UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended March 31, 2026

OR

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

For the transition period from  to

Commission file number 1-9924

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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☒    No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes ☒  No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

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.  ☐    

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

Number of shares of Citigroup Inc. common stock outstanding on March 31, 2026: 1,705,576,955

Available online at www.citigroup.com

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CITIGROUP’S FIRST QUARTER 2026—FORM 10-Q

OVERVIEW	4
Citigroup’s Five Reportable Business Segments	6
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	7
Executive Summary	7
Citi’s Multiyear Transformation	9
Summary of Selected Financial Data	10
Balance Sheet Overview	12
Segment Revenues and Income (Loss)	14
Services	15
Markets	18
Banking	21
Wealth	24
U.S. Consumer Cards (USCC)	27
All Other—Managed Basis	30
All Other—Divestiture-Related Impacts (Reconciling Items)	33
CAPITAL RESOURCES	34
Managing Global Risk—Table of Contents	43
MANAGING GLOBAL RISK	44
SIGNIFICANT ACCOUNTING POLICIES AND SIGNIFICANT ESTIMATES	80
DISCLOSURE CONTROLS AND PROCEDURES	85
DISCLOSURE PURSUANT TO SECTION 219 OF THE IRAN THREAT REDUCTION AND SYRIA HUMAN RIGHTS ACT	85
FORWARD-LOOKING STATEMENTS	86
Financial Statements and Notes—Table of Contents	89
CONSOLIDATED FINANCIAL STATEMENTS	90
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)	98
UNREGISTERED SALES OF EQUITY SECURITIES, REPURCHASES OF EQUITY SECURITIES AND DIVIDENDS	187
OTHER INFORMATION	188
EXHIBIT INDEX	189
SIGNATURES	190
GLOSSARY OF TERMS AND ACRONYMS	191

OVERVIEW

This Quarterly Report on Form 10-Q should be read in conjunction with Citigroup’s Annual Report on Form 10-K for the year ended December 31, 2025 (referred to herein as Citi’s 2025 Form 10-K).

Throughout this report, “Citigroup,” “Citi” and “the Company” refer to Citigroup Inc. and its consolidated subsidiaries. All “Note” references correspond to the Notes to the Consolidated Financial Statements herein, unless otherwise indicated.

For a list of certain terms and acronyms used in this Quarterly Report on Form 10-Q and other Citigroup presentations, see “Glossary of Terms and Acronyms” at the end of this report.

Additional Information

Additional information about Citigroup is available on Citi’s website at www.citigroup.com. Citigroup’s annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and proxy statements, as well as other filings with the U.S. Securities and Exchange Commission (SEC) are available free of charge through Citi’s website by clicking on “SEC Filings” under the “Investors” tab. The SEC’s website also contains these filings and other information regarding Citi at www.sec.gov.

Reporting Changes

As discussed below, certain reclassifications have been made to the prior periods’ financial statements and disclosures to conform to the current period’s presentation, effective January 1, 2026. Citi’s consolidated results were unchanged for all periods presented.

•Citi transferred its Retail Banking business from the former U.S. Personal Banking (USPB) to Wealth and integrated the remaining USPB businesses into a new U.S. Consumer Cards segment.

•As part of this transfer, the financial results and balance sheet of the Retail Banking business moved to the Wealth segment.

•Citi allocates tangible common equity (TCE) internally to its businesses annually, taking into consideration a variety of factors, including the economics of client relationships that cross businesses. Citi updated its TCE allocation methodology among the Services, Markets and Banking segments to better align their capital usage associated with the shared economic benefits of corporate lending to clients across these segments, eliminating the need for a corporate lending revenue share arrangement, which had historically been reflected in the “All other” revenue line item of these segments.

•As a result of these changes, the revenues of Services and Markets increased and the revenues of Banking decreased.

•Certain interest rate risk-management activities within Markets were moved to All Other—Corporate/Other, or between businesses within Markets. These changes impacted the results for Markets, as well as All Other—Corporate/Other.

For additional information on these and other reporting changes, see the Historical Quarterly Financial Data Supplement for the five-year quarterly and annual periods ended December 31, 2025, reflecting the above-mentioned first quarter of 2026 presentation changes, included as Exhibit 99.1 to Citigroup’s Current Report on Form 8-K furnished to the SEC on April 3, 2026.

As previously announced, Citi also enhanced its 2026 TCE allocation methodology, which affected the TCE allocation for each segment as of the first quarter of 2026. For additional information, see Citi’s First Quarter 2026 Earnings Results Presentation available on Citi’s Investor Relations website. This earnings results presentation is not incorporated by reference into, and does not form any part of, this Form 10-Q.

Non-GAAP Financial Measures

Citi prepares its financial statements in accordance with U.S. generally accepted accounting principles (GAAP) and also presents certain non-GAAP financial measures (non-GAAP measures) that exclude certain items or otherwise include components that differ from the most directly comparable measures calculated in accordance with U.S. GAAP. These non-GAAP financial measures are not intended to be a substitute for GAAP financial measures and may not be defined or calculated the same way as non-GAAP measures with similar names used by other companies.

Citi’s non-GAAP measures in this Form 10-Q include the following:

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

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

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

•Non-Markets net interest income

Citi’s All Other (managed basis) results, which exclude divestiture-related impacts, represent as reported, or GAAP, financial results adjusted for items that are incurred and recognized, which are wholly and necessarily a consequence of actions taken to sell (including through a public offering), dispose of or wind down business activities associated with Citi’s previously announced exit markets within All Other—Legacy Franchises.

Citi’s Chief Executive Officer, its chief operating decision maker, regularly reviews financial information for All Other on a managed basis. For additional information, see “All Other—Divestiture-Related Impacts (Reconciling Items)” below.

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Citi believes All Other (managed basis) results are useful to investors, industry analysts and others in evaluating Citi’s results of operations and comparing its operational performance between periods, by providing a meaningful depiction of the underlying fundamentals of period-to-period operating results; improved visibility into management decisions and their impacts on operational performance; and additional comparability to peer companies.

Citi believes that Banking and Corporate Lending revenues excluding gain (loss) on loan hedges are useful to investors, industry analysts and others because the gain (loss) on loan hedges are independent of Banking and Corporate Lending’s core operations and not indicative of the performance of the business operations. For more information on Banking and Corporate Lending revenues excluding gain (loss) on loan hedges, see “Banking” below.

TCE, RoTCE and TBVPS are used by management, as well as investors, industry analysts and others, in assessing Citi’s use of equity. Citi believes TCE and RoTCE are useful to investors, industry analysts and others by providing alternative measures of capital strength and performance. Citi believes TBVPS provides additional useful information about the level of tangible assets in relation to Citi’s outstanding shares of common stock. For more information on TCE, RoTCE and TBVPS, see “Capital Resources—Tangible Common Equity, Book Value Per Share, Tangible Book Value Per Share and Return on Equity” below.

Management uses non-Markets 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. For more information on non-Markets net interest income, see “Market Risk—Non-Markets Net Interest Income” below.

Please see “Risk Factors” in Citi’s 2025 Form 10-K for a discussion of material risks and uncertainties that could impact Citigroup’s businesses, results of operations and financial condition.

5

Citigroup is managed pursuant to five reportable business segments (segments), also referred to as Citi’s “five businesses”: Services, Markets, Banking, Wealth and U.S. Consumer Cards. Activities not assigned to the segments are included in All Other. For additional information, see the results of operations for each of the segments and All Other within “Management’s Discussion and Analysis of Financial Condition and Results of Operations” below.

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

(1)Fixed Income Markets consists of the Rates and Currencies sub-business and Spread Products and Other Fixed Income sub-business; Equity Markets consists of the equity derivatives, equity cash and prime services sub-businesses.

(2)Investment Banking consists of the Debt Capital Markets (DCM), Equity Capital Markets (ECM) and Advisory sub-businesses.

(3)USCC’s unsecured consumer lending consists of General Purpose Credit Cards (GPCC), Private Label Credit Cards (PLCC) and Installment Lending products.

(4)Mexico Consumer/SBMM operates primarily through Grupo Financiero Banamex, S.A. de C.V. (Banamex) and its consolidated subsidiaries.

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

(6)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) (as previously disclosed, on February 18, 2026, Citi completed the sale of AO Citibank in Russia—see Note 2). Although the chief operating decision maker (CODM) does not manage Citi’s segments and All Other by cluster, Citi provides selected financial information (revenue and certain corporate credit metrics) below for these six clusters.

6

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

EXECUTIVE SUMMARY

Overview

As described further throughout this Executive Summary, during the first quarter of 2026:

•Citi and four of its five businesses achieved positive operating leverage. Citi’s positive operating leverage was driven by revenue growth of 14% and disciplined expense management, with expenses up 7%, primarily due to severance.

•Citi returned $7.4 billion to common shareholders in the form of share repurchases ($6.3 billion) under its 2025 $20 billion common stock repurchase program and dividends ($1.1 billion). On April 28, 2026, Citigroup’s Board of Directors authorized a new multiyear $30 billion common stock repurchase program, expected to begin in the second quarter of 2026. For additional information, see “Unregistered Sales of Equity Securities, Repurchases of Equity Securities and Dividends” below.

•Citi continued to advance its transformation, with 90% of transformation programs now at or nearly at Citi’s target state (see “Citi’s Multiyear Transformation” below).

•Citi continued to make progress on its remaining divestitures, including (i) entering into agreements in February 2026 with investors for commitments to purchase an aggregate 24% equity stake in Banamex, and (ii) completing the sale of 22.6% of such equity stake on April 29, 2026. For additional information, see “All Other—Managed Basis—Legacy Franchises (Managed Basis)” below and Note 2.

First Quarter of 2026 Results Summary

Citigroup

Citigroup reported net income of $5.8 billion, or $3.06 per share. This compared to net income of $4.1 billion, or $1.96 per share in the prior-year period.

Net income increased 42% versus the prior-year period, driven by higher revenues and a lower effective tax rate, partially offset by higher expenses and higher provisions for credit losses. Citigroup’s effective tax rate was 21% versus 25% in the prior-year period, largely driven by a discrete item in the current quarter.

Citigroup revenues of $24.6 billion increased 14%, driven by growth in each of Citi’s five interconnected businesses and Legacy Franchises (managed basis) in All Other, including the impact of FX translation, partially offset by a decline in Corporate/Other, also in All Other. Net interest income increased by 12%, and non-interest revenue increased 17% versus the prior-year period. The increase in net interest income was driven by increases in Markets, Services, Wealth, USCC, Banking and Legacy Franchises (managed basis), partially offset by a decline in Corporate/Other. The increase in non-interest revenue was driven by increases in All Other (managed basis), Markets, Services, Banking, USCC and Wealth.

Citigroup’s average loans were $755 billion, up 9% versus the prior-year period, largely driven by loan growth in Markets, Services and Wealth. For additional information about Citi’s average loans by business, including drivers and loan trends, see each business’s results of operations and “Managing Global Risk—Credit Risk—Average Loans” below.

Citigroup’s average deposits were approximately $1.4 trillion, up 11% versus the prior-year period, 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 $14.3 billion increased 7% from the prior-year period, including the impact of FX translation, driven by:

•higher compensation and benefits, and

•higher transactional and product servicing expenses,

•partially offset by lower:

•other operating,

•technology and communications, and

•professional services expenses.

The increase in compensation and benefits expenses was driven by higher performance-driven and volume-related compensation expenses and higher severance charges.

The increase in transactional and product servicing expenses was driven by higher volumes in Markets, Services, USCC and Banking, partially offset by All Other and Wealth.

The decrease in other operating expenses was driven by lower legal expenses, largely offset by higher operating expenses across USCC, Services and Banking as well as higher tax charges.

The decrease in technology and communication expenses was driven by a reduction in technology contractors as a result of productivity savings, primarily offset by technology charges and continued investments in technology and in the businesses to drive additional efficiencies and revenue growth.

The decrease in professional services expenses was driven by lower consulting spend, largely related to the transformation, partially offset by higher legal fees.

Provisions

Citi’s total provisions for credit losses and for benefits and claims were $2.8 billion, reflecting net credit losses of $2.2 billion and a net allowance for credit losses (ACL) build of $597 million.

Net credit losses were down 10% from the prior-year period, driven by decreases in USCC and Markets, partially offset by an increase in Legacy Franchises (managed basis) in All Other.

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The net ACL build was driven by portfolio quality, including seasonal mix changes, increased uncertainty in the macroeconomic outlook and Citi’s forward purchase commitment of the Barclays American Airlines co-branded card portfolio, largely offset by refinements to loss assumptions and lower net lending activity.

Citi’s total provisions for credit losses and for benefits and claims in the prior-year period were $2.7 billion, reflecting net credit losses of $2.5 billion and a net ACL build of $264 million, driven by increased uncertainty and deterioration in the macroeconomic outlook and portfolio quality, largely offset by lower net lending activity.

For additional information on Citi’s ACL, see each respective segment’s and All Other’s results of operations and “Significant Accounting Policies and Significant Estimates—Citi’s Allowance for Credit Losses (ACL)” below.

For additional information on Citi’s net credit losses, 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 12.7% as of March 31, 2026, compared to 13.4% as of March 31, 2025, based on the Basel III Standardized Approach for determining risk-weighted assets (RWA). The decrease was driven by common share repurchases, the payment of common and preferred dividends and an increase in RWA, largely offset by net income and net beneficial movements in Accumulated other comprehensive income (AOCI).

For additional information on Citi’s capital metrics and capital actions, see “Capital Resources” and “Unregistered Sales of Equity Securities, Repurchases of Equity Securities and Dividends” below.

For information on the results of operations for the first quarter of 2026 for each of Citi’s segments and All Other, see “Services,” “Markets,” “Banking,” “Wealth,” “USCC” 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 and tensions, including the conflict in the Middle East, which has disrupted global energy and other commodities markets and supply chains and resulted in inflationary pressures; changes in U.S. laws or policies; and changes in interest rates and monetary policies. These factors could result in volatility and disruptions in financial markets, as well as adversely affect economic growth and unemployment in the U.S. and other countries. Such risks and uncertainties could also adversely impact Citi’s clients, customers, businesses, funding costs, provisions and overall results of operations and financial condition during the remainder of 2026.

For a further discussion of trends, uncertainties and risks that will or could impact Citi’s segments and All Other, results of operations, capital and other financial condition during the remainder of 2026 and beyond, see each respective segment’s and All Other’s results of operations, “Managing Global Risk” and “Forward-Looking Statements” below and “Citi’s Multiyear Transformation” and “Risk Factors” in Citi’s 2025 Form 10-K.

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CITI’S MULTIYEAR TRANSFORMATION

As previously disclosed, Citi’s transformation, including the remediation of its 2020 Consent Orders with the Board of Governors of the Federal Reserve System (FRB) and Office of the Comptroller of the Currency (OCC), is a multiyear endeavor that has not been linear. For additional information on Citi’s transformation, including remaining focus areas and status, consent order compliance and governance, see “Citi’s Multiyear Transformation” in Citi’s 2025 Form 10-K and Citi’s 2026 Proxy Statement for its Annual Meeting of Stockholders.

In the first quarter of 2026, Citi continued to make significant progress on its transformation. Approximately 90% of transformation programs are at or nearly at Citi’s target state for key areas such as risk and controls, compliance and finance. Within the data program, Citi continued to enhance data quality and governance, including completing the onboarding of the most critical in-scope regulatory reports to a strategic reporting platform, streamlining workflow and enhancing controls.

9

RESULTS OF OPERATIONS

SUMMARY OF SELECTED FINANCIAL DATA

Citigroup Inc. and Consolidated Subsidiaries

	First Quarter
In millions of dollars, except per share amounts	2026		2025		% Change
Net interest income	$	15,741	$	14,012	12	%
Non-interest revenue	8,892		7,584		17
Revenues, net of interest expense	$	24,633	$	21,596	14	%
Operating expenses	14,311		13,425		7
Provisions for credit losses and for benefits and claims	2,805		2,723		3
Income from continuing operations before income taxes	$	7,517	$	5,448	38	%
Income taxes	1,578		1,340		18
Income from continuing operations	$	5,939	$	4,108	45	%
Income (loss) from discontinued operations, net of taxes	(1)		(1)		—
Net income before attribution of noncontrolling interests	$	5,938	$	4,107	45	%
Net income attributable to noncontrolling interests	153		43		256
Citigroup’s net income	$	5,785	$	4,064	42	%
Earnings per share
Basic
Income from continuing operations	$	3.12	$	2.00	56	%
Net income	3.12		2.00		56
Diluted
Income from continuing operations	$	3.06	$	1.96	56	%
Net income	3.06		1.96		56
Dividends declared per common share	0.60		0.56		7
Common dividends	$	1,057	$	1,072	(1)	%
Preferred dividends	305		269		13
Common share repurchases	6,300		1,750		260

Table continues on the next page, including footnotes.

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SUMMARY OF SELECTED FINANCIAL DATA

(Continued)

Citigroup Inc. and Consolidated Subsidiaries

In millions of dollars, except per share amounts, ratios and direct staff	First Quarter
	2026			2025			% Change
At March 31:
Total assets	$	2,777,687		$	2,571,514		8	%
Total deposits	1,446,240			1,316,410			10
Long-term debt	307,566			295,684			4
Citigroup common stockholders’ equity	191,409			194,058			(1)
Total Citigroup stockholders’ equity	210,959			212,408			(1)
Average assets	2,816,804			2,517,141			12
Direct staff (in thousands)	224			229			(2)	%
Performance metrics
Return on average assets	0.83		%	0.65		%
Return on average common stockholders’ equity(1)	11.5			8.0
Return on average total stockholders’ equity(1)	11.0			7.9
Return on tangible common equity (RoTCE)(2)	13.1			9.1
Operating leverage(3)	746 bps			759 bps
Efficiency ratio (total operating expenses/total revenues, net)	58.1			62.2
Regulatory capital ratios
CET1 Capital(4)	12.75		%	13.41		%
Tier 1 Capital(4)	14.57			15.10
Total Capital(4)	15.45			15.41
Supplementary Leverage ratio	5.25			5.79
Citigroup common stockholders’ equity to assets	6.89		%	7.55		%
Total Citigroup stockholders’ equity to assets	7.59			8.26
Dividend payout ratio(5)	20			29
Total payout ratio(6)	134			74
Book value per common share	$	112.22		$	103.90		8	%
Tangible book value per share (TBVPS)(2)	99.01			91.52			8

(1)    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.

(2)    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.

(3)    Operating leverage represents the year-over-year growth rate in basis points (bps) of Total revenues, net of interest expense less the year-over-year growth rate of Total operating expenses. Positive operating leverage indicates that the revenue growth rate was greater than the expense growth rate.

(4)    Citi’s binding CET1 Capital and Tier 1 Capital ratios were derived under the Basel III Standardized Approach, whereas Citi’s binding Total Capital ratio was derived under the Basel III Advanced Approaches framework for both periods presented.

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

(6)    The total payout ratio represents the total of common dividends declared plus common share repurchases as a percentage of net income available to common shareholders (Net income less preferred dividends). See “Consolidated Statement of Changes in Stockholders’ Equity,” Note 9 and “Unregistered Sales of Equity Securities, Repurchases of Equity Securities and Dividends—Equity Security Repurchases” below for the component details.

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BALANCE SHEET OVERVIEW

This section provides details of select assets and liabilities reported on Citigroup’s Consolidated Balance Sheet and the changes from December 31, 2025 to March 31, 2026:

					Increase (decrease)
In millions of dollars	March 31, 2026		December 31, 2025		$		%
Assets
Cash and deposits with banks, net of allowance	$	385,722	$	349,579	$	36,143	10	%
Securities borrowed and purchased under agreements to resell, net of allowance	353,094		356,195		(3,101)		(1)
Trading account assets	593,473		537,139		56,334		10
Investments, net of allowance	444,164		444,229		(65)		—
Loans, net of unearned income and allowance for credit losses on loans	741,980		732,983		8,997		1
All other assets	259,254		237,077		22,177		9
Total assets	$	2,777,687	$	2,657,202	$	120,485	5	%
Liabilities and equity
Total deposits	$	1,446,240	$	1,403,573	$	42,667	3	%
Securities loaned and sold under agreements to repurchase	369,585		348,098		21,487		6
Trading account liabilities	185,266		162,798		22,468		14
Short-term borrowings	72,056		51,878		20,178		39
Long-term debt	307,566		315,827		(8,261)		(3)
All other liabilities	184,402		161,206		23,196		14
Total liabilities	$	2,565,115	$	2,443,380	$	121,735	5	%
Preferred stock	19,550		20,050		(500)		(2)
Common equity	191,409		192,241		(832)		—
Noncontrolling interests	1,613		1,531		82		5
Total liabilities and equity	$	2,777,687	$	2,657,202	$	120,485	5	%

Cash and deposits with banks: increased $36 billion, or 10%, primarily driven by growth in deposits in excess of loan growth and net issuances of short-term borrowings, partially offset by growth in net trading assets and liabilities, and net maturities and redemptions of long-term debt.

Securities borrowed and purchased under agreements to resell: decreased $3 billion, or 1%, primarily driven by higher netting in Rates and Currencies in Markets. See Note 10.

Trading account assets: increased $56 billion, or 10%, largely driven by increases in U.S. and foreign government securities and mortgage-backed securities on increased client demand in Markets. See Note 21.

Investments: were essentially unchanged. Held-to-maturity debt securities decreased $11 billion, or 6%, largely driven by maturities of U.S. Treasury securities and paydowns in mortgage- and asset-backed securities. Available-for-sale debt securities increased $11 billion, or 4%, driven by net purchases in U.S. Treasury and mortgage-backed securities, partially offset by net sales in foreign government and corporate debt securities. See Note 11.

Loans: increased $9 billion, or 1%, driven by growth in Banking, due to increased demand for funded loans; Markets, primarily driven by financing activity in spread products; and Services, driven by continued demand for trade loans, partially offset by lower seasonal volumes in USCC. See “Credit Risk—Loans” below and Note 12.

All other assets: consisting of brokerage receivables, premises and equipment, goodwill and intangibles, loans HFS, deferred taxes, accruals, other receivables, leases and other, increased $22 billion, or 9%, primarily due to higher Brokerage receivables reflecting higher trading activity, partially offset by lower Other assets. See “Significant Accounting Policies and Significant Estimates” below and Notes 14 and 24.

Deposits: increased $43 billion, or 3%, driven by an increase in operational deposits in Services. See “Liquidity Risk—

Deposits” below and Note 15.

Securities loaned and sold under agreements to repurchase: increased $21 billion, or 6%, driven by increased financing in support of client activities in Markets. See Note 10.

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Trading account liabilities: increased $22 billion, or 14%, driven by Equity Markets and Rates and Currencies, both within Markets, reflecting increased client demand. See Note 21.

Short-term borrowings: increased $20 billion, or 39%,

largely driven by increased advances from the Federal Home Loan Bank (FHLB) and increased short-term structured note borrowings. See “Liquidity Risk—Short-Term Borrowings”

below and Note 16.

Long-term debt: decreased $8 billion, or 3%, driven by maturities/redemptions in bank/non-bank benchmark debt and FHLB borrowings, partially offset by increases in local country and other. See “Liquidity Risk—Long-Term Debt” below and Note 16.

All other liabilities: consisting of brokerage payables, accruals, deferred taxes, other payables, deposits HFS, leases and other, increased $23 billion, or 14%, due to higher Brokerage payables reflecting higher trading activity, partially offset by lower Other liabilities. See “Significant Accounting Policies and Significant Estimates” below and Notes 2 and 24.

Preferred stock: decreased $0.5 billion, or 2%, reflecting $2.3 billion of redemptions, primarily offset by $1.8 billion of issuances. See the Consolidated Statement of Changes in Stockholders’ Equity in the Consolidated Financial Statements and Note 18.

Common equity: decreased $0.8 billion, as $5.8 billion in net income, $1.3 billion in lower AOCI losses and $0.2 billion in employee stock awards were more than offset by $6.3 billion in common share repurchases and $1.4 billion of common ($1.1 billion) and preferred ($0.3 billion) dividends.

For additional information on changes in common equity, see the Consolidated Statement of Changes in Stockholders’ Equity in the Consolidated Financial Statements and “Unregistered Sales of Equity Securities, Repurchases of Equity Securities and Dividends” below.

13

SEGMENT REVENUES AND INCOME (LOSS)

REVENUES

	First Quarter
In millions of dollars	2026		2025		% Change
Services	$	6,103	$	5,204	17	%
Markets	7,246		6,075		19
Banking	1,767		1,530		15
Wealth	3,065		2,757		11
USCC	4,757		4,567		4
All Other—managed basis(1)	1,682		1,463		15
All Other—divestiture-related impacts (Reconciling Items)(1)	13		—		NM
Total Citigroup net revenues	$	24,633	$	21,596	14	%

INCOME

	First Quarter
In millions of dollars	2026		2025		% Change
Income (loss) from continuing operations
Services	$	2,242	$	1,849	21	%
Markets	2,629		1,862		41
Banking	304		222		37
Wealth	432		191		126
USCC	732		838		(13)
All Other—managed basis(1)	(388)		(839)		54
All Other—divestiture-related impacts (Reconciling Items)(1)	(12)		(15)		20
Income from continuing operations	$	5,939	$	4,108	45	%
Discontinued operations	$	(1)	$	(1)	—	%
Less: Net income attributable to noncontrolling interests	153		43		256
Citigroup’s net income	$	5,785	$	4,064	42	%

(1)    All Other (managed basis) excludes divestiture-related impacts (Reconciling Items) related to Citi’s divestitures of its Asia Consumer businesses and Banamex, within Legacy Franchises. The Reconciling Items are reflected in the relevant line items in Citi’s Consolidated Statement of Income. See “All Other—Divestiture-Related Impacts (Reconciling Items)” below.

NM Not meaningful

14

SERVICES

Services includes TTS and Securities Services:

•TTS provides an integrated suite of tailored cash management, payments and trade and working capital solutions to multinational corporations, financial institutions and public sector organizations.

•Securities Services connects investors and issuers across global markets, providing a comprehensive product offering, including on-the-ground local market expertise, post-trade technologies, customized data solutions and a wide range of securities services solutions that can be tailored to meet clients’ needs.

Services revenues are generated primarily from spreads and fees associated with these activities. Services earns spread revenue on deposits, as well as interest on loans. Revenue generated from these activities is primarily recorded in Net interest income in the table below.

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

	First Quarter
In millions of dollars, except as otherwise noted	2026			2025			% Change
Net interest income (including dividends)	$	4,143		$	3,498		18	%
Fee revenue
Commissions and fees	909			815			12
Administration and other fiduciary fees	763			658			16
Total fee revenue	$	1,672		$	1,473		14	%
Principal transactions	263			233			13
All other	25			—			—
Total non-interest revenue	$	1,960		$	1,706		15	%
Total revenues, net of interest expense	$	6,103		$	5,204		17	%
Total operating expenses	$	2,935		$	2,584		14	%
Net credit losses (NCLs) on loans	3			6			(50)
Credit reserve build (release) for loans	97			24			304
Provision (release) for credit losses on unfunded lending commitments	(11)			(6)			(83)
Provisions for credit losses on other assets and held-to-maturity (HTM) debt securities	5			27			(81)
Provision (release) for credit losses	$	94		$	51		84	%
Income from continuing operations before taxes	$	3,074		$	2,569		20	%
Income taxes	832			720			16
Income from continuing operations	$	2,242		$	1,849		21	%
Noncontrolling interests	14			15			(7)
Net income	$	2,228		$	1,834		21	%
Efficiency ratio	48		%	50		%
Balance Sheet data (in billions of dollars)
End-of-period (EOP) assets	$	649		$	589		10	%
Average assets	637			578			10

15

Revenue by line of business
Net interest income	$	3,424		$	2,865		20	%
Non-interest revenue	1,192			1,064			12
TTS	$	4,616		$	3,929		17	%
Net interest income	$	719		$	633		14	%
Non-interest revenue	768			642			20
Securities Services	$	1,487		$	1,275		17	%
Total Services	$	6,103		$	5,204		17	%
Revenue by managed geography
North America	$	1,976		$	1,549		28	%
International	4,127			3,655			13
Total	$	6,103		$	5,204		17	%
International revenue by cluster
United Kingdom	$	579		$	478		21	%
Japan, Asia North and Australia (JANA)	830			700			19
LATAM	748			658			14
Asia South	660			639			3
Europe	690			589			17
Middle East, Africa and Russia (MEA)	620			591			5
Total	$	4,127		$	3,655		13	%
Key drivers(1)
Average loans by line of business (in billions of dollars)
TTS	$	97		$	86		13	%
Securities Services	2			1			100
Total	$	99		$	87		14	%
Allowance for credit losses on loans (ACLL) as a percentage of EOP loans(2)	0.42		%	0.30		%
NCLs (annualized) as a percentage of average loans	0.01		%	0.03		%
Average deposits by line of business (in billions of dollars)
TTS	$	812		$	690		18	%
Securities Services	149			136			10
Total	$	961		$	826		16	%
AUC/AUA(3) (in trillions of dollars)	$	31.6		$	26.1		21	%
Cross-border transaction value (in billions of dollars)	106.3			95.1			12
U.S. dollar clearing volume(4) (in millions)	43.9			42.7			3
Commercial card spend volume (in billions of dollars)	$	18.6		$	17.2		8

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

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

(3)    AUC/AUA includes assets for which Citi provides custody or safekeeping services for assets held directly or by a third party on behalf of clients, or assets for which Citi provides administrative services for clients. Securities Services managed AUC/AUA, of which Citi provided both custody and administrative services to certain clients related to $3.1 trillion and $2.0 trillion of such assets at March 31, 2026 and 2025, respectively.

