securities and DVA on fair value option liabilities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at September 30, 2025.
(4)Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only.
181
Net realized/unrealized gains (losses) incl. in(1) | Transfers | Unrealized gains (losses) still held(3) | |||||||||||||||||||||||||||||||||
| In millions of dollars | Dec. 31, 2024 | Principal transactions | Other(1)(2) | into Level 3 | out of Level 3 | Purchases | Issuances | Sales | Settlements | Sep. 30, 2025 | |||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||||||||
| Securities borrowed and purchased under agreements to resell | $ | $ | $ | $ | $ | ( | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||
| Trading non-derivative assets | |||||||||||||||||||||||||||||||||||
| Trading mortgage-backed securities | |||||||||||||||||||||||||||||||||||
| U.S. government-sponsored agency guaranteed | ( | ( | ( | ||||||||||||||||||||||||||||||||
| Residential | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Commercial | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Total trading mortgage-backed securities | $ | $ | $ | $ | $ | ( | $ | $ | $ | ( | $ | $ | $ | ( | |||||||||||||||||||||
| U.S. Treasury and federal agency securities | $ | $ | $ | $ | $ | ( | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
| State and municipal | ( | ||||||||||||||||||||||||||||||||||
| Foreign government | ( | ( | |||||||||||||||||||||||||||||||||
| Corporate | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Marketable equity securities | ( | ( | |||||||||||||||||||||||||||||||||
| Asset-backed securities | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Other trading assets | ( | ( | ( | ||||||||||||||||||||||||||||||||
| Total trading non-derivative assets | $ | $ | $ | $ | $ | ( | $ | $ | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||
Trading derivatives, net(4) | |||||||||||||||||||||||||||||||||||
| Interest rate contracts | $ | ( | $ | ( | $ | $ | $ | $ | ( | $ | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||||
| Foreign exchange contracts | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Equity contracts | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||
| Commodity contracts | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Credit derivatives | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Total trading derivatives, net(4) | $ | ( | $ | $ | $ | ( | $ | $ | ( | $ | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||||
Table continues on the next page.
182
Net realized/unrealized gains (losses) incl. in(1) | Transfers | Unrealized gains (losses) still held(3) | |||||||||||||||||||||||||||||||||
| In millions of dollars | Dec. 31, 2024 | Principal transactions | Other(1)(2) | into Level 3 | out of Level 3 | Purchases | Issuances | Sales | Settlements | Sep. 30, 2025 | |||||||||||||||||||||||||
| Investments | |||||||||||||||||||||||||||||||||||
| Mortgage-backed securities | |||||||||||||||||||||||||||||||||||
| U.S. government-sponsored agency guaranteed | $ | $ | $ | ( | $ | $ | ( | $ | $ | $ | ( | $ | $ | $ | ( | ||||||||||||||||||||
| Other | ( | ( | |||||||||||||||||||||||||||||||||
| Total investment mortgage-backed securities | $ | $ | $ | ( | $ | $ | ( | $ | $ | $ | ( | $ | $ | $ | ( | ||||||||||||||||||||
| U.S. Treasury and federal agency securities | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| State and municipal | ( | ( | |||||||||||||||||||||||||||||||||
| Foreign government | ( | ( | ( | ||||||||||||||||||||||||||||||||
| Corporate | ( | ( | |||||||||||||||||||||||||||||||||
| Marketable equity securities | ( | ||||||||||||||||||||||||||||||||||
| Asset-backed securities | ( | ||||||||||||||||||||||||||||||||||
| Other debt securities | ( | ||||||||||||||||||||||||||||||||||
| Non-marketable equity securities | ( | ||||||||||||||||||||||||||||||||||
| Total investments | $ | $ | $ | $ | $ | ( | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||
| Loans | $ | $ | $ | $ | $ | ( | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||
| Mortgage servicing rights | ( | ( | ( | ||||||||||||||||||||||||||||||||
| Other financial assets | ( | ( | |||||||||||||||||||||||||||||||||
| Liabilities | |||||||||||||||||||||||||||||||||||
| Deposits | $ | $ | $ | ( | $ | $ | $ | $ | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||
| Securities loaned and sold under agreements to repurchase | ( | ( | ( | ||||||||||||||||||||||||||||||||
| Trading account liabilities | |||||||||||||||||||||||||||||||||||
| Securities sold, not yet purchased | ( | ( | |||||||||||||||||||||||||||||||||
| Other trading liabilities | ( | ( | |||||||||||||||||||||||||||||||||
| Short-term borrowings | ( | ( | ( | ||||||||||||||||||||||||||||||||
| Long-term debt | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Other financial liabilities | ( | ||||||||||||||||||||||||||||||||||
(1)Net realized/unrealized gains (losses) are presented as increase (decrease) to Level 3 assets, and as (increase) decrease to Level 3 liabilities. Changes in fair value of available-for-sale debt securities are recorded in AOCI, unless related to credit impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments in the Consolidated Statement of Income.
(2)Unrealized gains (losses) on MSRs are recorded in Other revenue in the Consolidated Statement of Income.
(3)Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale debt securities and DVA on fair value option liabilities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at September 30, 2025.
(4)Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only.
Level 3 Fair Value Transfers
The following were the significant Level 3 transfers for the
period from December 31, 2025 to September 30, 2026:
•During the three and nine months ended September 30, 2026, transfers of Long-term debt were $0.8 billion and $2.7 billion from Level 3 to Level 2, and $0.3 billion and $2.0 billion from Level 2 to Level 3, respectively. The transfers were primarily related to certain unobservable inputs becoming less significant to the overall valuation of the instruments in the case of Level 3 to 2 transfers, and more significant in the case of Level 2 to 3.
The following were the significant Level 3 transfers for the
period from December 31, 2024 to September 30, 2025:
•During the three and nine months ended September 30, 2025, transfers of Long-term debt were $0.9 billion and $3.0 billion from Level 3 to Level 2, and $0.7 billion and $2.0 billion from Level 2 to Level 3, respectively. The transfers were primarily related to certain unobservable inputs becoming less significant to the overall valuation of the instruments in the case of Level 3 to 2 transfers, and more significant in the case of Level 2 to 3.
183
Valuation Techniques and Inputs for Level 3 Fair Value Measurements
The following tables present the valuation techniques covering the majority of Level 3 inventory and the most significant unobservable inputs used in Level 3 fair value measurements.
Differences between these tables and amounts presented in the Level 3 Fair Value Rollforward tables represent individually immaterial items that have been measured using a variety of valuation techniques other than those listed.
