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Citigroup
C
#78
Rank
$210.84 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$123.62
Share price
-0.96%
Change (1 day)
65.27%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. Citigroup
  2. Quarterly Reports (10-Q)
  3. Submitted on 2026-05-07

Citigroup - 10-Q quarterly report FY


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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)
Delaware52-1568099
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
388 Greenwich Street, New YorkNY10013
(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.

4

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.


SEGMENT CHART - 1Q26 DRAFT 5-1-26 for AC.jpg

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.

7

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.



8

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 amounts20262025% Change
Net interest income$15,741 $14,012 12 %
Non-interest revenue8,892 7,584 17 
Revenues, net of interest expense$24,633 $21,596 14 %
Operating expenses14,311 13,425 7 
Provisions for credit losses and for benefits and claims2,805 2,723 3 
Income from continuing operations before income taxes$7,517 $5,448 38 %
Income taxes1,578 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 interests153 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 income3.12 2.00 56 
Diluted
Income from continuing operations$3.06 $1.96 56 %
Net income3.06 1.96 56 
Dividends declared per common share 0.60 0.56 7 
Common dividends $1,057 $1,072 (1)%
Preferred dividends305 269 13 
Common share repurchases6,300 1,750 260 

Table continues on the next page, including footnotes.

10

SUMMARY OF SELECTED FINANCIAL DATA
(Continued)
Citigroup Inc. and Consolidated Subsidiaries

In millions of dollars, except per share amounts,
ratios and direct staff		First Quarter
20262025% Change
At March 31:
Total assets$2,777,687 $2,571,514 8 %
Total deposits 1,446,240 1,316,410 10 
Long-term debt307,566 295,684 4 
Citigroup common stockholders’ equity191,409 194,058 (1)
Total Citigroup stockholders’ equity210,959 212,408 (1)
Average assets2,816,804 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 bps759 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 ratio5.25 5.79 
Citigroup common stockholders’ equity to assets6.89 %7.55 %
Total Citigroup stockholders’ equity to assets7.59 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.

11

BALANCE SHEET OVERVIEW


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

Increase (decrease)
In millions of dollarsMarch 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 allowance353,094 356,195 (3,101)(1)
Trading account assets593,473 537,139 56,334 10 
Investments, net of allowance444,164 444,229 (65)— 
Loans, net of unearned income and allowance for credit losses on loans741,980 732,983 8,997 1 
All other assets259,254 237,077 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 repurchase369,585 348,098 21,487 6 
Trading account liabilities185,266 162,798 22,468 14 
Short-term borrowings72,056 51,878 20,178 39 
Long-term debt307,566 315,827 (8,261)(3)
All other liabilities184,402 161,206 23,196 14 
Total liabilities$2,565,115 $2,443,380 $121,735 5 %
Preferred stock19,550 20,050 (500)(2)
Common equity191,409 192,241 (832)— 
Noncontrolling interests1,613 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.

12

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 dollars20262025% Change
Services$6,103 $5,204 17 %
Markets7,246 6,075 19 
Banking1,767 1,530 15 
Wealth3,065 2,757 11 
USCC4,757 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 dollars20262025% Change
Income (loss) from continuing operations
Services$2,242 $1,849 21 %
Markets2,629 1,862 41 
Banking304 222 37 
Wealth432 191 126 
USCC732 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 interests153 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 noted20262025% Change
Net interest income (including dividends)$4,143 $3,498 18 %
Fee revenue
Commissions and fees909 815 12 
Administration and other fiduciary fees763 658 16 
Total fee revenue$1,672 $1,473 14 %
Principal transactions263 233 13 
All other25 — — 
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 loans3 6 (50)
Credit reserve build (release) for loans97 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 securities5 27 (81)
Provision (release) for credit losses$94 $51 84 %
Income from continuing operations before taxes$3,074 $2,569 20 %
Income taxes832 720 16 
Income from continuing operations$2,242 $1,849 21 %
Noncontrolling interests14 15 (7)
Net income$2,228 $1,834 21 %
Efficiency ratio48 %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 revenue1,192 1,064 12 
TTS$4,616 $3,929 17 %
Net interest income$719 $633 14 %
Non-interest revenue768 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 
LATAM748 658 14 
Asia South660 639 3 
Europe690 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 Services2 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 loans0.01 %0.03 %
Average deposits by line of business (in billions of dollars)
TTS$812 $690 18 %
Securities Services149 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 noted20262025% Change
Net interest income (including dividends)$2,797 $1,924 45 %
Fee revenue
Brokerage and fees478 400 20 
Investment banking fees(1)
120 135 (11)
Other55 52 6 
Total fee revenue$653 $587 11 %
Principal transactions3,542 3,285 8 
All other254 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 $3,466 11 %
Net credit losses on loans(3)142 NM
Credit reserve build (release) for loans23 48 (52)
Provision (release) for credit losses on unfunded lending commitments(23)9 NM
Provisions (releases) for credit losses for other assets and HTM debt securities(12)2 NM
Provision (release) for credit losses$(15)$201 NM
Income from continuing operations before taxes$3,426 $2,408 42 %
Income taxes797 546 46 
Income from continuing operations$2,629 $1,862 41 %
Noncontrolling interests34 13 162 
Net income$2,595 $1,849 40 %
Efficiency ratio53 %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 Markets2,080 1,497 39 
Total$7,246 $6,075 19 %
Rates and Currencies$3,311 $3,116 6 %
Spread Products and Other Fixed Income1,855 1,462 27 
Total Fixed Income Markets revenues$5,166 $4,578 13 %
Revenue by managed geography
North America$2,559 $2,169 18 %
International4,687 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 
LATAM714 606 18 
Asia South603 507 19 
Europe389 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 noted20262025% Change
Net interest income (including dividends)$587 $491 20 %
Fee revenue
Investment banking fees1,232 1,104 12 
Other64 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 loans6 34 (82)
Credit reserve build (release) for loans175 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 securities2 (5)NM
Provisions (releases) for credit losses$132 $214 (38)%
Income from continuing operations before taxes$395 $282 40 %
Income taxes91 60 52 
Income from continuing operations$304 $222 37 %
Noncontrolling interests— (1)100 
Net income$304 $223 36 %
Efficiency ratio70 %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 %
International658 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)
LATAM92 95 (3)
Asia South81 73 11 
Europe153 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 loans0.03 %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 noted20262025% Change
Net interest income$2,095 $1,831 14 %
Fee revenue
Commissions and fees543 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 loans88 67 31 
Credit reserve build (release) for loans13 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 taxes117 50 134 
Income from continuing operations$432 $191 126 %
Noncontrolling interests— — — 
Net income$432 $191 126 %
Efficiency ratio79 %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 Bank757 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 
LATAM41 37 11 
Asia South430 372 16 
Europe84 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 %
Deposits418 401 4 
Loans205 196 5 
Total$1,299 $1,192 9 %
Net new investment assets (NNIA)(6)
$14.7 $16.5 (11)%
Average deposits414 399 4 
Average loans205 194 6 
ACLL as a percentage of EOP loans(7)
0.33 %0.38 %
NCLs (annualized) as a percentage of average loans0.17 %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 noted20262025% 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 loans1,742 1,954 (11)
Credit reserve build (release) for loans76 (174)NM
Provision for credit losses on unfunded lending commitments(3)
272 — NM
Provisions for benefits and claims (PBC), and other assets2 3 (33)
Provisions for credit losses and PBC$2,092 $1,783 17 %
Income from continuing operations before taxes$954 $1,093 (13)%
Income taxes222 255 (13)
Income from continuing operations$732 $838 (13)%
Noncontrolling interests— — — 
Net income$732 $838 (13)%
Efficiency ratio36 %37 %
Balance Sheet data (in billions of dollars)
EOP assets
$171 $167 2 %
Average assets172 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 loans8.09 %8.29 %
NCLs (annualized) as a percentage of average loans4.12 %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 loans3.87 %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 loans5.05 %5.71 %
Loans 90+ days past due as a percentage of EOP loans2.15 %2.23 %
Loans 30–89 days past due as a percentage of EOP loans1.98 %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.

29

ALL OTHER—Managed Basis

All Other (managed basis) includes:

•Legacy Franchises (managed basis), and
•Corporate/Other

Legacy Franchises (Managed Basis)
Legacy Franchises (managed basis) results include the following:

•Mexico Consumer/SBMM, which operates primarily through Grupo Financiero Banamex, S.A. de C.V. (Banamex) and its consolidated subsidiaries and provides traditional retail banking, branded card products, retirement fund administration services and insurance products to consumers and traditional middle-market banking products and services to small business and commercial customers
•Asia Consumer, 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 noted20262025% Change
Net interest income$1,003 $1,284 (22)%
Non-interest revenue679 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 loans371 256 45 
Credit reserve build (release) for loans13 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 securities19 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)$(839)54 %
Income (loss) from discontinued operations, net of taxes(1)(1)— 
Noncontrolling interests105 16 NM
Net income (loss)$(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 Consumer105 135 (22)
Legacy Holdings Assets2 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 deposits44 35 24 
Average loans31 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 deposits1 7 (88)
Average loans2 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
20262025
In millions of dollars, except as otherwise notedAll 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 revenue692 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 loans372 1 371 256 — 256 
Credit reserve build (release) for loans13 — 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 securities19 — 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)$(839)
Income (loss) from discontinued operations, net of taxes(1)— (1)(1)— (1)
Noncontrolling interests105 — 105 16 — 16 
Net income (loss)$(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 ApproachAdvanced Approaches
GSIB surcharge3.5 %3.5 %
SCB(2)
3.6N/A
CCBN/A2.5 
CCyB—— 
Regulatory Capital buffer requirement7.1 %6.0 %
CET1 Capital (stated minimum)4.54.5 
CET1 Capital ratio requirement11.6 %10.5 %
Additional Tier 1 Capital1.51.5 
Tier 1 Capital ratio requirement13.1 %12.0 %
Tier 2 Capital2.02.0 
Total Capital ratio requirement15.1 %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 RatiosStandardized ApproachRequired RatiosAdvanced 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/A314,184 
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 RatiosStandardized ApproachRequired RatiosAdvanced 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/A313,601 
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.

36

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 tax431 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 dollarsStandardized ApproachAdvanced Approaches
Total Risk-Weighted Assets at December 31, 2025
$1,192,174 $1,316,371 
General credit risk exposures(1)
3,826 6,429 
Derivatives8,460 4,886 
Securities financing transactions12,776 3,588 
Securitization exposures1,241 282 
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.
38

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
CCB2.5 %
CCyB— 
Regulatory Capital buffer requirement2.5 %
CET1 Capital (stated minimum)4.5 
CET1 Capital ratio requirement(2)
7.0 %
Additional Tier 1 Capital1.5 
Tier 1 Capital ratio requirement(2)
8.5 %
Tier 2 Capital2.0 
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.
39

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 RatiosStandardized ApproachRequired RatiosAdvanced 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/A251,070 
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 RatiosStandardized ApproachRequired RatiosAdvanced 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/A250,271 
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.


40

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 ratiosExternal TLACLTD
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 Exposure10.1 %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.


41

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
20262025
Net income available to common shareholders
$5,480 $3,795 
Average common stockholders’ equity
$192,606 $191,794 
Less:
Average goodwill19,828 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 

42

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
Deposits64
Long-Term Debt (LTD)65
Secured Funding Transactions and Short-Term Borrowings67
Credit Ratings68
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.

43

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 dollars1Q264Q251Q25
Services$99 $96 $87 
Markets162 152 128 
Banking83 79 82 
Wealth205 203 194 
USCC(1)
GPCC$138 $138 $133 
PLCC29 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, 2026December 31, 2025
In billions of dollarsDue
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 America58 %58 %
International42 42 
Total100 %100 %
International by cluster(percentages are based on total Citi)
Europe16 %16 %
LATAM7 7 
United Kingdom6 6 
Japan, Asia North and Australia (JANA)6 6 
Asia South4 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/A47 %49 %
BBB30 29 
BB/B21 20 
CCC or below2 2 
Total100 %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 industrials19 %19 %
Technology, media and telecom15 14 
Banks and finance companies(1)
13 13 
Real estate11 11 
Commercial8 8 
Residential3 3 
Consumer retail11 10 
Power, chemicals, metals and mining8 8 
Energy and commodities5 6 
Healthcare5 5 
Public sector4 4 
Insurance4 3 
Asset managers and funds3 3 
Financial markets infrastructure2 3 
Other industries— 1 
Total100 %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.
46

The following table details Citi’s corporate credit portfolio by industry as of March 31, 2026:

Non-investment gradeSelected metrics
In millions of dollars
Total credit exposure(1)(8)
Funded(2)
Unfunded(3)
Investment gradeNon-criticizedCriticized performing
Criticized non-performing(4)
30 days or more past due and accruingNet 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)
Industrials77,129 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)
Transportation29,908 12,920 16,988 20,525 8,585 716 82 13 — (1,111)
Technology, media and telecom123,653 37,773 85,880 79,285 40,443 3,579 346 16 — (7,964)
Banks and finance companies107,633 74,102 33,531 96,872 9,820 860 81 14 (1)(781)
Real estate94,545 66,854 27,691 79,659 10,172 4,210 504 54 (3)(1,095)
Commercial69,460 46,687 22,773 55,005 9,877 4,074 504 54 (3)(1,095)
Residential25,085 20,167 4,918 24,654 295 136 — — — — 
Consumer retail89,997 34,166 55,831 65,370 20,861 3,439 327 30 8 (5,508)
Power, chemicals, metals and mining65,280 20,054 45,226 45,152 14,512 5,086 530 118 17 (5,775)
Power28,806 6,297 22,509 22,977 5,320 480 29 97 — (2,820)
Chemicals21,672 7,967 13,705 12,832 5,008 3,408 424 20 17 (2,077)
Metals and mining14,802 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)
Healthcare41,924 8,936 32,988 32,317 8,112 1,459 36 25 1 (3,530)
Public sector32,288 16,976 15,312 28,946 2,749 581 12 12 — (496)
Insurance30,856 4,393 26,463 28,705 2,055 96 — 2 — (4,357)
Asset managers and funds28,124 10,385 17,739 22,099 5,886 136 3 2 — (139)
Financial markets infrastructure17,477 672 16,805 15,529 1,948 — — — — (15)
Securities firms1,632 189 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 gradeSelected metrics
In millions of dollars
Total credit exposure(1)(8)
Funded(2)
Unfunded(3)
Investment gradeNon-criticizedCriticized performing
Criticized non-performing(4)
30 days or more past due and accruingNet 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)
Transportation30,298 13,512 16,786 21,518 7,892 729 159 33 2 (1,166)
Industrials72,079 22,237 49,842 51,653 16,858 3,314 254 78 15 (4,212)
Technology, media and telecom115,075 34,144 80,931 73,946 37,367 3,417 345 49 6 (7,701)
Banks and finance companies106,266 73,206 33,060 95,515 9,614 1,057 80 4 151 (691)
Real estate90,677 62,776 27,901 76,691 9,881 3,454 651 32 11 (917)
Commercial69,548 44,387 25,161 55,769 9,674 3,454 651 31 11 (917)
Residential21,129 18,389 2,740 20,922 207 — — 1 — — 
Consumer retail82,879 34,119 48,760 58,111 20,751 3,841 176 23 77 (5,614)
Power, chemicals, metals and mining61,347 18,695 42,652 43,453 12,408 5,058 428 28 5 (5,860)
Power27,099 6,319 20,780 22,201 4,485 386 27 2 8 (2,829)
Chemicals21,048 6,956 14,092 12,688 4,651 3,387 322 24 1 (2,128)
Metals and mining13,200 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)
Healthcare43,520 8,076 35,444 34,162 7,779 1,555 24 25 3 (3,520)
Public sector31,498 17,063 14,435 28,321 2,649 515 13 47 3 (595)
Asset managers and funds27,725 10,642 17,083 20,957 6,611 153 4 3 — (117)
Insurance27,620 3,657 23,963 25,585 1,967 68 — 1 — (4,494)
Financial markets infrastructure23,360 151 23,209 23,227 133 — — — — (14)
Securities firms1,286 154 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/A48 %47 %
BBB40 41 
BB/B11 11 
CCC or below1 1 
Total100 %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 dollars4Q251Q26
Wealth(2)(3)
Mortgages(4)
$139.5 $139.0 
Securities-based lending33.4 34.5 
Personal, small business and other26.5 26.8 
Cards4.9 4.7 
Total$204.3 $205.0 
USCC
GPCC$143.2 $138.7 
PLCC30.5 28.3 
Installment Lending3.8 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
legendc31.jpg

USCC.jpg

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
legendc32.jpg

GPCC.jpg

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
legendc25.jpg

PLCC.jpg

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, 2026December 31, 2025March 31, 2025
GPCC
 ≥ 74052 %53 %51 %
660–73935 34 36 
< 66013 13 13 
Total100 %100 %100 %
PLCC
≥ 74035 %36 %34 %
660–73940 40 41 
< 66025 24 25 
Total100 %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
legendc32.jpg



Wealth.jpg

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
legendc30.jpg

Mexico Consumer.jpg

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 
Ratio0.28 %0.34 %0.35 %0.32 %
Wealth classifiably managed loans(5)
49.9 N/AN/AN/AN/A
USCC(6)
Total$170.8 $2,562 $2,567 $2,277 $2,424 
Ratio1.50 %1.45 %1.33 %1.37 %
Credit cards total(6) (a+b) = (c)
167.0 2,541 2,545 2,223 2,373 
Ratio1.52 %1.47 %1.33 %1.37 %
GPCC(6) (a)
138.7 1,932 1,895 1,664 1,766 
Ratio1.39 %1.32 %1.20 %1.23 %
PLCC(6) (b)
28.3 609 650 559 607 
Ratio2.15 %2.13 %1.98 %1.99 %
Installment Lending3.8 21 22 54 51 
Ratio0.55 %0.58 %1.42 %1.37 %
All Other
Total$26.6 $446 $448 $428 $420 
Ratio1.69 %1.69 %1.62 %1.58 %
Mexico Consumer22.8 390 387 374 358 
Ratio1.71 %1.72 %1.64 %1.59 %
Asia Consumer(7)
2.2 12 14 12 15 
Ratio0.55 %0.56 %0.55 %0.60 %
Legacy Holdings Assets (consumer)(8)
1.6 44 47 42 47 
Ratio3.14 %3.13 %3.00 %3.13 %
Total Citigroup consumer$402.4 $3,443 $3,540 $3,249 $3,340 
Ratio0.98 %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

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Consumer Loan Net Credit Losses (NCLs) and Ratios

 
Average loans(1)
Net credit losses(2)
In millions of dollars, except average loan amounts in billions1Q261Q264Q251Q25
Wealth$205.4 $88 $80 $67 
Ratio0.17 %0.16 %0.14 %
USCC
Total$171.3 $1,742 $1,739 $1,954 
Ratio4.12 %4.00 %4.72 %
Credit cards total (a+b) = (c)167.5 1,684 1,680 1,896 
Ratio4.08 %3.96 %4.68 %
GPCC (a)138.6 1,324 1,322 1,465 
Ratio3.87 %3.78 %4.45 %
PLCC (b)28.9 360 358 431 
Ratio5.05 %4.77 %5.71 %
Installment Lending3.8 58 59 58 
Ratio6.19 %6.00 %6.19 %
All Other—Legacy Franchises (managed basis)(3)
Total$27.1 $369 $331 $256 
Ratio5.52 %5.03 %4.27 %
Mexico Consumer23.0 361 325 239 
Ratio6.37 %5.91 %5.51 %
Asia Consumer (managed basis)(3)(4)
2.4 11 11 18 
Ratio1.86 %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 
Ratio2.21 %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 dollars20262025
Consumer loans
In North America offices(1)
Residential first mortgages(2)
$119,234 $119,389 
Home equity loans(2)
2,777 2,872 
Credit cards166,996 173,656 
Personal, small business and other33,565 33,211 
Total$322,572 $329,128 
In offices outside North America(1)
Residential mortgages(2)
$23,867 $24,041 
Credit cards14,319 14,701 
Personal, small business and other41,427 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 institutions74,066 72,154 
Mortgage and real estate(2)
18,191 17,931 
Installment and other(4)
22,866 23,104 
Lease financing72 72 
Total$178,953 $170,667 
In offices outside North America(1)
Commercial and industrial$100,839 $96,886 
Financial institutions29,480 27,054 
Mortgage and real estate(2)
9,823 9,856 
Installment and other(4)
34,469 34,100 
Lease financing44 47 
Governments and official institutions5,609 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 dollars20262025202520252025
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 
Corporate307 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. offices17 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. offices30 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 loans2.21 %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 loans0.01 %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 
Corporate3,339 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 dollarsACLLEOP 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 loans0.4 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 cards1.2 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 institutions0.3 102.3 0.3 
Mortgage and real estate(4)
0.7 28.0 2.5 
Installment and other0.2 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 dollarsACLLEOP 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 loans0.4 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 cards1.2 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 institutions0.3 98.9 0.3 
Mortgage and real estate(4)
0.7 27.8 2.5 
Installment and other0.3 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)
ACLLACLL as a % of funded exposure
Banks and finance companies$74,102 $228 0.3 %
Real estate66,854 749 1.1 
Commercial46,687 725 1.6 
Residential20,167 24 0.1 
Transportation and industrials60,573 699 1.2 
Technology, media and telecom37,773 439 1.2 
Consumer retail34,166 311 0.9 
Power, chemicals, metals and mining20,054 461 2.3 
Public sector16,976 96 0.6 
Energy and commodities14,660 170 1.2 
Asset managers and funds10,385 45 0.4 
Healthcare8,936 107 1.2 
Insurance4,393 13 0.3 
Financial markets infrastructure672 1 0.9 
Securities firms189 1 0.1 
Other industries994 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)
ACLLACLL as a % of funded exposure
Banks and finance companies$73,206 $257 0.4 %
Real estate62,776 709 1.1 
Commercial44,387 682 1.5 
Residential18,389 26 0.1 
Transportation and industrials58,014 614 1.1 
Technology, media and telecom34,144 354 1.0 
Consumer retail34,119 298 0.9 
Power, chemicals, metals and mining18,695 381 2.0 
Public sector17,063 67 0.4 
Energy and commodities12,686 171 1.3 
Asset managers and funds10,642 42 0.4 
Healthcare8,076 102 1.3 
Insurance3,657 15 0.4 
Securities firms154 3 1.9 
Financial markets infrastructure151 — — 
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 dollars20262025
Corporate non-accrual loans by region(1)(2)(3)
North America$955 $1,145 
International1,002 856 
Total $1,957 $2,001 
International NAL by cluster
United Kingdom$172 $127 
Japan, Asia North and Australia (JANA)8 9 
LATAM633 576 
Asia South32 29 
Europe56 100 
Middle East, Africa and Russia (MEA)101 15 
Corporate non-accrual loans(1)(2)(3)
Banking$971 $919 
Services393 337 
Markets472 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 EndedThree Months Ended
March 31, 2026March 31, 2025
In millions of dollarsCorporateConsumerTotalCorporateConsumerTotal
Non-accrual loans at beginning of quarter$2,001 $1,618 $3,619 $1,377 $1,310 $2,687 
Additions393 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 dollars20262025
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 loans1,414 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 loans0.44 %0.48 %
NAA as a percentage of total assets0.12 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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62

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)

CitibankCiti non-bank and other entitiesTotal
In billions of dollarsMar. 31, 2026Dec. 31, 2025Mar. 31, 2025Mar. 31, 2026Dec. 31, 2025Mar. 31, 2025Mar. 31, 2026Dec. 31, 2025Mar. 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 dollarsMar. 31, 2026Dec. 31, 2025Mar. 31, 2025
HQLA$613.9 $607.2 $553.2 
Net outflows538.1 529.3 473.8 
LCR114 %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 dollars1Q264Q251Q25
Services$961 $935 $826 
TTS 812 780 690 
Securities Services
149 155 136 
Markets19 20 15 
Banking— 1 — 
Wealth414 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 dollarsMar. 31, 2026Dec. 31, 2025Mar. 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 debt20.5 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:

 1Q264Q251Q25
In billions of dollarsMaturitiesIssuancesMaturitiesIssuancesMaturitiesIssuances
Non-bank
Benchmark debt:
Senior debt$4.5 $— $0.6 $3.2 $6.2 $7.3 
Subordinated debt1.5 — — — 1.5 3.0 
Trust preferred — — — — — — 
Customer-related debt16.6 23.4 18.6 19.2 12.7 17.2 
Local country and other0.5 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 debt3.0 — — — — — 
Customer-related debt0.2 — 0.5 0.4 — — 
Local country and other0.4 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 dollars1Q26 YTDRemaining
2026		20272028202920302031ThereafterTotal
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 debt1.5 1.0 3.8 2.0 — — 0.3 19.9 27.0 
Trust preferred — — — — — — — 1.6 1.6 
Customer-related debt16.6 12.3 18.5 12.9 10.9 9.5 6.0 46.7 116.8 
Local country and other0.5 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 debt3.0 5.0 6.5 2.5 1.5 3.0 — 2.0 20.5 
Customer-related debt0.2 — — — 0.4 0.7 1.4 — 2.5 
Local country and other0.4 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-termShort-termOutlookLong-
term		Short-
term		Outlook
Fitch Ratings (Fitch)AF1
Stable(1)
A+F1
Stable(1)
Moody’s Ratings (Moody’s)A3P-2StableAa3P-1Stable
S&P Global Ratings (S&P)BBB+A-2StableA+A-1Stable

(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 notedMar. 31, 2026Dec. 31, 2025Mar. 31, 2025
Parallel interest rate shock +100 bps
Interest rate exposure(1)(2)
U.S. dollar$(157)$(33)$(225)
All other currencies1,354 1,402 1,470 
Total net interest income$1,197 $1,369 $1,245 
As a percentage of average interest-earning assets0.05 %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 flattenerLong-end steepenerLong-end flattenerShort-end steepenerParallel shiftParallel shiftParallel 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 dollarsMar. 31, 2026Dec. 31, 2025Mar. 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 TCE0.6 %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.