(4)    Represents the number of U.S. dollar clearing payment instructions processed on behalf of U.S. and foreign-domiciled entities (primarily financial institutions).

16

1Q26 vs. 1Q25

Net income of $2.2 billion increased 21%.

Revenues increased 17%, driven by growth in TTS and Securities Services.

Net interest income increased 18%, driven by an increase in average deposit balances and deposit spreads. Average deposits increased 16%, driven by growth in both TTS and Securities Services, with growth across both North America and International, largely driven by an increase in operating deposits, as Citi continues to deepen relationships with existing clients and onboard new clients. Non-interest revenue increased 15%, primarily driven by fee growth of 14%.

TTS revenues increased 17%, driven by a 20% increase in net interest income and 12% increase in non-interest revenue. The increase in net interest income was driven by an 18% increase in average deposit balances and deposit spreads. The increase in non-interest revenue was largely driven by an 11% increase in fee revenue, reflecting continued growth in underlying fee drivers, including an increase in cross-border transaction value of 12%, an increase in U.S. dollar clearing volumes of 3% and an increase in commercial card spend volume of 8%.

Securities Services revenues increased 17%, driven by a 20% increase in non-interest revenue and a 14% increase in net interest income. The increase in non-interest revenue was primarily driven by fee growth of 17% that benefited from a 21% increase in assets under custody and administration, which includes the impact of market valuations as well as new assets onboarded. The increase in net interest income was largely driven by a 10% increase in average deposits and deposit spreads.

Expenses increased 14%, primarily driven by higher volume- and other revenue-related expenses, higher compensation and benefits and higher technology costs.

Provisions were $94 million, reflecting a net ACL build of $91 million, and net credit losses of $3 million. The net ACL build was driven by increased uncertainty in the macroeconomic outlook and changes in credit quality on certain exposures, partially offset by refinements to loss assumptions. Provisions were $51 million in the prior-year period, reflecting a net ACL build of $45 million, driven by increased uncertainty and deterioration in the macroeconomic outlook and transfer risk, and net credit losses of $6 million.

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

For additional information on Services’ corporate credit portfolio, see “Managing Global Risk—Credit Risk—Corporate Credit” below.

For additional information on trends in Services’ deposits and loans, see “Managing Global Risk—Credit Risk—Average Loans” and “Managing Global Risk—Liquidity Risk—Deposits” below.

For additional information about trends, uncertainties and risks related to future results of the businesses, see “Executive Summary” above, “Forward-Looking Statements” below and “Risk Factors” in Citi’s 2025 Form 10-K.

17

MARKETS

Markets includes Fixed Income Markets and Equity Markets and provides corporate, institutional and public sector clients around the world with a full range of sales and trading services across equities, foreign exchange, rates, spread products and commodities. The range of services includes market-making across asset classes, risk management solutions, financing and prime brokerage.

Citi assesses its Markets business performance on a total revenues basis, as security inventory is often hedged by derivative instruments, creating offsetting gains and losses across revenue lines. As an example, securities that generate Net interest income may be hedged by derivative instruments, which are reported under Principal transactions within Non-interest revenue.

As a market maker, Markets facilitates transactions by holding inventory to meet client demand, with resulting gains or losses largely recorded as Principal transactions. Fee revenue is generated from services such as trading, financing, brokerage, securitization and underwriting. “Other” revenue includes 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.

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.

	First Quarter
In millions of dollars, except as otherwise noted	2026			2025			% Change
Net interest income (including dividends)	$	2,797		$	1,924		45	%
Fee revenue
Brokerage and fees	478			400			20
Investment banking fees(1)	120			135			(11)
Other	55			52			6
Total fee revenue	$	653		$	587		11	%
Principal transactions	3,542			3,285			8
All other	254			279			(9)
Total non-interest revenue	$	4,449		$	4,151		7	%
Total revenues, net of interest expense(2)	$	7,246		$	6,075		19	%
Total operating expenses	$	3,835		$	3,466		11	%
Net credit losses on loans	(3)			142			NM
Credit reserve build (release) for loans	23			48			(52)
Provision (release) for credit losses on unfunded lending commitments	(23)			9			NM
Provisions (releases) for credit losses for other assets and HTM debt securities	(12)			2			NM
Provision (release) for credit losses	$	(15)		$	201		NM
Income from continuing operations before taxes	$	3,426		$	2,408		42	%
Income taxes	797			546			46
Income from continuing operations	$	2,629		$	1,862		41	%
Noncontrolling interests	34			13			162
Net income	$	2,595		$	1,849		40	%
Efficiency ratio	53		%	57		%
Balance Sheet data (in billions of dollars)
EOP assets	$	1,280		$	1,162		10	%
Average assets	1,325			1,118			19

18

Revenue by line of business
Fixed Income Markets	$	5,166		$	4,578		13	%
Equity Markets	2,080			1,497			39
Total	$	7,246		$	6,075		19	%
Rates and Currencies	$	3,311		$	3,116		6	%
Spread Products and Other Fixed Income	1,855			1,462			27
Total Fixed Income Markets revenues	$	5,166		$	4,578		13	%
Revenue by managed geography
North America	$	2,559		$	2,169		18	%
International	4,687			3,906			20
Total	$	7,246		$	6,075		19	%
International revenue by cluster
United Kingdom	$	1,484		$	1,488		—	%
Japan, Asia North and Australia (JANA)	1,080			690			57
LATAM	714			606			18
Asia South	603			507			19
Europe	389			307			27
Middle East, Africa and Russia (MEA)	417			308			35
Total	$	4,687		$	3,906		20	%
Key drivers(3) (in billions of dollars)
Average loans	$	162		$	128		27	%
NCLs (annualized) as a percentage of average loans	(0.01)		%	0.45		%
ACLL as a percentage of EOP loans(4)	0.67		%	0.89		%
Average trading account assets	$	573		$	474		21

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

(2)    For a description of the composition of the above revenue line items, see Notes 4, 5 and 6.

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

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

NM Not meaningful

19

1Q26 vs. 1Q25

Net income of $2.6 billion increased 40%.

Revenues increased 19%, driven by higher revenue in both Fixed Income Markets and Equity Markets.

Fixed Income Markets revenue of $5.2 billion increased 13%, reflecting higher revenues in Rates and Currencies and Spread Products and Other Fixed Income. Rates and Currencies revenues grew 6%, driven by higher volumes in the foreign exchange business and optimization of the balance sheet, largely offset by rates on elevated volatility.

Spread Products and Other Fixed Income revenues increased 27%, primarily driven by strong performance in commodities.

Equity Markets revenue was $2.1 billion, up 39%, driven by continued momentum across equity derivatives, prime services and equity cash. Additionally, prime balances were up more than 50% from the prior-year period.

Expenses of $3.8 billion increased 11%, primarily driven by higher performance-related compensation as well as higher volume-related and legal expenses.

Provisions were a net benefit of $15 million, reflecting a net ACL release of $12 million, and net credit recoveries of $3 million. The net ACL release was driven by refinements to loss assumptions, primarily offset by increased uncertainty in the macroeconomic outlook. Provisions were $201 million in the prior-year period, reflecting net credit losses of $142 million in spread products, and a net ACL build of $59 million, driven by increased uncertainty and deterioration in the macroeconomic outlook.

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

For additional information on Markets’ corporate credit portfolio, see “Managing Global Risk—Credit Risk” below.

For additional information about trends, uncertainties and risks related to future results of the businesses, see “Executive Summary” above, “Forward-Looking Statements” below and “Risk Factors” in Citi’s 2025 Form 10-K.

20

BANKING

Banking includes Investment Banking (Debt Capital Markets (DCM), Equity Capital Markets (ECM) and Advisory sub-businesses) and Corporate Lending:

•Investment Banking supports clients’ capital-raising needs to help strengthen and grow their businesses, including equity and debt capital markets strategic financing solutions and loan syndication structuring, as well as advisory services related to mergers and acquisitions, divestitures, restructurings and corporate defense activities.

•Corporate Lending consists of corporate and commercial banking, serving as the conduit for Citi’s product suite to clients.

Banking primarily generates investment banking fees, composed of underwriting, advisory, loan syndication structuring and other related financing activity, in addition to earning net interest spread revenue on its Corporate Lending activities. For additional information on these types of revenues, see Note 5.

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

	First Quarter
In millions of dollars, except as otherwise noted	2026			2025			% Change
Net interest income (including dividends)	$	587		$	491		20	%
Fee revenue
Investment banking fees	1,232			1,104			12
Other	64			49			31
Total fee revenue	$	1,296		$	1,153		12	%
Principal transactions	(38)			(90)			58
All other	(78)			(24)			(225)
Total non-interest revenue	$	1,180		$	1,039		14	%
Total revenues, net of interest expense	$	1,767		$	1,530		15	%
Total operating expenses	$	1,240		$	1,034		20	%
Net credit losses on loans	6			34			(82)
Credit reserve build (release) for loans	175			78			124
Provision (release) for credit losses on unfunded lending commitments	(51)			107			NM
Provisions (releases) for credit losses on other assets and HTM debt securities	2			(5)			NM
Provisions (releases) for credit losses	$	132		$	214		(38)	%
Income from continuing operations before taxes	$	395		$	282		40	%
Income taxes	91			60			52
Income from continuing operations	$	304		$	222		37	%
Noncontrolling interests	—			(1)			100
Net income	$	304		$	223		36	%
Efficiency ratio	70		%	68		%
Balance Sheet data (in billions of dollars)
EOP assets	$	154		$	147		5	%
Average assets	154			144			7

21

Revenue by line of business
Investment Banking	$	1,326		$	1,114		19	%
Corporate Lending (excluding gain (loss) on loan hedges)(1)	391			402			(3)
Total Banking revenues (excluding gain (loss) on loan hedges)(1)	$	1,717		$	1,516		13	%
Gain (loss) on loan hedges(1)	50			14			257
Total Banking revenues (including gain (loss) on loan hedges)(1)	$	1,767		$	1,530		15	%
Investment banking fees
Advisory	$	505		$	424		19	%
Equity underwriting (ECM)	208			127			64
Debt underwriting (DCM)	519			553			(6)
Total	$	1,232		$	1,104		12	%
Revenue by managed geography
North America	$	1,109		$	874		27	%
International	658			656			—
Total	$	1,767		$	1,530		15	%
International revenue by cluster
United Kingdom	$	169		$	213		(21)	%
Japan, Asia North and Australia (JANA)	125			142			(12)
LATAM	92			95			(3)
Asia South	81			73			11
Europe	153			99			55
Middle East, Africa and Russia (MEA)	38			34			12
Total	$	658		$	656		—	%
Key drivers(2) (in billions of dollars)
Average loans	$	83		$	82		1	%
NCLs (annualized) as a percentage of average loans	0.03		%	0.17		%
ACLL as a percentage of EOP loans(3)	2.06		%	1.54		%

(1)    Credit derivatives are used to economically hedge a portion of the corporate loan portfolio that includes both accrual loans and loans at fair value. Gain (loss) on loan hedges includes the mark-to-market on the credit derivatives, partially offset by the mark-to-market on the loans in the portfolio that are at fair value. Hedges on accrual loans reflect the mark-to-market on credit derivatives used to economically hedge the corporate loan accrual portfolio. The fixed premium costs of these hedges are netted against the corporate lending revenues to reflect the cost of credit protection. Citigroup’s results of operations excluding the impact of gain (loss) on loan hedges are non-GAAP financial measures.

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

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

NM Not meaningful

22

The discussion of the results of operations for Banking below excludes (where noted) the impact of any gain (loss) on hedges of accrual loans, which are non-GAAP financial measures. For a reconciliation of these metrics to the reported results, see the table above.

1Q26 vs. 1Q25

Net income of $304 million increased 36%.

Revenues increased 15%, primarily driven by growth in Investment Banking. Excluding the impact of gain (loss) on loan hedges, Banking revenues increased 13%.

Investment Banking revenues increased 19%, driven by increases in investment banking fees amid overall wallet expansion, and higher net interest income, largely driven by higher loan and commitment balances in DCM. Investment banking fees were up 12% across Advisory and ECM, partially offset by a decrease in DCM. Advisory fees increased 19%, reflecting continued growth in sell-side fees and strong performance with sponsors. ECM fees were up 64%, driven by growth in follow-on activity and an increase in convertibles amid an active market. DCM fees decreased 6%, driven by lower non-investment-grade activity, while DCM maintained overall market share versus year-end 2025.

Corporate Lending revenues increased 6%, including the impact of gain (loss) on loan hedges. Excluding the impact of gain (loss) on loan hedges, Corporate Lending revenues decreased 3%, driven by mark-to-market losses on certain assets, primarily offset by higher loan spreads.

Expenses increased 20%, primarily driven by an increase in compensation and benefits, including performance-based compensation and investments made in the business, higher legal expenses and higher volume-related transaction expenses.

Provisions were $132 million, reflecting a net ACL build of $126 million, and net credit losses of $6 million. The net ACL build was driven by increased uncertainty in the macroeconomic outlook and exposure growth, largely offset by refinements to loss assumptions. Provisions were $214 million in the prior-year period, reflecting a net ACL build of $180 million, driven by increased uncertainty and deterioration in the macroeconomic outlook, and net credit losses of $34 million.

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

For additional information on Banking’s corporate credit portfolio, see “Managing Global Risk—Credit Risk” below.

For additional information about trends, uncertainties and risks related to future results of the businesses, see “Executive Summary” above, “Forward-Looking Statements” below and “Risk Factors” in Citi’s 2025 Form 10-K.

23

WEALTH

Wealth includes Citigold and Retail Banking, the Private Bank and Wealth at Work, and provides financial and advisory services to a range of client segments. These services comprise banking, investment, lending and custody product offerings in approximately 20 countries, including the U.S. Wealth has branches concentrated in six key metropolitan areas (New York, Los Angeles, San Francisco, Chicago, Miami and Washington, D.C.) and four wealth management centers outside the U.S.: Singapore, Hong Kong, the UAE and London.

•Citigold and Retail Banking provides financial services to high net worth, affluent, retail and small business clients at every stage of their financial journey, from high net worth advisory to traditional banking.

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

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

Wealth revenues are primarily generated from spreads and fees associated with its financial and advisory services. Net interest income is mainly driven by interest earned on client deposits and tailored lending solutions, including mortgages, securities-based lending, personal, small business and other loans and international credit cards.

Fee 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.

For additional information on Wealth’s end-of-period consumer loan portfolios and metrics, see “Managing Global Risk—Credit Risk—Consumer Credit” below.

	First Quarter
In millions of dollars, except as otherwise noted	2026			2025			% Change
Net interest income	$	2,095		$	1,831		14	%
Fee revenue
Commissions and fees	543			484			12
Other(1)	207			247			(16)
Total fee revenue	$	750		$	731		3	%
All other(2)	220			195			13
Total non-interest revenue	$	970		$	926		5	%
Total revenues, net of interest expense	$	3,065		$	2,757		11	%
Total operating expenses	$	2,415		$	2,390		1	%
Net credit losses on loans	88			67			31
Credit reserve build (release) for loans	13			64			(80)
Provision (release) for credit losses on unfunded lending commitments	—			(1)			100
Provisions (releases) for benefits and claims (PBC), and other assets	—			(4)			100
Provisions (releases) for credit losses and PBC	$	101		$	126		(20)	%
Income from continuing operations before taxes	$	549		$	241		128	%
Income taxes	117			50			134
Income from continuing operations	$	432		$	191		126	%
Noncontrolling interests	—			—			—
Net income	$	432		$	191		126	%
Efficiency ratio	79		%	87		%
Balance Sheet data (in billions of dollars)
EOP assets	$	320		$	301		6	%
Average assets	321			301			7

24

Revenue by line of business
Citigold and Retail Banking	$	2,062		$	1,825		13	%
Private Bank	757			664			14
Wealth at Work	246			268			(8)
Total	$	3,065		$	2,757		11	%
Revenue by managed geography
North America	$	1,893		$	1,734		9	%
International	1,172			1,023			15
Total	$	3,065		$	2,757		11	%
International revenue by cluster
United Kingdom	$	108		$	105		3	%
Japan, Asia North and Australia (JANA)	423			357			18
LATAM	41			37			11
Asia South	430			372			16
Europe	84			64			31
Middle East, Africa and Russia (MEA)	86			88			(2)
Total	$	1,172		$	1,023		15	%
Key drivers(3) (in billions of dollars)
EOP client balances
Client investment assets(4)(5)	$	676		$	595		14	%
Deposits	418			401			4
Loans	205			196			5
Total	$	1,299		$	1,192		9	%
Net new investment assets (NNIA)(6)	$	14.7		$	16.5		(11)	%
Average deposits	414			399			4
Average loans	205			194			6
ACLL as a percentage of EOP loans(7)	0.33		%	0.38		%
NCLs (annualized) as a percentage of average loans	0.17		%	0.14		%
U.S. Retail Banking branches (actual)	655			644			2	%

(1)    Primarily related to fiduciary and administrative fees.

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

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

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

(5)    Beginning in the first quarter of 2026, Client investment assets include an additional approximate $10 billion associated with the value of client insurance policies that were not previously reported.

(6)    Represents investment asset inflows, including dividends, interest and distributions, less investment asset outflows. See “Glossary” below for additional information. NNIA flows can fluctuate across quarters due to a variety of factors, including, but not limited to, the macroeconomic environment, market volatility, investor sentiment, client activity, seasonal effects and product mix and offering changes.

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

25

1Q26 vs. 1Q25

Net income of $432 million increased 126%.

Revenues increased 11%, driven by growth across Citigold and Retail Banking and the Private Bank, partially offset by lower revenues in Wealth at Work. Net interest income increased 14%, driven by higher deposit spreads and average deposit balances, partially offset by lower mortgage spreads. Non-interest revenue increased 5%, driven by higher investment fee revenues, partially offset by the loss of fee revenue from the 2025 sale of a trust business.

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 (approximately $15 billion for the first quarter and $43 billion for the last 12 months), which represented 7% organic growth. This increase in client investment assets was partially offset by the 2025 sale of a trust business.

Average deposits increased 4%, largely driven by higher deposits in the Private Bank, as net new deposits were partially offset by outflows and a shift from deposits to higher-yielding investments, including on Citi’s platform. Average loans increased 6%, driven by growth in securities-based lending and mortgages.

Citigold and Retail Banking revenues increased 13%, driven by higher deposit spreads and higher investment fee revenues.

Private Bank revenues increased 14%, driven by higher deposit spreads and average deposit balances and higher investment fee revenues, largely offset by lower mortgage spreads and the loss of fee revenue from the 2025 sale of a trust business.

Wealth at Work revenues decreased 8%, driven by continued lower mortgage spreads, largely offset by higher deposit spreads and average deposit balances.

Expenses increased 1%, driven by higher technology costs and higher volume-related expenses, partially offset by lower compensation and benefits, including the impact of the 2025 sale of a trust business.

Provisions were $101 million, reflecting net credit losses of $88 million, and a net ACL build of $13 million. Net credit losses were primarily driven by overdraft losses and international credit cards. Provisions were $126 million in the prior-year period, reflecting net credit losses of $67 million, and a net ACL build of $59 million, driven by increased uncertainty and deterioration in the macroeconomic outlook.

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

For additional information on Wealth’s loan portfolios, see “Managing Global Risk—Credit Risk—Consumer Credit” below.

For additional information on trends in Wealth’s deposits and loans, see “Managing Global Risk—Credit Risk—Loans” and “Managing Global Risk—Liquidity Risk—Deposits” below.

For additional information about trends, uncertainties and risks related to future results of the businesses, see “Executive Summary” above, “Forward-Looking Statements” below and “Risk Factors” in Citi’s 2025 Form 10-K.

26

U.S. CONSUMER CARDS (USCC)

U.S. Consumer Cards (USCC) consists of unsecured consumer lending, including General Purpose Credit Cards, Private Label Credit Cards and Installment Lending products:

•General Purpose Credit Cards (GPCC) includes Citi branded (Value, Rewards and Cash) and co-branded (including, among others, American Airlines, Costco and GPCC products with Best Buy and Macy’s) card portfolios. These cards are accepted by a wide variety of merchants and service providers.

•Private Label Credit Cards (PLCC) includes closed loop retail-specific cards (including, among others, The Home Depot and PLCC products with Best Buy and Macy’s). These cards are limited to purchases of the retailer’s goods and services.

•Installment Lending includes digitally led personal installment loans and merchant installment lending.

USCC revenues are primarily generated from net interest income on unsecured consumer credit card and installment lending.

Fee revenue is generated through credit card activities, including interchange revenue and other card-related fees, and reflects offsetting impacts from card reward programs and partner payments. For additional information on these types of revenues, see Note 5.

	First Quarter
In millions of dollars, except as otherwise noted	2026			2025			% Change
Net interest income	$	5,116		$	4,984		3	%
Fee revenue
Interchange fees(1)	2,404			2,285			5
Card rewards and partner payments	(2,897)			(2,821)			(3)
Other(1)	112			96			17
Total fee revenue	$	(381)		$	(440)		13	%
All other(2)	22			23			(4)
Total non-interest revenue	$	(359)		$	(417)		14	%
Total revenues, net of interest expense	$	4,757		$	4,567		4	%
Total operating expenses	$	1,711		$	1,691		1	%
Net credit losses on loans	1,742			1,954			(11)
Credit reserve build (release) for loans	76			(174)			NM
Provision for credit losses on unfunded lending commitments(3)	272			—			NM
Provisions for benefits and claims (PBC), and other assets	2			3			(33)
Provisions for credit losses and PBC	$	2,092		$	1,783		17	%
Income from continuing operations before taxes	$	954		$	1,093		(13)	%
Income taxes	222			255			(13)
Income from continuing operations	$	732		$	838		(13)	%
Noncontrolling interests	—			—			—
Net income	$	732		$	838		(13)	%
Efficiency ratio	36		%	37		%
Balance Sheet data (in billions of dollars)
EOP assets	$	171		$	167		2	%
Average assets	172			169			2

27

Key drivers(4) (in billions of dollars, except as otherwise noted)
Average loans	$	171		$	168		2	%
ACLL as a percentage of EOP loans	8.09		%	8.29		%
NCLs (annualized) as a percentage of average loans	4.12		%	4.72		%
Revenue rate(5)	11.28		%	11.02		%
NII(6) (annualized) as a percentage of average loans	12.13		%	12.03		%
GPCC
Credit card spend volume	$	142		$	133		6	%
Average active accounts(7) (in thousands of accounts)	46,219			45,058			3
Average loans	$	138		$	133		4
NCLs (annualized) as a percentage of average loans	3.87		%	4.45		%
Loans 90+ days past due as a percentage of EOP loans	1.39		%	1.42		%
Loans 30–89 days past due as a percentage of EOP loans	1.20		%	1.21		%
New credit cards account acquisitions(8) (in thousands of accounts)	1,899			1,696			12
PLCC
Credit card spend volume	$	11		$	11		(4)	%
Average active accounts(7) (in thousands of accounts)	22,465			24,228			(7)
Average loans	$	29		$	31		(6)
NCLs (annualized) as a percentage of average loans	5.05		%	5.71		%
Loans 90+ days past due as a percentage of EOP loans	2.15		%	2.23		%
Loans 30–89 days past due as a percentage of EOP loans	1.98		%	2.04		%
New credit cards account acquisitions(8) (in thousands of accounts)	1,043			1,144			(9)

(1)    Primarily related to credit card-related fees.

(2)    Primarily related to revenue incentives from card networks.

(3)    The first quarter of 2026 includes a reserve build related to Citi’s forward purchase commitment of the Barclays American Airlines co-branded card portfolio.

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

(5)    Total revenues, net of interest expense (annualized) as a percentage of average loans.

(6)    Net interest income includes certain fees that are recorded as interest revenue.

(7)    Represent average open credit card accounts on which there has been a purchase, payment or outstanding balance in the quarter.

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

NM Not meaningful

28

1Q26 vs. 1Q25

Net income of $732 million decreased 13%.

Revenues increased 4%, driven by growth in net interest income and non-interest revenue. Net interest income increased 3%, driven by higher interest-earning balances and loan spreads. Non-interest revenue increased 14%, driven by higher interchange fees, lower partner payment accruals and higher annual credit card fees, largely offset by higher rewards and acquisition costs.

Expenses increased 1%, driven by higher volume- and other revenue-related expenses, as well as higher compensation and benefits, primarily offset by lower legal expenses.

Provisions were $2.1 billion, reflecting net credit losses of $1.7 billion, and a net ACL build of $350 million. Net credit losses were down 11%, driven by improved credit performance in both general purpose and private label credit cards. The net ACL build was driven by seasonal portfolio mix changes and Citi’s forward purchase commitment of the Barclays American Airlines co-branded card portfolio, as well as increased uncertainty in the macroeconomic outlook. The net ACL build was largely offset by lower seasonal volumes and refinements to loss assumptions. Provisions were $1.8 billion in the prior-year period, reflecting net credit losses of $2.0 billion, and a net ACL release of $171 million, driven by lower volume, largely offset by portfolio quality, including seasonal mix changes, and increased uncertainty and deterioration in the macroeconomic outlook.

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

For additional information on USCC’s GPCC, PLCC and Installment Lending loan portfolios, see “Managing Global Risk—Credit Risk—Consumer Credit” below.

For additional information about trends, uncertainties and risks related to future results of the businesses, see “Executive Summary” above, “Forward-Looking Statements” below and “Risk Factors” in Citi’s 2025 Form 10-K.

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ALL OTHER—Managed Basis

All Other (managed basis) includes:

•Legacy Franchises (managed basis), and

•Corporate/Other

Legacy Franchises (Managed Basis)

Legacy Franchises (managed basis) results include the following:

•Mexico Consumer/SBMM, which operates primarily through Grupo Financiero Banamex, S.A. de C.V. (Banamex) and its consolidated subsidiaries and provides traditional retail banking, branded card products, retirement fund administration services and insurance products to consumers and traditional middle-market banking products and services to small business and commercial customers

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

•Legacy Holdings Assets

Legacy Franchises (managed basis) results exclude divestiture-related impacts related to Banamex and Asia Consumer. For information on divestiture-related impacts, see All Other—Divestiture-Related Impacts (Reconciling Items) below.

At March 31, 2026, Legacy Franchises (managed basis) had the following, which were substantially reported in Mexico Consumer/SBMM:

•1,292 retail branches

•$45 billion in deposits

•$17 billion in retail banking loans

•$10 billion in outstanding credit card balances

•$8 billion in outstanding corporate loans, reported within Mexico SBMM

Mexico Consumer/SBMM’s results of operations are presented in a managerial view, and include certain intercompany allocations, managerial charges and offshore expenses that reflect the Mexico Consumer/SBMM operations as a component of Citi’s consolidated operations. Mexico Consumer/SBMM’s results of operations do not reflect, and may differ significantly from, Banamex’s results and operations as a standalone legal entity.

For additional information on the loans and deposits of Mexico Consumer/SBMM and Asia Consumer, see “Mexico Consumer/SBMM—” and “Asia Consumer—key indicators” in the table below.

Banamex Divestiture

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

On February 23, 2026, Citi announced that it had entered into agreements with several prominent institutional investors and family offices who have committed to acquire, in aggregate, 24% of Banamex’s outstanding common stock at a fixed price of approximately MXN 43 billion, subject to

customary purchase price adjustments. The transactions are subject to customary closing conditions, including antitrust regulatory approval in Mexico.

On April 29, 2026, Citi completed the sale of 22.6% of the 24% equity stake in Banamex. The sale of the remaining 1.4% equity stake is expected to be completed by mid-2026. Upon closing of all committed purchases, Citi will have sold 49% of Banamex. With this accelerated sell-down, Citi does not anticipate any additional sales in 2026, allowing the current investor group time to drive value creation.

As a result of the closing of the 22.6% Banamex sale and based on balances as of March 31, 2026, Citi’s total stockholders’ equity is expected to increase by approximately $1.7 billion, due to (i) the reclassification of an approximate $2.1 billion CTA loss associated with Banamex from AOCI (within Total Citigroup stockholders’ equity) to Noncontrolling interests (NCI), which is a temporary benefit to Total Citigroup stockholders’ equity and will reverse at deconsolidation, partially offset by (ii) a net loss on sale of approximately $0.4 billion recorded primarily in Additional paid-in capital within Total Citigroup stockholders’ equity, which reflects the difference between the cash consideration received and 22.6% 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 translation.

As of March 31, 2026, Citi had approximately $9 billion of unrealized CTA losses, net of hedges and taxes and inclusive of amounts already reclassified to NCI from the 25% stake sale, attributed to Banamex and its consolidated subsidiaries.

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, inclusive of the amounts recorded within NCI, is subject to change prior to deconsolidation, including as a result of FX movements.

