UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K

(Mark One)

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2025

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

Citigroup Inc.

(Exact name of registrant as specified in its charter)

Delaware			52-1568099
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
388 Greenwich Street,	New York	NY	10013
(Address of principal executive offices)			(Zip code)

(212) 559-1000

(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

Securities registered pursuant to Section 12(g) of the Act: none

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes x No o

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes o No x

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 x No o

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 x No o

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.

Large accelerated filer	☒	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. Yes o

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. o

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No x

The aggregate market value of Citigroup Inc. common stock held by non-affiliates of Citigroup Inc. on June 30, 2025 was approximately $156.2 billion.

Number of shares of Citigroup Inc. common stock outstanding on January 31, 2026: 1,749,319,009

Documents Incorporated by Reference: Portions of the registrant’s proxy statement for the annual meeting of stockholders scheduled to be held on May 20, 2026 are incorporated by reference in this Form 10-K in response to Items 10, 11, 12, 13 and 14 of Part III.

Available online at www.citigroup.com

FORM 10-K CROSS-REFERENCE INDEX

Item Number		Page
Part I
1.	Business	4–36, 121–127,
		129, 160–164,
		299–300
1A.	Risk Factors	49–62
1B.	Unresolved Staff Comments	Not Applicable
1C.	Cybersecurity	55–57, 113–115
2.	Properties	Not Applicable
3.	Legal Proceedings—See Note 30 to the Consolidated Financial Statements	287–293
4.	Mine Safety Disclosures	Not Applicable
Part II
5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	138–139, 170–172, 301–303
6.	Reserved
7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	8–36, 64–120
7A.	Quantitative and Qualitative Disclosures About Market Risk	64–120, 165–169, 190–228, 235–278
8.	Financial Statements and Supplementary Data	134–298
9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	Not Applicable
9A.	Controls and Procedures	127–128

9B.	Other Information	302
9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	Not Applicable
Part III
10.	Directors, Executive Officers and Corporate Governance	304–306*
11.	Executive Compensation	**
12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	***
13.	Certain Relationships and Related Transactions, and Director Independence	****
14.	Principal Accountant Fees and Services	*****
Part IV
15.	Exhibit and Financial Statement Schedules

*	For additional information regarding Citigroup’s Directors, see “Corporate Governance” and “Proposal 1: Election of Directors” in the definitive Proxy Statement for Citigroup’s Annual Meeting of Stockholders scheduled to be held on May 20, 2026, to be filed with the SEC (the Proxy Statement), incorporated herein by reference.
**	See “Compensation Discussion and Analysis,” “The Personnel and Compensation Committee Report,” and “2025 Summary Compensation Table and Compensation Information” and “CEO Pay Ratio” in the Proxy Statement, incorporated herein by reference, other than disclosure under the heading “Pay versus Performance” information responsive to Item 402(v) of Regulation S-K of SEC rules.
***	See “About the Annual Meeting,” “Stock Ownership” and “Equity Compensation Plan Information” in the Proxy Statement, incorporated herein by reference.
****	See “Corporate Governance—Director Independence,” “—Certain Transactions and Relationships, Compensation Committee Interlocks and Insider Participation” and “—Indebtedness” in the Proxy Statement, incorporated herein by reference.
*****	See “Proposal 2: Ratification of Selection of Independent Registered Public Accountants” in the Proxy Statement, incorporated herein by reference.

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CITIGROUP’S 2025 ANNUAL REPORT ON FORM 10-K

OVERVIEW	4
Non-GAAP Financial Measures	4
Citigroup’s Five Reportable Business Segments	6
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	8
Executive Summary	8
Citi’s Multiyear Transformation	10
Recent Developments	11
Summary of Selected Financial Data	12
Balance Sheet Overview	14
Segment Revenues and Income (Loss)	16
Services	17
Markets	20
Banking	23
Wealth	26
U.S. Personal Banking	29
All Other—Managed Basis	32
All Other—Divestiture-Related Impacts (Reconciling Items)	36
CAPITAL RESOURCES	37
RISK FACTORS	49
SUSTAINABILITY	62
HUMAN CAPITAL RESOURCES AND MANAGEMENT	62
Managing Global Risk—Table of Contents	63
MANAGING GLOBAL RISK	64
SIGNIFICANT ACCOUNTING POLICIES AND SIGNIFICANT ESTIMATES	121
DISCLOSURE CONTROLS AND PROCEDURES	127
MANAGEMENT’S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING	128
FORWARD-LOOKING STATEMENTS	129
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB ID # 185)	130
Financial Statements and Notes—Table of Contents	133
CONSOLIDATED FINANCIAL STATEMENTS	134
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS	142
FINANCIAL DATA SUPPLEMENT	298
SUPERVISION, REGULATION AND OTHER	299
OTHER INFORMATION	302
CORPORATE INFORMATION	304
Executive Officers	304
Citigroup Board of Directors	306
EXHIBIT INDEX	307
SIGNATURES	312
GLOSSARY OF TERMS AND ACRONYMS	313

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OVERVIEW

Citigroup’s history dates back to the founding of the City Bank of New York in 1812.

Citigroup is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad, yet focused, range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, trade and securities services and wealth management. Citi does business in nearly 160 countries and jurisdictions.

Citi’s vision is to be the preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in the U.S.

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 Annual Report on Form 10-K 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.

For a discussion of 2024 versus 2023 results of operations of Services, Markets, Banking, Wealth, U.S. Personal Banking and All Other, see each respective business’s results of operations in Citigroup’s Annual Report on Form 10-K for the year ended December 31, 2024 (the 2024 Annual Report on Form 10-K).

Presentation Changes

Changes in presentation have been made, including the following:

•Effective July 1, 2025, gains and losses on certain economic and qualifying hedging derivatives, foreign currency transaction gains and losses related to non-U.S. dollar debt and certain foreign operations that designate the U.S. dollar as their functional currency in countries with highly inflationary economies reported within Services, Markets, Banking and All Other—Corporate Other, which were previously presented within Other revenue, are now presented within Principal transactions. Prior periods were conformed to reflect this change in presentation.

•Effective July 1, 2025, certain predominantly variable expenses incurred in ongoing support of products and services, which were previously presented within Other operating expenses and Transactional and tax charges, are now aggregated and presented within a new expenses category, Transactional and product servicing (see “Glossary” below for definition). Additionally, certain non-income tax charges incurred, which were previously presented within Transactional and tax charges and do not align with the redefined Transactional and product servicing, are now presented within Other operating. Prior periods were conformed to reflect this change in presentation.

•Effective January 1, 2025, certain transaction processing fees paid by Citi, primarily to credit card networks, reported within U.S. Personal Banking (USPB), Services, Wealth and All Other—Legacy Franchises (Mexico Consumer/SBMM and Asia Consumer), which were previously presented within Other operating expenses, are now presented as contra-revenue within Commissions and fees reported in Non-interest revenue. Prior periods were conformed to reflect this change in presentation.

•Effective January 1, 2025, USPB changed its reporting for certain installment lending products that were transferred from Retail Banking to Branded Cards to reflect where these products are managed. Prior periods were conformed to reflect this change in presentation.

Please see “Risk Factors” below for a discussion of material risks and uncertainties that could impact Citi’s businesses, results of operations and financial condition.

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 financial measures in this Form 10-K include the following:

•Revenues excluding the loss on sale due to the held-for-sale accounting treatment related to Citi’s plan to sell AO Citibank (which was sold on February 18, 2026) in Russia (the Russia-related notable item)

•Expenses excluding a goodwill impairment related to Citi’s agreement to sell a 25% equity stake in Grupo Financiero Banamex, S.A. de C.V. (Banamex) (the Banamex-related notable item)

•Net income and diluted earnings per share (EPS), excluding revenue and expense notable items

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•Banking and Corporate Lending revenues excluding gain (loss) on loan hedges

•All Other (managed basis), excluding divestiture-related impacts

•Tangible common equity (TCE), return on tangible common equity (RoTCE) and tangible book value per share (TBVPS)

•Non-Markets net interest income

The following are details for the above non-GAAP financial measures:

•Citi’s revenues excluding the Russia-related notable item represent as reported, or GAAP, financial results less this notable item. Citi believes its results excluding the Russia-related 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 item, as well as additional comparability to peer companies.

•Citi’s expenses excluding the Banamex-related notable item represent as reported, or GAAP, financial results less this notable item, within All Other—Legacy Franchises. For more information on this notable item, see “Executive Summary” and “All Other—Managed Basis—Legacy Franchises (Managed Basis)” below.

•Citi’s net income and diluted EPS excluding the Russia-related and Banamex-related notable items represent as reported, or GAAP, financial results adjusted for these two notable items. Citi’s expenses excluding the Banamex-related notable item represent as reported, or GAAP, financial results less the Banamex-related notable item. Citi believes its results excluding the Russia-related and Banamex-related notable items 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 these items, as well as additional comparability to peer companies.

•Citi’s All Other results excluding divestiture-related impacts represent as reported, or GAAP, financial results less the items incurred and recognized that 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. Additionally, Citi’s Chief Executive Officer, its chief operating decision maker, regularly reviews financial information for All Other on a managed basis that excludes these divestiture-related impacts. For more information on Citi’s results excluding divestiture-related impacts, see “Executive Summary” and “All Other—Divestiture-Related Impacts (Reconciling Items)” below.

•For more information on Banking and Corporate Lending revenues excluding gain (loss) on loan hedges, see “Executive Summary” and “Banking” below. 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 TCE, RoTCE and TBVPS, see “Capital Resources—Tangible Common Equity, Book Value Per Share, Tangible Book Value Per Share and Return on Equity” 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 non-Markets net interest income, see “Market Risk—Non-Markets Net Interest Income” below. Management uses non-Markets net interest income 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 net interest income 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.

•Included in Citi’s reported revenues was an immaterial increase in divestiture-related revenues of ($176) million in the current year, primarily related to Citi’s Poland consumer banking business, compared to aggregate divestiture-related revenues of $26 million in the prior year. Accordingly, Citi is not adjusting for these immaterial amounts.

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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. Personal Banking. 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 and Spread Products and Other Fixed Income sub-businesses; 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)Mexico Consumer/SBMM operates primarily through Grupo Financiero Banamex, S.A. de C.V. (Banamex) and its consolidated subsidiaries. Mexico Consumer/SBMM results of operations and certain balance sheet information are presented in a managerial view in this Form 10-K 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, and are not intended to reflect, and may differ significantly from, Banamex’s results and operations as a standalone legal entity. For additional information, see “All Other—Managed Basis—Legacy Franchises (Managed Basis)” below.

(4)Primarily represents the two remaining exit countries (Poland and Korea).

(5)Within International, Citi is organized into six clusters: United Kingdom; Japan, Asia North and Australia (JANA); LATAM; Asia South; Europe; and Middle East, Africa and Russia (MEA). Although the chief operating decision maker (CODM) does not manage Citi’s segments and All Other by cluster, Citi provides additional selected financial information (revenue and certain corporate credit metrics) below for the six clusters within International.

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Effective as of the first quarter of 2026, Citi transferred its Retail Banking business from USPB to Wealth, and the remaining USPB businesses, including Branded Cards and Retail Services, were integrated into a new U.S. Consumer Cards (USCC) segment. The following chart details Citi’s segments and their lines of business as of the first quarter of 2026:

Note: Mexico is included in Latin America (LATAM) within International.

(1)Fixed Income Markets consists of the Rates and Currencies and Spread Products and Other Fixed Income sub-businesses; 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)Mexico Consumer/SBMM operates primarily through Grupo Financiero Banamex, S.A. de C.V. (Banamex) and its consolidated subsidiaries. Mexico Consumer/SBMM results of operations and certain balance sheet information are presented in a managerial view in this Form 10-K 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, and are not intended to reflect, and may differ significantly from, Banamex’s results and operations as a standalone legal entity. For additional information, see “All Other—Managed Basis—Legacy Franchises (Managed Basis)” below.

(4)Primarily represents the remaining two exit countries (Poland and Korea).

(5)Within International, Citi is organized into six clusters: United Kingdom; Japan, Asia North and Australia (JANA); LATAM; Asia South; Europe; and Middle East, Africa and Russia (MEA). Although the chief operating decision maker (CODM) does not manage Citi’s segments and All Other by cluster, Citi provides additional selected financial information (revenue and certain corporate credit metrics) below for the six clusters within International.

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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

EXECUTIVE SUMMARY

As described further throughout this Executive Summary, Citi demonstrated improved business performance and made significant progress on its strategic priorities in 2025 and early 2026:

•Citi and its five businesses each achieved positive operating leverage for 2025 for the second consecutive year. Citi’s positive operating leverage in 2025 was driven by revenue growth of 6% and disciplined expense management, with expenses up 3%.

•Citi returned $17.6 billion to common shareholders in the form of share repurchases ($13.3 billion) under its multiyear $20 billion common stock repurchase program and dividends ($4.3 billion). Citi will continue to assess the level of common share repurchases on a quarter-by-quarter basis.

•Citi continued to advance its transformation, with over 80% of transformation programs now at or nearly at Citi’s target state. Additionally, in December 2025, the OCC terminated its July 2024 amendment to Citibank’s 2020 Consent Order (see “Citi’s Multiyear Transformation” below).

•Citi continued to make progress on its remaining divestitures, including completing the sale of a 25% equity stake in Banamex in 2025 and signing and closing the sale of AO Citibank in Russia to Renaissance Capital (RenCap) on February 18, 2026. For additional information about the sale of AO Citibank and its impacts, see “Recent Developments” and “Managing Global Risk—Other Risks—Country Risk—Russia” below.

2025 Results Summary

Citigroup

Citigroup reported net income of $14.3 billion, or $6.99 per share. This compared to net income of $12.7 billion, or $5.94 per share in the prior year. Results in 2025 included two notable items:

•Russia-related notable item: revenues included a $1.2 billion ($1.1 billion after-tax) loss on sale related to the held-for-sale accounting treatment related to Citi’s plan to sell AO Citibank in Russia (which was sold on February 18, 2026)

•Banamex-related notable item: expenses included a goodwill impairment of $726 million ($714 million after-tax) related to Citi’s agreement to sell a 25% equity stake in Grupo Financiero Banamex, S.A. de C.V. (Banamex)

Excluding the Russia-related notable item and the Banamex-related notable item, net income was $16.1 billion, or $7.97 per share.

Net income increased 13% versus the prior year, driven by higher revenues, partially offset by higher expenses, a higher effective tax rate and higher provisions for credit losses. Citigroup’s effective tax rate was 27% in 2025 versus 25% in the prior year, driven by the limited tax benefit of the Russia-related and Banamex-related notable items.

Citigroup revenues of $85.2 billion in 2025 increased 6% on a reported basis, driven by an increase in net interest income, up 11%, partially offset by lower non-interest revenue, down 4%. The increase in net interest income reflected higher net interest income in Markets, Services, USPB and Wealth, partially offset by lower net interest income in All Other (managed basis) and Banking. The decrease in non-interest revenue was driven by declines in All Other (managed basis), Markets and USPB, largely offset by Banking, Wealth and Services. Excluding the Russia-related notable item, revenues were $86.4 billion.

Citigroup’s average loans in 2025 were $716 billion, up 5% versus the prior year, largely driven by loan growth in Markets, USPB and Services. For additional information about Citi’s average loans by business, including drivers and loan trends, see each business’s results of operations and “Loans Outstanding” below.

Citigroup’s average deposits in 2025 were approximately $1.4 trillion, up 4% versus the prior year, primarily driven by an increase in Services. For additional information about Citi’s average deposits by business, including drivers and deposit trends, see each respective business’s results of operations and “Liquidity Risk—Deposits” below.

Expenses

Citigroup’s operating expenses of $55.1 billion increased 3% from the prior year, driven by higher compensation and benefits, the Banamex-related notable item, higher technology and communications and higher transactional and product servicing expenses, partially offset by lower deposit insurance expenses and restructuring charges. The increase in compensation and benefits was driven by performance-related compensation and higher severance. The increase in technology and communication was driven by continued investments in transformation and businesses. The increase in transactional and product servicing was driven by higher volumes in USPB, Markets and Wealth, partially offset by All Other. Excluding the Banamex-related notable item, expenses were $54.4 billion. For additional information on Citi’s transformation investments, see “Citi’s Multiyear Transformation” below.

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Provisions

Citi’s total provisions for credit losses and for benefits and claims were $10.3 billion, reflecting net credit losses of $9.1 billion and a net allowance for credit losses (ACL) build of $1.2 billion.

Net credit losses were up 1% from the prior year, driven by increases in Legacy Franchises in All Other, largely offset by decreases in USPB. The net ACL build was driven by changes in the macroeconomic outlook and transfer risk.

Citi’s total provisions for credit losses and for benefits and claims in the prior year were $10.1 billion, reflecting net credit losses of $9.0 billion and a net ACL build of $1.1 billion, driven by changes in credit quality, higher net lending activity and transfer risk, partially offset by changes in the macroeconomic outlook.

For additional information on Citi’s ACL, see “Significant Accounting Policies and Significant Estimates—Citi’s Allowance for Credit Losses (ACL)” below.

For additional information on Citi’s consumer and corporate provisions, see each respective segment’s and All Other’s results of operations and “Credit Risk” below.

Capital

Citigroup’s Common Equity Tier 1 (CET1) Capital ratio was 13.2% as of December 31, 2025, compared to 13.6% as of December 31, 2024, based on the Basel III Standardized Approach for determining risk weighted assets (RWA). The decrease was primarily driven by common share repurchases, an increase in RWA and the payment of common and preferred dividends, partially offset by net income and net beneficial movements in Accumulated other comprehensive income (AOCI).

In 2025, Citi repurchased $13.3 billion of common shares and paid $4.3 billion of common dividends (see “Unregistered Sales of Equity Securities, Repurchases of Equity Securities and Dividends” below).

Citigroup’s Supplementary Leverage ratio as of December 31, 2025 was 5.5%, compared to 5.8% as of December 31, 2024. The decrease was driven by an increase in Total Leverage Exposure, partially offset by an increase in Tier 1 Capital. For additional information on Citi’s capital ratios and related components, see “Capital Resources” below. For additional information on capital-related risks, trends and uncertainties, see “Capital Resources—Regulatory Capital Standards and Developments” and “Risk Factors—Strategic Risks,” “—Operational Risks” and “—Compliance Risks” below.

For information on the results of operations for 2025 for each of Citi’s segments and All Other, see “Services,” “Markets,” “Banking,” “Wealth,” “USPB” and “All Other—Managed Basis” below.

Macroeconomic and Other Risks and Uncertainties

Various macroeconomic, geopolitical and regulatory factors have contributed to economic uncertainties in the U.S. and globally, including, but not limited to, those related to various geopolitical challenges, tensions and conflicts; changes in U.S. laws or policies, including those related to trade and tariffs; and lower interest rates. These factors could adversely affect economic growth, unemployment and inflation in the U.S. and other countries and result in volatility and disruptions in financial markets. Such risks and uncertainties could adversely impact Citi’s clients, customers, businesses, funding costs, provisions and overall results of operations and financial condition during 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 2026, see each respective segment’s and All Other’s results of operations, “Risk Factors” and “Managing Global Risk,” including “Managing Global Risk—Other Risks—Country Risk—Argentina” below.

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CITI’S MULTIYEAR TRANSFORMATION

As previously disclosed, Citi’s transformation, including the remediation of its consent orders with the FRB and OCC, is a multiyear endeavor that is not linear. Citi is modernizing and simplifying the Company in order to lead in a dynamic, competitive and digital world. Citi’s transformation goes beyond remedying regulatory concerns to intentionally transform how the organization operates, and makes investments that not only support current needs, but also benefit the Company over the long term.

Citi’s transformation target outcomes remain focused on changing its business and operating models such that they simultaneously:

•further strengthen controls, enhance data quality and governance, reduce risk and continue to improve Citi’s regulatory compliance and its culture

•enhance Citi’s value to customers, clients and shareholders

Transformation efforts of this scale involve significant complexities and uncertainties, including ongoing regulatory challenges and risks. Citi may continue to experience significant challenges in progressing the transformation and satisfying the regulators’ expectations in both sufficiency and timing, particularly with regard to data quality management related to governance and regulatory reporting. The regulators may also identify additional risk and control issues that could result in further regulatory actions. For additional information about these regulatory risks, see “Risk Factors—Compliance Risks” below.

For additional information on Citi’s transformation progress, investments and governance over the last several years, see “Citi’s Multiyear Transformation” in Citi’s 2024 Annual Report on Form 10-K.

2025 Transformation Progress

Citi continued to make progress on its transformation in 2025. As of December 31, 2025, over 80% of Citi’s transformation programs were at or nearly at the Company’s target state. Progress through 2025 included the following:

•enhanced and implemented automated controls to further mitigate risk of large erroneous payments in over 90 countries

•completed migration of committed corporate loans to Citi’s strategic loans processing platform for North America

•applied technology solutions leveraging AI to support governance of data reported in key regulatory reports

•completed onboarding of wholesale and retail contractual data to two strategic data platforms with built-in controls for accuracy, completeness and timeliness

•continued to optimize, modernize and simplify Citi by retiring or replacing 548 applications during 2025 (representing 9% of all applications)

In 2025, Citi’s transformation-related expenses increased 14% from the prior year to approximately $3.3 billion, largely driven by increased spending on data, as well as on controls. While Citi’s transformation investments will remain significant in 2026 and beyond, Citi expects them to decline over time.

FRB and OCC Consent Orders Compliance

Citi’s transformation efforts include implementation of the October 7, 2020 FRB and OCC Consent Orders issued to Citigroup and Citibank, respectively. The 2020 Consent Orders require Citigroup and Citibank to implement extensive targeted action plans and submit quarterly progress reports on a timely and sufficient basis, detailing the results and status of improvements relating principally to various aspects of:

•enterprise-wide risk management;

•compliance risk management;

•data quality management related to governance; and

•internal controls.

Although there are no restrictions on Citi’s ability to serve its clients, the 2020 OCC Consent Order requires Citibank to obtain prior approval of any significant new acquisition, including any portfolio or business acquisition, excluding ordinary course transactions. For additional information about the requirements under the 2020 Consent Orders, see Citi’s October 9, 2020 Form 8-K.

In 2024 the FRB entered into a Civil Money Penalty Consent Order with Citigroup in the amount of approximately $61 million, having found that Citigroup had ongoing deficiencies related to its data quality management program and inadequate measures for managing and controlling its data quality risks; and the OCC entered into a Civil Money Penalty Consent Order with Citibank, a wholly owned subsidiary of Citigroup, in the amount of $75 million, having found that Citibank had failed to make sufficient and sustainable progress toward achieving compliance with the OCC’s 2020 Consent Order. The OCC and Citibank also entered into an amendment to the October 7, 2020 OCC Consent Order (the Amendment), which the OCC terminated on December 18, 2025. For additional information on the 2024 Consent Orders and the Amendment, see Citi’s July 10, 2024 Form 8-K.

Citi continues to work constructively with the FRB and OCC and provide additional information regarding its plans and progress to both regulators on an ongoing basis.

10

Transformation Governance

Citi has built an organization and infrastructure to manage, guide and support its transformation, which spans all businesses and functions to ensure consistency. Additionally, the Citigroup and Citibank Boards of Directors each formed a Transformation Oversight Committee, an ad hoc committee of each Board, to provide oversight of Citi’s efforts to improve its risk and control environment and management’s remediation efforts under the consent orders.

While every member of Citi’s executive management team, or EMT, is involved in the transformation and plays a key, direct role in its implementation, Citi’s CEO has taken a leading role in managing the effort. As part of this effort, Citi’s CEO has assembled a team consisting of long-tenured employees and new hires from across various disciplines and areas of expertise and experience, along with representatives from each of Citi’s businesses and functions, to lead the various transformation programs. Citi is focusing its most senior talent on this effort and has a detailed, integrated approach to execute on the transformation. Citi’s Transformation Steering Committee, chaired by Citi’s CEO, sets the overall direction for the transformation and communicates progress to the Citigroup Board of Directors, as well as seeks input and feedback from the Board.

RECENT DEVELOPMENTS

On February 18, 2026, Citi signed and closed the sale of AO Citibank, Citi’s former Russian subsidiary, to RenCap. The transaction resulted in Citi’s full exit from its operations in Russia and included all remaining businesses, as well as approximately 800 employees. The divestiture of the remaining business operations is expected to provide an estimated benefit to Citi’s Common Equity Tier 1 (CET1) capital in the first quarter of 2026 of approximately $4 billion, primarily driven by the deconsolidation of associated risk-weighted assets, a reduction in disallowed deferred tax assets (DTA) and the release of associated currency translation adjustment (CTA) loss. While a benefit in the first quarter of 2026, the cumulative impact of the $1.6 billion CTA loss is regulatory capital neutral to Citi. For additional information, see “Managing Global Risk—Other Risks—Country Risk—Russia” below and Note 2.

11

RESULTS OF OPERATIONS

SUMMARY OF SELECTED FINANCIAL DATA

Citigroup Inc. and Consolidated Subsidiaries

In millions of dollars, except per share amounts	2025		2024		2023		2022		2021
Net interest income	$	59,792	$	54,095	$	54,900	$	48,668	$	42,494
Non-interest revenue	25,433		26,627		23,166		26,314		29,080
Revenues, net of interest expense(1)	$	85,225	$	80,722	$	78,066	$	74,982	$	71,574
Operating expenses(1)	55,132		53,567		55,970		50,936		47,883
Provisions for credit losses and for benefits and claims	10,265		10,109		9,186		5,239		(3,778)
Income from continuing operations before income taxes	$	19,828	$	17,046	$	12,910	$	18,807	$	27,469
Income taxes	5,373		4,211		3,528		3,642		5,451
Income from continuing operations	$	14,455	$	12,835	$	9,382	$	15,165	$	22,018
Income (loss) from discontinued operations, net of taxes	(3)		(2)		(1)		(231)		7
Net income before attribution of noncontrolling interests	$	14,452	$	12,833	$	9,381	$	14,934	$	22,025
Net income attributable to noncontrolling interests	146		151		153		89		73
Citigroup’s net income	$	14,306	$	12,682	$	9,228	$	14,845	$	21,952
Earnings per share
Basic
Income from continuing operations	$	7.11	$	6.03	$	4.07	$	7.16	$	10.21
Net income	7.11		6.03		4.07		7.04		10.21
Diluted
Income from continuing operations	$	6.99	$	5.95	$	4.04	$	7.11	$	10.14
Net income	6.99		5.94		4.04		7.00		10.14
Dividends declared per common share	2.32		2.18		2.08		2.04		2.04
Common dividends	$	4,340	$	4,218	$	4,076	$	4,028	$	4,196
Preferred dividends	1,114		1,054		1,198		1,032		1,040
Common share repurchases	13,250		2,500		2,000		3,250		7,600

Table continues on the next page, including footnotes.

12

SUMMARY OF SELECTED FINANCIAL DATA

(Continued)

Citigroup Inc. and Consolidated Subsidiaries

In millions of dollars, except per share amounts, ratios and direct staff	2025			2024			2023			2022			2021
At December 31:
Total assets	$	2,657,202		$	2,352,945		$	2,411,834		$	2,416,676		$	2,291,413
Total deposits	1,403,573			1,284,458			1,308,681			1,365,954			1,317,230
Long-term debt	315,827			287,300			286,619			271,606			254,374
Citigroup common stockholders’ equity	192,241			190,748			187,853			182,194			182,977
Total Citigroup stockholders’ equity	212,291			208,598			205,453			201,189			201,972
Average assets	2,644,069			2,468,431			2,442,233			2,396,023			2,347,709
Direct staff (in thousands)	226			229			239			240			223
Performance metrics
Return on average assets	0.54		%	0.51		%	0.38		%	0.62		%	0.94		%
Return on average common stockholders’ equity(2)	6.8			6.1			4.3			7.7			11.5
Return on average total stockholders’ equity(2)	6.7			6.1			4.5			7.5			10.9
Return on tangible common equity (RoTCE)(3)	7.7			7.0			4.9			8.9			13.4
Operating leverage(4)	266 bps			770 bps			(577) bps			(161) bps			(1,340) bps
Efficiency ratio (total operating expenses/total revenues, net)	64.7			66.4			71.7			67.9			66.9
Basel III ratios
CET1 Capital(5)	13.18		%	13.63		%	13.37		%	13.03		%	12.25		%
Tier 1 Capital(5)	13.65			15.31			15.02			14.80			13.91
Total Capital(5)	15.66			15.42			15.13			15.46			16.04
Supplementary Leverage ratio	5.48			5.85			5.82			5.82			5.73
Citigroup common stockholders’ equity to assets	7.23		%	8.11		%	7.79		%	7.54		%	7.99		%
Total Citigroup stockholders’ equity to assets	7.99			8.87			8.52			8.33			8.81
Dividend payout ratio(6)	33			37			51			29			20
Total payout ratio(7)	133			58			76			53			56
Book value per common share	$	110.01		$	101.62		$	98.71		$	94.06		$	92.21
Tangible book value per share (TBVPS)(3)	97.06			89.34			86.19			81.65			79.16

(1)    Effective January 1, 2025, certain transaction processing fees paid by Citi, primarily to credit card networks, reported within USPB, Services, Wealth and All Other—Legacy Franchises (Mexico Consumer/SBMM and Asia Consumer), which were previously presented within Other operating expenses, are presented as contra-revenue within Commissions and fees reported in Non-interest revenue. Prior periods were conformed to reflect this change in presentation.

(2)    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.

(3)    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.

(4)    The operating leverage ratio 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.

(5)    Citi’s binding CET1 Capital ratios were derived under the Basel III Standardized Approach and Total Capital ratios were derived under the Advanced Approaches framework for all periods presented. Citi’s binding Tier 1 Capital ratios were derived under the Basel III Advanced Approaches framework as of December 31, 2025 and were derived under the Standardized Approach as of December 31, 2024, 2023, 2022 and 2021.

(6)    The dividend payout ratio represents dividends declared per common share as a percentage of net income per diluted share.

(7)    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 11 and “Equity Security Repurchases” below for the component details.

13

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, 2024 to December 31, 2025:

In millions of dollars	December 31, 2025		December 31, 2024		$  Increase (Decrease)		%  Increase (Decrease)
Assets
Cash and deposits with banks, net of allowance	$	349,579	$	276,532	$	73,047	26	%
Securities borrowed and purchased under agreements to resell, net of allowance	356,195		274,062		82,133		30
Trading account assets	537,139		442,747		94,392		21
Investments, net of allowance	444,229		476,657		(32,428)		(7)
Loans, net of unearned income and allowance for credit losses on loans	732,983		675,914		57,069		8
All other assets	237,077		207,033		30,044		15
Total assets	$	2,657,202	$	2,352,945	$	304,257	13	%
Liabilities and equity
Total deposits	$	1,403,573	$	1,284,458	$	119,115	9	%
Securities loaned and sold under agreements to repurchase	348,098		254,755		93,343		37
Trading account liabilities	162,798		133,846		28,952		22
Short-term borrowings	51,878		48,505		3,373		7
Long-term debt	315,827		287,300		28,527		10
All other liabilities	161,206		134,715		26,491		20
Total liabilities	$	2,443,380	$	2,143,579	$	299,801	14	%
Preferred stock	20,050		17,850		2,200		12
Common equity	192,241		190,748		1,493		1
Noncontrolling interests	1,531		768		763		99
Total liabilities and equity	$	2,657,202	$	2,352,945	$	304,257	13	%

Cash and deposits with banks: increased $73 billion, or 26%, primarily driven by growth in deposits in excess of loan growth, reductions in investments and net issuances of long-term debt, partially offset by growth in net trading assets and liabilities.

Securities borrowed and purchased under agreements to resell: increased $82 billion, or 30%, primarily driven by Rates and Currencies in Markets, reflecting increased client activity. See Note 12.

Trading account assets: increased $94 billion, or 21%, driven by increases in foreign government securities, mortgage-backed securities and equities securities, driven by client demand and market-making activity in Markets. See Note 26.

Investments: decreased $32 billion, or 7%. Held-to-maturity debt securities decreased $53 billion, or 22%, largely driven by maturities and paydowns of U.S. Treasury securities. Available-for-sale debt securities increased $20 billion, or 9%, driven by net purchases of foreign government securities, partially offset by net sales of U.S. Treasury securities. See Note 14.

Loans: increased $57 billion, or 8%, driven by growth in Markets, primarily driven by financing activity in Spread Products, and Services, driven by continued demand for trade loans, as well as growth in Retail Banking from consumer mortgages and Branded Cards in USPB, partially offset by a decline in Banking. See Note 15.

All other assets: consisting of brokerage receivables, premises and equipment, goodwill and intangibles, loans HFS, deferred taxes, accruals, other receivables, leases and other, increased $30 billion, or 15%. See Notes 10, 13, 17 and 29.

Deposits: increased $119 billion, or 9%, driven by an increase in operational deposits in Services. See Note 18.

Securities loaned and sold under agreements to repurchase: increased $93 billion, or 37%, driven by Rates and Currencies in Markets, reflecting increased Company financing in support of client activities. See Note 12.

Trading account liabilities: increased $29 billion, or 22%, primarily driven by equities in Prime Services in Markets, reflecting increased client demand. See Note 26.

14

Short-term borrowings: increased $3 billion, or 7%. See Note 19.

Long-term debt: increased $29 billion, or 10%, primarily driven by issuances of senior bank and non-bank benchmark debt and non-bank customer-related debt, partially offset by a decrease in Federal Home Loan Bank (FHLB) borrowings. See Note 19.

All other liabilities: consisting of brokerage payables, accruals, deferred taxes, other payables, deposits HFS, leases and other, increased $26 billion, or 20%. See Notes 2, 10, 13 and 29.