71

Interest Income/Expense and Net Interest Margin (NIM)

1Q26 Chart.jpg
1st Qtr.4th Qtr.1st Qtr.Change
In millions of dollars, except as otherwise noted2026 2025 20251Q26 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 rate3.75 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 rate3.58 %3.52 %4.15 %(57)bps
10-year U.S. Treasury note—average rate4.20  4.10  4.45 (25)bps
10-year vs. two-year spread62 bps58 bps30 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
2026202520251Q26 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—AssetsAverage balanceInterest 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 rates202620252025202620252025202620252025
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 tax10,222 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—LiabilitiesAverage balanceInterest 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 rates202620252025202620252025202620252025
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 interests1,613 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 QuarterFourth QuarterFirst Quarter
In millions of dollarsMarch 31, 20262026 AverageDecember 31, 20252025 AverageMarch 31, 20252025 Average
Interest rate$94 $103 $95 $93 $86 $92 
Credit spread76 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 exchange33 48 65 51 73 69 
Equity38 32 31 22 28 24 
Commodity37 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 QuarterFourth QuarterFirst Quarter
202620252025
In millions of dollarsLowHighLowHighLowHigh
Interest rate$86 $123 $83 $106 $76 $104 
Credit spread61 76 62 80 57 77 
Fully diversified interest rate and credit spread$103 $145 $94 $120 $87 $129 
Foreign exchange30 72 40 67 54 81 
Equity21 55 15 40 18 32 
Commodity23 67 26 42 19 40 
Total trading$106 $152 $100 $130 $107 $133 
Total trading and credit portfolio115 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 dollarsMarch 31, 2026
Total—all market risk factors, including
general and specific risk
Average—during quarter$127 
High—during quarter150 
Low—during quarter109 

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 Kingdom25.7 — 23.2 25.0 (4.6)6.6 75.9 73.1 4.0 
Singapore21.8 — 5.3 2.3 (1.0)8.6 37.0 37.6 2.0 
Hong Kong22.6 — 1.9 2.4 (0.4)9.0 35.5 36.6 1.9 
France4.8 — 13.0 14.3 (4.9)3.4 30.6 19.8 1.6 
India13.2 — 3.6 5.6 (1.1)8.3 29.6 29.7 1.6 
Brazil14.3 — 2.3 7.0 (1.3)6.3 28.6 29.2 1.5 
Germany5.2 — 14.0 6.2 (4.3)5.6 26.7 27.9 1.4 
Canada5.6 — 7.2 9.7 (1.5)4.3 25.3 22.5 1.3 
South Korea8.0 2.2 1.7 6.0 (0.4)6.9 24.4 23.4 1.3 
Luxembourg10.0 — 6.9 1.7 (0.7)3.3 21.2 20.6 1.1 
China6.3 — 1.8 (0.2)(0.7)13.7 20.9 19.7 1.1 
Ireland10.9 — 7.5 2.4 (0.6)— 20.2 17.7 1.1 
Australia9.4 — 6.7 4.0 (1.3)1.4 20.2 18.8 1.1 
Japan2.6 — 2.9 8.5 (0.9)6.7 19.8 18.0 1.0 
Poland4.2 — 4.1 3.5 (0.1)7.4 19.1 20.2 1.0 
Netherlands5.4 — 9.6 2.1 (2.0)2.0 17.1 15.9 0.9 
United Arab Emirates8.1 — 2.3 0.3 (0.4)5.5 15.8 17.3 0.8 
Cayman Islands4.1 — 5.2 4.2 (0.1)— 13.4 11.6 0.7 
Switzerland4.6 — 8.5 — (2.0)— 11.1 9.8 0.6 
Belgium0.5 0.1 1.9 — (0.6)6.1 8.0 7.8 0.4 
Czech Republic0.9 — 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 Arabia4.4 — 2.0 0.3 (0.1)— 6.6 6.3 0.3 
Malaysia1.5 — 0.9 0.4 — 3.5 6.3 6.4 0.3 
Total as a percentage of Citi’s total exposure31.9 %
Total as a percentage of Citi’s non-U.S. total exposure80.8 %

(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 
Markets1,027 23 (6)1,044 
Banking1,578 175 (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 lending422 (2)— 420 
Total USCC
$13,746 $76 $(2)$13,820 
Wealth669 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. unemployment2Q264Q262Q27
8-quarter average(1)
Forecast at 1Q254.3 %4.3 %4.2 %4.3 %
Forecast at 2Q254.7 4.6 4.4 4.6 
Forecast at 3Q254.6 4.5 4.3 4.4 
Forecast at 4Q254.6 4.5 4.4 4.5 
Forecast at 1Q264.6 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 GDP202620272028
Forecast at 1Q251.9 %2.0 %2.0 %
Forecast at 2Q251.4 2.0 2.0 
Forecast at 3Q251.5 2.0 2.1 
Forecast at 4Q251.9 2.0 2.0 
Forecast at 1Q262.1 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 rate20262025
Income from continuing operations before income tax expense$7,517$5,448
Provision for income taxes1,5781,340
Effective tax rate21 %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/ComponentDTAs 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).




84

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 amounts20262025
Revenues
Interest income$35,513 $33,666 
Interest expense19,772 19,654 
Net interest income$15,741 $14,012 
Commissions and fees$3,272 $2,707 
Principal transactions4,008 3,510 
Administration and other fiduciary fees1,123 1,045 
Realized gains on sales of investments, net270 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 assets33 39 
Policyholder benefits and claims13 20 
Provision (release) for credit losses on unfunded lending commitments184 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/communication2,335 2,379 
Transactional and product servicing1,225 1,102 
Premises and equipment586 574 
Professional services441 476 
Advertising and marketing233 250 
Other operating1,109 1,180 
Total operating expenses$14,311 $13,425 
Income from continuing operations before income taxes$7,517 $5,448 
Provision for income taxes1,578 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 interests153 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 INCOMECitigroup Inc. and Subsidiaries
(UNAUDITED)
 Three Months Ended March 31,
In millions of dollars20262025
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 adjustment38 (26)
Currency translation adjustment (CTA), net of hedges889 849 
Excluded component of fair value hedges13 7 
Long-duration insurance contracts5 (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 interests153 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 SHEETCitigroup Inc. and Subsidiaries
March 31,
2026December 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 allowance362,097 325,862 
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 allowance91,720 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 
Goodwill18,997 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 amortization33,574 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,
2026December 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 liabilities185,266 162,798 
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 allowances73,178 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 capital107,821 108,452 
Retained earnings219,542 215,128 
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 interests1,613 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 dollars20262025
Preferred stock at aggregate liquidation value
Balance, beginning of period$20,050 $17,850 
Issuance of new preferred stock1,800 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 income5,785 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 NCI153 43 
Distributions paid to NCI— — 
Other comprehensive income (loss) attributable to NCI
(73)49 
Other2 — 
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 dollars20262025
Cash flows from operating activities of continuing operations  
Net income before attribution of noncontrolling interests$5,938 $4,107 
Net income attributable to noncontrolling interests153 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 $4,065 
Adjustments to reconcile net income to net cash provided by (used in) operating activities
of continuing operations		  
Net loss (gain) on sale of significant disposals(1)
18 — 
Depreciation and amortization1,115 1,050 
Deferred income taxes(168)(8)
Provisions for credit losses and for benefits and claims2,805 2,723 
Realized gains from sales of investments(270)(121)
Impairment losses on investments and other assets136 58 
Change in trading account assets(56,371)(75,872)
Change in trading account liabilities22,468 14,842 
Change in brokerage receivables net of brokerage payables7,347 5,102 
Change in loans held-for-sale (HFS)588 (856)
Change in other assets(6,920)(3,067)
Change in other liabilities264 (2,168)
Other, net1,329 (4,456)
Total adjustments$(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 $(116,153)
Change in loans(13,692)(11,506)
Proceeds from divestitures(1)
233 — 
Proceeds from sales and securitizations of loans1,473 1,002 
Available-for-sale (AFS) debt securities
Purchases of investments(100,769)(73,927)
Proceeds from sales of investments38,384 36,332 
Proceeds from maturities of investments48,787 45,315 
Held-to-maturity (HTM) debt securities
Purchases of investments(574)(4,940)
Proceeds from maturities of investments11,928 26,941 
Capital expenditures on premises and equipment and capitalized software(1,415)(1,517)
Proceeds from sales of premises and equipment and repossessed assets3 11 
Other, net150 (541)
Net cash provided by (used in) investing activities of continuing operations$(12,391)$(98,983)
Statement continues on the next page.
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CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED) (Continued)
Three Months Ended March 31,
In millions of dollars20262025
Cash flows from financing activities of continuing operations  
Dividends paid$(1,353)$(1,323)
Issuance of preferred stock1,785 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 repurchase21,487 149,204 
Issuance of long-term debt24,924 29,612 
Payments and redemptions of long-term debt(28,692)(23,093)
Change in deposits42,667 31,952 
Change in short-term borrowings20,178 634 
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 banks36,143 31,799 
Cash, due from banks and deposits with banks at beginning of period349,579 276,532 
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 dollars20262025
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 dollarsMarch 31, 2026
Assets
Cash and deposits with banks(1)
$4,570 
Loans (net of allowance of $24 at March 31, 2026)
1,625 
Other assets60 
Total assets$6,255 
Liabilities
Deposits$5,956 
Other liabilities61 
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 dollars20262025
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		ServicesMarketsBanking
202620252026202520262025
Net interest income$4,143 $3,498 $2,797 $1,924 $587 $491 
Non-interest revenue1,960 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 taxes832 720 797 546 91 60 
Income (loss) from continuing operations2,242 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 loans99 87 162 128 83 82 
Average deposits961 826 19 15 — — 
In millions of dollars, except end-of-period assets,
average loans and average deposits in billions		WealthUSCC
2026202520262025
Net interest income$2,095 $1,831 $5,116 $4,984 
Non-interest revenue970 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 taxes117 50 222 255 
Income (loss) from continuing operations432 191 732 838 
End-of-period assets (March 31, 2026 and December 31, 2025)
$320 $316 $171 $178 
Average loans205 194 171 168 
Average deposits414 399 — — 
In millions of dollars, except end-of-period assets,
average loans and average deposits in billions
All Other(3)
Reconciling Items(3)
Total Citi
202620252026202520262025
Net interest income$1,003 $1,284 $— $— $15,741 $14,012 
Non-interest revenue679 179 13 — 8,892 7,584 
Total revenues, net of interest expense$1,682 $1,463 $13 $— $24,633 $21,596 
Total operating expense$2,144 $2,226 $31 $34 $14,311 $13,425 
Provisions for credit losses and for benefits and claims$400 $359 $1 $(11)$2,805 $2,723 
Provision (benefits) for income taxes(474)(283)(7)(8)1,578 1,340 
Income (loss) from continuing operations(388)(839)(12)(15)5,939 4,108 
End-of-period assets (March 31, 2026 and December 31, 2025)
$204 $210 $2,778 $2,657 
Average loans35 32 755 691 
Average deposits52 65 1,446 1,305 

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(1)    Excludes allocations of Compensation and benefits expense related to services provided by Corporate/Other within All Other, which are allocated from All Other to each segment, as applicable, through the non-compensation expense line.
(2)    Non-compensation expense for each segment includes allocated compensation and benefits-related costs from Corporate/Other within All Other to the respective segments, and expenses related to Technology/communication, Transactional and product servicing, Premises and equipment, Professional services, Advertising and marketing and Other operating (all of which include certain overhead expenses).
(3)    Segment results are presented on a managed basis that excludes divestiture-related impacts related to Citi’s divestitures of its Asia Consumer businesses and Banamex, within All Other—Legacy Franchises. Adjustments are included in Legacy Franchises within All Other and are reflected in the reconciliations above to arrive at Citi’s reported results in the Consolidated Statement of Income.

The following table presents a reconciliation of total Citigroup income from continuing operations as reported:

Three Months Ended March 31,
In millions of dollars
2026(1)
2025(2)
Total reportable business segments and All Other—income from continuing operations(3)
$5,951 $4,123 
Divestiture-related impact on:
Total revenues, net of interest expense13 — 
Total operating expenses31 34 
Provision (release) for credit losses1 (11)
Provision (benefits) for income taxes(7)(8)
Income from continuing operations$5,939 $4,108 

(1)    The three months ended March 31, 2026 includes approximately $31 million in operating expenses ($23 million after-tax), primarily driven by separation costs in Mexico.
(2)    The three months ended March 31, 2025 includes approximately $34 million in operating expenses ($23 million after-tax), 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.
(3)    Segment results are presented on a managed basis that excludes divestiture-related impacts related to Citi’s divestitures of its Asia Consumer businesses and Banamex, within All Other—Legacy Franchises. Adjustments are included in Legacy Franchises within All Other and are reflected in the reconciliations above to arrive at Citi’s reported results in the Consolidated Statement of Income.

103

4.  INTEREST INCOME AND EXPENSE

Interest income and Interest expense consisted of the following:

Three Months Ended March 31,
In millions of dollars20262025
Interest income
Consumer loans$9,977 $9,758 
Corporate loans5,249 4,968 
Loan interest, including fees$15,226 $14,726 
Deposits with banks3,194 3,001 
Securities borrowed and purchased under agreements to resell6,681 6,291 
Investments, including dividends4,019 4,166 
Trading account assets(1)
4,897 4,370 
Other interest-bearing assets(2)
1,496 1,112 
Total interest income$35,513 $33,666 
Interest expense
Deposits$8,253 $8,438 
Securities loaned and sold under agreements to repurchase6,598 6,256 
Trading account liabilities(1)
769 757 
Short-term borrowings and other interest-bearing liabilities(3)
1,832 1,726 
Long-term debt2,320 2,477 
Total interest expense$19,772 $19,654 
Net interest income$15,741 $14,012 
Provision for credit losses on loans2,605 2,561 
Net interest income after provision for credit losses on loans$13,136 $11,451 

(1)Interest expense on Trading account liabilities of Services, Markets and Banking is reported as a reduction of Interest income. Interest income and Interest expense on cash collateral positions are reported in interest on Trading account assets and Trading account liabilities, respectively.
(2)Includes assets from businesses held-for-sale (see “Significant Disposals” in Note 2) and Brokerage receivables.
(3)Includes liabilities from businesses held-for-sale (see “Significant Disposals” in Note 2) and Brokerage payables.

104

5.  COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES
Commissions and Fees
The primary components of Commissions and fees revenue are investment banking fees, brokerage commissions, credit card and bank card income, deposit-related fees and transactional service fees. See Note 3 for segment results and Note 5 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K for additional information on Citi’s commissions and fees.
The following table presents Commissions and fees revenue:

Three Months Ended March 31,
In millions of dollars20262025
Investment banking(1)
$1,238 $1,036 
Brokerage commissions(2)
886 704 
Credit card and bank card income(3)
Interchange fees3,015 2,837 
Card-related loan fees207 163 
Card rewards and partner payments(3,237)(3,135)
Deposit-related fees(4)
346 328 
Transactional service fees(5)
398 353 
Corporate finance(6)
151 172 
Insurance distribution revenue(7)
94 82 
Insurance premiums(8)
47 23 
Loan servicing16 24 
Other111 120 
Total(9)
$3,272 $2,707 

(1)    Investment banking fees are earned primarily by Banking and Markets. For the periods presented, the contract liability amount was negligible.
(2)    Brokerage commissions are earned primarily by Markets and Wealth. The Company recognized $58 million of revenue related to variable consideration for the three months ended March 31, 2026, and $114 million for the three months ended March 31, 2025, respectively. These amounts primarily relate to performance obligations satisfied in prior periods.
(3)    Credit card and bank card income is earned primarily by USCC and Services.
(4)    Deposit-related fees are earned primarily by Services and Wealth.
(5)    Transactional service fees are earned primarily by Services.
(6)    Consists primarily of fees earned from structuring and underwriting loan syndications or related financing activity earned primarily by Banking. This activity is accounted for under ASC 310.
(7)    Insurance distribution revenue is earned primarily by Wealth and Legacy Franchises within All Other.
(8)    Insurance premiums are earned primarily by Legacy Franchises within All Other.
(9)    Commissions and fees include $(2,816) million not accounted for under ASC 606, Revenue from Contracts with Customers, for the three months ended March 31, 2026, and $(2,751) million for the three months ended March 31, 2025, respectively. Amounts reported in Commissions and fees accounted for under other guidance primarily include card-related loan fees, card reward programs and certain partner payments, corporate finance fees, insurance premiums and loan servicing fees.

Administration and Other Fiduciary Fees
Administration and other fiduciary fees revenue is primarily composed of custody fees and fiduciary fees. See Note 3 for segment results and Note 5 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K for additional information on Citi’s administration and other fiduciary fees.
The following table presents Administration and other fiduciary fees revenue:

Three Months Ended March 31,
In millions of dollars20262025
Custody fees(1)
$565 $479 
Fiduciary fees(2)
426 434 
Guarantee fees132 132 
Total administration and other fiduciary fees(3)
$1,123 $1,045 

(1)    Custody fees are earned primarily by Services.
(2)    Fiduciary fees are earned primarily by Wealth and Legacy Franchises within All Other.
(3)    Administration and other fiduciary fees include $132 million and $132 million for the three months ended March 31, 2026 and 2025, respectively, that are not accounted for under ASC 606, Revenue from Contracts with Customers. These generally include guarantee fees.
105

6. PRINCIPAL TRANSACTIONS

The table below consists of realized and unrealized gains and losses presented in Principal transactions. Activities include revenues from fixed income, equities, credit and commodities products and foreign exchange transactions that are managed on a portfolio basis and characterized below based on the primary risk managed by each trading desk (as such, the trading desks can be periodically reorganized and thus the risk categories).
Principal transactions include CVA (credit valuation adjustments) and FVA (funding valuation adjustments) on over-the-counter derivatives. These adjustments are discussed further in Note 21.
For transactions that are denominated in a currency other than the functional currency, including transactions denominated in the local currencies of foreign operations that use the U.S. dollar as their functional currency, the effects of changes in exchange rates are included in Principal transactions, along with the related effects of any qualifying and economic hedges.
Not included in the table below is the impact of net interest income related to trading activities, which is an integral part of the profitability of trading activities (see Note 4).


Three Months Ended March 31,
In millions of dollars20262025
Interest rate risks(1)
$480 $547 
Foreign exchange risks(2)
1,818 1,536 
Equity risks(3)
1,233 886 
Commodity and other risks(4)
548 359 
Credit products and risks(5)
(71)182 
Total$4,008 $3,510 

(1)    Includes revenues from government securities, municipal securities, mortgage securities and other debt instruments. Also includes spot and forward trading of currencies and exchange-traded and over-the-counter (OTC) currency options, options on fixed income securities, interest rate swaps, currency swaps, swap options, caps and floors, financial futures, OTC options and forward contracts on fixed income securities.
(2)    Includes revenues from foreign exchange spot, forward, option and swap contracts, as well as foreign currency translation gains and losses.
(3)    Includes revenues from common, preferred and convertible preferred stock, convertible corporate debt, equity-linked notes and exchange-traded and OTC equity options and warrants.
(4)    Primarily includes revenues from energy products, metals and other commodities trades.
(5)    Includes revenues from corporate debt, secondary trading loans, mortgage securities, single name and index credit default swaps, and structured credit products.
106

7. INCENTIVE PLANS

For information on Citi’s incentive plans, see Note 7 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.

8. RETIREMENT BENEFITS

For additional information on Citi’s retirement benefits, see Note 8 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
Citigroup remeasures its significant pension and postretirement benefits plans’ obligations and assets by updating plan actuarial assumptions quarterly, when certain conditions are met to trigger interim remeasurement. No interim remeasurement occurred for the first quarter of 2026 or 2025.






Net Expense (Benefit)
The following table summarizes the components of net expense (benefit) recognized in the Consolidated Statement of Income for the Company’s pension and postretirement benefit plans. Service cost is reported in Compensation and benefits expenses and all other components of the net periodic benefit cost are reported in Other operating expenses in the Consolidated Statement of Income.



Three Months Ended March 31,
 Pension plansPostretirement benefit plans
 U.S. plansNon-U.S. plansU.S. plansNon-U.S. plans
In millions of dollars20262025202620252026202520262025
Service cost$— $— $32 $26 $— $— $— $— 
Interest cost on benefit obligation109 118 115 100 3 4 37 28 
Expected return on assets(144)(150)(111)(88)(2)(3)(27)(17)
Amortization of unrecognized:     
Prior service cost (benefit)— — — (1)(3)(2)(2)(2)
Net actuarial loss (gain)52 48 17 16 (2)(3)5 3 
Total net expense (benefit) $17 $16 $53 $53 $(4)$(4)$13 $12 


Contributions
The following table summarizes the Company’s expected contributions for 2026 and the actual contributions made in 2025:

 Pension plans Postretirement benefit plans 
 
U.S. plans(1)
Non-U.S. plans(2)
U.S. plansNon-U.S. plans
In millions of dollars20262025202620252026202520262025
Company contributions(3) expected to be made during the year, and made during the prior year
$55 $55 $118 $363 $5 $19 $12 $208 

(1)The U.S. plans include benefits paid directly by the Company for the nonqualified pension plans.
(2)The Company made a discretionary contribution of approximately $40 million and $210 million to a pension plan and a postretirement benefit plan, respectively, in Mexico Consumer/SBMM during the fourth quarter of 2025. The Company also made a contribution of approximately $190 million to a pension plan in Korea during 2025 due to legislative updates.
(3)Company contributions are composed of cash contributions made to the plans and benefits paid directly by the Company.
107

9.  EARNINGS PER SHARE

The following table reconciles the income and share data used in the basic and diluted earnings per share (EPS) computations:

Three Months Ended March 31,
In millions of dollars, except per share amounts20262025
Earnings per common share
Income from continuing operations before attribution of noncontrolling interests$5,939 $4,108 
Less: Noncontrolling interests from continuing operations153 43 
Net income from continuing operations (for EPS purposes)$5,786 $4,065 
Loss from discontinued operations, net of taxes(1)(1)
Citigroup’s net income$5,785 $4,064 
Less: Preferred dividends305 269 
Net income available to common shareholders$5,480 $3,795 
Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with rights to dividends, and other relevant items(1), applicable to basic EPS
56 44 
Net income allocated to common shareholders for basic EPS$5,424 $3,751 
Weighted-average common shares outstanding applicable to basic EPS (in millions)
1,736.9 1,879.0 
Basic earnings per share
Income from continuing operations$3.12 $2.00 
Discontinued operations— — 
Net income per share—basic(2)
$3.12 $2.00 
Diluted earnings per share
Net income allocated to common shareholders for basic EPS$5,424 $3,751 
Add back: Dividends allocated to employee restricted and deferred shares with rights to dividends that are forfeitable18 17 
Net income allocated to common shareholders for diluted EPS$5,442 $3,768 
Weighted-average common shares outstanding applicable to basic EPS (in millions)
1,736.9 1,879.0 
Effect of dilutive securities(3)
Other employee plans39.1 40.6 
Adjusted weighted-average common shares outstanding applicable to diluted EPS (in millions)
1,776.0 1,919.6 
Diluted earnings per share  
Income from continuing operations$3.06 $1.96 
Discontinued operations— — 
Net income per share—diluted(2)
$3.06 $1.96 

(1)The total for this line includes dividends and undistributed earnings ($47 million combined for 1Q26) allocated to employee restricted and deferred shares with rights to dividends.
(2)Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income.
(3)    During the three months ended March 31, 2026 there were 1.1 million weighted-average stock options outstanding; however, they were anti-dilutive and did not impact dilutive securities or EPS above. There were no weighted-average options outstanding during the prior-year period.
108

10. SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS

For additional information on the Company’s resale and repurchase agreements and securities borrowing and lending agreements, see Note 12 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
Securities borrowed and purchased under agreements to resell, at their respective carrying values, consisted of the following:

In millions of dollarsMarch 31,
2026		December 31, 2025
Securities purchased under agreements to resell$269,742 $279,722 
Securities borrowed83,357 76,478 
Total, net(1)
$353,099 $356,200 
Allowance for credit losses on securities purchased and borrowed(2)
(5)(5)
Total, net of allowance$353,094 $356,195 

Securities loaned and sold under agreements to repurchase, at their respective carrying values, consisted of the following:

In millions of dollarsMarch 31,
2026		December 31, 2025
Securities sold under agreements to repurchase$342,934 $328,196 
Securities loaned26,651 19,902 
Total, net(1)
$369,585 $348,098 

(1)    The above tables do not include securities-for-securities lending transactions of $6.2 billion and $5.5 billion at March 31, 2026 and December 31, 2025, respectively, where the Company acts as lender and receives securities that can be sold or pledged as collateral. In these transactions, the Company recognizes the securities received at fair value within Other assets and the obligation to return those securities as a liability within Brokerage payables.
(2)     See Note 13.
109

The following tables present the gross and net resale and repurchase agreements and securities borrowing and lending agreements and the related offsetting amounts permitted under ASC 210-20-45. The tables also include amounts related to financial instruments that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting rights has been obtained. Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right.

 As of March 31, 2026
In millions of dollarsGross amounts
of recognized
assets
Gross amounts
offset on the
Consolidated
Balance Sheet(1)(2)
Net amounts of
assets included on
the Consolidated
Balance Sheet
Amounts not offset on the Consolidated Balance
Sheet but eligible for
offsetting upon
counterparty default(2)(3)
Net
amounts(4)
Securities purchased under agreements to resell$678,635 $408,893 $269,742 $267,514 $2,228 
Securities borrowed109,096 25,739 83,357 29,880 53,477 
Total$787,731 $434,632 $353,099 $297,394 $55,705 
In millions of dollarsGross amounts
of recognized
liabilities
Gross amounts
offset on the
Consolidated
Balance Sheet(1)(2)
Net amounts of
liabilities included on
the Consolidated
Balance Sheet
Amounts not offset on the
Consolidated Balance
Sheet but eligible for
offsetting upon
counterparty default(2)(3)
Net amounts(4)
Securities sold under agreements to repurchase$751,827 $408,893 $342,934 $292,349 $50,585 
Securities loaned52,390 25,739 26,651 23,019 3,632 
Total$804,217 $434,632 $369,585 $315,368 $54,217 

 As of December 31, 2025
In millions of dollarsGross amounts
of recognized
assets
Gross amounts
offset on the
Consolidated
Balance Sheet(1)(2)
Net amounts of
assets included on
the Consolidated
Balance Sheet
Amounts not offset on the
Consolidated Balance
Sheet but eligible for
offsetting upon
counterparty default(2)(3)
Net
amounts(4)
Securities purchased under agreements to resell$667,949 $388,227 $279,722 $273,366 $6,356 
Securities borrowed105,383 28,905 76,478 25,236 51,242 
Total$773,332 $417,132 $356,200 $298,602 $57,598 
In millions of dollarsGross amounts
of recognized
liabilities
Gross amounts
offset on the
Consolidated
Balance Sheet(1)(2)
Net amounts of
liabilities included on
the Consolidated
Balance Sheet
Amounts not offset on the
Consolidated Balance
Sheet but eligible for
offsetting upon
counterparty default(2)(3)
Net
amounts(4)
Securities sold under agreements to repurchase$716,423 $388,227 $328,196 $283,624 $44,572 
Securities loaned48,807 28,905 19,902 17,197 2,705 
Total$765,230 $417,132 $348,098 $300,821 $47,277 

(1)Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45.
(2)Beginning January 1, 2025, excludes amounts relating to accrued interest. Accrued interest receivable on Securities purchased under agreements to resell (reverse repos) is presented in Other assets and accrued interest payable on Securities sold under agreements to repurchase (repos) is presented in Other liabilities.
(3)Includes financial instruments subject to enforceable master netting agreements that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting right has been obtained.
(4)Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right.

110

The following tables present the gross amounts of liabilities associated with repurchase agreements and securities lending agreements by remaining contractual maturity:

As of March 31, 2026
In millions of dollarsOpen and overnightUp to 30 days31–90 daysGreater than 90 daysTotal
Securities sold under agreements to repurchase$409,540 $203,930 $56,442 $81,915 $751,827 
Securities loaned36,298 1,414 1,960 12,718 52,390 
Total$445,838 $205,344 $58,402 $94,633 $804,217 

As of December 31, 2025
In millions of dollarsOpen and overnightUp to 30 days31–90 daysGreater than 90 daysTotal
Securities sold under agreements to repurchase$359,099 $232,476 $53,470 $71,378 $716,423 
Securities loaned36,757 352 1,263 10,435 48,807 
Total$395,856 $232,828 $54,733 $81,813 $765,230 


The following tables present the gross amounts of liabilities associated with repurchase agreements and securities lending agreements by class of underlying collateral:

As of March 31, 2026
In millions of dollarsRepurchase agreementsSecurities lending agreementsTotal
U.S. Treasury and federal agency securities$352,986 $13 $352,999 
State and municipal securities239 2 241 
Foreign government securities223,919 260 224,179 
Corporate bonds30,603 1,029 31,632 
Equity securities30,291 50,750 81,041 
Mortgage-backed securities106,618 — 106,618 
Asset-backed securities4,501 4 4,505 
Other2,670 332 3,002 
Total$751,827 $52,390 $804,217 

As of December 31, 2025
In millions of dollarsRepurchase agreementsSecurities lending agreementsTotal
U.S. Treasury and federal agency securities$349,012 $28 $349,040 
State and municipal securities240 56 296 
Foreign government securities208,189 226 208,415 
Corporate bonds24,161 163 24,324 
Equity securities26,779 46,792 73,571 
Mortgage-backed securities100,191 21 100,212 
Asset-backed securities6,203 73 6,276 
Other1,648 1,448 3,096 
Total$716,423 $48,807 $765,230 

111

11.  INVESTMENTS

For additional information regarding Citi’s investment portfolios, including evaluating investments for impairment, see Note 14 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.