| As of September 30, 2026 | Fair value(1) (in millions) | Methodology | Input | Low(2)(3) | High(2)(3) | Weighted average(4) | ||||||||||||||
| Assets | ||||||||||||||||||||
| Mortgage-backed securities | $ | Price-based | Price | $ | $ | $ | ||||||||||||||
| Yield analysis | Yield | % | % | % | ||||||||||||||||
| State and municipal, foreign government, corporate and other debt securities | $ | Price-based | Price | $ | $ | $ | ||||||||||||||
| Model-based | Credit spread | |||||||||||||||||||
| Equity volatility | % | % | % | |||||||||||||||||
| Equity forward | % | % | % | |||||||||||||||||
| Cash flow | Yield | % | % | % | ||||||||||||||||
| WAL | ||||||||||||||||||||
| Interest rate contracts (gross) | $ | Model-based | IR normal volatility | % | % | % | ||||||||||||||
| IR-FX correlation | ( | % | % | % | ||||||||||||||||
| Foreign exchange contracts (gross) | $ | Model-based | IR basis | ( | % | % | ( | % | ||||||||||||
| IR normal volatility | % | % | % | |||||||||||||||||
| FX volatility | % | % | % | |||||||||||||||||
| Inflation rate | % | % | % | |||||||||||||||||
Equity contracts (gross)(5) | $ | Model-based | Equity volatility | % | % | % | ||||||||||||||
| Equity forward | % | % | % | |||||||||||||||||
| Equity-FX correlation | ( | % | % | ( | % | |||||||||||||||
| Equity-Equity correlation | ( | % | % | % | ||||||||||||||||
| Commodity and other contracts (gross) | $ | Model-based | Power forward (/ MWH) | $ | $ | $ | ||||||||||||||
| Natural gas forward (/ MMBTU) | $ | $ | $ | |||||||||||||||||
| Commodity volatility | % | % | % | |||||||||||||||||
| Oil forward (/ BBL) | $ | $ | $ | |||||||||||||||||
| Credit derivatives (gross) | $ | Model-based | Credit spread | |||||||||||||||||
| Recovery rate | % | % | % | |||||||||||||||||
| Credit correlation | % | % | % | |||||||||||||||||
| Price-based | Price | $ | $ | $ | ||||||||||||||||
| Mortgage servicing rights | $ | Cash flow | Yield | % | % | % | ||||||||||||||
| WAL | ||||||||||||||||||||
| Liabilities | ||||||||||||||||||||
| Short-term borrowings and long-term debt | $ | Model-based | IR normal volatility | % | % | % | ||||||||||||||
| Equity volatility | % | % | % | |||||||||||||||||
| Equity-IR correlation | % | % | % | |||||||||||||||||
| Equity-FX correlation | ( | % | % | ( | % | |||||||||||||||
184
| As of December 31, 2025 | Fair value(1) (in millions) | Methodology | Input | Low(2)(3) | High(2)(3) | Weighted average(4) | ||||||||||||||
| Assets | ||||||||||||||||||||
| Mortgage-backed securities | $ | Price-based | Price | $ | $ | $ | ||||||||||||||
| Yield analysis | Yield | % | % | % | ||||||||||||||||
| State and municipal, foreign government, corporate and other debt securities | $ | Price-based | Price | $ | $ | $ | ||||||||||||||
| Model-based | Credit spread | |||||||||||||||||||
| Cash flow | Yield | % | % | % | ||||||||||||||||
| WAL | ||||||||||||||||||||
| Interest rate contracts (gross) | $ | Model-based | IR normal volatility | % | % | % | ||||||||||||||
| Equity volatility | % | % | % | |||||||||||||||||
| Foreign exchange contracts (gross) | $ | Model-based | IR normal volatility | % | % | % | ||||||||||||||
| IR basis | ( | % | % | ( | % | |||||||||||||||
| FX volatility | % | % | % | |||||||||||||||||
| Yield | % | % | % | |||||||||||||||||
Equity contracts (gross)(5) | $ | Model-based | Equity volatility | % | % | % | ||||||||||||||
| Equity forward | % | % | % | |||||||||||||||||
| Equity-FX correlation | ( | % | % | ( | % | |||||||||||||||
| Equity-Equity correlation | ( | % | % | % | ||||||||||||||||
| Commodity and other contracts (gross) | $ | Model-based | Forward price | % | % | % | ||||||||||||||
| Commodity volatility | % | % | % | |||||||||||||||||
| Credit derivatives (gross) | $ | Model-based | Credit spread | |||||||||||||||||
| Recovery rate | % | % | % | |||||||||||||||||
| Price-based | Price | $ | $ | $ | ||||||||||||||||
| Upfront points | % | % | % | |||||||||||||||||
| Mortgage servicing rights | $ | Cash flow | WAL | |||||||||||||||||
| Model-based | Yield | ( | % | % | % | |||||||||||||||
| Liabilities | ||||||||||||||||||||
| Securities loaned and sold under agreements to repurchase | $ | Model-based | Interest rate | % | % | % | ||||||||||||||
| IR normal volatility | % | % | % | |||||||||||||||||
| Short-term borrowings and long-term debt | $ | Model-based | IR normal volatility | % | % | % | ||||||||||||||
| FX volatility | % | % | % | |||||||||||||||||
| Equity volatility | % | % | % | |||||||||||||||||
| IR-FX correlation | ( | % | % | % | ||||||||||||||||
| Equity-IR correlation | % | % | % | |||||||||||||||||
| IR-IR correlation | % | % | % | |||||||||||||||||
| Equity-FX correlation | ( | % | % | ( | % | |||||||||||||||
(1)The tables above include the fair values for the items listed and may not represent the total population for each category.
(2)Some inputs are shown as zero due to rounding.
(3)When the low and high inputs are the same, there is either a constant input applied to all positions, or the methodology involving the input applies to only one large position.
(4)Weighted averages are calculated based on the fair values of the instruments.
(5)Includes hybrid products.
185
Items Measured at Fair Value on a Nonrecurring Basis
Certain assets and liabilities are measured at fair value on a nonrecurring basis and, therefore, are not included in the tables above. For additional information on these items, see Note 26 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
The following tables present the carrying amounts of all assets that were still held as of the balance sheet date for which a nonrecurring fair value measurement was recorded during the period. The amounts reflect the fair values of the assets as of their respective remeasurement dates, which occur at or before the balance sheet date. The following tables exclude certain consumer mortgage loans for which Citi has elected the fair value option (see Note 22), and consumer loans and other assets held by businesses held-for-sale (see “Significant Disposals” in Note 2):
| In millions of dollars | Fair value | Level 2 | Level 3 | ||||||||
| September 30, 2026 | |||||||||||
Loans HFS(1) | $ | $ | $ | ||||||||
| Other real estate owned | |||||||||||
Loans(2) | |||||||||||
| Non-marketable equity securities measured using the measurement alternative | |||||||||||
| Total assets at fair value on a nonrecurring basis | $ | $ | $ | ||||||||
| In millions of dollars | Fair value | Level 2 | Level 3 | ||||||||
| December 31, 2025 | |||||||||||
Loans HFS(1) | $ | $ | $ | ||||||||
| Other real estate owned | |||||||||||
Loans(2) | |||||||||||
| Non-marketable equity securities measured using the measurement alternative | |||||||||||
| Total assets at fair value on a nonrecurring basis | $ | $ | $ | ||||||||
(1)Net of mark-to-market amounts on the unfunded portion of loans HFS recognized as Other liabilities on the Consolidated Balance Sheet.
(2)Represents collateral-dependent loans held-for-investment for which the fair value of collateral is used to estimate expected credit losses, and whose carrying amount is based on the fair value of the underlying collateral less costs to sell, as applicable (primarily real estate).
186
Valuation Techniques and Inputs for Level 3 Nonrecurring Fair Value Measurements
The following tables present the valuation techniques covering the majority of Level 3 nonrecurring fair value measurements and the most significant unobservable inputs used in those measurements:
| As of September 30, 2026 | Fair value(1) (in millions) | Methodology | Input | Low | High | Weighted average(2) | ||||||||||||||
| Loans HFS | $ | Price-based | Price | $ | $ | $ | ||||||||||||||
Loans(3) | $ | Recovery analysis | Appraised value(4) | $ | $ | $ | ||||||||||||||
| Recovery rate | % | % | % | |||||||||||||||||
| Non-marketable equity securities measured using the measurement alternative | $ | Price-based | Price | $ | $ | $ | ||||||||||||||
| Comparable analysis | Revenue multiple | |||||||||||||||||||
| As of December 31, 2025 | Fair value(1) (in millions) | Methodology | Input | Low | High | Weighted average(2) | ||||||||||||||
| Loans HFS | $ | Price-based | Price | $ | $ | $ | ||||||||||||||
Loans(3) | $ | Recovery analysis | Appraised value(4) | $ | $ | $ | ||||||||||||||
| Recovery rate | % | % | % | |||||||||||||||||
| Non-marketable equity securities measured using the measurement alternative | $ | Price-based | Price | $ | $ | $ | ||||||||||||||
| Comparable analysis | Revenue multiple | |||||||||||||||||||
(1)The tables above include the fair values for the items listed and may not represent the total population for each category.
(2)Weighted averages are calculated based on the fair values of the instruments.
(3)Represents collateral-dependent loans held-for-investment for which the fair value of collateral is used to estimate expected credit losses, and whose carrying amount is based on the fair value of the underlying collateral less costs to sell, as applicable (primarily real estate).
(4)Appraised values are disclosed in whole dollars.
Nonrecurring Fair Value Changes
The following table presents total nonrecurring fair value measurements for the period, included in earnings, attributable to the change in fair value relating to assets that were still held:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
| In millions of dollars | 2026 | 2025 | 2026 | 2025 | ||||||||||
| Loans HFS | $ | ( | $ | ( | $ | ( | $ | ( | ||||||
| Other real estate owned | ( | ( | ||||||||||||
Loans(1) | ( | ( | ( | ( | ||||||||||
| Non-marketable equity securities measured using the measurement alternative | ( | ( | ||||||||||||
| Total nonrecurring fair value gains (losses) | $ | ( | $ | ( | $ | ( | $ | ( | ||||||
(1)Represents collateral-dependent loans held-for-investment for which the fair value of collateral is used to estimate expected credit losses, and whose carrying amount is based on the fair value of the underlying collateral less costs to sell, as applicable (primarily real estate).