Preferred stock: increased $2.2 billion, or 12%, reflecting $7.2 billion of issuances, partially offset by $5.0 billion of redemptions. See Note 22.

Common equity: increased $1.5 billion, or 1%, as $14.3 billion in net income, $3.5 billion in lower Accumulated other comprehensive income (AOCI) losses, the net $1.7 billion increase due to the 25% Banamex equity interest sale and $0.8 billion in employee stock awards were largely offset by $13.3 billion in repurchases and $5.5 billion of common ($4.3 billion) and preferred ($1.1 billion) dividends.

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.

15

SEGMENT REVENUES AND INCOME (LOSS)

REVENUES(1)

In millions of dollars	2025		2024		2023		% Change 2025 vs. 2024		% Change 2024 vs. 2023
Services	$	21,256	$	19,618	$	18,062	8	%	9	%
Markets	21,970		19,836		18,649		11		6
Banking	8,215		6,201		4,715		32		32
Wealth	8,559		7,483		6,997		14		7
USPB	20,971		20,055		18,900		5		6
All Other—managed basis(2)	4,430		7,503		9,397		(41)		(20)
All Other—divestiture-related impacts (Reconciling Items)(2)	(176)		26		1,346		NM		(98)
Total Citigroup net revenues	$	85,225	$	80,722	$	78,066	6	%	3	%

INCOME

In millions of dollars	2025		2024		2023		% Change 2025 vs. 2024		% Change 2024 vs. 2023
Income (loss) from continuing operations
Services	$	7,139	$	6,584	$	4,701	8	%	40	%
Markets	5,928		5,005		3,938		18		27
Banking	2,324		1,529		(31)		52		NM
Wealth	1,490		1,002		419		49		139
USPB	3,097		1,382		1,820		124		(24)
All Other—managed basis(2)	(4,441)		(2,460)		(2,124)		(81)		(16)
All Other—divestiture-related impacts (Reconciling Items)(2)	(1,082)		(207)		659		(423)		NM
Income from continuing operations	$	14,455	$	12,835	$	9,382	13	%	37	%
Discontinued operations	$	(3)	$	(2)	$	(1)	(50)	%	(100)	%
Less: Net income attributable to noncontrolling interests	146		151		153		(3)		(1)
Citigroup’s net income	$	14,306	$	12,682	$	9,228	13	%	37	%

(1)    See footnote 1 in “Results of Operations—Summary of Selected Financial Data” above for the description of a change in presentation.

(2)    All Other (managed basis) excludes divestiture-related impacts (Reconciling Items) related to (i) Citi’s divestitures of its Asia Consumer businesses and (ii) the ongoing divestiture of Banamex, within Legacy Franchises. 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

16

SERVICES

Services includes 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 revenue is 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 income 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 revenues reflect the impact of a revenue sharing arrangement with Banking—Corporate Lending, for Services products sold to Corporate Lending clients. This generally results in a reduction in Services reported revenue recorded in All other as part of Non-interest revenue in the table below.

Services maintains an international presence with product offerings in over 90 countries.

In millions of dollars, except as otherwise noted	2025			2024			2023			% Change 2025 vs. 2024		% Change 2024 vs. 2023
Net interest income (including dividends)	$	15,001		$	13,423		$	13,251		12	%	1	%
Fee revenue
Commissions and fees(1)	3,478			3,296			3,085			6		7
Administration and other fiduciary fees	2,907			2,716			2,501			7		9
Total fee revenue	$	6,385		$	6,012		$	5,586		6	%	8	%
Principal transactions	804			753			(372)			7		NM
All other(2)	(934)			(570)			(403)			(64)		(41)
Total non-interest revenue	$	6,255		$	6,195		$	4,811		1	%	29	%
Total revenues, net of interest expense(1)	$	21,256		$	19,618		$	18,062		8	%	9	%
Total operating expenses(1)	$	10,813		$	10,568		$	9,991		2	%	6	%
Net credit losses on loans	56			48			40			17		20
Credit reserve build (release) for loans	55			(130)			47			NM		NM
Provision for credit losses on unfunded lending commitments	(17)			17			(18)			NM		NM
Provisions for credit losses on other assets and HTM debt securities	360			341			881			6		(61)
Provision (release) for credit losses	$	454		$	276		$	950		64	%	(71)	%
Income from continuing operations before taxes	$	9,989		$	8,774		$	7,121		14	%	23	%
Income taxes	2,850			2,190			2,420			30		(10)
Income from continuing operations	$	7,139		$	6,584		$	4,701		8	%	40	%
Noncontrolling interests	64			101			66			(37)		53
Net income	$	7,075		$	6,483		$	4,635		9	%	40	%
Efficiency ratio	51		%	54		%	55		%
Balance Sheet data (in billions of dollars)
EOP assets	$	628		$	584		$	586		8	%	—	%
Average assets	604			586			583			3		1
Revenue by line of business
Net interest income	$	12,238		$	10,923		$	11,085		12	%	(1)	%
Non-interest revenue	3,140			3,578			2,591			(12)		38
TTS	$	15,378		$	14,501		$	13,676		6	%	6	%
Net interest income	$	2,763		$	2,500		$	2,166		11	%	15	%
Non-interest revenue	3,115			2,617			2,220			19		18

17

Securities Services	$	5,878		$	5,117		$	4,386		15	%	17	%
Total Services	$	21,256		$	19,618		$	18,062		8	%	9	%
Revenue by geography
North America	$	6,450		$	5,402		$	5,112		19	%	6	%
International	14,806			14,216			12,950			4		10
Total	$	21,256		$	19,618		$	18,062		8	%	9	%
International revenue by cluster
United Kingdom	$	2,003		$	1,969		$	1,808		2	%	9	%
Japan, Asia North and Australia (JANA)	2,775			2,674			2,462			4		9
LATAM	2,495			2,730			2,506			(9)		9
Asia South	2,520			2,426			2,160			4		12
Europe	2,481			2,280			2,230			9		2
Middle East, Africa and Russia (MEA)	2,532			2,137			1,784			18		20
Total	$	14,806		$	14,216		$	12,950		4	%	10	%
Key drivers(3)
Average loans by line of business (in billions of dollars)
TTS	$	92		$	84		$	80		10	%	5	%
Securities Services	1			1			1			—		—
Total	$	93		$	85		$	81		9	%	5	%
ACLL as a percentage of EOP loans(4)	0.33		%	0.30		%	0.47		%
Average deposits by line of business (in billions of dollars)
TTS	$	732		$	689		$	688		6	%	—	%
Securities Services	146			130			123			12		6
Total	$	878		$	819		$	811		7	%	1	%
AUC/AUA(5) (in trillions of dollars)	$	31.4		$	25.4		$	23.5		24	%	8	%
Cross-border transaction value (in billions of dollars)	416.4			379.7			358.0			10		6
U.S. dollar clearing volume(6) (in millions)	177.1			168.0			157.3			5		7
Commercial card spend volume (in billions of dollars)	$	71.2		$	70.4		$	66.8		1		5

(1)    See footnote 1 in “Results of Operations—Summary of Selected Financial Data” above for the description of a change in presentation.

(2)    Services revenues reflect the impact of a revenue sharing arrangement with Banking—Corporate Lending, for Services products sold to Corporate Lending clients. This generally results in a reduction in Services reported revenue.

(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.

(5)    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 $2.9 trillion and $1.9 trillion of such assets at December 31, 2025 and 2024, respectively.

(6)    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

18

2025 vs. 2024

Net income of $7.1 billion increased 9%.

Revenues increased 8%, driven by growth in TTS and Securities Services, which included the positive impact of the Russia-related notable item of $356 million.

Net interest income increased 12%, driven by an increase in average deposit balances and spreads. Average deposits increased 7%, driven by growth in TTS and Securities Services, with growth across both International and North America, largely driven by an increase in operating deposits. Non-interest revenue increased 1%, driven by fee growth of 6% and the positive impact of the Russia-related notable item, offset by higher lending revenue share with Banking—Corporate Lending.

TTS revenues increased 6%, driven by a 12% increase in net interest income, partially offset by a 12% decrease in non-interest revenue. The increase in net interest income was driven by higher deposit spreads and average deposit balances, up 6%. The decrease in non-interest revenue was driven by higher lending revenue share, partially offset by higher fees. Fee revenue increased 5%, reflecting continued growth in underlying fee drivers, including an increase in cross-border transaction value of 10%, an increase in U.S. dollar clearing volume of 5% and an increase in commercial card spend volume of 1%.

Securities Services revenues increased 15%, driven by a 19% increase in non-interest revenue and 11% increase in net interest income. The increase in non-interest revenue was driven by the positive impact of the Russia-related notable item and fee growth of 7%, which benefited from higher assets under custody and administration and client activity, as well as a mark-to-market gain partially offset by higher lending revenue share. Assets under custody and administration increased 24%, which included the benefit of higher market valuations, deepening share of existing client wallet and the onboarding of new clients and assets. The increase in net interest income was driven by higher average deposits, which increased 12%, partially offset by lower deposit spreads.

Expenses increased 2%, primarily driven by higher compensation and benefits expense, including performance-related compensation.

Provisions were $454 million, reflecting a net ACL build of $398 million, and net credit losses of $56 million. The net ACL build was primarily driven by transfer risk. Provisions were $276 million in the prior year, reflecting a net ACL build of $228 million, driven by transfer risk, and net credit losses of $48 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—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 and “Managing Global Risk—Other Risks—Country Risk—Argentina” below.

19

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 gains (losses) on AFS debt and equity securities (non-trading), and other non-recurring items. Revenue generated from all of these activities is primarily recorded in Non-interest revenue in the table below. Markets revenues also reflect the impact of a revenue sharing arrangement with Banking—Corporate Lending, for Markets products sold to Corporate Lending clients. This generally results in a reduction in Markets reported revenue recorded in All other.

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.

In millions of dollars, except as otherwise noted	2025			2024			2023			% Change 2025 vs. 2024		% Change 2024 vs. 2023
Net interest income (including dividends)	$	10,009		$	7,005		$	7,233		43	%	(3)	%
Fee revenue
Brokerage and fees	1,563			1,402			1,381			11		2
Investment banking fees(1)	524			426			392			23		9
Other	223			238			147			(6)		62
Total fee revenue	$	2,310		$	2,066		$	1,920		12	%	8	%
Principal transactions	9,551			10,822			9,789			(12)		11
All other(2)	100			(57)			(293)			NM		81
Total non-interest revenue	$	11,961		$	12,831		$	11,416		(7)	%	12	%
Total revenues, net of interest expense(3)	$	21,970		$	19,836		$	18,649		11	%	6	%
Total operating expenses	$	14,077		$	13,202		$	13,258		7	%	—	%
Net credit losses (recoveries) on loans	206			168			32			23		425
Credit reserve build (release) for loans	(16)			213			202			NM		5
Provision (release) for credit losses on unfunded lending commitments	7			17			5			(59)		240
Provisions for credit losses on other assets and HTM debt securities	40			65			199			(38)		(67)
Provision (release) for credit losses	$	237		$	463		$	438		(49)	%	6	%
Income (loss) from continuing operations before taxes	$	7,656		$	6,171		$	4,953		24	%	25	%
Income taxes (benefits)	1,728			1,166			1,015			48		15
Income (loss) from continuing operations	$	5,928		$	5,005		$	3,938		18	%	27	%
Noncontrolling interests	73			75			67			(3)		12
Net income (loss)	$	5,855		$	4,930		$	3,871		19	%	27	%
Efficiency ratio	64		%	67		%	71		%
Balance Sheet data (in billions of dollars)
EOP assets	$	1,187		$	949		$	1,008		25	%	(6)	%
Average assets	1,206			1,063			1,026			13		4
Revenue by line of business
Fixed Income Markets	$	16,226		$	14,750		$	14,612		10	%	1	%
Equity Markets	5,744			5,086			4,037			13		26
Total	$	21,970		$	19,836		$	18,649		11	%	6	%

20

Rates and Currencies	$	11,418		$	10,152		$	10,794		12	%	(6)	%
Spread Products and Other Fixed Income	4,808			4,598			3,818			5		20
Total Fixed Income Markets revenues	$	16,226		$	14,750		$	14,612		10	%	1	%
Revenue by geography
North America	$	8,357		$	7,562		$	6,839		11	%	11	%
International	13,613			12,274			11,810			11		4
Total	$	21,970		$	19,836		$	18,649		11	%	6	%
International revenue by cluster
United Kingdom	$	4,341		$	4,099		$	4,383		6	%	(6)	%
Japan, Asia North and Australia (JANA)	2,783			2,546			2,370			9		7
LATAM	2,141			1,962			1,444			9		36
Asia South	1,829			1,618			1,404			13		15
Europe	1,279			935			1,086			37		(14)
Middle East, Africa and Russia (MEA)	1,240			1,114			1,123			11		(1)
Total	$	13,613		$	12,274		$	11,810		11	%	4	%
Key drivers(4) (in billions of dollars)
Average loans	$	141		$	120		$	110		18	%	9	%
Net credit losses (NCLs) as a percentage of average loans	0.15		%	0.14		%	0.03		%
ACLL as a percentage of EOP loans(5)	0.67		%	0.88		%	0.71		%
Average trading account assets	$	535		$	436		$	379		23		15

(1)    Investment banking fees are primarily composed of underwriting, advisory, loan syndication structuring and other related financing activity.

(2)    Markets revenues reflect the impact of a revenue sharing arrangement with Banking—Corporate Lending, for Markets products sold to Corporate Lending clients. This generally results in a reduction in Markets reported revenue.

(3)    Citi assesses its Markets business performance on a total revenue basis, as offsets may occur across revenue line items. For example, securities that generate Net interest income may be risk managed by derivatives that are recorded in Principal transactions revenue within Non-interest revenue. For a description of the composition of these revenue line items, see Notes 4, 5 and 6.

(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)    Excludes loans that are carried at fair value for all periods.

NM Not meaningful

21

2025 vs. 2024

Net income of $5.9 billion increased 19%.

Revenues increased 11%, driven by higher revenues in both Fixed Income Markets and Equity Markets.

Fixed Income Markets revenue of $16.2 billion increased 10%, reflecting higher revenues in Rates and Currencies and Spread Products and Other Fixed Income. Rates and Currencies revenues increased 12%, driven by higher Rates and foreign exchange revenues on increased client activity, partially offset by higher lending revenue share with Banking—Corporate Lending.

Spread Products and Other Fixed Income revenues increased 5%, driven by higher financing activity, with an 18% increase in average loans in Spread Products, and continued optimization of the balance sheet, largely offset by lower commodities revenues.

Equity Markets revenue was $5.7 billion, up 13%, due to increased market volatility and client activity, with prime balances up over 50%. The increase in Equity Markets revenue was driven by higher Equity Derivatives and Prime Services revenues, partially offset by non-recurrence of prior-year gains related to the Visa B share exchange in Equity Derivatives. Equity Cash revenues were marginally lower following a very strong performance in 2024.

Expenses of $14.1 billion increased 7%, primarily driven by higher compensation and benefits, including performance-related compensation and higher technology, transactional and legal expenses.

Provisions were $237 million, reflecting net credit losses of $206 million, and a net ACL build of $31 million. Net credit losses were driven by charge-offs in Spread Products. Provisions were $463 million in the prior year, reflecting a net ACL build of $295 million, primarily driven by changes in credit quality and in the macroeconomic outlook, and net credit losses of $168 million.

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—Corporate Credit” below.

For additional information on trends in Markets’ 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 and “Managing Global Risk—Other Risks—Country Risk—Argentina” below.

22

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.

In addition to earning net interest spread revenue on its Corporate Lending activities, Banking primarily generates investment banking fees, composed of underwriting, advisory, loan syndication structuring and other related financing activity. For additional information on these types of revenues, see Note 5. Banking revenues also reflect the impact of a revenue sharing arrangement with Banking—Corporate Lending for Investment Banking, Markets and Services products sold to Corporate Lending clients. This generally results in an increase in Banking reported revenue. The revenue share to Banking—Corporate Lending is recorded in All other as part of Non-interest revenue in the table below.

Banking maintains an international presence leveraging a global network of bankers supporting over 90 countries.

In millions of dollars, except as otherwise noted	2025			2024			2023			% Change 2025 vs. 2024		% Change 2024 vs. 2023
Net interest income (including dividends)	$	2,132		$	2,157		$	2,161		(1)	%	—	%
Fee revenue
Investment banking fees	4,618			3,857			2,713			20		42
Other	233			174			160			34		9
Total fee revenue	$	4,851		$	4,031		$	2,873		20	%	40	%
Principal transactions	(552)			(787)			(938)			30		16
All other(1)	1,784			800			619			123		29
Total non-interest revenue	$	6,083		$	4,044		$	2,554		50	%	58	%
Total revenues, net of interest expense	$	8,215		$	6,201		$	4,715		32	%	32	%
Total operating expenses	$	4,462		$	4,477		$	4,877		—	%	(8)	%
Net credit losses on loans	84			149			169			(44)		(12)
Credit reserve build (release) for loans	389			(200)			(345)			NM		42
Provision (release) for credit losses on unfunded lending commitments	221			(128)			(354)			NM		64
Provisions (releases) for credit losses on other assets and HTM debt securities	26			(45)			387			NM		NM
Provisions (releases) for credit losses	$	720		$	(224)		$	(143)		NM		(57)	%
Income (loss) from continuing operations before taxes	$	3,033		$	1,948		$	(19)		56	%	NM
Income taxes (benefits)	709			419			12			69		NM
Income (loss) from continuing operations	$	2,324		$	1,529		$	(31)		52	%	NM
Noncontrolling interests	(5)			5			4			NM		25	%
Net income (loss)	$	2,329		$	1,524		$	(35)		53	%	NM
Efficiency ratio	54		%	72		%	103		%
Balance Sheet data (in billions of dollars)
EOP assets	$	140		$	143		$	148		(2)	%	(3)	%
Average assets	147			152			153			(3)		(1)
Revenue by line of business
Total Investment Banking(1)	$	4,434		$	3,637		$	2,632		22	%	38	%
Corporate Lending (excluding gain (loss) on loan hedges)(1)(2)	3,899			2,744			2,526			42		9
Total Banking revenues (excluding gain (loss) on loan hedges)(1)(2)	$	8,333		$	6,381		$	5,158		31	%	24	%
Gain (loss) on loan hedges(1)(2)	(118)			(180)			(443)			34		59
Total Banking revenues (including gain (loss) on loan hedges)(1)(2)	$	8,215		$	6,201		$	4,715		32	%	32	%

23

Investment banking fees
Advisory	$	1,908		$	1,245		$	1,017		53	%	22	%
Equity underwriting (ECM)	699			688			500			2		38
Debt underwriting (DCM)	2,011			1,924			1,196			5		61
Total	$	4,618		$	3,857		$	2,713		20	%	42	%
Revenue by geography
North America	$	3,908		$	3,097		$	1,898		26	%	63	%
International	4,307			3,104			2,817			39		10
Total	$	8,215		$	6,201		$	4,715		32	%	32	%
International revenue by cluster
United Kingdom	$	1,088		$	686		$	637		59	%	8	%
Japan, Asia North and Australia (JANA)	796			524			591			52		(11)
LATAM	720			662			522			9		27
Asia South	568			411			381			38		8
Europe	755			588			498			28		18
Middle East, Africa and Russia (MEA)	380			233			188			63		24
Total	$	4,307		$	3,104		$	2,817		39	%	10	%
Key drivers(3) (in billions of dollars)
Average loans	$	82		$	88		$	92		(7)	%	(4)	%
NCLs as a percentage of average loans	0.10		%	0.17		%	0.18		%
ACLL as a percentage of EOP loans(4)	2.04		%	1.42		%	1.59		%

(1)    Banking revenues reflect the impact of a revenue sharing arrangement with Banking—Corporate Lending for Investment Banking, Markets and Services products sold to Corporate Lending clients. This generally results in an increase in Banking reported revenue.

(2)    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.

(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

24

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.

2025 vs. 2024

Net income of $2.3 billion increased 53%.

Revenues increased 32%, driven by growth in Investment Banking and Corporate Lending (excluding the impact of losses on loan hedges) and a lower mark-to-market loss on loan hedges (a $118 million loss versus a $180 million loss in the prior year). Excluding the impact of gain (loss) on loan hedges, Banking revenues increased 31%.

Investment Banking revenues increased 22%, driven by a 20% increase in investment banking fees across Advisory, DCM and ECM with a larger overall market wallet and overall wallet share gains. Advisory fees increased 53%, with growth across several sectors and higher sponsor-led activity. DCM fees were up 5%, driven by growth in leveraged finance and investment-grade debt, partially offset by a decline in investment-grade loan activity. ECM fees were up 2%, driven by strength in IPOs and convertibles, amid favorable equity market conditions, offset by lower follow-on activity.

Corporate Lending revenues increased 47%, including the impact of gain (loss) on loan hedges. Excluding the impact of gain (loss) on loan hedges, Corporate Lending revenues increased 42%, driven by the impact of higher lending revenue share from Services, Markets and Investment Banking.

Expenses were unchanged, as an increase in compensation and benefits, including investments made in the business, was offset by a reduction in other operating expenses.

Provisions were $720 million, reflecting a net ACL build of $636 million, and net credit losses of $84 million. The net ACL build was driven by changes in credit quality, changes in the macroeconomic outlook and higher net lending activity. Provisions were a benefit of $224 million in the prior year, reflecting a net ACL release of $373 million, driven by improved macroeconomic conditions and transfer risk, and net credit losses of $149 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—Corporate Credit” below.

For additional information on trends in Banking’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 and “Managing Global Risk—Other Risks—Country Risk—Argentina” below.

25

WEALTH

As of December 31, 2025, Wealth includes the Private Bank, Citigold and Wealth at Work and provides financial and advisory services to a range of client segments consisting of ultra-high net worth, high net worth and affluent clients. These services include banking, investment, lending and custody product offerings in approximately 20 countries, including the U.S. and four wealth management centers: Singapore, Hong Kong, the UAE and London:

•The Private Bank provides financial services to ultra-high net worth clients through customized product offerings.

•Citigold provides financial services to affluent and high net worth clients through elevated product offerings and financial relationships.

•Wealth at Work provides financial services to professional industries (including law firms, consulting groups and accounting and asset management firms) through tailored solutions.

Wealth revenue is 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, margin lending, personal, small business and other loans, and international credit cards.

Fee income 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.

Effective as of the first quarter of 2026, Citi transferred its Retail Banking business from USPB to Wealth, and the remaining USPB businesses, including Branded Cards and Retail Services, were integrated into a new U.S. Consumer Cards (USCC) segment. For additional information, see “Overview” above.

In millions of dollars, except as otherwise noted	2025			2024			2023			% Change 2025 vs. 2024		% Change 2024 vs. 2023
Net interest income	$	5,281		$	4,508		$	4,413		17	%	2	%
Fee revenue
Commissions and fees(1)	1,551			1,380			1,180			12		17
Other(2)	962			949			802			1		18
Total fee revenue	$	2,513		$	2,329		$	1,982		8	%	18	%
All other(3)	765			646			602			18		7
Total non-interest revenue	$	3,278		$	2,975		$	2,584		10	%	15	%
Total revenues, net of interest expense	$	8,559		$	7,483		$	6,997		14	%	7	%
Total operating expenses(1)	$	6,501		$	6,326		$	6,461		3	%	(2)	%
Net credit losses on loans	170			121			98			40		23
Credit reserve build (release) for loans	(26)			(236)			(85)			89		(178)
Provision (release) for credit losses on unfunded lending commitments	(3)			(9)			(12)			67		25
Provisions for benefits and claims (PBC), and other assets	(1)			(2)			(4)			50		50
Provisions (releases) for credit losses and PBC	$	140		$	(126)		$	(3)		NM		NM
Income from continuing operations before taxes	$	1,918		$	1,283		$	539		49	%	138	%
Income taxes	428			281			120			52		134
Income from continuing operations	$	1,490		$	1,002		$	419		49	%	139	%
Noncontrolling interests	—			—			—			—		—
Net income	$	1,490		$	1,002		$	419		49	%	139	%
Efficiency ratio	76		%	85		%	92		%
Balance Sheet data (in billions of dollars)
EOP assets	$	230		$	224		$	229		3	%	(2)	%
Average assets	231			231			244			—		(5)
Revenue by line of business
Private Bank	$	2,676		$	2,386		$	2,332		12	%	2	%
Citigold	4,953			4,221			3,803			17		11
Wealth at Work	930			876			862			6		2
Total	$	8,559		$	7,483		$	6,997		14	%	7	%

26

Revenue by geography
North America	$	4,316		$	3,628		$	3,615		19	%	—	%
International	4,243			3,855			3,382			10		14
Total	$	8,559		$	7,483		$	6,997		14	%	7	%
International revenue by cluster
United Kingdom	$	419		$	337		$	288		24	%	17	%
Japan, Asia North and Australia (JANA)	1,503			1,358			1,144			11		19
LATAM	150			129			118			16		9
Asia South	1,508			1,352			1,190			12		14
Europe	305			300			301			2		—
Middle East, Africa and Russia (MEA)	358			379			341			(6)		11
Total	$	4,243		$	3,855		$	3,382		10	%	14	%
Key drivers(4) (in billions of dollars)
EOP client balances
Client investment assets(5)	$	670		$	587		$	496		14	%	18	%
Deposits	324			313			319			4		(2)
Loans	150			148			151			2		(3)
Total	$	1,144		$	1,048		$	966		9	%	8	%
Net new investment assets (NNIA)(6)	$	44.3		$	42.5		$	30.0		4	%	42	%
Average deposits	313			316			310			(1)		2
Average loans	149			149			150			—		(1)
ACLL as a percentage of EOP loans	0.34		%	0.36		%	0.51		%

(1)    See footnote 1 in “Results of Operations—Summary of Selected Financial Data” above for the description of a change in presentation.

(2)    Primarily related to fiduciary and administrative fees.

(3)    Primarily related to principal transactions revenue including FX translation.

(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)    Includes assets under management, and trust and custody assets.

(6)    Represents investment asset inflows, including dividends, interest and distributions, less investment asset outflows. See “Glossary” 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.

NM Not meaningful

27

2025 vs. 2024

Net income of $1.5 billion increased 49%.

Revenues increased 14%, driven by growth across Citigold, the Private Bank and Wealth at Work. Net interest income increased 17%, driven by higher deposit spreads, partially offset by lower mortgage spreads and lower average deposit balances. Non-interest revenue increased 10%, driven by higher investment fee revenues and a gain on sale of an alternative investment fund platform, partially offset by the loss of fee revenue from a sale of a trust business in the third quarter of 2025.

Client balances increased 9%, primarily driven by higher client investment assets, up 14%. The increase in client investment assets was driven by higher market valuations and NNIA generation ($44 billion for the last 12 months), which represented 8% organic growth, partially offset by the sale of a trust business in the third quarter of 2025.

Average deposits decreased 1%, driven by lower deposits in Citigold in North America, as client transfers from USPB (including $15 billion of net transfers during the last 12 months) and net new deposits were more than offset by outflows, including a shift from deposits to higher-yielding investments. Average loans were unchanged, with growth in margin lending offset by transfers of certain relationships and associated mortgage loans to USPB from Wealth.

Private Bank revenues increased 12%, driven by higher deposit spreads, the gain on sale of an alternative investments fund platform and higher investment fee revenues, partially offset by lower mortgage spreads.

Citigold revenues increased 17%, driven by higher deposit spreads, higher investment fee revenues and higher lending spreads, partially offset by lower average loan balances and lower average deposit balances.

Wealth at Work revenues increased 6%, driven by higher deposit spreads and higher investment fee revenues, primarily offset by lower mortgage spreads.

Expenses increased 3%, largely driven by higher technology expenses, higher transactional and product servicing expenses and higher compensation and benefit expenses, as higher performance-related compensation and higher severance were partially offset by lower salaries due to lower headcount.

Provisions were $140 million, reflecting net credit losses of $170 million, and a net ACL release of $30 million. Net credit losses were primarily driven by international credit cards and write-downs of certain mortgage loans to their collateral value due to the impact of the California wildfires. Provisions were a benefit of $126 million in the prior year, reflecting a net ACL release of $247 million, driven by a refinement of loss assumptions in the margin lending portfolio and changes in the macroeconomic outlook, and net credit losses of $121 million.

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 about trends, uncertainties and risks related to future results of the businesses, see “Executive Summary” above and “Risk Factors” below.

28

U.S. PERSONAL BANKING

As of December 31, 2025, U.S. Personal Banking (USPB) includes Branded Cards, Retail Services and Retail Banking:

•Branded Cards includes proprietary credit card portfolios (Value, Rewards and Cash), co-branded card portfolios (including Costco and American Airlines) and personal installment loans.

•Retail Services includes co-brand and private label relationships (including, among others, The Home Depot, Best Buy and Macy’s).

•Retail Banking includes traditional banking services, including deposits, mortgages and other lending products, for retail and small business customers. Retail Banking branches are concentrated in six key metropolitan areas: New York, Los Angeles, San Francisco, Chicago, Miami and Washington, D.C.

USPB revenue is primarily generated from net interest income, driven by secured and unsecured consumer loans, including credit card and mortgage lending, as well as spread income on deposits.

Fee revenue is primarily generated through credit card activities, including interchange revenue and other card-related fees. Fee revenue reflects the impact of customer reward programs, partner payments within the credit card businesses and retail banking-related fees. For additional information on these types of revenues, see Note 5.

Effective as of the first quarter of 2026, Citi transferred its Retail Banking business from USPB to Wealth, and the remaining USPB businesses, including Branded Cards and Retail Services, were integrated into a new U.S. Consumer Cards (USCC) segment. For additional information, see “Overview” above.

In millions of dollars, except as otherwise noted	2025			2024			2023			% Change 2025 vs. 2024		% Change 2024 vs. 2023
Net interest income	$	22,470		$	21,103		$	20,150		6	%	5	%
Fee revenue
Interchange fees(1)(2)	9,878			9,591			9,387			3		2
Card rewards and partner payments	(12,075)			(11,226)			(11,083)			(8)		(1)
Other(2)	614			468			349			31		34
Total fee revenue	$	(1,583)		$	(1,167)		$	(1,347)		(36)	%	13	%
All other(3)	84			119			97			(29)		23
Total non-interest revenue	$	(1,499)		$	(1,048)		$	(1,250)		(43)	%	16	%
Total revenues, net of interest expense(1)	$	20,971		$	20,055		$	18,900		5	%	6	%
Total operating expenses(1)	$	9,709		$	9,646		$	9,815		1	%	(2)	%
Net credit losses on loans	7,431			7,579			5,234			(2)		45
Credit reserve build (release) for loans	(226)			1,006			1,464			NM		(31)
Provision for credit losses on unfunded lending commitments	1			—			1			NM		(100)
Provisions for benefits and claims (PBC), and other assets	5			13			8			(62)		63
Provisions for credit losses and PBC	$	7,211		$	8,598		$	6,707		(16)	%	28	%
Income from continuing operations before taxes	$	4,051		$	1,811		$	2,378		124	%	(24)	%
Income taxes	954			429			558			122		(23)
Income from continuing operations	$	3,097		$	1,382		$	1,820		124	%	(24)	%
Noncontrolling interests	—			—			—			—		—
Net income	$	3,097		$	1,382		$	1,820		124	%	(24)	%
Efficiency ratio	46		%	48		%	52		%
Balance Sheet data (in billions of dollars)
EOP assets	$	264		$	252		$	242		5	%	4	%
Average assets	251			241			231			4		4
EOP loans	232			222			209			5		6
EOP deposits	88			89			103			(1)		(14)
Revenue by line of business(1)(4)
Branded Cards	$	11,636		$	10,735		$	9,992		8	%	7	%
Retail Services	6,622			7,070			6,574			(6)		8
Retail Banking	2,713			2,250			2,334			21		(4)
Total	$	20,971		$	20,055		$	18,900		5	%	6	%

29

Key drivers(5) (in billions of dollars, except as otherwise noted)
Average loans	$	220		$	209		$	193		5	%	8	%
ACLL as a percentage of EOP loans(6)	6.00		%	6.38		%	6.28		%
NCLs as a percentage of average loans	3.38		%	3.62		%	2.72		%
Average deposits	89			91			110			(2)		(17)
Branded Cards
Credit card spend volume	$	538		$	516		$	497		4	%	4	%
Average loans	119			114			105			5		9
NCLs as a percentage of average loans	3.68%			3.71%			2.68%
New credit cards account acquisitions(7) (in thousands of accounts)	5,192			4,667			4,546			11		3
Retail Services
Credit card spend volume	$	88		$	91		$	95		(3)	%	(5)	%
Average loans	51			51			50			(2)		3
NCLs as a percentage of average loans	5.73%			6.27%			4.64%
New credit cards account acquisitions(7) (in thousands of accounts)	7,801			7,882			9,138			(1)		(14)
Retail Banking
Branches (actual)	655			642			647			2	%	(1)	%
Average mortgage loans	$	49		$	43		$	37		14		16
NCLs as a percentage of average loans	0.28		%	0.28		%	0.29		%

(1)    See footnote 1 in “Results of Operations—Summary of Selected Financial Data” above for the description of a change in presentation.

(2)    Primarily related to credit cards and retail banking related fees.

(3)    Primarily related to foreign exchange revenues in Retail Banking and revenue incentives from card networks in Branded Cards.

(4)    Effective January 1, 2025, USPB changed its reporting for certain installment lending products that were transferred from Retail Banking to Branded Cards to reflect where these products are managed. Prior periods were conformed to reflect this change.

(5)    Management uses this information in reviewing the segment’s results and believes it is useful to investors concerning underlying segment performance and trends.

(6)    Excludes loans that are carried at fair value for all periods.

(7)    Represents the number of new credit card accounts opened.

NM Not meaningful

30

2025 vs. 2024

Net income of $3.1 billion increased 124%.