The following table presents Citi’s investments by category:

In millions of dollarsMarch 31,
2026		December 31, 2025
Available-for-sale (AFS) debt securities$257,822 $246,720 
Held-to-maturity (HTM) debt securities(1)
178,503 189,831 
Marketable equity securities carried at fair value(2)
330 475 
Non-marketable equity securities carried at fair value(2)(3)
429 446 
Non-marketable equity securities measured using the measurement alternative(4)
1,738 1,707 
Non-marketable equity securities carried at cost(5)
5,342 5,050 
Total investments(6)
$444,164 $444,229 

(1)Carried at adjusted amortized cost basis, net of any ACL.
(2)Unrealized gains and losses are recognized in earnings.
(3)Includes $41 million and $37 million of investments in funds for which the fair values are estimated using the net asset value of the Company’s ownership interest in the funds at March 31, 2026 and December 31, 2025, respectively.
(4)Impairment losses and adjustments to the carrying value as a result of observable price changes are recognized in earnings. See “Non-Marketable Equity Securities Not Carried at Fair Value” below.
(5)    Represents shares issued by the Federal Reserve Bank, Federal Home Loan Banks and certain exchanges of which Citigroup is a member.
(6)    Not included in the balances above is approximately $2 billion of accrued interest receivable at March 31, 2026 and December 31, 2025, which is included in Other assets on the Consolidated Balance Sheet. The Company does not recognize an allowance for credit losses on accrued interest receivable for AFS and HTM debt securities, consistent with its non-accrual policy, which results in timely write-off of accrued interest. The Company did not reverse through interest income any accrued interest receivables for the quarters ended March 31, 2026 and 2025.

The following table presents interest and dividend income on investments:

Three Months Ended March 31,
In millions of dollars20262025
Taxable interest$3,869 $4,021 
Interest exempt from U.S. federal income tax65 77 
Dividend income85 68 
Total interest and dividend income on investments$4,019 $4,166 


The following table presents realized gains and losses on the sales of investments, which exclude impairment losses:

Three Months Ended March 31,
In millions of dollars20262025
Gross realized investment gains$316 $134 
Gross realized investment losses(46)(13)
Net realized gains on sales of investments$270 $121 

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Available-for-Sale (AFS) Debt Securities
The amortized cost and fair value of AFS debt securities were as follows:

 March 31, 2026
In millions of dollarsAmortized
cost		Allowance for credit lossesGross
unrealized
gains		Gross
unrealized
losses		Net unrealized gains (losses)Fair
value
AFS debt securities    
Mortgage-backed securities(1)
    
U.S. government-sponsored agency guaranteed$41,907 $— $48 $784 $(736)$41,171 
Other964 — 1 1 — 964 
Total mortgage-backed securities$42,871 $— $49 $785 $(736)$42,135 
U.S. Treasury$45,672 $— $51 $79 $(28)$45,644 
State and municipal1,460 — 4 61 (57)1,403 
Foreign government161,084 — 587 1,059 (472)160,612 
Corporate3,725 7 8 92 (84)3,634 
Asset-backed securities(1)
1,160 — 6 3 3 1,163 
Other debt securities3,230 — 1 — 1 3,231 
Total AFS debt securities excluding portfolio-layer cumulative basis adjustments$259,202 $7 $706 $2,079 $(1,373)$257,822 
Portfolio-layer cumulative basis adjustments(2)
$(57)$— $— $— $57 $— 
Total AFS debt securities$259,145 $7 $706 $2,079 $(1,316)$257,822 

 December 31, 2025
In millions of dollarsAmortized
cost		Allowance for credit lossesGross
unrealized
gains		Gross
unrealized
losses		Net unrealized gains (losses)Fair
value
AFS debt securities    
Mortgage-backed securities(1)
U.S. government-sponsored agency guaranteed$36,967 $— $172 $383 $(211)$36,756 
Other976 — 1 1 — 976 
Total mortgage-backed securities$37,943 $— $173 $384 $(211)$37,732 
U.S. Treasury$35,400 $— $93 $28 $65 $35,465 
State and municipal1,589 — 5 57 (52)1,537 
Foreign government162,801 — 902 596 306 163,107 
Corporate4,734 7 20 56 (36)4,691 
Asset-backed securities(1)
1,071 — 8 6 2 1,073 
Other debt securities3,113 — 2 — 2 3,115 
Total AFS debt securities excluding portfolio-layer cumulative basis adjustments$246,651 $7 $1,203 $1,127 $76 $246,720 
Portfolio-layer cumulative basis adjustments(2)
$133 $— $— $— $(133)$— 
Total AFS debt securities$246,784 $7 $1,203 $1,127 $(57)$246,720 

(1)The Company invests in mortgage- and asset-backed securities, which are typically issued by VIEs through securitization transactions. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the tables above. See Note 19 for mortgage- and asset-backed securitizations in which the Company has other involvement.
(2)Represents the cumulative basis adjustments in active portfolio-layer method fair value hedges of AFS debt securities in closed portfolios, which are not allocated to individual securities. See Note 20.


113

The following table presents the fair value of AFS debt securities that have been in an unrealized loss position:

 Less than 12 months12 months or longerTotal
In millions of dollarsFair
value		Gross
unrealized
losses		Fair
value		Gross
unrealized
losses		Fair
value		Gross
unrealized
losses
March 31, 2026      
AFS debt securities      
Mortgage-backed securities      
U.S. government-sponsored agency guaranteed$27,957 $427 $5,892 $357 $33,849 $784 
Other248 — 233 1 481 1 
Total mortgage-backed securities$28,205 $427 $6,125 $358 $34,330 $785 
U.S. Treasury$26,214 $58 $719 $21 $26,933 $79 
State and municipal300 6 802 55 1,102 61 
Foreign government71,051 761 11,761 298 82,812 1,059 
Corporate711 64 1,232 28 1,943 92 
Asset-backed securities600 3 — — 600 3 
Other debt securities253 — — — 253 — 
Total AFS debt securities(1)
$127,334 $1,319 $20,639 $760 $147,973 $2,079 
December 31, 2025      
AFS debt securities      
Mortgage-backed securities      
U.S. government-sponsored agency guaranteed$8,475 $110 $7,156 $273 $15,631 $383 
Other28 — 413 1 441 1 
Total mortgage-backed securities$8,503 $110 $7,569 $274 $16,072 $384 
U.S. Treasury$1,888 $6 $766 $22 $2,654 $28 
State and municipal555 9 661 48 1,216 57 
Foreign government42,828 260 14,394 336 57,222 596 
Corporate266 25 1,400 31 1,666 56 
Asset-backed securities537 6 — — 537 6 
Other debt securities— — 85 — 85 — 
Total AFS debt securities(1)
$54,577 $416 $24,875 $711 $79,452 $1,127 

(1)    Gross unrealized losses exclude the effect of the cumulative basis adjustments in active portfolio-layer method fair value hedges.
114

The following table presents the amortized cost and fair value of AFS debt securities by contractual maturity dates:

 March 31, 2026
In millions of dollarsAmortized costFair value
Mortgage-backed securities(1)
  
Due within 1 year$31 $31 
After 1 but within 5 years1,185 1,183 
After 5 but within 10 years740 728 
After 10 years40,915 40,193 
Total$42,871 $42,135 
U.S. Treasury and federal agency securities 
Due within 1 year$11,443 $11,438 
After 1 but within 5 years30,017 30,011 
After 5 but within 10 years4,212 4,195 
After 10 years— — 
Total$45,672 $45,644 
State and municipal  
Due within 1 year$69 $69 
After 1 but within 5 years67 65 
After 5 but within 10 years330 323 
After 10 years994 946 
Total$1,460 $1,403 
Foreign government  
Due within 1 year$72,364 $72,475 
After 1 but within 5 years83,410 82,965 
After 5 but within 10 years4,830 4,744 
After 10 years480 428 
Total$161,084 $160,612 
All other(2)
 
Due within 1 year$4,139 $4,124 
After 1 but within 5 years3,180 3,151 
After 5 but within 10 years757 750 
After 10 years39 3 
Total$8,115 $8,028 
Total AFS debt securities$259,202 $257,822 

(1)Includes mortgage-backed securities of U.S. government-sponsored agencies. The Company invests in mortgage- and asset-backed securities, which are typically issued by VIEs through securitization transactions. See Note 19 for additional information about mortgage- and asset-backed securitizations in which the Company has other involvement.
(2)Includes corporate, asset-backed and other debt securities.
115

Held-to-Maturity (HTM) Debt Securities
The carrying value and fair value of HTM debt securities were as follows:

In millions of dollars
Amortized
cost, net(1)
Gross
unrealized
gains		Gross
unrealized
losses		Fair
value
March 31, 2026    
HTM debt securities    
Mortgage-backed securities(2)
U.S. government-sponsored agency guaranteed$64,102 $2 $7,136 $56,968 
Other1,349 19 111 1,257 
Total mortgage-backed securities$65,451 $21 $7,247 $58,225 
U.S. Treasury securities$81,549 $— $2,844 $78,705 
State and municipal8,517 20 585 7,952 
Foreign government620 17 — 637 
Asset-backed securities(2)
22,366 23 51 22,338 
Total HTM debt securities, net$178,503 $81 $10,727 $167,857 
December 31, 2025    
HTM debt securities   
Mortgage-backed securities(2)
    
U.S. government-sponsored agency guaranteed$65,631 $3 $6,834 $58,800 
Other1,288 21 115 1,194 
Total mortgage-backed securities$66,919 $24 $6,949 $59,994 
U.S. Treasury securities$89,494 $— $3,010 $86,484 
State and municipal8,608 40 469 8,179 
Foreign government790 20 — 810 
Asset-backed securities(2)
24,020 72 39 24,053 
Total HTM debt securities, net$189,831 $156 $10,467 $179,520 

(1)Amortized cost is reported net of ACL of $116 million and $146 million at March 31, 2026 and December 31, 2025, respectively.
(2)The Company invests in mortgage- and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. See Note 19 for mortgage- and asset-backed securitizations in which the Company has other involvement.

116

The following table presents the carrying value and fair value of HTM debt securities by contractual maturity dates:

 March 31, 2026
In millions of dollars
Amortized cost(1)
Fair value
Mortgage-backed securities  
Due within 1 year$— $— 
After 1 but within 5 years1,066 1,027 
After 5 but within 10 years1,236 1,167 
After 10 years63,149 56,031 
Total$65,451 $58,225 
U.S. Treasury securities
Due within 1 year$35,893 $35,414 
After 1 but within 5 years45,656 43,291 
After 5 but within 10 years— — 
After 10 years— — 
Total$81,549 $78,705 
State and municipal  
Due within 1 year$16 $16 
After 1 but within 5 years329 328 
After 5 but within 10 years2,390 2,278 
After 10 years5,782 5,330 
Total$8,517 $7,952 
Foreign government  
Due within 1 year$287 $294 
After 1 but within 5 years333 343 
After 5 but within 10 years— — 
After 10 years— — 
Total$620 $637 
All other(2)
Due within 1 year$— $— 
After 1 but within 5 years— — 
After 5 but within 10 years2,100 2,099 
After 10 years20,266 20,239 
Total$22,366 $22,338 
Total HTM debt securities$178,503 $167,857 

(1)Amortized cost is reported net of ACL of $116 million at March 31, 2026.
(2)Includes corporate and asset-backed securities.


HTM Debt Securities Delinquency and Non-Accrual Details
The total amount of HTM debt securities that were delinquent or on non-accrual status was not significant at March 31, 2026 and December 31, 2025.

There were no purchased credit-deteriorated HTM debt securities held by the Company as of March 31, 2026 and December 31, 2025.

117

Evaluating Investments for Impairment—AFS Debt Securities
The Company conducts periodic reviews of all AFS debt securities with unrealized losses to evaluate whether the impairment resulted from expected credit losses or from other factors and to evaluate the Company’s intent to sell such securities.

For more information, see “Evaluating Investments for Impairment—AFS Debt Securities” in Note 1 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.




Recognition and Measurement of Impairment
The following table presents total impairment on AFS investments recognized in earnings:

Three Months Ended March 31,
In millions of dollars20262025
Impairment losses recognized in earnings for debt securities that the Company intends to sell, would more-likely-than-not be required to sell or will be subject to an issuer call deemed probable of exercise$113 $3 
Total impairment losses recognized in earnings$113 $3 


Allowance for Credit Losses on AFS Debt Securities
The allowance for credit losses on AFS debt securities held that the Company does not intend to sell nor will likely be required to sell was immaterial as of March 31, 2026 and December 31, 2025.

Non-Marketable Equity Securities Not Carried at
Fair Value
Non-marketable equity securities are required to be measured at fair value with changes in fair value recognized in earnings unless (i) the measurement alternative is elected or (ii) the investment represents Federal Reserve Bank and Federal Home Loan Bank stock or certain exchange seats that continue to be carried at cost.
For additional information on non-marketable equity securities, see Note 14 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.

Below is the carrying value of non-marketable equity securities measured using the measurement alternative:

In millions of dollarsMarch 31, 2026December 31, 2025
Measurement alternative:
Carrying value$1,738 $1,707 


Below are amounts recognized in earnings and life-to-date amounts for non-marketable equity securities measured using the measurement alternative:

Three Months Ended March 31,
In millions of dollars20262025
Measurement alternative(1):
Impairment losses$23 $52 
Downward changes for observable prices— — 
Upward changes for observable prices38 9 

(1)     See Note 21 for additional information on these nonrecurring fair value measurements.

Life-to-date amounts on securities still held
In millions of dollarsMarch 31, 2026
Measurement alternative:
Impairment losses$517 
Downward changes for observable prices24 
Upward changes for observable prices840 

A similar impairment analysis is performed for non-marketable equity securities carried at cost. For the three months ended March 31, 2026 and 2025, there was no impairment loss recognized in earnings for non-marketable equity securities carried at cost.
118

12.  LOANS

Citigroup loans are reported in two categories: corporate and consumer. These categories are classified primarily according to the segment that manages the loans (or, if applicable, All Other—Legacy Franchises), in addition to the nature of the obligor, with corporate loans generally made for corporate, institutional and public sector clients and consumer loans to retail and small business customers. For additional information regarding Citi’s corporate and consumer loans, including related accounting policies, see Notes 1 and 15 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.













CORPORATE LOANS
Corporate loans represent loans and leases managed by Services, Markets, Banking and the Mexico SBMM portion of All Other—Legacy Franchises. The following table presents information by corporate loan type:

In millions of dollarsMarch 31,
2026		December 31,
2025
In North America offices(1)
  
Commercial and industrial$63,758 $57,406 
Financial institutions74,066 72,154 
Mortgage and real estate(2)
18,191 17,931 
Installment and other(3)
22,866 23,104 
Lease financing72 72 
Total$178,953 $170,667 
In offices outside North America(1)
  
Commercial and industrial$100,839 $96,886 
Financial institutions29,480 27,054 
Mortgage and real estate(2)
9,823 9,856 
Installment and other(3)
34,469 34,100 
Lease financing44 47 
Governments and official institutions5,609 5,070 
Total$180,264 $173,013 
Corporate loans, net of unearned income, excluding portfolio-layer hedges cumulative basis adjustments(4)(5)(6)
$359,217 $343,680 
Unallocated portfolio-layer hedges cumulative basis adjustments(7)
$8 $17 
Corporate loans, net of unearned income(4)(5)(6)
$359,225 $343,697 

(1)North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. The classification between offices in North America and outside North America is based on the domicile of the booking unit. The difference between the domicile of the booking unit and the risk-based country view is 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)Installment and other includes loans to SPEs and TTS commercial cards.
(4)Corporate loans 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.
(5)Not included in the balances above is approximately $2 billion of accrued interest receivable at March 31, 2026 and December 31, 2025, which is included in Other assets on the Consolidated Balance Sheet.
(6)Accrued interest receivable considered to be uncollectible is reversed through interest income. Amounts reversed were not material for the three months ended March 31, 2026 and 2025.
(7)Represents fair value hedge basis adjustments related to portfolio-layer method hedges of mortgage and real estate loans, which are not allocated to individual loans in the portfolio. See Note 20.

The Company sold and/or reclassified to held-for-sale $1.0 billion and $1.0 billion of corporate loans during the three months ended March 31, 2026 and 2025, respectively. The Company did not have significant purchases of corporate loans classified as held-for-investment for the three months ended March 31, 2026 or 2025.

119

Corporate Loan Delinquencies and Non-Accrual Details at March 31, 2026

In millions of dollars
30–89 days
past due
and accruing(1)
≥ 90 days
past due and
accruing(1)
Total past due
and accruing
Total
non-accrual(2)
Total
current(3)
Total
loans(4)
Commercial and industrial$131 $113 $244 $1,203 $159,397 $160,844 
Financial institutions8 9 17 124 102,166 102,307 
Mortgage and real estate46 13 59 520 27,435 28,014 
Lease financing— 1 1 — 115 116 
Other39 18 57 110 59,271 59,438 
Loans at fair valueN/AN/AN/AN/AN/A8,498 
Total(5)
$224 $154 $378 $1,957 $348,384 $359,217 

Corporate Loan Delinquencies and Non-Accrual Details at December 31, 2025

In millions of dollars
30–89 days
past due
and accruing(1)
≥ 90 days
past due and
accruing(1)
Total past due
and accruing
Total
non-accrual(2)
Total
current(3)
Total
loans(4)
Commercial and industrial$162 $53 $215 $1,141 $150,416 $151,772 
Financial institutions5 — 5 65 98,808 98,878 
Mortgage and real estate35 2 37 627 27,122 27,786 
Lease financing— 1 1 — 118 119 
Other107 8 115 168 58,038 58,321 
Loans at fair valueN/AN/AN/AN/AN/A6,804 
Total(5)
$309 $64 $373 $2,001 $334,502 $343,680 

(1)Corporate loans that are 90 days or more past due are generally classified as non-accrual. Corporate loans are considered past due when principal or interest is contractually due but unpaid.
(2)Non-accrual loans generally include those loans that are 90 days or more past due or those loans for which Citi believes, based on actual experience and a forward-looking assessment of the collectibility of the loan in full, that the payment of interest and/or principal is doubtful.
(3)Loans less than 30 days past due are presented as current.
(4)The Total loans column includes loans at fair value, which are not included in the various delinquency columns and, therefore, the tables’ total rows will not cross-foot.
(5)Excludes $8 million and $17 million of unallocated portfolio-layer hedges cumulative basis adjustments at March 31, 2026 and December 31, 2025, respectively.
N/A Not applicable
120

Corporate Loan Credit Quality Indicators
 
Recorded investment in loans(1)
Term loans by year of origination
Revolving line
of credit arrangements(2)
March 31, 2026
In millions of dollars20262025202420232022Prior
Investment grade(3)
 
Commercial and industrial(4)
$28,939 $15,060 $7,582 $5,322 $3,530 $5,604 $31,357 $97,394 
Financial institutions(4)
7,795 17,151 3,621 1,986 1,145 2,058 56,065 89,821 
Mortgage and real estate1,948 5,251 4,974 3,590 1,688 3,001 308 20,760 
Other(5)
3,118 11,663 3,166 1,845 1,693 4,276 28,788 54,549 
Total investment grade$41,800 $49,125 $19,343 $12,743 $8,056 $14,939 $116,518 $262,524 
Non-investment grade(3)
 
Accrual 
Commercial and industrial(4)
$16,215 $11,508 $4,432 $3,803 $1,868 $2,706 $21,715 $62,247 
Financial institutions(4)
2,598 2,790 381 231 113 312 5,937 12,362 
Mortgage and real estate204 670 919 852 1,296 2,388 405 6,734 
Other(5)
357 1,764 414 329 160 263 1,608 4,895 
Non-accrual
Commercial and industrial(4)
19 159 11 199 72 79 664 1,203 
Financial institutions62 — — — — 41 21 124 
Mortgage and real estate1 — — 42 198 221 58 520 
Other(5)
5 6 25 14 — 17 43 110 
Total non-investment grade$19,461 $16,897 $6,182 $5,470 $3,707 $6,027 $30,451 $88,195 
Loans at fair value(6)
$8,498 
Corporate loans, net of unearned income(7)
$61,261 $66,022 $25,525 $18,213 $11,763 $20,966 $146,969 $359,217 
 
Recorded investment in loans(1)
Term loans by year of origination
Revolving line
of credit arrangements(2)
December 31, 2025
In millions of dollars20252024202320222021Prior
Investment grade(3)
 
Commercial and industrial(4)
$40,283 $7,840 $5,461 $3,774 $2,051 $3,468 $28,011 $90,888 
Financial institutions(4)
24,577 3,979 2,525 920 486 1,356 51,813 85,656 
Mortgage and real estate6,073 4,968 3,738 1,830 1,483 1,482 405 19,979 
Other(5)
12,869 3,682 2,448 1,907 538 3,891 26,663 51,998 
Total investment grade$83,802 $20,469 $14,172 $8,431 $4,558 $10,197 $106,892 $248,521 
Non-investment grade(3)
 
Accrual 
Commercial and industrial(4)
$27,614 $4,692 $3,746 $2,235 $634 $2,384 $18,438 $59,743 
Financial institutions(4)
4,189 989 604 115 246 190 6,824 13,157 
Mortgage and real estate951 823 907 1,312 1,014 1,602 571 7,180 
Other(5)
2,964 337 408 183 46 272 2,064 6,274 
Non-accrual
Commercial and industrial216 4 99 70 35 61 656 1,141 
Financial institutions(4)
— — — — 43 — 22 65 
Mortgage and real estate3 — 41 199 4 344 36 627 
Other(5)
78 14 16 4 13 8 35 168 
Total non-investment grade$36,015 $6,859 $5,821 $4,118 $2,035 $4,861 $28,646 $88,355 
Loans at fair value(6)
$6,804 
Corporate loans, net of unearned income(7)
$119,817 $27,328 $19,993 $12,549 $6,593 $15,058 $135,538 $343,680 
(1)Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount, less any direct write-downs.
(2)There were no significant revolving line of credit arrangements that converted to term loans during the period.
(3)Held-for-investment loans are accounted for on an amortized cost basis.
(4)Includes certain short-term loans with less than one year in tenor.
(5)Other includes installment and other, lease financing and loans to governments and official institutions.
(6)Loans at fair value include loans to commercial and industrial, financial institutions, mortgage and real estate and other.
(7)Excludes $8 million and $17 million of unallocated portfolio-layer hedges cumulative basis adjustments at March 31, 2026 and December 31, 2025, respectively.
121

Corporate Gross Credit Losses
The tables below detail gross credit losses recognized during the three months ended March 31, 2026 and 2025, by year of loan origination:

 
For the Three Months Ended March 31, 2026
In millions of dollars20262025202420232022Prior Revolving line of credit arrangementTotal
Commercial and industrial$8 $— $— $— $— $— $20 $28 
Financial institutions— — — — — — — — 
Mortgage and real estate— — — — — — — — 
Other(1)
— — — — — — 14 14 
Total$8 $— $— $— $— $— $34 $42 

 
For the Three Months Ended March 31, 2025
In millions of dollars20252024202320222021Prior Revolving
line of credit arrangement		Total
Commercial and industrial$— $2 $— $— $— $— $46 $48 
Financial institutions— — — — — — 1 1 
Mortgage and real estate— — — — — 6 — 6 
Other(1)
1 — 133 — — 3 7 144 
Total$1 $2 $133 $— $— $9 $54 $199 

(1)    Other includes installment and other, lease financing and loans to governments and official institutions.


Non-Accrual Corporate Loans

 March 31, 2026December 31, 2025
In millions of dollars
Recorded
investment(1)(2)
Related specific
allowance
Recorded
investment(1)(2)
Related specific
allowance
Non-accrual corporate loans with specific allowances   
Commercial and industrial$897 $365 $788 $295 
Financial institutions10 2 — — 
Mortgage and real estate20 4 44 4 
Other89 46 121 24 
Total non-accrual corporate loans with specific allowances$1,016 $417 $953 $323 
Non-accrual corporate loans without specific allowances  
Commercial and industrial$306 $353 
Financial institutions114 65 
Mortgage and real estate500 583 
Lease financing— — 
Other21 47 
Total non-accrual corporate loans without specific allowances$941 N/A$1,048 N/A

(1)Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount, less any direct write-downs.
(2)Interest income recognized for the three months ended March 31, 2026 and 2025 was $13 million and $8 million, respectively.
N/A Not applicable


122

Corporate Loan Modifications to Borrowers Experiencing Financial Difficulty
Citi evaluates and may modify certain corporate loans to borrowers experiencing financial difficulty to reduce Citi’s exposure to loss, often providing the borrower with an opportunity to work through financial difficulties. Each modification is unique to the borrower’s individual circumstances. The following tables detail corporate loan
modifications granted during the three months ended March 31, 2026 and 2025 to borrowers experiencing financial difficulty by type of modification granted and the financial effect of those modifications. Citi defines a corporate loan modification to a borrower experiencing financial difficulty as a modification of a loan classified as substandard or worse at the time of modification.


For the Three Months Ended March 31, 2026
In millions of dollars, except weighted-average
term extension
Total modifications balance at
March 31, 2026(1)(2)(3)
Term
extension
Combination:
Term extension and payment delay(4)
Weighted-average term extension
(months)
Commercial and industrial$124 $119 $5 13
Financial institutions— — — — 
Mortgage and real estate— — — — 
Other(5)
16 16 — 46
Total$140 $135 $5 

For the Three Months Ended March 31, 2025
In millions of dollars, except weighted-average
term extension
Total modifications balance at
March 31, 2025(1)(2)(3)
Term
extension
Combination:
Term extension and payment delay(4)
Weighted-average term extension
(months)
Commercial and industrial$19 $19 $— 22
Financial institutions— — — — 
Mortgage and real estate— — — — 
Other(5)
— — — — 
Total$19 $19 $— 

(1)The above tables reflect activity for loans outstanding as of the end of the reporting period. The balances are not significant as a percentage of the total carrying values of loans by class of receivable as of March 31, 2026 and 2025.
(2)Commitments to lend to borrowers experiencing financial difficulty that were granted modifications totaled $521 million and $51 million as of March 31, 2026 and 2025, respectively.
(3)The allowance for corporate loans, including modified loans, is based on the borrower’s overall financial performance. Charge-offs for amounts deemed uncollectible may be recorded at the time of the modification or may have already been recorded in prior periods such that no charge-off is required at the time of modification.
(4)Payment delays either for principal or interest payments had an immaterial financial impact.
(5)Other includes installment and other, lease financing and loans to governments and official institutions.


123

Performance of Modified Corporate Loans
The following tables present the delinquencies of modified corporate loans to borrowers experiencing financial difficulty, including loans that were modified during the 12 months ended March 31, 2026 and December 31, 2025:

 
As of March 31, 2026(1)
In millions of dollarsTotal Current
30–89 days
past due
90+ days
past due
Commercial and industrial$353 $353 $— $— 
Financial institutions— — — — 
Mortgage and real estate40 40 — — 
Other(2)
16 16 — — 
Total$409 $409 $— $— 

 
As of December 31, 2025(1)
In millions of dollarsTotal Current30–89 days
past due		90+ days
past due
Commercial and industrial$286 $278 $1 $7 
Financial institutions— — — — 
Mortgage and real estate77 66 11 — 
Other(2)
6 6 — — 
Total$369 $350 $12 $7 

(1)Corporate loans are generally not modified as a result of their delinquency status; rather, they are modified because of events that have impacted the overall financial performance of the borrower. Corporate loans, if past due, are re-aged to current status upon modification.
(2)Other includes installment and other, lease financing and loans to governments and official institutions.