187
Estimated Fair Value of Financial Instruments Not Carried at Fair Value
The following tables present the carrying value and fair value of Citigroup’s financial instruments that are not carried at fair value. The tables below therefore exclude items measured at fair value on a recurring basis presented in the tables above.
| September 30, 2026 | Estimated fair value | ||||||||||||||||
| Carrying value | Estimated fair value | ||||||||||||||||
| In billions of dollars | Level 1 | Level 2 | Level 3 | ||||||||||||||
| Assets | |||||||||||||||||
HTM debt securities, net of allowance(1) | $ | $ | $ | $ | $ | ||||||||||||
| Securities borrowed and purchased under agreements to resell | |||||||||||||||||
Loans(2)(3) | |||||||||||||||||
Other financial assets(3)(4) | |||||||||||||||||
| Liabilities | |||||||||||||||||
| Deposits | $ | $ | $ | $ | $ | ||||||||||||
| Securities loaned and sold under agreements to repurchase | |||||||||||||||||
Long-term debt(5) | |||||||||||||||||
Other financial liabilities(6) | |||||||||||||||||
| December 31, 2025 | Estimated fair value | ||||||||||||||||
| Carrying value | Estimated fair value | ||||||||||||||||
| In billions of dollars | Level 1 | Level 2 | Level 3 | ||||||||||||||
| Assets | |||||||||||||||||
HTM debt securities, net of allowance(1) | $ | $ | $ | $ | $ | ||||||||||||
| Securities borrowed and purchased under agreements to resell | |||||||||||||||||
Loans(2)(3) | |||||||||||||||||
Other financial assets(3)(4) | |||||||||||||||||
| Liabilities | |||||||||||||||||
| Deposits | $ | $ | $ | $ | $ | ||||||||||||
| Securities loaned and sold under agreements to repurchase | |||||||||||||||||
Long-term debt(5) | |||||||||||||||||
Other financial liabilities(6) | |||||||||||||||||
(1)Includes $6.0 billion and $5.1 billion of non-marketable equity securities carried at cost at September 30, 2026 and December 31, 2025, respectively.
(2)The carrying value of loans is net of the allowance for credit losses on loans of $20.0 billion for September 30, 2026 and $19.2 billion for December 31, 2025. In addition, the carrying values exclude $0.1 billion and $0.1 billion of lease finance receivables at September 30, 2026 and December 31, 2025, respectively.
(3)Includes items measured at fair value on a nonrecurring basis.
(4)Includes cash and due from banks, deposits with banks, brokerage receivables, reinsurance recoverables and other financial instruments included in Other assets on the Consolidated Balance Sheet, for all of which the carrying value is a reasonable estimate of fair value.
(5)The carrying value includes long-term debt balances under qualifying fair value hedges.
(6)Includes brokerage payables, separate and variable accounts, short-term borrowings (carried at cost) and other financial instruments included in Other liabilities on the Consolidated Balance Sheet, for all of which the carrying value is a reasonable estimate of fair value.
The estimated fair values of the Company’s corporate unfunded lending commitments at September 30, 2026 and December 31, 2025 were off-balance sheet liabilities of $9.9 billion and $10.8 billion, respectively, substantially all of which are classified as Level 3. The Company does not estimate the fair values of consumer unfunded lending commitments, which are generally cancelable by providing notice to the borrower.
188
22. FAIR VALUE ELECTIONS
The Company may elect to report most financial instruments and certain other items at fair value on an instrument-by-instrument basis with changes in fair value reported in earnings, other than DVA (see below). The election is made upon the initial recognition of an eligible financial asset, financial liability or firm commitment or when certain specified reconsideration events occur. The fair value election
may not otherwise be revoked once an election is made. The changes in fair value are recorded in current earnings. Movements in DVA are reported as a component of AOCI.
The Company has elected fair value accounting for its mortgage servicing rights (MSRs). See Note 19 for additional details on Citi’s MSRs.
Additional discussion regarding other applicable areas in which fair value elections were made is presented in Note 21.
The following table presents the changes in fair value of those items for which the fair value option has been elected:
| Changes in fair value—gain (loss) | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
| In millions of dollars | 2026 | 2025 | 2026 | 2025 | ||||||||||
| Assets | ||||||||||||||
| Securities borrowed and purchased under agreements to resell | $ | ( | $ | $ | ( | $ | ||||||||
| Trading account assets | ( | ( | ||||||||||||
| Investments | ||||||||||||||
| Loans | ||||||||||||||
| Corporate loans | ( | |||||||||||||
| Consumer loans | ||||||||||||||
| Total loans | $ | $ | $ | ( | $ | |||||||||
| Other assets | ||||||||||||||
| MSRs | $ | $ | ( | $ | $ | ( | ||||||||
Mortgage loans HFS(1) | ( | ( | ||||||||||||
| Total other assets | $ | $ | ( | $ | $ | |||||||||
| Total assets | $ | ( | $ | $ | ( | $ | ||||||||
| Liabilities | ||||||||||||||
| Deposits | $ | ( | $ | ( | $ | $ | ( | |||||||
| Securities loaned and sold under agreements to repurchase | ( | ( | ||||||||||||
| Trading account liabilities | ( | ( | ( | |||||||||||
Short-term borrowings(2) | ( | ( | ||||||||||||
Long-term debt(2) | ( | ( | ||||||||||||
| Total liabilities | $ | $ | ( | $ | $ | ( | ||||||||
(1)Includes gain (loss) associated with interest rate lock commitments for originated loans for which the Company has elected the fair value option.
(2)Includes DVA that is included in AOCI. See Notes 17 and 21.
189
Own Debt Valuation Adjustments (DVA)
Own debt valuation adjustments are recognized on Citi’s liabilities for which the fair value option has been elected using Citi’s credit spreads observed in the bond market. Changes in fair value of fair value option liabilities related to changes in Citigroup’s own credit spreads (DVA) are reflected as a component of AOCI. See Note 17 for additional information.
The estimated changes in the fair value of these non-derivative liabilities due to such changes in the Company’s own credit spread (or instrument-specific credit risk) were a gain of $604 million and a loss of $(1,293 ) million for the three months ended September 30, 2026 and 2025, and a gain of $1,033 million and a loss of $(684 ) million for the nine months ended September 30, 2026 and 2025, respectively.
For information on the fair value option for financial assets and financial liabilities, see Note 27 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
The following table provides information about certain credit products carried at fair value:
| September 30, 2026 | December 31, 2025 | |||||||||||||
| In millions of dollars | Trading assets | Loans | Trading assets | Loans | ||||||||||
| Carrying amount reported on the Consolidated Balance Sheet | $ | $ | $ | $ | ||||||||||
| Aggregate unpaid principal balance in excess of (less than) fair value | ( | ( | ||||||||||||
| Balance of non-accrual loans or loans more than 90 days past due | ||||||||||||||
| Aggregate unpaid principal balance in excess of (less than) fair value for non-accrual loans or loans more than 90 days past due | ||||||||||||||
In addition to the amounts reported above, $150 million and $225 million of unfunded commitments related to certain credit products selected for fair value accounting were outstanding as of September 30, 2026 and December 31, 2025, respectively.
The changes in fair value due to instrument-specific credit risk were a gain of $2 million and $7 million for the three months ended September 30, 2026 and 2025, and a gain of $12 million and $24 million for the nine months ended September 30, 2026 and 2025, respectively. Changes in fair value due to instrument-specific credit risk are estimated based on changes in borrower-specific credit spreads and recovery assumptions.
The following table provides information about certain mortgage loans HFS carried at fair value:
| In millions of dollars | September 30, 2026 | December 31, 2025 | ||||||
| Carrying amount reported on the Consolidated Balance Sheet | $ | $ | ||||||
| Aggregate fair value in excess of (less than) unpaid principal balance | ( | |||||||
| Balance of non-accrual loans or loans more than 90 days past due | ||||||||
| Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due | ||||||||
The changes in the fair values of these mortgage loans are reported in Other revenue in the Company’s Consolidated Statement of Income. There was no net change in fair value during the three and nine months ended September 30, 2026 and 2025 due to instrument-specific credit risk.
190
Certain Deposit Liabilities
The Company has elected the fair value option for certain customer-driven structured deposit arrangements that contain embedded derivatives with underlyings referencing market indices, foreign exchange rates, commodity prices or other risks. The Company has elected the fair value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplifications.
Certain Debt Liabilities
The Company has elected the fair value option for certain debt liabilities, because these exposures are considered to be trading-related positions and, therefore, are managed on a fair value basis. These positions are classified as Trading account liabilities, Long-term debt or Short-term borrowings on the Company’s Consolidated Balance Sheet.
The following table provides information about the carrying value of notes carried at fair value, disaggregated by type of risk:
| In billions of dollars | September 30, 2026 | December 31, 2025 | ||||||
| Interest rate linked | $ | $ | ||||||
| Foreign exchange linked | ||||||||
| Equity linked | ||||||||
| Commodity linked | ||||||||
| Credit linked | ||||||||
| Total | $ | $ | ||||||
The portion of the changes in fair value attributable to changes in Citigroup’s own credit spreads (DVA) is reflected as a component of AOCI while all other changes in fair value are reported in Principal transactions. Changes in the fair value of these liabilities include accrued interest, which is also included in the change in fair value reported in Principal transactions.