Revenues increased 5%, driven by growth in Branded Cards and Retail Banking, partially offset by a decline in Retail Services. Net interest income increased 6%, driven by higher loan spreads and interest-earning balances in Branded Cards, as well as higher deposit spreads in Retail Banking, partially offset by lower interest-earning loan balances and spreads in Retail Services. Non-interest revenue decreased 43%, driven by higher rewards costs in Branded Cards and higher partner payment accruals in Retail Services, partially offset by higher gross interchange fees in Branded Cards.

Branded Cards revenues increased by 8%, driven by higher loan spreads and interest-earning balances, up 6%, as well as higher gross interchange fees, partially offset by higher rewards costs. Branded Cards average loans increased 5%.

Retail Services revenues decreased 6%, driven by higher partner payment accruals, as well as lower net interest income due to lower interest-earning loan balances and spreads. Retail Services average loans decreased 2%.

Retail Banking revenues increased 21%, primarily driven by the impact of higher deposit spreads. Average deposits decreased 2%, as net new deposits were more than offset by client transfers to Wealth (including $15 billion of net transfers during the last 12 months).

Expenses increased 1%, driven by higher transactional and marketing expenses to support customer acquisition and engagement, largely offset by lower compensation and benefits due to lower headcount.

Provisions were $7.2 billion, reflecting net credit losses of $7.4 billion, and a net ACL release of $220 million. Net credit losses were down 2%, driven by improved credit performance in Retail Services, partially offset by an increase for loan growth in Branded Cards. The net ACL release was driven by changes in credit quality, largely offset by changes in the macroeconomic outlook. Provisions were $8.6 billion in the prior year, reflecting net credit losses of $7.6 billion, driven by Branded Cards and Retail Services, and a net ACL build of $1.0 billion, driven by changes in credit quality and higher volume, partially 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 USPB’s Branded Cards, Retail Services and Retail Banking 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 and “Risk Factors” below.

31

ALL OTHER—Managed Basis

All Other (managed basis) includes:

•Legacy Franchises (managed basis), which excludes divestiture-related impacts discussed below, and

•Corporate/Other.

For information on divestiture-related impacts, see the discussion below as well as All Other—Divestiture-Related Impacts (Reconciling Items) below.

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, including Banco Nacional de Mexico, S.A.

•Asia Consumer, primarily representing the consumer banking operations of the remaining two exit countries (Poland and Korea)

•Legacy Holdings Assets

Legacy Franchises (managed basis) results include a $1.6 billion Russia-related CTA loss that remained in Accumulated other comprehensive income (AOCI) until closing of the sale of AO Citibank. The $1.6 billion loss is included in the Russia notable item. See further details below.

Legacy Franchises (managed basis) results exclude the following:

•divestiture-related impacts associated with Asia Consumer

•divestiture-related impacts associated with Banamex, including the Banamex-related notable item consisting of a $726 million ($714 million after-tax) goodwill impairment in the third quarter of 2025 (see below)

At December 31, 2025, Legacy Franchises (managed basis) had the following, which were substantially reported in Mexico Consumer/SBMM:

•1,289 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 operates primarily through Banamex, which provides traditional retail banking and branded card products to consumers and small business customers and traditional middle-market banking products and services to commercial customers, and other affiliated subsidiaries that offer retirement fund administration and insurance products.

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

In 2025, Citi continued to make substantial progress toward the divestiture of Banamex, which remains a strategic priority.

Any decisions related to the timing and structure of the

proposed Banamex initial public offering (IPO) and any

additional private sales will continue to be guided by several

factors, including, among other things, market conditions and

receipt of regulatory approvals.

On December 15, 2025, Citi completed the sale of 25% of Banamex’s outstanding common shares to a company wholly owned by Fernando Chico Pardo and members of his immediate family.

As a result of the closing of the 25% Banamex sale, and prior to deconsolidation, Citi’s stockholders’ equity increased by approximately $1.7 billion due to (i) the reclassification of an approximate $2.3 billion CTA loss associated with Banamex from AOCI (within stockholders’ equity) to Noncontrolling interests (NCI), which is a temporary benefit to Citi’s stockholders’ equity and will reverse at deconsolidation, partially offset by (ii) a net loss on sale of approximately $0.6 billion recorded primarily in additional paid-in capital within stockholders’ equity, which reflects the difference between the sale consideration received and 25% of the Banamex U.S. GAAP book value. The temporary benefit related to the reclassification of the CTA loss is subject to changes in FX.

Going forward, and prior to deconsolidation, Citi’s net income will reflect only Citi’s proportionate ownership (i.e., 75%) of Banamex’s U.S. GAAP legal‑entity net income, with the remaining 25% recorded in NCI. In addition, 25% of any changes related to Banamex’s U.S. GAAP legal-entity net equity, as well as the 25% proportionate share of the CTA balance associated with Banamex, will be reflected in NCI on the Consolidated Balance Sheet.

As of December 31, 2025, approximately $(9) billion of unrealized CTA losses, net of hedges and taxes, was attributed to Banamex and its consolidated subsidiaries. Following the 25% share sale, 25% of the unrealized CTA losses were reclassified to NCI, with the remaining 75% continuing to be reported within Citi’s AOCI (see Note 21 for additional information).

32

Citi will deconsolidate Banamex when it owns less than 50% of Banamex’s voting stock and does not have substantive participating rights in Banamex. During the quarter in which a deconsolidation occurs, the CTA loss attributable to Banamex and its consolidated subsidiaries, including the amounts recorded within AOCI and NCI, will be recognized in earnings, impacting EPS and RoTCE, and reversing the temporary capital benefit from prior sales. The cumulative impact of the CTA loss will be regulatory capital neutral to Citi. The $(9) billion in CTA losses is subject to change prior to deconsolidation, including as a result of FX movements.

For additional information, see the Consolidated Statement of Changes in Stockholders’ Equity and Notes 2 and 21.

Russia-Related CTA Loss

AO Citibank and its related impacts are not excluded from the results of Legacy Franchises (managed basis). The sale of AO Citibank is not considered part of Citi’s divestitures of its Asia Consumer businesses, as AO Citibank includes Citi’s remaining operations (non-consumer) in Russia and was not part of Citi’s strategic refresh.

The cumulative impact of the $1.6 billion CTA loss, including any FX movements that were released from Accumulated other comprehensive income (AOCI) upon closing, were regulatory capital neutral to Citi.

For additional information about the sale of AO Citibank and its impacts, see below, “Managing Global Risk—Other Risks—Country Risk—Russia” below and “Sale of AO Citibank” in Note 2.

Overall Divestiture Progress

Since Citi announced its intention to exit consumer banking across 14 markets in Asia, Europe, the Middle East and Mexico as part of its strategic refresh, it has:

•completed the sale of 25% of Banamex’s outstanding common shares

•signed an agreement to sell the Poland consumer banking business, which is expected to close by mid-2026, subject to regulatory approvals and other customary closing conditions

•continued to make progress on the wind-down in Korea

•substantially completed wind-downs of the consumer businesses in China and Russia

•exited nine markets

In addition to the divestitures that are part of Citi’s strategic refresh, on February 18, 2026, Citi signed and closed

the sale of AO Citibank in Russia to RenCap.

See Note 2 for additional information on Legacy Franchises’ consumer banking business sales and wind-downs.

Corporate/Other

Corporate/Other includes results of Corporate Treasury

managed activities, unallocated global operations and

technology expenses, certain unallocated costs of global staff functions (including finance, risk, human resources, legal and compliance-related costs) including certain transformation-related spend, other corporate expenses (including income taxes) and discontinued operations.

33

In millions of dollars, except as otherwise noted	2025			2024			2023			% Change 2025 vs. 2024		% Change 2024 vs. 2023
Net interest income	$	4,899		$	5,899		$	7,692		(17)	%	(23)	%
Non-interest revenue	(469)			1,604			1,705			NM		(6)
Total revenues, net of interest expense(1)	$	4,430		$	7,503		$	9,397		(41)	%	(20)	%
Total operating expenses(1)	$	8,693		$	9,030		$	11,196		(4)	%	(19)	%
Net credit losses on loans	1,150			928			870			24		7
Credit reserve build (release) for loans	234			73			127			221		(43)
Provision (release) for credit losses on unfunded lending commitments	(11)			(16)			(47)			31		66
Provisions (release) for benefits and claims (PBC), other assets and HTM debt securities	140			130			354			8		(63)
Provisions for credit losses and PBC	$	1,513		$	1,115		$	1,304		36	%	(14)	%
Income (loss) from continuing operations before taxes	$	(5,776)		$	(2,642)		$	(3,103)		(119)	%	15	%
Income taxes (benefits)	(1,335)			(182)			(979)			NM		81
Income (loss) from continuing operations	$	(4,441)		$	(2,460)		$	(2,124)		(81)	%	(16)	%
Income (loss) from discontinued operations, net of taxes	(3)			(2)			(1)			(50)		(100)
Noncontrolling interests	14			(30)			16			NM		NM
Net income (loss)	$	(4,458)		$	(2,432)		$	(2,141)		(83)	%	(14)	%
Balance Sheet data (in billions of dollars)
EOP assets	$	208		$	201		$	199		3	%	1	%
Average assets	205			195			205			5		(5)
Revenue by line of business(1)
Mexico Consumer/SBMM	$	6,500		$	6,141		$	5,668		6	%	8	%
Asia Consumer	(995)			812			1,504			NM		(46)
Legacy Holdings Assets	7			(118)			110			NM		NM
Corporate/Other	(1,082)			668			2,115			NM		(68)
Total	$	4,430		$	7,503		$	9,397		(41)	%	(20)	%
Mexico Consumer/SBMM—key indicators (in billions of dollars)
EOP loans	$	30.0		$	23.1		$	25.2		30	%	(8)	%
EOP deposits	43.8			34.1			40.2			28		(15)
Average loans	26.4			24.4			22.8			8		7
NCLs as a percentage of average loans (Mexico Consumer only)	5.56		%	4.52		%	4.01		%
Loans 90+ days past due as a percentage of EOP loans (Mexico Consumer only)	1.72			1.43			1.35
Loans 30–89 days past due as a percentage of EOP loans (Mexico Consumer only)	1.59			1.41			1.35
Asia Consumer—key indicators(2) (in billions of dollars)
EOP loans	$	2.5		$	4.7		$	7.4		(47)	%	(36)	%
EOP deposits	1.1			7.5			9.5			(85)		(21)
Average loans	3.5			5.9			9.5			(41)		(38)
Legacy Holdings Assets—key indicators (in billions of dollars)
EOP loans	$	1.8		$	2.2		$	2.8		(18)	%	(21)	%

(1)    See footnote 1 in “Results of Operations—Summary of Selected Financial Data” above for the description of a change in presentation.

(2)    The key indicators for Asia Consumer also reflect the reclassification of loans and deposits to Other assets and Other liabilities under held-for-sale (HFS) accounting on Citi’s Consolidated Balance Sheet.

NM Not meaningful

34

2025 vs. 2024

Net loss was $4.5 billion, compared to a net loss of $2.4 billion in the prior year.

All Other (managed basis) revenues of $4.4 billion decreased 41%, driven by lower revenues in Corporate/Other and Legacy Franchises (managed basis), which includes certain impacts of the Russia-related notable item.

Legacy Franchises (managed basis) revenues of $5.5 billion decreased 19%, due to lower revenues in Asia Consumer (managed basis), which includes certain impacts of the Russia-related notable item, partially offset by higher revenues in Mexico Consumer/SBMM (managed basis) and Legacy Holdings Assets.

Mexico Consumer/SBMM (managed basis) revenues of $6.5 billion increased 6%, primarily due to higher loan balances in retail banking, cards and SBMM, and higher deposits in SBMM as well as higher fee revenues in the wealth, retirement and insurance businesses.

Asia Consumer (managed basis) revenues were $(995) million, compared to $812 million in the prior year, driven by certain impacts of the Russia-related notable item and reduction from the closed exits and wind-downs.

For additional information on the Russia-related notable item, see “Overview—Non-GAAP Financial Measures,” “Executive Summary” and “Recent Developments” above, “Managing Global Risk—Other Risks—Country Risk—Russia” below and “Sale of AO Citibank” in Note 2.

Legacy Holdings Assets revenues were $7 million, compared to $(118) million in the prior year, driven by the absence of higher funding costs in the prior year related to the transfer of the retail banking business in the U.K.

Corporate/Other revenues decreased to $(1.1) billion, compared to $668 million in the prior year, driven by lower net interest income and lower non-interest revenue. The lower net interest income was due to a lower benefit from cash and securities reinvestment, driven by actions taken over the last few quarters to reduce Citi’s asset sensitivity in a declining interest rate environment. The lower non-interest revenue was primarily driven by gains in the prior year on the sale of certain investments and other assets.

Expenses decreased 4%, driven by closed exits and wind-downs, lower deposit insurance costs, the absence of the restructuring charge that occurred in the prior year (see Note 9) and the absence of civil money penalties in the prior year. This decline was primarily offset by higher investments in Citi’s transformation and technology and higher severance costs. For additional information on

Citi’s transformation investments, see “Citi’s Multiyear

Transformation” above.

Provisions were $1.5 billion, reflecting net credit losses of $1.2 billion, and a net ACL build of $363 million. Net credit losses increased 24%, driven by higher consumer lending volume and portfolio seasoning in Mexico Consumer. The net ACL build was primarily driven by higher consumer lending volume and changes in credit quality in Mexico Consumer, as well as transfer risk associated with Russia. Provisions were $1.1 billion in the prior year, reflecting net credit losses of $928 million, primarily in Mexico Consumer, and a net ACL build of $187 million, primarily driven by higher consumer lending volume and changes in credit quality in Mexico Consumer.

For additional information on Citi’s ACL, see “Significant Accounting Policies and Significant Estimates” below.

For additional information about trends, uncertainties and risks related to future results of the businesses, see “Executive Summary” above and “Risk Factors” below.

35

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:

•Citi’s divestitures of its Asia Consumer businesses, and

•the ongoing divestiture of Grupo Financiero Banamex, S.A. de C.V. (Banamex), reported within All Other (U.S. GAAP).

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).

	2025						2024						2023
In millions of dollars, except as otherwise noted	All Other (U.S. GAAP)		Reconciling Items(2)		All Other (managed basis)		All Other (U.S. GAAP)		Reconciling Items(3)		All Other (managed basis)		All Other (U.S. GAAP)		Reconciling Items(4)		All Other (managed basis)
Net interest income	$	4,899	$	—	$	4,899	$	5,899	$	—	$	5,899	$	7,692	$	—	$	7,692
Non-interest revenue	(645)		(176)		(469)		1,630		26		1,604		3,051		1,346		1,705
Total revenues, net of interest expense(1)	$	4,254	$	(176)	$	4,430	$	7,529	$	26	$	7,503	$	10,743	$	1,346	$	9,397
Total operating expenses(1)	$	9,570	$	877	$	8,693	$	9,348	$	318	$	9,030	$	11,568	$	372	$	11,196
Net credit losses on loans	1,150		—		1,150		935		7		928		864		(6)		870
Credit reserve build (release) for loans	224		(10)		234		73		—		73		66		(61)		127
Provision for credit losses on unfunded lending commitments	(11)		—		(11)		(16)		—		(16)		(47)		—		(47)
Provisions for benefits and claims (PBC), other assets and HTM debt securities	140		—		140		130		—		130		354		—		354
Provisions (benefits) for credit losses and PBC	$	1,503	$	(10)	$	1,513	$	1,122	$	7	$	1,115	$	1,237	$	(67)	$	1,304
Income (loss) from continuing operations before taxes	$	(6,819)	$	(1,043)	$	(5,776)	$	(2,941)	$	(299)	$	(2,642)	$	(2,062)	$	1,041	$	(3,103)
Income taxes (benefits)	(1,296)		39		(1,335)		(274)		(92)		(182)		(597)		382		(979)
Income (loss) from continuing operations	$	(5,523)	$	(1,082)	$	(4,441)	$	(2,667)	$	(207)	$	(2,460)	$	(1,465)	$	659	$	(2,124)
Income (loss) from discontinued operations, net of taxes	(3)		—		(3)		(2)		—		(2)		(1)		—		(1)
Noncontrolling interests	14		—		14		(30)		—		(30)		16		—		16
Net income (loss)	$	(5,540)	$	(1,082)	$	(4,458)	$	(2,639)	$	(207)	$	(2,432)	$	(1,482)	$	659	$	(2,141)

(1)    See footnote 1 in “Results of Operations—Summary of Selected Financial Data” above for the description of a change in presentation.

(2)    2025 includes (i) an approximate $186 million loss recorded in revenue (approximately $157 million after-tax), driven by the announced sale of the Poland consumer banking business; and (ii) approximately $877 million in operating expenses (approximately $821 million after-tax), driven by a goodwill impairment charge in Mexico ($726 million ($714 million after-tax)) and other costs, primarily separation costs in Mexico and severance costs in the Asia exit markets (collectively approximately $151 million (approximately $107 million after-tax)). 

(3)    2024 includes $318 million (approximately $220 million after-tax) in operating expenses, primarily related to separation costs in Mexico and severance costs in the Asia exit markets.

(4)    2023 includes (i) an approximate $1.059 billion gain on sale recorded in revenue (approximately $727 million after-tax), related to the India consumer banking business sale; (ii) an approximate $403 million gain on sale recorded in revenue (approximately $284 million after-tax), related to the Taiwan consumer banking business sale; and (iii) approximately $372 million (approximately $263 million after-tax) in operating expenses, primarily related to separation costs in Mexico and severance costs in the Asia exit markets.

36

CAPITAL RESOURCES

Overview

Citi uses capital principally to support its businesses and to absorb potential losses, including credit, market and operational losses. Citi primarily generates capital through earnings from its operating businesses. Citi may augment its capital through issuances of common stock and noncumulative perpetual preferred stock, among other issuances. Further, Citi’s capital levels may also be affected by changes in accounting and regulatory standards, as well as the impact of future events on Citi’s business results, such as acquisitions and divestitures and changes in interest and foreign exchange rates.

For additional information on capital-related risks, trends and uncertainties, see “Regulatory Capital Standards and Developments” as well as “Risk Factors—Strategic Risks,” “—Operational Risks” and “—Compliance Risks” below.

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.

Citi’s Chief Risk Officer (CRO) and Chief Financial Officer (CFO) co-chair Citigroup’s Capital Committee, which includes Citi’s Treasurer and other senior executives. The Citigroup Capital Committee, with oversight from the Risk Management Committee of Citigroup’s Board of Directors, has responsibility for Citi’s aggregate capital structure, including the capital assessment and planning process, which is integrated into Citi’s capital plan. Balance sheet management, including oversight of capital adequacy for Citigroup’s subsidiaries, is governed by each entity’s Asset and Liability Committee, where applicable.

For additional information regarding Citi’s capital planning and stress testing exercises, see “Stress Testing Component of Capital Planning” below.

Current Regulatory Capital Standards

Citi is subject to regulatory capital rules issued by the FRB, in coordination with the OCC and FDIC, including the U.S. implementation of the Basel III rules (for information on potential changes to the Basel III rules, see “Regulatory Capital Standards and Developments” and “Risk Factors—Strategic Risks” below). These rules establish an integrated capital adequacy framework, encompassing both risk-based capital ratios and leverage ratios. Banking and broker-dealer subsidiaries of Citigroup are also subject to local capital requirements in the jurisdictions in which they operate, which impact allocations of capital within Citigroup, and may restrict the ability to remit earnings to Citigroup. The availability of such earnings may impact the ability of Citigroup to engage in return of capital to common shareholders in the form of

dividends and share repurchases, absorb potential losses and support business growth.

Risk-Based Capital Ratios

The U.S. Basel III rules set forth the composition of regulatory capital (including the application of regulatory capital adjustments and deductions), as well as two comprehensive methodologies (a Standardized Approach and Advanced Approaches) for measuring total risk-weighted assets.

Total risk-weighted assets under the Standardized Approach include credit and market risk-weighted assets, which are generally prescribed supervisory risk weights. Total risk-weighted assets under the Advanced Approaches, which are primarily model based, include credit, market and operational risk-weighted assets. As a result, credit risk-weighted assets calculated under the Advanced Approaches are more risk sensitive than those calculated under the Standardized Approach. Market risk-weighted assets are currently calculated on a generally consistent basis under both the Standardized and Advanced Approaches. The Standardized Approach does not include operational risk-weighted assets.

Under the U.S. Basel III rules, Citigroup is required to maintain several regulatory capital buffers above the stated minimum capital requirements to avoid certain limitations on capital distributions and discretionary bonus payments to executive officers.

Similarly, Citigroup’s primary subsidiary, Citibank, N.A. (Citibank), is required to maintain minimum regulatory capital ratios plus applicable regulatory buffers, as well as to hold sufficient capital to be considered “well capitalized” under the Prompt Corrective Action framework. For additional information, see “Regulatory Capital Buffers” and “Prompt Corrective Action Framework” below.

Further, the U.S. Basel III rules implement the “capital floor provision” of the Dodd-Frank Act (also known as the “Collins Amendment”), which requires banking organizations to calculate “generally applicable” capital requirements. As a result, Citi must calculate each of the three risk-based capital ratios (CET1 Capital, Tier 1 Capital and Total Capital) under both the Standardized Approach and the Advanced Approaches and comply with the more binding of each of the resulting risk-based capital ratios.

Leverage Ratio

Under the U.S. Basel III rules, Citigroup is also required to maintain a minimum Leverage ratio of 4.0%. Similarly, Citibank is required to maintain a minimum Leverage ratio of 5.0% to be considered “well capitalized” under the Prompt Corrective Action framework. The Leverage ratio, a non-risk-based measure of capital adequacy, is defined as Tier 1 Capital as a percentage of quarterly adjusted average total assets less amounts deducted from Tier 1 Capital.

Supplementary Leverage Ratio

Citi is also required to calculate a Supplementary Leverage ratio (SLR), which differs from the Leverage ratio by including certain off-balance sheet exposures within the denominator of the ratio (Total Leverage Exposure). The SLR represents end-of-period Tier 1 Capital to Total Leverage

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Exposure. Total Leverage Exposure is defined as the sum of (i) the daily average of on-balance sheet assets for the quarter and (ii) the average of certain off-balance sheet exposures calculated as of the last day of each month in the quarter, less applicable Tier 1 Capital deductions. Advanced Approaches banking organizations are required to maintain a stated minimum SLR of 3.0%.

Further, U.S. GSIBs, including Citigroup, are subject to a 2.0% leverage buffer under the enhanced Supplementary Leverage Ratio (eSLR) standards in addition to the 3.0% stated minimum SLR requirement, resulting in a 5.0% SLR for the fourth quarter of 2025. If a U.S. GSIB fails to exceed this requirement, it will be subject to increasingly stringent restrictions (depending upon the extent of the shortfall) on capital distributions and discretionary executive bonus payments.

Similarly, Citibank is required to maintain a minimum SLR of 6.0% to be considered “well capitalized” under the Prompt Corrective Action framework for the fourth quarter of 2025.

On November 25, 2025, the U.S. banking agencies issued a final rule revising the eSLR requirements applicable to GSIBs and their depository institution subsidiaries, with an effective date of April 1, 2026 and an optional early adoption date of January 1, 2026.

Beginning January 1, 2026, Citi opted for early adoption of the eSLR final rule. Accordingly, both Citigroup and Citibank will be required to maintain an eSLR buffer of 1%, based on Citi’s current method 1 GSIB surcharge of 2%, for a total SLR requirement of 4%. This compares to the SLR requirement of 5% for Citigroup and 6% for Citibank as of December 31, 2025. For additional information on revisions to the eSLR requirements, see “Regulatory Capital Standards and Developments—Leverage Capital Requirements” below.

Regulatory Capital Buffers

Citigroup and Citibank are required to maintain several regulatory capital buffers above the stated minimum capital requirements. These capital buffers would be available to absorb losses in advance of any potential impairment of regulatory capital below the stated minimum regulatory capital ratio requirements.

Banking organizations that fall below their regulatory capital buffers are subject to limitations on capital distributions and discretionary bonus payments to executive officers based on a percentage of “Eligible Retained Income” (ERI), with increasing restrictions based on the severity of the breach. ERI is equal to the greater of (i) the bank’s net income for the four calendar quarters preceding the current calendar quarter, net of any distributions and tax effects not already reflected in net income, and (ii) the average of the bank’s net income for the four calendar quarters preceding the current calendar quarter.

As of December 31, 2025, Citi’s regulatory capital ratios exceeded the regulatory capital requirements. Accordingly, Citi is not subject to payout limitations as a result of the U.S. Basel III requirements.

Stress Capital Buffer

Citigroup is subject to the FRB’s Stress Capital Buffer (SCB) rule, which integrates the annual stress testing requirements with ongoing regulatory capital requirements. The SCB equals the peak-to-trough Common Equity Tier 1 (CET1) Capital ratio decline under the Supervisory Severely Adverse scenario over a nine-quarter period used in the Comprehensive Capital Analysis and Review (CCAR) and Dodd-Frank Act Stress Testing (DFAST), plus four quarters of planned common stock dividends, subject to a floor of 2.5%. SCB-based capital requirements are reviewed and updated annually by the FRB as part of the CCAR process. For additional information regarding CCAR and DFAST, see “Stress Testing Component of Capital Planning” below. The SCB is applicable only to Citigroup under the Standardized Approach, while the fixed 2.5% Capital Conservation Buffer applies under the Advanced Approaches (see below).

As of the fourth quarter of 2025, based on the current SCB standard, Citi’s required regulatory CET1 Capital ratio decreased to 11.6% from 12.1% under the Standardized Approach, incorporating the 3.6% SCB and Citi’s current GSIB surcharge of 3.5%. Citi’s required regulatory CET1 Capital ratio under the Advanced Approaches (using the fixed 2.5% Capital Conservation Buffer) remained unchanged at 10.5%. The regulatory capital framework applicable to Citibank, including the Capital Conservation Buffer, is unaffected by Citigroup’s SCB.

Since its introduction in 2020, Citigroup’s SCB has been determined each year through DFAST. As a result, Citi’s 2026 SCB is expected to remain at the 2025 SCB requirement of 3.6% until October 1, 2027 due to the FRB notice to maintain the SCB pending finalization of model changes. For information on these proposed rulemakings, see “Regulatory Capital Standards and Developments” below.

Capital Conservation Buffer and Countercyclical Capital Buffer

Citigroup is subject to a fixed 2.5% Capital Conservation Buffer (CCB) under the Advanced Approaches. Citibank is subject to the fixed 2.5% CCB under both the Advanced Approaches and the Standardized Approach.

In addition, Advanced Approaches banking organizations, such as Citigroup and Citibank, are subject to a discretionary Countercyclical Capital Buffer (CCyB). The CCyB is currently set at 0% by the U.S. banking agencies.

GSIB Surcharge

The FRB imposes a risk-based capital surcharge (GSIB surcharge) upon U.S. bank holding companies that are identified as GSIBs, including Citi (for information on potential changes to the GSIB surcharge, see “Regulatory Capital Standards and Developments” and “Risk Factors—Strategic Risks” below). The GSIB surcharge augments the SCB, CCB and, if invoked, any CCyB.

Citi is required annually to calculate its GSIB surcharge using two methods and is subject to the higher of the resulting two surcharges. The first method (method 1) is based on the Basel Committee’s GSIB methodology. Under the second method (method 2), the substitutability category under the Basel Committee’s GSIB methodology is replaced with a

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quantitative measure intended to assess a GSIB’s reliance on short-term wholesale funding. In addition, method 1 incorporates relative measures of systemic importance across certain global banking organizations and a year-end spot foreign exchange rate, whereas method 2 uses fixed measures of systemic importance and application of an average foreign exchange rate over a three-year period. The GSIB surcharges calculated under both method 1 and method 2 are based on measures of systemic importance from the year immediately preceding that in which the GSIB surcharge calculations are being performed (e.g., the method 1 and method 2 GSIB surcharges calculated during 2026 will be based on 2025 systemic indicator data). Generally, Citi’s surcharge determined under method 2 will be higher than its surcharge determined under method 1.

Should Citi’s systemic importance change year-over-year, such that it becomes subject to a higher GSIB surcharge, the higher surcharge would become effective on January 1 of the year that is one full calendar year after the increased GSIB surcharge was calculated (e.g., a higher surcharge calculated in 2026 using data as of December 31, 2025 would not become effective until January 1, 2028). However, if Citi’s systemic importance changes such that Citi would be subject to a lower surcharge, Citi would be subject to the lower surcharge on January 1 of the year immediately following the calendar year in which the decreased GSIB surcharge was calculated (e.g., a lower surcharge calculated in 2026 using data as of December 31, 2025 would become effective January 1, 2027).

The following table presents Citi’s GSIB surcharge as determined under method 1 and method 2 for 2025 and 2024:

	2025	2024
Method 1	2.0%	2.0%
Method 2	3.5	3.5

•For 2026 and 2027, Citi’s GSIB surcharge under method 2 will remain at 3.5%.

•For 2028, Citi’s GSIB surcharge is expected to increase to the lower of 4% or the surcharge derived as of year-end 2026 under method 2.

In the future, Citi’s regulatory capital ratios and requirements will depend on, among other things, any changes in regulatory capital rules, requirements and interpretations, Citi’s stress test results, which could be influenced by the impact of Citi’s remaining divestitures, and Citi’s mix of businesses and credit portfolios.

Prompt Corrective Action Framework

In general, the Prompt Corrective Action (PCA) regulations direct the U.S. banking agencies to enforce increasingly strict limitations on the activities of insured depository institutions that fail to meet certain regulatory capital thresholds. The PCA framework contains five categories of capital adequacy as measured by risk-based capital and leverage ratios:

•“well capitalized”

•“adequately capitalized”

•“undercapitalized”

•“significantly undercapitalized”

•“critically undercapitalized”

Accordingly, an insured depository institution, such as Citibank, must maintain minimum CET1 Capital, Tier 1 Capital, Total Capital and Leverage ratios of 6.5%, 8.0%, 10.0% and 5.0%, respectively, to be considered “well capitalized.” In addition, insured depository institution subsidiaries of U.S. GSIBs, including Citibank, must maintain a minimum Supplementary Leverage ratio of 6.0% to be considered “well capitalized” for the fourth quarter of 2025.

The eSLR final rule issued on November 25, 2025 has modified the depository institution-level eSLR requirement from a “well capitalized” threshold under the PCA framework to a buffer construct but has retained the 3% minimum SLR to be considered “adequately capitalized.” For additional information, see “Regulatory Capital Standards and Developments—Leverage Capital Requirements” below.

Furthermore, to be “well capitalized” under current federal bank regulatory agency definitions, a bank holding company must have a Tier 1 Capital ratio of at least 6.0%, a Total Capital ratio of at least 10.0% and not be subject to a FRB directive to maintain higher capital levels.

Both Citigroup and Citibank were “well capitalized” as of December 31, 2025.

Stress Testing Component of Capital Planning

Citi is subject to an annual assessment by the FRB as to whether Citigroup has effective capital planning processes as well as sufficient regulatory capital to absorb losses during stressful economic and financial conditions, while also meeting obligations to creditors and counterparties and continuing to serve as a credit intermediary. This annual assessment includes two related programs: the Comprehensive Capital Analysis and Review (CCAR) and Dodd-Frank Act Stress Testing (DFAST).

For the largest and most complex firms, such as Citi, CCAR includes a qualitative evaluation of a firm’s abilities to determine its capital needs on a forward-looking basis. In conducting the qualitative assessment, the FRB evaluates firms’ capital planning practices, focusing on six areas of capital planning: governance, risk management, internal controls, capital policies, incorporating stressful conditions and events, and estimating impact on capital positions. As part of the CCAR process, the FRB evaluates Citi’s capital adequacy, capital adequacy process and its planned capital distributions, such as dividend payments and common share repurchases. The FRB assesses whether Citi has sufficient capital to continue operations throughout times of economic

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and financial market stress and whether Citi has robust, forward-looking capital planning processes that account for its unique risks.

All CCAR firms, including Citi, are subject to a rigorous evaluation of their capital planning process. Firms with weak practices may be subject to a deficient supervisory rating, and potentially an enforcement action, for failing to meet supervisory expectations. For additional information regarding CCAR, see “Risk Factors—Strategic Risks” below.

DFAST is a forward-looking quantitative evaluation of the impact of stressful economic and financial market conditions on Citi’s regulatory capital. This program serves to inform the FRB and the general public as to how Citi’s regulatory capital ratios might change using a hypothetical set of adverse economic conditions as designed by the FRB. In addition to the annual supervisory stress test conducted by the FRB, Citi is required to conduct annual company-run stress tests under the same adverse economic conditions designed by the FRB.

Both CCAR and DFAST include an estimate of projected revenues, losses, reserves, pro forma regulatory capital ratios and any other additional capital measures deemed relevant by

Citi. Projections are required over a nine-quarter planning horizon under two supervisory scenarios (baseline and severely adverse conditions). All risk-based capital ratios reflect application of the Standardized Approach framework under the U.S. Basel III rules. The FRB’s stress test modeling is subject to change under the outstanding proposed rulemaking regarding stress test modeling and scenario design. For information on this proposed rulemaking, see “Regulatory Capital Standards and Developments” below.

In addition, Citibank is required to conduct the annual Dodd-Frank Act Stress Test. The annual stress test consists of a forward-looking quantitative evaluation of the impact of stressful economic and financial market conditions under several scenarios on Citibank’s regulatory capital. This program serves to inform the Office of the Comptroller of the Currency as to how Citibank’s regulatory capital ratios might change during a hypothetical set of adverse economic conditions and to ultimately evaluate the reliability of Citibank’s capital planning process.

Citigroup and Citibank are required to disclose the results of their company-run stress tests.