Defaults of Modified Corporate Loans
No modified corporate loans to borrowers experiencing financial difficulty defaulted during the three months ended March 31, 2026 and 2025. Default is defined as 60 days past due, except for classifiably managed commercial banking loans, where default is defined as 90 days past due. For a modified corporate loan that is not collateral dependent, expected default rates are considered in the loan’s individually assessed ACL.

CONSUMER LOANS
Consumer loans represent loans and leases managed by USCC, Wealth and All Other—Legacy Franchises (except Mexico SBMM).
Citi has established a risk management process to monitor, evaluate and manage the principal risks associated with its consumer loan portfolio. Credit quality indicators that are actively monitored include delinquency status, consumer credit scores under Fair Isaac Corporation (FICO) and loan-to-value (LTV) ratios, each as discussed in more detail below.
For Citi’s policies related to consumer loans, including non-accrual and charge-off policies, see “Loans—Consumer Loans” and “Allowance for Credit Losses (ACL)—Consumer Loans” in Note 1 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.

124

The following tables provide Citi’s consumer loans by type:

Consumer Loans, Delinquencies and Non-Accrual Status at March 31, 2026

In millions of dollars
Total
current(1)(2)
30–89 
days past
 due(3)
≥ 90 days
past
 due(3)
Past due
government
guaranteed(4)
Total loansNon-accrual loans for which there is no ACLLNon-accrual loans for which there is an ACLLTotal
non-accrual		90 days 
past due
and accruing
In North America offices(5)
        
Residential first mortgages(6)
$118,185 $450 $390 $209 $119,234 $137 $461 $598 $130 
Home equity loans(7)(8)
2,721 23 33 — 2,777 27 75 102 — 
Credit cards162,232 2,223 2,541 — 166,996 — — — 2,541 
Personal, small business and other(9)
33,420 115 30 — 33,565 2 70 72 — 
Total$316,558 $2,811 $2,994 $209 $322,572 $166 $606 $772 $2,671 
In offices outside North America(5)
      
Residential mortgages(6)
$23,751 $39 $77 $— $23,867 $— $166 $166 $— 
Credit cards(10)
13,730 265 324 — 14,319 — 322 322 97 
Personal, small business and other(9)
41,245 134 48 — 41,427 — 154 154 — 
Total$78,726 $438 $449 $— $79,613 $— $642 $642 $97 
Total excluding portfolio-layer hedges cumulative basis adjustments$395,284 $3,249 $3,443 $209 $402,185 $166 $1,248 $1,414 $2,768 
Unallocated portfolio-layer hedges
cumulative basis adjustments(11)
$206 
Total Citigroup(12)(13)
$402,391 

Consumer Loans, Delinquencies and Non-Accrual Status at December 31, 2025

In millions of dollars
Total
current(1)(2)
30–89 
days past
due(3)
≥ 90 days
past
 due(3)
Past due
government
guaranteed(4)
Total
loans		Non-accrual loans for which there is no ACLLNon-accrual loans for which there is an ACLLTotal
non-accrual		90 days 
past due
and accruing
In North America offices(5)
       
Residential first mortgages(6)
$118,264 $426 $484 $215 $119,389 $125 $560 $685 $121 
Home equity loans(7)(8)
2,810 26 36 — 2,872 23 82 105 — 
Credit cards168,738 2,373 2,545 — 173,656 — — — 2,545 
Personal, small business and other(9)
33,084 96 31 — 33,211 5 152 157 1 
Total$322,896 $2,921 $3,096 $215 $329,128 $153 $794 $947 $2,667 
In offices outside North America(5)
       
Residential mortgages(6)
$23,928 $35 $78 $— $24,041 $— $180 $180 $— 
Credit cards(10)
14,128 256 317 — 14,701 — 323 323 93 
Personal, small business and other(9)
40,143 128 49 — 40,320 — 168 168 — 
Total$78,199 $419 $444 $— $79,062 $— $671 $671 $93 
Total excluding portfolio-layer hedges cumulative basis adjustments$401,095 $3,340 $3,540 $215 $408,190 $153 $1,465 $1,618 $2,760 
Unallocated portfolio-layer hedges
cumulative basis adjustments(11)
$343 
Total Citigroup(12)(13)
$408,533 

(1)Loans less than 30 days past due are presented as current.
(2)Includes $25 million and $51 million at March 31, 2026 and December 31, 2025, respectively, of residential first mortgages recorded at fair value.
(3)Excludes loans guaranteed by U.S. government-sponsored agencies. Excludes delinquencies on $26.6 billion and $23.3 billion of classifiably managed Private Bank loans in North America and outside North America, respectively, at March 31, 2026. Excludes delinquencies on $26.0 billion and $22.3 billion of classifiably managed Private Bank loans in North America and outside North America, respectively, at December 31, 2025.
(4)Consists of loans that are guaranteed by U.S. government-sponsored agencies that are 30–89 days past due of $0.1 billion and $0.1 billion and 90 days or more past due of $0.1 billion and $0.1 billion at March 31, 2026 and December 31, 2025, respectively.
(5)North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America.
125

(6)Includes approximately $0.2 billion and less than $0.1 billion of residential first mortgage loans in process of foreclosure in North America and outside North America, respectively, and $18.4 billion of residential mortgages outside North America related to Wealth at March 31, 2026. Includes approximately $0.2 billion and less than $0.1 billion of residential first mortgage loans in process of foreclosure in North America and outside North America, respectively, and $18.6 billion of residential mortgages outside North America related to Wealth at December 31, 2025.
(7)Includes less than $0.1 billion and less than $0.1 billion at March 31, 2026 and December 31, 2025, respectively, of home equity loans in process of foreclosure.
(8)Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions.
(9)As of March 31, 2026, Wealth in North America includes $29.8 billion of loans, of which $26.6 billion are classifiably managed with 79% rated investment grade, and Wealth outside North America includes $31.5 billion of loans, of which $23.3 billion are classifiably managed with 56% rated investment grade. As of December 31, 2025, Wealth in North America includes $29.4 billion of loans, of which $26.0 billion are classifiably managed with 80% rated investment grade, and Wealth outside North America includes $30.6 billion of loans, of which $22.3 billion are classifiably managed with 56% rated investment grade. Such loans are presented as “current” above.
(10)Primarily relates to Mexico Consumer credit cards. While credit cards are generally not subject to non-accrual, Mexico Consumer credit cards cease accruing interest at 90 days past due and are charged off at 180 days past due.
(11)Represents fair value hedge basis adjustments related to portfolio-layer method hedges of mortgage and real estate loans, which are not allocated to individual loans in the portfolio. See Note 20.
(12)Consumer loans were net of unearned income of $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).
(13)Not included in the balances above is approximately $1 billion and $1 billion of accrued interest receivable at March 31, 2026 and December 31, 2025, respectively, which is included in Other assets on the Consolidated Balance Sheet, except for credit card loans (which include accrued interest and fees).
During the three months ended March 31, 2026 and 2025, the Company reversed accrued interest (primarily related to credit cards) of approximately $0.5 billion and $0.5 billion, respectively. These reversals of accrued interest are reflected as a reduction to Interest income in the Consolidated Statement of Income.


Interest Income Recognized for Non-Accrual Consumer Loans

In millions of dollarsThree Months Ended
March 31, 2026		Three Months Ended
March 31, 2025
In North America offices(1)
Residential first mortgages$2 $2 
Home equity loans1 1 
Personal, small business and other1 — 
Total$4 $3 
In offices outside North America(1)
Residential mortgages$2 $2 
Personal, small business and other— 1 
Total$2 $3 
Total Citigroup$6 $6 

(1)North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America.

Sales and Purchases of Consumer Loans
During the three months ended March 31, 2026 and 2025, the Company sold and/or reclassified to held-for-sale (HFS) approximately $213 million and $32 million of consumer loans, respectively. Accordingly, there were immaterial releases of the associated allowance for credit losses for the three months ended March 31, 2026 and 2025. The transfers exclude certain consumer mortgage loans for which Citi has elected the fair value option (see Note 22), which do not have an associated allowance for credit losses. The transfers also exclude consumer loans held by businesses HFS (see “Significant Disposals” in Note 2).
The Company did not have significant purchases of consumer loans classified as held-for-investment for the three months ended March 31, 2026 or 2025.

126

Consumer Credit Scores (FICO)
The following tables provide details on the FICO scores for Citi’s U.S. consumer loan portfolio based on end-of-period receivables by year of origination. FICO scores are updated monthly for substantially all of the portfolio or, otherwise, on a quarterly basis for the remaining portfolio. Loans that did not have FICO scores as of the prior period have been updated with FICO scores as they become available.

With respect to Citi’s consumer loan portfolio outside of the U.S. as of March 31, 2026 and December 31, 2025 ($81.1 billion and $80.8 billion, respectively), various country-specific or regional credit risk metrics and acquisition and behavior scoring models are leveraged as one of the factors to evaluate the credit quality of customers (see “Consumer Loans and Ratios Outside of North America” below). As a result, details of relevant credit quality indicators for those loans are not comparable to the below FICO score distribution for the U.S. portfolio.


FICO score distribution—U.S. portfolio
March 31, 2026
In millions of dollarsLess than
660		660
to 739		Greater
than or equal to 740
Classifiably managed(1)
FICO not available(2)
Total
loans
Residential first mortgages
2026$32 $364 $2,638 
2025172 2,189 13,222 
2024145 1,420 7,320 
2023220 1,878 10,725 
2022372 2,800 15,001 
Prior1,922 8,408 43,282 
Total residential first mortgages$2,863 $17,059 $92,188 $— $7,124 $119,234 
Home equity line of credit (pre-reset)$230 $665 $1,444 
Home equity line of credit (post-reset)61 67 72 
Home equity term loans39 67 88 
2026— — — 
2025— — — 
2024— — — 
2023— — — 
2022— — — 
Prior39 67 88 
Total home equity loans$330 $799 $1,604 $— $44 $2,777 
Credit cards$23,132 $57,896 $80,587 
Revolving loans converted to term loans(3)
1,831 875 166 
Total credit cards(4)
$24,963 $58,771 $80,753 $— $2,012 $166,499 
Personal, small business and other
2026$1 $93 $497 
202559 475 1,154 
202471 329 493 
202348 153 184 
202234 75 72 
Prior74 158 122 
Total personal, small business and other(5)(6)
$287 $1,283 $2,522 $25,810 $2,837 $32,739 
Total(7)
$28,443 $77,912 $177,067 $25,810 $12,017 $321,249 


127

FICO score distribution—U.S. portfolioDecember 31, 2025
In millions of dollarsLess than
660		660
to 739		Greater
than or equal to 740
Classifiably managed(1)
FICO not available(2)
Total
loans
Residential first mortgages
2025$112 $2,309 $13,564 
20241431,6007,973
20232272,04511,184
20223682,87715,199
20213272,48313,891
Prior1,6176,20130,153
Total residential first mortgages$2,794 $17,515 $91,964 $— $7,116 $119,389 
Home equity line of credit (pre-reset)$232 $682 $1,506 
Home equity line of credit (post-reset)64 71 69 
Home equity term loans39 70 95 
2025— — — 
2024— — — 
2023— — — 
2022— — — 
2021— — 1 
Prior39 70 94 
Total home equity loans$335 $823 $1,670 $— $44 $2,872 
Credit cards$23,473 $59,531 $85,390 
Revolving loans converted to term loans(3)
1,742 843 160 
Total credit cards(4)
$25,215 $60,374 $85,550 $— $1,969 $173,108 
Personal, small business and other
2025$43 $475 $1,475 
202482 382 616 
202359 185 234 
202244 99 98 
20217 15 14 
Prior73 158 123 
Total personal, small business and other(5)(6)
$308 $1,314 $2,560 $25,168 $3,029 $32,379 
Total(7)
$28,652 $80,026 $181,744 $25,168 $12,158 $327,748 

(1)    These personal, small business and other loans without a FICO score available include $25.8 billion and $25.2 billion of Private Bank loans as of March 31, 2026 and December 31, 2025, respectively, which are classifiably managed within Wealth and are primarily evaluated for credit risk based on their internal risk ratings. As of March 31, 2026 and December 31, 2025, approximately 79% and 80% of these loans, respectively, were rated investment grade.
(2)    FICO scores not available are primarily driven by loans associated with clients whose underlying properties are held in trusts or LLCs, for non-U.S. citizens, and loans guaranteed by government-sponsored entities, for which FICO scores are generally not considered by Citi.
(3)    Not included in the tables above are $38 million and $52 million of revolving credit card loans outside of the U.S. that were converted to term loans as of March 31, 2026 and December 31, 2025, respectively.
(4)    Excludes $497 million and $548 million of balances related to Canada for March 31, 2026 and December 31, 2025, respectively.
(5)    Excludes $826 million and $832 million of balances related to Canada for March 31, 2026 and December 31, 2025, respectively.
(6)    Includes approximately $13 million and $14 million of personal revolving loans that were converted to term loans for March 31, 2026 and December 31, 2025, respectively.
(7)    Excludes $206 million and $343 million of unallocated portfolio-layer hedges cumulative basis adjustments at March 31, 2026 and December 31, 2025, respectively.

128

Consumer Gross Credit Losses
The following tables provide details on gross credit losses recognized during the three months ended March 31, 2026 and 2025, by year of loan origination:

In millions of dollarsThree Months Ended March 31, 2026
Residential first mortgages
2026$— 
2025— 
20241 
2023— 
2022— 
Prior14 
Total residential first mortgages$15 
Home equity line of credit (pre-reset)$— 
Home equity line of credit (post-reset)— 
Home equity term loans— 
Total home equity loans$— 
Credit cards$2,430 
Revolving loans converted to term loans53 
Total credit cards$2,483 
Personal, small business and other
2026$52 
202563 
202465 
202332 
202217 
Prior51 
Total personal, small business and other$280 
Total Citigroup$2,778 


In millions of dollarsThree Months Ended March 31, 2025
Residential first mortgages
2025$— 
2024— 
2023— 
2022— 
2021— 
Prior17 
Total residential first mortgages$17 
Home equity line of credit (pre-reset)$2 
Home equity line of credit (post-reset)— 
Home equity term loans— 
Total home equity loans$2 
Credit cards$2,420 
Revolving loans converted to term loans84 
Total credit cards$2,504 
Personal, small business and other
2025$32 
202449 
202346 
202227 
202110 
Prior40 
Total personal, small business and other$204 
Total Citigroup$2,727 
129

Loan-to-Value (LTV) Ratios—U.S. Consumer Mortgages
LTV ratios (loan balance divided by appraised value) are calculated at origination and updated by applying market price data.
The following tables provide details on the LTV ratios for Citi’s U.S. consumer mortgage portfolios by year of origination. LTV ratios are updated monthly using the most recent Core Logic Home Price Index data available for substantially all of the portfolio, applied at the Metropolitan Statistical Area level, if available, or the state level if not. The remainder of the portfolio is updated in a similar manner using the Federal Housing Finance Agency indices.

LTV distribution—U.S. portfolio(1)
March 31, 2026
In millions of dollarsLess than
 or equal
to 80%		> 80% but less
than or equal to 100%		Greater
than
100%
LTV not available(1)
Total
Residential first mortgages
2026$2,389 $651 $— 
202511,431 4,445 6 
20247,074 2,102 6 
202312,038 1,247 — 
202217,775 1,461 21 
Prior56,938 619 26 
Total residential first mortgages$107,645 $10,525 $59 $1,005 $119,234 
Home equity loans (pre-reset)$2,308 $18 $14 
Home equity loans (post-reset)372 9 17 
Total home equity loans$2,680 $27 $31 $39 $2,777 
Total(2)
$110,325 $10,552 $90 $1,044 $122,011 

LTV distribution—U.S. portfolio(1)
December 31, 2025
In millions of dollarsLess than
 or equal
to 80%		> 80% but less
than or equal to 100%		Greater
than
100%
LTV not available(1)
Total
Residential first mortgages
2025$12,061 $4,163 $— 
20247,845 2,181 3 
202312,637 1,288 3 
202218,144 1,378 23 
202117,495 276 6 
Prior40,567 348 28 
Total residential first mortgages$108,749 $9,634 $63 $943 $119,389 
Home equity loans (pre-reset)$2,348 $42 $32 
Home equity loans (post-reset)375 13 21 
Total home equity loans$2,723 $55 $53 $41 $2,872 
Total(2)
$111,472 $9,689 $116 $984 $122,261 

(1)Residential first mortgages with no LTV information available include government-guaranteed loans that do not require LTV information for credit risk assessment and fair value loans.
(2)Excludes $206 million and $343 million of unallocated portfolio-layer cumulative basis adjustments at March 31, 2026 and December 31, 2025, respectively.

130

Loan-to-Value (LTV) Ratios—Outside of U.S. Consumer Mortgages
The following tables provide details on the LTV ratios for Citi’s consumer mortgage portfolio outside of the U.S. by year of origination:

LTV distribution—outside of U.S. portfolio(1)
March 31, 2026
In millions of dollarsLess than
 or equal
to 80%		> 80% but less
than or equal to 100%		Greater
than
100%		LTV not availableTotal
Residential mortgages
2026$734 $61 $— 
20252,551 174 — 
20242,761 229 — 
20232,038 778 — 
20222,259 684 268 
Prior9,457 1,122 237 
Total$19,800 $3,048 $505 $514 $23,867 

LTV distribution—outside of U.S. portfolio(1)
December 31, 2025
In millions of dollarsLess than
 or equal
to 80%		> 80% but less
than or equal to 100%		Greater
than
100%		LTV not availableTotal
Residential mortgages
2025$2,576 $207 $— 
20242,825 275 — 
20232,062 727 150 
20222,283 630 415 
20212,168 648 345 
Prior7,712 456 67 
Total$19,626 $2,943 $977 $495 $24,041 

(1)Mortgage portfolios outside of the U.S. are primarily in Wealth. As of March 31, 2026 and December 31, 2025, mortgage portfolios outside of the U.S. had an average LTV of approximately 55% and 56%, respectively.

131

Consumer Loans and Ratios Outside of North America

Delinquency-managed loans and ratios
In millions of dollars at March 31, 2026
Total
loans outside of North America(1)
Classifiably managed loans(2)
Delinquency-managed loans30–89 
days past
 due ratio
≥ 90 days
past
 due ratio
1Q26 NCL ratio1Q25 NCL ratio
Residential mortgages(3)
$23,867 $— $23,867 0.16 %0.32 %0.12 %0.08 %
Credit cards14,319 — 14,319 1.85 2.26 7.00 5.96 
Personal, small business and other(4)
41,427 23,264 18,163 0.74 0.26 1.33 1.05 
Total$79,613 $23,264 $56,349 0.78 %0.80 %2.02 %1.62 %
Delinquency-managed loans and ratios
In millions of dollars at December 31, 2025
Total
loans outside
of North America(1)
Classifiably managed loans(2)
Delinquency-managed loans30–89 
days past
 due ratio
≥ 90 days
past
 due ratio
Residential mortgages(3)
$24,041 $— $24,041 0.15 %0.32 %
Credit cards14,701 — 14,701 1.74 2.16 
Personal, small business and other(4)
40,320 22,297 18,023 0.71 0.27 
Total$79,062 $22,297 $56,765 0.74 %0.78 %

(1)    Mexico is included in offices outside of North America.
(2)    Classifiably managed loans are primarily evaluated for credit risk based on their internal risk classification. As of March 31, 2026 and December 31, 2025, approximately 56% and 56% of these loans, respectively, were rated investment grade.
(3)    Includes $18.4 billion and $18.6 billion as of March 31, 2026 and December 31, 2025, respectively, of residential mortgages related to Wealth.
(4)    Includes $31.5 billion and $30.6 billion as of March 31, 2026 and December 31, 2025, respectively, of loans related to Wealth.


Consumer Loan Modifications to Borrowers Experiencing Financial Difficulty
Citi’s significant consumer modification programs are described below.

Credit Cards
Citi evaluates and assists credit card borrowers who are experiencing financial difficulty by offering long-term loan modification programs. These modifications generally involve reducing the interest rate on the credit card, placing the customer on a fixed payment plan not to exceed 60 months and canceling the customer’s available line of credit. Citi also grants modifications to credit card borrowers working with third-party renegotiation agencies that seek to restructure customers’ entire unsecured debt. In certain situations, Citi may forgive a portion of an outstanding balance if the borrower pays a required amount.
Residential Mortgages
Citi utilizes a third-party subservicer for the servicing of its residential mortgage loans. Through this third-party subservicer, Citi evaluates and assists residential mortgage borrowers who are experiencing financial difficulty primarily by offering interest rate reductions, principal and/or interest forbearance, term extensions or combinations thereof. Borrowers enrolled in forbearance programs typically have payments suspended until the end of the forbearance period. In the U.S., before permanently modifying the contractual payment terms of a mortgage loan, Citi enters into a trial modification with the borrower, generally a three-month period during which the borrower makes monthly payments under the anticipated modified payment terms. Upon successful completion of the trial period, and the borrower’s formal acceptance of the modified terms, Citi and the borrower enter into a permanent modification. Citi expects the majority of loans entering trial modifications to ultimately be enrolled in a permanent modification. During the three months ended March 31, 2026 and 2025, $8 million and $14 million, respectively, of mortgage loans were enrolled in trial programs. Mortgage loans of $3 million and $3 million had gone through Chapter 7 bankruptcy during the three months ended March 31, 2026 and 2025, respectively.
132

Types of Consumer Loan Modifications and Their Financial Effect
The following tables provide details on permanent consumer loan modifications granted during the three months ended March 31, 2026 and 2025 to borrowers experiencing financial difficulty by type of modification granted and the financial effect of those modifications:

 
For the Three Months Ended March 31, 2026
In millions of dollars, except weighted averagesModifications as % of loans
Total modifications balance at March 31, 2026(1)(2)(3)
Interest rate reductionTerm extensionPayment delayCombination: interest rate reduction and term extensionWeighted-average interest rate reduction %
Weighted-average term extension (months)
Weighted-average delay in payments (months)
In North America offices(4)
     
Residential first mortgages(5)
0.14 %$166 $2 $11 $146 $7 1 %17012
Home equity loans0.04 1 — — 1 — — — 9
Credit cards0.31 523 523 — — — 24 — — 
Personal, small business and other0.02 6 — — — 6 9 17— 
Total0.22 %$696 $525 $11 $147 $13 
In offices outside North America(4)
Residential mortgages0.04 %$10 $— $— $9 $1 2 %22312
Credit cards0.08 11 6 — — 5 33 23— 
Personal, small business and other0.04 16 4 — — 12 6 26— 
Total0.05 %$37 $10 $— $9 $18 

 
For the Three Months Ended March 31, 2025
In millions of dollars, except weighted averagesModifications as % of loans
Total modifications balance at March 31, 2025(1)(2)(3)
Interest rate reductionTerm extensionPayment delayCombination: interest rate reduction and term extensionWeighted-average interest rate reduction %
Weighted-average term extension (months)
Weighted-average delay in payments (months)
In North America offices(4)
     
Residential first mortgages(5)
0.06 %$74 $1 $11 $55 $7 1 %1297
Home equity loans0.03 1 — — 1 — — — 8
Credit cards0.31 505 504 — 1 — 25 — 4
Personal, small business and other0.03 10 — — — 10 8 19— 
Total0.19 %$590 $505 $11 $57 $17 
In offices outside North America(4)
Residential mortgages0.05 %$13 $— $— $11 $2 2 %19212
Credit cards0.04 5 5 — — — 24 — — 
Personal, small business and other0.02 6 1 1 — 4 8 23— 
Total0.03 %$24 $6 $1 $11 $6 

(1)    The above tables reflect activity for loans outstanding as of the end of the reporting period. During the three months ended March 31, 2026 and 2025, Citi granted forgiveness of $1 million and less than $1 million in residential first mortgage loans, $40 million and $32 million in credit card loans and $2 million and $2 million in personal, small business and other loans, respectively. As a result, there were no outstanding balances as of March 31, 2026 and 2025.
(2)    Commitments to lend to borrowers experiencing financial difficulty that were granted modifications included in the tables above were immaterial at March 31, 2026 and 2025.
(3)    For major consumer portfolios, the ACLL is based on macroeconomic-sensitive models that rely on historical performance and macroeconomic scenarios to forecast expected credit losses. Modifications of consumer loans impact expected credit losses by affecting the likelihood of default.
(4)    North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America.
(5)    Excludes residential first mortgages discharged in Chapter 7 bankruptcy in the three months ended March 31, 2026 and 2025.







133

Performance of Modified Consumer Loans
The following tables present the delinquencies and gross credit losses of permanently modified consumer loans to borrowers experiencing financial difficulty, including loans that were modified during the 12 months ended March 31, 2026 and the year ended December 31, 2025:

As of March 31, 2026
In millions of dollarsTotal Current
30–89 days
past due
90+ days
past due		Gross
credit losses
In North America offices(1)
Residential first mortgages$387 $210 $27 $150 $1 
Home equity loans3 1 — 2 — 
Credit cards1,558 1,227 208 123 266 
Personal, small business and other27 24 2 1 2 
Total(2)
$1,975 $1,462 $237 $276 $269 
In offices outside North America(1)
Residential mortgages$30 $28 $1 $1 $1 
Credit cards31 27 3 1 1 
Personal, small business and other23 22 1 — — 
Total(2)
$84 $77 $5 $2 $2 

As of December 31, 2025
In millions of dollarsTotal Current
30–89 days
past due
90+ days
past due		Gross
credit losses
In North America offices(1)
Residential first mortgages$380 $128 $28 $224 $— 
Home equity loans3 1 — 2 — 
Credit cards1,525 1,190 212 123 277 
Personal, small business and other29 26 2 1 2 
Total(2)
$1,937 $1,345 $242 $350 $279 
In offices outside North America(1)
Residential mortgages$35 $32 $2 $1 $1 
Credit cards27 23 3 1 1 
Personal, small business and other40 32 6 2 1 
Total(2)
$102 $87 $11 $4 $3 

(1)    North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America.
(2)    Typically, upon modification a loan re-ages to current. However, FFIEC guidelines for re-aging certain loans require that at least three consecutive minimum monthly payments, or the equivalent amount, be received. In these cases, the loan will remain delinquent until the payment criteria for re-aging have been satisfied.


134

Defaults of Modified Consumer Loans
The following tables present default activity for permanently modified consumer loans to borrowers experiencing financial difficulty by type of modification granted, including loans that were modified and subsequently defaulted during the three months ended March 31, 2026 and 2025. Default is defined as 60 days past due:

 
For the Three Months Ended March 31, 2026
In millions of dollars
Total(1)(2)
Interest rate reductionTerm
extension		Payment
delay		 Combination: interest rate reduction and term extension Combination: term extension and payment delayCombination: interest rate reduction, term extension and payment delay
In North America offices(3)
   
Residential first mortgages$14 $— $8 $— $6 $— $— 
Home equity loans— — — — — — — 
Credit cards(4)
96 96 — — — — — 
Personal, small business and other1 — — — 1 — — 
Total$111 $96 $8 $— $7 $— $— 
In offices outside North America(3)
Residential mortgages$— $— $— $— $— $— $— 
Credit cards(4)
2 2 — — — — — 
Personal, small business and other1 — — — 1 — — 
Total$3 $2 $— $— $1 $— $— 

 
For the Three Months Ended March 31, 2025
In millions of dollars
Total(1)(2)
Interest rate reductionTerm
extension		Payment
delay		 Combination: interest rate reduction and term extension Combination: term extension and payment delayCombination: interest rate reduction, term extension and payment delay
In North America offices(3)
   
Residential first mortgages$7 $— $4 $— $3 $— $— 
Home equity loans— — — — — — — 
Credit cards(4)
106 106 — — — — — 
Personal, small business and other1 — — — 1 — — 
Total$114 $106 $4 $— $4 $— $— 
In offices outside North America(3)
Residential mortgages$1 $— $— $1 $— $— $— 
Credit cards(4)
1 1 — — — — — 
Personal, small business and other1 — — — 1 — — 
Total$3 $1 $— $1 $1 $— $— 

(1)    The above tables reflect activity for loans outstanding as of the end of the reporting period.
(2)    Modified residential first mortgages that default are typically liquidated through foreclosure or a similar type of liquidation.
(3)    North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America.
(4)    Modified credit card loans that default continue to be charged off in accordance with Citi’s consumer charge-off policy.