The following table provides information about long-term debt and short-term borrowings carried at fair value:
| In millions of dollars | September 30, 2026 | December 31, 2025 | ||||||
| Long-term debt | ||||||||
| Carrying amount reported on the Consolidated Balance Sheet | $ | $ | ||||||
| Aggregate unpaid principal balance in excess of (less than) fair value | ||||||||
| Short-term borrowings | ||||||||
| Carrying amount reported on the Consolidated Balance Sheet | $ | $ | ||||||
| Aggregate unpaid principal balance in excess of (less than) fair value | ( | ( | ||||||
191
23. GUARANTEES AND COMMITMENTS
The following tables present information about Citi’s guarantees at September 30, 2026 and December 31, 2025.
For additional information on Citi’s guarantees and indemnifications included in the tables below, as well as its other guarantees and indemnifications excluded from these tables, see Note 28 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
Maximum potential amount of future payments (in billions of dollars) | ||||||||||||||
September 30, 2026 | Expire within 1 year | Expire after 1 year | Total amount outstanding | Carrying value (in millions of dollars) | ||||||||||
| Financial standby letters of credit | $ | $ | $ | $ | ||||||||||
| Performance guarantees | ||||||||||||||
| Derivative instruments considered to be guarantees | ||||||||||||||
| Loans sold with recourse | ||||||||||||||
Securities lending indemnifications(1) | ||||||||||||||
Card merchant processing(2) | ||||||||||||||
Credit card arrangements with partners(3) | ||||||||||||||
Guarantees under the Fixed Income Clearing Corporation sponsored member repo program | ||||||||||||||
Other(4)(5) | ||||||||||||||
| Total | $ | $ | $ | $ | ||||||||||
Maximum potential amount of future payments (in billions of dollars) | ||||||||||||||
December 31, 2025 | Expire within 1 year | Expire after 1 year | Total amount outstanding | Carrying value (in millions of dollars) | ||||||||||
| Financial standby letters of credit | $ | $ | $ | $ | ||||||||||
| Performance guarantees | ||||||||||||||
| Derivative instruments considered to be guarantees | ||||||||||||||
| Loans sold with recourse | ||||||||||||||
Securities lending indemnifications(1) | ||||||||||||||
Card merchant processing(2) | ||||||||||||||
Credit card arrangements with partners(3) | ||||||||||||||
| Guarantees under the Fixed Income Clearing Corporation sponsored member repo program | ||||||||||||||
Other(4)(5) | ||||||||||||||
| Total | $ | $ | $ | $ | ||||||||||
(1)The carrying values of securities lending indemnifications were immaterial for either period presented, as the probability of potential liabilities arising from these guarantees is minimal.
(2)At September 30, 2026 and December 31, 2025, this maximum potential exposure was estimated to be approximately $36.6 billion and $38.2 billion, respectively. However, Citi believes that the maximum exposure is not representative of the actual potential loss exposure based on its historical experience. This contingent liability is unlikely to arise, as most products and services are delivered when purchased and amounts are refunded when items are returned to merchants. See “Card Merchant Processing” in Note 28 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
(3)Primarily guarantees associated with co-branded credit card partnership agreements. Citi believes that the maximum exposure is not representative of actual potential loss exposure based on historical and expected future performance. See “Credit Card Arrangements with Partners” in Note 28 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
(4)Includes guarantees of subsidiaries.
(5)In the fourth quarter of 2024, the Company entered into an agreement that indemnifies certain subsidiaries of the Company against certain matters related to the business operated by the Company through other subsidiaries, including certain existing, as well as potential future, legal proceedings, including tax matters. Certain of such indemnification obligations have no stated expiration date and are not subject to specific limitations on the maximum potential amount of future payments that the Company could be required to make. The Company is not able to estimate the maximum potential amount of future payments to be made under this agreement because the triggering events are not predictable.
192
Futures and Over-the-Counter Derivatives Clearing
Citi provides clearing services on central clearing parties (CCP) for clients that need to clear exchange-traded and over-the-counter (OTC) derivatives contracts with CCPs. For additional information on Citi’s futures and over-the-counter derivatives clearing, see Note 28 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
Carrying Value—Guarantees and Indemnifications
At September 30, 2026 and December 31, 2025, the total carrying amounts of the liabilities related to the guarantees and indemnifications included in the tables above amounted to approximately $1.3 billion and $1.2 billion, respectively. The carrying value of financial and performance guarantees is included in Other liabilities.
Collateral
Cash collateral available to Citi to reimburse losses realized under these guarantees and indemnifications amounted to $68.9 billion and $61.3 billion at September 30, 2026 and December 31, 2025, respectively. Securities and other marketable assets held as collateral amounted to $132.4 billion and $90.8 billion at September 30, 2026 and December 31, 2025, respectively. The majority of collateral is held to reimburse losses realized under securities lending indemnifications. In addition, letters of credit in favor of Citi held as collateral amounted to $3.5 billion and $2.5 billion at September 30, 2026 and December 31, 2025, respectively. Other property may also be available to Citi to cover losses under certain guarantees and indemnifications; however, the value of such property has not been determined.
Performance Risk
Presented in the tables below are the maximum potential amounts of future payments that are classified based on internal and external credit ratings. The determination of the maximum potential future payments is based on the notional amount of the guarantees without consideration of possible recoveries under recourse provisions or from collateral held or pledged. As such, Citi believes such amounts bear no relationship to the anticipated losses, if any, on these guarantees.
| Maximum potential amount of future payments | ||||||||||||||
| In billions of dollars at September 30, 2026 | Investment grade | Non-investment grade | Not rated | Total | ||||||||||
| Financial standby letters of credit | $ | $ | $ | $ | ||||||||||
| Loans sold with recourse | ||||||||||||||
| Other | ||||||||||||||
| Total | $ | $ | $ | $ | ||||||||||
| Maximum potential amount of future payments | ||||||||||||||
| In billions of dollars at December 31, 2025 | Investment grade | Non-investment grade | Not rated | Total | ||||||||||
| Financial standby letters of credit | $ | $ | $ | $ | ||||||||||
| Loans sold with recourse | ||||||||||||||
| Other | ||||||||||||||
| Total | $ | $ | $ | $ | ||||||||||
193
Credit Commitments and Lines of Credit
The table below summarizes Citigroup’s credit commitments:
| In millions of dollars | U.S. | Outside of U.S.(1) | September 30, 2026 | December 31, 2025 | ||||||||||
| Commercial and similar letters of credit | $ | $ | $ | $ | ||||||||||
| One- to four-family residential mortgages | ||||||||||||||
| Revolving open-end loans secured by one- to four-family residential properties | ||||||||||||||
| Commercial real estate, construction and land development | ||||||||||||||
| Credit card lines | ||||||||||||||
| Commercial and other consumer loan commitments | ||||||||||||||
Other commitments and contingencies(2) | ||||||||||||||
| Total | $ | $ | $ | $ | ||||||||||
(1)Consumer commitments related to the business HFS countries and jurisdictions under sales agreements are reflected in their original categories until the respective sales are completed.
(2)Other commitments and contingencies include commitments to purchase certain debt and equity securities.
Other Commitments
As a Federal Reserve member bank, Citi is required to subscribe to half of a certain amount of shares issued by its Federal Reserve District Bank. As of September 30, 2026 and December 31, 2025, Citi holds shares with a carrying value of $4.5
In the normal course of business, Citi enters into reverse repurchase and securities borrowing agreements, as well as repurchase and securities lending agreements, which settle at a future date. At September 30, 2026 and December 31, 2025, Citi had approximately $290.9 billion and $189.3 billion of unsettled reverse repurchase and securities borrowing agreements, and approximately $246.4 billion and $186.9 billion of unsettled repurchase and securities lending agreements, respectively. See Note 10 for a further discussion of securities purchased under agreements to resell and securities borrowed, and securities sold under agreements to repurchase and securities loaned, including the Company’s policy for offsetting repurchase and reverse repurchase agreements.
These amounts are not included in the table above.
Restricted Cash
For additional information on Citi’s restricted cash, see Note 28 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
Restricted cash is included on the Consolidated Balance Sheet within the following balance sheet lines:
| In millions of dollars | September 30, 2026 | December 31, 2025 | ||||||
| Cash and due from banks | $ | $ | ||||||
| Deposits with banks, net of allowance | ||||||||
| Total | $ | $ | ||||||
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24. LEASES
The Company’s operating leases, where Citi is a lessee, include real estate, such as office space and branches, and various types of equipment. These leases may contain renewal and extension options and early termination features; however, these options do not impact the lease term unless the Company is reasonably certain that it will exercise options. These leases have a weighted-average remaining lease term of approximately seven years as of September 30, 2026.
For additional information regarding Citi’s leases, see Notes 1 and 29 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
The following table presents information on the right-of-use (ROU) asset and lease liabilities included in and , respectively:
| In millions of dollars | September 30, 2026 | December 31, 2025 | ||||||
| ROU asset | $ | $ | ||||||
| Lease liability | ||||||||
The Company recognizes fixed lease costs on a straight-line basis throughout the lease term in the Consolidated Statement of Income. In addition, variable lease costs are recognized in the period in which the obligation for those payments is incurred.