Overall Divestiture Progress

Citi has largely completed its exits from 12 of 14 international consumer markets as part of its strategic refresh, and continues to make significant progress on the divestitures of the remaining two markets, completing the sales of minority equity interests in Banamex and signing an agreement to sell its Poland consumer banking business. For additional information, see “All Other—Managed Basis” in Citi’s 2025 Form 10-K.

For additional information on Legacy Franchises’ consumer banking business sales and wind-downs, see Note 2.

Corporate/Other

Corporate/Other includes results of Corporate Treasury managed activities, unallocated global operations and

30

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.

All Other—Managed Basis

	First Quarter
In millions of dollars, except as otherwise noted	2026			2025			% Change
Net interest income	$	1,003		$	1,284		(22)	%
Non-interest revenue	679			179			279
Total revenues, net of interest expense	$	1,682		$	1,463		15	%
Total operating expenses	$	2,144		$	2,226		(4)	%
Net credit losses on loans	371			256			45
Credit reserve build (release) for loans	13			73			(82)
Provision (release) for credit losses on unfunded lending commitments	(3)			(1)			(200)
Provisions (release) for benefits and claims (PBC), other assets and HTM debt securities	19			31			(39)
Provisions for credit losses and PBC	$	400		$	359		11	%
Income (loss) from continuing operations before taxes	$	(862)		$	(1,122)		23	%
Income taxes (benefits)	(474)			(283)			(67)
Income (loss) from continuing operations	$	(388)		$	(839)		54	%
Income (loss) from discontinued operations, net of taxes	(1)			(1)			—
Noncontrolling interests	105			16			NM
Net income (loss)	$	(494)		$	(856)		42	%
Balance Sheet data (in billions of dollars)
EOP assets	$	204		$	206		(1)	%
Average assets	208			207			—
Revenue by line of business
Mexico Consumer/SBMM	$	2,054		$	1,467		40	%
Asia Consumer	105			135			(22)
Legacy Holdings Assets	2			19			(89)
Corporate/Other	(479)			(158)			(203)
Total	$	1,682		$	1,463		15	%
Mexico Consumer/SBMM—key indicators (in billions of dollars)
EOP loans	$	31		$	24		27	%
EOP deposits	44			35			24
Average loans	31			24			30
NCLs (annualized) as a percentage of average loans (Mexico Consumer only)	6.37		%	5.51		%
Loans 90+ days past due as a percentage of EOP loans (Mexico Consumer only)	1.71			1.41
Loans 30–89 days past due as a percentage of EOP loans (Mexico Consumer only)	1.64			1.46
Asia Consumer—key indicators(1) (in billions of dollars)
EOP loans	$	2		$	4		(51)	%
EOP deposits	1			7			(88)
Average loans	2			5			(49)
Legacy Holdings Assets—key indicators (in billions of dollars)
EOP loans	$	2		$	2		(23)	%

(1)    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

31

1Q26 vs. 1Q25

Net loss was $494 million, compared to a net loss of $856 million in the prior-year period.

All Other (managed basis) revenues of $1.7 billion increased 15%, driven by higher revenues in Legacy Franchises (managed basis), largely offset by lower revenues in Corporate/Other.

Legacy Franchises (managed basis) revenues of $2.2 billion increased 33%, driven by higher revenues in Mexico Consumer/SBMM (managed basis), partially offset by lower revenues in Asia Consumer (managed basis).

Mexico Consumer/SBMM (managed basis) revenues of $2.1 billion increased 40%, driven by the impact of Mexican peso appreciation and a gain on sale from an investment, as well as higher loan balances in cards, retail banking and SBMM, and higher deposits in retail banking.

Asia Consumer (managed basis) revenues were $105 million, compared to $135 million in the prior-year period, primarily driven by a continued reduction from closed exits and wind-downs.

Corporate/Other revenues decreased to $(479) million, compared to $(158) million in the prior-year period, driven by lower net interest income, partially offset by higher non-interest revenue. The lower net interest income was due to a lower benefit from cash and securities reinvestment, driven by actions taken to reduce Citi’s asset sensitivity in a declining interest rate environment. The higher non-interest revenue was primarily driven by the impact of valuation adjustments on certain investments and positions and gains on the sale of certain investments.

Expenses decreased 4%, driven by lower legal expenses, lower transformation expenses, lower expenses related to closed exits and wind-downs and lower professional services expenses. This decline was primarily offset by higher severance costs and the impact of Mexican peso appreciation. For additional information on transformation investments, see “Citi’s Multiyear Transformation” in Citi’s 2025 Form 10-K.

Provisions were $400 million, reflecting net credit losses of $371 million, and a net ACL build of $29 million. Net credit losses increased 45%, driven by higher consumer lending volume and portfolio seasoning in Mexico Consumer. Provisions were $359 million in the prior-year period, reflecting net credit losses of $256 million, and a net ACL build of $103 million, primarily driven by increased uncertainty and deterioration in the macroeconomic outlook and higher volume in Mexico Consumer.

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

For additional information on the consumer portion of All Other—Legacy Franchises, including the Mexico Consumer loan portfolios, see “Managing Global Risk—Credit Risk—Consumer Credit” below.

For additional information about trends, uncertainties and risks related to future results of the businesses, see “Executive Summary” above, “Managing Global Risk—Other Risks—Country Risk” and “Forward-Looking Statements” below and “Risk Factors” in Citi’s 2025 Form 10-K.

32

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

•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).

	First Quarter
	2026						2025
In millions of dollars, except as otherwise noted	All Other (U.S. GAAP)		Reconciling Items(1)		All Other (managed basis)		All Other (U.S. GAAP)		Reconciling Items(2)		All Other (managed basis)
Net interest income	$	1,003	$	—	$	1,003	$	1,284	$	—	$	1,284
Non-interest revenue	692		13		679		179		—		179
Total revenues, net of interest expense	$	1,695	$	13	$	1,682	$	1,463	$	—	$	1,463
Total operating expenses	$	2,175	$	31	$	2,144	$	2,260	$	34	$	2,226
Net credit losses on loans	372		1		371		256		—		256
Credit reserve build (release) for loans	13		—		13		62		(11)		73
Provision for credit losses on unfunded lending commitments	(3)		—		(3)		(1)		—		(1)
Provisions for benefits and claims (PBC), other assets and HTM debt securities	19		—		19		31		—		31
Provisions (benefits) for credit losses and PBC	$	401	$	1	$	400	$	348	$	(11)	$	359
Income (loss) from continuing operations before taxes	$	(881)	$	(19)	$	(862)	$	(1,145)	$	(23)	$	(1,122)
Income taxes (benefits)	(481)		(7)		(474)		(291)		(8)		(283)
Income (loss) from continuing operations	$	(400)	$	(12)	$	(388)	$	(854)	$	(15)	$	(839)
Income (loss) from discontinued operations, net of taxes	(1)		—		(1)		(1)		—		(1)
Noncontrolling interests	105		—		105		16		—		16
Net income (loss)	$	(506)	$	(12)	$	(494)	$	(871)	$	(15)	$	(856)

(1)    The $31 million in operating expenses ($23 million after-tax) was primarily driven by separation costs in Mexico.

(2)    The $34 million in operating expenses ($23 million after-tax) was largely driven by separation costs in Mexico and severance costs in the Asia exit markets. For additional information, see Citi’s Quarterly Report on Form 10-Q for the period ended March 31, 2025.

33

CAPITAL RESOURCES

For additional information about capital resources, including Citi’s capital management, regulatory capital buffers, the stress testing component of capital planning and current regulatory capital standards and developments, see “Capital Resources” and “Risk Factors” in Citi’s 2025 Form 10-K.

Capital Management

Citi’s capital management framework is designed to ensure that Citigroup and its principal subsidiaries maintain sufficient capital consistent with each entity’s respective risk profile, management targets and all applicable regulatory standards and guidelines. Citi assesses its capital adequacy against a series of internal quantitative capital goals, designed to evaluate its capital levels in expected and stressed economic environments. Underlying these internal quantitative capital goals are strategic capital considerations, centered on preserving and building financial strength.

For information on Citigroup’s recent capital actions, see “Unregistered Sales of Equity Securities, Repurchases of Equity Securities and Dividends” below.

Regulatory Capital

Citigroup is subject to regulatory capital rules issued by the FRB, in coordination with the OCC and the Federal Deposit Insurance Corporation (FDIC), including the U.S. implementation of the Basel III rules. These rules establish an integrated capital adequacy framework, encompassing both risk-based capital and leverage requirements.

Citigroup’s primary depository institution subsidiary, Citibank, N.A. (Citibank), must comply with the U.S. Basel III rules as well as the minimum capital requirements outlined in the Prompt Corrective Action (PCA) framework.

Risk-Based Capital Requirements

As Advanced Approaches institutions under the U.S. Basel III rules, Citigroup and Citibank must calculate risk-based measures using two methods, a Standardized Approach and Advanced Approaches. Capital adequacy is determined based on the lower ratios under the Standardized and Advanced Approaches compared to their respective requirements.

In addition to prescribed minimum requirements, Citigroup and Citibank are required to maintain several risk-based regulatory capital buffers above the stated minimum capital requirements to avoid limitations on capital distributions and discretionary bonus payments to executive officers. These buffers may include a capital conservation buffer (CCB), stress capital buffer (SCB), countercyclical capital buffer (CCyB) and global systemically important bank (GSIB) bank holding company (BHC) surcharge. Current minimum requirements and buffers for Citigroup and Citibank are presented in the tables below.

For information on potential changes to the U.S. Basel III rules, see “Regulatory Capital Standards and Developments” below.

Leverage Requirements

Under the U.S. Basel III rules, Citigroup and Citibank are also subject to Tier 1 Leverage and Supplementary Leverage ratio (SLR) requirements, including a leverage buffer requirement

under the enhanced Supplementary Leverage ratio (eSLR) framework.

Commencing January 1, 2026, Citi early adopted a final rule revising the eSLR requirements for GSIBs and their depository institution subsidiaries. Accordingly, effective January 1, 2026, both Citigroup and Citibank must maintain an eSLR buffer of 1.0%, based on 50% of Citi’s current method 1 GSIB surcharge of 2.0%, for a total SLR requirement of 4.0%. This compares to the SLR requirement of 5.0% for Citigroup and 6.0% for Citibank as of December 31, 2025. In addition, Citi’s external total loss-absorbing capacity (TLAC) and eligible long-term debt (LTD) leverage-based requirements both declined by 1.0% to 8.5% and 3.5%, respectively. For additional information regarding the eSLR buffer, see “Capital Resources—Regulatory Capital Standards and Developments” in Citi’s 2025 Form 10-K.

Regulatory Capital Standards and Developments

Basel III Revisions

On March 19, 2026, the U.S. banking agencies issued a notice of proposed rulemaking, known as the Basel III proposal, to amend U.S. regulatory capital requirements. Comments on the proposal are due by June 18, 2026.

The Basel III proposal would adopt a single approach for RWA measurement for the largest banks by replacing the current Standardized and Advanced Approaches with a new expanded risk-based approach (ERBA). ERBA, which includes revisions to credit, market and operational risk RWA calculation methodologies, is designed to improve risk sensitivity compared to the existing Standardized Approach and more closely align with international capital standards. For large banking organizations such as Citi, capital requirements under the new framework would consist of a prescribed minimum, the SCB, the GSIB surcharge and any applicable CCyB.

If adopted as proposed, the Basel III proposal would also impact the calculation of Total Leverage Exposure as well as affect external TLAC and LTD calculations.

GSIB Surcharge

On March 19, 2026, the FRB also proposed changes to the GSIB surcharge rule that aim to better align the surcharge calculation with systemic risks. Comments on the proposal are due by June 18, 2026.

The proposal would modify the U.S.–specific method 2 calculation through adjustments to the fixed systemic indicator coefficients to account for economic growth and inflation, modification to the short-term wholesale funding systemic indicator, and the use of daily and monthly averages instead of year-end values. In addition, the proposal would narrow surcharge bands under method 2 from 50 bps to 10 bps to reduce cliff effects when moving between bands.

For information on proposed changes to the SCB and stress testing framework, see “Capital Resources—Regulatory Capital Standards and Developments” in Citi’s 2025 Form 10-K.

For information about risks related to changes in regulatory capital requirements, see “Risk Factors—Strategic Risks,” “—Operational Risks” and “—Compliance Risks” in Citi’s 2025 Form 10-K.

34

Citigroup’s Capital Resources

The following table presents Citigroup’s risk-based capital requirements as of March 31, 2026 and December 31, 2025:

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

(1)    For additional information on the capital buffers, see “Capital Resources—Regulatory Capital Buffers” in Citi’s 2025 Form 10-K.

(2)    Although the SCB is generally updated each year based on the results of annual FRB supervisory stress tests, the FRB announced on February 4, 2026 that Citi’s SCB is expected to remain at 3.6% until October 1, 2027.

N/A Not applicable

35

The following tables present Citigroup’s capital components and ratios as of March 31, 2026 and December 31, 2025:

	March 31, 2026
In millions of dollars, except ratios	Required Ratios		Standardized Approach			Required Ratios		Advanced Approaches
Common Equity Tier 1 Capital			$	154,729				$	154,729
Tier 1 Capital			176,885					176,885
Total Capital			213,683					204,606
Total Risk-Weighted Assets			1,214,025					1,323,969
Credit Risk			$	1,148,844				$	945,633
Market Risk			65,181					64,152
Operational Risk			N/A					314,184
CET1 Capital ratio(1)(7)	11.6	%	12.75		%	10.5	%	11.69		%
Tier 1 Capital ratio(2)	13.1		14.57			12.0		13.36
Total Capital ratio(3)	15.1		17.60			14.0		15.45
Quarterly Adjusted Average Total Assets(4)			$	2,779,095				$	2,779,095
Leverage ratio	4.0	%	6.36		%	4.0	%	6.36		%
Total Leverage Exposure(5)								3,368,515
Supplementary Leverage ratio(6)						4.0	%	5.25		%
	December 31, 2025
In millions of dollars, except ratios	Required Ratios		Standardized Approach			Required Ratios		Advanced Approaches
Common Equity Tier 1 Capital			$	157,099				$	157,099
Tier 1 Capital			179,675					179,675
Total Capital			216,468					206,170
Total Risk-Weighted Assets			1,192,174					1,316,371
Credit Risk			$	1,131,414				$	943,012
Market Risk			60,760					59,758
Operational Risk			N/A					313,601
CET1 Capital ratio(1)	11.6	%	13.18		%	10.5	%	11.93		%
Tier 1 Capital ratio(2)	13.1		15.07			12.0		13.65
Total Capital ratio(3)	15.1		18.16			14.0		15.66
Quarterly Adjusted Average Total Assets(4)			$	2,685,119				$	2,685,119
Leverage ratio	4.0	%	6.69		%	4.0	%	6.69		%
Total Leverage Exposure(5)								3,276,212
Supplementary Leverage ratio						5.0	%	5.48		%

(1)For all periods presented, Citi’s binding CET1 Capital ratios were derived under the Standardized Approach.

(2)Citi’s binding Tier 1 Capital ratios were derived under the Standardized Approach for March 31, 2026 and the Advanced Approaches for December 31, 2025.

(3)For all periods presented, Citi’s binding Total Capital ratios were derived under the Advanced Approaches.

(4)Leverage ratio denominator. Represents average total on-balance sheet assets, less permitted deductions calculated in accordance with the U.S. Basel III rules.

(5)Supplementary Leverage ratio denominator. Represents average on-balance sheet assets, less permitted deductions and adding certain off-balance sheet exposures, calculated in accordance with the U.S. Basel III rules.

(6)Commencing January 1, 2026, Citi early adopted the eSLR final rule. Accordingly, Citigroup is required to maintain an eSLR buffer of 1.0%, based on 50% of Citi’s current method 1 GSIB surcharge of 2.0%, for a total SLR requirement of 4.0%. For additional information on the eSLR buffer, see “Leverage Requirements” above.

(7)As of March 31, 2026, Citi’s binding ratio was the CET1 Capital ratio under the Standardized Approach.

N/A Not applicable

Citi’s CET1 Capital ratio decreased under both the Standardized and Advanced Approaches from December 31, 2025, primarily driven by common share repurchases, the payment of common and preferred dividends and increases in Standardized and Advanced Approaches RWA, largely offset by net income and the impact of Citi’s sale of AO Citibank in Russia, mainly in currency translation adjustment in AOCI.

As indicated in the table above, Citigroup’s capital ratios at March 31, 2026 were in excess of the regulatory capital requirements under the U.S. Basel III rules. In addition, Citigroup was “well capitalized” under federal bank regulatory agencies definitions as of March 31, 2026.

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Components of Citigroup Capital

In millions of dollars	March 31, 2026		December 31, 2025		$ Change 2025 to 2026
Common stockholders’ equity(1)	$	191,478	$	192,304	$	(826)
Qualifying noncontrolling interests includable in CET1 Capital(2)	236		226		10
Goodwill, net of related deferred tax liabilities (DTLs)(3)	(18,373)		(18,482)		109
Other intangible assets, net of related DTLs	(3,150)		(3,135)		(15)
Deferred tax assets arising from net operating loss and tax credit carryforwards	(10,465)		(10,784)		319
Excess over 10%/15% limitations for other DTAs, certain common stock investments and mortgage servicing rights (MSRs)(4)	(3,937)		(3,117)		(820)
Cumulative unrealized net (gain) loss related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax	431		1,919		(1,488)
Other	(1,491)		(1,832)		341
Total Common Equity Tier 1 Capital	$	154,729	$	157,099	$	(2,370)
Qualifying noncumulative perpetual preferred stock(1)	$	19,481	$	19,987	$	(506)
Qualifying trust preferred securities(5)	1,437		1,433		4
Qualifying noncontrolling interests includable in Tier 1 Capital, not included in CET1 Capital(2)	1,292		1,229		63
Other	(54)		(73)		19
Total Tier 1 Capital	$	176,885	$	179,675	$	(2,790)
Qualifying subordinated debt	$	22,175	$	22,380	$	(205)
Qualifying noncontrolling interests includable in Total Capital, not included in Tier 1 Capital(2)	259		247		12
Eligible allowance for credit losses	14,509		14,311		198
Other	(145)		(145)		—
Total Capital (Standardized Approach)	$	213,683	$	216,468	$	(2,785)
Adjustment for excess of eligible credit reserves over expected credit losses(6)	$	(9,077)	$	(10,298)	$	1,221
Total Capital (Advanced Approaches)	$	204,606	$	206,170	$	(1,564)

(1)Issuance costs of $69 million and $63 million related to outstanding noncumulative perpetual preferred stock at March 31, 2026 and December 31, 2025, respectively, were excluded from common stockholders’ equity and netted against such preferred stock in accordance with FRB regulatory reporting requirements, which differ from those under U.S. GAAP.

(2)Represents the amount of qualifying capital issued by consolidated subsidiaries and held by external parties that is eligible for inclusion in Citi’s regulatory capital under the U.S. Basel III rules.

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

(4)At March 31, 2026 and December 31, 2025, this deduction related only to DTAs arising from temporary differences that exceeded the 10% limitation.

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

(6)The total amount of eligible credit reserves in excess of expected credit losses that were eligible for inclusion in Tier 2 Capital, subject to limitation, under the Advanced Approaches framework were $5.4 billion and $4.0 billion at March 31, 2026 and December 31, 2025, respectively.

37

Citigroup Risk-Weighted Assets Rollforward

In millions of dollars	Standardized Approach		Advanced Approaches
Total Risk-Weighted Assets at December 31, 2025	$	1,192,174	$	1,316,371
General credit risk exposures(1)	3,826		6,429
Derivatives	8,460		4,886
Securities financing transactions	12,776		3,588
Securitization exposures	1,241		282
Equity exposures	(1,831)		(1,981)
Other exposures	(7,043)		(10,583)
Change in Credit Risk-Weighted Assets	$	17,429	$	2,621
Change in Market Risk-Weighted Assets	$	4,422	$	4,394
Change in Operational Risk-Weighted Assets	N/A		$	583
Total Risk-Weighted Assets at March 31, 2026	$	1,214,025	$	1,323,969

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

N/A Not applicable

As of March 31, 2026, Citigroup’s Credit RWAs increased under both the Standardized and Advanced Approaches compared to December 31, 2025, primarily driven by increased derivative and securities financing transaction activity, as well as growth in corporate lending, partially offset by the February 2026 sale of AO Citibank in Russia and a seasonal decrease in retail cards.

Market RWAs increased under both the Standardized and Advanced Approaches compared to December 31, 2025, mainly driven by higher exposure and volatility.

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Capital Resources of Citibank

The following table presents the risk-based capital requirements for Citibank, Citi’s primary U.S. depository institution subsidiary, under both the Standardized and Advanced Approaches as of March 31, 2026 and December 31, 2025:

Citibank Risk-Based Capital Requirements

Regulatory Capital Buffers(1)	Standardized and Advanced Approaches
CCB	2.5	%
CCyB	—
Regulatory Capital buffer requirement	2.5	%
CET1 Capital (stated minimum)	4.5
CET1 Capital ratio requirement(2)	7.0	%
Additional Tier 1 Capital	1.5
Tier 1 Capital ratio requirement(2)	8.5	%
Tier 2 Capital	2.0
Total Capital ratio requirement(2)	10.5	%

(1)For additional information on the capital buffers, see “Capital Resources—Regulatory Capital Buffers” in Citi’s 2025 Form 10-K.

(2)Citibank must maintain minimum CET1 Capital, Tier 1 Capital and Total Capital of 6.5%, 8.0% and 10.0%, respectively, to be considered “well capitalized” under the PCA regulations applicable to insured depository institutions. See “Capital Resources—Prompt Corrective Action Framework” in Citi’s 2025 Form 10-K.

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The following tables present the capital components and ratios for Citibank as of March 31, 2026 and December 31, 2025:

	March 31, 2026
In millions of dollars, except ratios	Required Ratios		Standardized Approach			Required Ratios		Advanced Approaches
CET1 Capital			$	153,341				$	153,341
Tier 1 Capital			155,478					155,478
Total Capital			171,215					163,450
Total Risk-Weighted Assets			1,025,931					1,113,617
Credit Risk			$	983,757				$	820,850
Market Risk			42,174					41,697
Operational Risk			N/A					251,070
CET1 Capital ratio(1)	7.0	%	14.95		%	7.0	%	13.77		%
Tier 1 Capital ratio(1)	8.5		15.15			8.5		13.96
Total Capital ratio(1)(5)	10.5		16.69			10.5		14.68
Quarterly Adjusted Average Total Assets(2)			$	1,904,589				$	1,904,589
Leverage ratio	5.0	%	8.16		%	5.0	%	8.16		%
Total Leverage Exposure(3)								2,428,970
Supplementary Leverage ratio(4)						4.0	%	6.40		%

	December 31, 2025
In millions of dollars, except ratios	Required Ratios		Standardized Approach			Required Ratios		Advanced Approaches
CET1 Capital			$	158,202				$	158,202
Tier 1 Capital			160,338					160,338
Total Capital			175,949					168,005
Total Risk-Weighted Assets			1,006,961					1,104,193
Credit Risk			$	971,591				$	818,714
Market Risk			35,370					35,208
Operational Risk			N/A					250,271
CET1 Capital ratio(1)	7.0	%	15.71		%	7.0	%	14.33		%
Tier 1 Capital ratio(1)	8.5		15.92			8.5		14.52
Total Capital ratio(1)	10.5		17.47			10.5		15.22
Quarterly Adjusted Average Total Assets(2)			$	1,864,383				$	1,864,383
Leverage ratio	5.0	%	8.60		%	5.0	%	8.60		%
Total Leverage Exposure(3)								2,374,748
Supplementary Leverage ratio						6.0	%	6.75		%

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

(2)Leverage ratio denominator. Represents average total on-balance sheet assets, less permitted deductions calculated in accordance with the U.S. Basel III rules.

(3)Supplementary Leverage ratio denominator. Represents average on-balance sheet assets, less permitted deductions and adding certain off-balance sheet exposures, calculated in accordance with the U.S. Basel III rules.

(4)Commencing January 1, 2026, Citi early adopted the eSLR final rule. Accordingly, Citibank is required to maintain an eSLR buffer of 1.0%, based on 50% of Citi’s current method 1 GSIB surcharge of 2.0%, for a total SLR requirement of 4.0%. For additional information on the eSLR buffer, see “Leverage Requirements” above.

(5)As of March 31, 2026, Citibank’s binding ratio was the Total Capital ratio under the Advanced Approaches.

N/A Not applicable

As presented in the table above, Citibank’s capital ratios at March 31, 2026 were in excess of the regulatory capital requirements under the U.S. Basel III rules. In addition, Citibank was “well capitalized” as of March 31, 2026.

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Citigroup Broker-Dealer Subsidiaries

At March 31, 2026, 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 $13 billion.

Citigroup Global Markets Limited, a broker-dealer registered with the United Kingdom’s Prudential Regulation Authority (PRA) that is also an indirect wholly owned subsidiary of Citigroup, had total regulatory capital of $27 billion at March 31, 2026, which exceeded the PRA’s combined buffer and minimum regulatory capital requirements.

In addition, certain of Citi’s other broker-dealer subsidiaries are subject to regulation in the countries in which they operate, including requirements to maintain specified levels of net capital or its equivalent. Citigroup’s other principal broker-dealer subsidiaries were in compliance with their regulatory capital requirements at March 31, 2026.

Total Loss-Absorbing Capacity (TLAC)

U.S. GSIBs, including Citi, are required to maintain minimum levels of external TLAC and eligible long-term debt (LTD) and applicable buffers to avoid certain limitations on capital distributions and discretionary bonus payments to executive officers, each set by reference to the GSIB’s consolidated RWA and Total Leverage Exposure.

The table below details Citi’s external TLAC and LTD amounts and ratios, and each TLAC and LTD regulatory requirement, as well as the surplus amount in dollars in excess of each requirement:

	March 31, 2026
In billions of dollars, except ratios	External TLAC			LTD
Total eligible amount	$	339		$	156
% of Advanced Approaches risk- weighted assets	25.6		%	11.8		%
Regulatory requirement(1)(2)	22.5			9.5
Surplus amount	$	41		$	31
% of Total Leverage Exposure	10.1		%	4.6		%
Regulatory requirement(3)	8.5			3.5
Surplus amount	$	52		$	39

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

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

(3)    Both leverage-based external TLAC and LTD requirements include an eSLR buffer of 1.0%.

On January 1, 2026, Citi adopted the eSLR final rule issued on November 25, 2025, which included conforming changes to the external TLAC and LTD regulatory requirements. Accordingly, Citi’s external TLAC and LTD leverage-based requirements declined by 1.0% to 8.5% and 3.5%, respectively.

As of March 31, 2026, Citi exceeded each of the external TLAC and LTD regulatory requirements, resulting in a $31 billion surplus above its binding TLAC requirement of LTD as a percentage of Advanced Approaches RWA.

For additional information on Citi’s TLAC-related requirements, see “Capital Resources—Total Loss-Absorbing Capacity (TLAC)” in Citi’s 2025 Form 10-K.

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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.

In millions of dollars or shares, except per share amounts	March 31, 2026		December 31, 2025
Total Citigroup stockholders’ equity	$	210,959	$	212,291
Less: Preferred stock	19,550		20,050
Common stockholders’ equity	$	191,409	$	192,241
Less:
Goodwill	18,997		19,098
Identifiable intangible assets (other than MSRs)	3,539		3,525
Tangible common equity (TCE)	$	168,873	$	169,618
Common shares outstanding (CSO)	1,705.6		1,747.5
Book value per share (common stockholders’ equity/CSO)	$	112.22	$	110.01
Tangible book value per share (TCE/CSO)	99.01		97.06

	Three Months Ended March 31,
In millions of dollars	2026			2025
Net income available to common shareholders	$	5,480		$	3,795
Average common stockholders’ equity	$	192,606		$	191,794
Less:
Average goodwill	19,828			18,751
Average intangible assets (other than MSRs)	3,532			3,707
Average goodwill and identifiable intangible assets (other than MSRs) related to businesses HFS	—			16
Average TCE	$	169,246		$	169,320
Return on average common stockholders’ equity	11.5		%	8.0		%
RoTCE	13.1			9.1

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MANAGING GLOBAL RISK—TABLE OF CONTENTS

MANAGING GLOBAL RISK	44
CREDIT RISK(1)	44
Average Loans	44
Corporate Credit	45
Consumer Credit	51
Additional Consumer and Corporate Credit Details	56
Loans Outstanding	56
Details of Credit Loss Experience	57
Allowance for Credit Losses on Loans (ACLL)	58
Non-Accrual Loans and Assets	60
LIQUIDITY RISK	63
High-Quality Liquid Assets (HQLA)	63
Liquidity Coverage Ratio (LCR)	63
Net Stable Funding Ratio (NSFR)	64
Deposits	64
Long-Term Debt (LTD)	65
Secured Funding Transactions and Short-Term Borrowings	67
Credit Ratings	68
MARKET RISK(1)	69
Market Risk of Non-Trading Portfolios	69
Market Risk of Trading Portfolios	76
OTHER RISKS	78
Other Country Risk Exposures	79

(1)    For additional information regarding certain credit risk, market risk and other quantitative and qualitative information, refer to

Citi’s Pillar 3 Basel III Advanced Approaches Disclosures, as required by the U.S. Basel III disclosure requirements, on Citi’s

Investor Relations website. These Pillar 3 disclosures are not incorporated by reference into, and do not form any part of, this

Form 10-Q.