135

13. ALLOWANCE FOR CREDIT LOSSES

Three Months Ended March 31,
In millions of dollars20262025
Allowance for credit losses on loans (ACLL) at beginning of period$19,247 $18,574 
Gross credit losses on loans(2,820)(2,926)
Gross recoveries on loans612 467 
Net credit losses (NCLs) on loans$(2,208)$(2,459)
Replenishment of NCLs$2,208 $2,459 
Net reserve builds (releases) for loans301 227 
Net specific reserve builds (releases) for loans96 (125)
Total provision for credit losses on loans (PCLL)$2,605 $2,561 
Other, net (see table below)(8)50 
ACLL at end of period$19,636 $18,726 
Allowance for credit losses on unfunded lending commitments (ACLUC) at beginning of period(1)
$1,833 $1,601 
Provision (release) for credit losses on ACLUC(2)
184 108 
Other, net
(4)11 
ACLUC at end of period(1)
$2,013 $1,720 
Total ACLL and ACLUC$21,649 $20,446 
Allowance for credit losses on other assets at beginning of period(3)
$147 $1,865 
NCLs on other assets(3)(13)
Provision (release) for credit losses on other assets33 39 
Other, net(4)
9 315 
Allowance for credit losses on other assets at end of period(3)
$186 $2,206 
Allowance for credit losses on HTM debt securities at beginning of period$146 $137 
Provision (release) for credit losses on HTM debt securities(30)(5)
Other, net
— (2)
Allowance for credit losses on HTM debt securities at end of period$116 $130 
Total ACL$21,951 $22,782 

Other, net details (ACLL)Three Months Ended March 31,
In millions of dollars20262025
FX translation and other$(8)$50 
Other, net (ACLL)$(8)$50 

(1)Represents additional credit loss reserves for unfunded lending commitments and letters of credit recorded in Other liabilities on the Consolidated Balance Sheet.
(2)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.
(3)See additional details on the Allowance for credit losses on other assets below.
(4)Primarily reflects the impact of FX translation on the ACL on Other assets for transfer risk associated with exposures outside the U.S.


136

Allowance for Credit Losses on Loans (ACLL) and End-of-Period Loans

Three Months Ended
March 31, 2026March 31, 2025
In millions of dollarsCorporateConsumerTotalCorporateConsumerTotal
ACLL at beginning of period$3,053 $16,194 $19,247 $2,556 $16,018 $18,574 
Charge-offs(42)(2,778)(2,820)(199)(2,727)(2,926)
Recoveries34 578 612 17 450 467 
Replenishment of NCLs8 2,200 2,208 182 2,277 2,459 
Net reserve builds (releases)203 98 301 279 (52)227 
Net specific reserve builds (releases)96 — 96 (125)— (125)
Other(13)5 (8)15 35 50 
Ending balance$3,339 $16,297 $19,636 $2,725 $16,001 $18,726 

March 31, 2026December 31, 2025
In millions of dollarsCorporateConsumerTotalCorporateConsumerTotal
ACLL   
Collectively evaluated$2,922 $16,248 $19,170 $2,730 $16,144 $18,874 
Individually evaluated 417 51 468 323 51 374 
Purchased credit deteriorated— (2)(2)— (1)(1)
Total ACLL$3,339 $16,297 $19,636 $3,053 $16,194 $19,247 
Loans, net of unearned income
Collectively evaluated$348,770 $402,199 $750,969 $334,892 $408,225 $743,117 
Individually evaluated 1,957 67 2,024 2,001 149 2,150 
Purchased credit deteriorated— 100 100 — 108 108 
Held at fair value8,498 25 8,523 6,804 51 6,855 
Total loans, net of unearned income$359,225 $402,391 $761,616 $343,697 $408,533 $752,230 


Changes in the ACL
(March 31, 2026 vs. December 31, 2025)
The total allowance for credit losses on loans, leases, unfunded lending commitments, other assets and HTM debt securities (in aggregate, total ACL) as of March 31, 2026 was $21,951 million, an increase of $578 million from $21,373 million at 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.

Consumer ACLL
Citi’s total consumer allowance for credit losses on loans (ACLL) as of March 31, 2026 was $16,297 million, an increase of $103 million from $16,194 million at December 31, 2025. The increase was driven by seasonal portfolio mix changes and increased uncertainty in the macroeconomic outlook, primarily offset by lower seasonal volumes and refinements to loss assumptions.


Corporate ACLL
Citi’s total corporate ACLL as of March 31, 2026 was $3,339 million, an increase of $286 million from $3,053 million at December 31, 2025. The increase was driven by increased uncertainty in the macroeconomic outlook.

ACLUC
As of March 31, 2026, Citi’s total allowance for unfunded lending commitments (ACLUC), included in Other liabilities, was $2,013 million, an increase of $180 million from $1,833 million 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.



137

Allowance for Credit Losses on Other Assets

Three Months Ended March 31, 2026
In millions of dollarsDeposits with banksSecurities borrowed and purchased under agreements
to resell
All other assets(1)
Total
Allowance for credit losses on other assets at beginning of quarter(2)
$23 $5 $119 $147 
Gross credit losses— — (10)(10)
Gross recoveries— — 7 7 
NCLs$— $— $(3)$(3)
Replenishment of NCLs$— $— $3 $3 
Net reserve builds (releases)8 — 22 30 
Total provision for credit losses$8 $— $25 $33 
Other, net$1 $— $8 $9 
Allowance for credit losses on other assets at end of quarter$32 $5 $149 $186 

(1)Primarily ACL related to transfer risk associated with exposures outside the U.S.
(2)The beginning-of-quarter balance reflects the $2.6 billion reclassification of AO Citibank to held-for-sale, including the related ACL, resulting from Citi’s planned sale of AO Citibank (which was sold on February 18, 2026) (see “Sale of AO Citibank” in Note 2), partially offset by FX translation.

Three Months Ended March 31, 2025
In millions of dollarsDeposits with banksSecurities borrowed and purchased under agreements
to resell
All other assets(1)
Total
Allowance for credit losses on other assets at beginning of quarter$25 $3 $1,837 $1,865 
Gross credit losses— — (17)(17)
Gross recoveries— — 4 4 
NCLs$— $— $(13)$(13)
Replenishment of NCLs$— $— $13 $13 
Net reserve builds (releases)(6)1 31 26 
Total provision for credit losses$(6)$1 $44 $39 
Other, net$— $— $315 $315 
Allowance for credit losses on other assets at end of quarter$19 $4 $2,183 $2,206 

(1)    Primarily ACL related to transfer risk associated with exposures outside the U.S.

For the ACL on AFS debt securities, see Note 11.
138

14.  GOODWILL AND INTANGIBLE ASSETS

Goodwill
The changes in Goodwill were as follows:

In millions of dollarsServicesMarketsBanking
USCC(1)
Wealth(1)
All OtherTotal
Balance at December 31, 2025$2,141 $5,833 $1,028 $4,733 $5,062 $301 $19,098 
Foreign currency translation(31)(75)— — 4 1 (101)
Balance at March 31, 2026$2,110 $5,758 $1,028 $4,733 $5,066 $302 $18,997 

(1)During the first quarter of 2026, approximately $609 million of goodwill was transferred from USCC to Wealth in connection with the business realignment. Prior-period amounts have been revised to conform to the current presentation. See Note 3.

Citi tests for goodwill impairment annually as of October 1 (the annual test) and conducts interim assessments between the annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount.
As discussed in Note 3, effective January 1, 2026, Citi transferred its Retail Banking business from the former U.S. Personal Banking (USPB) to Wealth and integrated the remaining USPB businesses into a new U.S. Consumer Cards (USCC) segment. This business realignment was identified as a triggering event for purposes of goodwill impairment testing. In accordance with ASC 350, an interim goodwill impairment test was performed in the first quarter of 2026, which resulted in no impairment. Goodwill was reallocated from USCC to Wealth based on relative fair values as of the effective date of the business realignment. No additional triggering events were identified, and no goodwill impairment was recorded during the quarter.
Unanticipated declines in business performance, increases in credit losses, increases in capital requirements and adverse regulatory or legislative changes, and deterioration in
economic or market conditions, as well as circumstances related to Citi’s strategic refresh, are factors that could result in a material impairment loss to earnings in a future period
related to some portion of the associated goodwill.
For additional information regarding Citi’s goodwill impairment testing process, see Notes 1 (“Goodwill”) and 17 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.

139

Intangible Assets
The components of intangible assets were as follows:

 March 31, 2026December 31, 2025
In millions of dollarsGross
carrying
amount		Accumulated
amortization		Net
carrying
amount		Gross
carrying
amount		Accumulated
amortization		Net
carrying
amount
Purchased credit card relationships(1)
$5,315 $4,669 $646 $5,315 $4,639 $676 
Credit card contract-related intangibles(2)
4,661 2,021 2,640 4,579 1,987 2,592 
Other customer relationships315 290 25 321 291 30 
Present value of future profits35 35 — 35 35 — 
Indefinite-lived intangible assets228 — 228 227 — 227 
Intangible assets (excluding MSRs)$10,554 $7,015 $3,539 $10,477 $6,952 $3,525 
Mortgage servicing rights (MSRs)(3)
766 — 766 759 — 759 
Total intangible assets$11,320 $7,015 $4,305 $11,236 $6,952 $4,284 


The changes in intangible assets were as follows:

In millions of dollars
Net carrying amount at December 31, 2025
Acquisitions/renewals/
divestitures		AmortizationImpairmentsFX translation and other
Net carrying amount at March 31, 2026
Purchased credit card relationships(1)
$676 $— $(30)$— $— $646 
Credit card contract-related intangibles(2)
2,592 82 (34)— — 2,640 
Other customer relationships30 — (5)— — 25 
Present value of future profits— — — — — — 
Indefinite-lived intangible assets227 — — — 1 228 
Intangible assets (excluding MSRs)$3,525 $82 $(69)$— $1 $3,539 
MSRs(3)
759 766 
Total intangible assets$4,284 $4,305 

(1)Reflects intangibles for the value of purchased cardholder relationships, which are discrete from contract-related intangibles.
(2)Reflects contract-related intangibles associated with Citi’s credit card program agreements with partners.
(3)See Note 19.

140


15. DEPOSITS


Deposits consisted of the following:

March 31,December 31,
In millions of dollars
2026(1)
2025
Non-interest-bearing deposits in U.S. offices$122,083 $121,610 
Interest-bearing deposits in U.S. offices (including $1,695 and $1,862 as of March 31, 2026 and December 31, 2025, respectively, at fair value)
634,812 613,052 
Total deposits in U.S. offices(1)
$756,895 $734,662 
Non-interest-bearing deposits in offices outside the U.S. (including $1,448 and $1,218 as of March 31, 2026 and December 31, 2025, respectively, at fair value)
$86,004 $87,041 
Interest-bearing deposits in offices outside the U.S. (including $1,232 and $1,142 as of March 31, 2026 and December 31, 2025, respectively, at fair value)
603,341 581,870 
Total deposits in offices outside the U.S.(1)
$689,345 $668,911 
Total deposits$1,446,240 $1,403,573 


(1)    For information on time deposits that met or exceeded the insured limit at December 31, 2025, see Note 18 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K. The classification between offices in the U.S. and outside the U.S. is based on the domicile of the booking unit, rather than the domicile of the depositor.

For additional information on Citi’s deposits, see Citi’s 2025 Form 10-K.


141

16.  DEBT

For additional information regarding Citi’s short-term borrowings and long-term debt, see Note 19 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.

Short-Term Borrowings

In millions of dollarsMarch 31,
2026		December 31,
2025
Commercial paper
Bank(1)
$13,829 $10,050 
Broker-dealer and other(2)
6,948 9,891 
Total commercial paper$20,777 $19,941 
Other borrowings(3)
51,279 31,937 
Total$72,056 $51,878 

(1)Represents Citibank entities as well as other bank entities.
(2)Represents broker-dealer and other non-bank subsidiaries that are consolidated into Citigroup Inc., the parent holding company.
(3)Includes borrowings from Federal Home Loan Banks and other market participants. At March 31, 2026 and December 31, 2025, collateralized short-term advances from Federal Home Loan Banks were $14.0 billion and $6.0 billion, respectively.

Long-Term Debt

In millions of dollarsMarch 31,
2026		December 31, 2025
Citigroup Inc.(1)
$171,000 $177,855 
Bank(2)
31,544 36,481 
Broker-dealer and other(3)
105,022 101,491 
Total$307,566 $315,827 

(1)Represents the parent holding company.
(2)Represents Citibank entities as well as other bank entities. At March 31, 2026 and December 31, 2025, collateralized long-term advances from the Federal Home Loan Banks were $1.0 billion and $3.0 billion, respectively.
(3)Represents broker-dealer and other non-bank subsidiaries that are consolidated into Citigroup Inc., the parent holding company. Certain Citigroup consolidated hedging activities are also included in this line.

Long-term debt outstanding includes trust preferred securities with a balance sheet carrying value of $1.6 billion at March 31, 2026 and December 31, 2025.






The following table summarizes Citi’s outstanding trust preferred securities at March 31, 2026:

      Junior subordinated debentures owned by trust
TrustIssuance
date		Securities
issued
Liquidation
value(1)
Coupon
rate(2)
Common
shares
issued
to parent		Notional amountMaturityRedeemable
by issuer
beginning
In millions of dollars, except securities and share amounts
Citigroup Capital IIIDec. 1996194,053 $194 7.625 %6,003 $200 Dec. 1, 2036Not redeemable
Citigroup Capital XIIIOct. 201089,840,000 2,246 
3 mo. SOFR +663.161 bps(3)
1,000 2,246 Oct. 30, 2040Oct. 30, 2015
Total obligated  $2,440  $2,446   

Note: Distributions on the trust preferred securities and interest on the subordinated debentures are payable semiannually for Citigroup Capital III and quarterly for Citigroup Capital XIII.
(1)Represents the notional value received by outside investors from the trusts at the time of issuance. This differs from Citi’s balance sheet carrying value due primarily to unamortized discount and issuance costs.
(2)In each case, the coupon rate on the subordinated debentures is the same as that on the trust preferred securities.
(3)The spread incorporates the original contractual spread and a 26.161 bps tenor spread adjustment.
142

17.  CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI)

Changes in each component of Citigroup’s Accumulated other comprehensive income (loss) were as follows:

In millions of dollarsNet
unrealized
gains (losses)
on debt securities
Debt valuation adjustment (DVA)(1)
Cash flow hedges(2)
Benefit plans(3)
CTA, net of hedges(4)(5)
Excluded component of fair value hedges
Long-duration insurance contracts(6)
Accumulated
other
comprehensive income (loss)
Three Months Ended
March 31, 2026
Balance at December 31, 2025$(1,240)$(2,143)$10 $(5,504)$(33,016)$(34)$30 $(41,897)
Other comprehensive income before reclassifications(699)1,401 (275)(12)893 14 5 1,327 
Increase (decrease) due to amounts reclassified from AOCI
(120)4 26 50 (4)(1)— (45)
Change, net of taxes
$(819)$1,405 $(249)$38 $889 $13 $5 $1,282 
Balance at March 31, 2026$(2,059)$(738)$(239)$(5,466)$(32,127)$(21)$35 $(40,615)
Change in Noncontrolling interests’ AOCI, not included above:
Three Months Ended
March 31, 2026		$(49)$— $1 $(6)$(19)$— $— $(73)

In millions of dollarsNet
unrealized
gains (losses)
on debt securities
Debt valuation adjustment (DVA)(1)
Cash flow hedges(2)
Benefit plans(3)
CTA, net of hedges(4)
Excluded component of fair value hedges
Long-duration insurance contracts(6)
Accumulated
other
comprehensive income (loss)
Three Months Ended
March 31, 2025
Balance at December 31, 2024$(2,837)$(1,121)$(220)$(5,627)$(38,047)$(52)$52 $(47,852)
Other comprehensive income before reclassifications601 775 (136)(71)837 6 (1)2,011 
Increase (decrease) due to amounts reclassified from AOCI
(86)4 143 45 12 1 — 119 
Change, net of taxes
$515 $779 $7 $(26)$849 $7 $(1)$2,130 
Balance at March 31, 2025$(2,322)$(342)$(213)$(5,653)$(37,198)$(45)$51 $(45,722)
Change in Noncontrolling interests’ AOCI, not included above:
Three Months Ended
March 31, 2025		$3 $— $— $— $46 $— $— $49 

(1)Reflects the after-tax valuation of Citi’s fair value option liabilities. See “Market Valuation Adjustments” in Note 21.
(2)Primarily driven by Citi’s pay floating/receive fixed interest rate swap programs that hedge certain floating rates on assets.
(3)Primarily reflects adjustments based on actuarial valuations of the Company’s pension and postretirement plans and amortization of amounts previously recognized in other comprehensive income. Citigroup remeasures its significant pension and postretirement benefits plans’ obligations and assets by updating plan actuarial assumptions quarterly, when certain conditions are met to trigger interim remeasurement. No interim remeasurement occurred for the first quarter of 2026 or 2025.
(4)Primarily reflects the movements in (by order of impact) the euro, Indian rupee, South Korean won, Polish zloty and Mexican peso against the U.S. dollar and changes in related tax effects and hedges for the three months ended March 31, 2026. Primarily reflects the movement in (by order of impact) the euro, Polish zloty, Japanese yen, Brazilian real, Chilean peso, British pound sterling and Singapore dollar against the U.S. dollar and changes in related tax effects and hedges for the three months ended March 31, 2025. Amounts recorded in the CTA component of AOCI remain in AOCI until the sale or substantial liquidation of the foreign entity, at which point such amounts related to the foreign entity are reclassified into earnings.
(5)March 31, 2026 reflects the reduction of a $1.6 billion CTA loss (net of hedges) associated with Citi’s sale of AO Citibank. For additional information see Note 2 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
(6)Reflects the change in the liability for future policyholder benefits for certain long-duration life-contingent annuity contracts that are issued by a regulated Banamex insurance subsidiary within Mexico Consumer/SBMM and reported within Legacy Franchises. The amount reflects the change in the liability after discounting using an upper-medium-grade fixed income instrument yield that reflects the duration characteristics of the liability. The balance of the liability for future policyholder benefits, which is recorded within Other liabilities, for this insurance subsidiary was approximately $489 million and $425 million at March 31, 2026 and 2025, respectively.
143

The pretax and after-tax changes in each component of Accumulated other comprehensive income (loss) were as follows:

In millions of dollarsPretax
Tax effect(1)
After-tax
Three Months Ended March 31, 2026
Balance at December 31, 2025$(48,156)$6,259 $(41,897)
Net unrealized gains (losses) on debt securities(1,150)331 (819)
Debt valuation adjustment (DVA)1,832 (427)1,405 
Cash flow hedges(330)81 (249)
Benefit plans96 (58)38 
Foreign currency translation adjustment (CTA)907 (18)889 
Excluded component of fair value hedges19 (6)13 
Long-duration insurance contracts8 (3)5 
Change$1,382 $(100)$1,282 
Balance at March 31, 2026$(46,774)$6,159 $(40,615)

In millions of dollarsPretax
Tax effect(1)
After-tax
Three Months Ended March 31, 2025
Balance at December 31, 2024$(54,439)$6,587 $(47,852)
Change in net unrealized gains (losses) on debt securities744 (229)515 
DVA1,000 (221)779 
Cash flow hedges8 (1)7 
Benefit plans(18)(8)(26)
CTA764 85 849 
Excluded component of fair value hedges10 (3)7 
Long-duration insurance contracts(2)1 (1)
Change$2,506 $(376)$2,130 
Balance at March 31, 2025$(51,933)$6,211 $(45,722)

(1)    Income tax effects of these items are released from AOCI contemporaneously with the related gross pretax amount.
144

The Company recognized pretax (gains) losses related to amounts in AOCI reclassified to the Consolidated Statement of Income as follows:

Increase (decrease) in AOCI due to amounts reclassified to
Consolidated Statement of Income
Three Months Ended March 31,
In millions of dollars20262025
Realized (gains) losses on sales of investments$(270)$(121)
Gross impairment losses113 3 
Subtotal, pretax$(157)$(118)
Tax effect37 32 
Net realized (gains) losses on investments, after-tax(1)
$(120)$(86)
Realized DVA (gains) losses on fair value option liabilities, pretax$5 $5 
Tax effect(1)(1)
Net realized DVA, after-tax$4 $4 
Interest rate contracts$27 $189 
Foreign exchange contracts8 — 
Subtotal, pretax$35 $189 
Tax effect(9)(46)
Amortization of cash flow hedges, after-tax(2)
$26 $143 
Amortization of unrecognized:
Prior service cost (benefit)$(3)$(4)
Net actuarial loss71 64 
Curtailment/settlement impact(3)
— — 
Subtotal, pretax$68 $60 
Tax effect(18)(15)
Amortization of benefit plans, after-tax(3)
$50 $45 
Excluded component of fair value hedges, pretax$(1)$1 
Tax effect— — 
Excluded component of fair value hedges, after-tax$(1)$1 
Long-duration contracts, pretax$— $— 
Tax effect— — 
Long-duration contracts, after-tax$— $— 
CTA, pretax$(4)$12 
Tax effect— — 
CTA, after-tax(4)
$(4)$12 
Total amounts reclassified out of AOCI, pretax
$(54)$149 
Total tax effect9 (30)
Total amounts reclassified out of AOCI, after-tax
$(45)$119 

(1)The pretax amount is reclassified to Realized gains (losses) on sales of investments, net and Gross impairment losses in the Consolidated Statement of Income. See Note 11.
(2)See Note 20.
(3)See Note 8.
(4)The pretax amount is reclassified to Other revenue in the Consolidated Statement of Income.

145

18.  PREFERRED STOCK

The following table summarizes the Company’s preferred stock outstanding:

 
Dividend rate as of March 31, 2026
 Redemption
price per depositary share		 
Carrying value
 (in millions of dollars)
 Issuance dateRedeemable by issuer beginningNumber
of depositary
shares		March 31,
2026		December 31,
2025
Series T(1)
April 25, 2016August 15, 20266.250 %$1,000 1,500,000 $1,500 $1,500 
Series X(2)
February 18, 2021February 18, 2026N/A1,000 2,300,000 — 2,300 
Series Y(3)
October 27, 2021November 15, 20264.150 1,000 1,000,000 1,000 1,000 
Series Z(4)
March 7, 2023May 15, 20287.375 1,000 1,250,000 1,250 1,250 
Series AA(5)
September 21, 2023November 15, 20287.625 1,000 1,500,000 1,500 1,500 
Series BB(6)
March 6, 2024May 15, 20297.200 1,000 550,000 550 550 
Series CC(7)
May 29, 2024August 15, 20297.125 1,000 1,750,000 1,750 1,750 
Series DD(8)
July 30, 2024August 15, 20347.000 1,000 1,500,000 1,500 1,500 
Series EE(9)
December 3, 2024February 15, 20306.750 1,000 1,500,000 1,500 1,500 
Series FF(10)
February 12, 2025February 15, 20306.950 1,000 2,000,000 2,000 2,000 
Series GG(11)
July 23, 2025August 15, 20306.875 1,000 2,700,000 2,700 2,700 
Series HH(12)
December 10, 2025February 15, 20316.625 1,000 2,500,000 2,500 2,500 
Series II(13)
February 3, 2026February 15, 20316.250 25 32,000,000 800 — 
Series JJ(14)
February 12, 2026May 15, 20316.500 1,000 1,000,000 1,000 — 
  $19,550 $20,050 

(1)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on February 15 and August 15 at a fixed rate until, but excluding, August 15, 2026, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors.
(2)Citi redeemed Series X in its entirety on February 18, 2026.
(3)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, November 15, 2026, thereafter payable quarterly on the same dates at a fixed rate that resets on the Series Y reset date and every five years thereafter equal to the five-year treasury rate plus 3.000%, in each case when, as and if declared by the Citi Board of Directors.
(4)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, May 15, 2028, thereafter payable quarterly on the same dates at a fixed rate that resets on the Series Z reset date and every five years thereafter equal to the five-year treasury rate plus 3.209%, in each case when, as and if declared by the Citi Board of Directors.
(5)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, November 15, 2028, thereafter payable quarterly on the same dates at a fixed rate that resets on the Series AA reset date and every five years thereafter equal to the five-year treasury rate plus 3.211%, in each case when, as and if declared by the Citi Board of Directors.
(6)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, May 15, 2029, thereafter payable quarterly on the same dates at a fixed rate that resets on the Series BB reset date and every five years thereafter equal to the five-year treasury rate plus 2.905%, in each case when, as and if declared by the Citi Board of Directors.
(7)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, August 15, 2029, thereafter payable quarterly on the same dates at a fixed rate that resets on the Series CC reset date and every five years thereafter equal to the five-year treasury rate plus 2.693%, in each case when, as and if declared by the Citi Board of Directors.
(8)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, August 15, 2034, thereafter payable quarterly on the same dates at a fixed rate that resets on the Series DD reset date and every 10 years thereafter equal to the 10-year treasury rate plus 2.757%, in each case when, as and if declared by the Citi Board of Directors.
(9)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, February 15, 2030, thereafter payable quarterly on the same dates at a fixed rate that resets on the Series EE reset date and every five years thereafter equal to the five-year treasury rate plus 2.572%, in each case when, as and if declared by the Citi Board of Directors.
(10)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, February 15, 2030, thereafter payable quarterly on the same dates at a fixed rate that resets on the Series FF reset date and every five years thereafter equal to the five-year treasury rate plus 2.726%, in each case when, as and if declared by the Citi Board of Directors.
(11)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, August 15, 2030, thereafter payable quarterly on the same dates at a fixed rate that resets on the Series GG reset date and every five years thereafter equal to the five-year treasury rate plus 2.890%, in each case when, as and if declared by the Citi Board of Directors.
146

(12)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, February 15, 2031, thereafter payable quarterly on the same dates at a fixed rate that resets on the Series HH reset date and every five years thereafter equal to the five-year treasury rate plus 3.001%, in each case when, as and if declared by the Citi Board of Directors.
(13)Issued as depositary shares, each representing a 1/1000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate, as and if declared by the Citi Board of Directors.
(14)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, May 15, 2031, thereafter payable quarterly on the same dates at a fixed rate that resets on the Series JJ reset date and every five years thereafter equal to the five-year treasury rate plus 2.745%, in each case when, as and if declared by the Citi Board of Directors.
N/A Not applicable, as the series has been redeemed.
147

19. SECURITIZATIONS AND VARIABLE INTEREST ENTITIES

For additional information regarding Citi’s use of special purpose entities (SPEs) and variable interest entities (VIEs), see Note 23 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
Citigroup’s involvement with consolidated and unconsolidated VIEs with which the Company holds significant variable interests or has continuing involvement through servicing a majority of the assets in a VIE is presented below:

As of March 31, 2026
Maximum exposure to loss in significant unconsolidated VIEs(1)
Funded exposures(2)
Unfunded exposures
In millions of dollars
Total
involvement
with SPE
assets		Consolidated
VIE/SPE assets
Significant
unconsolidated
VIE assets(3)
Debt
investments		Equity
investments		Funding
commitments		Guarantees
and
derivatives		Total
Credit card securitizations
$22,473 $22,473 $— $— $— $— $— $— 
Mortgage securitizations(4)
U.S. agency-sponsored
134,891 — 134,891 3,858 — — 109 3,967 
Non-agency-sponsored
67,300 — 67,300 3,688 — 335 — 4,023 
Citi-administered asset-backed commercial paper conduits18,548 18,548 — — — — — — 
Collateralized loan obligations (CLOs)2 — 2 1 — — — 1 
Asset-based financing(5)
389,271 7,300 381,971 66,175 560 19,139 — 85,874 
Municipal securities tender option bond trusts (TOBs)4,114 4,114 — — — — — — 
Municipal investments
22,258 — 22,258 2,941 2,836 3,512 — 9,289 
Client intermediation
776 84 692 605 — — 48 653 
Investment funds6,203 5 6,198 49 167 62 — 278 
Total
$665,836 $52,524 $613,312 $77,317 $3,563 $23,048 $157 $104,085 

As of December 31, 2025
Maximum exposure to loss in significant unconsolidated VIEs(1)
Funded exposures(2)
Unfunded exposures
In millions of dollars
Total
involvement
with SPE
assets		Consolidated
VIE/SPE assets
Significant
unconsolidated
VIE assets(3)
Debt
investments		Equity
investments		Funding
commitments		Guarantees
and
derivatives		Total
Credit card securitizations
$27,811 $27,811 $— $— $— $— $— $— 
Mortgage securitizations(4)
U.S. agency-sponsored
129,615 — 129,615 3,413 — — 112 3,525 
Non-agency-sponsored
66,060 — 66,060 3,586 — 435 — 4,021 
Citi-administered asset-backed commercial paper conduits19,188 19,188 — — — — — — 
Collateralized loan obligations (CLOs)492 — 492 208 — — — 208 
Asset-based financing(5)
391,983 8,738 383,245 63,351 606 17,996 — 81,953 
Municipal securities tender option bond trusts (TOBs)3,575 3,575 — — — — — — 
Municipal investments
21,953 — 21,953 2,723 2,841 3,666 — 9,230 
Client intermediation
172 84 88 1 — — 49 50 
Investment funds5,047 5 5,042 29 157 90 — 276 
Total
$665,896 $59,401 $606,495 $73,311 $3,604 $22,187 $161 $99,263 

(1)    The definition of maximum exposure to loss is included in the text that follows this table.
(2)    Included on Citigroup’s March 31, 2026 and December 31, 2025 Consolidated Balance Sheet.
(3)    A significant unconsolidated VIE is an entity in which the Company has any variable interest or continuing involvement considered to be significant, regardless of the likelihood of loss.
(4)    Citigroup mortgage securitizations also include agency and non-agency (private label) re-securitization activities. These SPEs are not consolidated. See “Re-securitizations” below for further discussion.
(5)     Included within this line are loans to third-party-sponsored private equity funds, which represent $138.4 billion and $138.7 billion in unconsolidated VIE assets and $1.7 billion and $1.7 billion in maximum exposure to loss as of March 31, 2026 and December 31, 2025, respectively.
148

The previous tables do not include:

•certain investment funds for which the Company provides investment management services and personal estate trusts for which the Company provides administrative, trustee and/or investment management services;
•certain third-party-sponsored private equity funds to which the Company provides credit facilities. The Company has no decision-making power and does not consolidate these funds, some of which may meet the definition of a VIE. The Company’s maximum exposure to loss is generally limited to a loan or lending-related commitment. As of March 31, 2026 and December 31, 2025, the Company’s maximum exposure to loss related to these transactions was $9.8 billion and $9.2 billion, respectively (see Note 12 and Note 23 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K);
•certain VIEs structured by third parties in which the Company holds securities in inventory, as these investments are made on arm’s-length terms;
•certain positions in mortgage- and asset-backed securities held by the Company, which are classified as Trading account assets, Investments or Loans, in which the Company has no other involvement with the related securitization entity deemed to be significant (see Notes 11, 12 and 21);
•certain representations and warranties exposures in Citigroup residential mortgage securitizations, in which the original mortgage loan balances are no longer outstanding; and
•VIEs such as preferred securities trusts used in connection with the Company’s funding activities. The Company does not have a variable interest in these trusts.

Consolidated VIEs
The Company engages in on-balance sheet securitizations, which are securitizations that do not qualify for sales treatment; thus, the assets remain on Citi’s Consolidated Balance Sheet, and any proceeds received are recognized as secured liabilities. For additional information on consolidated VIES, see Note 23 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
149

The following tables present assets and liabilities related to consolidated VIEs, which are included on Citi’s Consolidated Balance Sheet. These assets can only be used to settle obligations of consolidated VIEs. In addition, the assets and liabilities of consolidated VIEs include only third-party balances and exclude intercompany balances that eliminate in consolidation. The liabilities also exclude amounts where creditors or beneficial interest holders have recourse to the general credit of Citigroup.

March 31,
2026December 31,
In millions of dollars(Unaudited)2025
Assets of consolidated VIEs to be used to settle obligations of consolidated VIEs  
Cash and due from banks$105 $105 
Trading account assets6,509 7,488 
Investments3,014 2,724 
Loans, net of unearned income 
Consumer24,962 31,181 
Corporate19,465 19,902 
Loans, net of unearned income$44,427 $51,083 
Allowance for credit losses on loans(1,976)(2,142)
Total loans, net$42,451 $48,941 
Other assets445 143 
Total assets of consolidated VIEs to be used to settle obligations of consolidated VIEs$52,524 $59,401 

March 31,
2026December 31,
In millions of dollars(Unaudited)2025
Liabilities of consolidated VIEs for which creditors or beneficial interest holders
do not have recourse to the general credit of Citigroup		  
Short-term borrowings$13,752 $9,690 
Long-term debt
5,420 5,419 
Other liabilities353 400 
Total liabilities of consolidated VIEs for which creditors or beneficial interest holders
do not have recourse to the general credit of Citigroup		$19,525 $15,509 

150

Funding Commitments for Significant Unconsolidated VIEs—Liquidity Facilities and Loan Commitments
The following table presents the notional amount of liquidity facilities and loan commitments that are classified as funding commitments in the VIE tables above:

March 31, 2026December 31, 2025
In millions of dollars
Liquidity
facilities		Loan/equity
commitments		Liquidity
facilities		Loan/equity
commitments
Non-agency-sponsored mortgage securitizations$— $335 $— $435 
Asset-based financing
— 19,139 — 17,996 
Municipal securities tender option bond trusts (TOBs)
— — — — 
Municipal investments
— 3,512 — 3,666 
Investment funds
— 62 — 90 
Total funding commitments
$— $23,048 $— $22,187 

Significant Interests in Unconsolidated VIEs—Balance Sheet Classification
The following table presents the carrying amounts and classification of significant variable interests in unconsolidated VIEs:

In billions of dollars
March 31, 2026December 31, 2025
Cash
$— $— 
Trading account assets
3.5 3.3 
Investments
5.4 5.4 
Total loans, net of allowance
71.3 67.6 
Other
0.7 0.6 
Total assets
$80.9 $76.9 

Credit Card Securitizations
The Company securitizes credit card receivables through two revolving master trusts established to purchase the receivables. These trusts are consolidated entities given Citi’s continuing involvement. For additional information, see Note 23 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.

There were no material cash flows arising from either proceeds from new securitizations or paydowns of maturing notes during the three months ended March 31, 2026 and 2025.
The following table reflects amounts related to the Company’s securitized credit card receivables:

In billions of dollars
March 31, 2026December 31, 2025
Ownership interests in principal amount of trust credit card receivables
Sold to investors via trust-issued securities$5.4 $5.4 
Retained by Citigroup as trust-issued securities2.3 2.5 
Retained by Citigroup via non-certificated interests15.3 20.7 
Total
$23.0 $28.6 

151

Mortgage Securitizations
The following tables summarize selected cash flow information and retained interests related to Citigroup mortgage securitizations:

Three Months Ended March 31,
20262025
In billions of dollars
U.S. agency-
sponsored
mortgages		Non-agency-
sponsored
mortgages		U.S. agency-
sponsored
mortgages		Non-agency-
sponsored
mortgages
Principal securitized
$1.4 $5.0 $1.6 $1.3 
Proceeds from new securitizations
1.4 4.8 1.7 1.3 
Contractual servicing fees received— — — — 
Cash flows received on retained interests and other net cash flows— 0.1 — — 
Purchases of previously transferred financial assets
— — — — 
Note: Excludes re-securitization transactions.

Gains recognized on the securitization of U.S. agency-sponsored mortgages were less than $1 million for the three months ended March 31, 2026. Gains recognized on the securitization of non-agency-sponsored mortgages were $60.7 million for the three months ended March 31, 2026.
Gains recognized on the securitization of U.S. agency-sponsored mortgages were less than $1 million for the three months ended March 31, 2025. Gains recognized on the securitization of non-agency-sponsored mortgages were $60.8 million for the three months ended March 31, 2025.

March 31, 2026December 31, 2025
Non-agency-sponsored mortgages(1)
Non-agency-sponsored mortgages(1)
In millions of dollars
U.S. agency-
sponsored mortgages		Senior
interests		Subordinated
interests		U.S. agency-
sponsored mortgages		Senior
interests		Subordinated
interests
Carrying value of retained interests(2)
$824 $884 $1,095 $810 $879 $1,079 

(1)    Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization.
(2)    Retained interests consist of Level 2 and Level 3 assets depending on the observability of significant inputs. See Note 21 for more information about fair value measurements.

The following table includes information about loan delinquencies and liquidation losses for assets held in non-consolidated, non-agency-sponsored securitization entities:

Liquidation (gains) losses
Securitized assets90 days past dueThree Months Ended March 31,
In billions of dollars, except liquidation losses in millionsMar. 31, 2026Dec. 31, 2025Mar. 31, 2026Dec. 31, 202520262025
Securitized assets
Residential mortgages(1)
$33.4 $33.0 $0.3 $0.3 $1.1 $— 
Commercial and other
29.9 30.1 — — — — 
Total
$63.3 $63.1 $0.3 $0.3 $1.1 $— 

(1)    Securitized assets include $0.1 billion of personal loan securitizations as of March 31, 2026.
152

Consumer Loan Securitizations
Beginning in the third quarter of 2023, Citi relaunched a program securitizing other consumer loans into asset-backed securities. The principal securitized and proceeds from new securitizations for the three months ended March 31, 2026 were $0.3 billion and $0.3 billion, respectively, compared to principal securitized of $0.3 billion and proceeds from new securitizations of $0.2 billion for the three months ended March 31, 2025. The gains recognized on the securitization of consumer loans were $11.6 million for the three months ended March 31, 2026, compared to $0.2 million for the three months ended March 31, 2025.

Mortgage Servicing Rights (MSRs)
In connection with the securitization of mortgage loans, Citi generally retains the servicing rights, which entitle the Company to a future stream of cash flows based on the outstanding principal balances of the loans and the contractual servicing fee. Failure to service the loans in accordance with contractual requirements may lead to a termination of the servicing rights and the loss of future servicing fees. These transactions create intangible assets referred to as MSRs, which are recorded at fair value on Citi’s Consolidated Balance Sheet (see Note 21 for the valuation of MSRs). The MSRs correspond to principal loan balances of $59 billion and $57 billion as of March 31, 2026 and 2025, respectively.
The Company receives fees during the course of servicing previously securitized mortgages. The amounts of these fees were as follows:

Three Months Ended March 31,
In millions of dollars20262025
Servicing fees
$36 $37 
Late fees
1 1 
Total MSR fees
$37 $38 

In the Consolidated Statement of Income these fees are primarily classified as Commissions and fees, and changes in MSR fair values are classified as Other revenue.

Re-securitizations
The Company engages in re-securitization transactions backed by either residential or commercial mortgages in which debt securities are transferred to a VIE in exchange for new beneficial interests. Citi did not transfer non-agency (private label) securities to re-securitization entities, nor did Citi hold retained interests in such securitizations, during the three months ended March 31, 2026 and 2025.
As of March 31, 2026 and December 31, 2025, Citi held no retained interests in private label re-securitization transactions structured by Citi.
The Company also re-securitizes U.S. government-agency-guaranteed mortgage-backed (agency) securities. During the three months ended March 31, 2026, Citi transferred agency securities with a fair value of approximately $8.4 billion to re-securitization entities, compared to approximately $7.0 billion for the three months ended March 31, 2025.
As of March 31, 2026, the fair value of Citi-retained interests in agency re-securitization transactions structured by Citi totaled approximately $3.1 billion (including $1.4 billion related to re-securitization transactions executed in 2026), compared to $2.6 billion as of December 31, 2025 (including $1.9 billion related to re-securitization transactions executed in 2025), which is recorded in Trading account assets. The original fair values of agency re-securitization transactions in which Citi holds a retained interest as of March 31, 2026 and December 31, 2025 were approximately $88.4 billion and $83.4 billion, respectively.
As of March 31, 2026 and December 31, 2025, the Company did not consolidate any private label or agency re-securitization entities.

Citi-Administered Asset-Backed Commercial Paper Conduits
At March 31, 2026 and December 31, 2025, the commercial paper conduits administered by Citi had approximately $18.5 billion and $19.2 billion of purchased assets outstanding and unfunded commitments of approximately $17.2 billion and $17.5 billion, respectively.
At March 31, 2026 and December 31, 2025, the weighted-average remaining maturities of the commercial paper issued by the conduits were approximately 58 and 58 days, respectively.
The conduits have obtained letters of credit from the Company that total approximately $1.9 billion and $2.0 billion as of March 31, 2026 and December 31, 2025, respectively. In the event that defaulted assets exceed the credit enhancements described above, any losses in each conduit are allocated first to the Company and then to the commercial paper investors.
At March 31, 2026 and December 31, 2025, the Company owned $4.8 billion and $9.2 billion, respectively, of the commercial paper issued by its administered conduits. The Company’s investments were not driven by market illiquidity and the Company is not obligated under any agreement to purchase the commercial paper issued by the conduits.

Municipal Securities Tender Option Bond (TOB) Trusts
Municipal TOB trusts are consolidated VIEs that hold fixed- or floating-rate, taxable or tax-exempt securities issued by state and local governments and municipalities. TOB trusts finance the purchase of their municipal assets by issuing two classes of certificates: long-dated, floating rate certificates (Floaters) that are putable at par pursuant to a liquidity facility and residual interest certificates (Residuals). The Floaters are purchased by third-party investors, typically tax-exempt money market funds, and the Residuals are purchased by the Company and provide the Company with the unilateral power to cause the sale of the bonds held by a TOB trust.
Approximately $3.4 billion and $2.9 billion of putable Floaters issued by consolidated TOB trusts are reflected in Short-term borrowings at March 31, 2026 and December 31, 2025, respectively.
153

Asset-Based Financing
The primary types of Citi’s asset-based financings, total assets of the unconsolidated VIEs with significant involvement and Citi’s maximum exposure to loss are presented below. For Citi to realize the maximum loss, the VIE (borrower) would have to default with no recovery from the assets held by the VIE.

March 31, 2026December 31, 2025
In millions of dollars
Total
unconsolidated
VIE assets
Maximum
exposure to
unconsolidated VIEs
Total
unconsolidated
VIE assets
Maximum
exposure to
unconsolidated VIEs
Type
Commercial and other real estate$70,249 $12,727 $71,990 $12,699 
Corporate loans
69,934 38,274 65,905 34,785 
Other (including investment funds, airlines and shipping)241,788 34,873 245,350 34,469 
Total
$381,971 $85,874 $383,245 $81,953 

154

20.  DERIVATIVES

In the ordinary course of business, Citigroup enters into various types of derivative transactions. All derivatives are recorded in Trading account assets/Trading account liabilities on the Consolidated Balance Sheet. For additional information on Citi’s use of and accounting for derivatives, see Note 24 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
Information pertaining to Citigroup’s derivatives activities, based on notional amounts, is presented in the table below.
Derivative notional amounts are reference amounts from which contractual payments are derived and do not represent a complete measure of Citi’s exposure to derivative transactions. Citi’s derivative exposure arises primarily from market fluctuations (i.e., market risk), counterparty failure (i.e., credit
risk) and/or periods of high volatility or financial stress (i.e., liquidity risk), as well as any market valuation adjustments that may be required on the transactions. Moreover, notional amounts presented below do not reflect the netting of offsetting trades. For example, if Citi enters into a receive-fixed interest rate swap with $100 million notional, and offsets this risk with an identical but opposite pay-fixed position with a different counterparty, $200 million in derivative notionals is reported, although these offsetting positions may result in de minimis overall market risk.
In addition, aggregate derivative notional amounts can fluctuate from period to period in the normal course of business based on Citi’s market share, levels of client activity and other factors. All derivatives are recorded in Trading account assets/Trading account liabilities on the Consolidated Balance Sheet.


Derivative Notionals

 Hedging instruments under ASC 815Trading derivative instruments
In millions of dollarsMarch 31,
2026		December 31,
2025		March 31,
2026		December 31,
2025
Interest rate contracts    
Swaps$421,725 $412,754 $19,433,207 $16,768,436 
Futures and forwards— — 3,821,721 3,219,583 
Written options— — 3,351,746 3,089,023 
Purchased options— — 3,108,665 2,814,873 
Total interest rate contracts$421,725 $412,754 $29,715,339 $25,891,915 
Foreign exchange contracts 
Swaps$41,624 $42,205 $9,847,988 $9,307,564 
Futures, forwards and spot64,809 59,253 6,218,231 5,108,296 
Written options— — 1,236,898 885,093 
Purchased options— — 1,203,238 851,426 
Total foreign exchange contracts$106,433 $101,458 $18,506,355 $16,152,379 
Equity contracts  
Swaps$— $— $474,485 $520,623 
Futures and forwards— — 134,992 107,399 
Written options— — 947,358 809,293 
Purchased options— — 764,120 654,093 
Total equity contracts$— $— $2,320,955 $2,091,408 
Commodity and other contracts  
Swaps$— $— $93,964 $78,205 
Futures and forwards11,536 11,102 256,733 230,619 
Written options— — 77,252 70,154 
Purchased options— — 75,675 67,213 
Total commodity and other contracts$11,536 $11,102 $503,624 $446,191 
Credit derivatives 
Protection sold$— $— $525,652 $475,228 
Protection purchased— — 633,473 600,329 
Total credit derivatives$— $— $1,159,125 $1,075,557 
Total derivative notionals$539,694 $525,314 $52,205,398 $45,657,450 

155

The following tables present the gross and net fair values of the Company’s derivative transactions and the related offsetting amounts as of March 31, 2026 and December 31, 2025. Gross positive fair values are offset against gross negative fair values by counterparty, pursuant to enforceable master netting agreements. Under ASC 815-10-45, payables and receivables in respect of cash collateral received from or paid to a given counterparty pursuant to a credit support annex are included in the offsetting amount if a legal opinion supporting the enforceability of netting and collateral rights has been obtained. GAAP does not permit similar offsetting for security collateral.
For additional information on Citi’s derivative mark-to-market (MTM) receivables/payables, see Note 24 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.

Derivative Mark-to-Market (MTM) Receivables/Payables
Derivatives classified in
Trading account assets/liabilities(1)(2)
In millions of dollars at March 31, 2026AssetsLiabilities
Derivatives instruments designated as ASC 815 hedges
Over-the-counter$467 $356 
Cleared327 48 
Interest rate contracts$794 $404 
Over-the-counter$1,348 $906 
Cleared— — 
Foreign exchange contracts$1,348 $906 
Total derivatives instruments designated as ASC 815 hedges$2,142 $1,310 
Derivatives instruments not designated as ASC 815 hedges
Over-the-counter$92,725 $80,857 
Cleared97,170 98,224 
Exchange traded57 63 
Interest rate contracts$189,952 $179,144 
Over-the-counter$192,281 $177,134 
Cleared1,508 1,844 
Exchange traded2 2 
Foreign exchange contracts$193,791 $178,980 
Over-the-counter$25,667 $34,104 
Cleared— — 
Exchange traded51,080 52,818 
Equity contracts$76,747 $86,922 
Over-the-counter$27,304 $27,897 
Exchange traded932 1,222 
Commodity and other contracts$28,236 $29,119 
Over-the-counter$8,399 $8,174 
Cleared1,700 1,807 
Credit derivatives$10,099 $9,981 
Total derivatives instruments not designated as ASC 815 hedges$498,825 $484,146 
Total derivatives$500,967 $485,456 
Less: Netting agreements(3)
$(406,175)$(406,175)
Less: Netting cash collateral received/paid(4)
(27,603)(16,150)
Net receivables/payables included on the Consolidated Balance Sheet(5)
$67,189 $63,131 
Additional amounts subject to an enforceable master netting agreement,
but not offset on the Consolidated Balance Sheet
Less: Cash collateral received/paid$(2,252)$(57)
Less: Non-cash collateral received/paid(8,052)(3,831)
Total net receivables/payables(5)
$56,885 $59,243 

(1)The derivatives fair values are also presented in Note 21.
(2)Over-the-counter (OTC) derivatives are derivatives executed and settled bilaterally with counterparties without the use of an organized exchange or central clearing house. Cleared derivatives include derivatives executed bilaterally with a counterparty in the OTC market, but then novated to a central clearing house,
156

whereby the central clearing house becomes the counterparty to both of the original counterparties. Exchange-traded derivatives include derivatives executed directly on an organized exchange that provides pre-trade price transparency.
(3)Represents the netting of balances with the same counterparty under enforceable netting agreements. Approximately $257 billion, $99 billion and $50 billion of the netting against trading account asset/liability balances is attributable to each of the OTC, cleared and exchange-traded derivatives, respectively.
(4)Represents the netting of cash collateral paid and received by counterparties under enforceable credit support annexes with appropriate legal opinion supporting enforceability of netting. Substantially all netting of cash collateral received and paid is against OTC derivative assets and liabilities, respectively.
(5)The net receivables/payables include approximately $12 billion of derivative asset and $17 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively.

Derivatives classified in
Trading account assets/liabilities(1)(2)
In millions of dollars at December 31, 2025AssetsLiabilities
Derivatives instruments designated as ASC 815 hedges
Over-the-counter$342 $152 
Cleared52 134 
Interest rate contracts$394 $286 
Over-the-counter$893 $1,082 
Cleared— — 
Foreign exchange contracts$893 $1,082 
Total derivatives instruments designated as ASC 815 hedges$1,287 $1,368 
Derivatives instruments not designated as ASC 815 hedges
Over-the-counter$93,346 $82,794 
Cleared132,155 134,275 
Exchange traded16 17 
Interest rate contracts$225,517 $217,086 
Over-the-counter$157,116 $147,903 
Cleared3,672 3,877 
Exchange traded3 2 
Foreign exchange contracts$160,791 $151,782 
Over-the-counter$23,600 $35,370 
Cleared— — 
Exchange traded45,707 43,831 
Equity contracts$69,307 $79,201 
Over-the-counter$22,131 $23,989 
Exchange traded557 593 
Commodity and other contracts$22,688 $24,582 
Over-the-counter$7,499 $8,952 
Cleared2,224 2,280 
Credit derivatives$9,723 $11,232 
Total derivatives instruments not designated as ASC 815 hedges$488,026 $483,883 
Total derivatives$489,313 $485,251 
Less: Netting agreements(3)
$(406,408)$(406,408)
Less: Netting cash collateral received/paid(4)
(27,471)(20,629)
Net receivables/payables included on the Consolidated Balance Sheet(5)
$55,434 $58,214 
Additional amounts subject to an enforceable master netting agreement,
but not offset on the Consolidated Balance Sheet
Less: Cash collateral received/paid$(1,363)$(58)
Less: Non-cash collateral received/paid(5,047)(4,386)
Total net receivables/payables(5)
$49,024 $53,770 

(1)The derivative fair values are also presented in Note 21.
(2)OTC derivatives are derivatives executed and settled bilaterally with counterparties without the use of an organized exchange or central clearing house. Cleared derivatives include derivatives executed bilaterally with a counterparty in the OTC market, but then novated to a central clearing house, whereby the central clearing house becomes the counterparty to both of the original counterparties. Exchange-traded derivatives include derivatives executed directly on an organized exchange that provides pre-trade price transparency.
157

(3)Represents the netting of balances with the same counterparty under enforceable netting agreements. Approximately $227 billion, $136 billion and $43 billion of the netting against trading account asset/liability balances is attributable to each of the OTC, cleared and exchange-traded derivatives, respectively.
(4)Represents the netting of cash collateral paid and received by counterparties under enforceable credit support annexes with appropriate legal opinion supporting enforceability of netting. Substantially all netting of cash collateral received and paid is against OTC derivative assets and liabilities, respectively.
(5)The net receivables/payables include approximately $11 billion of derivative asset and $15 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively.


For the three months ended March 31, 2026 and 2025, amounts recognized in Principal transactions in the Consolidated Statement of Income include certain derivatives not designated in a qualifying hedging relationship. Citigroup presents this disclosure by business classification, showing derivative gains and losses related to its trading activities together with gains and losses related to non-derivative instruments within the same trading portfolios, as this represents how these portfolios are risk managed. See Note 6 for further information.
Fair Value Hedges
For additional information on Citi’s fair value hedges, see Notes 1 and 24 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
The following table summarizes the gains (losses) on the Company’s fair value hedges:




 
Gains (losses) on fair value hedges(1)
Three Months Ended March 31,
20262025
In millions of dollarsPrincipal transactionsNet interest incomePrincipal transactionsNet interest income
Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges
Interest rate hedges$— $(601)$— $(414)
Foreign exchange hedges(127)— 9 — 
Commodity hedges644 — (274)— 
Total gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges$517 $(601)$(265)$(414)
Gain (loss) on the hedged item in designated and qualifying fair value hedges
Interest rate hedges$— $603 $— $419 
Foreign exchange hedges127 — (9)— 
Commodity hedges(644)— 274 — 
Total gain (loss) on the hedged item in designated and qualifying fair value hedges$(517)$603 $265 $419 
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges 
Interest rate hedges$— $— $— $— 
Foreign exchange hedges(2)
(10)— 27 — 
Commodity hedges(3)
84 — 202 — 
Total net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges$74 $— $229 $— 

(1)Gain (loss) amounts for interest rate risk hedges are included in Interest income/Interest expense. The accrued interest income on fair value hedges is recorded in Net interest income and is excluded from this table. Amounts included both hedges of AFS securities and long-term debt on a net basis, which largely offset in the current period.
(2)Amounts related to the forward points (i.e., the spot-forward difference) that are excluded from the assessment of hedge effectiveness and are generally reflected directly in earnings under the mark-to-market approach. Amounts related to cross-currency basis, which are recognized in AOCI, are not reflected in the table above. The amount of cross-currency basis included in AOCI was $19 million and $10 million for the three months ended March 31, 2026 and 2025, respectively.
(3)Amounts related to the forward points (i.e., the spot-forward difference) that are excluded from the assessment of hedge effectiveness and are generally reflected directly in earnings under the mark-to-market approach or recorded in AOCI under the amortization approach. The quarter ended March 31, 2026 includes a gain (loss) of approximately $84 million and less than $1 million under the mark-to-market approach and amortization approach, respectively. The quarter ended March 31, 2025 includes a gain (loss) of approximately $170 million and $32 million under the mark-to-market approach and amortization approach, respectively.