25. CONTINGENCIES
The following information supplements and amends, as applicable, the disclosures in Note 25 to the Consolidated Financial Statements of Citigroup’s Second Quarter of 2026 Form 10-Q, Note 25 to the Consolidated Financial Statements of Citigroup’s First Quarter of 2026 Form 10-Q and Note 30 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K. For purposes of this Note, Citigroup, its affiliates and subsidiaries and current and former officers, directors, and employees are sometimes collectively referred to as Citigroup and Related Parties.
In accordance with ASC 450, Citigroup establishes accruals for contingencies, including any litigation, regulatory, or tax matters disclosed herein, when Citigroup believes it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted from time to time, as appropriate, in light of additional information. The amount of loss ultimately incurred in relation to those matters may be substantially higher or lower than the amounts accrued for those matters. With respect to previously incurred loss contingencies for which recovery is expected, Citi applies loss recovery accounting when disputes and uncertainties affecting recognition are resolved.
If Citigroup has not accrued for a matter because the matter does not meet the criteria for accrual (as set forth above), or Citigroup believes an exposure to loss exists in excess of the amount accrued for a particular matter, in each case assuming a material loss is reasonably possible but not probable, Citigroup discloses the matter. In addition, for such matters, Citigroup discloses an estimate of the aggregate reasonably possible loss or range of loss in excess of the amounts accrued for those matters for which an estimate can be made. At September 30, 2026, Citigroup estimates that the reasonably possible unaccrued loss for these matters ranges up to approximately $1.1 billion in the aggregate.
As available information changes, the matters for which Citigroup is able to estimate will change, and the estimates themselves will change. In addition, while many estimates presented in financial statements and other financial disclosures involve significant judgment and may be subject to significant uncertainty, estimates of the range of reasonably possible loss arising from litigation, regulatory, tax, or other matters are subject to particular uncertainties. For example, at the time of making an estimate, Citigroup may only have preliminary or incomplete information about the facts underlying the claim; its assumptions about the future rulings of the court or other tribunal on significant issues, or the behavior and incentives of adverse parties, regulators, or tax authorities may prove to be wrong; and the outcomes it is attempting to predict are often not amenable to the use of statistical or other quantitative analytical tools. In addition, from time to time an outcome may occur that Citigroup had not accounted for in its estimates because it had deemed such an outcome to be remote. For all these reasons, the amount of loss in excess of amounts accrued in relation to matters for which an estimate has been made could be substantially higher or lower than the range of loss included in the estimate.
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Subject to the foregoing, it is the opinion of Citigroup’s management, based on current knowledge and after taking into account its current accruals, that the eventual outcome of all matters described in this Note would not be likely to have a material adverse effect on the consolidated financial condition of Citigroup. Nonetheless, given the substantial or indeterminate amounts sought in certain of these matters and the inherent unpredictability of such matters, an adverse outcome in certain of these matters could, from time to time, have a material adverse effect on Citigroup’s consolidated results of operations or cash flows in particular quarterly or annual periods.
For further information on ASC 450 and Citigroup’s accounting and disclosure framework for contingencies, including for any litigation, regulatory, and tax matters disclosed herein, see Note 30 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
Greek Pension Claims
On September 2, 2026, in ARVANITAKI & OTHERS v. CITIBANK EUROPE PUBLIC LIMITED COMPANY, the Athens Court of First Instance dismissed some claims and allowed others to proceed. Additional information is available in court filings under the docket number 183297/2300/2025 in the Court of First Instance of Athens.
Madoff-Related Litigation
On October 5, 2026, in FAIRFIELD SENTRY LTD., ET AL. v. CITIGROUP GLOBAL MARKETS LTD., ET AL.; FAIRFIELD SENTRY LTD., ET AL. v. CITIBANK (SWITZERLAND) AG, ET AL.; FAIRFIELD SENTRY LTD., ET AL. v. ZURICH CAPITAL MARKETS COMPANY, ET AL.; FAIRFIELD SENTRY LTD., ET AL. v. CITIBANK NA LONDON, ET AL.; FAIRFIELD SENTRY LTD., ET AL. v. CITIVIC NOMINEES LTD., ET AL.; FAIRFIELD SENTRY LTD., ET AL. v. DON CHIMANGO SA, ET AL.; and FAIRFIELD SENTRY LTD., ET AL. v. CITIBANK KOREA INC. ET AL., the United States Supreme Court denied the liquidators’ petition for a writ of certiorari. Additional information is publicly available in court filings under the docket numbers 10-13164, 10-3496, 10-3622, 10-3634, 10-4100, 10-3640, 11-2770, 12-1142, 12-1298 (Bankr. S.D.N.Y.) (Mastando, J.); 19-3911, 19-4267, 19-4396, 19-4484, 19-5106, 19-5135, 19-5109, 21-2997, 21-3243, 21-3526, 21-3529, 21-3530, 21-3998, 21-4307, 21-4498, 21-4496 (S.D.N.Y.) (Broderick, J.); and 22-2101 (consolidated lead appeal), 22-2557, 22-2122, 23-697, 22-2562, 22-2216, 22-2545, 22-2308, 22-2591, 22-2502, 22-2553, 22-2398, 22-2582, 23-965 (consolidated lead appeal), 23-549, 23-572, 23-573, 23-975, 23-982, 23-987 (2d Cir.); 25-1089 (U.S.).
Variable Rate Demand Obligation Litigation
In STATE OF NEW JERSEY EX REL. EDELWEISS FUND, LLC v. JP MORGAN CHASE & CO., ET AL., on July 16, 2026, the New Jersey Supreme Court reversed the New Jersey Appellate Division’s decision granting summary judgment in favor of defendants and remanded the case to the trial court for further proceedings. Additional information concerning this action is publicly available in court filings under the docket numbers L-885-15 (N.J. Super. Ct.) (Hurd, J.), A-1340-23 (N.J. App. Div.), and 090285 (N.J. S. Ct.).
Settlement Payments
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26. SUBSIDIARY GUARANTEES
Citigroup Inc. has fully and unconditionally guaranteed the payments due on debt securities issued by Citigroup Global Markets Holdings Inc. (CGMHI), a wholly owned subsidiary, under the Senior Debt Indenture dated as of March 8, 2016, between CGMHI, Citigroup Inc. and The Bank of New York Mellon, as trustee. In addition, Citigroup Capital III and Citigroup Capital XIII (collectively, the Capital Trusts), each of which is a wholly owned finance subsidiary of Citigroup Inc., have issued trust preferred securities. Citigroup Inc. has guaranteed the payments on the trust preferred securities to the
extent that the Capital Trusts have available funds to make payments on the trust preferred securities, but do not do so. The guarantee, together with Citigroup Inc.’s other obligations with respect to the trust preferred securities, effectively provides a full and unconditional guarantee of amounts due on the trust preferred securities (see Note 16). No other subsidiary of Citigroup Inc. guarantees the debt securities issued by CGMHI or the trust preferred securities issued by the Capital Trusts.
Summarized financial information for Citigroup Inc. and CGMHI is presented in the tables below:
SUMMARIZED INCOME STATEMENT
| Nine Months Ended | ||||||||
| September 30, 2026 | ||||||||
| In millions of dollars | Citigroup parent company | CGMHI | ||||||
| Total revenues, net of interest expense | $ | $ | ||||||
| Total operating expenses | ||||||||
| Provision for credit losses | ||||||||
| Equity in undistributed income (loss) of subsidiaries | ( | |||||||
| Income (loss) from continuing operations before income taxes | $ | $ | ||||||
| Provision (benefit) for income taxes | ( | |||||||
| Net income (loss) | $ | $ | ||||||
SUMMARIZED BALANCE SHEET
| September 30, 2026 | December 31, 2025 | |||||||||||||
| In millions of dollars | Citigroup parent company | CGMHI | Citigroup parent company | CGMHI | ||||||||||
| Cash and deposits with banks | $ | $ | $ | $ | ||||||||||
| Securities borrowed and purchased under resale agreements | ||||||||||||||
| Trading account assets | ||||||||||||||
| Advances to subsidiaries | ||||||||||||||
| Investments in subsidiary bank holding company | ||||||||||||||
| Investments in non-bank subsidiaries | ||||||||||||||
Other assets(1) | ||||||||||||||
| Total assets | $ | $ | $ | $ | ||||||||||
| Securities loaned and sold under agreements to repurchase | $ | $ | $ | $ | ||||||||||
| Trading account liabilities | ||||||||||||||
| Short-term borrowings | ||||||||||||||
| Long-term debt | ||||||||||||||
| Advances from subsidiaries | ||||||||||||||
| Other liabilities | ||||||||||||||
| Stockholders’ equity | ||||||||||||||
| Total liabilities and equity | $ | $ | $ | $ | ||||||||||
(1) Other assets of CGMHI includes loans to affiliates of $116 billion and $99 billion at September 30, 2026 and December 31, 2025, respectively.