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MANAGING GLOBAL RISK

For Citi, effective risk management is of primary importance to its overall operations. Accordingly, Citi has established an Enterprise Risk Management (ERM) Framework to ensure that Citi’s risks are managed appropriately and consistently across the Company and at an aggregate, enterprise-wide level. Citi’s culture drives a strong risk and control environment and is at the heart of the ERM Framework, underpinning the way Citi conducts business. The activities that Citi engages in, and the risks those activities generate, must be consistent with Citi’s Mission and Value Proposition and the key Leadership Principles that support it, as well as Citi’s risk appetite.

For more information on managing global risk at Citi, see “Managing Global Risk” in Citi’s 2025 Form 10-K.

CREDIT RISK

For more information on credit risk, including Citi’s credit risk management, measurement and stress testing, and Citi’s consumer and corporate credit portfolios, see “Credit Risk” and “Risk Factors” in Citi’s 2025 Form 10-K. In addition, see Notes 12 and 13.

Average Loans

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

In billions of dollars	1Q26		4Q25		1Q25
Services	$	99	$	96	$	87
Markets	162		152		128
Banking	83		79		82
Wealth	205		203		194
USCC(1)
GPCC	$	138	$	138	$	133
PLCC	29		30		31
Installment Lending	4		4		4
Total USCC	$	171	$	172	$	168
All Other(1)	$	35	$	35	$	32
Total Citigroup loans (AVG)	$	755	$	737	$	691
Total Citigroup loans (EOP)	$	762	$	752	$	702

(1)    There may be slight rounding differences in other tables where the balances are presented with decimals.

Average loans increased 9% year-over-year and 3% sequentially. The year-over-year increase was primarily driven by growth in Markets, Services, Wealth and USCC.

As of the first quarter of 2026, average loans (compared to the first quarter of 2025) for:

•Services increased 14%, driven by increased demand in TTS for working capital loans as well as export agency finance.

•Markets increased 27%, primarily driven by asset-backed financing and commercial warehouse lending in spread products.

•Banking increased 1%, driven by an increase in investment banking financing, offset by a lower utilization rate for corporate loans.

•Wealth increased 6%, driven by growth in securities-based lending and mortgages.

•USCC increased 2%, driven by growth in GPCC, partially offset by a decline in PLCC.

•All Other increased 9%, 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).

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

44

CORPORATE CREDIT

The following table details Citi’s corporate credit portfolio across Services, Markets, Banking and the Mexico SBMM portion of All Other—Legacy Franchises, and before consideration of collateral or hedges, by remaining tenor or expiration for the periods indicated:

	March 31, 2026								December 31, 2025
In billions of dollars	Due within 1 year		Greater than 1 year but within 5 years		Greater than 5 years		Total exposure		Due within 1 year		Greater than 1 year but within 5 years		Greater than 5 years		Total exposure
Direct outstandings (on-balance sheet)(1)(2)	$	153	$	146	$	52	$	351	$	151	$	136	$	50	$	337
Unfunded lending commitments (off-balance sheet)(3)(4)	140		320		28		488		141		311		28		480
Total exposure	$	293	$	466	$	80	$	839	$	292	$	447	$	78	$	817

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

(2)    Excludes loans carried at fair value of $8.5 billion and HFS of $4.5 billion as of March 31, 2026.

(3)    Includes unused commitments to lend, letters of credit and financial guarantees.

(4)    Includes lending-related commitments carried at fair value and HFS as of March 31, 2026.

Portfolio Mix—Geography and Counterparty

Citi’s corporate credit portfolio is diverse across geographies and types of counterparties. The following table presents the percentages of this portfolio across North America and the clusters within International based on the country of risk of the obligor (for additional information on Citi’s international exposures, see “Other Risks—Country Risk—Top 25 Country Exposures” below):

	March 31, 2026		December 31, 2025
North America	58	%	58	%
International	42		42
Total	100	%	100	%
International by cluster	(percentages are based on total Citi)
Europe	16	%	16	%
LATAM	7		7
United Kingdom	6		6
Japan, Asia North and Australia (JANA)	6		6
Asia South	4		4
Middle East, Africa and Russia (MEA)	3		3

The maintenance of accurate and consistent risk ratings across the corporate credit portfolio facilitates the comparison of credit exposure across all lines of business, geographies and products. Counterparty risk ratings reflect an estimated probability of default for a counterparty, and internal risk ratings are derived by leveraging validated statistical models and scorecards in combination with consideration of factors specific to the obligor or market, such as management experience, competitive position, regulatory environment and commodity prices. Facility risk ratings are assigned that reflect the probability of default of the obligor and factors that affect the loss given default of the facility, such as parental support or collateral. Internal ratings that generally correspond to BBB and above are considered investment grade, while those below are considered non-investment grade.

The following table presents the corporate credit portfolio by facility risk rating as a percentage of the total corporate credit portfolio:

	Total exposure
	March 31, 2026		December 31, 2025
AAA/AA/A	47	%	49	%
BBB	30		29
BB/B	21		20
CCC or below	2		2
Total	100	%	100	%

Note: Total exposure includes direct outstandings and unfunded lending commitments.

45

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 March 31, 2026. Citi has applied management judgment to adjust internal ratings and classifications of exposures as both the macroeconomic environment and obligor-specific factors have changed, particularly where additional stress has been observed.

Obligor risk ratings may be downgraded, reflecting the increase in the probability of default. Downgrades of obligor risk ratings tend to result in a higher provision for credit losses. In addition, appetite per obligor is reduced consistent with the ratings, and downgrades may result in the purchase of additional credit derivatives or other risk/structural mitigants to hedge the incremental credit risk, or may result in Citi seeking to reduce exposure to an obligor or an industry sector. Citi will continue to review exposures to ensure that the appropriate probability of default is incorporated into all risk assessments.

See Note 12 for additional information on Citi’s corporate credit portfolio.

Portfolio Mix—Industry

Citi’s corporate credit portfolio is diversified by industry. The industry classifications are generally based on the clients’ primary business activity. The following table details the allocation of Citi’s total corporate credit portfolio by industry:

	Total exposure
	March 31, 2026		December 31, 2025
Transportation and industrials	19	%	19	%
Technology, media and telecom	15		14
Banks and finance companies(1)	13		13
Real estate	11		11
Commercial	8		8
Residential	3		3
Consumer retail	11		10
Power, chemicals, metals and mining	8		8
Energy and commodities	5		6
Healthcare	5		5
Public sector	4		4
Insurance	4		3
Asset managers and funds	3		3
Financial markets infrastructure	2		3
Other industries	—		1
Total	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 March 31, 2026:

									Non-investment grade						Selected metrics
In millions of dollars	Total credit exposure(1)(8)		Funded(2)		Unfunded(3)		Investment grade		Non-criticized		Criticized performing		Criticized non-performing(4)		30 days or more past due and accruing		Net credit losses (recoveries)		Credit derivative hedges(5)
Transportation and industrials	$	157,611	$	60,573	$	97,038	$	117,804	$	34,219	$	5,100	$	488	$	68	$	5	$	(7,636)
Industrials	77,129		24,926		52,203		56,547		17,434		2,769		379		50		5		(4,119)
Autos(6)	50,574		22,727		27,847		40,732		8,200		1,615		27		5		—		(2,406)
Transportation	29,908		12,920		16,988		20,525		8,585		716		82		13		—		(1,111)
Technology, media and telecom	123,653		37,773		85,880		79,285		40,443		3,579		346		16		—		(7,964)
Banks and finance companies	107,633		74,102		33,531		96,872		9,820		860		81		14		(1)		(781)
Real estate	94,545		66,854		27,691		79,659		10,172		4,210		504		54		(3)		(1,095)
Commercial	69,460		46,687		22,773		55,005		9,877		4,074		504		54		(3)		(1,095)
Residential	25,085		20,167		4,918		24,654		295		136		—		—		—		—
Consumer retail	89,997		34,166		55,831		65,370		20,861		3,439		327		30		8		(5,508)
Power, chemicals, metals and mining	65,280		20,054		45,226		45,152		14,512		5,086		530		118		17		(5,775)
Power	28,806		6,297		22,509		22,977		5,320		480		29		97		—		(2,820)
Chemicals	21,672		7,967		13,705		12,832		5,008		3,408		424		20		17		(2,077)
Metals and mining	14,802		5,790		9,012		9,343		4,184		1,198		77		1		—		(878)
Energy and commodities(7)	45,405		14,660		30,745		35,558		8,785		944		118		1		(19)		(3,114)
Healthcare	41,924		8,936		32,988		32,317		8,112		1,459		36		25		1		(3,530)
Public sector	32,288		16,976		15,312		28,946		2,749		581		12		12		—		(496)
Insurance	30,856		4,393		26,463		28,705		2,055		96		—		2		—		(4,357)
Asset managers and funds	28,124		10,385		17,739		22,099		5,886		136		3		2		—		(139)
Financial markets infrastructure	17,477		672		16,805		15,529		1,948		—		—		—		—		(15)
Securities firms	1,632		189		1,443		1,545		86		1		—		—		—		(27)
Other industries(8)	2,518		994		1,524		1,681		744		86		7		36		—		—
Total	$	838,943	$	350,727	$	488,216	$	650,522	$	160,392	$	25,577	$	2,452	$	378	$	8	$	(40,437)

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

(2)    Funded excludes loans carried at fair value of $8.5 billion and HFS of $4.5 billion as of March 31, 2026.

(3)    Unfunded includes lending-related commitments carried at fair value and HFS as of March 31, 2026.

(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 $40.4 billion of purchased credit protection, $37.2 billion represents the total notional amount of purchased credit derivatives on individual reference entities. The remaining $3.2 billion represents the first loss tranche of portfolios of purchased credit derivatives with a total notional amount of $29.5 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 $19.3 billion ($10.4 billion of which was funded exposure with 100% rated investment grade) as of March 31, 2026.

(7)    In addition to this exposure, Citi has energy-related exposure within the public sector (e.g., energy-related state-owned entities) and the transportation and industrials sector (e.g., offshore drilling entities) included in the table above. As of March 31, 2026, Citi’s total exposure to these energy-related entities was approximately $4.7 billion, of which approximately $1.7 billion consisted of direct outstanding funded loans.

(8)    Includes $0.9 billion and $0.1 billion of funded and unfunded exposure at March 31, 2026, respectively, primarily related to commercial credit card delinquency-managed loans.

47

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(8)	5,995		3,510		2,485		4,254		1,614		116		11		39		8		(2)
Total	$	817,251	$	336,893	$	480,358	$	637,720	$	151,524	$	25,677	$	2,330	$	373	$	365	$	(40,602)

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

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

(3)    Unfunded includes lending-related commitments carried at fair value and HFS as of December 31, 2025.

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

(5)    Represents the amount of 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.

48

Credit Risk Mitigation

As part of its overall risk management activities, Citi uses credit derivatives, both partial and full term, and other risk mitigants to economically hedge portions of the credit risk in its corporate credit portfolio, in addition to outright asset sales. In advance of the expiration of partial-term economic hedges, Citi will determine, among other factors, the economic feasibility of hedging the remaining life of the instrument. The results of the mark-to-market and any realized gains or losses on credit derivatives are reflected primarily in principal transactions in Banking.

At March 31, 2026 and December 31, 2025, Banking had economic hedges on the corporate credit portfolio of $40.4 billion and $40.6 billion, respectively. Citi’s expected credit loss model used in the calculation of its ACL does not include the favorable impact of credit derivatives and other mitigants that are marked-to-market. In addition, the reported amounts of direct outstandings and unfunded lending commitments in the tables above do not reflect the impact of these hedging transactions. The purchased credit protection was economically hedging underlying Banking corporate credit portfolio exposures with the following risk rating distribution:

Rating of Hedged Exposure

	March 31, 2026		December 31, 2025
AAA/AA/A	48	%	47	%
BBB	40		41
BB/B	11		11
CCC or below	1		1
Total	100	%	100	%

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50

CONSUMER CREDIT

The following section provides information about Citi’s consumer credit portfolio across Wealth, USCC and the consumer portion of All Other—Legacy Franchises.

Consumer Credit Portfolio

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

In billions of dollars	4Q25		1Q26
Wealth(2)(3)
Mortgages(4)	$	139.5	$	139.0
Securities-based lending	33.4		34.5
Personal, small business and other	26.5		26.8
Cards	4.9		4.7
Total	$	204.3	$	205.0
USCC
GPCC	$	143.2	$	138.7
PLCC	30.5		28.3
Installment Lending	3.8		3.8
Total	$	177.5	$	170.8
All Other—Legacy Franchises
Mexico Consumer	$	22.5	$	22.8
Asia Consumer(5)	2.5		2.2
Legacy Holdings Assets(6)	1.7		1.6
Total	$	26.7	$	26.6
Total consumer loans	$	408.5	$	402.4

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

(2)Consists of $150.4 billion and $150.2 billion of loans in North America as of March 31, 2026 and December 31, 2025, respectively. For additional information on the credit quality of the Wealth portfolio, see “Consumer Loans” in Note 12.

(3)Consists of $54.6 billion and $54.1 billion of loans outside North America as of March 31, 2026 and December 31, 2025, respectively. For additional information on Wealth’s loan portfolio by geography, see “Consumer Loans” in Note 12.

(4)See Note 12 for details on loan-to-value ratios for the mortgage portfolios and FICO scores for the U.S. portfolio.

(5)Asia Consumer loan balances, reported within All Other—Legacy Franchises, include the remaining Asia Consumer loan portfolio in Korea. 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 fourth quarter of 2025 and the first quarter of 2026. 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.

(6)    Consists of certain North America consumer mortgages.

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

51

Consumer Credit Trends

U.S. Consumer Cards

U.S. Consumer Cards (USCC) consists of unsecured consumer lending, including General Purpose Credit Cards (GPCC), Private Label Credit Cards (PLCC) and Installment Lending products.

GPCC includes Citi branded (Value, Rewards and Cash) and co-branded (including, among others, American Airlines, Costco and GPCC products with Best Buy and Macy’s) card portfolios. These cards are accepted by a wide variety of merchants and service providers.

PLCC includes closed loop retail-specific cards (including, among others, The Home Depot and PLCC products with Best Buy and Macy’s). These cards are limited to purchases of the retailer’s goods and services.

Installment Lending includes digitally led personal installment loans and merchant installment lending.

As of March 31, 2026, approximately 98% of USCC EOP loans consisted of GPCC and PLCC loans, of which 83% represented GPCC loans and 17% represented PLCC loans. GPCC and PLCC loans generally drive the overall credit performance of USCC, as GPCC and PLCC net credit losses represented approximately 97% of USCC’s total net credit losses for the first quarter of 2026.

As presented in the chart above, the first quarter of 2026 net credit loss rate for USCC increased quarter-over-quarter, driven by seasonality, and decreased year-over-year, reflecting improvements in portfolio performance (see “GPCC” and “PLCC” below).

The 90+ days past due delinquency rate increased quarter-over-quarter, driven by seasonality, and decreased year-over-year, reflecting improvements in portfolio performance.

GPCC

As presented in the chart above, the first quarter of 2026 net credit loss rate for GPCC increased quarter-over-quarter, driven by seasonality, and decreased year-over-year, reflecting improvements in portfolio performance.

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

PLCC

As presented in the chart above, the first quarter of 2026 net credit loss rate for PLCC 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.

For additional details on provisions for credit losses, loan delinquency and other information for Citi’s cards portfolios, see USCC’s results of operations above and Note 12.

52

U.S. Cards FICO Distribution

The following table presents the current Fair Isaac Corporation (FICO) score distributions for Citi’s GPCC and PLCC portfolios based on end-of-period receivables. FICO scores are updated as they become available.

FICO distribution(1)	March 31, 2026		December 31, 2025		March 31, 2025
GPCC
≥ 740	52	%	53	%	51	%
660–739	35		34		36
< 660	13		13		13
Total	100	%	100	%	100	%
PLCC
≥ 740	35	%	36	%	34	%
660–739	40		40		41
< 660	25		24		25
Total	100	%	100	%	100	%

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

The FICO distribution of the GPCC and PLCC portfolios was 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 12 for additional information on FICO scores.

Wealth

Wealth includes Citigold and Retail Banking, the Private Bank and Wealth at Work, and provides lending solutions to a range of client segments through consumer mortgages, securities-based lending, credit cards and other lending products, which could be delinquency managed or classifiably managed.

As of March 31, 2026, approximately $50 billion, or 24%, of the portfolios were classifiably managed and primarily consisted of securities-based lending, commercial real estate loans, personal and small business loans and other lending programs. These classifiably managed loans are primarily evaluated for credit risk based on their internal risk rating, of which 68% were rated investment grade. The 90+ days past due delinquency rates shown in the chart above were

calculated only for the delinquency-managed portfolio, while the net credit loss rates were calculated using net credit losses for both the delinquency and classifiably managed portfolios.

As presented in the chart above, the first quarter of

2026 net credit loss rate in Wealth was broadly stable quarter-over-quarter and year-over-year.

The 90+ days past due delinquency rate decreased quarter-over-quarter, driven by consumer mortgages exiting forbearance programs related to the California wildfires, and was broadly stable year-over-year.

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 March 31, 2026, approximately 40% of Mexico Consumer’s EOP loans consisted of credit card loans, which largely drives the overall credit performance of the Mexico Consumer portfolios, as the cards net credit losses represented approximately 60% of total Mexico Consumer net credit losses for the first quarter of 2026.

As presented in the chart above, the first quarter of 2026 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 was broadly stable quarter-over-quarter, and increased year-over-year, largely driven by the growth and seasoning of credit card loans.

For additional details on provisions, loan delinquency and other information for Citi’s consumer loan portfolios, see the results of operations for USCC, Wealth and All Other—Legacy Franchises above and Note 12.

53

Additional Consumer Credit Details

Consumer Loan Delinquencies Amounts and Ratios

	EOP loans(1)		90+ days past due(2)						30–89 days past due(2)
In millions of dollars, except EOP loan amounts in billions	March 31, 2026		March 31, 2026			December 31, 2025			March 31, 2026			December 31, 2025
Wealth delinquency-managed loans(3)(4)	$	155.1	$	435		$	525		$	544		$	496
Ratio			0.28		%	0.34		%	0.35		%	0.32		%
Wealth classifiably managed loans(5)	49.9		N/A			N/A			N/A			N/A
USCC(6)
Total	$	170.8	$	2,562		$	2,567		$	2,277		$	2,424
Ratio			1.50		%	1.45		%	1.33		%	1.37		%
Credit cards total(6) (a+b) = (c)	167.0		2,541			2,545			2,223			2,373
Ratio			1.52		%	1.47		%	1.33		%	1.37		%
GPCC(6) (a)	138.7		1,932			1,895			1,664			1,766
Ratio			1.39		%	1.32		%	1.20		%	1.23		%
PLCC(6) (b)	28.3		609			650			559			607
Ratio			2.15		%	2.13		%	1.98		%	1.99		%
Installment Lending	3.8		21			22			54			51
Ratio			0.55		%	0.58		%	1.42		%	1.37		%
All Other
Total	$	26.6	$	446		$	448		$	428		$	420
Ratio			1.69		%	1.69		%	1.62		%	1.58		%
Mexico Consumer	22.8		390			387			374			358
Ratio			1.71		%	1.72		%	1.64		%	1.59		%
Asia Consumer(7)	2.2		12			14			12			15
Ratio			0.55		%	0.56		%	0.55		%	0.60		%
Legacy Holdings Assets (consumer)(8)	1.6		44			47			42			47
Ratio			3.14		%	3.13		%	3.00		%	3.13		%
Total Citigroup consumer	$	402.4	$	3,443		$	3,540		$	3,249		$	3,340
Ratio			0.98		%	0.98		%	0.92		%	0.93		%

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

(2)The ratios of 90+ days past due and 30–89 days past due are calculated based on EOP loans, net of unearned income.

(3)Excludes EOP classifiably managed Private Bank loans. These loans are not included in the delinquency numerator, denominator and ratios.

(4)The 90+ days past due and 30–89 days past due and related ratios exclude loans guaranteed by U.S. government-sponsored agencies since the potential risk of loss predominantly resides with the U.S. government-sponsored agencies. The amounts excluded for loans 90+ days past due and (EOP loans) were $67 million ($0.4 billion) and $61 million ($0.4 billion) at March 31, 2026 and December 31, 2025, respectively. The amounts excluded for loans 30–89 days past due (the 30–89 days past due EOP loans have the same adjustments as the 90+ days past due EOP loans) were $48 million and $60 million at March 31, 2026 and December 31, 2025, respectively. The EOP loans in the table include the guaranteed loans.

(5)These loans are evaluated for non-accrual status and write-off primarily based on their internal risk classification and not solely on their delinquency status, and, therefore, delinquency metrics are excluded from this table. As of March 31, 2026 and December 31, 2025, 68% and 69%, respectively, of Wealth classifiably managed loans were rated investment grade. For additional information on the credit quality of the Wealth portfolio, including classifiably managed portfolios, see “Consumer Credit Trends” above.

(6)The 90+ days past due balances for GPCC and PLCC are generally still accruing interest. Citi’s policy is generally to accrue interest on credit card loans until 180 days past due, unless notification of bankruptcy filing has been received earlier.

(7)Asia Consumer loan balances and the related delinquencies, reported within All Other—Legacy Franchises, include the remaining Asia Consumer loan portfolio in Korea. 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 the first quarter of 2026 and the fourth quarter of 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. government-sponsored agencies. The amounts excluded for 90+ days past due and (EOP loans) were $68 million ($0.2 billion) and $65 million ($0.2 billion) at March 31, 2026 and December 31, 2025, respectively. The amounts excluded for loans 30–89 days past due (the 30–89 days past due EOP loans have the same adjustments as the 90+ days past due EOP loans) were $26 million and $29 million at March 31, 2026 and December 31, 2025, respectively. The EOP loans in the table include the guaranteed loans.

N/A Not applicable

54

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	1Q26		1Q26			4Q25			1Q25
Wealth	$	205.4	$	88		$	80		$	67
Ratio			0.17		%	0.16		%	0.14		%
USCC
Total	$	171.3	$	1,742		$	1,739		$	1,954
Ratio			4.12		%	4.00		%	4.72		%
Credit cards total (a+b) = (c)	167.5		1,684			1,680			1,896
Ratio			4.08		%	3.96		%	4.68		%
GPCC (a)	138.6		1,324			1,322			1,465
Ratio			3.87		%	3.78		%	4.45		%
PLCC (b)	28.9		360			358			431
Ratio			5.05		%	4.77		%	5.71		%
Installment Lending	3.8		58			59			58
Ratio			6.19		%	6.00		%	6.19		%
All Other—Legacy Franchises (managed basis)(3)
Total	$	27.1	$	369		$	331		$	256
Ratio			5.52		%	5.03		%	4.27		%
Mexico Consumer	23.0		361			325			239
Ratio			6.37		%	5.91		%	5.51		%
Asia Consumer (managed basis)(3)(4)	2.4		11			11			18
Ratio			1.86		%	1.68		%	1.55		%
Legacy Holdings Assets (consumer)	1.7		(3)			(5)			(1)
Ratio			(0.72)		%	(1.17)		%	(0.20)		%
Reconciling Items(3)			1			(2)			—
Total Citigroup	$	403.8	$	2,200		$	2,148		$	2,277
Ratio			2.21		%	2.12		%	2.39		%

(1)Average loans include interest and fees on credit cards.

(2)The ratios of net credit losses are calculated based on average loans, net of unearned income.

(3)All Other (managed basis) excludes divestiture-related impacts (Reconciling Items) related to Citi’s divestitures of its Asia Consumer businesses and Banamex, within Legacy Franchises. The Reconciling Items are reflected in Citi’s Consolidated Statement of Income. See “All Other—Divestiture-Related Impacts (Reconciling Items)” above.

(4)Asia Consumer NCLs and average loan balances, reported within All Other—Legacy Franchises, include the 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 HFS accounting treatment, the Poland consumer average loans of approximately $2 billion in the first quarter of 2026 and the fourth quarter of 2025 are recorded in Other assets on the Consolidated Balance Sheet, and the related NCLs of approximately $(1) million in the first quarter of 2026 and $2 million in the fourth quarter of 2025 were reclassified to Other revenue. Accordingly, these NCLs are not included in this table. See Note 2.

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ADDITIONAL CONSUMER AND CORPORATE CREDIT DETAILS

Loans Outstanding

	1st Qtr.			4th Qtr.
In millions of dollars	2026			2025
Consumer loans
In North America offices(1)
Residential first mortgages(2)	$	119,234		$	119,389
Home equity loans(2)	2,777			2,872
Credit cards	166,996			173,656
Personal, small business and other	33,565			33,211
Total	$	322,572		$	329,128
In offices outside North America(1)
Residential mortgages(2)	$	23,867		$	24,041
Credit cards	14,319			14,701
Personal, small business and other	41,427			40,320
Total	$	79,613		$	79,062
Consumer loans, net of unearned income, excluding portfolio-layer cumulative basis adjustments(3)	$	402,185		$	408,190
Unallocated portfolio-layer cumulative basis adjustments	$	206		$	343
Consumer loans, net of unearned income(3)	$	402,391		$	408,533
Corporate loans
In North America offices(1)
Commercial and industrial	$	63,758		$	57,406
Financial institutions	74,066			72,154
Mortgage and real estate(2)	18,191			17,931
Installment and other(4)	22,866			23,104
Lease financing	72			72
Total	$	178,953		$	170,667
In offices outside North America(1)
Commercial and industrial	$	100,839		$	96,886
Financial institutions	29,480			27,054
Mortgage and real estate(2)	9,823			9,856
Installment and other(4)	34,469			34,100
Lease financing	44			47
Governments and official institutions	5,609			5,070
Total	$	180,264		$	173,013
Corporate loans, net of unearned income, excluding portfolio-layer cumulative basis adjustments(5)	$	359,217		$	343,680
Unallocated portfolio-layer cumulative basis adjustments	$	8		$	17
Corporate loans, net of unearned income(5)	$	359,225		$	343,697
Total loans—net of unearned income	$	761,616		$	752,230
Allowance for credit losses on loans (ACLL)	(19,636)			(19,247)
Total loans—net of unearned income and ACLL	$	741,980		$	732,983
ACLL as a percentage of total loans—net of unearned income(6)	2.61		%	2.58		%
ACLL for consumer loan losses as a percentage of total consumer loans—net of unearned income(6)	4.05		%	3.96		%
ACLL for corporate loan losses as a percentage of total corporate loans—net of unearned income(6)	0.95		%	0.91		%

(1)North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. The classification of corporate loans between offices in North America and outside North America is based on the domicile of the booking unit. The difference between the domicile of the booking unit and the risk-based country view is 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 $973 million and $971 million at March 31, 2026 and December 31, 2025, respectively. Unearned income on consumer loans primarily represents loan origination fees, net of certain direct origination costs, that are deferred and recognized as Interest income over the lives of the related loans, except for credit cards (see Note 5).

(4)Installment and other includes loans to SPEs and TTS commercial cards.

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(5)Corporate loans include Mexico SBMM loans and are net of unearned income of $(1.1) billion and $(1.1) billion at March 31, 2026 and December 31, 2025, respectively. Unearned income on corporate loans primarily represents loan origination fees, net of certain direct origination costs, that are deferred and recognized as Interest income over the lives of the related loans.

(6)Because loans carried at fair value do not have an ACLL, they are excluded from the ACLL ratio calculation.

Details of Credit Loss Experience

	1st Qtr.			4th Qtr.			3rd Qtr.			2nd Qtr.			1st Qtr.
In millions of dollars	2026			2025			2025			2025			2025
Allowance for credit losses on loans (ACLL) at beginning of period	$	19,247		$	19,206		$	19,123		$	18,726		$	18,574
Provision for credit losses on loans (PCLL)
Consumer	$	2,298		$	2,107		$	2,189		$	2,169		$	2,225
Corporate	307			93			70			308			336
Total	$	2,605		$	2,200		$	2,259		$	2,477		$	2,561
Gross credit losses on loans
Consumer
In U.S. offices	$	2,325		$	2,244		$	2,243		$	2,314		$	2,402
In offices outside the U.S.	453			414			369			346			325
Corporate
In U.S. offices	17			18			28			34			53
In offices outside the U.S.	25			48			86			29			146
Total	$	2,820		$	2,724		$	2,726		$	2,723		$	2,926
Gross recoveries on loans
Consumer
In U.S. offices	$	532		$	465		$	448		$	426		$	413
In offices outside the U.S.	46			45			42			49			37
Corporate
In U.S. offices	30			8			11			7			11
In offices outside the U.S.	4			16			11			7			6
Total	$	612		$	534		$	512		$	489		$	467
Net credit losses on loans (NCLs)
In U.S. offices	$	1,780		$	1,789		$	1,812		$	1,915		$	2,031
In offices outside the U.S.	428			401			402			319			428
Total	$	2,208		$	2,190		$	2,214		$	2,234		$	2,459
Other—net(1)(2)(3)(4)(5)(6)	$	(8)		$	31		$	38		$	154		$	50
Allowance for credit losses on loans (ACLL) at end of period	$	19,636		$	19,247		$	19,206		$	19,123		$	18,726
ACLL as a percentage of EOP loans(7)	2.61		%	2.58		%	2.65		%	2.67		%	2.70		%
Allowance for credit losses on unfunded lending commitments (ACLUC)(8)	$	2,013		$	1,833		$	1,820		$	1,721		$	1,720
Total ACLL and ACLUC	$	21,649		$	21,080		$	21,026		$	20,844		$	20,446
Net consumer credit losses on loans	$	2,200		$	2,148		$	2,122		$	2,185		$	2,277
As a percentage of average consumer loans	2.21		%	2.12		%	2.12		%	2.25		%	2.39		%
Net corporate credit losses on loans	$	8		$	42		$	92		$	49		$	182
As a percentage of average corporate loans	0.01		%	0.05		%	0.11		%	0.06		%	0.24		%
ACLL by type at end of period(9)
Consumer	$	16,297		$	16,194		$	16,205		$	16,100		$	16,001
Corporate	3,339			3,053			3,001			3,023			2,725
Total	$	19,636		$	19,247		$	19,206		$	19,123		$	18,726

(1)Includes all adjustments to the allowance for credit losses, such as changes in the allowance from acquisitions, dispositions, securitizations, FX translation, purchase accounting adjustments, etc.