158

Cumulative Basis Adjustment
For additional information on Citi’s cumulative basis adjustment, see Notes 1 and 24 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
The table below presents the carrying amount of Citi’s hedged assets and liabilities under qualifying fair value hedges at March 31, 2026 and December 31, 2025, along with the cumulative basis adjustments included in the carrying value of those hedged assets and liabilities that would reverse through earnings in future periods:








Balance sheet line item in which
hedged item is recorded (in millions of dollars)
Carrying amount of hedged asset/ liability(1)
Cumulative basis adjustment increasing (decreasing) the carrying amount
ActiveDe-designated
As of March 31, 2026
AFS debt securities—specifically hedged(2)
$53,520 $(92)$72 
AFS debt securities—portfolio-layer method(2)(3)
39,877 (57)286 
Consumer loans—portfolio-layer method(4)
49,362 206 — 
Corporate loans—portfolio-layer method(5)
3,761 8 (19)
Long-term debt153,455 (858)(2,767)
As of December 31, 2025
AFS debt securities—specifically hedged(2)
$41,914 $177 $100 
AFS debt securities—portfolio-layer method(2)(3)
35,528 133 132 
Consumer loans—portfolio-layer method(4)
50,455 343 — 
Corporate loans—portfolio-layer method(5)
4,164 17 (18)
Long-term debt162,666 72 (2,978)

(1)Excludes physical commodities inventories with a carrying value of approximately $10.9 billion and $11.2 billion as of March 31, 2026 and December 31, 2025, respectively, which includes cumulative basis adjustments of approximately $(0.8) billion and $0.1 billion, respectively, for active hedges.
(2)Carrying amount represents the amortized cost basis of the hedged securities or portfolio layers.
(3)The Company designated approximately $13.3 billion and $24.0 billion as the hedged amount in the portfolio-layer hedging relationship as of March 31, 2026 and December 31, 2025, respectively.
(4)    The Company designated approximately $27.0 billion and $26.0 billion as the hedged amount in the portfolio-layer hedging relationship as of March 31, 2026 and December 31, 2025, respectively.
(5)    The Company designated approximately $2.3 billion and $2.8 billion as the hedged amount in the portfolio-layer hedging relationship as of March 31, 2026 and December 31, 2025, respectively.
159

Cash Flow Hedges
For additional information on Citi’s cash flow hedges, see Notes 1 and 24 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
The pretax change in AOCI from cash flow hedges is presented below:







 Three Months Ended March 31,
In millions of dollars20262025
Amount of gain (loss) recognized in AOCI on derivatives
Interest rate contracts$(329)$(181)
Foreign exchange contracts(36)— 
Total gain (loss) recognized in AOCI
$(365)$(181)

Net interest income
Amount of gain (loss) reclassified from AOCI to earnings(1)
Interest rate contracts$(27)$(189)
Foreign exchange contracts(8)— 
Total gain (loss) reclassified from AOCI into earnings
$(35)$(189)
Net pretax change in cash flow hedges included within AOCI
$(330)$8 

(1)All amounts reclassified into earnings for interest rate contracts are included in Interest income/Interest expense (Net interest income). For all other hedges, the amounts reclassified to earnings are included primarily in Other revenue and Net interest income in the Consolidated Statement of Income.

The net gain (loss) associated with cash flow hedges expected to be reclassified from AOCI within 12 months of March 31, 2026 is approximately $(0.2) billion. The maximum length of time over which forecasted cash flows are hedged is 12 years.
The after-tax impact of cash flow hedges on AOCI is presented in Note 17.

Net Investment Hedges
For additional information on Citi’s net investment hedges, see Notes 1 and 24 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
The pretax gain (loss) recorded in CTA within AOCI, related to net investment hedges, was $356 million and $(581) million for the three months ended March 31, 2026 and 2025, respectively.
160

Credit Derivatives
For additional information on Citi’s credit derivatives, see Note 24 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
The following tables summarize the key characteristics of Citi’s credit derivatives portfolio by derivative form, rating of reference entity and maturity:








Fair valuesNotionals
In millions of dollars at March 31, 2026
Receivable(1)
Payable(2)
Protection
purchased		Protection
sold
By instrument
Credit default swaps and options$7,583 $7,541 $562,188 $508,942 
Total return swaps and other2,516 2,440 71,285 16,710 
Total by instrument$10,099 $9,981 $633,473 $525,652 
By rating of reference entity
Investment grade$4,499 $4,164 $430,492 $370,606 
Non-investment grade5,600 5,817 202,981 155,046 
Total by rating of reference entity$10,099 $9,981 $633,473 $525,652 
By maturity
Within 1 year$1,638 $1,832 $177,750 $159,228 
From 1 to 5 years5,821 5,976 354,827 284,344 
After 5 years2,640 2,173 100,896 82,080 
Total by maturity$10,099 $9,981 $633,473 $525,652 

(1)The fair value amount receivable is composed of $5,079 million under protection purchased and $5,020 million under protection sold.
(2)The fair value amount payable is composed of $7,341 million under protection purchased and $2,640 million under protection sold.

 Fair valuesNotionals
In millions of dollars at December 31, 2025
Receivable(1)
Payable(2)
Protection
purchased		Protection
sold
By instrument
Credit default swaps and options$7,691 $8,008 $529,748 $457,932 
Total return swaps and other2,032 3,224 70,581 17,296 
Total by instrument$9,723 $11,232 $600,329 $475,228 
By rating of reference entity
Investment grade$4,673 $4,701 $451,504 $382,219 
Non-investment grade5,050 6,531 148,825 93,009 
Total by rating of reference entity$9,723 $11,232 $600,329 $475,228 
By maturity
Within 1 year$1,366 $2,817 $173,546 $135,335 
From 1 to 5 years6,495 6,469 360,174 311,311 
After 5 years1,862 1,946 66,609 28,582 
Total by maturity$9,723 $11,232 $600,329 $475,228 

(1)    The fair value amount receivable is composed of $3,899 million under protection purchased and $5,824 million under protection sold.
(2)    The fair value amount payable is composed of $9,275 million under protection purchased and $1,957 million under protection sold.
161

Credit Risk-Related Contingent Features in Derivatives
Certain derivative instruments contain provisions that require the Company to either post additional collateral or immediately settle any outstanding liability balances upon the occurrence of a specified event related to the credit risk of the Company. These events, which are defined by the existing derivative contracts, are primarily downgrades in the credit ratings of the Company and its affiliates.
The fair value (excluding CVA) of all derivative instruments with credit risk-related contingent features that were in a net liability position at March 31, 2026 and December 31, 2025 was $15 billion and $16 billion, respectively. The Company posted $13 billion as collateral for this exposure in the normal course of business as of March 31, 2026 and December 31, 2025.
A downgrade could trigger additional collateral or cash settlement requirements for the Company and certain affiliates. In the event that Citigroup and Citibank were downgraded a single notch by all three major rating agencies as of March 31, 2026, the Company could be required to post an additional $0.2 billion as either collateral or settlement of the derivative transactions. In addition, the Company could be required to segregate with third-party custodians collateral previously received from existing derivative counterparties, resulting in aggregate cash obligations and collateral requirements of approximately $0.2 billion.

Derivatives Accompanied by Financial Asset Transfers
For transfers of financial assets accounted for as a sale by the Company, and for which the Company has retained substantially all of the economic exposure to the transferred asset through a total return swap executed with the same counterparty in contemplation of the initial sale (and still outstanding), the asset amounts derecognized and the gross cash proceeds received as of the date of derecognition were $3.2 billion and $8.2 billion as of March 31, 2026 and December 31, 2025, respectively.
At March 31, 2026, the fair value of these previously derecognized assets was $3.1 billion. The fair value of the total return swaps as of March 31, 2026 was $6 million recorded as gross derivative assets and $90 million recorded as gross derivative liabilities. At December 31, 2025, the fair value of these previously derecognized assets was $8.0 billion, and the fair value of the total return swaps was $103 million recorded as gross derivative assets and $69 million recorded as gross derivative liabilities.



162

21.  FAIR VALUE MEASUREMENT

For additional information regarding fair value measurement at Citi, see Notes 1 (“Fair Value”) and 26 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.

Market Valuation Adjustments
The table below summarizes the credit valuation adjustments (CVA) and funding valuation adjustments (FVA) applied to the fair value of derivative instruments (recorded in Trading account assets and Trading account liabilities on the Consolidated Balance Sheet) at March 31, 2026 and December 31, 2025:

 Credit and funding
valuation adjustments
contra-liability (contra-asset)
In millions of dollarsMarch 31,
2026		December 31,
2025
Counterparty CVA$(666)$(561)
Asset FVA(704)(573)
Citigroup (own credit) CVA396 331 
Liability FVA204 185 
Total CVA and FVA—derivative instruments$(770)$(618)


The table below summarizes pretax gains (losses) related to changes in CVA and FVA on derivative instruments, net of hedges (recorded in Principal transactions revenue in the Consolidated Statement of Income), and changes in debt valuation adjustments (DVA) on Citi’s own fair value option (FVO) liabilities (recorded in Other comprehensive income in the Consolidated Statement of Comprehensive Income) for the periods indicated:

 Credit/funding/debt valuation
adjustments gain (loss)
Three Months Ended March 31,
In millions of dollars20262025
Counterparty CVA$(65)$(24)
Asset FVA(55)37 
Own credit CVA97 46 
Liability FVA48 5 
Total CVA and FVA—derivative instruments$25 $64 
DVA related to own FVO liabilities(1)
$1,832 $1,000 
Total CVA, DVA and FVA$1,857 $1,064 

(1)    See Note 21 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.

163

Items Measured at Fair Value on a Recurring Basis
The following tables present for each of the fair value hierarchy levels the Company’s assets and liabilities that are measured at fair value on a recurring basis at March 31, 2026 and December 31, 2025. The Company may hedge positions
that have been classified in the Level 3 category with other financial instruments (hedging instruments) that may be classified as Level 3, but also with financial instruments classified as Level 1 or Level 2. These hedges are presented gross in the following tables:

Fair Value Levels

In millions of dollars at March 31, 2026Level 1Level 2Level 3Gross
inventory
Netting(1)
Net
balance
Assets      
Securities borrowed and purchased under agreements to resell$— $590,236 $49 $590,285 $(400,296)$189,989 
Trading non-derivative assets
Trading mortgage-backed securities
U.S. government-sponsored agency guaranteed— 99,527 429 99,956 — 99,956 
Residential— 941 94 1,035 — 1,035 
Commercial— 794 71 865 — 865 
Total trading mortgage-backed securities$— $101,262 $594 $101,856 $— $101,856 
U.S. Treasury and federal agency securities$149,463 $3,863 $— $153,326 $— $153,326 
State and municipal— 169 1 170 — 170 
Foreign government91,774 55,443 241 147,458 — 147,458 
Corporate2,139 22,116 204 24,459 — 24,459 
Equity securities61,620 6,965 349 68,934 — 68,934 
Asset-backed securities— 1,957 179 2,136 — 2,136 
Other trading assets91 27,362 492 27,945 — 27,945 
Total trading non-derivative assets$305,087 $219,137 $2,060 $526,284 $— $526,284 
Trading derivatives
Interest rate contracts$41 $188,352 $2,353 $190,746 
Foreign exchange contracts— 194,501 638 195,139 
Equity contracts87 74,892 1,768 76,747 
Commodity contracts— 26,803 1,433 28,236 
Credit derivatives— 8,866 1,233 10,099 
Total trading derivatives—before netting and collateral$128 $493,414 $7,425 $500,967 
Netting agreements$(406,175)
Netting of cash collateral received(27,603)
Total trading derivatives—after netting and collateral$128 $493,414 $7,425 $500,967 $(433,778)$67,189 
Investments
Mortgage-backed securities
U.S. government-sponsored agency guaranteed$— $41,139 $32 $41,171 $— $41,171 
Other— 964 — 964 — 964 
Total investment mortgage-backed securities$— $42,103 $32 $42,135 $— $42,135 
U.S. Treasury and federal agency securities$45,644 $— $— $45,644 $— $45,644 
State and municipal— 992 411 1,403 — 1,403 
Foreign government77,098 83,494 20 160,612 — 160,612 
Corporate2,303 1,023 308 3,634 — 3,634 
Marketable equity securities324 4 2 330 — 330 
Asset-backed securities— 1,163 — 1,163 — 1,163 
Other debt securities38 3,193 — 3,231 — 3,231 
Non-marketable equity securities(2)
— — 388 388 — 388 
Total investments$125,407 $131,972 $1,161 $258,540 $— $258,540 

Table continues on the next page.
164

In millions of dollars at March 31, 2026Level 1Level 2Level 3Gross
inventory
Netting(1)
Net
balance
Loans$—$8,331$192$8,523 $— $8,523 
Mortgage servicing rights——766766 — 766 
Other financial assets$6,465$11,807$—$18,272 $— $18,272 
Total assets$437,087$1,454,897$11,653$1,903,637 $(834,074)$1,069,563 
Total as a percentage of gross assets(3)
23.0%76.4%0.6%
Liabilities
Deposits$—$4,138$237$4,375 $— $4,375 
Securities loaned and sold under agreements to repurchase—490,962913491,875 (259,827)232,048 
Trading account liabilities
Securities sold, not yet purchased105,48416,516125122,125 — 122,125 
Other trading liabilities—10—10 — 10 
Total trading account liabilities$105,484$16,526$125$122,135 $— $122,135 
Trading derivatives
Interest rate contracts$35$177,346$2,167$179,548 
Foreign exchange contracts—179,154732179,886 
Equity contracts16382,1734,58686,922 
Commodity contracts—28,0411,07829,119 
Credit derivatives—8,9701,0119,981 
Total trading derivatives—before netting and collateral$198$475,684$9,574$485,456 
Netting agreements$(406,175)
Netting of cash collateral paid(16,150)
Total trading derivatives—after netting and collateral$198$475,684$9,574$485,456 $(422,325)$63,131 
Short-term borrowings$—$26,422$297$26,719 $— $26,719 
Long-term debt—110,91524,143135,058 — 135,058 
Other financial liabilities$6,095$124$—$6,219 $— $6,219 
Total liabilities$111,777$1,124,771$35,289$1,271,837 $(682,152)$589,685 
Total as a percentage of gross liabilities(3)
8.8 %88.4 %2.8 %

(1)Represents netting of (i) the amounts due under securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase and (ii) derivative exposures covered by a qualifying master netting agreement and cash collateral offsetting.
(2)Amounts exclude $41 million of investments measured at net asset value (NAV) in accordance with ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).
(3)Because the amount of the cash collateral paid/received has not been allocated to the Level 1, 2 and 3 subtotals, these percentages are calculated based on total assets and liabilities measured at fair value on a recurring basis, excluding the cash collateral paid/received on derivatives.


165

In millions of dollars at December 31, 2025Level 1Level 2Level 3Gross
inventory
Netting(1)
Net
balance
Assets
Securities borrowed and purchased under agreements to resell$485 $590,615 $49 $591,149 $(385,039)$206,110 
Trading non-derivative assets
Trading mortgage-backed securities
U.S. government-sponsored agency guaranteed— 92,074 382 92,456 — 92,456 
Residential— 798 99 897 — 897 
Commercial— 597 55 652 — 652 
Total trading mortgage-backed securities$— $93,469 $536 $94,005 $— $94,005 
U.S. Treasury and federal agency securities$140,671 $3,051 $— $143,722 $— $143,722 
State and municipal— 171 1 172 — 172 
Foreign government65,966 57,390 35 123,391 — 123,391 
Corporate1,161 20,412 270 21,843 — 21,843 
Equity securities61,986 8,110 287 70,383 — 70,383 
Asset-backed securities— 2,308 225 2,533 — 2,533 
Other trading assets— 25,243 413 25,656 — 25,656 
Total trading non-derivative assets$269,784 $210,154 $1,767 $481,705 $— $481,705 
Trading derivatives
Interest rate contracts$9 $224,077 $1,825 $225,911 
Foreign exchange contracts— 161,072 612 161,684 
Equity contracts31 67,453 1,823 69,307 
Commodity contracts— 21,675 1,013 22,688 
Credit derivatives— 8,580 1,143 9,723 
Total trading derivatives—before netting and collateral$40 $482,857 $6,416 $489,313 
Netting agreements$(406,408)
Netting of cash collateral received(27,471)
Total trading derivatives—after netting and collateral$40 $482,857 $6,416 $489,313 $(433,879)$55,434 
Investments
Mortgage-backed securities
U.S. government-sponsored agency guaranteed$— $36,725 $31 $36,756 $— $36,756 
Other— 976 — 976 — 976 
Total investment mortgage-backed securities$— $37,701 $31 $37,732 $— $37,732 
U.S. Treasury and federal agency securities$35,465 $— $— $35,465 $— $35,465 
State and municipal— 1,033 504 1,537 — 1,537 
Foreign government80,048 83,034 25 163,107 — 163,107 
Corporate3,193 1,183 315 4,691 — 4,691 
Marketable equity securities342 2 131 475 — 475 
Asset-backed securities— 1,072 1 1,073 — 1,073 
Other debt securities64 3,051 — 3,115 — 3,115 
Non-marketable equity securities(2)
— — 409 409 — 409 
Total investments$119,112 $127,076 $1,416 $247,604 $— $247,604 

Table continues on the next page.
166

In millions of dollars at December 31, 2025Level 1Level 2Level 3Gross
inventory
Netting(1)
Net
balance
Loans$—$6,733$122$6,855 $— $6,855 
Mortgage servicing rights——759759 — 759 
Other financial assets$6,130$10,551$—$16,681 $— $16,681 
Total assets$395,551$1,427,986$10,529$1,834,066 $(818,918)$1,015,148 
Total as a percentage of gross assets(3)
21.5%77.9%0.6%
Liabilities
Deposits$—$3,983$239$4,222 $— $4,222 
Securities loaned and sold under agreements to repurchase—426,084952427,036 (227,614)199,422 
Trading account liabilities
Securities sold, not yet purchased89,35215,17745104,574 — 104,574 
Other trading liabilities—10—10 — 10 
Total trading account liabilities$89,352$15,187$45$104,584 $— $104,584 
Trading derivatives
Interest rate contracts$5$215,562$1,805$217,372 
Foreign exchange contracts—152,202662152,864 
Equity contracts4974,3654,78779,201 
Commodity contracts—23,71386924,582 
Credit derivatives—9,6701,56211,232 
Total trading derivatives—before netting and collateral$54$475,512$9,685$485,251 
Netting agreements$(406,408)
Netting of cash collateral paid(20,629)
Total trading derivatives—after netting and collateral$54$475,512$9,685$485,251 $(427,037)$58,214 
Short-term borrowings$—$21,275$292$21,567 $— $21,567 
Long-term debt—106,76723,959130,726 — 130,726 
Other financial liabilities $5,437$55$—$5,492 $— $5,492 
Total liabilities$94,843$1,048,863$35,172$1,178,878 $(654,651)$524,227 
Total as a percentage of gross liabilities(3)
8.0 %89.0 %3.0 %

(1)Represents netting of (i) the amounts due under securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase and (ii) derivative exposures covered by a qualifying master netting agreement and cash collateral offsetting.
(2)Amounts exclude $37 million of investments measured at NAV in accordance with ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).
(3)Because the amount of the cash collateral paid/received has not been allocated to the Level 1, 2 and 3 subtotals, these percentages are calculated based on total assets and liabilities measured at fair value on a recurring basis, excluding the cash collateral paid/received on derivatives.

167

Changes in Level 3 Fair Value Category
The following tables present the changes in the Level 3 fair value category for the three months ended March 31, 2026 and 2025. The gains and losses presented below include changes in the fair value related to both observable and unobservable inputs.
The Company often hedges positions with offsetting positions that are classified in a different level. For example,
the gains and losses for assets and liabilities in the Level 3 category presented in the tables below do not reflect the effect of offsetting losses and gains on hedging instruments that may be classified in the Level 1 or Level 2 categories. In addition, the Company hedges items classified in the Level 3 category with instruments also classified in Level 3 of the fair value hierarchy. The hedged items and related hedges are presented gross in the following tables:


Level 3 Fair Value Rollforward
  
Net realized/unrealized
gains (losses) incl. in(1)
Transfers    
Unrealized
gains (losses)
still held(3)
In millions of dollarsDec. 31, 2025Principal
transactions
Other(1)(2)
into
Level 3		out of
Level 3		PurchasesIssuancesSalesSettlementsMar. 31, 2026
Assets
Securities borrowed and purchased under agreements to resell$49 $— $— $— $— $49 $— $— $(49)$49 $— 
Trading non-derivative assets
Trading mortgage-backed securities
U.S. government-sponsored agency guaranteed382 (14)— 129 (108)112 — (72)— 429 (6)
Residential99 (3)— 5 (9)42 — (40)— 94 (1)
Commercial55 (3)— 39 (6)1 — (15)— 71 (2)
Total trading mortgage-backed securities$536 $(20)$— $173 $(123)$155 $— $(127)$— $594 $(9)
U.S. Treasury and federal agency securities$— $— $— $— $— $— $— $— $— $— $— 
State and municipal1 — — — — — — — — 1 — 
Foreign government35 (3)— 50 (1)162 — (2)— 241 — 
Corporate270 (8)— 2 (32)163 — (191)— 204 (22)
Marketable equity securities287 (16)— 23 (8)140 — (77)— 349 (17)
Asset-backed securities225 (10)— 24 (51)62 — (71)— 179 (9)
Other trading assets413 (2)— 10 (5)138 12 (65)(9)492 (1)
Total trading non-derivative assets$1,767 $(59)$— $282 $(220)$820 $12 $(533)$(9)$2,060 $(58)
Trading derivatives, net(4)
Interest rate contracts$20 $(80)$— $78 $(46)$180 $— $(139)$173 $186 $(40)
Foreign exchange contracts(50)4 — 15 (62)(162)— (143)304 (94)(6)
Equity contracts(2,964)(49)— (5)358 (660)— (125)627 (2,818)(80)
Commodity contracts144 29 — (58)117 303 — (121)(59)355 19 
Credit derivatives(419)61 — 26 (29)270 — (190)503 222 54 
Total trading derivatives, net(4)
$(3,269)$(35)$— $56 $338 $(69)$— $(718)$1,548 $(2,149)$(53)

Table continues on the next page.
168

  
Net realized/unrealized
gains (losses) incl. in(1)
Transfers     
Unrealized
gains (losses)
still held(3)
In millions of dollarsDec. 31, 2025Principal
transactions
Other(1)(2)
into
Level 3		out of
Level 3		PurchasesIssuancesSalesSettlementsMar. 31, 2026
Investments
Mortgage-backed securities
U.S. government-sponsored agency guaranteed$31 $— $1 $— $— $— $— $— $— $32 $1 
Other— — — — — — — — — — — 
Total investment mortgage-backed securities$31 $— $1 $— $— $— $— $— $— $32 $1 
U.S. Treasury and federal agency securities$— $— $— $— $— $— $— $— $— $— $— 
State and municipal504 — 1 17 (8)— — (103)— 411 1 
Foreign government25 — — 7 (20)8 — — — 20 (1)
Corporate315 — — 54 (96)97 — (62)— 308 (5)
Marketable equity securities131 — — — (131)2 — — — 2 — 
Asset-backed securities1 — — — — — — (1)— — — 
Other debt securities— — — — — — — — — — — 
Non-marketable equity securities409 — (8)— — 11 — (24)— 388 (8)
Total investments$1,416 $— $(6)$78 $(255)$118 $— $(190)$— $1,161 $(12)
Loans$122 $— $10 $100 $(25)$— $21 $— $(36)$192 $6 
Mortgage servicing rights759 — 4 — — — 28 — (25)766 5 
Other financial assets — — — — — — — — — — — 
Liabilities
Deposits$239 $— $1 $— $— $— $9 $— $(10)$237 $1 
Securities loaned and sold under agreements to repurchase952 2 — — — 301 — — (338)913 2 
Trading account liabilities
Securities sold, not yet purchased45 — — 72 (24)32 — — — 125 — 
Other trading liabilities— — — — — — — — — — — 
Short-term borrowings292 (1)— 4 (36)— 143 — (107)297 (1)
Long-term debt23,959 974 — 932 (718)— 1,873 — (929)24,143 669 
Other financial liabilities measured on a recurring basis— — — — — — — — — — — 
(1)Net realized/unrealized gains (losses) are presented as increase (decrease) to Level 3 assets and as (increase) decrease to Level 3 liabilities. Changes in fair value of available-for-sale debt securities are recorded in AOCI, unless related to credit impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments in the Consolidated Statement of Income.
(2)Unrealized gains (losses) on MSRs are recorded in Other revenue in the Consolidated Statement of Income.
(3)Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale debt securities and DVA on fair value option liabilities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at March 31, 2026.
(4)Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only.

169

  
Net realized/unrealized
gains (losses) incl. in(1)
Transfers    
Unrealized
gains (losses)
still held(3)
In millions of dollarsDec. 31, 2024Principal
transactions
Other(1)(2)
into
Level 3		out of
Level 3		PurchasesIssuancesSalesSettlementsMar. 31, 2025
Assets
Securities borrowed and purchased under agreements to resell$128 $6 $— $— $(84)$150 $— $— $(47)$153 $3 
Trading non-derivative assets
Trading mortgage-backed securities
U.S. government-sponsored agency guaranteed301 23 — 156 (36)320 — (150)— 614 25 
Residential67 1 — 11 (12)60 — (9)— 118 — 
Commercial36 (4)— 21 (9)43 — — — 87 (3)
Total trading mortgage-backed securities$404 $20 $— $188 $(57)$423 $— $(159)$— $819 $22 
U.S. Treasury and federal agency securities$1 $— $— $— $(1)$— $— $— $— $— $— 
State and municipal11 1 — — (11)— — — — 1 — 
Foreign government15 1 — — (6)— — (7)— 3 1 
Corporate269 (16)— 17 (60)93 — (53)— 250 (6)
Marketable equity securities166 5 — 22 (2)71 — (35)— 227 29 
Asset-backed securities178 (9)— 10 (5)97 — (51)— 220 (6)
Other trading assets333 79 — 44 (8)54 12 (38)(8)468 92 
Total trading non-derivative assets$1,377 $81 $— $281 $(150)$738 $12 $(343)$(8)$1,988 $132 
Trading derivatives, net(4)
Interest rate contracts$(330)$(232)$— $(14)$(98)$(9)$3 $(9)$52 $(637)$(321)
Foreign exchange contracts185 (74)— 62 50 41 — (59)(24)181 (137)
Equity contracts(1,688)135 — (148)133 (914)— (21)298 (2,205)44 
Commodity contracts404 97 — (23)116 (126)— (4)(139)325 104 
Credit derivatives104 (78)— 10 82 (96)— — 6 28 60 
Total trading derivatives, net(4)
$(1,325)$(152)$— $(113)$283 $(1,104)$3 $(93)$193 $(2,308)$(250)

Table continues on the next page.