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UNREGISTERED SALES OF EQUITY SECURITIES, REPURCHASES OF EQUITY SECURITIES AND DIVIDENDS
Unregistered Sales of Equity Securities
None.
Equity Security Repurchases and Dividends
All large banks, including Citi, are subject to limitations on capital distributions, including repurchases of common stock and payment of common stock dividends, in the event of a breach of any regulatory capital buffers, including the Stress Capital Buffer, with the degree of such restrictions based on the extent to which the buffers are breached. For additional information, see “Capital Resources—Regulatory Capital Buffers” and “Risk Factors—Strategic Risks,” “—Operational Risks” and “—Compliance Risks” in Citi’s 2025 Form 10-K.
The following table summarizes Citi’s common share repurchases for the third quarter of 2026:
| In thousands, except per share amounts and remaining program dollar value | Total shares purchased | Average price paid per share | Cumulative shares purchased as part of publicly announced program(1) | Approximate remaining dollar value of shares that may be purchased under the program (in billions of dollars) | ||||||||||
| July 2026 | ||||||||||||||
Open market repurchases(1) | 2,791 | $ | 131.80 | 31,656 | $ | 25.6 | ||||||||
| August 2026 | ||||||||||||||
Open market repurchases(1) | 4,658 | 135.59 | 36,314 | 25.0 | ||||||||||
| September 2026 | ||||||||||||||
Open market repurchases(1) | 14,961 | 133.72 | 51,275 | 23.0 | ||||||||||
Total for 3Q26 | 22,410 | $ | 133.87 | 51,275 | $ | 23.0 | ||||||||
(1) Represents repurchases under the multiyear $30 billion common stock repurchase program that was previously approved by Citigroup’s Board of Directors and announced on May 7, 2026. For additional information, see “Unregistered Sales of Equity Securities, Repurchases of Equity Securities and Dividends—Equity Security Repurchases” in Citi’s First Quarter of 2026 Form 10-Q.
As presented in the table above, during the third quarter of 2026, Citi repurchased $3.0 billion of common shares under the $30 billion stock repurchase program (of which there was $23.0 billion remaining at September 30, 2026).
Citi also paid common dividends of $0.67 per share for the third quarter of 2026, and on October 19, 2026, declared common dividends of $0.67 per share and preferred stock dividends of approximately $306 million for the fourth quarter of 2026.
Any dividend on Citi’s outstanding common stock would need to be in compliance with Citi’s obligations on its outstanding preferred stock.
For information on the ability of Citigroup’s subsidiary depository institutions to pay dividends, see Note 20 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
OTHER INFORMATION
Insider Trading Arrangements
During the third quarter of 2026, no director or executive officer of Citi adopted terminated
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EXHIBIT INDEX
| Number | Description | |||||||
3.1+ | Restated Certificate of Incorporation of Citigroup Inc., as in effect on the date hereof. | |||||||
22.01+ | Subsidiary Issuers of Guaranteed Securities. | |||||||
31.01+ | Certification of principal executive officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||||||
31.02+ | Certification of principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||||||
32.01+ | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |||||||
99.01+ | List of Securities Registered Pursuant to Section 12(b) of the Securities Exchange Act of 1934, formatted in Inline XBRL. | |||||||
| 101.01+ | Financial statements from the Quarterly Report on Form 10-Q of Citigroup Inc. for the quarterly period ended September 30, 2026, filed on November 5, 2026, formatted in Inline XBRL: (i) the Consolidated Statement of Income, (ii) the Consolidated Balance Sheet, (iii) the Consolidated Statement of Changes in Stockholders’ Equity, (iv) the Consolidated Statement of Cash Flows and (v) the Notes to the Consolidated Financial Statements. | |||||||
| 104 | See the cover page of this Quarterly Report on Form 10-Q, formatted in Inline XBRL. | |||||||
The total amount of securities authorized pursuant to any instrument defining rights of holders of long-term debt of Citigroup Inc. does not exceed 10% of the total assets of Citigroup Inc. and its consolidated subsidiaries. Citigroup Inc. will furnish copies of any such instrument to the SEC upon request.
+ Filed herewith.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on the 5th day of November, 2026.
CITIGROUP INC.
(Registrant)
By /s/ Gonzalo Luchetti
Gonzalo Luchetti
Chief Financial Officer
(Principal Financial Officer)
By /s/ Nicole Giles
Nicole Giles
Controller and Chief Accounting Officer
(Principal Accounting Officer)
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GLOSSARY OF TERMS AND ACRONYMS
The following is a list of terms and acronyms that are used in this report and certain other Citigroup presentations.
* Denotes a Citi metric
2025 Annual Report on Form 10-K: Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC.
90+ days past due delinquency rate*: Represents consumer loans that are past due by 90 or more days, divided by that period’s total EOP loans.
ABS: Asset-backed securities
ACL: Allowance for credit losses, which is composed of the allowance for credit losses on loans (ACLL), allowance for credit losses on unfunded lending commitments (ACLUC), allowance for credit losses on HTM securities and allowance for credit losses on other assets.
ACLL: Allowance for credit losses on loans
ACLUC: Allowance for credit losses on unfunded lending commitments
Advanced Approaches: The Advanced Approaches capital framework, established through Basel III rules by the FRB, requires certain banking organizations to use an internal ratings-based approach and other methodologies to calculate risk-based capital requirements for credit risk and advanced measurement approaches to calculate risk-based capital requirements for operational risk.
AFS: Available-for-sale
Agentic AI: Artificial intelligence that autonomously pursues goals by planning actions, using tools, observing results and iterating with minimal human supervision.
AI: Artificial intelligence
ALCO: Asset and Liability Committee
Amortized cost: Amount at which a financing receivable or investment is originated or acquired, adjusted for accretion or amortization of premium, discount, and net deferred fees or costs, collection of cash, charge-offs, foreign exchange and fair value hedge accounting adjustments. For AFS securities, amortized cost is also reduced by any impairment losses recognized in earnings. Amortized cost is not reduced by the allowance for credit losses, except where explicitly presented net.
AOCI: Accumulated other comprehensive income (loss)
ASC: Accounting Standards Codification under GAAP issued by the FASB.
Asia Consumer: Asia Consumer Banking
ASU: Accounting Standards Update under GAAP issued by the FASB.
AUC/AUA: Assets under custody and administration includes assets for which Citi provides custody or safekeeping services for assets held directly or by a third party on behalf of clients, or assets for which Citi provides administrative services for clients.
Available liquidity resources*: Resources available at the balance sheet date to support Citi’s client and business needs, including HQLA assets; additional unencumbered securities, including excess liquidity held at bank entities that is non-transferable to other entities within Citigroup; and available assets not already accounted for within Citi’s HQLA to support FHLB and Federal Reserve Bank discount window borrowing capacity.
Banamex: Grupo Financiero Banamex, S.A. de C.V., the legal entity being divested by Citi
Basel III: Liquidity and capital rules adopted by the FRB based on an internationally agreed set of measures developed by the Basel Committee on Banking Supervision.
Beneficial interests issued by consolidated VIEs: Represents the interest of third-party holders of debt, equity securities or other obligations, issued by VIEs that Citi consolidates.
Benefit obligation: Refers to the projected benefit obligation for pension plans and the accumulated postretirement benefit obligation for other post-employment benefits plans.
BHC: Bank holding company
Board: Citigroup’s Board of Directors
Book value per share*: EOP common equity divided by EOP common shares outstanding.
Bps: Basis points. One basis point equals 1/100th of one percent.
Build: A net increase in the ACL through the provision for credit losses.
Card spend volume*: Dollar amount of card customers’ gross purchases. Also known as purchase sales.
Cards: Citi’s credit cards’ businesses or activities.
CCAR: Comprehensive Capital Analysis and Review
CCO: Chief Compliance Officer
CCyB: Countercyclical Capital Buffer
CDS: Credit default swaps
CECL: Current expected credit losses
CEO: Chief Executive Officer
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CET1 Capital: Common Equity Tier 1 Capital. See “Capital Resources—Components of Citigroup Capital” above within MD&A for the components of CET1.
CET1 Capital ratio*: Common Equity Tier 1 Capital ratio. A primary regulatory capital ratio representing end-of-period CET1 Capital divided by total risk-weighted assets.
CFO: Chief Financial Officer
CGMHI: Citigroup Global Markets Holdings Inc.
CGMI: Citigroup Global Markets Inc.
CGML: Citigroup Global Markets Limited
Citi: Citigroup Inc.
Citibank or CBNA: Citibank, N.A. (National Association)
Classifiably managed: Loans primarily evaluated for credit risk based on internal risk rating classification.