Citigroup’s Capital Resources

The following table presents Citigroup’s required risk-based capital ratios as of December 31, 2025 and December 31, 2024:

	Standardized Approach				Advanced Approaches
Regulatory Capital Buffers(1)	December 31, 2025		December 31, 2024		December 31, 2025 and December 31, 2024
GSIB surcharge	3.5	%	3.5	%	3.5	%
SCB	3.6		4.1		N/A
CCB	N/A		N/A		2.5
CCyB	—		—		—
Regulatory Capital buffer requirement	7.1	%	7.6	%	6.0	%
CET1 Capital (stated minimum)	4.5		4.5		4.5
CET1 Capital ratio requirement	11.6	%	12.1	%	10.5	%
Additional Tier 1 Capital	1.5		1.5		1.5
Tier 1 Capital ratio requirement	13.1	%	13.6	%	12.0	%
Tier 2 Capital	2.0		2.0		2.0
Total Capital ratio requirement	15.1	%	15.6	%	14.0	%

(1)    For additional information on the capital buffers, see “Regulatory Capital Buffers” above.

N/A Not applicable

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The following tables present Citigroup’s capital components and ratios as of December 31, 2025 and December 31, 2024:

	Standardized Approach						Advanced Approaches
In millions of dollars, except ratios	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
CET1 Capital(1)	$	157,099		$	155,363		$	157,099		$	155,363
Tier 1 Capital(1)	179,675			174,527			179,675			174,527
Total Capital (Tier 1 Capital + Tier 2 Capital)(1)	216,468			205,827			206,170			197,371
Total Risk-Weighted Assets	1,192,174			1,139,988			1,316,371			1,280,190
Credit Risk(1)	$	1,131,414		$	1,073,354		$	943,012		$	901,345
Market Risk	60,760			66,634			59,758			66,221
Operational Risk	N/A			N/A			313,601			312,624
CET1 Capital ratio(2)	13.18		%	13.63		%	11.93		%	12.14		%
Tier 1 Capital ratio(2)	15.07			15.31			13.65			13.63
Total Capital ratio(2)	18.16			18.06			15.66			15.42

In millions of dollars, except ratios	Required Capital Ratios	December 31, 2025			December 31, 2024
Quarterly Adjusted Average Total Assets(1)(3)		$	2,685,119		$	2,433,364
Total Leverage Exposure(1)(4)		3,276,212			2,985,418
Leverage ratio	4.0%	6.69		%	7.17		%
Supplementary Leverage ratio	5.0	5.48			5.85

(1)Commencing January 1, 2025, the capital effects resulting from adoption of the current expected credit losses (CECL) methodology have been fully reflected in Citi’s regulatory capital.

(2)At December 31, 2025, Citi's binding CET1 Capital ratio was derived under the Basel III Standardized Approach, whereas the binding Tier 1 Capital and Total Capital ratios were derived under the Basel III Advanced Approaches. At December 31, 2024, Citi’s binding CET1 and Tier 1 Capital ratios were derived under the Standardized Approach, whereas the Total Capital ratio was derived under the Advanced Approaches.

(3)Leverage ratio denominator. Represents average daily total assets for the respective quarters, less amounts deducted from Tier 1 Capital.

(4)Supplementary Leverage ratio denominator. Represents quarterly average on-balance sheet assets and certain off-balance sheet exposures calculated in accordance with the U.S. Basel III rules less amounts deducted from Tier 1 Capital.

N/A Not applicable

As indicated in the table above, Citigroup’s capital ratios at December 31, 2025 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 December 31, 2025.

Common Equity Tier 1 Capital Ratio and SLR

Citi’s CET1 Capital ratio under the Basel III Standardized Approach was 13.2% as of December 31, 2025, relative to a required regulatory CET1 Capital ratio of 11.6% as of such date under the Standardized Approach. Citi’s CET1 Capital ratio under the Basel III Advanced Approaches was 11.9% as of December 31, 2025, relative to a required regulatory CET1 Capital ratio of 10.5% as of such date under the Advanced Approaches framework.

Citi’s CET1 Capital ratio decreased under both the Standardized Approach and Advanced Approaches from year-end 2024, driven primarily by common share repurchases, the payment of common and preferred dividends and increases in Standardized Approach RWA and Advanced Approaches RWA, partially offset by net income, net beneficial movements in AOCI and the net impact from Citi’s agreement to sell a 25% equity stake in Banamex and held-for-sale accounting treatment related to Citi’s plan to sell AO Citibank in Russia (which was sold on February 18, 2026).

Citi’s Supplementary Leverage ratio was 5.5% at December 31, 2025, compared to 5.8% as of December 31, 2024. The decrease from year-end 2024 was primarily driven by an increase in Total Leverage Exposure, common share repurchases and the payment of common and preferred dividends, partially offset by year-to-date net income, net beneficial movements in AOCI and the overall net impact from Citi’s agreement to sell a 25% equity stake in Banamex and held-for-sale accounting treatment related to Citi’s plan to sell AO Citibank in Russia (which was sold on February 18, 2026).

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Components of Citigroup Capital

In millions of dollars	December 31, 2025		December 31, 2024		$ Change 2024 to 2025
CET1 Capital
Citigroup common stockholders’ equity(1)	$	192,304	$	190,815	$	1,489
Add: Qualifying noncontrolling interests	226		186		40
Regulatory capital adjustments and deductions:					0
Add: CECL transition provision(2)	—		757		(757)
Less: Accumulated net unrealized gains (losses) on cash flow hedges, net of tax	10		(220)		230
Less: Cumulative unrealized net gain (loss) related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax	(1,919)		(910)		(1,009)
Less: Intangible assets:					0
Goodwill, net of related deferred tax liabilities (DTLs)(3)	18,482		17,994		488
Identifiable intangible assets other than mortgage servicing rights (MSRs), net of related DTLs	3,135		3,357		(222)
Less: Defined benefit pension plan net assets and other	1,822		1,504		318
Less: Deferred tax assets (DTAs) arising from net operating loss, foreign tax credit and general business credit carry-forwards(4)	10,784		11,628		(844)
Less: Excess over 10%/15% limitations for other DTAs, certain common stock investments and MSRs(4)(5)	3,117		3,042		75
Total CET1 Capital (Standardized Approach and Advanced Approaches)	$	157,099	$	155,363	$	1,736
Additional Tier 1 Capital
Qualifying noncumulative perpetual preferred stock(1)	$	19,987	$	17,783	$	2,204
Qualifying trust preferred securities(6)	1,433		1,422		11
Qualifying noncontrolling interests	1,229		30		1,199
Regulatory capital deductions:
Less: Other	73		71		2
Total Additional Tier 1 Capital (Standardized Approach and Advanced Approaches)	$	22,576	$	19,164	$	3,412
Total Tier 1 Capital (CET1 Capital + Additional Tier 1 Capital) (Standardized Approach and Advanced Approaches)	$	179,675	$	174,527	$	5,148
Tier 2 Capital
Qualifying subordinated debt	$	22,380	$	18,185	$	4,195
Qualifying noncontrolling interests	247		38		209
Eligible allowance for credit losses(2)(7)	14,311		13,560		751
Regulatory capital deduction:					0
Less: Other	145		483		(338)
Total Tier 2 Capital (Standardized Approach)	$	36,793	$	31,300	$	5,493
Total Capital (Tier 1 Capital + Tier 2 Capital) (Standardized Approach)	$	216,468	$	205,827	$	10,641
Adjustment for excess of eligible credit reserves over expected credit losses(2)(7)	$	(10,298)	$	(8,456)	$	(1,842)
Total Tier 2 Capital (Advanced Approaches)	$	26,495	$	22,844	$	3,651
Total Capital (Tier 1 Capital + Tier 2 Capital) (Advanced Approaches)	$	206,170	$	197,371	$	8,799

(1)Issuance costs of $63 million and $67 million related to outstanding noncumulative perpetual preferred stock at December 31, 2025 and 2024, 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)Commencing January 1, 2025, the capital effects resulting from adoption of the CECL methodology have been fully reflected in Citi’s regulatory capital.

(3)Includes goodwill “embedded” in the valuation of significant common stock investments in unconsolidated financial institutions.

(4)Of Citi’s $29.5 billion of net DTAs at December 31, 2025, $10.8 billion of net DTAs arising from net operating loss, foreign tax credit and general business credit tax carry-forwards, as well as $3.1 billion of DTAs arising from temporary differences that exceeded the 10% limitation, were excluded from Citi’s CET1 Capital as of December 31, 2025. DTAs arising from net operating loss, foreign tax credit and general business credit tax carry-forwards are required to be entirely deducted from CET1 Capital under the U.S. Basel III rules. DTAs arising from temporary differences are required to be deducted from capital only if they exceed 10%/15% limitations under the U.S. Basel III rules.

(5)Assets subject to 10%/15% limitations include MSRs, DTAs arising from temporary differences and significant common stock investments in unconsolidated financial institutions. At December 31, 2025 and 2024, this deduction related only to DTAs arising from temporary differences that exceeded the 10% limitation.

(6)Represents Citigroup Capital XIII trust preferred securities, which are permanently grandfathered as Tier 1 Capital under the U.S. Basel III rules.

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(7)Under the Standardized Approach, the allowance for credit losses is eligible for inclusion in Tier 2 Capital up to 1.25% of credit risk-weighted assets, with any excess allowance for credit losses being deducted in arriving at credit risk-weighted assets, which differs from the Advanced Approaches framework, in which eligible credit reserves that exceed expected credit losses are eligible for inclusion in Tier 2 Capital to the extent that the excess reserves do not exceed 0.6% of credit risk-weighted assets. 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 $4.0 billion and $5.1 billion at December 31, 2025 and 2024, respectively.

Citigroup Risk-Weighted Assets Rollforward

In millions of dollars	Standardized Approach		Advanced Approaches
Total Risk-Weighted Assets at December 31, 2024	$	1,139,988	$	1,280,190
General credit risk exposures(1)(2)	15,660		42,374
Derivatives	3,367		(20,088)
Securities financing transactions	16,905		(833)
Securitization exposures	6,419		1,732
Equity exposures	2,060		1,792
Other exposures(2)	13,649		16,690
Change in Credit Risk-Weighted Assets	$	58,060	$	41,667
Change in Market Risk-Weighted Assets	$	(5,874)	$	(6,463)
Change in Operational Risk-Weighted Assets	N/A		$	977
Total Risk-Weighted Assets at December 31, 2025	$	1,192,174	$	1,316,371

(1)General credit risk exposures include cash and balances due from depository institutions, securities, and loans and leases.

(2)Increase in Other exposures was mainly due to a recategorization of certain exposures previously classified as general credit risk exposures to other assets in March 2025.

N/A Not applicable

In 2025, the increase in Citigroup’s Credit RWAs under the Standardized Approach was primarily driven by higher activities in securities financing transactions with corporate counterparties, and growth in corporate lending and credit card exposures, as well as an increase in securitizations. The increase under the Advanced Approaches was mainly due to growth in corporate lending and credit card exposures, and also an increase in investment securities, partially offset by a decrease in derivatives RWA, driven by the net impact of model refinements and enhanced data granularity and sourcing.

The decrease in Market RWAs in 2025 under both the Standardized and Advanced Approaches was mainly driven by exposure and model changes.

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Capital Resources of Citigroup’s Subsidiary U.S. Depository Institutions

Citigroup’s subsidiary U.S. depository institutions are also subject to regulatory capital standards issued by their respective primary bank regulatory agencies, which are similar to the standards of the FRB.

The following table presents the risk-based capital ratio requirements for Citibank, Citi’s primary subsidiary U.S. depository institution, under both the Standardized and Advanced Approaches as of December 31, 2025 and December 31, 2024:

Regulatory Capital Buffers(1)	December 31, 2025 and December 31, 2024
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 “Regulatory Capital Buffers” above.

(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 “Prompt Corrective Action Framework” above.

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The following tables present the capital components and ratios for Citibank as of December 31, 2025 and December 31, 2024:

	Standardized Approach						Advanced Approaches
In millions of dollars, except ratios	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
CET1 Capital(1)	$	158,202		$	153,483		$	158,202		$	153,483
Tier 1 Capital(1)	160,338			155,613			160,338			155,613
Total Capital (Tier 1 Capital + Tier 2 Capital)(1)(2)	175,949			173,060			168,005			165,581
Total Risk-Weighted Assets	1,006,961			998,817			1,104,193			1,109,387
Credit Risk(1)	$	971,591		$	953,377		$	818,714		$	811,464
Market Risk	35,370			45,440			35,208			45,383
Operational Risk	N/A			N/A			250,271			252,540
CET1 Capital ratio(3)	15.71		%	15.37		%	14.33		%	13.83		%
Tier 1 Capital ratio(3)	15.92			15.58			14.52			14.03
Total Capital ratio(3)	17.47			17.33			15.22			14.93

In millions of dollars, except ratios	Required Capital Ratios		December 31, 2025			December 31, 2024
Quarterly Adjusted Average Total Assets(1)(4)			$	1,864,383		$	1,726,312
Total Leverage Exposure(1)(5)			2,374,748			2,195,386
Leverage ratio(6)	5.0	%	8.60		%	9.01		%
Supplementary Leverage ratio(6)	6.0		6.75			7.09

(1)Commencing January 1, 2025, the capital effects resulting from adoption of the CECL methodology have been fully reflected in Citibank’s regulatory capital.

(2)Under the Standardized Approach, the allowance for credit losses is eligible for inclusion in Tier 2 Capital up to 1.25% of credit risk-weighted assets, with any excess allowance for credit losses being deducted in arriving at credit risk-weighted assets, which differs from the Advanced Approaches framework, in which eligible credit reserves that exceed expected credit losses are eligible for inclusion in Tier 2 Capital to the extent that the excess reserves do not exceed 0.6% of credit risk-weighted assets.

(3)Citibank’s binding CET1 Capital, Tier 1 Capital and Total Capital ratios were derived under the Basel III Advanced Approaches framework for all periods presented.

(4)Leverage ratio denominator. Represents average daily total assets for the respective quarters, less amounts deducted from Tier 1 Capital.

(5)Supplementary Leverage ratio denominator. Represents quarterly average on-balance sheet and certain off-balance sheet exposures calculated in accordance with the U.S. Basel III rules less amounts deducted from Tier 1 Capital.

(6)In addition to the risk-based capital requirements shown above, Citibank must also maintain required Leverage and Supplementary Leverage ratios of 5.0% and 6.0%, respectively, to be considered “well capitalized” under the PCA regulations applicable to insured depository institutions as established by the U.S. Basel III rules.

N/A Not applicable

As presented in the table above, Citibank’s capital ratios at December 31, 2025 were in excess of the regulatory capital requirements under the U.S. Basel III rules. In addition, Citibank was “well capitalized” as of December 31, 2025.

Citibank’s Supplementary Leverage ratio was 6.8% at December 31, 2025, compared to 7.1% at December 31, 2024. The decrease was primarily driven by an increase in Total Leverage Exposure and the payment of common and preferred dividends, partially offset by net income and net beneficial movements in AOCI.

Citigroup Broker-Dealer Subsidiaries

At December 31, 2025, 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, computed in accordance with the SEC’s net capital rule, of $18 billion, which exceeded the minimum requirement by $12 billion.

Moreover, 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 $27 billion at December 31, 2025, 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 in which they do business, 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 December 31, 2025.

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Total Loss-Absorbing Capacity (TLAC)

U.S. GSIBs, including Citi, are required to maintain minimum levels of 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 risk-weighted assets (RWA) and total leverage exposure.

External TLAC Requirement

The external TLAC requirement is the greater of:

•18% of the GSIB’s RWA plus the then-applicable RWA-based TLAC buffer (see below), and

•7.5% of the GSIB’s total leverage exposure plus a leverage-based TLAC buffer of 2% (i.e., 9.5%) for 2025.

The RWA-based TLAC buffer equals (i) the 2.5% CCB, plus (ii) any applicable CCyB (currently 0%), plus (iii) the GSIB’s capital surcharge as determined under method 1 of the GSIB surcharge rule (2.0% for Citi for 2025). Accordingly, Citi’s total TLAC requirement was 22.5% of RWA for 2025.

LTD Requirement

The LTD requirement is the greater of:

•6% of the GSIB’s RWA plus its capital surcharge as determined under method 2 of the GSIB surcharge rule (3.5% for Citi for 2025), for a total LTD requirement of 9.5% of RWA, and

•4.5% of the GSIB’s total leverage exposure for 2025.

The table below details Citi’s eligible 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:

	December 31, 2025
In billions of dollars, except ratios	External TLAC			LTD
Total eligible amount	$	344		$	161
% of Advanced Approaches risk- weighted assets	26.1		%	12.2		%
Regulatory requirement(1)(2)	22.5			9.5
Surplus amount	$	48		$	36
% of Total Leverage Exposure	10.5		%	4.9		%
Regulatory requirement	9.5			4.5
Surplus amount	$	33		$	13

(1)    External TLAC includes method 1 GSIB surcharge of 2.0%.

(2)    LTD includes method 2 GSIB surcharge of 3.5%.

As of December 31, 2025, Citi exceeded each of the TLAC and LTD regulatory requirements, resulting in a $13 billion surplus above its binding TLAC requirement of LTD as a percentage of Total Leverage Exposure.

The eSLR final rule issued on November 25, 2025 made conforming changes to the TLAC and LTD regulatory requirements with an optional early adoption date. Citi early adopted the final rule beginning January 1, 2026. Accordingly, effective January 1, 2026, Citi’s TLAC and LTD leverage-based requirements declined from the 9.5% TLAC leverage-based requirement and 4.5% LTD leverage-based requirement to 8.5% and 3.5%, respectively.

For additional information on Citi’s TLAC-related requirements, see “Capital Resources—Regulatory Capital Standards and Developments” and “Liquidity Risk—Total Loss-Absorbing Capacity (TLAC)” below.

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Regulatory Capital Standards and Developments

Leverage Capital Requirements

On November 25, 2025, the U.S. banking agencies finalized revisions to the eSLR requirements applicable to GSIBs and their depository institution subsidiaries:

•The eSLR buffer has been recalibrated from 2% to 50% of the holding company’s method 1 GSIB surcharge.

•The depository institution-level eSLR requirement has been modified from a “well capitalized” threshold under the PCA framework to a buffer construct, although the 3% minimum SLR to be considered “adequately capitalized” remains. The eSLR buffer at the depository institution level has also been set to 50% of the holding company’s method 1 GSIB surcharge, but with a cap of 1%.

•Additionally, conforming changes have been made to the holding company’s external TLAC and LTD leverage-based requirements. The new leverage-based TLAC buffer will equal the eSLR buffer instead of a fixed 2%, while the new leverage-based external LTD requirement will equal 2.5% plus the eSLR buffer instead of a fixed 4.5%.

The effective date of the final rule is April, 1, 2026, with an optional early adoption date beginning January 1, 2026.

Commencing January 1, 2026, Citi early adopted the eSLR final rule. Accordingly, effective January 1, 2026, both Citigroup and Citibank are required to maintain an eSLR buffer of 1%, based on Citi’s current method 1 GSIB surcharge of 2%, for a total SLR requirement of 4%. This compares to the SLR requirement of 5% for Citigroup and 6% for Citibank as of December 31, 2025. In addition, Citi’s TLAC and LTD leverage-based requirements declined from the 9.5% TLAC leverage-based requirement and 4.5% LTD leverage-based requirement to 8.5% and 3.5%, respectively.

Stress Capital Buffer Requirements and Stress Testing

Framework

On April 17, 2025, the FRB issued a notice of proposed rulemaking intended to reduce the volatility of the SCB requirement by averaging the results of the annual supervisory

stress tests over two years. The proposal would also change the annual effective date of the SCB requirement from October 1 to January 1 each year. This proposal remains outstanding.

On October 24, 2025, the FRB issued a notice of proposed rulemaking intended to enhance the transparency and public accountability of the FRB’s stress testing framework, which informs institutions’ stress capital buffer requirements. The proposal includes a request for comment on the FRB’s stress test models and proposes to codify an enhanced annual disclosure process.

As described in “Regulatory Capital Buffers—Stress Capital Buffer” above, the FRB announced on February 4, 2026 that, given the outstanding proposals on stress test modeling and scenario design, Citi’s 2026 SCB is expected to remain at the 2025 SCB requirement of 3.6% until October 1, 2027.

Basel III Revisions and GSIB Surcharge

On July 27, 2023, the U.S. banking agencies issued a notice of proposed rulemaking, known as the Basel III Endgame, that would amend U.S. regulatory capital requirements. Separately on July 27, 2023, the FRB proposed changes to the GSIB surcharge rule that aim to make it more risk sensitive. Citi continues to monitor developments related to these rulemakings.

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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 average TCE divided by average common shares outstanding. Other companies may calculate these measures differently.

	At December 31,
In millions of dollars or shares, except per share amounts	2025			2024			2023			2022			2021
Total Citigroup stockholders’ equity	$	212,291		$	208,598		$	205,453		$	201,189		$	201,972
Less: Preferred stock	20,050			17,850			17,600			18,995			18,995
Common stockholders’ equity	$	192,241		$	190,748		$	187,853		$	182,194		$	182,977
Less:
Goodwill	19,098			19,300			20,098			19,691			21,299
Identifiable intangible assets (other than MSRs)	3,525			3,734			3,730			3,763			4,091
Goodwill and identifiable intangible assets (other than MSRs) related to businesses held-for-sale (HFS)	—			16			—			589			510
Tangible common equity (TCE)	$	169,618		$	167,698		$	164,025		$	158,151		$	157,077
Common shares outstanding (CSO)	1,747.5			1,877.1			1,903.1			1,937.0			1,984.4
Book value per share (common stockholders’ equity/CSO)	$	110.01		$	101.62		$	98.71		$	94.06		$	92.21
Tangible book value per share (TCE/CSO)	97.06			89.34			86.19			81.65			79.16
	For the year ended December 31,
In millions of dollars	2025			2024			2023			2022			2021
Net income available to common shareholders	$	13,192		$	11,628		$	8,030		$	13,813		$	20,912
Average common stockholders’ equity	$	194,023		$	190,070		$	187,730		$	180,093		$	182,421
Less:
Average goodwill	19,809			19,732			20,313			19,354			21,771
Average intangible assets (other than MSRs)	3,632			3,611			3,835			3,924			4,244
Average goodwill and identifiable intangible assets (other than MSRs) related to businesses HFS	10			6			226			872			153
Average TCE	$	170,572		$	166,721		$	163,356		$	155,943		$	156,253
Return on average common stockholders’ equity	6.8		%	6.1		%	4.3		%	7.7		%	11.5		%
RoTCE	7.7			7.0			4.9			8.9			13.4

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RISK FACTORS

The following discussion presents what management currently believes could be the material risks and uncertainties that could impact Citi’s businesses, results of operations and financial condition. As a large, global financial institution, Citi faces particularly complex, diverse and rapidly changing risks and uncertainties. Other risks and uncertainties, including those not currently known to Citi or its management, could also negatively impact Citi’s businesses, results of operations and financial condition. Thus, the following should not be considered a complete discussion of all of the risks and uncertainties that Citi may face. For additional information about risks and uncertainties that could impact Citi, see “Executive Summary,” “Citi’s Multiyear Transformation” and each respective business’s results of operations above and “Managing Global Risk” below. The following headings and risk factors generally align with Citi’s risk categorization, although in certain instances the risk factors may not directly correspond with how Citi categorizes or manages its risks.

MARKET-RELATED RISKS

Macroeconomic, Geopolitical and Other Challenges and Uncertainties Could Continue to Have a Negative Impact on Citi.

Citi has experienced, and could experience in the future, negative impacts to its businesses, cost of credit, results of operations and financial condition as a result of various macroeconomic, geopolitical and other challenges, uncertainties and volatility. These include, among other things:

•increases in unemployment rates, recessions or slowing economic growth in the U.S., Europe and other regions or countries

•deterioration in consumer and corporate confidence

•elevated inflation

•significant volatility and disruptions in financial markets

•government fiscal or monetary actions (see the changes to interest rates risk factor below)

For example, substantial new import tariffs and a significant increase in the U.S. effective tariff rate occurred in 2025. There can be no assurance that there will not be additional significant changes in tariff or trade policies. Potential impacts in the U.S. and globally related to trade or tariff policies could include heightened market volatility, increased economic uncertainty, adverse impacts to inflation and global economic activity, disruptions in global supply chains and trade flows, impacts on corporate profitability and credit losses, and other adverse impacts.

Additional areas of uncertainty include, among others, geopolitical challenges, tensions and conflicts, such as those related to the Russia–Ukraine war (see the emerging markets risk factor below) and conflicts in the Middle East and in other regions; economic and geopolitical challenges related to China, including weak economic growth, related policy actions, challenges in the Chinese real estate sector, banking and credit markets, trade restrictions, and tensions or conflicts

between China and Taiwan and/or China and the U.S.; high and rising government debt levels in the U.S. and other countries; sanctions; natural disasters; and pandemics.

Changes to Interest Rates Could Adversely Affect Citi’s Results of Operations.

Central banks’ decisions on key interest rates directly affect borrowing and investment costs, loan and investment returns, and the valuation of financial assets. U.S. and global interest rate levels can significantly affect Citi’s results of operations.

Interest rates on loans Citi makes are typically based off or set at a spread over a benchmark interest rate and would likely decline or rise as benchmark rates decline or rise, respectively. While interest Citi earns on its assets and pays on its liabilities generally tends to move in the same direction as changes in benchmark rates, one can decline or rise faster than the other, thereby decreasing or increasing Citi’s net interest income.

A decline in interest rates would generally be expected to result in lower net interest income for Citi, although Corporate Treasury has various tools to manage Citi’s total interest rate risk position (see “Managing Global Risk— Market Risk—Market Risk of Non-Trading Portfolios” below). Central banks’ prematurely or disproportionately lowering benchmark interest rates could result in a resurgence of inflation.

Higher interest rates can negatively impact the economy, resulting in higher unemployment and lower growth. Increases in interest rates can also adversely impact the fair value of available-for-sale (AFS) and held-to-maturity (HTM) debt securities held by Citi, and thereby Citi’s capital levels and regulatory liquidity position. Interest rate movements, as well as pricing and product competition, can also impact depositor behavior and thereby affect net interest income.

In addition, Citi’s net interest income could be adversely affected due to a flattening (a lower spread between shorter-term versus longer-term interest rates) or inversion (shorter-term interest rates exceeding longer-term interest rates) of the interest rate yield curve, as Citi typically pays interest on deposits based on shorter-term interest rates and earns money on loans based on longer-term interest rates. For additional information on Citi’s interest rate risk, see the liquidity risk factor and “Managing Global Risk—Market Risk—Banking Book Interest Rate Risk” below.

STRATEGIC RISKS

Citi’s Ability to Return Capital to Common Shareholders Substantially Depends on Regulatory Capital Requirements, Including the Results of the FRB’s Stress Testing and CCAR Regimes, and Other Factors.

Citi’s ability to return capital to its common shareholders consistent with its capital planning efforts and targets, whether through its common stock repurchase program or its common stock dividend, substantially depends, among other things, on its regulatory capital requirements. Citi is required to hold regulatory capital buffers, including a Global Systemically Important Bank (GSIB) surcharge and a Stress Capital Buffer (SCB) based upon the results of the annual CCAR process required by the FRB. For additional information on these regulatory capital buffers, see “Capital Resources—Regulatory Capital Buffers” above.

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Changes in regulatory capital rules, requirements or interpretations can impact Citi’s required regulatory capital. U.S. banking regulators have proposed a number of changes to the U.S. regulatory capital framework, including significant revisions to the U.S. Basel III, GSIB and supervisory stress test rules. These changes will affect Citi’s regulatory capital requirements and position and the amount of capital Citi will be able to return to shareholders (see “Capital Resources—Regulatory Capital Standards and Developments” above).

Citi’s ability to return capital also depends on a variety of other factors, including, but not limited to, the following:

•its results of operations and financial condition

•any impact to capital from its remaining divestitures

•its ability to maintain an effective capital planning process and management framework, which takes into account forecasts of expected macroeconomic conditions and their associated impacts to the level of Citi’s regulatory capital and risk-weighted assets under both the Standardized Approach and the Advanced Approaches, as well as the Supplementary Leverage ratio (SLR)

•deferred tax asset (DTA) utilization (see the ability to utilize DTA risk factor below)

All firms subject to CCAR requirements, including Citi, are subject to a rigorous regulatory evaluation of capital planning practices and other reviews and examinations. Citi’s ability to return capital may be adversely impacted if a regulatory evaluation or examination were to result in negative findings regarding absolute capital levels or other aspects of Citi’s or any of its subsidiaries’ operations, including as a result of the imposition of additional capital buffers, limitations on capital distributions or otherwise. For information on limitations on Citi’s ability to return capital to common shareholders, as well as the CCAR process, supervisory stress test requirements and GSIB surcharge, see “Capital Resources—Current Regulatory Capital Standards,” “—Regulatory Capital Buffers” and “—Stress Testing Component of Capital Planning” above and the risk management and legal and regulatory proceedings risk factors below.

Citi Faces Ongoing Regulatory and Legislative Uncertainties and Changes in the U.S. and Globally.

Citi, its management and its businesses continue to face regulatory and legislative uncertainties and changes, both in the U.S. and globally. While the ongoing regulatory and legislative uncertainties and changes facing Citi are numerous and subject to change, examples include, but are not limited to, the following:

•potential changes to U.S. laws or regulations with respect to credit cards, including a possible cap on interest rates

•potential changes to various aspects of the U.S. regulatory capital framework and requirements applicable to Citi (see the capital return risk factor and “Capital Resources—Regulatory Capital Standards and Developments” above)

•potential fiscal, monetary, tax, sanctions and other changes promulgated by the U.S. federal government and other governments (see the macroeconomic challenges and uncertainties and changes to interest rates risk factors above)

References to “regulatory” refer to both formal regulation and the views and expectations of Citi’s regulators in their supervisory and enforcement roles, which, as they change over time, can have a major impact.

Additionally, U.S. and international regulatory and legislative initiatives have not always been undertaken or implemented on a coordinated basis, and areas of divergence have developed and continue to develop with respect to their scope, interpretation, timing, structure or approach, leading to inconsistent or even conflicting requirements, including within a single jurisdiction.

Further, ongoing regulatory and legislative uncertainties and changes make Citi’s long-term business, balance sheet and strategic planning difficult, subject to change, and potentially more costly and may impact its results of operations. U.S. and other regulators globally continue to discuss various changes to regulatory requirements, which require ongoing assessment by management as to the impact to Citi, its businesses and business planning. Business planning must necessarily be based on possible or proposed rules or outcomes, which can change significantly upon finalization, or upon implementation or interpretive guidance from numerous regulatory bodies worldwide, and such guidance can change. Regulatory and legislative changes have also significantly increased Citi’s compliance risks and costs (see the implementation and interpretation of regulatory

scrutiny and changes risk factor below) and can adversely affect Citi’s competitive position, as well as its businesses, revenues, results of operations and financial condition.

Citi May Be Unable to Achieve Its Objectives from Its Simplification, Transformation and Enhanced Business Performance Priorities.

Citi has been pursuing overall simplification initiatives to enhance its client focus and reduce expenses. Citi’s simplification initiatives, including completing its divestiture of Banamex, involve various execution challenges, 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 (for information about CTA impacts, see the changes in or incorrect assumptions risk factor below).

As part of its multiyear transformation, Citi also continues to make significant investments and undertake substantial actions across the Company to modernize its data and

technology infrastructure, further strengthen its risk and controls environment and further enhance safety and soundness (see “Citi’s Multiyear Transformation” above and the legal and regulatory proceedings risk factor below).

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Moreover, Citi continues to make business-led investments, as part of the execution of its strategic priorities. For example, Citi has been making technology and other investments across the Company, including hiring employees in key strategic markets and businesses; enhancing product capabilities and platforms to grow key businesses, improve client digital experiences and add scalability; and implementing new capabilities and partnerships.

Citi’s simplification, transformation and enhanced business performance priorities involve significant complexities and uncertainties. In addition, there is inherent risk that these initiatives will not be as productive or effective as Citi expects, or at all. Conversely, failure to adequately invest in and upgrade Citi’s technology and processes could result in Citi’s inability to be sufficiently competitive, meet regulatory expectations, serve clients effectively and avoid disruptions to its businesses, and operational errors (see the operational processes and systems and legal and regulatory proceedings risk factors below).

Citi’s ability to achieve its expected returns, including underlying expense savings, revenue growth and capital return objectives, as well as related operational improvements depends, in part, on factors that it cannot control, including, among others, macroeconomic challenges and uncertainties; customer, client and competitor actions; and ongoing regulatory requirements or changes.

Further, Citi’s simplification, transformation and enhanced business performance priorities may continue to evolve as its business strategies, including with respect to organic or inorganic growth, the market environment and regulatory expectations change, which could make the initiatives more costly and more challenging to implement, and limit their effectiveness.

Climate Change Presents Various Financial and Non-Financial Risks to Citi.

Climate change presents both immediate and long-term risks to Citi, with the risks expected to increase over time. Climate risks can arise from both physical risks and transition risks. Physical and transition risks can manifest differently across Citi’s risk categories in the short, medium and long terms.

Physical risks include acute risks, such as wildfires, tropical cyclones, heat waves, floods and droughts, as well as consequences of chronic changes in climate. For example, physical risks could have adverse financial, operational and other impacts on Citi, both directly on its business and operations, and indirectly as a result of impacts to Citi’s clients, customers, vendors and other counterparties. These impacts can include the following:

•destruction, damage or impairment of owned or leased properties and other assets

•destruction or deterioration of the value of collateral, such as real estate

•disruptions to business operations and supply chains

•reduced availability or increases in the cost of insurance

Physical risks can also impact Citi’s credit risk exposures, for example, in its mortgage and commercial real estate lending businesses.