(2)The first quarter of 2026 includes a decrease of approximately $8 million related to FX translation.

(3)The fourth quarter of 2025 includes an increase of approximately $31 million related to FX translation.

(4)The third quarter of 2025 includes an increase of approximately $38 million related to FX translation.

(5)The second quarter of 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 during the second quarter of 2025. The second quarter of 2025 also includes FX translation.

(6)The first quarter of 2025 includes an increase of approximately $50 million related to FX translation.

(7)March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025 exclude $8.5 billion, $6.9 billion, $7.9 billion, $9.3 billion and $8.2 billion, respectively, of loans that are carried at fair value.

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

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(9)The ACLL represents management’s estimate of expected credit losses in the portfolio. See “Significant Accounting Policies and Significant Estimates” below. Attribution of the allowance is made for analytical purposes only and is available to absorb probable credit losses inherent in the overall portfolio.

Allowance for Credit Losses on Loans (ACLL)

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

	March 31, 2026
In billions of dollars	ACLL		EOP loans, net of unearned income		ACLL as a % of EOP loans(1)
Consumer
North America cards(2)	$	13.4	$	167.0	8.0	%
North America personal installment loans	0.4		3.8		10.5
North America mortgages(3)	0.2		122.2		0.2
North America other(3)	0.2		29.8		0.7
International cards	1.2		14.3		8.4
International other(3)	0.9		65.3		1.4
Total(1)	$	16.3	$	402.4	4.1	%
Corporate(4)
Commercial and industrial	$	2.1	$	160.8	1.3	%
Financial institutions	0.3		102.3		0.3
Mortgage and real estate(4)	0.7		28.0		2.5
Installment and other	0.2		59.6		0.3
Total(1)	$	3.3	$	350.7	1.0	%
Loans at fair value(1)	N/A		$	8.5	N/A
Total Citigroup	$	19.6	$	761.6	2.6	%

	December 31, 2025
In billions of dollars	ACLL		EOP loans, net of unearned income		ACLL as a % of EOP loans(1)
Consumer
North America cards(2)	$	13.3	$	173.7	7.7	%
North America personal installment loans	0.4		3.8		10.5
North America mortgages(3)	0.1		122.6		0.1
North America other(3)	0.2		29.4		0.7
International cards	1.2		14.7		8.2
International other(3)	0.9		64.3		1.4
Total(1)	$	16.1	$	408.5	4.0	%
Corporate(4)
Commercial and industrial	$	1.8	$	151.8	1.2	%
Financial institutions	0.3		98.9		0.3
Mortgage and real estate(4)	0.7		27.8		2.5
Installment and other	0.3		58.4		0.5
Total(1)	$	3.1	$	336.9	0.9	%
Loans at fair value(1)	N/A		$	6.9	N/A
Total Citigroup	$	19.2	$	752.2	2.6	%

(1)Excludes loans carried at fair value, since they do not have an ACLL and are excluded from the ACLL ratio calculation.

(2)Includes both GPCC and PLCC. As of March 31, 2026, the $13.4 billion of ACLL represented approximately 24 months of coincident net credit loss coverage (based on first quarter of 2026 NCLs). As of December 31, 2025, the $13.3 billion of ACLL represented approximately 24 months of coincident net credit loss coverage (based on fourth quarter of 2025 NCLs).

(3)Includes residential mortgages, retail loans and personal, small business and other loans, including those extended through the Private Bank network.

(4)The above corporate loan classifications are broadly based on the loan’s collateral, purpose and type of borrower, which may be different from the following industry table. For example, commercial and industrial, financial institutions, and installment and other loan classifications include various forms of loans to borrowers across multiple industries, whereas mortgage and real estate includes loans secured primarily by real estate.

N/A Not applicable

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The following tables detail Citi’s corporate credit ACLL by industry exposure:

	March 31, 2026
In millions of dollars, except percentages	Funded exposure(1)(2)		ACLL		ACLL as a % of funded exposure
Banks and finance companies	$	74,102	$	228	0.3	%
Real estate	66,854		749		1.1
Commercial	46,687		725		1.6
Residential	20,167		24		0.1
Transportation and industrials	60,573		699		1.2
Technology, media and telecom	37,773		439		1.2
Consumer retail	34,166		311		0.9
Power, chemicals, metals and mining	20,054		461		2.3
Public sector	16,976		96		0.6
Energy and commodities	14,660		170		1.2
Asset managers and funds	10,385		45		0.4
Healthcare	8,936		107		1.2
Insurance	4,393		13		0.3
Financial markets infrastructure	672		1		0.9
Securities firms	189		1		0.1
Other industries	994		19		1.9
Total(3)	$	350,727	$	3,339	1.0	%

(1)    Funded exposure excludes loans carried at fair value of $8.5 billion that are not subject to the ACLL.

(2)    Includes $0.9 billion of funded exposure primarily related to commercial credit card delinquency-managed loans.

(3)    The ACLL above reflects coverage of 0.3% of funded investment-grade exposure and 2.8% of funded non-investment-grade exposure.

	December 31, 2025
In millions of dollars, except percentages	Funded exposure(1)(2)		ACLL		ACLL as a % of funded exposure
Banks and finance companies	$	73,206	$	257	0.4	%
Real estate	62,776		709		1.1
Commercial	44,387		682		1.5
Residential	18,389		26		0.1
Transportation and industrials	58,014		614		1.1
Technology, media and telecom	34,144		354		1.0
Consumer retail	34,119		298		0.9
Power, chemicals, metals and mining	18,695		381		2.0
Public sector	17,063		67		0.4
Energy and commodities	12,686		171		1.3
Asset managers and funds	10,642		42		0.4
Healthcare	8,076		102		1.3
Insurance	3,657		15		0.4
Securities firms	154		3		1.9
Financial markets infrastructure	151		—		—
Other industries(3)	3,510		40		1.1
Total(4)	$	336,893	$	3,053	0.9	%

(1)    Funded exposure excludes loans carried at fair value of $6.8 billion that are not subject to the ACLL.

(2)    Includes $0.7 billion of funded exposure primarily related to commercial credit card delinquency-managed loans.

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

(4)    The ACLL above reflects coverage of 0.3% of funded investment-grade exposure and 2.6% of funded non-investment-grade exposure.

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Non-Accrual Loans and Assets

For additional information on Citi’s non-accrual loans and assets, see “Non-Accrual Loans and Assets” in Citi’s 2025 Form 10-K.

Non-Accrual Loans

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.

Total non-accrual loans decreased $0.2 billion at March 31, 2026 compared to December 31, 2025, primarily driven by consumer non-accrual loans, due to repayments and residential mortgage loans impacted by the California wildfires that returned to performing.

	March 31,		December 31,
In millions of dollars	2026		2025
Corporate non-accrual loans by region(1)(2)(3)
North America	$	955	$	1,145
International	1,002		856
Total	$	1,957	$	2,001
International NAL by cluster
United Kingdom	$	172	$	127
Japan, Asia North and Australia (JANA)	8		9
LATAM	633		576
Asia South	32		29
Europe	56		100
Middle East, Africa and Russia (MEA)	101		15
Corporate non-accrual loans(1)(2)(3)
Banking	$	971	$	919
Services	393		337
Markets	472		622
Mexico SBMM and Assets Finance Group (AFG)	121		123
Total	$	1,957	$	2,001
Total consumer non-accrual loans(1)	$	1,414	$	1,618
Total non-accrual loans	$	3,371	$	3,619

(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 67% and 70% of Citi’s corporate non-accrual loans remain current on interest and principal payments at March 31, 2026 and December 31, 2025, respectively.

(3)The March 31, 2026 total corporate non-accrual loans represented 0.54% of total corporate loans.

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

	Three Months Ended						Three Months Ended
	March 31, 2026						March 31, 2025
In millions of dollars	Corporate		Consumer		Total		Corporate		Consumer		Total
Non-accrual loans at beginning of quarter	$	2,001	$	1,618	$	3,619	$	1,377	$	1,310	$	2,687
Additions	393		583		976		507		532		1,039
Sales and transfers to HFS	(28)		—		(28)		(75)		(3)		(78)
Returned to performing	(230)		(165)		(395)		—		(72)		(72)
Paydowns/settlements	(151)		(240)		(391)		(255)		(105)		(360)
Charge-offs	(28)		(356)		(384)		(178)		(345)		(523)
Other	—		(26)		(26)		—		11		11
Ending balance	$	1,957	$	1,414	$	3,371	$	1,376	$	1,328	$	2,704

The table below summarizes Citigroup’s other real estate owned (OREO) assets. OREO is recorded on the Consolidated Balance Sheet within Other assets:

	March 31,			December 31,
In millions of dollars	2026			2025
OREO(1)
North America	$	25		$	14
International(2)	9			8
Total OREO(1)	$	34		$	22
Non-accrual assets
Corporate non-accrual loans	$	1,957		$	2,001
Consumer non-accrual loans	1,414			1,618
Non-accrual loans (NAL)	$	3,371		$	3,619
OREO(1)	34			22
Non-accrual assets (NAA)	$	3,405		$	3,641
NAL as a percentage of total loans	0.44		%	0.48		%
NAA as a percentage of total assets	0.12			0.14
ACLL as a percentage of NAL(3)	582			532

(1)Represents the carrying value of all real estate property acquired by foreclosure or other legal proceedings when Citi has taken possession of the collateral and may also include former premises and property for use that is no longer contemplated.

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

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

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LIQUIDITY RISK

For additional information on funding and liquidity at Citi, including objectives and stress testing, see “Liquidity Risk” and “Risk Factors—Liquidity Risks” in Citi’s 2025 Form 10-K.

High-Quality Liquid Assets (HQLA)

	Citibank						Citi non-bank and other entities						Total
In billions of dollars	Mar. 31, 2026		Dec. 31, 2025		Mar. 31, 2025		Mar. 31, 2026		Dec. 31, 2025		Mar. 31, 2025		Mar. 31, 2026		Dec. 31, 2025		Mar. 31, 2025
Available cash	$	281.7	$	267.2	$	224.3	$	6.8	$	7.3	$	7.2	$	288.5	$	274.5	$	231.5
U.S. sovereign	166.6		179.9		162.6		46.1		52.3		48.5		212.7		232.2		211.1
U.S. agency/agency MBS	36.2		32.7		29.6		1.6		1.6		2.0		37.8		34.3		31.6
Foreign government debt(1)	56.6		49.7		63.0		18.3		16.5		16.0		74.9		66.2		79.0
Other investment grade	—		—		—		—		—		—		—		—		—
Total HQLA (AVG)	$	541.1	$	529.5	$	479.5	$	72.8	$	77.7	$	73.7	$	613.9	$	607.2	$	553.2

Note: The amounts in the table above are presented on an average basis. For securities, the amounts represent the liquidity value that potentially could be realized and, therefore, exclude any securities that are encumbered and incorporate any haircuts applicable under the U.S. LCR rule. The table above incorporates various restrictions that could limit the transferability of liquidity between legal entities, including Section 23A of the Federal Reserve Act. Changes in HQLA line categories from the prior-year period were primarily driven by the reallocation of nontransferable HQLA, which did not change total average HQLA, and thus did not impact Citi’s LCR ratio.

(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, China and the United Kingdom.

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 first quarter of 2026, primarily driven by an increase in wholesale funding activities.

As of March 31, 2026, Citigroup had approximately $1.1 trillion of available liquidity resources to support client and business needs, including:

•end-of-period HQLA ($617 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 ($283 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 ($170 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 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	Mar. 31, 2026			Dec. 31, 2025			Mar. 31, 2025
HQLA	$	613.9		$	607.2		$	553.2
Net outflows	538.1			529.3			473.8
LCR	114		%	115		%	117		%
HQLA in excess of net outflows	$	75.8		$	77.9		$	79.4

Note: The amounts are presented on an average basis.

As of March 31, 2026, Citigroup’s average LCR decreased by 1% from the quarter ended December 31, 2025, primarily driven by growth in trading and client activity in Markets.

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Long-Term Liquidity Measurement: Net Stable Funding Ratio (NSFR)

The NSFR measures the availability of an institution’s stable funding against the required stable funding in accordance with U.S. NSFR rules. The ratio of available stable funding to required stable funding must be greater than 100%.

In general, an institution’s available stable funding includes portions of equity, deposits and long-term debt, while its required stable funding is based on the liquidity characteristics of its assets, derivatives and commitments. Standardized weightings are required to be applied to the various asset and liability classes.

For the quarter ended March 31, 2026, Citigroup’s consolidated NSFR was compliant with the 100% minimum requirement of the rule. (For additional information, see the Consolidated Citigroup NSFR Disclosure as of December 31, 2025, which includes the 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-Q.)

Deposits

The table below details average deposits, by segment and/or business, and the total Citigroup end-of-period deposits for each of the periods indicated:

In billions of dollars	1Q26		4Q25		1Q25
Services	$	961	$	935	$	826
TTS	812		780		690
Securities Services	149		155		136
Markets	19		20		15
Banking	—		1		—
Wealth	414		407		399
All Other—Legacy Franchises	43		42		43
All Other—Corporate/Other	9		17		22
Total Citigroup deposits (AVG)	$	1,446	$	1,422	$	1,305
Total Citigroup deposits (EOP)	$	1,446	$	1,404	$	1,316

End-of-period deposits increased 10% year-over-year, driven by increases in Services. End-of-period deposits increased 3% sequentially, driven by Services and Wealth, partially offset by a reduction in Corporate/Other within All Other.

On an average basis, total deposits increased 11% year-over-year and 2% sequentially, driven by growth in Services. In the first quarter of 2026, average deposits (compared to the first quarter of 2025) for:

•Services increased 16%, driven by growth in both TTS and Securities Services, with growth across both North America and International, largely driven by an increase in operating deposits.

•Wealth increased 4%, largely driven by higher deposits in the Private Bank, as net new deposits were partially offset by outflows and a shift from deposits to higher-yielding investments, including on Citi’s platform.

•All Other decreased 20%, reflecting a decrease in corporate certificates of deposits in Corporate/Other and continued wind-downs in Asia Consumer within Legacy Franchises (including the impact of moving HFS deposits to Other liabilities), partially offset by growth in Mexico Consumer/SBMM in Legacy Franchises, including the impact of Mexican peso appreciation.

The majority of Citi’s $1.4 trillion end-of-period deposits are institutional (approximately $978 billion) and span approximately 90 countries. A large majority of these institutional deposits are within Services and of these, approximately 85% are from clients that use at least three of Services’ integrated services: liquidity management, payments, trade and working capital solutions, investor services and issuer services. In addition, approximately 80% of Services deposits are from clients that have a longer than 15-year relationship with Citi.

Citi also has a strong consumer and wealth deposit base, with approximately $418 billion of Wealth deposits as of the end of the current quarter that are diversified across Citigold and Retail Banking, the Private Bank and Wealth at Work.

As of the end of the current quarter, approximately 65% of Wealth’s U.S. Citigold clients have been with Citi for more than 10 years and approximately 42% of Private Bank ultra-high net worth clients have been with Citi for more than 10 years. In addition, Wealth’s Retail Banking deposits are spread across six key metropolitan areas in the U.S.

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Long-Term Debt (LTD)

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

In billions of dollars	Mar. 31, 2026		Dec. 31, 2025		Mar. 31, 2025
Non-bank(1)
Benchmark debt:
Senior debt	$	112.1	$	117.5	$	110.5
Subordinated debt	27.0		28.7		30.6
Trust preferred	1.6		1.6		1.6
Customer-related debt(2)	116.8		116.7		107.5
Local country and other(3)	18.6		14.8		11.0
Total non-bank	$	276.1	$	279.3	$	261.2
Bank
FHLB borrowings	$	1.0	$	3.0	$	7.5
Securitizations(4)	5.2		5.2		5.1
Citibank benchmark senior debt	20.5		23.5		19.4
Customer-related debt(2)	2.5		2.7		1.0
Local country and other(3)	2.3		2.1		1.5
Total bank	$	31.5	$	36.5	$	34.5
Total LTD	$	307.6	$	315.8	$	295.7

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 March 31, 2026, non-bank included $105.0 billion of LTD issued by Citi’s broker-dealer and other subsidiaries that are consolidated into Citigroup. Certain Citigroup consolidated hedging activities are also included in this line.

(2)Primarily structured notes, which contain an embedded derivative component that adjusts each security’s risk-return profile. See Note 22 for the fair value component of these issuances.

(3)Local country and other includes debt issued by Citi’s affiliates in support of their local operations. Within non-bank, certain secured financing is also included.

(4)Predominantly credit card securitizations, primarily backed by USCC receivables.

As part of its liability management, Citi regularly considers opportunities to redeem or repurchase its LTD pursuant to open market purchases, tender offers or other means. Such redemptions and repurchases help reduce Citi’s overall funding costs. During the first quarter of 2026, Citi redeemed or repurchased an aggregate of $17.4 billion of its outstanding LTD.

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

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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:

	1Q26				4Q25				1Q25
In billions of dollars	Maturities		Issuances		Maturities		Issuances		Maturities		Issuances
Non-bank
Benchmark debt:
Senior debt	$	4.5	$	—	$	0.6	$	3.2	$	6.2	$	7.3
Subordinated debt	1.5		—		—		—		1.5		3.0
Trust preferred	—		—		—		—		—		—
Customer-related debt	16.6		23.4		18.6		19.2		12.7		17.2
Local country and other	0.5		0.9		0.6		1.3		0.5		1.0
Total non-bank	$	23.1	$	24.3	$	19.8	$	23.7	$	20.9	$	28.5
Bank
FHLB borrowings	$	2.0	$	—	$	3.0	$	—	$	2.0	$	1.0
Securitizations	—		—		1.5		—		—		—
Citibank benchmark senior debt	3.0		—		—		—		—		—
Customer-related debt	0.2		—		0.5		0.4		—		—
Local country and other	0.4		0.6		0.5		1.1		0.2		0.1
Total bank	$	5.6	$	0.6	$	5.5	$	1.5	$	2.2	$	1.1
Total	$	28.7	$	24.9	$	25.3	$	25.2	$	23.1	$	29.6

The table below details Citi’s aggregate LTD maturities (including repurchases and redemptions) during the first three months of 2026, as well as its aggregate remaining LTD maturities by year as of March 31, 2026:

			Maturities
In billions of dollars	1Q26 YTD		Remaining 2026		2027		2028		2029		2030		2031		Thereafter		Total
Non-bank
Benchmark debt:
Senior debt	$	4.5	$	7.9	$	5.1	$	20.3	$	7.9	$	12.1	$	14.6	$	44.2	$	112.1
Subordinated debt	1.5		1.0		3.8		2.0		—		—		0.3		19.9		27.0
Trust preferred	—		—		—		—		—		—		—		1.6		1.6
Customer-related debt	16.6		12.3		18.5		12.9		10.9		9.5		6.0		46.7		116.8
Local country and other	0.5		3.3		6.5		1.0		1.3		1.3		0.6		4.6		18.6
Total non-bank	$	23.1	$	24.5	$	33.9	$	36.2	$	20.1	$	22.9	$	21.5	$	117.0	$	276.1
Bank
FHLB borrowings	$	2.0	$	1.0	$	—	$	—	$	—	$	—	$	—	$	—	$	1.0
Securitizations	—		0.8		—		—		0.8		2.2		—		1.4		5.2
Citibank benchmark senior debt	3.0		5.0		6.5		2.5		1.5		3.0		—		2.0		20.5
Customer-related debt	0.2		—		—		—		0.4		0.7		1.4		—		2.5
Local country and other	0.4		0.1		1.3		0.7		—		—		—		0.2		2.3
Total bank	$	5.6	$	6.9	$	7.8	$	3.2	$	2.7	$	5.9	$	1.4	$	3.6	$	31.5
Total LTD	$	28.7	$	31.4	$	41.7	$	39.4	$	22.8	$	28.8	$	22.9	$	120.6	$	307.6

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Secured Funding Transactions and Short-Term Borrowings

Citi supplements its primary sources of funding with short-term financings that generally include:

•secured funding transactions consisting of securities loaned or sold under agreements to repurchase, i.e., repos

•short-term borrowings consisting of commercial paper issuances and borrowings from the FHLB and other market participants

Secured Funding Transactions

Secured funding is primarily accessed through Citi’s broker-dealer subsidiaries, with a smaller portion executed through Citi’s bank entities to efficiently fund both (i) secured lending activity and (ii) a portion of the securities inventory held in the context of market making and customer activities. Secured funding transactions are predominantly collateralized by government debt securities. Generally, changes in the level of Citi’s secured funding are primarily due to fluctuations in secured lending activity in the matched book (as described below), and changes in securities inventory and eligible counterparty balance sheet netting. In order to maintain reliable funding under a wide range of market conditions, Citi manages risks related to its secured funding by establishing secured funding limits and conducting daily stress tests that account for risks related to capacity, tenor, haircut, collateral type, counterparty and client actions.

Secured funding of $370 billion as of March 31, 2026 decreased 9% year-over-year, and increased 6% sequentially. The year-over-year decrease was mainly driven by increased netting efficiency, partially offset by growth in Markets activity. Average secured funding was $413 billion. For information about changes in Citi’s end-of-period securities loaned and sold under agreements to repurchase, see “Balance Sheet Overview” above. The portion of secured funding in the broker-dealer subsidiaries that funds secured lending is commonly referred to as “matched book” activity and is primarily secured by high-quality liquid securities such as U.S. Treasury, U.S. agency and foreign government debt securities. Other “matched book” activity is secured by less liquid securities, including equity securities, corporate bonds and asset-backed securities, the tenor of which is generally equal to or longer than the tenor of the corresponding assets. As indicated above, the remaining portion of secured funding is used to fund securities inventory held in the context of market making and customer activities.

Short-Term Borrowings

Citi’s short-term borrowings of $72 billion as of March 31, 2026 increased 39% year-over-year and 47% sequentially. The year-over-year increase was mainly attributable to additional funding raised by entities to support client activities. See Note 16 for further information on Citigroup’s and its affiliates’ outstanding short-term borrowings.

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Credit Ratings

The table below presents the current ratings for Citigroup and Citibank as of March 31, 2026. While not included in the table below, the current long-term and short-term ratings of Citigroup Global Markets Holdings Inc. (CGMHI) were A+/F1 at Fitch Ratings, A2/P-1 at Moody’s Ratings and A/A-1 at S&P Global Ratings as of March 31, 2026.

Ratings as of March 31, 2026

	Citigroup Inc.			Citibank, N.A.
	Long-term	Short-term	Outlook	Long- term	Short- term	Outlook
Fitch Ratings (Fitch)	A	F1	Stable(1)	A+	F1	Stable(1)
Moody’s Ratings (Moody’s)	A3	P-2	Stable	Aa3	P-1	Stable
S&P Global Ratings (S&P)	BBB+	A-2	Stable	A+	A-1	Stable

(1)On May 1, 2026, Fitch revised the outlooks for Citigroup Inc. and Citibank, N.A. from “stable” to “positive.”

Potential Impacts of Ratings Downgrades

Ratings downgrades by Fitch, Moody’s or S&P could negatively impact Citigroup’s and/or Citibank’s funding and liquidity due to reduced funding capacity, including derivative triggers, which could take the form of cash obligations and collateral requirements.

For additional information on the impact of credit rating changes on Citi and its applicable subsidiaries, see “Risk Factors—Liquidity Risks” and “Liquidity Risk—Credit Ratings” in Citi’s 2025 Form 10-K.

Citigroup Inc. and Citibank—Potential Derivative Triggers

As of March 31, 2026, Citi estimates that a hypothetical one-notch downgrade of the senior debt/long-term rating across all three major rating agencies could impact funding and liquidity due to derivative triggers by approximately $0.1 billion, unchanged from December 31, 2025, for Citigroup Inc., and $0.1 billion, unchanged from December 31, 2025, for Citibank. Other funding sources, such as secured financing transactions and other margin requirements, for which there are no explicit triggers, could also be adversely affected.

In total, as of March 31, 2026, Citi estimates that a one-notch downgrade of Citigroup Inc. and Citibank across all three major rating agencies could result in increased aggregate cash obligations and collateral requirements of approximately $0.2 billion, unchanged from December 31, 2025. As detailed under “High-Quality Liquid Assets (HQLA)” above, Citigroup has various liquidity resources available to its bank and non-bank entities in part as a contingency for the potential events described above.

Citibank—Additional Potential Impacts

In addition to the above derivative triggers, Citi believes that a potential downgrade of Citibank’s senior debt/long-term rating across any of the three major rating agencies could also have an adverse impact on the commercial paper/short-term rating of Citibank. Citibank has provided liquidity commitments to consolidated asset-backed commercial paper (ABCP) conduits, primarily in the form of asset purchase agreements. As of March 31, 2026, Citibank had liquidity commitments of approximately $13.7 billion to ABCP conduits (compared to $10 billion at December 31, 2025) (see Note 19).

In addition to the above-referenced liquidity resources of certain Citibank entities, Citibank could reduce the funding and liquidity risk, if any, of the potential downgrades described above through mitigating actions, including repricing certain assets funded by the commercial paper conduits. In the event of the potential downgrades described above, Citi believes that certain corporate customers could reduce borrowing through these conduits, which would result in a reduced amount of ABCP issuance.

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MARKET RISK

Market risk arises from both Citi’s trading and non-trading portfolios. For additional information on market risk and market risk management at Citi, see “Market Risk—Overview” and “Risk Factors” in Citi’s 2025 Form 10-K.

MARKET RISK OF NON-TRADING PORTFOLIOS

Market risk from non-trading portfolios stems predominantly from the potential impact of changes in interest rates and foreign exchange rates on Citi’s net interest income and on Citi’s Accumulated other comprehensive income (loss) (AOCI) from its investment securities portfolios. Market risk from non-trading portfolios also includes the potential impact of changes in foreign exchange rates on Citi’s capital invested in foreign currencies.

For interest rate risk purposes, Citi’s non-trading portfolios are referred to as the Banking Book, and Citi uses multiple metrics to measure its Banking Book interest rate risk, including Interest Rate Exposure (IRE). For additional information, see “Market Risk—Market Risk of Non-Trading Portfolios—Banking Book Interest Rate Risk” in Citi’s 2025 Form 10-K.

Interest Rate Risk of Investment Portfolios—Impact on AOCI

Citi measures the potential impacts of changes in interest rates on the value of its AOCI, which can in turn impact Citi’s common equity and tangible common equity. This will impact Citi’s CET1 and other regulatory capital ratios. Citi seeks to manage its exposure to changes in the market level of interest rates, while limiting the potential impact on its AOCI and regulatory capital position.

AOCI at risk is managed as part of the Company-wide interest rate risk position. AOCI at risk considers potential changes in AOCI (and the corresponding impact on the CET1 Capital ratio) relative to Citi’s capital generation capacity.

Citi uses 100 basis point (bps) shocks in each scenario to reflect its net interest income sensitivity to unanticipated changes in market interest rates, as potential monetary policy decisions and changes in economic conditions may be reflected in current market-implied forward rates.

The following table presents the 12-month estimated impact to Citi’s net interest income, AOCI and the CET1 Capital ratio, each assuming an unanticipated parallel instantaneous 100 bps increase in interest rates:

In millions of dollars, except as otherwise noted	Mar. 31, 2026			Dec. 31, 2025			Mar. 31, 2025
Parallel interest rate shock +100 bps
Interest rate exposure(1)(2)
U.S. dollar	$	(157)		$	(33)		$	(225)
All other currencies	1,354			1,402			1,470
Total net interest income	$	1,197		$	1,369		$	1,245
As a percentage of average interest-earning assets	0.05		%	0.05		%	0.05		%
Estimated initial negative impact to AOCI (after-tax)(2)	$	(2,791)		$	(2,597)		$	(1,207)
Estimated initial impact on CET1 Capital ratio (bps) from AOCI scenario	(19)			(19)			(14)

(1)Excludes trading book and fair value option banking book portfolios and replaces them with the associated transfer pricing.

(2)Includes the effect of changes in interest rates on AOCI related to investment securities, cash flow hedges and pension plans.