Client investment assets (Wealth): Represent assets under management, trust and custody assets.
Closed loop: Closed loop cards process transactions directly from a retailer to Citi, without utilizing a third-party payment network such as Visa or Mastercard.
Cluster revenues: Cluster revenues are primarily based on where the underlying transaction is managed.
CODM: Chief operating decision maker. For Citi, the Chief Executive Officer.
Collateral dependent: A loan is considered collateral dependent when repayment of the loan is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty, including when foreclosure is deemed probable based on borrower delinquency.
Commercial card spend volume: Represents the total global spend volumes using Citi-issued commercial cards net of refunds and returns.
Commercial cards: Provides a wide range of payment services to corporate and public sector clients worldwide through commercial card products. Services include procurement, corporate travel and entertainment, expense management services and business-to-business payment solutions.
Consent Orders: In October 2020, Citigroup and Citibank entered into consent orders with the FRB and OCC that require Citigroup and Citibank to make improvements in various aspects of enterprise-wide risk management, compliance, data quality management related to governance, and internal controls. In July 2024, the FRB and OCC entered into civil money penalty consent orders with Citigroup and Citibank to address remediation effort shortcomings.
CRE: Commercial real estate
Credit cycle: A period of time over which credit quality improves, deteriorates and then improves again (or vice versa). The duration of a credit cycle can vary from a couple of years to several years.
Credit derivatives: Financial instruments whose value is derived from the credit risk associated with the debt of a third-party issuer (the reference entity), which allow one party (the protection purchaser) to transfer that risk to another party (the protection seller).
Criticized: Loans, lending-related commitments or derivative receivables that are classified as special mention, substandard or doubtful for regulatory purposes.
Cross-border transaction value: Represents the total value of cross-border FX payments processed through Citi’s proprietary Worldlink and Cross-Border Funds Transfer platforms, including payments from consumer, corporate, financial institution and public sector clients.
CTA: Cumulative translation adjustment (also known as currency translation adjustment). A separate component of equity within AOCI reported net of tax. For Citi, represents the impact of translating non-U.S. dollar balance sheet items into U.S. dollars each period. The CTA amount in EOP AOCI is a cumulative balance, net of tax.
CVA: Credit valuation adjustment
DCM: Debt Capital Markets
Delinquency managed: Loans primarily evaluated for credit risk based on delinquencies, FICO scores and the value of underlying collateral.
Digital asset: Anything created and stored digitally that is identifiable and discoverable, establishes ownership and has or provides value (including tokenized deposits, cryptocurrencies, stablecoins and other assets and products that use distributed ledger or blockchain technology).
Divestiture-related impacts: Citi’s results excluding divestiture-related impacts represent as reported, or GAAP, financial results adjusted for items that are incurred and recognized, which are wholly and necessarily a consequence of actions taken to sell (including through a public offering), dispose of or wind down business activities associated with Citi’s announced 14 exit markets.
Dividend payout ratio*: Represents dividends declared per common share as a percentage of net income per diluted share.
DPD: Days past due
DTA: Deferred tax asset
DVA: Debt valuation adjustment
ECM: Equity Capital Markets
Efficiency ratio*: A ratio signifying how much of a dollar in expenses (as a percentage) it takes to generate one dollar in revenue. Represents total operating expenses divided by total revenues, net.
EOP: End-of-period
EPS*: Earnings per share
EU: European Union
Fannie Mae: Federal National Mortgage Association
FASB: Financial Accounting Standards Board
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FCA: Financial Conduct Authority
FDIC: Federal Deposit Insurance Corporation
Federal Reserve Board (FRB): The Board of the Governors of the Federal Reserve System
FFIEC: Federal Financial Institutions Examination Council
FHA: Federal Housing Administration
FHLB: Federal Home Loan Bank
FICO: Fair Isaac Corporation
FICO score: A measure of consumer credit risk provided by credit bureaus, typically produced from statistical models by Fair Isaac Corporation utilizing data collected by the credit bureaus.
FINRA: Financial Industry Regulatory Authority
FRB: Federal Reserve Board
Freddie Mac: Federal Home Loan Mortgage Corporation
Frontier AI models: The most advanced general‑purpose AI systems, typically trained with extremely large computational budgets and designed to exceed state‑of‑the‑art performance across many domains. These models demonstrate cutting‑edge reasoning, multimodal capabilities and agentic behavior.
FVA: Funding valuation adjustment
FX: Foreign exchange
FX translation: The impact of converting non-U.S. dollar currencies into U.S. dollars.
GAAP or U.S. GAAP: Generally accepted accounting principles in the United States of America.
Generative AI: A branch of artificial intelligence that creates original content such as text, images, videos, audio or software code in response to user prompts, using advanced machine learning models to generate new outputs based on patterns learned from vast datasets.
GILTI: Global intangible low-taxed income
Ginnie Mae: Government National Mortgage Association
GPCC: General Purpose Credit Cards (within U.S. Consumer Cards). Consists of consumer credit cards that operate on third-party payment networks and are accepted by a wide variety of merchants and service providers.
GSIB: Global Systemically Important Bank
HFI loans: Loans that are held-for-investment (i.e., excludes loans held-for-sale).
HFS: Held-for-sale
HQLA: High-quality liquid assets. Consist of cash and certain high-quality liquid securities as defined in the LCR rule.
HTM: Held-to-maturity
Hyperinflation: Extreme economic inflation with prices rising at a very high rate in a very short time. Under U.S. GAAP, entities operating in a hyperinflationary economy need to change their functional currency to the U.S. dollar. Once the change is made, the CTA balance is frozen.
IMF: International Monetary Fund
Interchange fees: Fees earned from merchants based on Citi’s credit and debit card customer sales transactions. Interchange fees are presented net of certain transaction processing fees paid, primarily to the networks, on behalf of the merchant.
International region: Comprises six clusters: United Kingdom; Japan, Asia North and Australia (JANA); LATAM; Asia South; Europe; and Middle East, Africa and Russia (MEA).
IPO: Initial public offering
JANA: Japan, Asia North and Australia
Jurisdiction: A legal boundary or specific area with a court, government or set of laws that has the authority to make and enforce decisions.
KPMG: KPMG LLP, Citi’s Independent Registered Public Accounting Firm
LATAM: Latin America
LCR: Liquidity Coverage ratio. Represents HQLA divided by net outflows in the period.
LGD: Loss given default
LLC: Limited Liability Company
LTD: Long-term debt
LTV: Loan-to-value. For residential real estate loans, the relationship, expressed as a percentage, between the principal amount of a loan and the estimated value of the collateral (i.e., residential real estate) securing the loan.
Managed basis: Results reflected on a managed basis exclude divestiture-related impacts.
Master netting agreement: A single agreement with a counterparty that permits multiple transactions governed by that agreement to be terminated or accelerated and settled through a single payment in a single currency in the event of a default (e.g., bankruptcy, failure to make a required payment or securities transfer or deliver collateral or margin when due).
MBS: Mortgage-backed securities
MD&A: Management’s Discussion and Analysis, a section within an SEC Form 10-Q or 10-K.
MEA: Middle East, Africa and Russia.
Measurement alternative: Measures equity securities without readily determinable fair values at cost less impairment (if any), plus or minus observable price changes from an identical or similar investment of the same issuer.
Mexico Consumer: Mexico Consumer Banking
Mexico Consumer/SBMM: Mexico Consumer Banking and Small Business and Middle-Market Banking reported within Legacy Franchises in All Other. Mexico Consumer/SBMM operates primarily through Grupo Financiero Banamex, S.A. de C.V. and its consolidated subsidiaries, including Banco Nacional de México, S.A., which provides traditional retail banking and branded card products to consumers and small business customers and traditional middle-market banking
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products and services to commercial customers, and other affiliated subsidiaries that offer retirement fund administration and insurance products.
Mexico SBMM: Mexico Small Business and Middle-Market Banking
Moody’s: Moody’s Ratings
MSRs: Mortgage servicing rights
N/A: Data is not applicable or available for the period presented.
NAA: Non-accrual assets. Consists of non-accrual loans and OREO.
NAL: Non-accrual loans. Loans for which interest income is not recognized on an accrual basis. Loans (other than credit card loans and certain consumer loans insured by U.S. government-sponsored agencies) are placed on non-accrual status when full payment of principal and interest is not expected, regardless of delinquency status, or when principal and interest have been in default for a period of 90 days or more unless the loan is both well secured and in the process of collection. Collateral-dependent loans are typically maintained on non-accrual status.
NAV: Net asset value
NCL(s): Net credit losses. Represents gross credit losses, less gross credit recoveries.
NCL ratio*: Represents net credit losses (recoveries) (annualized), divided by average loans for the reporting period.
Net Capital Rule: Rule 15c3-1 under the Securities Exchange Act of 1934.
NII: Net interest income. Represents interest income less interest expense.