Transition risks may arise from changes in regulations or market preferences toward low-carbon industries or sectors, which in turn could have negative impacts on asset values, results of operations or the reputations of Citi and its customers and clients, and lead to a loss of market share, lower revenues and higher credit costs.

Diverging legislative and regulatory changes and uncertainties regarding climate-related risk management and disclosures can increase Citi’s regulatory and compliance risks and costs. Furthermore, Citi may face heightened scrutiny and litigation risks stemming from its climate and sustainability commitments, disclosures and marketing.

Even as some regulators seek to mandate additional disclosure of climate-related information, Citi’s ability to comply with such requirements and conduct more robust climate-related risk analyses may be hampered by lack of information and reliable data. Data on climate-related risks is limited in availability, often based on estimated or unverified figures, collected and reported on a time-lag, and variable in quality. Modeling capabilities to analyze climate-related risks and interconnections continue to evolve.

Citi’s approach to supporting clients in their efforts to decarbonize may lead to both continued exposure to carbon-intensive activity and increased reputation risks from stakeholders with divergent points of view. Additionally, if Citi is unable to achieve some of its objectives or commitments relating to climate change, its businesses, reputation and attractiveness to certain investors or clients may suffer.

For additional information, see “Sustainability” and “Managing Global Risk—Strategic Risk—Climate Risk” below.

Citi’s Ability to Utilize Its DTAs, and Thus Reduce the Negative Impact of the DTAs on Citi’s Regulatory Capital, Will Be Driven by Its Ability to Generate U.S. Taxable Income.

At December 31, 2025, Citi’s net DTAs were $29.5 billion, net of a valuation allowance of $5.0 billion, of which $13.1 billion was deducted from Citi’s CET1 Capital under the U.S. Basel III rules. Of this deducted amount, $10.8 billion related to net operating losses, foreign tax credit and general business credit carry-forwards, with $3.1 billion related to temporary differences in excess of the 10%/15% regulatory limitations, reduced by $0.8 billion of deferred tax liabilities, primarily associated with goodwill and certain other intangible assets that were separately deducted from capital.

Citi’s ability to realize its DTAs will primarily be dependent upon its ability to generate U.S. taxable income in the relevant reversal periods. Failure to realize any portion of the net DTAs would have a corresponding negative impact on Citi’s net income and financial returns.

The accounting treatment for realization of DTAs is complex and requires significant judgment and estimates regarding future taxable earnings in the jurisdictions in which the DTAs arise and available tax planning strategies. Forecasts of future taxable earnings will depend upon various factors, including, among others, macroeconomic conditions.

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For additional information on Citi’s DTAs, including FTCs, see “Significant Accounting Policies and Significant Estimates—Income Taxes” below and Notes 1 and 10.

Citi Is Subject to Complex Tax Laws, Which May Change, and Citi’s Interpretation or Application of These Complex Tax Laws Could Differ from Those of Governmental Authorities, Which Could Result in Litigation or Examinations and the Payment of Additional Taxes, Penalties or Interest.

Citi is subject to various tax laws of the U.S. and its states and municipalities, as well as the numerous non-U.S. jurisdictions in which it operates. These tax laws are inherently complex, and Citi must make judgments and interpretations about the application of these laws to its entities, operations and businesses. Moreover, these tax laws and related regulations may change, which could result in additional tax liability for Citi.

Additionally, Citi is subject to litigation or examinations with U.S. and non-U.S. tax authorities regarding tax matters. While Citi has appropriately reserved for such matters where there is a probable loss, and has disclosed reasonably possible losses, the outcome of the matters may be different than Citi’s expectations.

Citi’s interpretations or application of the tax laws, including with respect to withholding, stamp, service and other non-income taxes, as well as in connection with asset dispositions, divestitures or similar transactions, could differ from that of the relevant governmental taxing authority, which could result in the requirement to pay additional taxes, penalties or interest, the reduction of certain tax benefits or the requirement to make adjustments to amounts recorded, which could be material. See Note 30 for additional information on how Citi accrues for potential losses from tax matters.

A Deterioration in or Failure to Maintain Citi’s Co-Branding or Private Label Credit Card Relationships Could Have a Negative Impact on Citi.

Citi has co-branding and private label relationships with various retailers and merchants through its Branded Cards and Retail Services credit card businesses, whereby in the ordinary course of business Citi issues credit cards to consumers, including customers of the retailers or merchants. The five largest relationships across both businesses constituted an aggregate of approximately 12% of Citi’s revenues in 2025 (see “U.S. Personal Banking” above). Citi’s co-branding and private label agreements often provide for shared economics between the parties and generally have a fixed term.

Competition among credit card issuers, including Citi, for these relationships is significant, and Citi may not be able to maintain such relationships on existing terms or at all. Citi’s co-branding and private label relationships could also be negatively impacted by, among other things, the general economic environment, including the impacts stemming from potential increases in unemployment, inflation or interest rates or lower economic growth rates, as well as a risk of recession; changes in consumer sentiment, spending patterns and credit card usage behaviors; a decline in sales and revenues, partner store closures, any reduction in air and business travel, or other operational difficulties of the retailer or merchant;

changes in partner business strategies, including changes in products and services offered; termination or non-renewal of partner agreements, including early termination due to a contractual breach or exercise of other early termination rights; or other factors, including bankruptcies, liquidations, restructurings, consolidations or other similar events, whether due to a challenging macroeconomic environment or otherwise.

These events, particularly early termination and bankruptcies or liquidations, could negatively impact the results of operations or financial condition of Branded Cards, Retail Services or Citi as a whole, including as a result of loss of revenues, increased expenses, higher cost of credit, impairment of purchased credit card relationships and contract-related intangibles or other losses (see Note 17 for information on Citi’s credit card-related intangibles generally).

The Application of U.S. Resolution Plan Requirements May Pose a Greater Risk of Loss to Citi’s Debt and Equity Securities Holders, and Citi’s Inability in Its Resolution Plan Submissions to Address Any Shortcomings or Deficiencies or Guidance Could Subject Citi to More Stringent Capital, Leverage or Liquidity Requirements, or Restrictions on Its Growth, Activities or Operations, and Could Eventually Require Citi to Divest Assets or Operations.

Every two years, Title I of the Dodd-Frank Act requires Citi to prepare and submit a plan to the FRB and the FDIC for the orderly resolution of Citigroup (the bank holding company) and its significant legal entities under the U.S. Bankruptcy Code in the event of future material financial distress or failure.

Under Citi’s preferred “single point of entry” resolution plan strategy, only Citigroup, the parent holding company, would enter into bankruptcy, while Citigroup’s material legal entities (as defined in the public section of its 2025 resolution plan, which can be found on the FRB’s and FDIC’s websites) would remain operational outside of any resolution or insolvency proceedings. As a result, Citigroup’s losses and any losses incurred by its material legal entity subsidiaries would be imposed first on holders of Citigroup’s equity securities and thereafter on its unsecured creditors, including holders of eligible long-term debt and other debt securities.

In addition, a wholly owned, direct subsidiary of Citigroup serves as a resolution funding vehicle (the intermediate holding company, or IHC) to which Citigroup has transferred, and has agreed to transfer on an ongoing basis, certain assets. The obligations of Citigroup and of the IHC, respectively, under the amended and restated secured support agreement, are secured on a senior basis by the assets of Citigroup (other than shares in subsidiaries of the parent company and certain other assets), and the assets of the IHC, as applicable. As a result, claims of the operating material legal entities against the assets of Citigroup with respect to such secured assets are effectively senior to unsecured obligations of Citigroup. Citi’s single point of entry resolution plan strategy and the obligations under the amended and restated secured support agreement may result in the recapitalization of and/or provision of liquidity to Citi’s operating material legal entities, and the commencement of bankruptcy proceedings by Citigroup at an earlier stage of

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financial stress than might otherwise occur without such mechanisms in place.

In line with the FRB’s total loss-absorbing capacity (TLAC) rule, Citigroup’s shareholders and unsecured creditors—including its unsecured long-term debt holders—would bear any losses resulting from Citigroup’s bankruptcy. Accordingly, any value realized by holders of its unsecured long-term debt may not be sufficient to repay the amounts owed to such debt holders in the event of a bankruptcy or other resolution proceeding of Citigroup. For additional information on Citi’s single point of entry resolution plan strategy and the IHC and secured support agreement, see “Managing Global Risk—Liquidity Risk” below.

On November 22, 2022, the FRB and FDIC issued feedback on the resolution plans filed on July 1, 2021 by the eight U.S. GSIBs, including Citigroup. The FRB and FDIC jointly identified one shortcoming in Citigroup’s 2021 resolution plan. The shortcoming related to data integrity and data quality management issues, specifically, weaknesses in Citi’s processes and practices for producing certain data that could materially impact its resolution capabilities. On June 20, 2024, the FRB and FDIC issued feedback on the resolution plans filed on July 1, 2023 by the eight U.S. GSIBs, including Citigroup. The FRB and FDIC jointly identified one shortcoming in Citigroup’s 2023 resolution plan regarding Citi’s derivatives unwind capabilities. If a shortcoming is not satisfactorily explained or addressed before, or in, the submission of the next resolution plan, the shortcoming may be found to be a deficiency in the next resolution plan (see discussion below). Citi submitted a targeted resolution plan on July 1, 2025.

Under Title I, if the FRB and the FDIC jointly determine that Citi’s resolution plan is not “credible” (which, although not defined, is generally understood to mean the regulators do not believe the plan is feasible or would otherwise allow Citi to be resolved in a way that protects systemically important functions without severe systemic disruption), or would not facilitate an orderly resolution of Citi under the U.S. Bankruptcy Code, and Citi fails to resubmit a resolution plan that remedies any identified deficiencies, Citi could be subjected to more stringent capital, leverage or liquidity requirements, or restrictions on its growth, activities or operations. If within two years from the imposition of any such requirements or restrictions Citi has still not remediated any identified deficiencies, then Citi could eventually be required to divest certain assets or operations. Any such restrictions or actions would negatively impact Citi’s reputation, market and investor perception, operations and strategy.

Citi’s Performance Could Be Negatively Impacted if It Is Not Able to Hire and Retain Qualified Employees.

Citi’s performance and the performance of its individual businesses largely depend on the talents and efforts of its highly qualified employees. Specifically, Citi’s continued ability to compete in each of its lines of business, grow and manage its businesses effectively, as well as to execute its strategic priorities, depends on its ability to hire new employees and to retain and motivate its existing employees. If Citi is unable to continue to hire, retain and motivate highly

qualified employees, Citi’s performance, including its competitive position, the achievement of its priorities and its results of operations could be negatively impacted.

Citi’s ability to attract, retain and motivate employees depends on numerous factors, some of which are outside of Citi’s control. For example, the competition for talent continues to be particularly intense due to various factors, such as changes in worker expectations, concerns and preferences. Also, the banking industry generally is subject to more comprehensive regulation of employee compensation than other industries, including deferral and clawback requirements for incentive compensation, which can make it unusually challenging for Citi to compete in labor markets against businesses, including, for example, technology companies, that are not subject to such regulation.

Other factors that could impact Citi’s ability to attract, retain and motivate employees include, among other things, Citi’s presence in a particular market or region, the professional and development opportunities it offers and its reputation. For information on Citi’s employee and workforce management, see “Human Capital Resources and Management” below.

Citi Faces Potential Disruptions from an Evolving

Business Environment, Including Competitive Challenges and Emerging Technologies.

Citi operates in an increasingly evolving and competitive business environment, which includes both financial and non-financial services firms, such as banks and private credit, financial technology and digital asset companies, among others.

Certain competitors may be subject to different and, in some cases, less stringent legal, regulatory and supervisory requirements, whether due to size, jurisdiction, entity type or other factors, placing Citi at a competitive disadvantage. To the extent that Citi is not able to compete effectively with other financial services companies, including private credit, financial technology and digital asset companies, and non-financial services firms, or adequately assess the competitive landscape, Citi could be placed at a competitive disadvantage, which could result in loss of customers and market share, and its businesses, results of operations and financial condition could suffer. For additional information on Citi’s competitive risks, see the co-branding and private label credit cards and qualified employees risk factors above and the AI risk factor and “Supervision, Regulation and Other—Competition” below.

Citi competes with other financial services companies in the U.S. and globally that have grown rapidly over the last several years or have introduced new products and services. Mergers and acquisitions involving traditional financial services companies, such as regional banks or credit card issuers, as well as networks and merchant acquirers, may also increase competition. Non-traditional financial services firms, such as private credit, financial technology and digital asset companies, are less regulated and supervised and continue to expand their offerings of services traditionally provided by financial institutions.

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Additionally, emerging technologies have the potential to accelerate disruption and intensify competition in the financial services industry. These emerging technologies, such as artificial intelligence (AI) and digital assets (including tokenized deposits, cryptocurrencies, stablecoins and other assets and products that use distributed ledger or blockchain technology) and changes in the payments space (e.g., instant and 24/7 payments) are accelerating, and, as a result, certain of Citi’s products and services could become less competitive (see the AI risk factor below).

Increased competition and emerging technologies could require Citi to change or adapt its products and services, as well as invest in and develop related infrastructure, to attract and retain customers or clients.

The U.S. administration and Congress have been

supportive of the growth and use of digital assets, including

passing legislation such as the GENIUS Act and pursuing a

more favorable regulatory approach, although the legal and

regulatory landscape remains highly uncertain. As digital

assets continue to evolve, customer demand for enhanced

offerings may increase. Failure to strategically adopt emerging

technologies may result in a competitive disadvantage to Citi.

Citi also may not be able to provide the same or similar

products and services for legal or regulatory reasons, which

may be exacerbated by rapidly evolving and conflicting

regulatory requirements.

Moreover, as Citi develops new products and services leveraging emerging technologies, new risks may emerge that, if not designed and governed adequately, may result in control gaps and in Citi operating outside of its risk appetite. For example, the use or development of emerging technologies, such as AI or digital assets, without sufficient controls, governance and risk management may result in increased risks across various risk categories (for additional information, see the AI, operational processes and systems and cybersecurity risk factors below). As another example, instant and 24/7 payments products could be accompanied by challenges to forecasting and managing liquidity, as well as increased operational and compliance risks.

Citi relies on third parties to support certain of its product and service offerings, which may put Citi at a disadvantage to competitors who may directly offer a broader array of products and services. Citi’s businesses, results of operations and reputation may suffer if any third party is unable to provide adequate support for such product and service offerings, whether due to operational incidents or otherwise (see the operational processes and systems and cybersecurity risk factors below).

The Development and Use of AI by Citi and Others Present Risks to Citi’s Businesses.

Citi has used AI and machine learning tools for many years and has more recently begun to broadly deploy Generative AI, including within its technology platforms and services. In the future, Citi expects to more broadly integrate Generative AI tools within its systems, businesses and functions, including advanced AI capabilities, such as autonomous agents and sophisticated user interactions, which if improperly managed, could result in increased risks and costs.

While Citi has policies that govern the use of emerging technologies, including in model risk management, ineffective, inadequate or faulty Generative AI development or deployment practices by Citi or third parties, including insufficient testing and monitoring, poorly structured or manipulated prompts or insufficient or inadequate human oversight, could result in adverse consequences, such as AI algorithms that produce inaccurate or incomplete output or output based on biased, incomplete and/or inaccurate datasets, infringe on intellectual property rights of others, involve data exfiltration risks, including release of confidential or proprietary information, or cause other issues, concerns or deficiencies. The complexity of AI models, particularly Generative AI models, can make it challenging to understand why particular outputs are generated, which can increase the risk of erroneous and/or biased output and complying with regulations requiring documentation, explainability or auditability on the basis of AI-influenced decisions.

Citi may also rely on AI models developed by third parties and be exposed to risks arising from their development and training methods, including potential inclusion of unauthorized material in the training data or limitations in their risk mitigation strategies, over which Citi may have limited visibility or control (see also the operational processes and systems risk factor below). While Citi may provide restrictions on use of certain data in third-party AI applications or models, a third party could breach those terms, which could expose Citi to legal and reputations risks. Citi is also exposed to risks related to the use of AI technologies by counterparties, clients and vendors, where interconnected AI systems could amplify failures and threats of cyber infiltration, as well as cause widespread disruptions.

Moreover, the use of increasingly sophisticated AI technologies by malicious actors and others has increased the risk of fraud, including identity theft and bypassing of verification controls, and exposure to cyberattacks (see the cybersecurity risk factor below), as well as disinformation and market manipulation campaigns, and failure to effectively manage such risks could result in misappropriation of funds, unauthorized transactions, exposure of sensitive client or Company information, reputational harm and increased litigation and regulatory risk.

Citi also faces competition risks to the extent that competitors may be faster and more successful in developing and deploying AI technologies to improve processes, productivity, efficiency, products and services, and thereby gain competitive advantages over Citi (see the competition risk factor above).

In addition, compliance with new or changing laws, regulations or industry standards relating to AI may impose additional operational risks and costs. Failure to sufficiently manage these risks could expose Citi to adverse legal, regulatory or reputational consequences.

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OPERATIONAL RISKS

A Disruption or Failure of Citi’s Operational Processes or Systems Could Negatively Impact Its Reputation, Customers, Clients, Businesses or Results of Operations and Financial Condition.

Citi’s global operations rely heavily on its technology systems and infrastructure, including the accurate, complete, timely and secure processing, management, storage and transmission of data, including confidential transactions, and other information, as well as the monitoring of a substantial amount of data and complex transactions in real time. Citi obtains and stores an extensive amount of personal and client-specific information for its consumer and institutional customers and clients, and must accurately record and reflect their account transactions.

With the proliferation of emerging technologies, including AI and digital assets, and the use of the internet, mobile devices and cloud services to conduct financial transactions, and customers’ and clients’ increasing use of online banking and trading systems and other platforms, large global financial institutions such as Citi have been, and will continue to be, subject to an ever-increasing risk of operational loss, failure or disruption. For example, Citi’s involvement in digital assets,

including custody, asset tokenization and facilitation of clients’ digital assets activities, exposes Citi to increased operational risks due to the unique technological requirements for securing these assets.

Although Citi has continued to upgrade its technology, including systems to automate processes and gain efficiencies, operational incidents are unpredictable and can arise from numerous sources, not all of which are fully within Citi’s control. These include, among others, operational or execution failures or deficiencies by third parties that provide products or services to Citi (e.g., cloud service providers), including such third parties’ downstream service providers, as well as other Citi counterparties and market participants, which could be exacerbated by the concentration of third-party providers across the financial services industry; deficiencies in processes or controls; inadequate management of data governance practices, data controls and monitoring mechanisms that may adversely impact internal or external reporting and decision-making; cyber or information security incidents (see the cybersecurity risk factor below); human error, such as manual transaction processing errors (e.g., erroneous payments to lenders or manual errors by traders that cause system and market disruptions or losses), which can be exacerbated by staffing challenges and processing backlogs; 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; failures of or cyber incidents involving computer servers or infrastructure, including software updates and cloud services; or other similar losses or damage to Citi’s property or assets (see also the climate change risk factor above). Additionally, Citi’s ability to effectively maintain and upgrade systems and infrastructure

can become more challenging as the speed, frequency, volume, interconnectivity and complexity of transactions continue to increase.

For example, operational incidents can arise due to failures by third parties with which Citi does business, such as failures by internet, mobile technology and cloud service providers or other vendors to adequately follow procedures or processes, safeguard their systems or prevent system disruptions or cyberattacks. Failure by Citi to develop, implement and operate a third-party risk management program commensurate with the level of risk, complexity and nature of its third-party relationships can also result in operational incidents. In addition, Citi has experienced and could experience further losses associated with manual transaction processing errors, including erroneous payments to lenders or manual errors by Citi traders that cause system and market disruptions and losses for Citi and its clients. Irrespective of the sophistication of the technology utilized by Citi, there will always be a risk of human and other errors. In view of the large transactions in which Citi engages, such errors have in the past resulted, and could result, in significant losses. While Citi has change management processes in place to appropriately upgrade its operational processes and systems to ensure that any changes introduced do not adversely impact security and operational continuity, such change management can fail or be ineffective. Furthermore, when Citi introduces new products, systems or processes, new operational risks that may arise from those changes may not be identified, or adequate controls to mitigate the identified risks may not be appropriately implemented or operate as designed.

Incidents that impact information security, technology operations or other operational processes may cause disruptions and/or malfunctions within Citi’s businesses (e.g., the temporary loss of availability of Citi’s online banking system or mobile banking platform), as well as the operations of its clients, customers or other third parties. In addition, operational incidents could involve the failure or ineffectiveness of internal processes or controls. Given Citi’s global footprint and the high volume of transactions processed by Citi, certain failures, errors or actions may be repeated or compounded before they are discovered and rectified, which would further increase the consequences and costs.

Operational incidents could result in financial losses and other costs as well as misappropriation, corruption or loss of confidential and other information or assets, which could significantly negatively impact Citi’s reputation, customers, clients, employees, businesses or results of operations and financial condition, or the potential for systemic disruption due to interconnected systems and dependencies. Additionally, any unavailability or failure of backup systems could impact business continuity in the event of an operational incident. Cyber-related and other operational incidents can also result in legal and regulatory actions or proceedings, fines and other costs (see the legal and regulatory proceedings risk factor below).

Failure by Citi to continue to increase its operational resilience, and ensure that important business services and their impact tolerance time and severity scales are clearly defined, could expose Citi to service disruptions, leading to

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harms to Citi clients, market integrity, Citi’s reputation, financial stability or safety and soundness.

For information on Citi’s management of operational risk, see “Managing Global Risk—Operational Risk” below.

Citi’s and Third Parties’ Computer Systems and Networks Continue to Be Susceptible to an Increasing Risk of Evolving, Sophisticated Cybersecurity Incidents That Could Result in the Theft, Loss, Non-Availability, Alteration, Misuse or Disclosure of Confidential Information, Damage to Citi’s Reputation, Regulatory Penalties, Legal Exposure and Financial Losses.

Citi’s computer systems, software and networks are subject to ongoing attempted cyberattacks, as attempts to effectuate unauthorized access to, theft or destruction of data (including confidential client information), account takeovers, and disruptions of service, using techniques including phishing, malware, ransomware, computer viruses or other malicious code, exploitation of vulnerabilities, and others. These threats can arise from external parties, including cyber criminals, cyber terrorists, hacktivists and nation-state actors, as well as insiders who knowingly or unknowingly engage in or enable malicious cyber activities. For example, nation-state actors have recently targeted critical U.S. infrastructure with cyberattacks. Some cyber and information security incidents may also occur as a result of unintentional conduct on the part of employees, customers or suppliers.

Citi develops its own software and relies on third-party applications and software, which are susceptible to vulnerability exploitations. Software leveraged in financial services and other industries continues to be impacted by an increasing number of zero-day vulnerabilities, thus increasing inherent cyber risk to Citi.

The increasing use of cloud and new and emerging technologies (such as AI and digital assets), as well as connectivity solutions to facilitate remote working for Citi’s employees, all increase Citi’s exposure to cybersecurity risks. Citi is also susceptible to cyberattacks given, among other factors, its size and scale, high-profile brand, global footprint and prominent role in the financial system. Additionally, Citi continues to operate in multiple jurisdictions in the midst of geopolitical unrest or uncertainties, including, among others, those affected by the Russia–Ukraine war and the conflicts in the Middle East, which could expose Citi to heightened risk of insider threat, cyber threats from nation-state actors, hacktivism or other cyber incidents.

Citi continues to experience increased exposure to cyberattacks through third parties. Third parties with which Citi does business, as well as retailers and other third parties with which Citi’s customers do business, and any such third parties’ downstream service providers, also pose cybersecurity risks, particularly where activities of customers are beyond Citi’s security and control systems. For example, Citi outsources certain functions, such as processing customer credit card transactions, uploading content on customer-facing websites and developing software for new products and services. These relationships allow for the storage and processing of customer information by third-party hosting of, or access to, Citi websites. This could lead to compromise or the potential to introduce vulnerable or malicious code,

resulting in security breaches or business disruptions impacting Citi customers, employees or operations. While many of Citi’s agreements with third parties include indemnification provisions, Citi may not be able to recover sufficiently under these provisions, or at all, to adequately offset any losses and other adverse impacts Citi may incur from third-party cyber incidents.

Citi and some of its third-party partners have been subjected to attempted and sometimes successful cyberattacks over the last several years, including the following:

•denial of service attacks, which attempt to interrupt service to clients and customers

•hacking and malicious software installations intended to gain unauthorized access to information systems or to disrupt those systems and/or impact availability or privacy of confidential data, with objectives including, but not limited to, extortion payments or causing reputational damage

•data breaches due to unauthorized access to customer accounts or other data

•malicious software attacks on client systems, in attempts to gain unauthorized access to Citi systems or client data under the guise of normal client transactions

While Citi’s cyber and information security program has historically generally succeeded in detecting, thwarting and/or responding to attacks targeting its systems before they become significant, certain past incidents resulted in limited losses, as well as increases in expenditures to monitor against the threat of similar future cyber incidents. There can be no assurance that such cyber incidents will not occur again, and they could occur more frequently, via novel tactics, including leveraging of tools made possible by emerging technologies, and on a more significant scale.

Because the techniques used to initiate cyberattacks change frequently or, in some cases, are not recognized until deployed, Citi may be unable to implement effective preventive measures or otherwise proactively address these risks. In addition, cyber threats and cyberattack techniques change, develop and evolve rapidly, including from emerging technologies such as AI and quantum computing. Given the frequency and sophistication of cyberattacks, the determination of the severity and potential impact of a cyber incident may not become apparent for a substantial period of time following detection of the incident. Also, while Citi strives to implement measures to reduce the exposure resulting from outsourcing risks, such as performing security control assessments of third-party vendors and limiting third-party access to the least privileged level necessary to perform service functions, these measures cannot prevent all third-party-related cyberattacks or data breaches.

Cyber incidents can result in the disclosure of personal, confidential or proprietary customer, client or employee information; damage to Citi’s reputation with its clients, other counterparties and the market; customer dissatisfaction; and additional costs to Citi, including expenses such as repairing or replacing systems, replacing customer payment cards, credit monitoring or adding new personnel or protection technologies. Cyber incidents can also result in regulatory

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penalties, loss of revenues, deposit outflows, exposure to litigation and regulatory action and other financial losses, including loss of funds to both Citi and its clients and customers, and disruption to Citi’s operational systems (see the operational processes and systems risk factor above).

Moreover, the increasing risk of cyber incidents has resulted in increased legislative and regulatory action on cybersecurity, including, among other things, scrutiny of firms’ cybersecurity programs, laws and regulations to enhance protection of consumers’ personal data and mandated disclosure on cybersecurity matters and of certain cybersecurity incidents.

While Citi maintains insurance coverage that may, subject to policy terms and conditions including significant self-insured deductibles, transfer certain aspects of cyber risks, such insurance coverage may be insufficient to cover all losses and may not take into account reputational harm, the costs of which are impossible to quantify.

For additional information about Citi’s management of cybersecurity risk, see “Managing Global Risk—Operational Risk—Cybersecurity Risk” below.

Changes in or Incorrect Accounting Assumptions, Judgments or Estimates, or the Application of Certain Accounting Principles, Could Result in Significant Losses or Other Adverse Impacts.

U.S. GAAP requires Citi to use certain assumptions, judgments and estimates in preparing its financial statements, including, among other items, the estimate of the 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. These assumptions, judgments and estimates are inherently limited because they involve techniques, including the use of historical data, that cannot anticipate or model every economic and financial outcome in the markets in which Citi operates, nor can they anticipate the specific impact and timing of such outcomes. For example, many models used by Citi include assumptions about correlation or lack thereof among prices of various asset classes or other market indicators that may not hold in times of market stress, limited liquidity or other unforeseen circumstances.

If Citi’s assumptions, judgments or estimates underlying its financial statements are incorrect or differ from actual or subsequent events, Citi could experience unexpected losses or other adverse impacts, some of which could be significant. Citi could also experience declines in its stock price, be subject to legal and regulatory proceedings and incur fines and other losses. For additional information on the key areas for which assumptions and estimates are used in preparing Citi’s financial statements, see “Significant Accounting Policies and Significant Estimates” below and Notes 1 and 16.

For example, the CECL methodology requires that Citi provide reserves for a current estimate of lifetime expected credit losses for its loan portfolios and other financial assets at the time those assets are originated or acquired. This estimate is adjusted each period for changes in expected lifetime credit losses. Citi’s ACL estimate is subject to judgments and depends upon its CECL models and assumptions, including forecasted macroeconomic conditions, which can be more

challenging to forecast during times of significant market volatility and uncertainty. These model assumptions and forecasted macroeconomic conditions will change over time, resulting in variability in Citi’s ACL and, thus, impact its results of operations and financial condition, as well as regulatory capital (see the capital return risk factor above). For additional information on Citi’s ACL, see “Significant Accounting Policies and Significant Estimates” below and Notes 1 (“Allowance for Credit Losses (ACL)”) and 16.

Moreover, Citi has incurred losses related to its foreign operations that are reported in the CTA components of Accumulated other comprehensive income (loss) (AOCI). In accordance with U.S. GAAP, a sale or other deconsolidation event of any foreign operation that results in a substantially complete liquidation of an investment in a foreign entity, such as those related to Citi’s remaining divestitures or legacy businesses, would result in reclassification of any CTA component of AOCI related to that entity, including amounts associated with related hedges and taxes, into Citi’s earnings. For example, during the quarter in which a deconsolidation of Banamex occurs, Citi would incur a CTA loss of approximately ($9) billion, attributable to Banamex and its consolidated subsidiaries as of December 31, 2025, recognized through earnings, although the cumulative impact of the CTA would be regulatory capital neutral (for additional information, see “All Other” above). For additional information on Citi’s accounting policy for foreign currency translation and its foreign CTA components of AOCI, see Notes 1 (“Foreign Currency Translation”) and 21.

Changes to Financial Accounting and Reporting Standards or Interpretations Could Have a Material Impact on How Citi Records and Reports Its Financial Condition and Results of Operations.

Changes to financial accounting or reporting standards or interpretations, whether promulgated or required by the Financial Accounting Standards Board (FASB), the SEC, U.S. banking regulators or others, could present operational challenges and could require Citi to change certain of the assumptions or estimates it previously used in preparing its financial statements, which could negatively impact how it records and reports its financial condition and results of operations generally and/or with respect to particular businesses. For example, the FASB issues financial accounting and reporting standards that govern key aspects of Citi’s financial statements or interpretations thereof when those standards become effective, including those areas where Citi is required to make assumptions or estimates. See “Significant Accounting Policies and Significant Estimates” below and Note 1 for additional information on Citi’s accounting policies (“Summary of Significant Accounting Policies”) and changes in accounting (“Accounting Changes”), including the expected impacts on Citi’s results of operations and financial condition.

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If Citi’s Risk Management and Other Processes or Strategies Are Deficient or Ineffective, Citi May Incur Significant Losses and Its Regulatory Capital and Capital Ratios Could Be Negatively Impacted.

Citi utilizes a broad and diversified set of risk management and other processes and strategies, including the use of models, in analyzing and monitoring the various risks Citi assumes in conducting its activities. Citi also relies on data to assess and manage various risk exposures. Unexpected losses can result from untimely, inaccurate or incomplete risk management processes and data.

In addition, Citi’s risk management and other processes and strategies, including models, are inherently limited because they involve techniques, including the use of historical data in many circumstances, assumptions and judgments that cannot anticipate every economic and financial outcome in the markets in which Citi operates, particularly given various macroeconomic, geopolitical and other challenges and uncertainties (see the macroeconomic challenges and uncertainties risk factor above), nor can they anticipate the specifics and timing of such outcomes. For example, many models used by Citi include assumptions about correlation or lack thereof among prices of various asset classes or other market indicators that may not necessarily hold in times of market stress, limited liquidity or other unforeseen circumstances, or identify changes in markets or client behaviors not yet inherent in historical data.

Citi could incur significant losses, receive negative regulatory evaluation or examination findings or be subject to additional enforcement actions, and its regulatory capital, capital ratios and ability to return capital could be negatively impacted, if Citi’s risk management and other processes, including its ability to manage and aggregate data in a timely and accurate manner, strategies or models are deficient or ineffective (for additional information, see the capital return risk factor above and the regulatory scrutiny and changes and the legal and regulatory proceedings risk factors below). Such deficiencies or ineffectiveness could also result in inaccurate financial, regulatory or risk reporting.

Moreover, Citi’s Basel III regulatory capital models, including its credit, market and operational risk models, are subject to ongoing regulatory review and approval, which may result in refinements, modifications or enhancements (required or otherwise) to these models. Modifications or requirements resulting from these ongoing reviews, as well as any future changes or guidance provided by the U.S. banking regulators regarding the U.S. regulatory capital framework applicable to Citi, including, but not limited to, potential revisions to the U.S. Basel III rules (see the capital return risk factor and “Capital Resources—Regulatory Capital Standards and Developments” above), have resulted, and could continue to result, in significant changes to Citi’s risk-weighted assets. These changes can impact Citi’s capital ratios and its ability to meet its regulatory capital requirements.

CREDIT RISKS

Credit Risk and Concentrations of Risk Can Increase the Potential for Citi to Incur Significant Losses.

Citi has credit exposures to consumer, corporate and public sector borrowers and other counterparties in the U.S. and various countries and jurisdictions globally, including:

•end-of-period consumer loans of $409 billion

•end-of-period corporate loans of $344 billion at December 31, 2025

A default by or a significant downgrade in the credit ratings of a consumer or corporate borrower or other counterparty, or a decline in the credit quality or value of any underlying collateral, exposes Citi to credit risk. Additionally, despite Citi’s target client strategy, various macroeconomic, geopolitical, market and other factors, among other things, can increase Citi’s consumer and corporate credit risk and credit costs, particularly for vulnerable sectors, industries or countries (see the macroeconomic challenges and uncertainties and co-branding and private label credit cards risk factors above and the emerging markets risk factor below). For example, a weakening of economic conditions, including increases in unemployment rates, can adversely affect borrowers’ ability to repay their obligations, as well as result in Citi’s inability to liquidate the collateral it holds or forced to liquidate the collateral at prices that do not cover the full amount owed to Citi.