As presented in the table above, Citi’s balance sheet is asset sensitive (assets reprice faster than liabilities), resulting in higher net interest income in increasing interest rate scenarios. The estimated impact to Citi’s net interest income in a 100 bps upward and downward rate shock scenario as of March 31, 2026 remained relatively stable year-over-year. At progressively higher interest rate levels, the marginal net interest income benefit is lower, as Citi assumes it will pass on a larger share of rate changes to depositors (i.e., higher betas), reducing Citi’s IRE sensitivity. At current rate levels Citi assumes it will be unable to pass on a larger share of initial rate declines to depositors, increasing Citi’s IRE sensitivity to a 100 bps downward shock. Currency-specific interest rate changes and balance sheet factors may drive quarter-to-quarter volatility in Citi’s estimated IRE for a 100 bps upward rate shock.

In a 100 bps upward rate shock scenario, Citi expects that the approximate $2.8 billion initial negative impact to AOCI could potentially be offset in shareholders’ equity through the forecasted interest income and paydowns from Citi’s investment portfolio over a period of approximately 14 months.

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Scenario Analysis

The following table presents the estimated impact to Citi’s net interest income and AOCI under eight different interest rate scenarios for the U.S. dollar and all other currencies as of March 31, 2026. The 100 bps and 200 bps downward rate scenarios potentially may be impacted by the low level of interest rates in several countries and the assumption that market interest rates, as well as rates paid to depositors and charged to borrowers, do not fall below zero (i.e., the “flooring assumption”). The interest rate scenarios are also impacted by convexity related to mortgage products and deposit pricing.

These scenarios include the following:

•a parallel shift involving changes to both short-term and long-term rates by an equal amount

•a steeper yield curve involving constant short-term rates and increasing long-term rates or constant long-term rates and decreasing short-term rates

•a flatter yield curve involving increasing short-term rates and constant long-term rates or constant short-term rates and decreasing long-term rates

In millions of dollars, except as otherwise noted	Parallel shift(1)		Short-end flattener		Long-end steepener		Long-end flattener		Short-end steepener		Parallel shift		Parallel shift		Parallel shift
Overnight rate change (bps)	100		100		—		—		(100)		(100)		200		(200)
10-year rate change (bps)	100		—		100		(100)		—		(100)		200		(200)
Interest rate exposure
U.S. dollar	$	(157)	$	(276)	$	116	$	(197)	$	(417)	$	(604)	$	(411)	$	(1,188)
All other currencies(1)	1,354		1,156		200		(197)		(1,052)		(1,233)		2,685		(2,308)
Total	$	1,197	$	880	$	316	$	(394)	$	(1,469)	$	(1,837)	$	2,274	$	(3,496)
Estimated initial impact to AOCI (after-tax)(2)	$	(2,791)	$	(2,245)	$	(606)	$	149	$	2,273	$	2,439	$	(5,767)	$	4,175

Note: Each scenario assumes that the rate change will occur instantaneously. Changes in interest rates for maturities between the overnight rate and the 10-year rate are interpolated. The interest rate exposure in the table above assumes no change in deposit size or mix from the baseline forecast included in the different interest rate scenarios presented. As a result, in higher interest rate scenarios, customer activity resulting in a shift from non-interest-bearing and low interest rate deposit products to higher-yielding deposits would reduce the expected benefit to net interest income. Conversely, in lower interest rate scenarios, customer activity resulting in a shift from higher-yielding deposits to non-interest-bearing and low interest rate deposit products would reduce the expected decrease to net interest income.

(1)The “parallel shift” impact of $1,354 million consists of the following top five non-U.S. dollar currencies as of March 31, 2026, by absolute size: approximately $(0.5) billion from the euro, approximately $0.3 billion from the British pound sterling, $0.2 billion from the Swiss franc and $0.1 billion each from the Singapore dollar and Chinese yuan. The remaining balance is spread across more than 30 additional currencies.

(2)Includes the effect of changes in interest rates on AOCI related to investment securities, cash flow hedges and pension plans.

As presented in the table above, the estimated impact to Citi’s net interest income is larger in the short end compared to the long end as Citi’s Banking Book has relatively higher interest rate exposure to the short end of the yield curve. For the U.S. dollar, exposure to downward rate shocks is larger in magnitude than to upward rate shocks. This is because of the lower benefit to net interest income from Citi’s deposit base at higher rate levels, as well as the prepayment effects on mortgage loans and mortgage-backed securities.

The magnitude of the impact to AOCI is greater in the short end compared to the long end. This is because Citi’s investment portfolio is more sensitive to shorter-term rates and pension liabilities are more sensitive at intermediate-term maturities.

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Changes in Foreign Exchange Rates—Impacts on AOCI and Capital

As of March 31, 2026, Citi estimates that a parallel instantaneous 5% appreciation of the U.S. dollar against all of the other currencies in which Citi has invested capital could reduce Citi’s tangible common equity (TCE) by approximately $1.5 billion, or 1.0%, as a result of changes to Citi’s CTA in AOCI, net of hedges. This reduction in the TCE would be primarily driven by depreciation of the euro, Mexican peso and Indian rupee.

This reduction in the TCE does not reflect any mitigating actions Citi may take, including ongoing management of its foreign currency translation exposure. TCE is used as a simplified metric to manage CET1 capital ratio volatility. Specifically, as currency movements change the value of Citi’s net investments in foreign currency-denominated

capital, these movements also change the value of Citi’s RWA denominated in those same currencies. This, coupled with Citi’s foreign currency hedging strategies, such as foreign currency borrowings, foreign currency forwards and other currency hedging instruments, lessens the impact of foreign currency movements on Citi’s CET1 Capital ratio. Changes in these hedging strategies, as well as hedging costs, divestitures and tax impacts, can further affect the actual impact of changes in foreign exchange rates on Citi’s capital compared to an unanticipated parallel shock, as described above.

The effect of Citi’s ongoing management strategies with respect to quarterly changes in foreign exchange rates (versus the U.S. dollar), and the quarterly impact of these changes on Citi’s TCE and CET1 Capital ratio, are presented in the table below. See Note 17 for additional information on the changes in AOCI.

	For the quarter ended
In millions of dollars	Mar. 31, 2026			Dec. 31, 2025			Mar. 31, 2025
Change in FX spot rate(1)	(1.2)		%	0.3		%	2.7		%
Change in TCE due to FX translation, net of hedges	$	989		$	2,107		$	721
As a percentage of TCE	0.6		%	1.2		%	0.4		%

(1)     FX spot rate change is a weighted average based on Citi’s quarterly average GAAP capital exposure to foreign countries. A negative change in FX spot rate represents foreign currency depreciation versus the U.S. dollar.

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Interest Income/Expense and Net Interest Margin (NIM)

	1st Qtr.				4th Qtr.				1st Qtr.				Change
In millions of dollars, except as otherwise noted	2026				2025				2025				1Q26 vs. 1Q25
Interest income(1)	$	35,542			$	36,674			$	33,692			5	%
Interest expense(2)	19,772				20,984				19,654				1
Net interest income, taxable equivalent basis(1)	$	15,770			$	15,690			$	14,038			12	%
Interest income—average rate(3)	5.55		%		5.81		%		5.92		%		(37)		bps
Interest expense—average rate	3.75				4.06				4.26				(51)		bps
Net interest margin(3)(4)	2.46				2.49				2.47				(1)		bps
Interest rate benchmarks
Two-year U.S. Treasury note—average rate	3.58		%		3.52		%		4.15		%		(57)		bps
10-year U.S. Treasury note—average rate	4.20				4.10				4.45				(25)		bps
10-year vs. two-year spread	62			bps	58			bps	30			bps

(1)Interest income and Net interest income include the taxable equivalent gross-up adjustments (TEGU) primarily related to the tax-exempt bond portfolio and certain tax-advantaged loan programs of $29 million, $25 million and $26 million for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025, respectively.

(2)Interest expense associated with certain hybrid financial instruments, which are classified as Long-term debt and accounted for at fair value, is reported together with any changes in fair value as part of Principal transactions in the Consolidated Statement of Income and is therefore not reflected in Interest expense in the table above.

(3)The average rate on interest income and NIM reflects TEGU. See footnote 1 above.

(4)Citi’s NIM is calculated by dividing net interest income (including TEGU) by average interest-earning assets.

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Non-Markets Net Interest Income

	1st Qtr.		4th Qtr.		1st Qtr.		Change
In millions of dollars	2026		2025		2025		1Q26 vs. 1Q25
Total Citi net interest income—taxable equivalent basis(1) per above	$	15,770	$	15,690	$	14,038	12	%
Less:
Markets net interest income—taxable equivalent basis(1)	2,826		2,786		1,950		45
Total Citi non-Markets net interest income—taxable equivalent basis(1)	$	12,944	$	12,904	$	12,088	7	%

(1)Interest income and Net interest income include TEGU discussed in the table above.

Citi’s net interest income in the first quarter of 2026 was

$15.7 billion on a reported basis, an increase of 12%, or $1.7 billion, from the prior-year period. The increase was due to a 45%, or $0.9 billion, increase in Markets net interest income and a 7%, or $0.9 billion, increase in non-Markets net interest income. On a taxable equivalent basis, net interest income was $15.8 billion.

Citi’s Markets business is primarily evaluated on a total revenue basis. See “Markets” above for additional information.

The increase in non-Markets net interest income on a reported basis was primarily driven by:

•higher average deposit balances and deposit spreads in Services and Wealth;

•higher loan spreads and the impact of Mexican peso appreciation in All Other—Legacy Franchises; and

•higher interest-earning balances and higher loan spreads in USCC;

•partially offset by:

•lower mortgage spreads in Wealth, and

•a lower benefit from cash and securities reinvestment in All Other—Corporate/Other, due to actions taken to reduce Citi’s asset sensitivity in a declining interest rate environment.

Citi’s net interest margin was 2.46% on a taxable equivalent basis in the first quarter of 2026, a decrease of three basis points from the prior quarter, driven by a reduction in dividend income in Markets.

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Additional Interest Rate Details

Average Balances and Interest Rates—Assets(1)(2)(3)

Taxable Equivalent Basis

Quarterly—Assets	Average balance						Interest income						% Average rate
	1st Qtr.		4th Qtr.		1st Qtr.		1st Qtr.		4th Qtr.		1st Qtr.		1st Qtr.		4th Qtr.		1st Qtr.
In millions of dollars, except rates	2026		2025		2025		2026		2025		2025		2026		2025		2025
Deposits with banks(4)	$	344,971	$	333,848	$	280,566	$	3,194	$	3,190	$	3,001	3.75	%	3.79	%	4.34	%
Securities borrowed and purchased under agreements to resell(5)
In U.S. offices	$	200,253	$	179,994	$	204,033	$	3,796	$	4,199	$	3,592	7.69	%	9.26	%	7.14	%
In offices outside the U.S.(4)	193,919		184,359		158,107		2,885		2,848		2,699		6.03		6.13		6.92
Total	$	394,172	$	364,353	$	362,140	$	6,681	$	7,047	$	6,291	6.87	%	7.67	%	7.05	%
Trading account assets(6)(7)
In U.S. offices	$	272,510	$	283,312	$	255,073	$	2,852	$	3,020	$	2,719	4.24	%	4.23	%	4.32	%
In offices outside the U.S.(4)	262,606		240,378		182,305		2,045		2,297		1,651		3.16		3.79		3.67
Total	$	535,116	$	523,690	$	437,378	$	4,897	$	5,317	$	4,370	3.71	%	4.03	%	4.05	%
Investments
In U.S. offices
Taxable	$	228,084	$	230,327	$	259,648	$	1,481	$	1,467	$	1,646	2.63	%	2.53	%	2.57	%
Exempt from U.S. income tax	10,222		10,408		10,766		93		99		104		3.69		3.77		3.92
In offices outside the U.S.(4)	205,220		207,247		188,940		2,454		2,626		2,425		4.85		5.03		5.21
Total	$	443,526	$	447,982	$	459,354	$	4,028	$	4,192	$	4,175	3.68	%	3.71	%	3.69	%
Consumer loans(8)
In U.S. offices	$	322,044	$	322,058	$	313,407	$	8,254	$	8,437	$	8,198	10.39	%	10.39	%	10.61	%
In offices outside the U.S.(4)	81,763		79,393		73,283		1,723		1,684		1,560		8.55		8.42		8.63
Total	$	403,807	$	401,451	$	386,690	$	9,977	$	10,121	$	9,758	10.02	%	10.00	%	10.23	%
Corporate loans(8)
In U.S. offices	$	171,077	$	161,354	$	141,960	$	2,468	$	2,373	$	2,068	5.85	%	5.83	%	5.91	%
In offices outside the U.S.(4)	180,321		173,909		162,087		2,801		2,913		2,917		6.30		6.65		7.30
Total	$	351,398	$	335,263	$	304,047	$	5,269	$	5,286	$	4,985	6.08	%	6.26	%	6.65	%
Total loans(8)
In U.S. offices	$	493,121	$	483,412	$	455,367	$	10,722	$	10,810	$	10,266	8.82	%	8.87	%	9.14	%
In offices outside the U.S.(4)	262,084		253,302		235,370		4,524		4,597		4,477		7.00		7.20		7.71
Total	$	755,205	$	736,714	$	690,737	$	15,246	$	15,407	$	14,743	8.19	%	8.30	%	8.66	%
Other interest-earning assets(9)	$	123,549	$	96,860	$	75,982	$	1,496	$	1,521	$	1,112	4.91	%	6.23	%	5.94	%
Total interest-earning assets	$	2,596,539	$	2,503,447	$	2,306,157	$	35,542	$	36,674	$	33,692	5.55	%	5.81	%	5.92	%
Non-interest-earning assets(6)	$	220,265	$	219,085	$	210,984
Total assets	$	2,816,804	$	2,722,532	$	2,517,141

(1)Interest income and Net interest income include TEGU of $29 million, $25 million and $26 million for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025, respectively.

(2)Interest rates and amounts include the effects of risk management activities associated with the respective asset categories.

(3)Monthly or quarterly averages have been used by certain subsidiaries where daily averages are unavailable.

(4)Average rates reflect prevailing local interest rates, including inflationary effects and monetary corrections in certain countries.

(5)Average volumes of securities borrowed or purchased under agreements to resell are reported net pursuant to ASC 210-20-45. However, Interest income excludes the impact of ASC 210-20-45.

(6)The fair value carrying amounts of derivative contracts are reported net, pursuant to ASC 815-10-45, in Non-interest-earning assets and Other non-interest-bearing liabilities.

(7)Interest expense on Trading account liabilities of Services, Markets and Banking is reported as a reduction of Interest income. Interest income and Interest expense on cash collateral positions are reported in interest on Trading account assets and Trading account liabilities, respectively.

(8)Net of unearned income. Includes cash-basis loans.

(9)Includes Brokerage receivables.

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Average Balances and Interest Rates—Liabilities and Equity, and Net Interest Income(1)(2)(3)

Taxable Equivalent Basis

Quarterly—Liabilities	Average balance						Interest expense						% Average rate
	1st Qtr.		4th Qtr.		1st Qtr.		1st Qtr.		4th Qtr.		1st Qtr.		1st Qtr.		4th Qtr.		1st Qtr.
In millions of dollars, except rates	2026		2025		2025		2026		2025		2025		2026		2025		2025
Deposits
In U.S. offices(4)	$	635,620	$	617,276	$	560,608	$	4,651	$	4,907	$	4,692	2.97	%	3.15	%	3.39	%
In offices outside the U.S.(5)	600,657		600,977		543,160		3,602		3,773		3,746		2.43		2.49		2.80
Total	$	1,236,277	$	1,218,253	$	1,103,768	$	8,253	$	8,680	$	8,438	2.71	%	2.83	%	3.10	%
Securities loaned and sold under agreements to repurchase(6)
In U.S. offices	$	263,289	$	253,199	$	283,177	$	4,333	$	4,916	$	4,418	6.67	%	7.70	%	6.33	%
In offices outside the U.S.(5)	149,318		131,703		89,016		2,265		2,185		1,838		6.15		6.58		8.37
Total	$	412,607	$	384,902	$	372,193	$	6,598	$	7,101	$	6,256	6.49	%	7.32	%	6.82	%
Trading account liabilities(7)(8)
In U.S. offices	$	42,300	$	45,668	$	34,368	$	423	$	419	$	391	4.06	%	3.64	%	4.61	%
In offices outside the U.S.(5)	76,113		58,152		56,801		346		334		366		1.84		2.28		2.61
Total	$	118,413	$	103,820	$	91,169	$	769	$	753	$	757	2.63	%	2.88	%	3.37	%
Short-term borrowings and other interest-bearing liabilities(9)
In U.S. offices	$	112,835	$	96,938	$	92,187	$	1,606	$	1,656	$	1,471	5.77	%	6.78	%	6.47	%
In offices outside the U.S.(5)	72,394		58,061		38,467		226		251		255		1.27		1.72		2.69
Total	$	185,229	$	154,999	$	130,654	$	1,832	$	1,907	$	1,726	4.01	%	4.88	%	5.36	%
Long-term debt(10)
In U.S. offices	$	182,386	$	184,870	$	173,343	$	2,261	$	2,449	$	2,440	5.03	%	5.26	%	5.71	%
In offices outside the U.S.(5)	2,187		1,976		1,678		59		94		37		10.94		18.87		8.94
Total	$	184,573	$	186,846	$	175,021	$	2,320	$	2,543	$	2,477	5.10	%	5.40	%	5.74	%
Total interest-bearing liabilities	$	2,137,099	$	2,048,820	$	1,872,805	$	19,772	$	20,984	$	19,654	3.75	%	4.06	%	4.26	%
Non-interest-bearing deposits(11)	$	210,136	$	204,016	$	201,192
Other non-interest-bearing liabilities(7)	255,550		255,660		232,801
Total liabilities	$	2,602,785	$	2,508,496	$	2,306,798
Citigroup stockholders’ equity	$	212,406	$	212,505	$	209,519
Noncontrolling interests	1,613		1,531		824
Total equity	$	214,019	$	214,036	$	210,343
Total liabilities and stockholders’ equity	$	2,816,804	$	2,722,532	$	2,517,141
Net interest income as a percentage of average interest-earning assets(12)
In U.S. offices	$	1,483,411	$	1,429,350	$	1,370,460	$	8,756	$	8,319	$	7,285	2.39	%	2.31	%	2.16	%
In offices outside the U.S.(6)	1,113,128		1,074,097		935,697		7,014		7,371		6,753		2.56		2.72		2.93
Total	$	2,596,539	$	2,503,447	$	2,306,157	$	15,770	$	15,690	$	14,038	2.46	%	2.49	%	2.47	%

(1)Interest income and Net interest income include TEGU discussed in the table above.

(2)Interest rates and amounts include the effects of risk management activities associated with the respective liability categories.

(3)Monthly or quarterly averages have been used by certain subsidiaries where daily averages are unavailable.

(4)Consists of other time deposits and savings deposits. Savings deposits are composed of insured money market accounts and other savings deposits.

(5)Average rates reflect prevailing local interest rates, including inflationary effects and monetary corrections in certain countries.

(6)Average volumes of securities sold under agreements to repurchase are reported net pursuant to ASC 210-20-45. However, Interest expense excludes the impact of ASC 210-20-45.

(7)The fair value carrying amounts of derivative contracts are reported net, pursuant to ASC 815-10-45, in Non-interest-earning assets and Other non-interest-bearing liabilities.

(8)Interest expense on Trading account liabilities of Services, Markets and Banking is reported as a reduction of Interest income. Interest income and Interest expense on cash collateral positions are reported in interest on Trading account assets and Trading account liabilities, respectively.

(9)Includes Brokerage payables.

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(10)Excludes hybrid financial instruments and beneficial interests in consolidated VIEs that are classified as Long-term debt, as the changes in fair value for these obligations are recorded in Principal transactions.

(11)Includes non-interest-bearing deposits in both the U.S. and outside of the U.S.

(12)Includes allocations for capital and funding costs based on the location of the asset.

MARKET RISK OF TRADING PORTFOLIOS

Value at Risk (VaR)

As presented in the table below, Citi’s average trading VaR for the first quarter of 2026 increased $15 million due to increases in volatility and inventory from interest rates and commodities.

Citi believes its VaR model is conservatively calibrated to incorporate fat-tail impact and the greater of short-term (approximately the most recent month) and long-term (18 months for commodities and three years for others) market volatility. As of March 31, 2026, Citi estimates that the conservative features of the VaR calibration contribute approximately 21% more to the trading and credit portfolio VaR than a VaR estimated under the assumption of normally distributed markets. As of December 31, 2025, the contribution was approximately 15%.

Total Citi—Quarter-end and Average Trading VaR and Trading and Credit Portfolio VaR

			First Quarter				Fourth Quarter				First Quarter
In millions of dollars	March 31, 2026		2026 Average		December 31, 2025		2025 Average		March 31, 2025		2025 Average
Interest rate	$	94	$	103	$	95	$	93	$	86	$	92
Credit spread	76		68		68		70		72		67
Covariance adjustment(1)	(56)		(50)		(52)		(55)		(58)		(55)
Fully diversified interest rate and credit spread(2)	$	114	$	121	$	111	$	108	$	100	$	104
Foreign exchange	33		48		65		51		73		69
Equity	38		32		31		22		28		24
Commodity	37		42		42		32		40		28
Covariance adjustment(1)	(99)		(116)		(128)		(101)		(115)		(104)
Total trading VaR—all market risk factors, including general and specific risk (excluding credit portfolios)(2)	$	123	$	127	$	121	$	112	$	126	$	121
Specific risk-only component(3)	$	2	$	—	$	(4)	$	(6)	$	(3)	$	(2)
Total trading VaR—general market risk factors only (excluding credit portfolios)	$	121	$	127	$	125	$	118	$	129	$	123
Incremental impact of the credit portfolio(4)	$	10	$	6	$	2	$	5	$	8	$	8
Total trading and credit portfolio VaR	$	133	$	133	$	123	$	117	$	134	$	129

(1)    Covariance adjustment (also known as diversification benefit) equals the difference between the total VaR and the sum of the VaRs tied to each risk type. The benefit reflects the fact that the risks within individual and across risk types are not perfectly correlated and, consequently, the total VaR on a given day will be lower than the sum of the VaRs relating to each risk type. The determination of the primary drivers of changes to the covariance adjustment is made by an examination of the impact of both model parameter and position changes.

(2)    The total trading VaR includes mark-to-market and certain fair value option trading positions with the exception of hedges of the loan portfolio, fair value option loans and all CVA exposures. Available-for-sale and accrual exposures are not included.

(3)    The specific risk-only component represents the level of equity and fixed income issuer-specific risk embedded in VaR.

(4)    The credit portfolio is composed of mark-to-market positions associated with non-trading business units, with the CVA relating to derivative counterparties, all associated CVA hedges and market sensitivity FVA hedges. FVA and DVA are not included. The credit portfolio also includes hedges of the loan portfolio, fair value option loans and hedges of the leveraged finance pipeline within capital markets origination.

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The table below provides the range of market factor VaRs associated with total Citi trading VaR, inclusive of specific risk:

	First Quarter				Fourth Quarter				First Quarter
	2026				2025				2025
In millions of dollars	Low		High		Low		High		Low		High
Interest rate	$	86	$	123	$	83	$	106	$	76	$	104
Credit spread	61		76		62		80		57		77
Fully diversified interest rate and credit spread	$	103	$	145	$	94	$	120	$	87	$	129
Foreign exchange	30		72		40		67		54		81
Equity	21		55		15		40		18		32
Commodity	23		67		26		42		19		40
Total trading	$	106	$	152	$	100	$	130	$	107	$	133
Total trading and credit portfolio	115		155		101		134		117		143

Note: No covariance adjustment can be inferred from the above table as the high and low for each market factor will be from different close-of-business dates.

The following table provides the VaR only for Markets, excluding the CVA relating to derivative counterparties, hedges of CVA, fair value option loans and hedges of the loan portfolio:

Markets VaR

In millions of dollars	March 31, 2026
Total—all market risk factors, including general and specific risk
Average—during quarter	$	127
High—during quarter	150
Low—during quarter	109

Regulatory VaR Back-Testing

In accordance with the U.S. Basel III rules, Citi is required to perform back-testing to evaluate the effectiveness of its Regulatory VaR model. For additional information regarding Citi’s Regulatory VaR back-testing, see “Managing Global Risk—Market Risk of Trading Portfolios—Regulatory VaR Back-Testing” in Citi’s 2025 Form 10-K.

As of March 31, 2026, no back-testing exceptions were observed for Citi’s Regulatory VaR in the last 12 months.

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OTHER RISKS

Country Risk

For additional information regarding country risk, including Citi’s management of country risk, see “Managing Global Risk—Country Risk” in Citi’s 2025 Form 10-K.

Top 25 Country Exposures

The following table presents Citi’s top 25 exposures by country (excluding the U.S.) as of March 31, 2026. (Citi’s combined top 25 exposures by country together with the U.S. represent 92% of Citi’s exposure to all countries as of March 31, 2026.)

Citi’s top 25 exposures by country may change from period to period due to a variety of factors, including client activity, market flows, FX fluctuations and Citi’s liquidity management activities.

For purposes of the table, amounts are reflected based on the country of risk of the obligor. Additionally, the table does not include cumulative currency translation adjustment (CTA) gains and losses.

The country of risk will generally be the same as the country of incorporation of the obligor, except in certain situations, such as where the source of repayment is concentrated in a different country or jurisdiction or where the obligor is guaranteed by a parent entity incorporated in a different country or jurisdiction (e.g., a Swiss-incorporated subsidiary that is guaranteed by a Chinese-incorporated parent would be reflected as China risk).

Investment securities and trading account assets are generally categorized based on the domicile of the issuer of the security of the underlying reference entity.

In billions of dollars	Funded, ex-Legacy Franchises(1)		Legacy Franchises loans		Unfunded(2)		Trading activity(3)		Total hedges (on loans and CVA)		Investment securities(4)		Total as of 1Q26		Total as of 4Q25		Total as a % of Citi as of 1Q26
Mexico	$	9.2	$	30.5	$	10.0	$	8.4	$	(1.1)	$	20.8	$	77.8	$	80.8	4.1	%
United Kingdom	25.7		—		23.2		25.0		(4.6)		6.6		75.9		73.1		4.0
Singapore	21.8		—		5.3		2.3		(1.0)		8.6		37.0		37.6		2.0
Hong Kong	22.6		—		1.9		2.4		(0.4)		9.0		35.5		36.6		1.9
France	4.8		—		13.0		14.3		(4.9)		3.4		30.6		19.8		1.6
India	13.2		—		3.6		5.6		(1.1)		8.3		29.6		29.7		1.6
Brazil	14.3		—		2.3		7.0		(1.3)		6.3		28.6		29.2		1.5
Germany	5.2		—		14.0		6.2		(4.3)		5.6		26.7		27.9		1.4
Canada	5.6		—		7.2		9.7		(1.5)		4.3		25.3		22.5		1.3
South Korea	8.0		2.2		1.7		6.0		(0.4)		6.9		24.4		23.4		1.3
Luxembourg	10.0		—		6.9		1.7		(0.7)		3.3		21.2		20.6		1.1
China	6.3		—		1.8		(0.2)		(0.7)		13.7		20.9		19.7		1.1
Ireland	10.9		—		7.5		2.4		(0.6)		—		20.2		17.7		1.1
Australia	9.4		—		6.7		4.0		(1.3)		1.4		20.2		18.8		1.1
Japan	2.6		—		2.9		8.5		(0.9)		6.7		19.8		18.0		1.0
Poland	4.2		—		4.1		3.5		(0.1)		7.4		19.1		20.2		1.0
Netherlands	5.4		—		9.6		2.1		(2.0)		2.0		17.1		15.9		0.9
United Arab Emirates	8.1		—		2.3		0.3		(0.4)		5.5		15.8		17.3		0.8
Cayman Islands	4.1		—		5.2		4.2		(0.1)		—		13.4		11.6		0.7
Switzerland	4.6		—		8.5		—		(2.0)		—		11.1		9.8		0.6
Belgium	0.5		0.1		1.9		—		(0.6)		6.1		8.0		7.8		0.4
Czech Republic	0.9		—		0.6		4.5		(0.1)		1.5		7.4		6.0		0.4
Virgin Islands (British)	6.4		—		0.3		0.1		—		—		6.8		6.5		0.4
Saudi Arabia	4.4		—		2.0		0.3		(0.1)		—		6.6		6.3		0.3
Malaysia	1.5		—		0.9		0.4		—		3.5		6.3		6.4		0.3
Total as a percentage of Citi’s total exposure																	31.9	%
Total as a percentage of Citi’s non-U.S. total exposure																	80.8	%

(1)    Includes loans and other direct exposures such as loans HFS, other loans in Corporate/Other and investments accounted for under the equity method.

(2)    Unfunded commitments include unfunded corporate lending commitments, letters of credit and other contingencies, including clearing house guarantee funds.

(3)    Includes trading account assets, which are represented on a net basis and include issuer risk on both long- and short-term debt and equity securities and derivative exposure, as well as mark-to-market (MTM) exposures on OTC derivatives, carrying amounts of securities lending/borrowing transactions (repos) and margin loan balances. This exposure is also net of collateral and inclusive of CVA.