NIM*: Net interest margin expressed as a yield percentage, calculated as annualized net interest income divided by average interest-earning assets for the period.
NIR: Non-interest revenue. Represents total revenues less NII.
NM: Not meaningful
NNIA (net new investment asset flows) (Wealth): Represents investment asset inflows, including dividends, interest and distributions, less investment asset outflows. Excluded from the calculation are the impacts of fees and commissions, market movement and any impact from strategic decisions by Citi to exit certain markets or services. Also excluded from the calculation are net new investment assets associated with markets for which data was not available for current-period reporting.
Noncontrolling interests (NCI): Represents the portion of an entity that has been consolidated by Citi that is not 100% owned by Citi. For the income statement, NCI is deducted from Net income before attribution to noncontrolling interests to arrive at Citigroup’s net income.
Noncontrolling interests—equity (NCI—equity): Represents the equity of consolidated subsidiaries that is attributable to shareholders other than Citi. These amounts are added to Total Citigroup’s stockholders’ equity to arrive at Total equity.
Non-GAAP financial measure: A non-GAAP financial measure is a numerical measure of the Company’s historical or future financial performance, financial position or cash flows that (i) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet or statement of cash flows (or equivalent statements) of the Company; or (ii) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented.
Note: All “Note” references correspond to the Notes to the Consolidated Financial Statements herein, unless otherwise indicated.
NSFR: Net stable funding ratio
OCC: Office of the Comptroller of the Currency
OCI: Other comprehensive income (loss)
Operating leverage*: Represents the year-over-year growth rate in basis points (bps) of Total revenues, net of interest expense less the year-over-year growth rate of Total operating expenses. A positive operating leverage percentage indicates that the revenue growth rate was greater than the expense growth rate.
OREO: Other real estate owned
Organic growth (Wealth): Organic growth is defined as growth in client investment assets related to net new investment assets (NNIA) and excluding the impact of market growth. It is calculated as the sum of NNIA for the prior 12-month period divided by the prior-year quarter’s client investment assets.
OTTI: Other-than-temporary impairment
Over-the-counter cleared (OTC-cleared) derivatives: Derivative contracts that are negotiated and executed bilaterally, but subsequently settled via a central clearing house, such that each derivative counterparty is only exposed to the default of that clearing house.
Over-the-counter (OTC) derivatives: Derivative contracts that are negotiated, executed and settled bilaterally between two derivative counterparties, where one or both counterparties are derivatives dealers.
Parent company: Citigroup Inc.
Partner payments: Payments made to credit card partners primarily based on program sales and profitability.
PD: Probability of default
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PLCC: Private Label Credit Cards (within U.S. Consumer Cards). Consists of consumer credit cards that are issued for use with a specific retailer or its affiliates and are limited to purchases of that retailer’s goods and services.
Prime balances: Prime balances are defined as clients’ billable balances where Citi provides cash or synthetic prime brokerage services. Management uses this information in reviewing the business’s size and growth and believes it is useful to investors concerning underlying business size and growth trends.
Principal transactions revenue: Primarily trading-related revenues predominantly generated by the Services, Markets and Banking segments. See Note 6.
Provision for credit losses: Composed of the provision for credit losses on loans, provision for credit losses on HTM investments, provision for credit losses on other assets and provision for credit losses on unfunded lending commitments.
Provisions: Provisions for credit losses and for benefits and claims.
Purchased credit-deteriorated: Purchased credit-deteriorated assets are financial assets that as of the date of acquisition have experienced a more-than-insignificant deterioration in credit quality since origination, as determined by the Company.
R&S forecast period: Reasonable and supportable period over which Citi forecasts future macroeconomic conditions for CECL purposes.
Real GDP: Real gross domestic product is the inflation-adjusted value of the goods and services produced by labor and property located in a country.
Reconciling Items: Divestiture-related impacts excluded from the results of All Other, as well as All Other—Legacy Franchises on a managed basis. The Reconciling Items are fully reflected in Citi’s Consolidated Statement of Income for each respective line item.
Regulatory VaR: Daily aggregated VaR calculated in accordance with regulatory rules.
Release: A net decrease in the ACL through the provision for credit losses.
Reported basis: Financial statements prepared under U.S. GAAP.
Results of operations that exclude certain impacts from gains or losses on sale, or one-time charges*: Represents GAAP items, excluding the impact of gains or losses on sales, or one-time charges (e.g., the loss on sale related to the sale of Citi’s consumer banking business in Poland).
Results of operations that exclude the impact of FX translation*: Represents GAAP items, excluding the impact of FX translation, whereby the prior periods’ foreign currency balances are translated into U.S. dollars at the current period’s conversion rates (also known as constant dollar). GAAP measures excluding the impact of FX translation are non-GAAP financial measures.
Revenue rate*: Total revenues, net of interest expense (annualized) as a percentage of average loans. This is a key driver for the USCC business segment.
RoTCE*: Return on tangible common equity. Represents net income less preferred dividends (both annualized), divided by average tangible common equity for the period.
RWA: Risk-weighted assets. Basel III establishes two comprehensive approaches for calculating RWA (the Standardized Approach and the Advanced Approaches), which include capital requirements for credit risk, market risk and operational risk for Advanced Approaches. Key differences in the calculation of credit risk RWA between the Standardized and Advanced Approaches are that for Advanced, credit risk RWA is based on risk-sensitive approaches that largely rely on the use of internal credit models and parameters, whereas for Standardized, credit risk RWA is generally based on supervisory risk weightings, which vary primarily by counterparty type and asset class. Market risk RWA is calculated on a generally consistent basis between Basel III Standardized Approach and Basel III Advanced Approaches.
S&P: Standard and Poor’s Global Ratings
SAR: Special Administrative Region. For country risk management purposes, Citi may report exposure to jurisdictions that are not fully autonomous, including dependent territories and Special Administrative Regions (SAR) such as Hong Kong SAR, separately from the independent sovereign states with which they are associated.
SCB: Stress Capital Buffer
SEC: The U.S. Securities and Exchange Commission
SLR: Supplementary Leverage ratio. Represents Tier 1 Capital divided by Total Leverage Exposure.
SOFR: Secured Overnight Financing Rate
SPEs: Special purpose entities
Standardized Approach: Established through Basel III, the Standardized Approach aligns regulatory capital requirements more closely with the key elements of banking risk by introducing a wider differentiation of risk weights and a wider recognition of credit risk mitigation techniques, while avoiding excessive complexity. Accordingly, the Standardized Approach produces capital ratios more in line with the actual economic risks that banks face.
Tangible book value per share (TBVPS)*: Represents tangible common equity divided by EOP common shares outstanding.
Tangible common equity (TCE): Represents common stockholders’ equity less goodwill and identifiable intangible assets, other than MSRs.
Taxable equivalent basis: Represents the total revenue, net of interest expense for the business, adjusted for revenue from investments that receive tax credits and the impact of tax-exempt securities. This metric presents results on a level comparable to taxable investments and securities. GAAP measures on a taxable equivalent basis, including the metrics
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derived from these measures, are non-GAAP financial measures.
TEGU: taxable equivalent gross-up adjustments
TLAC: Total loss-absorbing capacity
Total ACL: Allowance for credit losses, which comprises the allowance for credit losses on loans (ACLL), allowance for credit losses on unfunded lending commitments (ACLUC), allowance for credit losses on HTM securities and allowance for credit losses on other assets.
Total payout ratio*: Represents total common dividends declared plus common share repurchases as a percentage of net income available to common shareholders.
Transactional and product servicing: Comprises costs incurred in ongoing support of products or services, which are predominantly variable costs driven by transaction volumes, client accounts or other variable costs. These costs are primarily composed of brokerage exchange and clearance costs, exchange fees, regulatory memberships, customer-related costs (statement processing, postage, client activity, etc.) and certain indirect, non-income tax payments that are not recorded in Provision for income taxes in the Consolidated Statement of Income.
Transformation: Citi has embarked on a multiyear transformation, with the target outcome to change Citi’s business and operating models such that they simultaneously strengthen risk and controls and improve Citi’s value to customers, clients and shareholders.
TTS: Treasury and Trade Solutions
Unaudited: Financial statements and information that have not been subjected to auditing procedures sufficient to permit an independent certified public accountant to express an opinion.
USCC: U.S. Consumer Cards
U.S. dollar clearing volume: Represents the number of U.S. dollar clearing payment instructions processed by Citi on behalf of U.S. and foreign-domiciled entities (primarily financial institutions).
U.S. Treasury: U.S. Department of the Treasury
VaR: Value at risk. A measure of the dollar amount of potential loss from adverse market moves in an ordinary market environment.
VIEs: Variable interest entities
Wallet: Proportion of fee revenue based on estimates of investment banking fees generated across the industry (i.e., the revenue wallet) from investment banking transactions in M&A, equity and debt underwriting, and loan syndications.
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