For additional information on Citi’s corporate and consumer loan portfolios, see “Managing Global Risk—Corporate Credit” and “—Consumer Credit” below. For information on Citi’s credit and country risk, see also each respective business’s results of operations above and

“Managing Global Risk—Other Risks—Country Risk” below

and Notes 15 and 16.

Citi is also a member of various central clearing counterparties and could incur financial losses as a result of defaults by other clearing members due to the requirements of clearing members to share losses. Additionally, systemic risks, including from leveraged finance, non-bank financial institutions, private credit and AI, could increase Citi’s credit costs.

While Citi provides reserves for expected losses for its credit exposures, as applicable, such reserves are subject to judgments and estimates that could be incorrect or differ from actual future events. For additional information, including on the CECL methodology, see the changes in or incorrect assumptions risk factor above.

Concentrations and/or high correlation of risk to clients or counterparties engaged in the same or related industries or doing business in a particular geography, or to a particular product or asset class, especially credit and market risks, can also increase Citi’s risk of significant losses. For example, due to the interconnectedness among financial institutions, concerns about the creditworthiness of or defaults by a financial institution could spread to other financial market participants and result in market-wide losses and disruption. Citi also routinely executes a high volume of securities, trading, derivative and foreign exchange transactions with

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non-U.S. sovereigns and with counterparties in the financial services industry, including banks, insurance companies, investment banks, governments, central banks and other financial institutions. Moreover, Citi has indemnification obligations in connection with various transactions that expose it to concentrations of risk, including credit risk from hedging or reinsurance arrangements related to those obligations (see Note 28). A rapid deterioration of a large borrower or other counterparty or within a sector or country in which Citi has large exposures or indemnifications or unexpected market dislocations could lead to concerns about the creditworthiness of other borrowers or counterparties in a certain geography and in related or dependent industries, and such conditions could cause Citi to incur significant losses.

LIQUIDITY RISKS

Citi’s Businesses, Results of Operations and Financial Condition Could Be Negatively Impacted if It Does Not Effectively Manage Its Liquidity.

As a large, global financial institution, adequate liquidity and sources of funding are essential to Citi. Citi’s liquidity, sources of funding and costs of funding can be significantly and negatively impacted by factors it cannot control, such as general disruptions in the financial markets; changes in fiscal and monetary policies; regulatory requirements, including changes in regulations; negative investor or counterparty perceptions of Citi’s creditworthiness; deposit outflows or unfavorable changes in deposit mix; unexpected increases in cash or collateral requirements; credit ratings; and the consequent inability to monetize available liquidity resources.

Additionally, Citi competes with other banks and non-bank financial institutions for both institutional and consumer deposits, which represent Citi’s most stable and lowest cost source of long-term funding. The competition for deposits has continued to increase in recent years, including as a result of fixed income alternatives for customer funds.

Citi’s costs to obtain and access wholesale funding are directly related to changes in interest and currency exchange rates and its credit spreads. Changes in Citi’s credit spreads are driven by both external market factors and factors specific to Citi, such as negative views by investors of the financial services industry or Citi’s financial prospects, and can be highly volatile. For additional information on Citi’s primary sources of funding, see “Managing Global Risk—Liquidity Risk” below.

Citi’s ability to obtain funding may be impaired and its cost of funding could also increase if other market participants are seeking to access the markets at the same time or to a greater extent than expected, or if market appetite for corporate debt securities declines, as is likely to occur in a liquidity stress event or other market crisis. In such circumstances, Citi’s ability to sell assets may also be impaired if other market participants are seeking to sell similar assets at the same time or a liquid market does not exist for such assets. Additionally, unexpected changes in client needs due to idiosyncratic events or market conditions could result in greater than expected drawdowns from off-balance sheet committed facilities. A sudden drop in market liquidity could also cause a temporary or protracted dislocation of capital

markets activity. In addition, clearing organizations, central banks, clients and financial institutions with which Citi interacts may exercise the right to require additional collateral during challenging market conditions, which could further impair Citi’s liquidity. If Citi fails to effectively manage its liquidity, its businesses, results of operations and financial condition could be negatively impacted.

Limitations on the payments that Citigroup Inc. receives from its subsidiaries could also impact its liquidity. As a holding company, Citigroup Inc. relies on interest, dividends, distributions and other payments from its subsidiaries to fund dividends as well as to satisfy its debt and other obligations. Several of Citi’s U.S. and non-U.S. subsidiaries are or may be subject to capital adequacy or other liquidity, regulatory or contractual restrictions on their ability to provide such payments, including any local regulatory stress test requirements and inter-affiliate arrangements entered into in connection with Citigroup Inc.’s resolution plan. Citigroup Inc.’s broker-dealer and bank subsidiaries are subject to restrictions on their ability to lend or transact with affiliates, as well as restrictions on their ability to use funds deposited with them in brokerage or bank accounts to fund their businesses.

A bank holding company is also required by law to act as a source of financial and managerial strength for its subsidiary banks. As a result, the FRB may require Citigroup Inc. to commit resources to its subsidiary banks even if doing so is not otherwise in the interests of Citigroup Inc. or its shareholders or creditors, reducing the amount of funds available to meet its obligations.

A Ratings Downgrade Could Adversely Impact Citi’s Funding and Liquidity.

The credit rating agencies, such as Fitch Ratings, Moody’s Ratings and S&P Global Ratings, continuously evaluate Citi and certain of its subsidiaries. Their ratings of Citi and its rated subsidiaries’ long-term debt and short-term obligations are based on firm-specific factors, including the financial strength of Citi and such subsidiaries, as well as factors that are not entirely within the control of Citi and its subsidiaries, such as the agencies’ proprietary rating methodologies and assumptions, potential impact from negative actions on U.S. sovereign ratings and conditions affecting the financial services industry and markets generally.

A ratings downgrade could result from, among other factors, declines in profitability, reductions in regulatory capitalization levels, deterioration in Citi’s funding structure or liquidity, significant increases in risk appetite, delays or missteps in Citi’s transformation efforts, public statements by Citi’s management or regulators or control failures.

A ratings downgrade could negatively impact Citi and its rated subsidiaries’ ability to access the capital markets and other sources of funds as well as increase credit spreads and the costs of those funds. A ratings downgrade could also have a negative impact on Citi and its rated subsidiaries’ ability to obtain funding and liquidity due to reduced funding capacity and the impact from derivative triggers, which could require Citi and its rated subsidiaries to meet cash obligations and collateral requirements or permit counterparties to terminate certain contracts. In addition, a ratings downgrade could have a negative impact on other funding sources such as secured

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financing and other margined transactions for which there may be no explicit triggers.

Furthermore, a credit ratings downgrade could have impacts that may not be currently known to Citi or are not possible to quantify. Some of Citi’s counterparties and clients could have ratings limitations on their permissible counterparties, of which Citi may or may not be aware. Certain of Citi’s corporate customers and trading counterparties, among other clients, could re-evaluate their business relationships with Citi and limit the trading of certain market instruments, and limit or withdraw deposits placed with Citi in response to ratings downgrades. Changes in customer and counterparty behavior could impact not only Citi’s funding and liquidity but also the results of operations of certain Citi businesses. For additional information on the potential impact of a reduction in Citi’s or Citibank’s credit ratings, see “Managing Global Risk—Liquidity Risk—Potential Impacts of Ratings Downgrades” below.

COMPLIANCE RISKS

Regulatory Expectations and Scrutiny in the U.S. and Globally as well as Ongoing Interpretation and Implementation of Regulatory and Legislative Requirements and Changes Subject Citi to Significant Compliance, Regulatory and Other Risks and Costs.

Large financial institutions, such as Citi, face significant regulatory and supervisory expectations and scrutiny in the U.S. and globally, including with respect to, among other things, infrastructure, data and risk management practices and controls. These regulatory and supervisory expectations extend to employees and agents and also include, among other things, those related to anti-money laundering; increasingly complex sanctions regimes; customer and client protection; market practices; and various disclosure and regulatory reporting requirements.

Citi is also continually required to interpret and implement extensive and frequently changing regulatory and legislative requirements within the U.S. and in other jurisdictions in which it does business, which may overlap or conflict across jurisdictions, resulting in substantial compliance, regulatory and other risks and costs.

A failure to comply with regulatory requirements or expectations, even if inadvertent, or resolve any identified deficiencies in a timely and sufficiently satisfactory manner to regulators, could result in increased regulatory oversight; material restrictions, including, among others, imposition of additional capital buffers and limitations on capital distributions; enforcement proceedings; penalties; and fines (see the capital return risk factor above and legal and regulatory proceedings risk factor below).

Moreover, over the past several years, Citi has been required to implement a large number of regulatory, supervisory and legislative changes, including new regulatory, supervisory or legislative requirements or regimes, across its businesses and functions, and these changes continue. The changes themselves may be complex and subject to interpretation, and result in changes to Citi’s businesses. In addition, the changes require continued substantial technology and other investments. In some cases, Citi’s implementation of

a regulatory or legislative requirement is occurring simultaneously with changing or conflicting regulatory guidance from multiple jurisdictions (including various U.S. states) and regulators, legal challenges or legislative action to modify or repeal existing rules or enact new rules.

Examples of regulatory or legislative changes that have resulted in increased compliance risks and costs include (i) the U.S. regulatory capital framework and requirements, which have continued to evolve (see the capital return risk factor and “Capital Resources” above); and (ii) various laws relating to the limitation of cross-border data movement and/or collection and use of customer information, including data localization and protection and privacy laws, which also can conflict with or increase compliance complexity with respect to other laws, including anti-money laundering laws.

Citi Is Subject to Extensive Legal and Regulatory Proceedings, Examinations, Investigations, Consent Orders and Related Compliance Efforts and Other Inquiries That Have in the Past and Could in the Future Result in Large Monetary Penalties, Supervisory or Enforcement Orders, Business Restrictions, Limitations on Dividends, Changes to Directors and/or Officers and Collateral Consequences Arising from Such Outcomes.

Citi’s regulators have broad powers and discretion under their prudential and supervisory authority, and have pursued active inspection and investigatory oversight. At any given time, Citi is a party to a significant number of legal and regulatory proceedings and is subject to numerous governmental and regulatory examinations. Additionally, Citi remains subject to governmental and regulatory investigations, consent orders (see discussion below) and related compliance efforts, and other inquiries. Citi could also be subject to enforcement proceedings and negative regulatory evaluation or examination findings not only because of violations of laws and regulations, but also due to failures, as determined by its regulators, to remedy deficiencies on a timely basis (see also the capital return and resolution plan risk factors above). Under U.S. banking law, Citi is prohibited from disclosing confidential supervisory information, and may therefore be unable to disclose even potentially material regulatory or supervisory matters. Citi could face further scrutiny and consequences from regulators for failing to timely resolve open regulatory issues or having repeat regulatory issues.

As previously disclosed, the 2020 FRB Consent Order and the 2020 OCC Consent Order require Citigroup and Citibank, respectively, to implement extensive targeted action plans and submit quarterly progress reports on a timely and sufficient basis detailing the results and status of improvements relating principally to various aspects of enterprise-wide risk management, compliance, data quality management related to governance, and internal controls. These improvements will require continued significant investments by Citi during 2026 and beyond, as an essential part of Citi’s broader transformation efforts (see the simplification, transformation and enhanced business performance priorities risk factor above). Further, in 2024, the FRB entered into a Civil Money Penalty Consent Order with Citigroup, and the OCC entered into a Civil Money Penalty Consent Order with Citibank. The FRB found that Citigroup

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had ongoing deficiencies related to its data quality management program and had inadequate measures for managing and controlling its data quality risks. The OCC found that Citibank had failed to make sufficient and sustainable progress toward achieving compliance with its 2020 Consent Order. There can be no assurance that efforts by Citi to address the deficiencies and resolve the OCC and FRB Consent Orders will occur in a manner satisfactory, in both timing and sufficiency, to the FRB and OCC. (For additional information, see “Citi’s Multiyear Transformation” above.)

Although there are no restrictions on Citi’s ability to serve its clients, the OCC Consent Order requires Citibank to obtain prior approval of any significant new acquisition, including any portfolio or business acquisition, excluding ordinary course transactions.

Moreover, the OCC Consent Order provides that the OCC has the right to assess future civil money penalties or take other supervisory and/or enforcement actions. Such actions by the OCC could include imposing business restrictions, including possible additional limitations on the declaration or payment of dividends by Citibank and changes in directors and/or senior executive officers. More generally, the OCC and/or the FRB could again take enforcement or other actions if the regulatory agency believes that Citi has not met regulatory expectations regarding compliance with the consent orders.

Large financial institutions face a challenging global judicial, regulatory and political environment. The complexity of the federal and state regulatory and enforcement regimes in the U.S., coupled with the global scope of Citi’s operations, also means that a single event or issue may give rise to a large number of overlapping investigations and regulatory proceedings, either by multiple federal and state agencies and authorities in the U.S. or by multiple regulators and other governmental entities in foreign jurisdictions, as well as multiple civil litigation claims in multiple jurisdictions. Violations of law by other financial institutions may also result in regulatory scrutiny of Citi. Responding to regulatory inquiries and proceedings can be time consuming and costly, and divert management attention from Citi’s businesses.

U.S. and non-U.S. regulators have focused on the culture of financial services firms, including Citi, as well as “conduct risk,” a term used to describe the risks associated with behavior by employees and agents, including third parties, that could harm clients, customers, employees or the integrity of the markets, such as improperly creating, selling, marketing or managing products and services, failures to safeguard a party’s personal information or failures to identify and manage conflicts of interest.

Scrutiny and expectations from regulators could lead to investigations and other inquiries, as well as remediation requirements, regulatory restrictions, structural changes, more regulatory or other enforcement proceedings, civil litigation and higher compliance and other risks and costs. For additional information, see the capital return and regulatory scrutiny and changes risk factors above. Further, while Citi takes numerous steps to prevent and detect conduct by employees and agents that could potentially harm clients, customers, employees or the integrity of the markets, such behavior may not always be deterred or prevented.

Moreover, the severity of the remedies sought in legal and regulatory proceedings to which Citi is subject has remained elevated. Citi may be required to accept or be subject to remedies, consent orders, sanctions, substantial fines and penalties, remediation and other financial costs or other requirements in the future, including for matters or practices not yet known to Citi, any of which could materially and negatively affect Citi’s businesses, business practices, financial condition or results of operations, require material changes in Citi’s operations or cause Citi substantial reputational harm.

Additionally, many large claims—both private civil and regulatory—asserted against Citi are highly complex, slow to develop and may involve novel or untested legal theories. The outcome of such proceedings is difficult to predict or estimate until late in the proceedings. Although Citi establishes accruals for its legal and regulatory matters according to accounting requirements, Citi’s estimates of, and changes to, these accruals involve significant judgment and may be subject to significant uncertainty, and the amount of loss ultimately incurred in relation to those matters may be substantially higher than the amounts accrued (see the changes in or incorrect assumptions risk factor above). In addition, certain settlements are subject to court approval and may not be approved. Furthermore, regulators may be more likely to pursue investigations or proceedings against financial institutions, such as Citi, that have previously been the subject of other regulatory actions.

For further information on Citi’s legal and regulatory proceedings, see Note 30.

OTHER RISKS

Citi’s Emerging Markets Presence Subjects It to Various Risks as well as Increased Compliance and Regulatory Risks and Costs.

During 2025, emerging markets revenues accounted for approximately 25% of Citi’s total revenues. Citi’s presence in the emerging markets subjects it to various risks.

Citi’s emerging markets risks include, among others, limitations or unavailability of hedges on foreign investments; foreign currency volatility, including devaluations; central bank interest rate and other monetary policies; macroeconomic, geopolitical and domestic political challenges, uncertainties and volatilities; foreign exchange controls, including an inability to access indirect foreign exchange mechanisms; 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; and these risks can be exacerbated in the event of a deterioration in the relationship between the U.S. and an emerging market country.

For example, Citi operates in several countries that have strict capital controls, currency controls and/or sanctions that limit its ability to convert local currency into U.S. dollars and/or transfer funds outside of those countries. As a result, Citi might need to record additional translation losses due to these

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or other currency controls. Moreover, Citi could be required to adjust its reserves for expected losses for its credit exposures based on the transfer risk associated with exposures outside the U.S., driven by safety and soundness considerations under U.S. banking law (see “Significant Accounting Policies and Significant Estimates” below and Note 1).

Moreover, the Russia–Ukraine war could have further negative impacts on macroeconomic conditions, financial markets and commodities prices, adversely impacting Citi and its customers, clients or employees. For additional information about these Russia-related risks, see the macroeconomic challenges and uncertainties and cybersecurity risk factors above.

Emerging markets risks may adversely impact Citi’s businesses, results of operations and financial condition in those countries where Citi operates and have required, and may continue to require, management time and attention and other resources.

SUSTAINABILITY

Citi and its clients face escalating global environmental and social challenges, including climate change and the energy transition. Citi’s net zero approach and sustainable finance activity include the Company’s work to support clients in financing their transition to low-carbon business models, as well as broader energy security priorities, including access to affordable energy in emerging markets. Citi recognizes that energy transition, energy security and economic growth are not mutually exclusive and must be addressed simultaneously.

The “Citi Climate Report” provides additional information on Citi’s continued progress to manage climate risk and its net zero approach, including information on financed and facilitated emissions and 2030 interim emissions reduction targets. Citi’s “Sustainability Report” provides information on its $1 Trillion Sustainable Finance Goal, including sustainable finance products and services that Citi provides to its clients to support their sustainability objectives. For additional information on Citi’s environmental and social policies and priorities, click on “Our Impact” on Citi’s website at www.citigroup.com. Climate and sustainability reporting and any other environmental and social governance-related reports and information included elsewhere on Citi’s website are not incorporated by reference into, and do not form any part of, this Form 10-K.

For information regarding Citi’s management of climate risk, see “Managing Global Risk—Strategic Risk—Climate Risk” below.

HUMAN CAPITAL RESOURCES AND MANAGEMENT

At December 31, 2025, Citi had approximately 226,000 full-time employees, compared to approximately 229,000 at December 31, 2024. Citi has employees in over 90 countries, across all of its segments. Approximately 31% are based in the U.S.

Attracting and retaining highly qualified and motivated employees is a strategic priority. Citi seeks to enhance the competitive strength of its workforce through:

•continuously innovating its efforts to recruit, train, develop, compensate, promote and engage employees

•actively seeking and listening to diverse perspectives at all levels of the organization

•providing compensation programs that are competitive in the market and aligned to strategic objectives

Citi values pay transparency and has introduced market-based salary structures and bonus opportunity guidelines in various countries worldwide, and posts salary ranges on all external U.S. job postings, which align with Citi’s commitment to pay equity and transparency. In addition, Citi has focused on measuring and addressing pay equity within the organization. Citi’s annual pay equity analysis for 2025 determined that on an adjusted basis, global gender and U.S. racial base pay gaps are in each case less than 1%. The raw pay gap analysis determined that the median base pay for women globally is 81% of the median for men globally and the U.S. racial base pay gap is less than 1%. The adjusted pay gap is a true measure of pay equity, or “like for like,” that compares the compensation of women to men and U.S. minorities to non-minorities when adjusting for factors such as job function, title/level and geography.

Citi employs numerous initiatives in managing its workforce to drive a culture of excellence and accountability, reinforce its values, encourage career growth, foster pay transparency and equity and provide a wide range of benefits that support its employees’ mental, social, physical and financial well-being.

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Managing Global Risk—Table of Contents

MANAGING GLOBAL RISK	64
CREDIT RISK(1)	68
Average Loans	68
Corporate Credit	69
Consumer Credit	76
Additional Consumer and Corporate Credit Details	83
Loans Outstanding	83
Details of Credit Loss Experience	84
Allowance for Credit Losses on Loans (ACLL)	86
Non-Accrual Loans and Assets	88
LIQUIDITY RISK	91
Liquidity Monitoring and Measurement	91
High-Quality Liquid Assets (HQLA)	92
Liquidity Coverage Ratio (LCR)	92
Deposits	93
Long-Term Debt (LTD)	93
Secured Funding Transactions and Short-Term Borrowings	96
Credit Ratings	97
MARKET RISK(1)	98
Market Risk of Non-Trading Portfolios	98
Banking Book Interest Rate Risk	98
Interest Rate Risk of Investment Portfolios—Impact on AOCI	99
Changes in Foreign Exchange Rates—Impacts on AOCI and Capital	101
Interest Income/Expense and Net Interest Margin (NIM)	102
Additional Interest Rate Details	104
Market Risk of Trading Portfolios	108
Factor Sensitivities	109
Value at Risk (VaR)	109
Stress Testing	112
OPERATIONAL RISK	112
Cybersecurity Risk	113
COMPLIANCE RISK	115
REPUTATION RISK	115
STRATEGIC RISK	116
Climate Risk	116
OTHER RISKS	117
Country Risk	117
Top 25 Country Exposures	118
Russia	119
Ukraine	120
Argentina	120

(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-K.

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MANAGING GLOBAL RISK

Overview

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 (see below) and the key Leadership Principles that support it, as well as Citi’s risk appetite. As discussed above, Citi also continues its efforts to comply with the 2020 FRB and OCC Consent Orders, relating principally to various aspects of risk management, compliance, data quality management related to governance, and internal controls (see “Citi’s Multiyear

Transformation—FRB and OCC Consent Orders

Compliance” and “Risk Factors—Compliance Risks” above).

Under Citi’s Mission and Value Proposition, which was developed by its senior leadership and distributed throughout the Company, Citi strives to serve its clients as a trusted partner by responsibly providing financial services that enable growth and economic progress while earning and maintaining the public’s trust by constantly adhering to the highest ethical standards. As such, Citi asks all employees to ensure that their decisions pass three tests: they are in Citi’s clients’ best interests, create economic value and are always systemically responsible.

Citi has designed Leadership Principles that represent the qualities, behaviors and expectations all employees must exhibit to deliver on Citi’s mission of enabling growth and economic progress. The Leadership Principles inform Citi’s ERM Framework and contribute to creating a culture that drives client, control and operational excellence. Citi employees share a common responsibility to uphold these Leadership Principles and hold themselves to the highest standards of ethics and professional behavior in dealing with Citi’s clients, business colleagues, shareholders, communities and each other.

Citi’s ERM Framework details the principles used to support effective enterprise-wide risk management across the end-to-end risk management lifecycle. The underlying pillars of the framework encompass:

•Culture—the core principles and behaviors that underpin a strong culture of risk awareness, in line with Citi’s Mission and Value Proposition, and Leadership Principles;

•Governance—the committee structure and reporting arrangements that support the appropriate oversight of risk management activities at the Board and Executive Management Team levels and Citi’s Lines of Defense model;

•Risk Management—the end-to-end risk management cycle including the identification, measurement, monitoring, controlling and reporting of all material risks; and

•Enterprise Programs—the key risk management programs performed across the risk management lifecycle for all risk categories.

Each of these pillars is underpinned by supporting capabilities covering people, infrastructure and tools that are in place to enable the execution of the ERM Framework. Controls are established to mitigate the risks associated with the execution of these pillars and supporting capabilities.

Citi’s approach to risk management requires that its risk-taking be consistent with its risk appetite. Risk appetite is the aggregate level of risk that Citi is willing to tolerate in order to achieve its strategic objectives and business plan. Risk limits and thresholds represent allocations of Citi’s risk appetite to businesses and risk categories. Concentration risks are controlled through a subset of these limits and thresholds.

Citi’s risks are generally categorized and summarized as follows:

•Credit risk is the risk of loss resulting from the decline in credit quality (or downgrade risk) or failure of a borrower, counterparty, third party or issuer to honor its financial or contractual obligations.

•Liquidity risk is the risk that Citi will not be able to efficiently meet its financial obligations as they become due without adversely impacting its daily operations or overall financial condition. This risk can be exacerbated by the Company’s inability to access necessary funding sources or to monetize assets in a timely and orderly manner.

•Market risk (trading and non-trading): Market risk of trading portfolios is the risk of economic or trading loss arising from changes in the value of Citi’s assets and liabilities resulting from changes in market variables, such as interest rates, equity and commodity prices, foreign exchange rates or credit spreads. Market risk of non-trading portfolios is the impact of adverse changes in market variables such as interest rates, foreign exchange rates, credit spreads and equity prices on positions accounted for as part of Citi’s net interest income, economic value of equity or AOCI.

•Operational risk is the risk of loss resulting from inadequate or failed internal processes, people and systems, or from external events. Operational risk includes legal risk, but excludes strategic and reputation risks (see below).

•Compliance risk is the risk to current or projected financial conditions and resilience arising from violations of laws, rules or regulations, or from non-conformance with prescribed practices, internal policies and procedures or ethical standards.

•Reputation risk is the risk to current or projected financial conditions and resilience from negative opinion held by stakeholders. This risk may impair Citi’s competitiveness by affecting its ability to establish new relationships or services or continue servicing existing relationships.

•Strategic risk is the risk of a sustained impact to Citi’s core strategic objectives as measured by impacts on anticipated earnings, market capitalization or capital, arising from the external factors affecting the Company’s

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operating environment, as well as the risks associated with defining and executing the strategy.

Additionally, Citi categorizes and summarizes risks that span the above risk categories, such as concentration risk, country risk and climate risk.

Citi uses a lines of defense model as a key component of its ERM Framework to manage its risks. As discussed below, the lines of defense model brings together risk-taking, risk oversight and risk assurance under one umbrella and provides an avenue for risk accountability of the first line of defense, a construct for effective challenge by the second line of defense (Independent Risk Management and Independent Compliance Risk Management), and empowers independent risk assurance by the third line of defense (Internal Audit). In addition, the lines of defense model includes organizational units tasked with supporting a strong control environment (enterprise support functions).

First Line of Defense

Citi’s first line of defense owns the risks and associated controls inherent in, or arising from, the execution of its business activities and is responsible for identifying, measuring, monitoring, controlling and reporting those risks consistent with Citi’s strategy, Mission and Value Proposition, Leadership Principles and risk appetite.

The first line of defense is composed of Citi’s operating segments (i.e., Services, Markets, Banking, Wealth, U.S. Personal Banking as of December 31, 2025), as well as International, North America and All Other (including certain corporate functions (i.e., Chief Operating Office, Enterprise Services and Public Affairs, Finance, Technology and Business Enablement). First line of defense may also contain organizations that are enterprise support functions—see “Enterprise Support Functions” below.

Second Line of Defense

The second line of defense is independent of the first line of defense. It is responsible for overseeing the risk-taking activities of the first line of defense and challenging the first line of defense in the execution of its risk management responsibilities. It is also responsible for independently identifying, measuring, monitoring, controlling and reporting aggregate risks and for setting standards for the management and oversight of risk. The second line of defense is composed of Independent Risk Management (IRM) and Independent Compliance Risk Management (ICRM), which are led by the Group Chief Risk Officer (CRO) and Group Chief Compliance Officer (CCO), respectively, who have unrestricted access to the Board and its Risk Management Committee to facilitate the ability to execute their specific responsibilities pertaining to escalation to the Board.

Independent Risk Management

The IRM organization sets risk and control standards for the first line of defense and actively manages and oversees aggregate credit, market (trading and non-trading), liquidity, strategic, operational and reputation risks across Citi, including risks that span categories, such as concentration risk, country risk and climate risk. The CRO reports directly to both

the Board’s Risk Management Committee and the Citigroup CEO.

Independent Compliance Risk Management

The ICRM organization actively oversees compliance risk across Citi, sets compliance standards for the first line of defense to manage compliance risk and promotes business conduct and activity that is consistent with Citi’s Mission and Value Proposition and the compliance risk appetite, and is committed to maintaining an enterprise-wide compliance risk

management framework across Citi. The CCO reports to Citi’s Chief Legal Officer, and ICRM is organizationally part of Global Legal Affairs and Compliance. In addition, the CCO has matrix reporting into the CRO.

Third Line of Defense

Internal Audit is independent of the first line, second line and enterprise support functions. The role of Internal Audit is to provide independent, objective, reliable, valued and timely assurance to the Board, its Audit Committee, Citi senior management and regulators over the effectiveness of governance, risk management and controls that mitigate current and evolving risks and enhance the control culture within Citi. The Citi Chief Auditor manages Internal Audit and reports functionally to the Chair of the Citi Audit Committee and administratively to Citi’s CEO. The Citi Chief Auditor has unrestricted access to the Board and the Board Audit Committee.

Enterprise Support Functions

Enterprise support functions engage in activities that support safety and soundness across Citi. These functions provide advisory services and/or design, implement, maintain and oversee Company-wide programs that support Citi in maintaining an effective control environment.

Enterprise support functions are composed of Human Resources and Global Legal Affairs and Compliance (exclusive of ICRM, which is part of the second line of defense). Organizations noted under the first line of defense may also contain enterprise support functions (e.g., the Controllers Group within Finance).

Enterprise support functions are subject to the relevant Company-wide independent oversight processes specific to the risks for which they are accountable (e.g., operational risk and compliance risk).

Risk Governance

Citi’s ERM Framework encompasses risk management processes to address risks undertaken by Citi through identification, measurement, monitoring, controlling and reporting of all risks. The ERM Framework integrates these processes with appropriate governance to complement Citi’s commitment to maintaining strong and consistent risk management practices.

Board Oversight

The Board is responsible for oversight of Citi and holds the Executive Management Team accountable for implementing the ERM Framework and meeting strategic objectives within Citi’s risk appetite.

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Executive Management Team

The Citigroup CEO directs and oversees the day-to-day management of Citi as delegated by the Board of Directors. The CEO leads the Company through the Executive Management Team and provides oversight of group activities, both directly and through authority delegated to committees established to oversee the management of risk, to ensure continued alignment with Citi’s risk strategy.

Board and Executive Management Governance Committees

The Board executes its responsibilities either directly or through its committees. The Board has delegated authority to the following Board standing committees to help fulfill its oversight and risk management responsibilities:

•Audit Committee (Board Audit Committee) provides oversight of financial statement integrity, internal controls, audits and regulatory compliance. Its responsibilities include holding management accountable for the effectiveness of Citigroup’s control environment and corrective actions, approving independent auditor selection/compensation, key policies and 10-K filings. It also has responsibilities regarding the approval, replacement and compensation of the Chief Auditor.

•Compensation, Performance Management and Culture Committee provides oversight of employee compensation, corporate culture and compliance with bank regulatory guidance governing Citi’s incentive compensation. Its responsibilities include reviewing Citi’s management resources, assessing the performance of senior management, determining the compensation of Citigroup’s CEO and approving executive compensation and incentive compensation structures.

•Nomination, Governance and Public Affairs Committee provides oversight of corporate governance, Board effectiveness and public affairs, including sustainability matters, and nominates directors for the Board and its committees. Its responsibilities include leading the annual review of the Board’s performance, reviewing the adequacy of Board committee charters and reviewing relationships with external constituencies and issues that impact Citi’s reputation, as well as advising management on the foregoing matters.

•Risk Management Committee (Board RMC) provides oversight of Citigroup’s risk management framework and risk culture, including significant policies and practices for risk management and capital management, and oversees the performance of Citi’s Credit Risk Review function. This Committee reviews Citigroup’s aggregate risk profile and ensures the adequacy of the Company’s risk management functions. Its responsibilities include approving the Enterprise Risk Management Framework (ERMF) and key risk policies, reviewing the risk appetite statement and recommending it to the Board. Additionally, this Committee has responsibilities regarding the approval, replacement and compensation of the Chief Risk Officer.

•Technology Committee provides oversight of Citigroup’s technology strategy, operating model, architecture and technology-based risk management (including cyber

security), technology resource and talent planning, and technology third-party management policies. Its responsibilities include reviewing and assessing significant technology investments and expenditures, overseeing and reviewing information from management regarding Citi’s approach to Generative AI and reviewing reports on technology and data quality-related matters.

In addition to the above, the Board has established the following ad hoc committee:

•Transformation Oversight Committee provides oversight of the actions of Citi’s management to develop and execute a transformation of Citi’s risk and control environment pursuant to the FRB and OCC Consent Orders (see “Citi’s Multiyear Transformation—FRB and OCC Consent Orders Compliance” above).

The Citigroup CEO has established four standing Executive Management Governance Committees that cover the primary risks to which Citi is exposed. These consist of the following:

•Citigroup Asset and Liability Committee (ALCO) oversees liquidity risk and market risk on the accrual book, and monitors and influences the balance sheet, investment securities and capital management activities of Citigroup. Its responsibilities include approving relevant policies and

programs and reviewing balance sheet trends, liquidity levels, capital metrics, interest rate risk, foreign exchange risk and significant risk management concerns.

•Business Risk and Control Committee oversees operational and compliance risks and the overall control environment. Its responsibilities include approving operational and compliance risk-related initiatives, and monitoring Issues, Managers Control Assessment, Operational Risk Events and Escalations.

•Reputation Risk Committee oversees Citigroup’s reputation risk program. It governs the processes by which material reputation risks are managed, in line with Company-wide strategic objectives, risk appetite and regulatory expectations, while promoting a culture of risk awareness. Its responsibilities include reviewing, challenging and resolving, as needed, reputation risk matters.

•Risk Management Committee oversees the execution of the Enterprise Risk Management Framework and monitors Citi’s risk profile against approved risk appetite. Its responsibilities include discussing and providing review and challenge of risk matters, including material and emerging risks facing Citi. It also provides comprehensive coverage of credit risk, market risk (trading) and strategic risk.