(4)    Investment securities include AFS debt securities, recorded at fair market value, and HTM debt securities, recorded at amortized cost.

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Other Country Risk Exposures

For additional information on Citi’s emerging markets risks, see “Risk Factors—Other Risks” in Citi’s 2025 Form 10-K.

For additional information on risks related to Citi’s Argentina and Ukraine exposures as of December 31, 2025, see “Managing Global Risk—Other Risks—Country Risk—Argentina” and “—Ukraine” in Citi’s 2025 Form 10-K.

As of March 31, 2026, Citi’s net investment in its Argentine operations was approximately $1.5 billion, and Citi’s net Argentine peso (ARS) exposure was approximately $1.3 billion, of which approximately $1.0 billion was hedged through offshore derivatives. As of March 31, 2026, the official ARS exchange rate was 1,382, reflecting a 5% appreciation of the ARS against the U.S. dollar (USD) during the first quarter of 2026. Citi cannot predict the availability of hedging instruments nor can it predict changes in foreign exchange rates and the resulting impact on earnings.

In March 2026, the Central Bank of Argentina (BCRA) announced that financial institutions may pay ordinary dividends of up to 60% of their 2025 net income and may access the foreign exchange market to remit such dividends in USD at the official exchange rate. For Citi, this would amount to ARS 84.6 billion (approximately $61 million).

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SIGNIFICANT ACCOUNTING POLICIES AND SIGNIFICANT ESTIMATES

This section contains a summary of Citi’s most significant accounting policies. Note 1 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K contains a summary of all of Citigroup’s significant accounting policies. These policies, as well as estimates made by management, are integral to the presentation of Citi’s results of operations and financial condition. While all of these policies require a certain level of management judgment and estimates, this section highlights and discusses the significant accounting policies that require management to make highly difficult, complex or subjective judgments and estimates at times regarding matters that are inherently uncertain and susceptible to change (see also “Risk Factors—Operational Risks” in Citi’s 2025 Form 10-K). Management has discussed each of these significant accounting policies, the related estimates and its judgments with the Audit Committee of the Citigroup Board of Directors.

Valuations of Financial Instruments

Citigroup holds debt and equity securities, derivatives, retained interests in securitizations, investments in private equity and other financial instruments. A portion of these assets and liabilities is reflected at fair value on Citi’s Consolidated Balance Sheet as Trading account assets, Available-for-sale securities and Trading account liabilities.

For additional information on Citi’s valuation of financial instruments and fair value analysis, see Notes 6, 21 and 22 in this Form 10-Q and “Significant Accounting Policies and Significant Estimates—Valuations of Financial Instruments” and Note 1 (“Fair Value” and “Fair Value Hedges”) to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.

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Citi’s Allowance for Credit Losses (ACL)

The table below presents Citi’s allowance for credit losses on loans (ACLL) and total ACL as of March 31, 2026 and December 31, 2025, as well as builds and releases during 2026. For information on the drivers of Citi’s ACL net build in the first quarter of 2026, see below. For additional information on Citi’s accounting policy on accounting for credit losses under ASC Topic 326, Financial Instruments—Credit Losses; Current Expected Credit Losses (CECL),

see Note 1 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.

	ACL
In millions of dollars	Balance Dec. 31, 2025		1Q26 build (release)		1Q26 FX/ Other		Balance Mar. 31, 2026		ACLL/EOP loans Mar. 31, 2026
Services	$	327	$	97	$	1	$	425
Markets	1,027		23		(6)		1,044
Banking	1,578		175		(11)		1,742
Legacy Franchises corporate (Mexico SBMM and AFG)(1)	121		4		3		128
Total corporate ACLL	$	3,053	$	299	$	(13)	$	3,339	0.95	%
U.S. cards	$	13,324	$	78	$	(2)	$	13,400	8.02	%
Installment lending	422		(2)		—		420
Total USCC	$	13,746	$	76	$	(2)	$	13,820
Wealth	669		13		(1)		681
All Other consumer—managed basis(2)	1,779		9		8		1,796
Reconciling Items(2)	—		—		—		—
Total consumer ACLL	$	16,194	$	98	$	5	$	16,297	4.05	%
Total ACLL	$	19,247	$	397	$	(8)	$	19,636	2.61	%
Allowance for credit losses on unfunded lending commitments (ACLUC)(3)	$	1,833	$	184	$	(4)	$	2,013
Total ACLL and ACLUC	$	21,080	$	581	$	(12)	$	21,649
Other(4)	293		3		6		302
Total ACL	$	21,373	$	584	$	(6)	$	21,951

(1)    Includes Legacy Franchises corporate loans activity related to Mexico SBMM and the Assets Finance Group (AFG), as well as other Legacy Holdings Assets corporate loans.

(2)    All Other (managed basis) excludes divestiture-related impacts (Reconciling Items) related to Citi’s divestitures of its Asia Consumer businesses and Banamex, within Legacy Franchises. The Reconciling Items are reflected in Citi’s Consolidated Statement of Income. See “All Other—Divestiture-Related Impacts (Reconciling Items)” above.

(3)     The first quarter of 2026 includes a reserve build related to Citi’s forward purchase commitment of the Barclays American Airlines co-branded card portfolio.

(4)    Includes ACL on Other assets, primarily related to transfer risk associated with exposures outside the U.S. and Held-to-maturity debt securities.

Citi’s reserves for expected credit losses on funded loans and for unfunded lending commitments, standby letters of credit and financial guarantees are reflected on the Consolidated Balance Sheet in the Allowance for credit losses on loans (ACLL) and Other liabilities (for the Allowance for credit losses on unfunded lending commitments (ACLUC)), respectively. In addition, Citi’s reserves for expected credit losses on other financial assets carried at amortized cost, including held-to-maturity securities, reverse repurchase agreements, securities borrowed, deposits with banks and other financial receivables, are reflected in Other assets, including transfer risk associated with exposures outside the U.S. These reserves, together with the ACLL and ACLUC, are referred to as the ACL. Changes in the ACL are reflected in

Provision for credit losses in the Consolidated Statement of Income for each reporting period. Citi’s ability to estimate expected credit losses is based on the ability to forecast economic activity over a reasonable and supportable (R&S) timeframe. The R&S forecast period is eight quarters.

The ACL is composed of quantitative and qualitative management adjustment components. The quantitative component uses three forward-looking macroeconomic forecast scenarios—base, upside and downside. The qualitative management adjustment component includes risks that are not fully captured in the quantitative component. Both the quantitative and qualitative components are further discussed below.

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Quantitative Component

Citi estimates expected credit losses for its quantitative component using (i) comprehensive internal data on loss and default history, (ii) internal credit risk ratings, (iii) external credit bureau and rating agencies information and (iv) R&S forecasts of macroeconomic conditions.

For its consumer and corporate portfolios, Citi’s expected credit losses are determined primarily by utilizing models that consider the borrowers’ probability of default (PD), loss given default (LGD) and exposure at default (EAD). The loss likelihood and severity models used for estimating expected credit losses are sensitive to changes in macroeconomic variables, including unemployment rate, real GDP and housing prices, and cover a wide range of geographic, industry, product and business segments.

In addition, Citi’s models determine expected credit losses based on portfolio characteristics, including loan delinquencies, changes in portfolio size, default frequency, risk ratings and loss recovery rates, as well as other credit trends.

Qualitative Component

The qualitative management adjustment component includes risks that are not fully captured in the quantitative component. These may include but are not limited to portfolio characteristics, idiosyncratic events, factors not within historical loss data or the economic forecast, uncertainty in the credit environment and other factors as required by banking supervisory guidance for the ACL. Risks that are not fully captured in the quantitative component include potential impacts on vulnerable industries and regions due to heightened macroeconomic and geopolitical risks and uncertainties, as well as risks from emerging technologies (including AI) to vulnerable sectors.

Macroeconomic Variables

As further discussed below, Citi considers various global macroeconomic variables for the base, upside and downside probability-weighted macroeconomic scenario forecasts it uses to estimate the quantitative component of the ACL. The forecasts of the U.S. unemployment rate and U.S. real GDP growth rate represent the key macroeconomic variables that most significantly affect its estimate of the ACL.

The tables below present the forecasted quarterly average U.S. unemployment rate and year-over-year U.S. real GDP growth rate used in determining the base macroeconomic forecast for Citi’s ACL at each quarterly reporting period from the first quarter of 2025 to the first quarter of 2026:

	Quarterly average
U.S. unemployment	2Q26		4Q26		2Q27		8-quarter average(1)
Forecast at 1Q25	4.3	%	4.3	%	4.2	%	4.3	%
Forecast at 2Q25	4.7		4.6		4.4		4.6
Forecast at 3Q25	4.6		4.5		4.3		4.4
Forecast at 4Q25	4.6		4.5		4.4		4.5
Forecast at 1Q26	4.6		4.5		4.4		4.4

(1)    Represents the average unemployment rate for the rolling, forward-looking eight quarters in the forecast horizon.

	Year-over-year growth rate(1)
	Full year
U.S. real GDP	2026		2027		2028
Forecast at 1Q25	1.9	%	2.0	%	2.0	%
Forecast at 2Q25	1.4		2.0		2.0
Forecast at 3Q25	1.5		2.0		2.1
Forecast at 4Q25	1.9		2.0		2.0
Forecast at 1Q26	2.1		2.0		2.0

(1)    The year-over-year growth rate is the percentage change in the real (inflation adjusted) GDP level.

Scenario Weighting

Citi’s ACL is sensitive to various macroeconomic scenarios and is estimated using three probability-weighted macroeconomic scenarios—base, upside and downside. Citi evaluates scenario weights on a quarterly basis. The macroeconomic scenario weights are estimated using a statistical model, which, among other factors, takes into consideration (i) key macroeconomic drivers of the ACL, (ii) the severity of the scenario and (iii) other sources of macroeconomic uncertainty and risks.

Citi’s downside scenario incorporates more adverse macroeconomic assumptions than the weighted scenario assumptions or the base scenario. For example, compared to the base scenario, Citi’s downside scenario reflects a recession, including an elevated average U.S. unemployment rate of 6.9% over the eight-quarter R&S period, with a peak difference of 3.5% in the third quarter of 2027. The weighted-average U.S. unemployment rate that considers all three probability-weighted scenarios is 5.4%. The downside scenario also reflects a year-over-year U.S. real GDP contraction in 2026 of 0.9%, with a peak quarter-over-quarter difference to the base scenario of 1.3%.

To demonstrate this sensitivity of the downside scenario, if Citi applied 100% weight to the downside scenario as of March 31, 2026 to reflect the most severe economic deterioration forecast in the macroeconomic scenarios, there would have been a hypothetical incremental increase in the ACL of approximately $4.7 billion related to lending exposures, except for loans individually evaluated for credit losses and other financial assets carried at amortized cost.

This analysis does not incorporate any impacts or changes to the qualitative component of the ACL, which could change the outcome of the sensitivity analysis based on historical experience and current conditions at the time of the assessment. Given the uncertainty inherent in macroeconomic forecasting, Citi continues to believe that its ACL estimate based on a three probability-weighted macroeconomic scenario approach combined with the qualitative component remains appropriate as of March 31, 2026.

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1Q26 Changes in the ACL

As further discussed below, Citi’s ending ACL balance for the first quarter of 2026 was $22.0 billion, an increase of $0.6 billion from December 31, 2025, driven by portfolio quality, including seasonal mix changes, as well as increased uncertainty in the macroeconomic outlook, partially offset by refinements to loss assumptions and lower net lending activity. Citi believes its analysis of the ACL reflects the forward view of the economic environment as of March 31, 2026. See Note 13 for additional information.

Consumer Allowance for Credit Losses on Loans

Citi’s consumer ACLL is primarily driven by U.S. cards in USCC. Citi’s total consumer ACLL net build was $0.1 billion in the first quarter of 2026, driven by seasonal portfolio mix changes and increased uncertainty in the macroeconomic outlook, primarily offset by lower seasonal volumes and refinements to loss assumptions. This resulted in a March 31, 2026 ACLL balance of $16.3 billion, or 4.05% of total funded consumer loans.

For U.S. cards, the level of reserves relative to total funded loans increased to 8.02% at March 31, 2026, compared to 7.67% at December 31, 2025. For the remaining consumer exposures, the level of reserves relative to total funded loans was 1.23% at March 31, 2026, compared to 1.22% at December 31, 2025.

Corporate Allowance for Credit Losses on Loans

Citi had a corporate ACLL net build of $0.3 billion in the first quarter of 2026, driven by increased uncertainty in the macroeconomic outlook. This resulted in a March 31, 2026 ACLL balance of $3.3 billion, or 0.95% of total funded corporate loans.

ACLUC

Citi’s ACLUC balance, included in Other liabilities, was $2.0 billion at March 31, 2026, compared to $1.8 billion at December 31, 2025. The increase was driven by Citi’s forward purchase commitment of the Barclays American Airlines co-branded card portfolio and increased uncertainty in the macroeconomic outlook, partially offset by refinements to loss assumptions.

ACL on Other Financial Assets

Citi had an ACL balance of $0.3 billion on other financial assets carried at amortized cost for the first quarter of 2026, unchanged from December 31, 2025.

See Notes 1 (“Allowance for Credit Losses (ACL)”) and 16 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K for further descriptions of the ACL and related accounts.

Goodwill

Citi tests for goodwill impairment annually as of October 1 (the annual test) and conducts interim assessments between annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount. These events or circumstances include, among other things, a significant adverse change in the business climate, a decision to sell or dispose of all or a significant portion of a reporting unit or a sustained decrease in Citi’s stock price.

Citi performed its annual 2025 goodwill impairment test, which resulted in no impairment to any of Citi’s reporting units’ goodwill. No additional triggering events were identified and no goodwill was impaired during the fourth quarter of 2025. For each of the Company’s reporting units, except Mexico Consumer/SBMM, the fair value exceeded carrying value by at least 10%.

Citi performed an interim goodwill impairment test effective January 1, 2026, as a result of the transfer of its Retail Banking business from the former U.S. Personal Banking (USPB) to Wealth and the integration of the remaining USPB businesses into a new U.S. Consumer Cards (USCC) segment, which resulted in no impairment. Based on the interim impairment test, USCC and Wealth fair values exceeded carrying value by at least 10%.

Unanticipated declines in business performance, increases in credit losses, increases in capital requirements and adverse regulatory or legislative changes, and deterioration in economic or market conditions, as well as circumstances related to Citi’s strategic refresh, are factors that could result in a material impairment loss to earnings in a future period related to some portion of the associated goodwill. See Note 14 for additional information on goodwill, including the changes in the goodwill balance in the quarter and the segments’ and All Other’s goodwill balances as of March 31, 2026.

Litigation Accruals

See the discussion in Note 25 for Citi’s policies on establishing accruals for litigation and regulatory contingencies.

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INCOME TAXES

Effective Tax Rate

	Three Months Ended March 31,
In millions of dollars, except effective tax rate	2026			2025
Income from continuing operations before income tax expense	$	7,517		$	5,448
Provision for income taxes	1,578			1,340
Effective tax rate	21		%	25		%

Citi’s effective tax rate was 21% in the first quarter of 2026, compared to 25% in the first quarter of 2025, which included the impact of divestitures. The decrease year-over-year was largely driven by a discrete item in the current quarter.

Deferred Tax Assets

For additional information on Citi’s deferred tax assets (DTAs), see “Capital Resources,” “Risk Factors—Strategic Risks,” “Significant Accounting Policies and Significant Estimates—Income Taxes” and Notes 1 (“Income Taxes”) and 10 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.

The table below summarizes Citi’s net DTAs balance:

Jurisdiction/Component	DTAs balance
In billions of dollars	March 31, 2026		December 31, 2025
Total U.S.	$	26.0	$	26.4
Non-U.S.	3.0		3.1
Total	$	29.0	$	29.5

At March 31, 2026, Citigroup had recorded net DTAs of approximately $29.0 billion, a decrease of $0.5 billion from December 31, 2025. The quarter-over-quarter decrease was primarily driven by higher U.S. income.

Of Citi’s $29.0 billion of net DTAs, $13.2 billion was deducted in calculating Citi’s regulatory capital, and the remaining $15.8 billion was appropriately risk weighted under the U.S. Basel III rules.

The $13.2 billion of DTAs deducted from regulatory capital was composed of $10.5 billion of tax carry-forwards (foreign tax credits, net operating losses and general business credits) and $3.9 billion of temporary differences in excess of the 10% regulatory limitation, reduced by $1.2 billion of deferred tax liabilities, primarily goodwill and certain other intangible assets that were separately deducted from capital.

DTA Realizability

Citi believes that the net DTAs of $29.0 billion at March 31, 2026 are more-likely-than-not to be realized, based on management’s expectations of future taxable income generation in the jurisdictions in which the DTAs arise, as well as consideration of available tax planning strategies (as defined in ASC Topic 740, Income Taxes).

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DISCLOSURE CONTROLS AND PROCEDURES

Citi’s disclosure controls and procedures are designed to ensure that information required to be disclosed under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, including without limitation that information required to be disclosed by Citi in its SEC filings is accumulated and communicated to management, including the Chief Executive Officer (CEO) and Chief Financial Officer (CFO), as appropriate, to allow for timely decisions regarding required disclosure.

Citi’s Disclosure Committee assists the CEO and CFO in their responsibilities to design, establish, maintain and evaluate the effectiveness of Citi’s disclosure controls and procedures. The Disclosure Committee is responsible for, among other things, the oversight, maintenance and implementation of the disclosure controls and procedures, subject to the supervision and oversight of the CEO and CFO.

Citi’s management, with the participation of its CEO and CFO, has evaluated the effectiveness of Citigroup’s disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934) as of March 31, 2026. Based on that evaluation, the CEO and CFO have concluded that at that date Citigroup’s disclosure controls and procedures were effective.

DISCLOSURE PURSUANT TO SECTION 219 OF THE IRAN THREAT REDUCTION AND SYRIA HUMAN RIGHTS ACT

Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012 (Section 219), which added Section 13(r) to the Securities Exchange Act of 1934, as amended, Citi is required to disclose in its annual or quarterly reports, as applicable, whether it or any of its affiliates knowingly engaged in certain activities, transactions or dealings relating to Iran or with certain individuals or entities that are the subject of sanctions under U.S. law. Disclosure may be required even where the activities, transactions or dealings were conducted in compliance with applicable law. To the extent that transactions or dealings for its clients are permitted by U.S. law, Citi may continue to engage in such activities. Citi did not identify any reportable activities, transactions or dealings pursuant to Section 219 for the first quarter of 2026.

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FORWARD-LOOKING STATEMENTS

Certain statements in this Form 10-Q, including but not limited to statements included within Management’s Discussion and Analysis of Financial Condition and Results of Operations, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, Citigroup may make forward-looking statements in its other documents filed with or furnished to the SEC, and its management may make forward-looking statements orally to analysts, investors, representatives of the media and others.

Generally, forward-looking statements are not based on historical facts but instead represent Citigroup’s and its management’s beliefs regarding future events. Such statements may be identified by words such as believe, expect, anticipate, intend, estimate, may increase, may fluctuate, target, outlook, guidance and illustrative, and similar expressions or future or conditional verbs such as will, should, would and could.

Such statements are based on management’s current expectations and are subject to risks, uncertainties and changes in circumstances. Actual results of operations and financial conditions, including capital and liquidity, may differ materially from those included in these statements due to a variety of factors, including without limitation (i) the precautionary statements included within the “Executive Summary” and each business’s discussion and analysis of its results of operations above, as well as those included within Citi’s 2025 Form 10-K and Citi’s other SEC filings; (ii) the factors described under “Citi’s Multiyear Transformation” and “Risk Factors” in Citi’s 2025 Form 10-K; and (iii) the risks and uncertainties summarized below:

•the potential impact to Citi from geopolitical challenges and tensions, including the conflict in the Middle East, as well as macroeconomic and other challenges, uncertainties and volatility, including, among others, elevated inflation; slowing economic growth or recessions in the U.S. and elsewhere; increases in unemployment rates; deterioration in consumer and corporate confidence; changes in U.S. laws or policies; and volatility or disruptions in financial markets;

•changes to interest rates or monetary policies;

•the potential impact on Citi’s ability to return capital to common shareholders, whether through a stock repurchase program or common stock dividend, consistent with its capital planning efforts and targets, due to, among other things, regulatory capital requirements; Citi’s results of operations and financial condition; Citi’s remaining divestitures; Citi’s ability to maintain an effective capital planning process and management framework, including forecasts of expected macroeconomic conditions and their associated impacts; and Citi’s DTA utilization;

•the ongoing regulatory and legislative uncertainties and changes faced by Citi in the U.S. and globally, such as potential changes to various aspects of the U.S. regulatory capital framework and requirements applicable to Citi; potential fiscal, monetary, tax, sanctions and other changes from the U.S. federal government and other governments; and the potential impact these uncertainties and changes could have on Citi’s compliance risks and

costs, competitive position, businesses, revenues, results of operations and financial condition;

•Citi’s ability to achieve its objectives from its simplification, transformation and enhanced business performance priorities, including completing its divestiture of Banamex, which involve various execution challenges and uncertainties, may take longer than expected and may result in higher expenses or lower-than-expected expense savings, CTA and other losses or other negative financial or strategic impacts, which could be material, and litigation and regulatory scrutiny, and depend, in part, on factors that Citi cannot control or be able to mitigate, including, among others, macroeconomic challenges and uncertainties, customer, client and competitor actions and ongoing regulatory requirements or changes;

•the potential impact to Citi from climate change due to both physical risks and transition risks;

•Citi’s ability to utilize its DTAs and thus reduce the negative impact of the DTAs on Citi’s regulatory capital, including as a result of its ability to generate U.S. taxable income in the relevant reversal periods;

•the potential impact to Citi if its interpretation or application of the complex tax laws to which it is subject differs from those of the relevant governmental taxing authorities, whether in the context of litigation, examinations or otherwise, and the potential payment of additional taxes, penalties or interest, the reduction of certain tax benefits or the requirement to make adjustments to amounts recorded;

•the potential impact from a deterioration in or failure to maintain Citi’s co-branding or private label credit card relationships;

•Citi’s ability to address shortcomings or deficiencies or guidance provided by the FRB or FDIC on its resolution plan submissions;

•the potential impact on Citi’s performance and the performance of its individual businesses, including its competitive position and ability to effectively grow and manage its businesses, as well as to execute on its strategic priorities, if Citi is unable to hire and retain qualified employees;

•Citi’s ability to compete effectively in the U.S. and globally amid potential disruptions from an evolving business environment and emerging technologies;

•risks to Citi from the development and use of AI, including ineffective, inadequate or faulty Generative AI development or deployment practices by Citi or third parties; increased risk of fraud, disinformation and market manipulation campaigns; discovery and exploitation of vulnerabilities and exposure to cyberattacks; competition risks to the extent that competitors may develop and deploy AI technology faster and more successfully; and risks and costs from compliance with new or changing laws, regulations or industry standards;

•the potential impact to Citi from a disruption or failure of its operational processes or systems, including as a result of, among other things, operational or execution failures or deficiencies by third parties; deficiencies in processes or controls; inadequate management of data governance

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practices, data controls and monitoring mechanisms that may adversely impact reporting and decision-making; cyber or information security incidents; human error, such as manual transaction processing errors, 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; failure of or cyber incidents involving computer servers or infrastructure; and other similar losses or damage to Citi’s property or assets;

•the increasing risk to Citi’s and third parties’ computer systems, software and networks from evolving and sophisticated cybersecurity incidents, the risks of which are heightened by new and emerging technologies, such as AI and digital assets, as well as the conflict in the Middle East, that could result in, among other things, the theft, loss, non-availability, alteration, misuse or disclosure of personal, confidential or proprietary Citi, client, customer or employee information or assets and a disruption of computer, software or network systems; and the potential impact from such risks, including reputational damage, loss of revenues, deposit outflows, additional costs (including repair, replacement, remediation and other costs), exposure to litigation and regulatory action and other financial losses;

•the potential impact of changes in or incorrect accounting assumptions, judgments or estimates, or the application of certain accounting principles, related to the preparation of Citi’s financial statements, including the estimate of Citi’s ACL; reserves related to litigation, regulatory and tax matters; valuation of DTAs; the fair values of certain assets and liabilities and the assessment of goodwill and other assets for impairment; and the financial impact from reclassification of any CTA component of AOCI into Citi’s earnings due to a sale or other deconsolidation event;

•the impact of changes to financial accounting and reporting standards or interpretations on how Citi records and reports its financial condition and results of operations;

•the potential impact to Citi’s results of operations and/or regulatory capital and capital ratios if Citi’s risk management and other processes or strategies are deficient or ineffective;

•the potential impact of credit risk and concentrations of risk on Citi’s results of operations, including due to defaults by or a significant downgrade in credit ratings of a consumer or corporate or other counterparty; a decline in the credit quality or value of, or Citi’s inability to liquidate or realize the fair value of, any underlying collateral, which risks can be heightened by macroeconomic, geopolitical, market, emerging technologies (including AI) and other factors, particularly for vulnerable sectors, industries or countries; and any

systemic risk concerns related to exposures to leveraged finance and non-bank financial institutions, including private credit;

•the potential impact on Citi’s liquidity, sources of funding and costs of funding if it does not effectively manage its liquidity, whether due to factors it cannot control or otherwise;

•the potential impact on Citi’s funding and liquidity as well as on the results of operations of certain of its businesses of a credit ratings downgrade of Citi or certain of its subsidiaries or issuing entities, or from negative actions on U.S. sovereign ratings;

•risks and costs from regulatory and supervisory expectations and scrutiny in the U.S. and globally and ongoing interpretation and implementation of regulatory and legislative requirements and changes, with respect to, among other things, infrastructure; data; risk management practices and controls; anti-money laundering; increasingly complex sanctions regimes; customer and client protection; market practices; and various disclosure and regulatory reporting requirements, regarding which a failure to comply could result in increased regulatory oversight and material restrictions, including, among others, imposition of additional capital buffers and limitations on capital distributions, enforcement proceedings, penalties and fines;

•the potential outcomes of the extensive legal and regulatory proceedings, examinations, investigations, consent orders and related compliance efforts and other inquiries to which Citi is or may be subject at any given time, including, among others, the 2020 consent orders with the FRB and OCC, including Citi’s ability to implement extensive targeted action plans and submit quarterly progress reports on a timely and sufficient basis detailing the results and status of improvements to comply with the consent orders, which will continue to require significant investments to meet regulatory expectations; and the heightened scrutiny and expectations generally from regulators, and the severity of the remedies that may be sought by regulators; and

•the various risks faced by Citi as a result of its presence in the emerging markets, including, among others, those resulting from limitations or unavailability of hedges on foreign investments; foreign currency volatility and devaluations; central bank interest rate and other monetary policies; macroeconomic, geopolitical and domestic political challenges, uncertainties and volatilities; foreign exchange controls; cyberattacks; restrictions arising from retaliatory laws and regulations; sanctions or asset freezes; sovereign debt volatility; fluctuations in commodity prices; limitations on foreign investment; sociopolitical instability; nationalization or loss of licenses; potential criminal charges; closure of branches or subsidiaries; and confiscation of assets.

Any forward-looking statements made by or on behalf of Citigroup speak only as to the date they are made, and Citi does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date that the forward-looking statements were made.

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FINANCIAL STATEMENTS AND NOTES—TABLE OF CONTENTS

CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Statement of Income (Unaudited)— For the Three Months Ended March 31, 2026 and 2025	90
Consolidated Statement of Comprehensive Income (Unaudited)—For the Three Months Ended March 31, 2026 and 2025	91
Consolidated Balance Sheet—March 31, 2026 (Unaudited) and December 31, 2025	92
Consolidated Statement of Changes in Stockholders’ Equity (Unaudited)—For the Three Months Ended March 31, 2026 and 2025	94
Consolidated Statement of Cash Flows (Unaudited)— For the Three Months Ended March 31, 2026 and 2025	96

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Note 1—Basis of Presentation, Updated Accounting Policies                and Accounting Changes	98
Note 2—Significant Disposals and Other Business Exits	100
Note 3—Reportable Business Segments and All Other	101
Note 4—Interest Income and Expense	104
Note 5—Commissions and Fees; Administration and Other                Fiduciary Fees	105
Note 6—Principal Transactions	106
Note 7—Incentive Plans	107
Note 8—Retirement Benefits	107
Note 9—Earnings per Share	108
Note 10—Securities Borrowed, Loaned and Subject to                  Repurchase Agreements	109
Note 11—Investments	112
Note 12—Loans	119
Note 13—Allowance for Credit Losses	136

Note 14—Goodwill and Intangible Assets	139
Note 15—Deposits	141
Note 16—Debt	142
Note 17—Changes in Accumulated Other Comprehensive                  Income (Loss) (AOCI)	143
Note 18—Preferred Stock	146
Note 19—Securitizations and Variable Interest Entities	148
Note 20—Derivatives	155
Note 21—Fair Value Measurement	163
Note 22—Fair Value Elections	177
Note 23—Guarantees and Commitments	180
Note 24—Leases	183
Note 25—Contingencies	184
Note 26—Subsidiary Guarantees	186

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CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) Citigroup Inc. and Subsidiaries

	Three Months Ended March 31,
In millions of dollars, except per share amounts	2026		2025
Revenues
Interest income	$	35,513	$	33,666
Interest expense	19,772		19,654
Net interest income	$	15,741	$	14,012
Commissions and fees	$	3,272	$	2,707
Principal transactions	4,008		3,510
Administration and other fiduciary fees	1,123		1,045
Realized gains on sales of investments, net	270		121
Net impairment losses on investments recognized in earnings	(140)		(58)
Other revenue	$	359	$	259
Total non-interest revenues	$	8,892	$	7,584
Total revenues, net of interest expense	$	24,633	$	21,596
Provisions for credit losses and for benefits and claims
Provision for credit losses on loans	$	2,605	$	2,561
Provision (release) for credit losses on HTM debt securities	(30)		(5)
Provision for credit losses on other assets	33		39
Policyholder benefits and claims	13		20
Provision (release) for credit losses on unfunded lending commitments	184		108
Total provisions for credit losses and for benefits and claims	$	2,805	$	2,723
Operating expenses
Compensation and benefits	$	8,382	$	7,464
Technology/communication	2,335		2,379
Transactional and product servicing	1,225		1,102
Premises and equipment	586		574
Professional services	441		476
Advertising and marketing	233		250
Other operating	1,109		1,180
Total operating expenses	$	14,311	$	13,425
Income from continuing operations before income taxes	$	7,517	$	5,448
Provision for income taxes	1,578		1,340
Income from continuing operations	$	5,939	$	4,108
Discontinued operations
Income (loss) from discontinued operations	$	(1)	$	(1)
Benefit for income taxes	—		—
Income (loss) from discontinued operations, net of taxes	$	(1)	$	(1)
Net income before attribution to noncontrolling interests	$	5,938	$	4,107
Noncontrolling interests	153		43
Citigroup’s net income	$	5,785	$	4,064
Statement continues on the next page.