In addition to the Executive Management Governance Committees listed above, management may establish ad-hoc committees in response to regulatory feedback or to manage additional activities when deemed necessary.

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The figure below illustrates the reporting lines between the Board and Executive Management Governance Committees:

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CREDIT RISK

Overview

Credit risk is the risk of loss resulting from the decline in credit quality of a client, customer or counterparty (or downgrade risk) or the failure of a borrower, counterparty, third party or issuer to honor its financial or contractual obligations. For example, credit risk can arise from a deterioration in (i) the operating and financial performance of a borrower or (ii) a decline in the quality or value of any underlying collateral, both of which may also be impacted by adverse changes in macroeconomic, geopolitical, market and other factors. Credit risk is one of the most significant risks Citi faces as an institution (see “Risk Factors—Credit Risks” above). Credit risk arises in many of Citigroup’s business activities, including:

•consumer, commercial and corporate lending;

•capital markets derivative transactions;

•structured finance; and

•securities financing transactions (margin loans, repurchase and reverse repurchase agreements and securities loaned and borrowed).

Credit risk also arises from clearing and settlement activities, when Citi transfers an asset in advance of receiving its counter-value or advances funds to settle a transaction on behalf of a client, as well as through its investment securities portfolio and cash placed with banks. Concentration risk, within credit risk, is the risk associated with having credit exposure concentrated within a specific client, industry, region or other category.

Citi has an established framework in place for managing credit risk across all businesses that includes a defined risk appetite, credit limits and credit policies. Citi’s credit risk management framework also includes policies and procedures to manage problem exposures.

To manage concentration risk, Citi has in place a framework consisting of industry limits, single-name concentrations for each business and across Citigroup and a specialized product limit framework.

Credit exposures are generally reported in notional terms for accrual loans, reflecting the value at which the loans as well as other off-balance sheet commitments are carried on the Consolidated Balance Sheet. Credit exposure arising from capital markets activities is generally expressed as the current mark-to-market, net of margin, reflecting the net value owed to Citi by a given counterparty.

Citi’s loans are reported in two categories: corporate and consumer. These categories are classified primarily according to the operating segment, reporting unit and component that manage the loans in addition to the nature of the obligor, with corporate loans generally made for corporate institutional and public sector clients around the world and consumer loans to retail and small business customers.

The credit risk associated with Citi’s credit exposures is a function of the idiosyncratic creditworthiness of the obligor, as well as the terms and conditions of the specific obligation. Citi assesses the credit risk associated with its credit exposures not carried at fair value on a regular basis through its allowance

for credit losses (ACL) process (see “Significant Accounting Policies and Significant Estimates—Allowance for Credit Losses” below and Notes 1 (“Allowance for Credit Losses (ACL)”) and 16), as well as through regular stress testing at the company, business, geography and product levels. These stress-testing processes typically estimate potential incremental credit costs that would occur as a result of either downgrades in the credit quality or defaults of the obligors or counterparties. See Notes 15 and 16 for additional information on Citi’s credit risk management.

Average Loans

The table below details average loans, by segment and All Other, and the total Citigroup end-of-period loans for each of the periods indicated:

In billions of dollars	4Q25		3Q25		4Q24
Services	$	96	$	94	$	87
Markets	152		147		122
Banking	79		81		84
Wealth	149		151		148
USPB
Branded Cards	$	122	$	120	$	117
Retail Services	50		50		52
Retail Banking	54		50		47
Total USPB	$	226	$	220	$	216
All Other	$	35	$	32	$	31
Total Citigroup loans (AVG)	$	737	$	725	$	688
Total Citigroup loans (EOP)	$	752	$	734	$	694

Average loans increased 7% year-over-year and 2% sequentially. The year-over-year increase was primarily driven by growth in Markets, USPB and Services, partially offset by declines in Banking.

Year-over-year average loans for:

•Services increased 10%, driven by demand in TTS for working capital loans as well as export and agency finance.

•Markets increased 25%, primarily driven by asset-backed financing and commercial warehouse lending in Spread Products.

•Banking decreased 6%, due to lower aggregate customer demand for funded loans.

•Wealth increased 1%, with growth in margin lending primarily offset by the transfers of certain relationships and associated mortgage loans to USPB from Wealth.

•USPB increased 5%, driven by growth in Retail Banking, largely due to transfers of certain relationships and associated mortgage loans to USPB from Wealth, as well as growth in Branded Cards.

•All Other increased 13%, driven by growth in Mexico Consumer/SBMM (including the impact of Mexican peso appreciation), partially offset by the continued wind-downs in Asia Consumer within Legacy Franchises (including the impact of moving HFS loans to Other assets).

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CORPORATE CREDIT

Consistent with its overall strategy, Citi’s corporate clients are typically corporations that value the depth and breadth of Citi’s global network. Citi aims to establish relationships with these clients whose needs encompass multiple products, including cash management and trade services, foreign exchange, lending, capital markets and M&A advisory.

Corporate Credit Portfolio

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:

	December 31, 2025								September 30, 2025								December 31, 2024
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		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)	$	151	$	136	$	50	$	337	$	145	$	132	$	50	$	327	$	133	$	122	$	39	$	294
Unfunded lending commitments (off-balance sheet)(3)(4)	141		311		28		480		147		307		27		481		131		274		24		429
Total exposure	$	292	$	447	$	78	$	817	$	292	$	439	$	77	$	808	$	264	$	396	$	63	$	723

(1)    Includes drawn loans, overdrafts, bankers’ acceptances and leases.

(2)    Excludes loans carried at fair value of $6.8 billion and HFS of $5.2 billion as of December 31, 2025.

(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 December 31, 2025.

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):

	December 31, 2025		September 30, 2025		December 31, 2024
North America	58	%	57	%	56	%
International	42		43		44
Total	100	%	100	%	100	%
International by cluster	(percentages are based on total Citi)
Europe	16	%	17	%	16	%
LATAM	7		7		7
United Kingdom	6		6		6
Japan, Asia North and Australia (JANA)	6		6		6
Asia South	4		4		5
Middle East, Africa and Russia (MEA)	3		3		4

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
	December 31, 2025		September 30, 2025		December 31, 2024
AAA/AA/A	49	%	48	%	49	%
BBB	29		29		30
BB/B	20		21		19
CCC or below	2		2		2
Total	100	%	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 December 31, 2025. 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 15 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
	December 31, 2025		September 30, 2025		December 31, 2024
Transportation and industrials	19	%	19	%	20	%
Technology, media and telecom	14		15		12
Banks and finance companies(1)	13		13		12
Real estate	11		10		11
Commercial	8		8		8
Residential	3		2		3
Consumer retail	10		10		11
Power, chemicals, metals and mining	8		9		9
Energy and commodities	6		6		6
Healthcare	5		5		5
Public sector	4		4		4
Insurance	3		3		4
Asset managers and funds	3		3		3
Financial markets infrastructure	3		3		2
Other industries	1		—		1
Total	100	%	100	%	100	%

(1)    As of the periods in the table, Citi had less than 1% exposure to securities firms. See corporate credit portfolio by industry, below.

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The following table details Citi’s corporate credit portfolio by industry as of 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(6)	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 purchased credit protection in the form of derivatives to economically hedge funded and unfunded exposures. Of the $40.6 billion of purchased credit protection, $37.5 billion represents the total notional amount of purchased credit derivatives on individual reference entities. 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.

Exposure to Commercial Real Estate

As of December 31, 2025 and 2024, Citi’s total credit exposure to commercial real estate (CRE) was $78.4 billion and $65 billion, including $6.3 billion and $6 billion of exposure related to office buildings, respectively. This total CRE exposure consisted of approximately $69.5 billion and $56 billion, respectively, related to corporate clients, included in the real estate category in the tables above and below. Total CRE exposure also includes approximately $8.9 billion and $9 billion, respectively, related to Wealth clients, not included in the tables above as they are not considered corporate exposures.

In addition, as of December 31, 2025, approximately 81% of Citi’s total CRE exposure was rated investment grade and more than 77% was to borrowers in the U.S. (compared to approximately 78% rated investment grade and more than 75% to borrowers in the U.S. as of December 31, 2024).

As of December 31, 2025, the percentage of the ACLL attributed to the total funded CRE exposure (including Wealth) was approximately 1.4%, and there were $659 million of non-accrual CRE loans. As of December 31, 2024, the percentage of the ACLL attributed to the total funded CRE exposure (including Wealth) was approximately 1.6%, and there were $574 million of non-accrual CRE loans.

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The following table details Citi’s corporate credit portfolio by industry as of December 31, 2024:

									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	$	144,381	$	57,166	$	87,215	$	106,336	$	32,849	$	4,944	$	252	$	73	$	19	$	(7,643)
Autos(6)	50,266		23,427		26,839		40,758		8,591		909		8		3		4		(2,420)
Transportation	26,138		11,416		14,722		19,460		5,792		795		91		3		(7)		(1,165)
Industrials	67,977		22,323		45,654		46,118		18,466		3,240		153		67		22		(4,058)
Technology, media and telecom	88,797		29,534		59,263		68,615		16,776		3,217		189		68		55		(6,720)
Banks and finance companies	86,500		56,716		29,784		76,754		8,625		882		239		7		5		(560)
Consumer retail	80,871		32,212		48,659		57,425		19,579		3,676		191		30		43		(5,423)
Real estate	74,481		53,186		21,295		61,430		8,976		3,545		530		6		173		(813)
Commercial	55,810		36,200		19,610		42,960		8,782		3,545		523		6		156		(813)
Residential	18,671		16,986		1,685		18,470		194		—		7		—		17		—
Power, chemicals, metals and mining	66,669		18,504		48,165		49,383		12,653		4,416		217		35		75		(5,267)
Power	32,185		5,092		27,093		27,204		4,414		417		150		1		48		(2,406)
Chemicals	20,618		7,529		13,089		12,747		5,034		2,779		58		33		28		(2,064)
Metals and mining	13,866		5,883		7,983		9,432		3,205		1,220		9		1		(1)		(797)
Energy and commodities(7)	41,919		11,686		30,233		33,899		7,266		555		199		3		(5)		(3,153)
Healthcare	39,028		8,537		30,491		29,579		8,018		1,411		20		19		13		(3,267)
Insurance	28,317		2,115		26,202		26,734		1,560		17		6		2		—		(4,089)
Public sector	26,022		13,209		12,813		23,344		2,308		360		10		28		7		(678)
Asset managers and funds	19,648		5,258		14,390		17,679		1,788		181		—		—		(4)		(97)
Financial markets infrastructure	17,368		181		17,187		17,238		130		—		—		—		—		(29)
Securities firms	1,876		590		1,286		1,407		468		1		—		—		—		(20)
Other industries	7,213		4,733		2,480		4,979		2,099		114		21		42		16		(51)
Total	$	723,090	$	293,627	$	429,463	$	574,802	$	123,095	$	23,319	$	1,874	$	313	$	397	$	(37,810)

(1)    Represents gross credit exposures excluding any purchased credit protection.

(2)    Funded excludes loans carried at fair value of $7.8 billion and HFS of $3.6 billion as of December 31, 2024.

(3)    Unfunded includes lending-related commitments carried at fair value and HFS as of December 31, 2024.

(4)    Includes non-accrual loan exposures and related criticized unfunded exposures.

(5)    Represents the amount of purchased credit protection in the form of derivatives to economically hedge funded and unfunded exposures. Of the $37.8 billion of purchased credit protection, $34.8 billion represents the total notional amount of purchased credit derivatives on individual reference entities. The remaining $3 billion represents the first loss tranche of portfolios of purchased credit derivatives with a total notional amount of $22.9 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 $17.5 billion ($10.5 billion of which was funded exposure with 100% rated investment grade) as of December 31, 2024.

(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, 2024, Citi’s total exposure to these energy-related entities was approximately $4.4 billion, of which approximately $2.1 billion consisted of direct outstanding funded loans.

(8)    Includes $0.6 billion and $0.1 billion of funded and unfunded exposure at December 31, 2024, 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 the Consolidated Statement of Income in Banking.

At December 31, 2025, September 30, 2025 and December 31, 2024, Banking had economic hedges on the corporate credit portfolio of $40.6 billion, $39.5 billion and $37.8 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 Banking corporate credit portfolio exposures with the following risk rating distribution:

Rating of Hedged Exposure

	December 31, 2025		September 30, 2025		December 31, 2024
AAA/AA/A	47	%	47	%	44	%
BBB	41		41		45
BB/B	11		11		10
CCC or below	1		1		1
Total	100	%	100	%	100	%

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Loan Maturities and Fixed/Variable Pricing of Corporate Loans

In millions of dollars at December 31, 2025	Due within 1 year		Over 1 year but within 5 years		Over 5 years but within 15 years		Over 15 years		Total
Corporate loans
In North America offices(1)
Commercial and industrial	$	28,028	$	26,696	$	2,020	$	662	$	57,406
Financial institutions	26,423		36,309		9,205		217		72,154
Mortgage and real estate(2)	7,366		5,265		4,351		949		17,931
Installment and other	5,522		14,047		3,260		275		23,104
Lease financing	16		56		—		—		72
Total	$	67,355	$	82,373	$	18,836	$	2,103	$	170,667
In offices outside North America(1)
Commercial and industrial	$	64,031	$	22,279	$	10,501	$	75	$	96,886
Financial institutions	14,440		8,473		4,063		78		27,054
Mortgage and real estate(2)	3,907		5,111		777		61		9,856
Installment and other	5,703		18,897		7,600		1,900		34,100
Lease financing	3		31		13		—		47
Governments and official institutions	662		1,226		2,069		1,113		5,070
Total	$	88,746	$	56,017	$	25,023	$	3,227	$	173,013
Corporate loans, net of unearned income(3)(4)	$	156,101	$	138,390	$	43,859	$	5,330	$	343,680
Loans at fixed interest rates(5)
Commercial and industrial			$	4,180	$	851	$	4
Financial institutions			1,584		755		213
Mortgage and real estate(2)			1,024		4,118		949
Other(6)			3,088		372		294
Lease financing			76		—		—
Total			$	9,952	$	6,096	$	1,460
Loans at floating or adjustable interest rates(4)
Commercial and industrial			$	44,795	$	11,670	$	733
Financial institutions			43,198		12,513		82
Mortgage and real estate(2)			9,352		1,010		61
Other(6)			31,082		12,557		2,994
Lease financing			11		23		—
Total			$	128,438	$	37,773	$	3,870
Total fixed/variable pricing of corporate loans with maturities due after one year, net of unearned income(3)(4)			$	138,390	$	43,869	$	5,330

(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 differences between the domicile of the booking unit and the domicile of the managing unit are not material.

(2)    Loans secured primarily by real estate.

(3)    Corporate loans are net of unearned income of $(1.1) billion. 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.

(4)    Excludes $17 million of unallocated portfolio-layer cumulative basis adjustments at December 31, 2025.

(5)    Based on contractual terms. Repricing characteristics may effectively be modified from time to time using derivative contracts. See Note 24.

(6)    Other includes installment and other and loans to government and official institutions.

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CONSUMER CREDIT

Citi's consumer credit risk management framework is designed for a variety of environments. Underwriting and portfolio management policies are calibrated based on risk-return trade-offs by product and segment and changes are made based on performance against benchmarks as well as environmental stress. As warranted, Citi adjusts underwriting criteria to address consumer credit risks and macroeconomic challenges and uncertainties.

As of December 31, 2025, USPB provided credit cards, consumer mortgages, personal loans, small business banking and other retail lending, and Wealth provided consumer mortgages, margin lending, credit cards and other lending products to customer segments that range from the affluent to ultra-high net worth through the Private Bank, Citigold and Wealth at Work. USPB’s retail banking products included a generally prime portfolio built through well-defined lending parameters within Citi’s risk appetite framework.

All Other—Legacy Franchises also provides such products in its remaining markets through Mexico Consumer and Asia Consumer (Poland and Korea).

Consumer Credit Portfolio

The following table presents Citi’s quarterly end-of-period consumer loans(1):

In billions of dollars	4Q24		1Q25		2Q25		3Q25		4Q25
Wealth(2)(3)
Mortgages(4)	$	89.0	$	87.9	$	88.6	$	89.1	$	86.4
Margin lending	29.4		31.5		31.3		32.0		33.4
Personal, small business and other	24.1		23.1		25.9		25.5		25.3
Cards	5.0		4.8		4.9		4.8		4.9
Total	$	147.5	$	147.3	$	150.7	$	151.4	$	150.0
USPB(4)
Branded Cards(5)	$	121.1	$	116.3	$	120.2	$	121.2	$	125.3
Credit cards	117.3		112.6		116.6		117.4		121.5
Personal installment loans(5)	3.8		3.7		3.6		3.8		3.8
Retail Services	53.8		50.2		50.7		50.1		52.2
Retail Banking(5)	46.8		48.2		49.3		50.3		54.3
Mortgages	45.5		47.0		48.1		49.2		53.1
Personal, small business and other	1.3		1.2		1.2		1.1		1.2
Total	$	221.7	$	214.7	$	220.2	$	221.6	$	231.8
All Other—Legacy Franchises
Mexico Consumer	$	17.2	$	17.9	$	20.0	$	21.2	$	22.5
Asia Consumer(6)	4.7		4.5		3.0		2.7		2.5
Legacy Holdings Assets(7)	2.0		1.9		1.9		1.7		1.7
Total	$	23.9	$	24.3	$	24.9	$	25.6	$	26.7
Total consumer loans	$	393.1	$	386.3	$	395.8	$	398.6	$	408.5

(1)End-of-period loans include interest and fees on credit cards.

(2)Consists of $95.9 billion, $97.9 billion, $98.0 billion, $96.7 billion and $98.0 billion of loans in North America as of December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, respectively. For additional information on the credit quality of the Wealth portfolio, see Note 15.

(3)Consists of $54.1 billion, $53.5 billion, $52.7 billion, $50.6 billion and $49.5 billion of loans outside North America as of December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, respectively.

(4)See Note 15 for details on loan-to-value ratios for the mortgage portfolios and FICO scores for the U.S. portfolio.

(5)Effective January 1, 2025, USPB changed its reporting for certain installment lending products that were transferred from Retail Banking to Branded Cards to reflect where these products are managed. Prior periods were conformed to reflect this change.

(6)Asia Consumer loan balances, reported within All Other—Legacy Franchises, include the three remaining Asia Consumer loan portfolios—Korea, Poland (through the first quarter of 2025) and Russia until the completion of its consumer loan portfolio wind-down in the second quarter of 2025. Asia Consumer loan balances exclude approximately $2 billion of loans ($1 billion of retail banking loans and $1 billion of credit card loan balances) for the second, third and fourth quarters of 2025. These loans were reclassified to held-for-sale (HFS) (Other assets on the Consolidated Balance Sheet) as a result of Citi’s agreement to sell its Poland consumer banking business (expected to close by mid-2026). See “Agreement to Sell Poland Consumer Banking Business” in Note 2.

(7)Consists of certain North America consumer mortgages.

For information on changes to Citi’s consumer loans, see “Credit Risk—Loans” above.

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Consumer Credit Trends

U.S. Personal Banking

USPB includes Branded Cards, Retail Services and Retail Banking. Branded Cards includes proprietary credit card portfolios (Value, Rewards and Cash), co-branded card portfolios (including Costco and American Airlines) and personal installment loans. Retail Services includes co-brand and private label relationships (including, among others, The Home Depot, Best Buy and Macy’s). Retail Banking includes traditional banking services, including deposits, mortgages and other lending products, to retail and small business customers concentrated in six key U.S. metropolitan areas. Retail Banking also provides mortgages through correspondent channels.

As of December 31, 2025, approximately 75% of USPB EOP loans consisted of Branded Cards and Retail Services credit card loans, of which 70% represented Branded Cards loans and 30% represented Retail Services loans. Branded Cards and Retail Services credit card loans generally drive the overall credit performance of USPB, as Branded Cards and Retail Services card net credit losses represented approximately 94% of USPB’s total net credit losses for the fourth quarter of 2025.

As presented in the chart above, the fourth quarter of 2025 net credit loss rate for USPB decreased quarter-over-quarter, primarily driven by seasonality, and decreased year-over-year, reflecting improvements in portfolio performance (see “Branded Cards—Credit Cards” and “Retail Services” below).

The 90+ days past due delinquency rate was broadly stable quarter-over-quarter, and decreased year-over-year, reflecting improvements in portfolio performance in cards.

Branded Cards—Credit Cards

USPB’s Branded Cards portfolio consists of both proprietary Citi branded cards portfolios (Value, Rewards and Cash) and co-branded cards portfolios (including Costco and American Airlines) and personal installment loans. Citi’s Branded Cards portfolio has a diverse combination of credit card products.

As presented in the chart above, the fourth quarter of 2025 net credit loss rate for Branded Cards’ credit cards decreased quarter-over-quarter, primarily driven by seasonality, and decreased year-over-year, reflecting improvements in portfolio performance.

The 90+ days past due delinquency rate increased quarter-over-quarter, driven by seasonality, and was broadly stable year-over-year.

Retail Services

USPB’s Retail Services partners with more than 20 retailers and dealers to offer private label and co-brand cards. Retail Services’ target market focuses on select industry segments such as home improvement, specialty retail, consumer electronics and fuel.

As presented in the chart above, the fourth quarter of 2025 net credit loss rate for Retail Services increased quarter-over-quarter, driven by seasonality, and decreased year-over-year, reflecting improvements in portfolio performance.

The 90+ days past due delinquency rate was broadly stable quarter-over-quarter, and decreased year-over-year, reflecting improvements in portfolio performance.

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For additional details on provisions for credit losses, loan delinquency and other information for Citi’s cards portfolios, see USPB’s results of operations above and Note 15.

Retail Banking

USPB’s Retail Banking portfolio consists primarily of consumer mortgages (including home equity) and unsecured lending products, such as small business loans and revolving products. The portfolio is generally delinquency managed, where Citi evaluates credit risk based on FICO scores, delinquencies and the value of underlying collateral. The consumer mortgages in this portfolio have historically been extended to high credit quality customers, generally with loan-to-value ratios that are less than or equal to 80% on first and second mortgages. For additional information, see “Loan-to-Value (LTV) Ratios” in Note 15.

As presented in the chart above, the fourth quarter of 2025 net credit loss rate for Retail Banking increased quarter-over-quarter, driven by consumer overdraft losses, and was broadly stable year-over-year.

The 90+ days past due delinquency rate decreased quarter-over-quarter, driven by the transfer of certain relationships and associated mortgage loans to Retail Banking from Wealth, and increased year-over-year, driven by consumer mortgages enrolled in forbearance programs related to the California wildfires.

Wealth

As of December 31, 2025, Wealth provided consumer mortgages, margin lending, credit cards and other lending products to customer segments that range from affluent to ultra-high net worth through the Private Bank, Citigold and Wealth at Work businesses. These customer segments represent a target market that is characterized by historically low default rates and delinquencies and includes loans that are delinquency managed or classifiably managed. The delinquency-managed portfolio consists primarily of mortgages and credit cards.

As of December 31, 2025, approximately $48 billion, or 32%, of the portfolios were classifiably managed and primarily consisted of margin loans, commercial real estate loans, personal and small business loans and other lending programs. These classifiably managed loans are primarily evaluated for credit risk based on their internal risk rating, of which 69% 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 fourth quarter of 2025 net credit loss rate in Wealth decreased quarter-over-quarter, primarily driven by write-downs of mortgage loans to their collateral value due to the impact of the California wildfires in the previous quarter, and was broadly stable year-over-year.

The 90+ days past due delinquency rate decreased quarter-over-quarter, largely driven by the resumption of payments on consumer mortgages exiting forbearance programs related to the California wildfires. The 90+ days past due delinquency rate increased year-over-year, driven by consumer mortgages that enrolled in forbearance programs related to the California wildfires. The low net credit loss and 90+ days past due delinquency rates continued to reflect the strong credit profiles of the portfolios.

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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 December 31, 2025, 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 fourth quarter of 2025.

As presented in the chart above, the fourth quarter of 2025 net credit loss rate in Mexico Consumer increased quarter-over-quarter and year-over-year, driven by the ongoing normalization of loss and delinquency rates from post-pandemic lows.

The 90+ days past due delinquency rate increased quarter-over-quarter, largely driven by seasonality and the ongoing normalization of loss and delinquency rates from post-pandemic lows. The 90+ days past due delinquency rate increased year-over-year, primarily driven by the ongoing normalization of loss and delinquency rates from post-pandemic lows.

For additional details on provisions, loan delinquency and other information for Citi’s consumer loan portfolios, see the results of operations for USPB, Wealth and All Other above and Note 15.

U.S. Cards FICO Distribution

The following tables present the current FICO score distributions for Citi’s Branded Cards and Retail Services portfolios based on end-of-period receivables. FICO scores are updated as they become available.

Branded Cards

FICO distribution(1)	Dec. 31, 2025		Sep. 30, 2025		Dec. 31, 2024
≥ 740	55	%	55	%	56	%
660–739	33		34		33
< 660	12		11		11
Total	100	%	100	%	100	%

Retail Services

FICO distribution(1)	Dec. 31, 2025		Sep. 30, 2025		Dec. 31, 2024
≥ 740	37	%	36	%	36	%
660–739	41		41		41
< 660	22		23		23
Total	100	%	100	%	100	%

(1)Excludes immaterial balances for Canada and for customers for which no FICO scores are available.

The FICO distribution of both Branded Cards and Retail Services portfolios remained largely unchanged quarter-over-quarter and year-over-year. The FICO distribution continued to reflect the strong underlying credit quality of the portfolios. See Note 15 for additional information on FICO scores.

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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)
	December 31,		December 31,									December 31,
In millions of dollars, except EOP loan amounts in billions	2025		2025			2024			2023			2025			2024			2023
Wealth delinquency-managed loans(3)	$	101.7	$	329		$	260		$	191		$	247		$	242		$	312
Ratio			0.32		%	0.25		%	0.18		%	0.24		%	0.23		%	0.30		%
Wealth classifiably managed loans(4)	$	48.3	N/A			N/A			N/A			N/A			N/A			N/A
USPB(5)(6)
Total	$	231.8	$	2,763		$	2,871		$	2,635		$	2,673		$	2,604		$	2,563
Ratio			1.19		%	1.30		%	1.26		%	1.16		%	1.18		%	1.23		%
Credit cards and personal installment loans total (d+b)	177.5		2,567			2,726			2,475			2,424			2,384			2,336
Ratio			1.45		%	1.56		%	1.47		%	1.37		%	1.36		%	1.39		%
Credit cards total (a+c) = (d)(6)	$	173.7	$	2,545		$	2,705		$	2,461		$	2,373		$	2,333		$	2,293
Ratio			1.47		%	1.58		%	1.49		%	1.37		%	1.36		%	1.39		%
Branded Cards (a+b)	$	125.3	$	1,418		$	1,404		$	1,208		$	1,378		$	1,261		$	1,186
Ratio			1.13		%	1.16		%	1.06		%	1.10		%	1.04		%	1.04		%
Credit cards (a)	121.5		1,396			1,383			1,194			1,327			1,210			1,143
Ratio			1.15		%	1.18		%	1.07		%	1.09		%	1.03		%	1.03		%
Personal installment loans (b)	3.8		22			21			14			51			51			43
Ratio			0.58		%	0.55		%	0.42		%	1.34		%	1.34		%	1.30		%
Retail Services (c)	$	52.2	$	1,149		$	1,322		$	1,267		$	1,046		$	1,123		$	1,150
Ratio			2.20		%	2.46		%	2.36		%	2.00		%	2.09		%	2.15		%
Retail Banking(5)	$	54.3	$	196		$	145		$	160		$	249		$	220		$	227
Ratio			0.36		%	0.31		%	0.39		%	0.46		%	0.48		%	0.56		%
All Other
Total	$	26.7	$	448		$	341		$	407		$	420		$	329		$	384
Ratio			1.69		%	1.44		%	1.43		%	1.58		%	1.39		%	1.35		%
Mexico Consumer	22.5		387			246			252			358			242			252
Ratio			1.72		%	1.43		%	1.35		%	1.59		%	1.41		%	1.35		%
Asia Consumer(7)	2.5		14			23			51			15			27			59
Ratio			0.56		%	0.49		%	0.69		%	0.60		%	0.57		%	0.80		%
Legacy Holdings Assets (consumer)(8)	1.7		47			72			104			47			60			73
Ratio			3.13		%	4.00		%	4.33		%	3.13		%	3.33		%	3.04		%
Total Citigroup consumer	$	408.5	$	3,540		$	3,472		$	3,233		$	3,340		$	3,175		$	3,259
Ratio			0.98		%	0.99		%	0.94		%	0.93		%	0.91		%	0.95		%

(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 Private Bank loans. These loans are not included in the delinquency numerator, denominator and ratios.

(4)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 December 31, 2025, 2024 and 2023, 69%, 72% and 85% 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.

(5)The 90+ days past due and 30–89 days past due and related ratios for Retail Banking 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 $61 million ($0.4 billion), $69 million ($0.5 billion) and $63 million ($0.5 billion) at December 31, 2025, 2024 and 2023, 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 $60 million, $66 million and $73 million at December 31, 2025, 2024 and 2023, respectively. The EOP loans in the table include the guaranteed loans.

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(6)The 90+ days past due balances for Branded Cards and Retail Services 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)Asia Consumer loan balances and the related delinquencies, reported within All Other—Legacy Franchises, include the three remaining Asia Consumer loan portfolios: Korea, Poland (through the first quarter of 2025) and Russia until the completion of its consumer loan portfolio wind-down in the second quarter of 2025. During the second quarter of 2025, Citi’s Poland consumer banking business was classified as HFS as a result of Citi’s agreement to sell the business. Accordingly, the Poland consumer loans are recorded in Other assets on the Consolidated Balance Sheet. As a result, the Poland consumer loans and related delinquencies are not included in this table for 2025. See “Agreement to Sell Poland Consumer Banking Business” in Note 2.

(8)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. agencies. The amounts excluded for 90+ days past due and (EOP loans) were $65 million ($0.2 billion), $66 million ($0.2 billion) and $67 million ($0.2 billion) at December 31, 2025, 2024 and 2023, 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 $29 million, $34 million and $36 million at December 31, 2025, 2024 and 2023, respectively. The EOP loans in the table include the guaranteed loans.

N/A    Not applicable

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	2025		2025			2024			2023
Wealth	$	148.8	$	170		$	121		$	98
Ratio			0.11		%	0.08		%	0.07		%
USPB
Total	$	219.8	$	7,431		$	7,579		$	5,234
Ratio			3.38		%	3.62		%	2.72		%
Credit cards and personal installment loans total (d+b)	169.8		7,290			7,457			5,124
Ratio			4.29		%	4.51		%	3.32		%
Credit cards total (a+c) = (d)	$	166.0	$	7,057		$	7,245		$	4,981
Ratio			4.25		%	4.48		%	3.29		%
Branded Cards (a+b)	$	119.2	$	4,392		$	4,227		$	2,807
Ratio			3.68		%	3.71		%	2.68		%
Credit cards (a)	115.4		4,159			4,015			2,664
Ratio			3.60		%	3.64		%	2.62		%
Personal installment loans (b)	3.8		233			212			143
Ratio			6.13		%	5.89		%	4.93		%
Retail Services (c)	$	50.6	$	2,898		$	3,230		$	2,317
Ratio			5.73		%	6.27		%	4.64		%
Retail Banking	$	50.0	$	141		$	122		$	110
Ratio			0.28		%	0.28		%	0.29		%
All Other—Legacy Franchises (managed basis)(3)
Total	$	25.1	$	1,131		$	896		$	861
Ratio			4.51		%	3.41		%	2.94		%
Mexico Consumer	19.7		1,095			828			682
Ratio			5.56		%	4.52		%	4.01		%
Asia Consumer (managed basis)(3)(4)	3.5		49			67			198
Ratio			1.40		%	1.14		%	2.08		%
Legacy Holdings Assets (consumer)	1.9		(13)			1			(19)
Ratio			(0.68)		%	0.05		%	(0.68)		%
Reconciling Items(3)			$	—		$	7		$	(6)
Total Citigroup	$	393.7	$	8,732		$	8,603		$	6,187
Ratio			2.22		%	2.24		%	1.66		%

(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 (i) Citi’s divestitures of its Asia Consumer businesses and (ii) the

ongoing divestiture of 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 three remaining Asia Consumer loan portfolios: Korea, Poland (through the first quarter of 2025) and Russia until the completion of its consumer loan portfolio wind-down in the second quarter of 2025. 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. In accordance with

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HFS accounting treatment, the Poland consumer average loans of approximately $1 billion in 2025 are recorded in Other assets on the Consolidated Balance Sheet, and the related NCLs of approximately $1 million in 2025 are recorded as a reduction to Other revenue. Other Asia Consumer businesses classified as HFS in Other assets and Other liabilities on the Consolidated Balance Sheet include approximately $0 million and $25 million in NCLs recorded as reductions to Other revenue in 2024 and 2023, respectively. Accordingly, these NCLs are not included in this table. See Note 2.

Loan Maturities and Fixed/Variable Pricing of Consumer Loans

Loan Maturities

In millions of dollars at December 31, 2025	Due within 1 year		Greater than 1 year but within 5 years		Greater than 5 years but within 15 years		Greater than 15 years		Total
In North America offices
Residential first mortgages	$	7	$	277	$	2,544	$	116,561	$	119,389
Home equity loans	3		8		1,034		1,827		2,872
Credit cards(1)	170,896		2,760		—		—		173,656
Personal, small business and other	17,005		14,928		1,108		170		33,211
Total	$	187,911	$	17,973	$	4,686	$	118,558	$	329,128
In offices outside North America
Residential mortgages	$	263	$	418	$	4,207	$	19,153	$	24,041
Credit cards(1)	14,666		35		—		—		14,701
Personal, small business and other	31,880		7,270		174		996		40,320
Total	$	46,809	$	7,723	$	4,381	$	20,149	$	79,062
Total Consumer	$	234,720	$	25,696	$	9,067	$	138,707	$	408,190

(1)Credit card loans with maturities greater than one year represent loan modifications to borrowers experiencing financial difficulty and are at fixed interest rates.

Fixed/Variable Pricing

In millions of dollars at December 31, 2025	Greater than 1 year but within 5 years		Greater than 5 years but within 15 years		Greater than 15 years
Loans at fixed interest rates
Residential first mortgages	$	346	$	3,982	$	69,374
Home equity loans	4		187		22
Credit cards(1)	2,795		—		—
Personal, small business and other	8,605		323		150
Total	$	11,750	$	4,492	$	69,546
Loans at floating or adjustable interest rates
Residential first mortgages	$	349	$	2,769	$	66,340
Home equity loans	4		847		1,805
Personal, small business and other	13,593		959		1,016
Total	$	13,946	$	4,575	$	69,161
Total Consumer	$	25,696	$	9,067	$	138,707

(1)Credit card loans with maturities greater than one year represent loan modifications to borrowers experiencing financial difficulty and are at fixed interest rates.

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ADDITIONAL CONSUMER AND CORPORATE CREDIT DETAILS

Loans Outstanding

	December 31,
In millions of dollars	2025			2024			2023			2022			2021
Consumer loans
In North America offices(1)
Residential first mortgages(2)	$	119,389		$	114,593		$	108,711		$	96,039		$	83,361
Home equity loans(2)	2,872			3,141			3,592			4,580			5,745
Credit cards	173,656			171,059			164,720			150,643			133,868
Personal, small business and other	33,211			33,155			36,135			37,752			40,713
Total	$	329,128		$	321,948		$	313,158		$	289,014		$	263,687
In offices outside North America(1)
Residential mortgages(2)	$	24,041		$	24,456		$	26,426		$	28,114		$	37,889
Credit cards	14,701			12,927			14,233			12,955			17,808
Personal, small business and other	40,320			33,995			35,380			37,984			57,150
Total	$	79,062		$	71,378		$	76,039		$	79,053		$	112,847
Consumer loans, net of unearned income, excluding portfolio-layer cumulative basis adjustments(3)	$	408,190		$	393,326		$	389,197		$	368,067		$	376,534
Unallocated portfolio-layer cumulative basis adjustments	$	343		$	(224)		$	—		$	—		$	—
Consumer loans, net of unearned income(3)	$	408,533		$	393,102		$	389,197		$	368,067		$	376,534
Corporate loans
In North America offices(1)
Commercial and industrial	$	57,406		$	57,730		$	61,008		$	56,176		$	48,364
Financial institutions	72,154			41,815			39,393			43,399			49,804
Mortgage and real estate(2)	17,931			18,411			17,813			17,829			15,965
Installment and other(4)	23,104			25,529			23,335			23,767			20,143
Lease financing	72			235			227			308			415
Total	$	170,667		$	143,720		$	141,776		$	141,479		$	134,691
In offices outside North America(1)
Commercial and industrial	$	96,886		$	92,856		$	93,402		$	93,967		$	102,735
Financial institutions	27,054			27,276			26,143			21,931			22,158
Mortgage and real estate(2)	9,856			8,136			7,197			4,179			4,374
Installment and other(4)	34,100			25,800			27,907			23,347			22,812
Lease financing	47			40			48			46			40
Governments and official institutions	5,070			3,630			3,599			4,205			4,423
Total	$	173,013		$	157,738		$	158,296		$	147,675		$	156,542
Corporate loans, net of unearned income, excluding portfolio-layer cumulative basis adjustments(5)	$	343,680		$	301,458		$	300,072		$	289,154		$	291,233
Unallocated portfolio-layer cumulative basis adjustments	$	17		$	(72)		$	93		$	—		$	—
Corporate loans, net of unearned income(5)	$	343,697		$	301,386		$	300,165		$	289,154		$	291,233
Total loans—net of unearned income	$	752,230		$	694,488		$	689,362		$	657,221		$	667,767
Allowance for credit losses on loans (ACLL)	(19,247)			(18,574)			(18,145)			(16,974)			(16,455)
Total loans—net of unearned income and ACLL	$	732,983		$	675,914		$	671,217		$	640,247		$	651,312
ACLL as a percentage of total loans— net of unearned income(6)	2.58		%	2.71		%	2.66		%	2.60		%	2.49		%
ACLL for consumer loan losses as a percentage of total consumer loans—net of unearned income(6)	3.96		%	4.08		%	3.97		%	3.84		%	3.73		%
ACLL for corporate loan losses as a percentage of total corporate loans—net of unearned income(6)	0.91		%	0.87		%	0.93		%	1.01		%	0.85		%

83

(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 not material 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 $971 million, $889 million, $802 million, $712 million and $629 million at December 31, 2025, 2024, 2023, 2022 and 2021, 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.

(5)    Corporate loans include Mexico SBMM loans and are net of unearned income of $(1.1) billion, $(969) million, $(917) million, $(797) million and $(770) million at December 31, 2025, 2024, 2023, 2022 and 2021, 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	2025		2024		2023		2022		2021
Allowance for credit losses on loans (ACLL) at beginning of year	$	18,574	$	18,145	$	16,974	$	16,455	$	24,956
Adjustments to opening balance:
Financial instruments—TDRs and vintage disclosures(1)	—		—		(352)		—		—
Adjusted ACLL at beginning of year	$	18,574	$	18,145	$	16,622	$	16,455	$	24,956
Provision for credit losses on loans (PCLL)
Consumer	$	8,690	$	9,459	$	7,665	$	4,128	$	(1,159)
Corporate	807		267		121		617		(1,944)
Total	$	9,497	$	9,726	$	7,786	$	4,745	$	(3,103)
Gross credit losses on loans
Consumer
In U.S. offices	$	9,203	$	8,989	$	6,339	$	3,944	$	4,076
In offices outside the U.S.	1,454		1,212		1,214		934		2,144
Corporate
Commercial and industrial, and other
In U.S. offices	125		149		129		110		228
In offices outside the U.S.	286		170		119		81		259
Loans to financial institutions
In U.S. offices	—		—		4		—		1
In offices outside the U.S.	9		10		36		80		1
Mortgage and real estate
In U.S. offices	8		144		31		—		10
In offices outside the U.S.	14		20		9		7		1
Total	$	11,099	$	10,694	$	7,881	$	5,156	$	6,720
Gross recoveries on loans
Consumer
In U.S. offices	$	1,752	$	1,406	$	1,124	$	1,045	$	1,215
In offices outside the U.S.	173		192		242		222		496
Corporate
Commercial and industrial, and other
In U.S. offices	37		51		38		44		57
In offices outside the U.S.	36		35		37		46		54
Loans to financial institutions
In U.S. offices	—		5		—		6		2
In offices outside the U.S.	4		4		—		3		1
Mortgage and real estate
In U.S. offices	—		—		—		—		—
In offices outside the U.S.	—		1		3		1		—
Total	$	2,002	$	1,694	$	1,444	$	1,367	$	1,825

84

Net credit losses on loans (NCLs)
In U.S. offices	$	7,547		$	7,820		$	5,341		$	2,959		$	3,041
In offices outside the U.S.	1,550			1,180			1,096			830			1,854
Total	$	9,097		$	9,000		$	6,437		$	3,789		$	4,895
Other—net(2)(3)(4)(5)(6)(7)	$	273		$	(297)		$	174		$	(437)		$	(503)
Allowance for credit losses on loans (ACLL) at end of year	$	19,247		$	18,574		$	18,145		$	16,974		$	16,455
ACLL as a percentage of EOP loans(8)	2.58		%	2.71		%	2.66		%	2.60		%	2.49		%
Allowance for credit losses on unfunded lending commitments (ACLUC)(9)	$	1,833		$	1,601		$	1,728		$	2,151		$	1,871
Total ACLL and ACLUC	$	21,080		$	20,175		$	19,873		$	19,125		$	18,326
Net consumer credit losses on loans	$	8,732		$	8,603		$	6,187		$	3,611		$	4,509
As a percentage of average consumer loans	2.22		%	2.24		%	1.66		%	1.02		%	1.20		%
Net corporate credit losses on loans	$	365		$	397		$	250		$	178		$	386
As a percentage of average corporate loans	0.11		%	0.13		%	0.09		%	0.06		%	0.13		%
ACLL by type at end of year(10)
Consumer	$	16,194		$	16,018		$	15,431		$	14,119		$	14,040
Corporate	3,053			2,556			2,714			2,855			2,415
Total	$	19,247		$	18,574		$	18,145		$	16,974		$	16,455

(1)On January 1, 2023, Citi adopted Accounting Standards Update (ASU) 2022-02, Financial Instruments—Credit Losses (Topic 326): TDRs and Vintage Disclosures. The ASU eliminated the accounting and disclosure requirements for TDRs, including the requirement to measure the ACLL for TDRs using a discounted cash flow (DCF) approach. On January 1, 2023, Citi recorded a $352 million decrease in the Allowance for loan losses, along with a $290 million after-tax increase to Retained earnings. See “Accounting Changes” in Note 1.

(2)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.

(3)2025 includes an approximate $29 million reclass related to Citi’s agreement to sell its Poland consumer banking business. That ACLL was transferred to Other assets. 2025 also includes an increase of approximately $273 million related to FX translation.

(4)2024 includes an approximate $300 million decrease related to FX translation, as well as an initial allowance for credit losses on newly purchased credit-deteriorated assets during the year.

(5)2023 includes an approximate $175 million increase related to FX translation.

(6)2022 includes an approximate $350 million reclass related to the announced sales of Citi’s consumer banking businesses in Thailand, India, Malaysia, Taiwan, Indonesia, Bahrain and Vietnam. Also includes a decrease of approximately $100 million related to FX translation.

(7)2021 includes an approximate $280 million reclass related to Citi’s agreement to sell its Australia consumer banking business and an approximate $90 million reclass related to Citi’s agreement to sell its Philippines consumer banking business. Those ACLL were reclassified to Other assets during 2021. 2021 also includes a decrease of approximately $134 million related to FX translation.

(8)December 31, 2025, 2024, 2023, 2022 and 2021 exclude $6.9 billion, $8.0 billion, $7.6 billion, $5.4 billion and $6.1 billion, respectively, of loans that are carried at fair value.

(9)Represents additional credit reserves recorded as Other liabilities on the Consolidated Balance Sheet.

(10)The ACLL represents management’s estimate of expected credit losses in the portfolio and troubled debt restructurings. 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.

85

Allowance for Credit Losses on Loans (ACLL)

The following tables detail information on Citi’s ACLL, loans and coverage ratios:

	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	%

	December 31, 2024
In billions of dollars	ACLL		EOP loans, net of unearned income		ACLL as a % of EOP loans(1)
Consumer
North America cards(2)	$	13.6	$	171.1	7.9	%
North America personal installment loans	0.4		3.8		10.5
North America mortgages(3)	0.1		117.2		0.1
North America other(3)	0.3		29.4		1.0
International cards	0.9		12.9		7.0
International other(3)	0.7		58.4		1.2
Total(1)	$	16.0	$	392.8	4.1	%
Corporate(4)
Commercial and industrial	$	1.3	$	148.7	0.9	%
Financial institutions	0.4		68.4		0.6
Mortgage and real estate(4)	0.7		26.4		2.7
Installment and other	0.2		50.1		0.4
Total(1)	$	2.6	$	293.6	0.9	%
Loans at fair value(1)	N/A		$	8.0	N/A
Total Citigroup	$	18.6	$	694.5	2.7	%

(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 Branded Cards and Retail Services. 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). As of December 31, 2025, Branded Cards ACLL as a percentage of EOP loans was 6.3% and Retail Services ACLL as a percentage of EOP loans was 10.8%. As of December 31, 2024, the $13.6 billion of ACLL represented approximately 22 months of coincident net credit loss coverage (based on fourth quarter of 2024 NCLs). As of December 31, 2024, Branded Cards ACLL as a percentage of EOP loans was 6.4% and Retail Services ACLL as a percentage of EOP loans was 11.3%.

(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

86

The following table details Citi’s corporate credit ACLL by industry exposure:

	December 31, 2025
In millions of dollars, except percentages	Funded exposure(1)(3)		ACLL		ACLL as a % of funded exposure
Banks and finance companies	$	73,206	$	257	0.4	%
Real estate(2)	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(4)	3,510		40		1.1
Total(5)	$	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)    As of December 31, 2025, the portion of the ACLL attributed to the total funded CRE exposure (including the Private Bank) was approximately 1.4%.

(3)    Includes $0.7 billion of funded exposure at December 31, 2025, primarily related to commercial credit card delinquency-managed loans.

(4)    Includes the impact of FX translation on the ACLL that is not allocated to individual industries.

(5)    As of December 31, 2025, the ACLL above reflects coverage of 0.3% of funded investment-grade exposure and 2.6% of funded non-investment-grade exposure.

The following table details Citi’s corporate credit ACLL by industry exposure:

	December 31, 2024
In millions of dollars, except percentages	Funded exposure(1)(3)		ACLL		ACLL as a % of funded exposure
Transportation and industrials	$	57,166	$	460	0.8	%
Banks and finance companies	56,716		307		0.5
Real estate(2)	53,186		717		1.3
Commercial	36,200		645		1.8
Residential	16,986		72		0.4
Consumer retail	32,212		258		0.8
Technology, media and telecom	29,534		238		0.8
Power, chemicals, metals and mining	18,504		257		1.4
Public sector	13,209		47		0.4
Energy and commodities	11,686		136		1.2
Healthcare	8,537		77		0.9
Asset managers and funds	5,258		28		0.5
Insurance	2,115		8		0.4
Securities firms	590		9		1.5
Financial markets infrastructure	181		1		0.6
Other industries(4)	4,733		13		0.3
Total(5)	$	293,627	$	2,556	0.9	%

(1)    Funded exposure excludes loans carried at fair value of $7.8 billion that are not subject to the ACLL.

(2)    As of December 31, 2024, the portion of the ACLL attributed to the total funded CRE exposure (including the Private Bank) was approximately 1.6%.

(3)    Includes $0.6 billion of funded exposure at December 31, 2024, primarily related to commercial credit card delinquency-managed loans.

(4)    Includes the impact of FX translation on the ACLL that is not allocated to individual industries.

(5)    As of December 31, 2024, the ACLL above reflects coverage of 0.4% of funded investment-grade exposure and 2% of funded non-investment-grade exposure.

87

Non-Accrual Loans and Assets

There is a certain amount of overlap among non-accrual loans and assets. The following summary provides a general description of non-accrual loans and assets:

•Corporate and consumer (including commercial banking) non-accrual status is based on the determination that payment of interest or principal is doubtful.

•A corporate loan may be classified as non-accrual and still be current on principal and interest payments under the terms of the loan structure.

•Consumer non-accrual status is generally based on aging, i.e., the borrower has fallen behind on payments, including borrowers who have enrolled in forbearance programs.

•Consumer mortgage loans, other than Federal Housing Administration (FHA)–insured loans, are classified as non-accrual within 60 days of notification that the borrower has filed for bankruptcy. Uninsured consumer mortgage loans are classified as non-accrual if the loan is 90 days or more past due. In addition, home equity loans are classified as non-accrual if the related residential first mortgage loan is 90 days or more past due.

•With the exception of certain international portfolios, credit card loans are not included because, under industry standards, they accrue interest until such loans are charged off, which typically occurs at 180 days of contractual delinquency.

88

Non-Accrual Loans

The table below summarizes Citigroup’s non-accrual loans (NAL) as of the periods indicated. Non-accrual loans 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 non-accrual loans, cash interest receipts are generally recorded as revenue.

The increase in corporate non-accrual loans at December 31, 2025 was driven by idiosyncratic credit downgrades. The increase in consumer non-accrual loans at December 31, 2025 was driven by residential mortgage loans impacted by the California wildfires and higher loan balances and the impact of FX translation in Mexico Consumer.

	December 31,
In millions of dollars	2025		2024		2023		2022		2021
Corporate non-accrual loans by region(1)(2)(3)
North America	$	1,145	$	757	$	978	$	138	$	510
International	856		620		904		984		1,043
Total	$	2,001	$	1,377	$	1,882	$	1,122	$	1,553
International NAL by cluster
United Kingdom	$	127	$	190	$	268	$	288	$	227
Japan, Asia North and Australia (JANA)	9		22		70		50		82
LATAM	576		301		367		429		568
Asia South	29		17		35		3		26
Europe	100		58		139		117		88
Middle East, Africa and Russia (MEA)	15		32		25		97		52
Corporate non-accrual loans(1)(2)(3)
Banking	$	919	$	498	$	799	$	757	$	1,166
Services	337		65		103		153		70
Markets	622		715		791		3		71
Mexico SBMM and AFG	123		99		189		209		246
Total	$	2,001	$	1,377	$	1,882	$	1,122	$	1,553
Consumer non-accrual loans(1)
Wealth	$	526	$	404	$	288	$	259	$	336
USPB	343		290		291		282		344
Mexico Consumer	585		411		479		457		524
Asia Consumer(4)	15		19		22		30		209
Legacy Holdings Assets (consumer)	149		186		235		289		413
Total	$	1,618	$	1,310	$	1,315	$	1,317	$	1,826
Total non-accrual loans	$	3,619	$	2,687	$	3,197	$	2,439	$	3,379

(1)Corporate loans are placed on non-accrual status based on a review by Citigroup’s risk officers. Corporate non-accrual loans 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 non-accrual loan disclosures do not include credit card loans, with the exception of certain international portfolios. The balances above represent non-accrual loans within Corporate loans and Consumer loans on the Consolidated Balance Sheet.

(2)Approximately 70%, 61%, 50%, 50% and 56% of Citi’s corporate non-accrual loans remain current on interest and principal payments at December 31, 2025, 2024, 2023, 2022 and 2021, respectively.

(3)The December 31, 2025 total corporate non-accrual loans represented 0.58% of total corporate loans.

(4)    Asia Consumer includes the three remaining consumer loan portfolios: Korea, Poland (through the first quarter of 2025) and Russia until the completion of its consumer loan portfolio wind-down in the second quarter of 2025.

89

The changes in Citigroup’s non-accrual loans were as follows:

	Year ended						Year ended
	December 31, 2025						December 31, 2024
In millions of dollars	Corporate		Consumer		Total		Corporate		Consumer		Total
Non-accrual loans at beginning of year	$	1,377	$	1,310	$	2,687	$	1,882	$	1,315	$	3,197
Additions	2,425		2,599		5,024		1,517		1,966		3,483
Sales and transfers to HFS	(124)		(17)		(141)		(443)		(14)		(457)
Returned to performing	—		(378)		(378)		(269)		(206)		(475)
Paydowns/settlements	(1,277)		(553)		(1,830)		(934)		(531)		(1,465)
Charge-offs	(400)		(1,414)		(1,814)		(372)		(951)		(1,323)
Other	—		71		71		(4)		(269)		(273)
Ending balance	$	2,001	$	1,618	$	3,619	$	1,377	$	1,310	$	2,687

The table below summarizes Citigroup’s other real estate owned (OREO) assets. OREO is recorded on the Consolidated Balance Sheet within Other assets. This represents the carrying value of all real estate property acquired by foreclosure or other legal proceedings when Citi has taken possession of the collateral:

	December 31,
In millions of dollars	2025			2024			2023			2022			2021
OREO
North America	$	14		$	9		$	17		$	10		$	15
International(1)	8			9			19			5			12
Total OREO	$	22		$	18		$	36		$	15		$	27
Non-accrual assets
Corporate non-accrual loans	$	2,001		$	1,377		$	1,882		$	1,122		$	1,553
Consumer non-accrual loans	1,618			1,310			1,315			1,317			1,826
Non-accrual loans (NAL)	$	3,619		$	2,687		$	3,197		$	2,439		$	3,379
OREO	22			18			36			15			27
Non-accrual assets (NAA)	$	3,641		$	2,705		$	3,233		$	2,454		$	3,406
NAL as a percentage of total loans	0.48		%	0.39		%	0.46		%	0.37		%	0.51		%
NAA as a percentage of total assets	0.14			0.11			0.13			0.10			0.15
ACLL as a percentage of NAL(2)	532			691			568			696			487

(1)The International OREO details by cluster are not provided due to the immateriality of such amounts.

(2)The ACLL includes the allowance for Citi’s credit card portfolios and purchased credit-deteriorated loans, while the non-accrual loans exclude credit card balances (with the exception of certain international portfolios).

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LIQUIDITY RISK

Overview

Adequate and diverse sources of funding and liquidity are essential to Citi’s businesses. Funding and liquidity risks arise from several factors, many of which are largely outside of Citi’s control, such as disruptions in the financial markets, changes in key funding sources, credit spreads, changes in Citi’s credit ratings and macroeconomic, geopolitical and other conditions. For additional information, see “Risk Factors—Liquidity Risks” above.

Citi’s funding and liquidity management objectives are aimed at:

•funding its existing asset base;

•growing its core businesses;

•maintaining sufficient liquidity, structured appropriately, so that Citi can operate under a variety of adverse circumstances, including potential Company-specific and/or market liquidity events in varying durations and severity; and

•satisfying regulatory requirements, including, but not limited to, those related to resolution planning (see “Resolution Plan” and “Total Loss-Absorbing Capacity (TLAC)” below).

Citigroup’s primary liquidity objectives are established by entity, and in aggregate, across two major categories:

•Citibank (including Citibank Europe plc, Citibank Singapore Ltd. and Citibank (Hong Kong) Ltd.); and

•Citi’s non-bank and other entities, including the parent holding company (Citigroup Inc.), Citi’s primary intermediate holding company (Citicorp LLC), Citi’s broker-dealer subsidiaries (including Citigroup Global Markets Inc., Citigroup Global Markets Limited and Citigroup Global Markets Japan Inc.) and other bank and non-bank subsidiaries that are consolidated into Citigroup (including Banamex).

At an aggregate Citigroup level, Citi’s goal is to maintain sufficient funding in amount and tenor to fully fund customer assets and to provide an appropriate amount of cash and high-quality liquid assets (as discussed below), even in times of stress, in order to meet its payment obligations as they come due. Citi’s liquidity risk management framework provides that, in addition to the aggregate requirements, certain entities be self-sufficient or net providers of liquidity, including in conditions established under their designated stress tests.

Citi’s primary funding sources include the following:

•corporate and consumer deposits via Citi’s bank subsidiaries, including Citibank, N.A. (Citibank)

•long-term debt (primarily senior and subordinated debt) mainly issued by Citigroup Inc., as the parent, and Citibank

•stockholders’ equity

These sources are supplemented by short-term borrowings, primarily in the form of secured funding transactions.

Citi’s funding and liquidity framework, working in concert with overall asset/liability management, helps ensure that there is sufficient liquidity and tenor in the overall liability structure (including funding products) of the Company relative to the liquidity and tenor of Citi’s assets. This reduces the risk that liabilities will become due before assets mature or are monetized. The Company holds excess liquidity, primarily in the form of high-quality liquid assets (HQLA), as presented in the table below. Citi’s liquidity is managed centrally by Corporate Treasury, reported within Corporate/Other in All Other, in conjunction with cluster and in-country treasurers with oversight provided by Independent Risk Management and various Asset and Liability Committees (ALCOs) and Country Coordinating Committee at the individual entity, cluster, country and business levels. Pursuant to this approach, Citi’s HQLA are managed with emphasis on asset/liability management and entity-level liquidity adequacy throughout Citi.

Citi’s CRO and CFO co-chair Citigroup’s ALCO, which includes Citi’s Treasurer and other senior executives. The ALCO sets the strategy of the liquidity portfolio and monitors portfolio performance (see “Risk Governance—Board and Executive Management Committees” above). Significant changes to portfolio asset allocations are approved by the ALCO. Citi also has other ALCOs, which are established at various organizational levels to ensure appropriate oversight for individual entities, countries, franchise businesses and regions, serving as the primary governance committees for managing Citi’s balance sheet and liquidity.

As a supplement to Citigroup’s ALCO, Citi’s Funding and Liquidity Risk Committee (FLRC) is focused on funding and liquidity risk matters. The FLRC reviews and discusses the funding and liquidity risk profile of, as well as risk management practices for, Citigroup and Citibank and reports its findings and recommendations to each relevant ALCO as appropriate.

Liquidity Monitoring and Measurement

Stress Testing

Liquidity stress testing is performed for each of Citi’s major entities, operating subsidiaries and countries. Stress testing and scenario analyses are intended to quantify the potential impact of an adverse liquidity event on the balance sheet and liquidity position, in order to have sufficient liquidity on hand to manage through such an event. These scenarios include assumptions about significant changes in key funding sources, market triggers (such as credit ratings), potential uses of funding and macroeconomic, geopolitical and other conditions. These conditions include expected and stressed market conditions as well as Company-specific events.

Liquidity stress tests are performed to ascertain potential mismatches between liquidity sources and uses over a variety of time horizons and over different stressed conditions. To monitor the liquidity of an entity, these stress tests and potential mismatches are calculated on a daily basis.

Given the range of potential stresses, Citi maintains contingency funding plans on a consolidated basis and for individual entities. These plans specify a wide range of readily available actions for a variety of adverse market conditions or idiosyncratic stresses.

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High-Quality Liquid Assets (HQLA)

	Citibank						Citi non-bank and other entities						Total
In billions of dollars	Dec. 31, 2025		Sep. 30, 2025		Dec. 31, 2024		Dec. 31, 2025		Sep. 30, 2025		Dec. 31, 2024		Dec. 31, 2025		Sep. 30, 2025		Dec. 31, 2024
Available cash	$	267.2	$	270.1	$	227.1	$	7.3	$	8.6	$	7.7	$	274.5	$	278.7	$	234.8
U.S. sovereign	179.9		161.3		191.2		52.3		50.5		46.8		232.2		211.8		238.0
U.S. agency/agency MBS	32.7		32.2		26.6		1.6		1.8		2.1		34.3		34.0		28.7
Foreign government debt(1)	49.7		53.0		44.2		16.5		10.9		12.6		66.2		63.9		56.8
Other investment grade	—		—		—		—		—		0.1		—		—		0.1
Total HQLA (AVG)	$	529.5	$	516.6	$	489.1	$	77.7	$	71.8	$	69.3	$	607.2	$	588.4	$	558.4

(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, Mexico, Korea, the United Kingdom and China.

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. Citigroup’s average HQLA increased quarter-over-quarter as of the fourth quarter of 2025, primarily driven by an increase in average deposits in Services.

As of December 31, 2025, Citigroup had approximately $1.0 trillion of available liquidity resources to support client and business needs, including end-of-period HQLA ($610 billion) included in Citi’s LCR calculation; additional unencumbered HQLA, including excess liquidity held at bank entities that is non-transferable to other entities within Citigroup ($275 billion); and 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 ($164 billion).

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.

The LCR is calculated by dividing HQLA by estimated net outflows assuming a stressed 30-day period, with the net outflows determined by standardized stress outflow and inflow rates prescribed in the LCR rule. The outflows are partially offset by contractual inflows from assets maturing within 30 days. Similar to outflows, the inflows are calculated based on prescribed factors to various asset categories, such as retail loans as well as unsecured and secured wholesale lending. The minimum LCR requirement is 100%.

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	Dec. 31, 2025			Sep. 30, 2025			Dec. 31, 2024
HQLA	$	607.2		$	588.4		$	558.4
Net outflows	529.3			510.5			480.8
LCR	115		%	115		%	116		%
HQLA in excess of net outflows	$	77.9		$	77.9		$	77.6

Note: The amounts are presented on an average basis.

As of December 31, 2025, Citigroup’s average LCR remained unchanged from the quarter ended September 30, 2025. The increase in average HQLA was offset by an increase in net outflows from unsecured and secured wholesale funding.

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 December 31, 2025, Citigroup’s consolidated NSFR was compliant with the 100% minimum requirement of the rule. (For additional information, see the Consolidated Citigroup NSFR Disclosure for the quarterly periods ended December 31, 2025 and September 30, 2025, 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-K).

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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	4Q25		3Q25		4Q24
Services	$	935	$	893	$	839
TTS	780		744		704
Securities Services	155		149		135
Markets	20		20		15
Banking	1		1		1
Wealth	319		315		315
USPB	88		90		86
All Other—Legacy Franchises	42		40		42
All Other—Corporate/Other	17		23		22
Total Citigroup deposits (AVG)	$	1,422	$	1,382	$	1,320
Total Citigroup deposits (EOP)	$	1,404	$	1,384	$	1,284

On an average basis, total deposits increased 8% year-over-year and 3% sequentially, both driven by corporate deposits. Year-over-year, average deposits for:

•Services increased 11%, driven by both TTS and Securities Services, reflecting growth in International and North America, largely driven by an increase in operational deposits.

•Wealth increased 1%, driven by client transfers from USPB and net new deposits, largely offset by outflows, including a shift from deposits to higher-yielding investments.

•USPB increased 2%, as net new deposits growth was primarily offset by the transfer of certain relationships and the associated deposits to Wealth.

•All Other decreased 8%, reflecting a decrease in corporate certificates of deposit in Corporate/Other, as continued wind-downs in Asia Consumer within Legacy Franchises (including the impact of moving HFS deposits to Other liabilities) were offset by growth in Legacy Franchises Mexico deposits (including the impact of Mexican peso appreciation).

The majority of Citi’s $1.4 trillion of end-of-period deposits are institutional (approximately $934 billion) and span approximately 90 countries. A large majority of these institutional deposits are within TTS, and of these, over 70% are from clients that use all three TTS integrated services: payments and collections, liquidity management and working capital solutions. In addition, approximately 80% of TTS deposits are from clients that have a longer than 15-year relationship with Citi.

Citi also has a strong consumer and wealth deposit base, with $413 billion of USPB and Wealth end-of-period deposits, which are diversified across the Private Bank, Citigold and Wealth at Work within Wealth, as well as Retail Banking within USPB.

As of year end, approximately 65% of Wealth’s U.S. Citigold clients have been with Citi for more than 10 years and approximately 38% of Private Bank ultra-high net worth

clients have been with Citi for more than 10 years. In addition, USPB’s Retail Banking deposits are spread across six key metropolitan areas in the U.S.

Long-Term Debt (LTD)

LTD (generally defined as debt with original maturities of one year or more) represents the most significant component of Citi’s funding for the Citigroup parent company and Citi’s non-bank subsidiaries and is a supplementary source of funding for the bank entities.

The following table presents Citi’s end-of-period total LTD outstanding for each of the dates indicated:

In billions of dollars	Dec. 31, 2025		Sep. 30, 2025		Dec. 31, 2024
Non-bank(1)
Benchmark debt:
Senior debt	$	117.5	$	115.0	$	107.4
Subordinated debt	28.7		28.7		28.7
Trust preferred	1.6		1.6		1.6
Customer-related debt(2)	116.7		116.4		103.3
Local country and other(3)	14.8		13.6		9.6
Total non-bank	$	279.3	$	275.3	$	250.6
Bank
FHLB borrowings	$	3.0	$	6.0	$	8.5
Securitizations(4)	5.2		6.7		5.1
Citibank benchmark senior debt	23.5		23.5		19.4
Customer-related debt(2)	2.7		2.8		1.2
Local country and other(3)	2.1		1.5		2.5
Total bank	$	36.5	$	40.5	$	36.7
Total LTD	$	315.8	$	315.8	$	287.3

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 December 31, 2025, non-bank included $101.5 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 27 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 Branded Cards receivables.

For information about changes in Citi’s end-of-period long-term debt, see “Balance Sheet Overview” above.

As part of its liability management, Citi has considered, and may continue to consider, opportunities to redeem or repurchase its LTD pursuant to open market purchases, tender offers or other means. Such redemptions and repurchases help reduce Citi’s overall funding costs. During 2025, Citi redeemed or repurchased an aggregate of $63.3 billion of its outstanding 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:

	2025				2024				2023
In billions of dollars	Maturities		Issuances		Maturities		Issuances		Maturities		Issuances
Non-bank
Benchmark debt:
Senior debt	$	19.7	$	25.1	$	13.9	$	11.7	$	10.2	$	—
Subordinated debt	5.8		5.2		1.0		4.9		1.3		3.2
Trust preferred	—		—		—		—		—		—
Customer-related debt	61.8		70.9		59.2		56.7		42.1		40.1
Local country and other	2.8		6.9		6.1		8.8		3.1		3.9
Total non-bank	$	90.1	$	108.1	$	80.2	$	82.1	$	56.7	$	47.2
Bank
FHLB borrowings	$	6.5	$	1.0	$	7.0	$	4.0	$	4.3	$	8.5
Securitizations	1.9		2.0		1.7		—		2.4		1.5
Citibank benchmark senior debt	2.5		6.5		2.7		12.0		—		7.5
Customer-related debt	1.1		2.6		0.5		0.2		0.2		0.1
Local country and other	1.2		1.8		0.9		0.8		1.4		1.0
Total bank	$	13.2	$	13.9	$	12.8	$	17.0	$	8.3	$	18.6
Total	$	103.3	$	122.0	$	93.0	$	99.1	$	65.0	$	65.8

The table below details Citi’s aggregate LTD maturities (including repurchases and redemptions) in 2025, as well as its aggregate remaining LTD maturities by year as of December 31, 2025:

	Maturities
In billions of dollars	2025		2026		2027		2028		2029		2030		Thereafter		Total
Non-bank
Benchmark debt:
Senior debt	$	19.7	$	9.9	$	7.6	$	20.5	$	7.9	$	12.2	$	59.4	$	117.5
Subordinated debt	5.8		2.5		3.8		2.0		—		—		20.4		28.7
Trust preferred	—		—		—		—		—		—		1.6