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Basic earnings per share(1)
Income from continuing operations	$	3.12	$	2.00
Income from discontinued operations, net of taxes	—		—
Net income	$	3.12	$	2.00
Weighted-average common shares outstanding (in millions)	1,736.9		1,879.0
Diluted earnings per share(1)
Income from continuing operations	$	3.06	$	1.96
Income (loss) from discontinued operations, net of taxes	—		—
Net income	$	3.06	$	1.96
Adjusted weighted-average diluted common shares outstanding (in millions)	1,776.0		1,919.6

(1)    Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income.

The Notes to the Consolidated Financial Statements are an integral part of these Unaudited Consolidated Financial Statements.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME	Citigroup Inc. and Subsidiaries
(UNAUDITED)

	Three Months Ended March 31,
In millions of dollars	2026		2025
Citigroup’s net income	$	5,785	$	4,064
Net changes, net of taxes in Citigroup’s other comprehensive income (loss)
Unrealized gains and losses on AFS debt securities	$	(819)	$	515
Debt valuation adjustment (DVA)	1,405		779
Cash flow hedges	(249)		7
Benefit plans liability adjustment	38		(26)
Currency translation adjustment (CTA), net of hedges	889		849
Excluded component of fair value hedges	13		7
Long-duration insurance contracts	5		(1)
Citigroup’s total other comprehensive income (loss)	$	1,282	$	2,130
Citigroup’s total comprehensive income	$	7,067	$	6,194
Add: Other comprehensive income (loss) attributable to noncontrolling interests	$	(73)	$	49
Add: Net income (loss) attributable to noncontrolling interests	153		43
Total comprehensive income	$	7,147	$	6,286

The Notes to the Consolidated Financial Statements are an integral part of these Unaudited Consolidated Financial Statements.

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CONSOLIDATED BALANCE SHEET Citigroup Inc. and Subsidiaries

	March 31,
	2026		December 31,
In millions of dollars	(Unaudited)		2025
Assets
Cash and due from banks (including segregated cash and other deposits)	$	23,625	$	23,717
Deposits with banks, net of allowance	362,097		325,862
Securities borrowed and purchased under agreements to resell (including $189,989 and $206,110 as of March 31, 2026 and December 31, 2025, respectively, at fair value), net of allowance	353,094		356,195
Brokerage receivables, net of allowance	91,720		62,679
Trading account assets (including $258,990 and $228,816 pledged to creditors as of March 31, 2026 and December 31, 2025, respectively)	593,473		537,139
Investments:
Available-for-sale debt securities (including $6,286 and $4,931 pledged to creditors as of March 31, 2026 and December 31, 2025, respectively)	257,822		246,720
Held-to-maturity debt securities, net of allowance (fair value of which is $167,857 and $179,520 as of March 31, 2026 and December 31, 2025, respectively) (includes $98 and $70 pledged to creditors as of March 31, 2026 and December 31, 2025, respectively)	178,503		189,831
Equity securities (including $759 and $921 as of March 31, 2026 and December 31, 2025, respectively, at fair value)	7,839		7,678
Total investments	$	444,164	$	444,229
Loans:
Consumer (including $25 and $51 as of March 31, 2026 and December 31, 2025, respectively, at fair value)	402,391		408,533
Corporate (including $8,498 and $6,804 as of March 31, 2026 and December 31, 2025, respectively, at fair value)	359,225		343,697
Loans, net of unearned income	$	761,616	$	752,230
Allowance for credit losses on loans (ACLL)	(19,636)		(19,247)
Total loans, net	$	741,980	$	732,983
Goodwill	18,997		19,098
Intangible assets (including MSRs of $766 and $759 as of March 31, 2026 and December 31, 2025, respectively)	4,305		4,284
Premises and equipment, net of depreciation and amortization	33,574		33,339
Other assets (including $17,652 and $15,840 as of March 31, 2026 and December 31, 2025, respectively, at fair value), net of allowance	110,658		117,677
Total assets	$	2,777,687	$	2,657,202

Statement continues on the next page.

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CONSOLIDATED BALANCE SHEET                             Citigroup Inc. and Subsidiaries

(Continued)

	March 31,
	2026		December 31,
In millions of dollars, except shares and par value per share amounts	(Unaudited)		2025
Liabilities
Deposits (including $4,375 and $4,222 as of March 31, 2026 and December 31, 2025, respectively, at fair value)	$	1,446,240	$	1,403,573
Securities loaned and sold under agreements to repurchase (including $232,048 and $199,422 as of March 31, 2026 and December 31, 2025, respectively, at fair value)	369,585		348,098
Brokerage payables (including $6,219 and $5,492 as of March 31, 2026 and December 31, 2025, respectively, at fair value)	111,224		74,836
Trading account liabilities	185,266		162,798
Short-term borrowings (including $26,719 and $21,567 as of March 31, 2026 and December 31, 2025, respectively, at fair value)	72,056		51,878
Long-term debt (including $135,058 and $130,726 as of March 31, 2026 and December 31, 2025, respectively, at fair value)	307,566		315,827
Other liabilities, plus allowances	73,178		86,370
Total liabilities	$	2,565,115	$	2,443,380
Stockholders’ equity
Preferred stock ($1.00 par value; authorized shares: 30 million), issued shares: as of March 31, 2026—782,000 and as of December 31, 2025—802,000, at aggregate liquidation value	$	19,550	$	20,050
Common stock ($0.01 par value; authorized shares: 6 billion), issued shares: as of March 31, 2026—3,099,784,716 and as of December 31, 2025—3,099,752,593	31		31
Additional paid-in capital	107,821		108,452
Retained earnings	219,542		215,128
Treasury stock, at cost: March 31, 2026—1,394,207,761 shares and December 31, 2025— 1,352,205,592 shares	(95,370)		(89,473)
Accumulated other comprehensive income (loss) (AOCI)	(40,615)		(41,897)
Total Citigroup stockholders’ equity	$	210,959	$	212,291
Noncontrolling interests	1,613		1,531
Total equity	$	212,572	$	213,822
Total liabilities and equity	$	2,777,687	$	2,657,202

The Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.

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CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY	Citigroup Inc. and Subsidiaries
(UNAUDITED)

	Three Months Ended March 31,
In millions of dollars	2026		2025
Preferred stock at aggregate liquidation value
Balance, beginning of period	$	20,050	$	17,850
Issuance of new preferred stock	1,800		2,000
Redemption of preferred stock	(2,300)		(1,500)
Balance, end of period	$	19,550	$	18,350
Common stock and additional paid-in capital (APIC)
Balance, beginning of period	$	108,483	$	109,148
Employee benefit plans	(625)		(502)
Other	(6)		1
Balance, end of period	$	107,852	$	108,647
Retained earnings
Balance, beginning of period	$	215,128	$	206,294
Citigroup’s net income	5,785		4,064
Common dividends(1)	(1,057)		(1,072)
Preferred dividends	(305)		(269)
Other (primarily reclassifications from APIC for preferred issuance costs on redemptions)	(9)		(4)
Balance, end of period	$	219,542	$	209,013
Treasury stock, at cost
Balance, beginning of period	$	(89,473)	$	(76,842)
Employee benefit plans(2)	449		718
Excise tax on share repurchases(3)	(46)		(6)
Treasury stock acquired	(6,300)		(1,750)
Balance, end of period	$	(95,370)	$	(77,880)
Citigroup’s accumulated other comprehensive income (loss)
Balance, beginning of period	$	(41,897)	$	(47,852)
Citigroup’s total other comprehensive income (loss)	1,282		2,130
Balance, end of period	$	(40,615)	$	(45,722)
Total Citigroup common stockholders’ equity	$	191,409	$	194,058
Total Citigroup stockholders’ equity	$	210,959	$	212,408
Noncontrolling interests (NCI)
Balance, beginning of period	$	1,531	$	768
Transactions between Citigroup and NCI	—		(10)
Net income attributable to NCI	153		43
Distributions paid to NCI	—		—
Other comprehensive income (loss) attributable to NCI	(73)		49
Other	2		—
Net change in NCI	$	82	$	82
Balance, end of period	$	1,613	$	850
Total equity	$	212,572	$	213,258

(1)    Common dividends declared were $0.60 per share for 1Q26 and $0.56 per share for 1Q25.

(2)    Includes treasury stock related to certain activity under Citi’s employee restricted or deferred stock programs where shares are withheld to satisfy employees’ tax requirements.

(3)    The 1% excise tax on the fair market value of common stock repurchased in the taxable year, reduced by the fair market value of any common stock issued during the same year.

The Notes to the Consolidated Financial Statements are an integral part of these Unaudited Consolidated Financial Statements.

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CONSOLIDATED STATEMENT OF CASH FLOWS	Citigroup Inc. and Subsidiaries
(UNAUDITED)

	Three Months Ended March 31,
In millions of dollars	2026		2025
Cash flows from operating activities of continuing operations
Net income before attribution of noncontrolling interests	$	5,938	$	4,107
Net income attributable to noncontrolling interests	153		43
Citigroup’s net income	$	5,785	$	4,064
Income (loss) from discontinued operations, net of taxes	(1)		(1)
Income from continuing operations—excluding noncontrolling interests	$	5,786	$	4,065
Adjustments to reconcile net income to net cash provided by (used in) operating activities of continuing operations
Net loss (gain) on sale of significant disposals(1)	18		—
Depreciation and amortization	1,115		1,050
Deferred income taxes	(168)		(8)
Provisions for credit losses and for benefits and claims	2,805		2,723
Realized gains from sales of investments	(270)		(121)
Impairment losses on investments and other assets	136		58
Change in trading account assets	(56,371)		(75,872)
Change in trading account liabilities	22,468		14,842
Change in brokerage receivables net of brokerage payables	7,347		5,102
Change in loans held-for-sale (HFS)	588		(856)
Change in other assets	(6,920)		(3,067)
Change in other liabilities	264		(2,168)
Other, net	1,329		(4,456)
Total adjustments	$	(27,659)	$	(62,773)
Net cash provided by (used in) operating activities of continuing operations	$	(21,873)	$	(58,708)
Cash flows from investing activities of continuing operations
Change in securities borrowed and purchased under agreements to resell	$	3,101	$	(116,153)
Change in loans	(13,692)		(11,506)
Proceeds from divestitures(1)	233		—
Proceeds from sales and securitizations of loans	1,473		1,002
Available-for-sale (AFS) debt securities
Purchases of investments	(100,769)		(73,927)
Proceeds from sales of investments	38,384		36,332
Proceeds from maturities of investments	48,787		45,315
Held-to-maturity (HTM) debt securities
Purchases of investments	(574)		(4,940)
Proceeds from maturities of investments	11,928		26,941
Capital expenditures on premises and equipment and capitalized software	(1,415)		(1,517)
Proceeds from sales of premises and equipment and repossessed assets	3		11
Other, net	150		(541)
Net cash provided by (used in) investing activities of continuing operations	$	(12,391)	$	(98,983)
Statement continues on the next page.

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CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED) (Continued)
	Three Months Ended March 31,
In millions of dollars	2026		2025
Cash flows from financing activities of continuing operations
Dividends paid	$	(1,353)	$	(1,323)
Issuance of preferred stock	1,785		1,995
Redemption of preferred stock	(2,300)		(1,500)
Treasury stock acquired(2)	(6,300)		(1,751)
Stock tendered for payment of withholding taxes	(1,147)		(754)
Change in securities loaned and sold under agreements to repurchase	21,487		149,204
Issuance of long-term debt	24,924		29,612
Payments and redemptions of long-term debt	(28,692)		(23,093)
Change in deposits	42,667		31,952
Change in short-term borrowings	20,178		634
Net cash provided by (used in) financing activities of continuing operations	$	71,249	$	184,976
Effect of exchange rate changes on cash, due from banks and deposits with banks	$	(842)	$	4,514
Change in cash, due from banks and deposits with banks	36,143		31,799
Cash, due from banks and deposits with banks at beginning of period	349,579		276,532
Cash, due from banks and deposits with banks at end of period	$	385,722	$	308,331
Cash and due from banks (including segregated cash and other deposits)	$	23,625	$	24,463
Deposits with banks, net of allowance	362,097		283,868
Cash, due from banks and deposits with banks at end of period	$	385,722	$	308,331
Supplemental disclosure of cash flow information for continuing operations
Cash paid during the period for interest	$	19,559	$	19,389
Non-cash investing activities(1)(3)
Transfers to loans HFS (Other assets) from loans HFI	$	1,213	$	1,032

(1)    See “Significant Disposals” in Note 2.

(2)    Balances based on transaction date.

(3)    Operating and finance lease right-of-use assets and lease liabilities represent non-cash investing and financing activities, respectively, and are not included in the non-cash investing activities presented here. See Note 24 for more information and balances as of March 31, 2026.

The Notes to the Consolidated Financial Statements are an integral part of these Unaudited Consolidated Financial Statements.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1. BASIS OF PRESENTATION, UPDATED ACCOUNTING POLICIES AND ACCOUNTING CHANGES

Basis of Presentation

The accompanying unaudited Consolidated Financial Statements as of March 31, 2026 and for the three months ended March 31, 2026 and 2025 include the accounts of Citigroup Inc. and its consolidated subsidiaries.

In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation have been reflected. The accompanying unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes included within Citigroup’s Annual Report on Form 10-K for the year ended December 31, 2025 (2025 Form 10-K).

Certain financial information that is usually included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP), but is not required for interim reporting purposes, has been condensed or omitted.

Management must make estimates and assumptions that affect the Consolidated Financial Statements and the related footnote disclosures. While management uses its best judgment, actual results could differ from those estimates.

As noted above, the Notes to these Consolidated Financial Statements are unaudited.

Throughout these Notes, “Citigroup,” “Citi” and “the Company” refer to Citigroup Inc. and its consolidated subsidiaries.

Certain reclassifications and updates have been made to the prior periods’ financial statements and notes to conform to the current period’s presentation.

Cash equivalents are defined as those amounts included in Cash and due from banks and predominately all of Deposits with banks. Cash flows from risk management activities are classified in the same category as the related assets and liabilities. Amounts included in Cash and due from banks and Deposits with banks approximate fair value.

The Company has receivables and payables for financial instruments sold to and purchased from brokers, dealers and customers, which arise in the ordinary course of business. These amounts include Brokerage receivables and Brokerage payables on the Consolidated Balance Sheet that are recorded by Citi’s broker-dealer entities and accounted for in accordance with the AICPA Accounting Guide for Brokers and Dealers in Securities as codified in ASC 940-320.

ACCOUNTING CHANGES

See Note 1 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K for a discussion of 2025 accounting changes.

FUTURE ACCOUNTING CHANGES

Initial Measurement of Paid-in-Kind Dividends on Equity-Classified Preferred Stock

In April 2026, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2026-01, Equity (Topic 505): Initial Measurement of Paid-in-Kind Dividends on Equity-Classified Preferred Stock, to provide authoritative guidance on how an issuer should initially measure paid-in-kind (PIK) dividends on equity-classified preferred stock. The amendments do not affect the recognition timing of PIK dividends but clarify that PIK dividends within scope are to be initially measured on the basis of the PIK dividend rate stated in the preferred stock agreement. The ASU will be effective for all entities for interim and annual periods beginning after December 15, 2026, with early adoption permitted. Adoption may be applied either on a prospective basis or on a modified retrospective basis for equity-classified preferred stock instruments outstanding as of the initial application date. Adoption of the ASU is not expected to have a material impact on Citi’s operating results or financial position.

Hedge Accounting Improvements

In November 2025, the FASB issued ASU No. 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements, to clarify certain aspects of the guidance on hedge accounting and to address several incremental hedge accounting issues arising from the global reference rate reform initiative. The objective of the ASU is to more closely align hedge accounting with the economics of an entity’s risk management activities. The amendments, which are adopted prospectively, are effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual reporting periods, with early adoption permitted. Adoption of the ASU is not expected to have a material impact on Citi’s operating results or financial position.

Purchased Loans

In November 2025, the FASB issued ASU No. 2025-08, Financial Instruments—Credit Losses (Topic 326): Purchased Loans, which amends Topic 326 to expand the application of the gross-up method of recording the expected credit losses at the purchase date to “purchased seasoned loans” that do not have more-than-insignificant credit losses at acquisition.

All non-purchased credit deteriorated (PCD) loans (excluding credit cards) that are acquired in a business combination are deemed seasoned while other non-PCD loans (excluding credit cards) are seasoned if they were purchased at least 90 days after origination and the acquirer was not involved in the origination of the loans. As a result of this ASU, originated loans and purchased non-seasoned loans without credit deterioration will recognize expected credit losses at origination or when purchased, while purchased loans with credit deterioration will reflect a gross-up associated with credit at acquisition.

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The amendments in this ASU are effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, with early adoption permitted. The amendments in this ASU should be applied prospectively to loans that are acquired on or after the initial application date. Citi is currently evaluating the impact of this ASU on its financial statements.

Derivatives Scope Refinements and Scope Clarification for Share-Based Non-Cash Consideration from a Customer in a Revenue Contract

In September 2025, the FASB issued ASU No. 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606). The amendments in the ASU exclude from derivative accounting certain non-exchange-traded contracts with underlyings that are based on operations or activities specific to one of the parties to the contract. The amendments also clarify that an entity should apply the guidance in Topic 606, including the guidance on non-cash consideration, to a contract with share-based non-cash consideration from a customer for the transfer of goods or services. The transition method is prospective with the modified retrospective method permitted. The amendments will be effective for fiscal years beginning after December 15, 2026, with early adoption permitted. Citi is currently evaluating the impact of the amendments.

Accounting for Internal-Use Software Costs

In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, intended to modernize the internal-use software guidance, primarily by eliminating accounting consideration of software project development stages and enhancing the guidance around the “probable-to-complete” threshold in determining when capitalization of internal-use software costs begins. The ASU will be effective for all entities for interim and annual periods beginning after December 15, 2027, with early adoption permitted. Citi is currently assessing the impact and approach toward adopting this ASU.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), to improve the disclosures of expenses by requiring public business entities to provide further disaggregation of relevant expense captions (i.e., employee compensation, depreciation, intangible asset amortization) in a separate note to the financial statements, a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and the total amount of selling expenses and, in an annual reporting period, an entity’s definition of selling expenses.

The transition method is prospective with the retrospective method permitted, and the ASU will be effective for Citi for its annual period ending December 31, 2027 and interim periods for the interim period beginning January 1, 2028. Citi is currently evaluating the impact on its disclosures.

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2. SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS

Significant Disposals

Citi has largely completed its exits from 12 of 14 international consumer markets as part of its strategic refresh, and continues to make significant progress on the divestitures of the remaining two markets, completing the sales of minority equity interests in Banamex and signing an agreement to sell its Poland consumer banking business. Of the 12 exits, as of March 31, 2026, Citi has disposed of nine consumer banking businesses through sales and largely disposed of three consumer markets through other means, including wind‑down activities and loan portfolio dispositions in China, Russia and Korea, all reported within All Other—Legacy Franchises, as part of Citi’s strategic refresh. For additional information, see Note 2 in the Consolidated Financial Statements in Citi’s 2025 Form 10-K.

During 2025, the following transactions were identified as significant disposals, including the assets and liabilities that were reclassified to held-for-sale (HFS) within Other assets and Other liabilities on the Consolidated Balance Sheet and the Income (loss) before taxes (benefits) related to the business.

Agreement to Sell Poland Consumer Banking Business

On May 27, 2025, Citi entered into an agreement to sell its Poland consumer banking business, which is part of All Other—Legacy Franchises. The sale, which is subject to regulatory approvals and other customary closing conditions, is expected to close by mid-2026. Beginning in the second quarter of 2025, Citi reported the business as HFS. Since 2025, on a cumulative basis, Citi recognized a pretax loss on sale of approximately $177 million, recorded in Other revenue ($135 million after-tax), subject to closing adjustments.

Income before taxes, excluding the pretax loss on sale, for the Poland consumer banking business was as follows:

	Three Months Ended March 31,
In millions of dollars	2026		2025
Income before taxes	$	21	$	32

The following assets and liabilities related to the Poland consumer banking business were reclassified to HFS within Other assets and Other liabilities, respectively, on the Consolidated Balance Sheet at March 31, 2026:

In millions of dollars	March 31, 2026
Assets
Cash and deposits with banks(1)	$	4,570
Loans (net of allowance of $24 at March 31, 2026)	1,625
Other assets	60
Total assets	$	6,255
Liabilities
Deposits	$	5,956
Other liabilities	61
Total liabilities	$	6,017

(1)    Includes liquidity resources currently composed of approximately $4.5 billion of Deposits with banks. This may transfer as cash and securities at time of closing and is primarily recorded in Markets.

Sale of AO Citibank

On February 18, 2026, Citi signed and closed the sale of AO Citibank to Renaissance Capital (RenCap). AO Citibank conducted Citi’s remaining operations in Russia, which were historically reported within the Services, Markets and Banking reportable segments as well as within All Other.

AO Citibank had approximately $13.5 billion in assets, including $11.4 billion of Other assets and $2.0 billion of Cash and deposits with banks. The total amount of liabilities was $13.7 billion, primarily consisting of deposits, including $1.7 billion in intercompany deposits, which is now owed to Citi by RenCap. The sale resulted in a pretax loss on sale of approximately $1.2 billion ($1.1 billion after-tax) recorded in Other revenue, primarily reflected in the fourth quarter of 2025.

Income before taxes, excluding the pretax loss on sale, for AO Citibank was as follows:

	Three Months Ended March 31,
In millions of dollars	2026		2025
Income before taxes	$	24	$	(17)

Citi did not have any other significant disposals as of March 31, 2026. For a description of the Company’s significant disposal transactions in prior periods and financial impact, see Note 2 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.

Other Business Exits

Other significant transactions during 2026 included the following:

Agreements for Investors’ Commitments to Acquire, in Aggregate, 24% Equity Stake in Banamex

On February 23, 2026, Citi announced that it had entered into agreements with several prominent institutional investors and family offices who have committed to acquire, in aggregate, 24% (approximately 499 million shares) of Banamex’s outstanding common stock at a fixed price of approximately MXN 43 billion, subject to purchase price adjustments. The transaction is subject to customary closing conditions, including antitrust regulatory approval in Mexico.

On April 29, 2026, Citi completed the sale of 22.6% of the 24% (approximately 470 million shares) equity stake in Banamex, which resulted in Citi receiving total sales consideration of approximately $2.3 billion. The sale of the remaining 1.4% equity stake is expected to be completed in mid-2026.

Upon closing of the 22.6% Banamex sale, and based on balances as of March 31, 2026, Citi’s total stockholders’ equity is expected to increase by approximately $1.7 billion, due to (i) the reclassification of an approximate $2.1 billion CTA loss associated with Banamex from AOCI (within Total Citigroup stockholders’ equity) to Noncontrolling interests

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(NCI), partially offset by (ii) a net loss on sale of approximately $0.4 billion recorded primarily in Additional paid-in capital within Total Citigroup stockholders’ equity, which reflects the difference between the cash consideration received and 22.6% of the Banamex U.S. GAAP book value. During the second quarter of 2026, Citi continued to consolidate Banamex into its Consolidated Financial Statements.

3. REPORTABLE BUSINESS SEGMENTS AND ALL OTHER

The reportable business segments (segments) and All Other reflect how the CEO, who is the chief operating decision maker (CODM), manages the Company, including allocating resources and measuring performance.

Citi is organized into five reportable business segments: Services, Markets, Banking, Wealth and U.S. Consumer Cards (USCC), with the remaining operations recorded in All Other, which includes activities not assigned to a specific segment, as well as discontinued operations. See segment details in Note 3 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.

Prior-period reportable operating segment and All Other results have been recast to reflect the following changes effective January 1, 2026:

•Citi transferred its Retail Banking business from the former U.S. Personal Banking (USPB) to Wealth and integrated the remaining USPB businesses into a new U.S. Consumer Cards segment.

•Citi eliminated the corporate lending revenue share arrangement by updating its TCE methodology among the Services, Markets and Banking segments to better align their capital usage associated with the shared economic benefits of corporate lending to clients across these segments.

•Certain interest rate risk-management activities within Markets were moved to All Other—Corporate/Other, or between businesses within Markets.

•Certain other immaterial reclassifications impacting the results of each business segment and All Other were made.

Citi’s consolidated results remain unchanged for all periods presented following the changes and reclassifications discussed above.

Revenues and expenses directly associated with each segment or line of business are included in determining respective operating results. Other revenues and expenses that are attributable to a particular segment or All Other are generally allocated from Corporate/Other within All Other based on respective net revenues, non-interest expenses or other relevant measures.

Revenues and expenses from transactions with other segments and All Other are treated as transactions with external parties for purposes of segment disclosures, while funding charges paid by segments and funding credits received by Corporate Treasury within All Other are included in net interest income. The Company includes intersegment eliminations from Corporate/Other within All Other to reconcile the segment results to Citi’s consolidated results.

The accounting policies of these segments and All Other are the same as those disclosed in Note 1 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.

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The following tables present certain information regarding the Company’s continuing operations by reportable business segment and All Other on a managed basis that excludes divestiture-related impacts. The CODM uses Income (loss) from continuing operations as the performance measure, to evaluate the results of each reportable business segment and

All Other by comparing to and monitoring against budget and prior-year results. This information is used to allocate resources to each of the segments and All Other and to make operational decisions when managing the Company, such as whether to reinvest profits or to return capital to shareholders through dividends and share repurchases.

	Three Months Ended March 31,
In millions of dollars, except end-of-period assets, average loans and average deposits in billions	Services				Markets				Banking
	2026		2025		2026		2025		2026		2025
Net interest income	$	4,143	$	3,498	$	2,797	$	1,924	$	587	$	491
Non-interest revenue	1,960		1,706		4,449		4,151		1,180		1,039
Total revenues, net of interest expense	$	6,103	$	5,204	$	7,246	$	6,075	$	1,767	$	1,530
Compensation expense(1)	$	707	$	632	$	1,200	$	1,018	$	779	$	632
Non-compensation expense(2)	2,228		1,952		2,635		2,448		461		402
Total operating expense	$	2,935	$	2,584	$	3,835	$	3,466	$	1,240	$	1,034
Provisions for credit losses and for benefits and claims	$	94	$	51	$	(15)	$	201	$	132	$	214
Provision (benefits) for income taxes	832		720		797		546		91		60
Income (loss) from continuing operations	2,242		1,849		2,629		1,862		304		222
End-of-period assets (March 31, 2026 and December 31, 2025)	$	649	$	628	$	1,280	$	1,185	$	154	$	140
Average loans	99		87		162		128		83		82
Average deposits	961		826		19		15		—		—
In millions of dollars, except end-of-period assets, average loans and average deposits in billions	Wealth				USCC
	2026		2025		2026		2025
Net interest income	$	2,095	$	1,831	$	5,116	$	4,984
Non-interest revenue	970		926		(359)		(417)
Total revenues, net of interest expense	$	3,065	$	2,757	$	4,757	$	4,567
Compensation expense(1)	$	866	$	880	$	354	$	342
Non-compensation expense(2)	1,549		1,510		1,357		1,349
Total operating expense	$	2,415	$	2,390	$	1,711	$	1,691
Provisions for credit losses and for benefits and claims	$	101	$	126	$	2,092	$	1,783
Provision (benefits) for income taxes	117		50		222		255
Income (loss) from continuing operations	432		191		732		838
End-of-period assets (March 31, 2026 and December 31, 2025)	$	320	$	316	$	171	$	178
Average loans	205		194