170

  
Net realized/unrealized
gains (losses) incl. in(1)
Transfers     
Unrealized
gains (losses)
still held(3)
In millions of dollarsDec. 31, 2024Principal
transactions
Other(1)(2)
into
Level 3		out of
Level 3		PurchasesIssuancesSalesSettlementsMar. 31, 2025
Investments
Mortgage-backed securities
U.S. government-sponsored agency guaranteed$36 $— $(1)$— $(3)$— $— $— $— $32 $(1)
Other28 — — — (5)— — (13)— 10 — 
Total investment mortgage-backed securities$64 $— $(1)$— $(8)$— $— $(13)$— $42 $(1)
U.S. Treasury and federal agency securities$— $— $— $— $— $— $— $— $— $— $— 
State and municipal428 — 4 22 (13)248 — (254)— 435 5 
Foreign government12 — (1)— (2)— — — — 9 (1)
Corporate146 — 9 — (32)97 — (26)— 194 8 
Marketable equity securities14 — (8)— — — — — — 6 (2)
Asset-backed securities2 — — — (2)— — — — — — 
Other debt securities6 — — — — 1 — (6)— 1 — 
Non-marketable equity securities404 — 5 — — 12 — (7)— 414 5 
Total investments$1,076 $— $8 $22 $(57)$358 $— $(306)$— $1,101 $14 
Loans$262 $— $77 $— $(2)$— $4 $— $(23)$318 $82 
Mortgage servicing rights760 — (15)— — — 25 — (19)751 (16)
Other financial assets 15 — — — — 1 11 — (14)13 — 
Liabilities
Deposits$39 $— $— $— $— $— $19 $— $(11)$47 $(6)
Securities loaned and sold under agreements to repurchase390 3 — — — 732 — — (321)798 2 
Trading account liabilities
Securities sold, not yet purchased28 29 — 2 (5)57 — — (24)29 10 
Other trading liabilities— 1 — — (2)25 — — (22)— — 
Short-term borrowings297 9 — 14 (35)— 573 — (119)721 8 
Long-term debt21,100 51 — 612 (841)— 1,284 — (663)21,441 71 
Other financial liabilities— — — — — — 1 — — 1 — 

(1)Net realized/unrealized gains (losses) are presented as increase (decrease) to Level 3 assets and as (increase) decrease to Level 3 liabilities. Changes in fair value of available-for-sale debt securities are recorded in AOCI, unless related to credit impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments in the Consolidated Statement of Income.
(2)Unrealized gains (losses) on MSRs are recorded in Other revenue in the Consolidated Statement of Income.
(3)Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale debt securities and DVA on fair value option liabilities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at March 31, 2025.
(4)Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only.


Level 3 Fair Value Transfers
There were no significant Level 3 transfers for the period from December 31, 2025 to March 31, 2026.

There were no significant Level 3 transfers for the period from December 31, 2024 to March 31, 2025.


171

Valuation Techniques and Inputs for Level 3 Fair Value Measurements
The following tables present the valuation techniques covering the majority of Level 3 inventory and the most significant unobservable inputs used in Level 3 fair value measurements.
Differences between these tables and amounts presented in the Level 3 Fair Value Rollforward tables represent individually immaterial items that have been measured using a variety of valuation techniques other than those listed.


As of March 31, 2026
Fair value(1)
(in millions)
MethodologyInput
Low(2)(3)
High(2)(3)
Weighted
average(4)
Assets   
Mortgage-backed securities$349 Yield analysisYield4.53 %28.97 %13.76 %
277 Price-basedPrice$0.95$107.79$44.27
State and municipal, foreign government, corporate and other debt securities$1,014 
Price-based
Price
$1.00$205.85$105.13
555 Model-basedCredit spread216.50 bps550.00 bps400.13 bps
Interest rate contracts (gross)$4,314 Model-basedIR normal volatility0.06 %2.98 %0.81 %
Foreign exchange contracts (gross)$1,272 Model-basedIR normal volatility0.63 %1.21 %0.83 %
FX volatility0.39 %91.49 %11.60 %
IR basis(1.77)%5.76 %(0.06)%
Yield0.99 %13.95 %3.00 %
Equity contracts (gross)(5)
$5,800 Model-basedEquity volatility2.48 %163.09 %43.29 %
Equity forward48.45 %370.04 %110.86 %
Equity-Equity correlation(36.22)%99.12 %49.49 %
Commodity and other contracts (gross)$2,509 Model-basedForward price0.10 %306.55 %100.61 %
Commodity volatility13.41 %271.96 %50.76 %
Credit derivatives (gross)$1,352 Price-basedPrice$8.00$116.23$79.84
840 Model-basedCredit spread1.00 bps760.02 bps153.48 bps
Mortgage servicing rights$764 Cash flowYield(0.30)%12.00 %6.51 %
WAL3.24 years8.09 years6.82 years
Liabilities
Securities loaned and sold under agreements to repurchase$913 
Model-based
Interest rate
3.72 %5.79 %4.27 %
IR normal volatility0.62 %1.20 %1.03 %
Short-term borrowings and
long-term debt		$23,556 
Model-based
IR normal volatility0.06 %2.98 %0.83 %
FX volatility2.29 %15.65 %9.75 %
Equity volatility5.50 %80.29 %22.27 %
IR-FX correlation(34.00)%60.00 %46.43 %
Equity-IR correlation0.00 %56.33 %35.38 %
Equity forward67.07 %361.78 %143.93 %
IR-IR correlation40.00 %40.00 %40.00 %


172

As of December 31, 2025
Fair value(1)
(in millions)
MethodologyInput
Low(2)(3)
High(2)(3)
Weighted
average(4)
Assets
Mortgage-backed securities$352 Price-basedPrice$0.80 $145.12 $37.47 
214 Yield analysisYield4.78 %26.14 %12.86 %
State and municipal, foreign government, corporate and other debt securities$866 Price-basedPrice$20.77 $194.45 $114.31 
389 Model-basedCredit spread167.00 bps508.30 bps399.15 bps
159 Cash flowYield2.30 %9.30 %8.72 %
WAL3.24 years8.14 years6.80 years
Interest rate contracts (gross)$3,608 Model-basedIR normal volatility0.06 %2.98 %0.65 %
Equity volatility12.00 %48.92 %26.43 %
Foreign exchange contracts (gross)$1,217 Model-basedIR normal volatility0.49 %0.86 %0.74 %
IR basis(20.15)%11.17 %(0.05)%
FX volatility0.32 %74.14 %7.91 %
Yield1.05 %14.90 %6.43 %
Equity contracts (gross)(5)
$6,597 Model-basedEquity volatility2.81 %184.01 %42.80 %
Equity forward53.29 %373.46 %111.14 %
Equity-FX correlation(75.75)%70.00 %(13.61)%
Equity-Equity correlation(36.22)%99.00 %52.48 %
Commodity and other contracts (gross)$1,881 Model-basedForward price0.11 %395.49 %98.83 %
Commodity volatility8.40 %316.56 %42.29 %
Credit derivatives (gross)$1,720 Model-basedCredit spread5.20 bps592.93 bps74.28 bps
Recovery rate0.50 %40.00 %34.87 %
985 Price-basedPrice$8.00 $119.13 $85.45 
Upfront points5.05 %106.23 %61.00 %
Mortgage servicing rights$676 Cash flowWAL3.24 years8.14 years6.80 years
82 Model-basedYield(0.40)%12.00 %6.35 %
Liabilities
Securities loaned and sold under agreements to repurchase$952 Model-basedInterest rate3.47 %5.43 %3.85 %
IR normal volatility0.46 %0.89 %0.78 %
Short-term borrowings and long-term debt$24,126 Model-basedIR normal volatility0.06 %2.98 %0.74 %
FX volatility5.26 %14.01 %9.08 %
Equity volatility5.50 %92.67 %20.95 %
IR-FX correlation(34.00)%60.00 %46.37 %
Equity-IR correlation0.00 %56.64 %36.32 %
IR-IR correlation40.00 %40.00 %40.00 %
Equity-FX correlation(60.00)%70.00 %(16.57)%

(1)The tables above include the fair values for the items listed and may not represent the total population for each category.
(2)Some inputs are shown as zero due to rounding.
(3)When the low and high inputs are the same, there is either a constant input applied to all positions, or the methodology involving the input applies to only one large position.
(4)Weighted averages are calculated based on the fair values of the instruments.
(5)Includes hybrid products.

173

Items Measured at Fair Value on a Nonrecurring Basis
Certain assets and liabilities are measured at fair value on a nonrecurring basis and, therefore, are not included in the tables above. For additional information on these items, see Note 26 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
The following tables present the carrying amounts of all assets that were still held as of the balance sheet date for which a nonrecurring fair value measurement was recorded during the period. The amounts reflect the fair values of the assets as of their respective remeasurement dates, which are generally prior to the balance sheet date. The following tables exclude certain consumer mortgage loans for which Citi has elected the fair value option (see Note 22), and consumer loans and other assets held by businesses held-for-sale (see “Significant Disposals” in Note 2):

In millions of dollarsFair valueLevel 2Level 3
March 31, 2026   
Loans HFS(1)
$1,042 $689 $353 
Other real estate owned1 1 — 
Loans(2)
97 — 97 
Non-marketable equity securities measured using the measurement alternative107 — 107 
Total assets at fair value on a nonrecurring basis$1,247 $690 $557 

In millions of dollarsFair valueLevel 2Level 3
December 31, 2025   
Loans HFS(1)
$641 $188 $453 
Other real estate owned— — — 
Loans(2)
272 — 272 
Non-marketable equity securities measured using the measurement alternative350 — 350 
Total assets at fair value on a nonrecurring basis$1,263 $188 $1,075 

(1)Net of mark-to-market amounts on the unfunded portion of loans HFS recognized as Other liabilities on the Consolidated Balance Sheet.
(2)Represents collateral-dependent loans held-for-investment for which the fair value of collateral is used to estimate expected credit losses, and whose carrying amount is based on the fair value of the underlying collateral less costs to sell, as applicable (primarily real estate).

174

Valuation Techniques and Inputs for Level 3 Nonrecurring Fair Value Measurements
The following tables present the valuation techniques covering the majority of Level 3 nonrecurring fair value measurements and the most significant unobservable inputs used in those measurements:

As of March 31, 2026
Fair value(1)
(in millions)
MethodologyInput
Low(2)
High
Weighted
average(3)
Loans HFS$353 Price-basedPrice$80.50 $100.00 $97.98 
Loans(4)
$97 Recovery analysis
Appraised value(5)
$10,000 $23,657,415 $9,267,682 
Recovery rate31.30 %68.60 %46.97 %
Non-marketable equity securities measured using the measurement alternative$100 Price-basedPrice$1.49 $159.59 $50.06 

As of December 31, 2025
Fair value(1)
(in millions)
MethodologyInput
Low(2)
High
Weighted
average(3)
Loans HFS$453 Price-basedPrice$83.00 $100.00 $98.66 
Loans(4)
$271 Recovery analysis
Appraised value(5)
$10,000 $75,424,500 $30,328,429 
Recovery rate35.10 %85.20 %60.55 %
Non-marketable equity securities measured using the measurement alternative$254 Price-basedPrice$4.57 $205.01 $70.91 
96 Comparable analysisRevenue multiple2.07x27.20x15.51x

(1)The tables above include the fair values for the items listed and may not represent the total population for each category.
(2)Some inputs are shown as zero due to rounding.
(3)Weighted averages are calculated based on the fair values of the instruments.
(4)Represents collateral-dependent loans held-for-investment for which the fair value of collateral is used to estimate expected credit losses, and whose carrying amount is based on the fair value of the underlying collateral less costs to sell, as applicable (primarily real estate).
(5)Appraised values are disclosed in whole dollars.


Nonrecurring Fair Value Changes
The following table presents total nonrecurring fair value measurements for the period, included in earnings, attributable to the change in fair value relating to assets that were still held:


Three Months Ended March 31,
In millions of dollars20262025
Loans HFS$(43)$(21)
Other real estate owned— — 
Loans(1)
(8)(37)
Non-marketable equity securities measured using the measurement alternative14 (44)
Total nonrecurring fair value gains (losses)$(37)$(102)

(1)Represents collateral-dependent loans held-for-investment for which the fair value of collateral is used to estimate expected credit losses, and whose carrying amount is based on the fair value of the underlying collateral less costs to sell, as applicable (primarily real estate).


175

Estimated Fair Value of Financial Instruments Not Carried at Fair Value
The following tables present the carrying value and fair value of Citigroup’s financial instruments that are not carried at fair value. The tables below therefore exclude items measured at fair value on a recurring basis presented in the tables above.








 March 31, 2026Estimated fair value
 Carrying
value		Estimated
fair value
In billions of dollarsLevel 1Level 2Level 3
Assets 
HTM debt securities, net of allowance(1)
$183.8 $173.3 $79.3 $91.7 $2.3 
Securities borrowed and purchased under agreements to resell163.1 163.1 — 163.1 — 
Loans(2)(3)
733.3 752.8 — — 752.8 
Other financial assets(3)(4)
514.7 514.7 385.8 128.9 — 
Liabilities
Deposits$1,441.9 $1,441.8 $— $1,441.8 $— 
Securities loaned and sold under agreements to repurchase137.5 137.5 — 137.5 — 
Long-term debt(5)
172.4 175.7 — 169.6 6.1 
Other financial liabilities(6)
195.1 195.1 — 195.1 — 
 December 31, 2025Estimated fair value
 Carrying
value		Estimated
fair value
In billions of dollarsLevel 1Level 2Level 3
Assets     
HTM debt securities, net of allowance(1)
$194.9 $184.7 $87.3 $95.2 $2.2 
Securities borrowed and purchased under agreements to resell150.1 150.1 — 150.1 — 
Loans(2)(3)
726.0 742.1 — — 742.1 
Other financial assets(3)(4)
448.0 448.0 349.6 98.4 — 
Liabilities     
Deposits$1,399.4 $1,399.3 $— $1,399.3 $— 
Securities loaned and sold under agreements to repurchase148.7 148.7 — 148.7 — 
Long-term debt(5)
185.0 189.9 — 183.8 6.1 
Other financial liabilities(6)
141.8 141.8 — 141.8 — 

(1)Includes $5.3 billion and $5.1 billion of non-marketable equity securities carried at cost at March 31, 2026 and December 31, 2025, respectively.
(2)The carrying value of loans is net of the allowance for credit losses on loans of $19.6 billion for March 31, 2026 and $19.2 billion for December 31, 2025. In addition, the carrying values exclude $0.1 billion and $0.1 billion of lease finance receivables at March 31, 2026 and December 31, 2025, respectively.
(3)Includes items measured at fair value on a nonrecurring basis.
(4)Includes cash and due from banks, deposits with banks, brokerage receivables, reinsurance recoverables and other financial instruments included in Other assets on the Consolidated Balance Sheet, for all of which the carrying value is a reasonable estimate of fair value.
(5)The carrying value includes long-term debt balances under qualifying fair value hedges.
(6)Includes brokerage payables, separate and variable accounts, short-term borrowings (carried at cost) and other financial instruments included in Other liabilities on the Consolidated Balance Sheet, for all of which the carrying value is a reasonable estimate of fair value.


The estimated fair values of the Company’s corporate unfunded lending commitments at March 31, 2026 and December 31, 2025 were off-balance sheet liabilities of $7.2 billion and $10.8 billion, respectively, substantially all of which are classified as Level 3. The Company does not estimate the fair values of consumer unfunded lending commitments, which are generally cancelable by providing notice to the borrower.

176

22.  FAIR VALUE ELECTIONS

The Company may elect to report most financial instruments and certain other items at fair value on an instrument-by-instrument basis with changes in fair value reported in earnings, other than DVA (see below). The election is made upon the initial recognition of an eligible financial asset, financial liability or firm commitment or when certain specified reconsideration events occur. The fair value election

may not otherwise be revoked once an election is made. The changes in fair value are recorded in current earnings. Movements in DVA are reported as a component of AOCI.
The Company has elected fair value accounting for its mortgage servicing rights (MSRs). See Note 19 for additional details on Citi’s MSRs.
Additional discussion regarding other applicable areas in which fair value elections were made is presented in Note 21.


The following table presents the changes in fair value of those items for which the fair value option has been elected:

Changes in fair value—gains (losses)
 
Three Months Ended March 31,
In millions of dollars20262025
Assets  
Securities borrowed and purchased under agreements to resell$(106)$8 
Trading account assets(4)20 
Investments— — 
Loans
Corporate loans291 38 
Consumer loans— 6 
Total loans$291 $44 
Other assets 
MSRs$5 $(15)
Mortgage loans HFS(1)
(5)15 
Total other assets$— $— 
Total assets$181 $72 
Liabilities 
Deposits$24 $(45)
Securities loaned and sold under agreements to repurchase94 19 
Trading account liabilities(201)(182)
Short-term borrowings(2)
454 (511)
Long-term debt(2)
2,351 (253)
Total liabilities$2,722 $(972)

(1)Includes gains (losses) associated with interest rate lock commitments for originated loans for which the Company has elected the fair value option.
(2)Includes DVA that is included in AOCI. See Notes 17 and 21.
177

Own Debt Valuation Adjustments (DVA)
Own debt valuation adjustments are recognized on Citi’s liabilities for which the fair value option has been elected using Citi’s credit spreads observed in the bond market. Changes in fair value of fair value option liabilities related to changes in Citigroup’s own credit spreads (DVA) are reflected as a component of AOCI. See Note 17 for additional information.

The estimated changes in the fair value of these non-derivative liabilities due to such changes in the Company’s own credit spread (or instrument-specific credit risk) were a gain of $1,832 million and $1,000 million for the three months ended March 31, 2026 and 2025, respectively.

For information on the fair value option for financial assets and financial liabilities, see Note 27 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.


The following table provides information about certain credit products carried at fair value:

 March 31, 2026December 31, 2025
In millions of dollarsTrading assetsLoansTrading assetsLoans
Carrying amount reported on the Consolidated Balance Sheet$5,281 $8,523 $4,902 $6,855 
Aggregate unpaid principal balance in excess of (less than) fair value142 (49)149 (176)
Balance of non-accrual loans or loans more than 90 days past due— 1 — 2 
Aggregate unpaid principal balance in excess of (less than) fair value for non-accrual loans or loans more than 90 days past due— — — — 

In addition to the amounts reported above, $150 million and $225 million of unfunded commitments related to certain credit products selected for fair value accounting were outstanding as of March 31, 2026 and December 31, 2025, respectively.

The changes in fair value for the three months ended March 31, 2026 and 2025 due to instrument-specific credit risk were a gain of $9 million and $24 million, respectively. Changes in fair value due to instrument-specific credit risk are estimated based on changes in borrower-specific credit spreads and recovery assumptions.


The following table provides information about certain mortgage loans HFS carried at fair value:

In millions of dollarsMarch 31, 2026December 31, 2025
Carrying amount reported on the Consolidated Balance Sheet$867 $923 
Aggregate fair value in excess of (less than) unpaid principal balance3 18 
Balance of non-accrual loans or loans more than 90 days past due1 1 
Aggregate unpaid principal balance in excess of fair value for non-accrual loans
or loans more than 90 days past due		— — 

The changes in the fair values of these mortgage loans are reported in Other revenue in the Company’s Consolidated Statement of Income. There was no net change in fair value during the three months ended March 31, 2026 and 2025 due to instrument-specific credit risk.

178

Certain Deposit Liabilities
The Company has elected the fair value option for certain customer-driven structured deposit arrangements that contain embedded derivatives with underlyings referencing market indices, foreign exchange rates, commodity prices or other risks. The Company has elected the fair value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplifications.
Certain Debt Liabilities
The Company has elected the fair value option for certain debt liabilities, because these exposures are considered to be trading-related positions and, therefore, are managed on a fair value basis. These positions are classified as Trading account liabilities, Long-term debt or Short-term borrowings on the Company’s Consolidated Balance Sheet.


The following table provides information about the carrying value of notes carried at fair value, disaggregated by type of risk:

In billions of dollarsMarch 31, 2026December 31, 2025
Interest rate linked$67.6 $66.9 
Foreign exchange linked0.1 0.1 
Equity linked51.1 49.6 
Commodity linked8.9 7.0 
Credit linked7.3 7.1 
Total$135.0 $130.7 

The portion of the changes in fair value attributable to changes in Citigroup’s own credit spreads (DVA) is reflected as a component of AOCI while all other changes in fair value are reported in Principal transactions. Changes in the fair value of these liabilities include accrued interest, which is also included in the change in fair value reported in Principal transactions.



The following table provides information about long-term debt and short-term borrowings carried at fair value:

In millions of dollarsMarch 31, 2026December 31, 2025
Long-term debt
Carrying amount reported on the Consolidated Balance Sheet$135,058 $130,726 
Aggregate unpaid principal balance in excess of (less than) fair value4,289 1,704 
Short-term borrowings
Carrying amount reported on the Consolidated Balance Sheet$26,719 $21,567 
Aggregate unpaid principal balance in excess of (less than) fair value(124)(134)




179

23.  GUARANTEES AND COMMITMENTS

The following tables present information about Citi’s guarantees at March 31, 2026 and December 31, 2025.
For additional information on Citi’s guarantees and indemnifications included in the tables below, as well as its other guarantees and indemnifications excluded from these tables, see Note 28 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.







Maximum potential amount of future payments
(in billions of dollars)
 
March 31, 2026
Expire within
1 year		Expire after
1 year		Total amount
outstanding
Carrying value
(in millions of dollars)
Financial standby letters of credit$14.6 $65.9 $80.5 $387 
Performance guarantees5.0 6.9 11.9 26 
Derivative instruments considered to be guarantees16.6 44.9 61.5 811 
Loans sold with recourse— 0.9 0.9 — 
Securities lending indemnifications(1)
171.4 — 171.4 — 
Card merchant processing(2)
35.2 — 35.2 — 
Credit card arrangements with partners(3)
2.1 18.9 21.0 — 
Guarantees under the Fixed Income Clearing Corporation sponsored member repo program
276.3 — 276.3 — 
Other(4)(5)
— 8.2 8.2 102 
Total$521.2 $145.7 $666.9 $1,326 

 
Maximum potential amount of future payments
(in billions of dollars)
 
December 31, 2025
Expire within
1 year		Expire after
1 year		Total amount
outstanding
Carrying value
(in millions of dollars)
Financial standby letters of credit$15.1 $68.1 $83.2 $546 
Performance guarantees4.9 6.4 11.3 25 
Derivative instruments considered to be guarantees14.5 31.8 46.3 542 
Loans sold with recourse— 0.9 0.9 — 
Securities lending indemnifications(1)
134.0 — 134.0 — 
Card merchant processing(2)
38.2 — 38.2 — 
Credit card arrangements with partners(3)
2.1 19.4 21.5 — 
Guarantees under the Fixed Income Clearing Corporation sponsored member repo program306.1 — 306.1 — 
Other(4)(5)
— 8.2 8.2 100 
Total$514.9 $134.8 $649.7 $1,213 

(1)The carrying values of securities lending indemnifications were not material for either period presented, as the probability of potential liabilities arising from these guarantees is minimal.
(2)At March 31, 2026 and December 31, 2025, this maximum potential exposure was estimated to be approximately $35.2 billion and $38.2 billion, respectively. However, Citi believes that the maximum exposure is not representative of the actual potential loss exposure based on its historical experience. This contingent liability is unlikely to arise, as most products and services are delivered when purchased and amounts are refunded when items are returned to merchants. See “Card Merchant Processing” in Note 28 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
(3)Includes additional guarantees entered into as part of the extension and amendment of the American Airlines co-branded credit card partnership agreement, executed in December 2024. See “Credit Card Arrangements with Partners” in Note 28 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K. Citi believes that the maximum exposure is not representative of actual potential loss exposure based on historical and expected future performance of the portfolio.
(4)Includes guarantees of subsidiaries.
(5)In the fourth quarter of 2024, the Company entered into an agreement that indemnifies certain subsidiaries of the Company against certain matters related to the business operated by the Company through other subsidiaries, including certain existing, as well as potential future, legal proceedings, including tax matters. Certain of such indemnification obligations have no stated expiration date and are not subject to specific limitations on the maximum potential amount of future payments that the Company could be required to make. The Company is not able to estimate the maximum potential amount of future payments to be made under this agreement because the triggering events are not predictable.


180

Loans Sold with Recourse
In addition to the amounts presented in the tables above, the repurchase reserve was approximately $13 million and $13 million at March 31, 2026 and December 31, 2025, respectively, and these amounts are included in Other liabilities on the Consolidated Balance Sheet.

Futures and Over-the-Counter Derivatives Clearing
Citi provides clearing services on central clearing parties (CCP) for clients that need to clear exchange-traded and over-the-counter (OTC) derivatives contracts with CCPs. For additional information on Citi’s futures and over-the-counter derivatives clearing, see Note 28 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.

Carrying Value—Guarantees and Indemnifications
At March 31, 2026 and December 31, 2025, the total carrying amounts of the liabilities related to the guarantees and indemnifications included in the tables above amounted to approximately $1.3 billion and $1.2 billion, respectively. The carrying value of financial and performance guarantees is included in Other liabilities.

Collateral
Cash collateral available to Citi to reimburse losses realized under these guarantees and indemnifications amounted to $74.8 billion and $61.3 billion at March 31, 2026 and December 31, 2025, respectively. Securities and other marketable assets held as collateral amounted to $115.9 billion and $90.8 billion at March 31, 2026 and December 31, 2025, respectively. The majority of collateral is held to reimburse losses realized under securities lending indemnifications. In addition, letters of credit in favor of Citi held as collateral amounted to $2.8 billion and $2.5 billion at March 31, 2026 and December 31, 2025, respectively. Other property may also be available to Citi to cover losses under certain guarantees and indemnifications; however, the value of such property has not been determined.








Performance Risk
Presented in the tables below are the maximum potential amounts of future payments that are classified based on internal and external credit ratings. The determination of the maximum potential future payments is based on the notional amount of the guarantees without consideration of possible recoveries under recourse provisions or from collateral held or pledged. As such, Citi believes such amounts bear no relationship to the anticipated losses, if any, on these guarantees.

 Maximum potential amount of future payments
In billions of dollars at March 31, 2026Investment
grade		Non-investment
grade		Not
rated		Total
Financial standby letters of credit$68.1 $12.4 $— $80.5 
Loans sold with recourse— — 0.9 0.9 
Other— 8.2 — 8.2 
Total$68.1 $20.6 $0.9 $89.6 

 Maximum potential amount of future payments
In billions of dollars at December 31, 2025Investment
grade		Non-investment
grade		Not
rated		Total
Financial standby letters of credit$70.0 $13.2 $— $83.2 
Loans sold with recourse— — 0.9 0.9 
Other— 8.2 — 8.2 
Total$70.0 $21.4 $0.9 $92.3 

181

Credit Commitments and Lines of Credit
The table below summarizes Citigroup’s credit commitments:

In millions of dollarsU.S.
Outside of 
U.S.(1)
March 31,
2026		December 31, 2025
Commercial and similar letters of credit $561 $4,469 $5,030 $4,134 
One- to four-family residential mortgages954 589 1,543 1,521 
Revolving open-end loans secured by one- to four-family residential properties4,938 1 4,939 5,003 
Commercial real estate, construction and land development10,984 2,799 13,783 14,811 
Credit card lines639,005 65,860 704,865 694,594 
Commercial and other consumer loan commitments269,957 115,884 385,841 371,817 
Other commitments and contingencies(2)
2,191 215 2,406 5,336 
Total$928,590 $189,817 $1,118,407 $1,097,216 

(1)Consumer commitments related to the business HFS countries under sales agreements are reflected in their original categories until the respective sales are completed.
(2)Other commitments and contingencies include commitments to purchase certain debt and equity securities.

Other Commitments
As a Federal Reserve member bank, Citi is required to subscribe to half of a certain amount of shares issued by its Federal Reserve District Bank. As of March 31, 2026 and December 31, 2025, Citi holds shares with a carrying value of $4.5 billion, with the remaining half subject to call by the Federal Reserve District Bank Board.
In the normal course of business, Citi enters into reverse repurchase and securities borrowing agreements, as well as repurchase and securities lending agreements, which settle at a future date. At March 31, 2026 and December 31, 2025, Citi had approximately $267.1 billion and $189.3 billion of unsettled reverse repurchase and securities borrowing agreements, and approximately $243.1 billion and $186.9 billion of unsettled repurchase and securities lending agreements, respectively. See Note 10 for a further discussion of securities purchased under agreements to resell and securities borrowed, and securities sold under agreements to repurchase and securities loaned, including the Company’s policy for offsetting repurchase and reverse repurchase agreements.
These amounts are not included in the table above.

Restricted Cash
For additional information on Citi’s restricted cash, see Note 28 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
Restricted cash is included on the Consolidated Balance Sheet within the following balance sheet lines:

In millions of dollarsMarch 31,
2026		December 31, 2025
Cash and due from banks$3,870 $3,337 
Deposits with banks, net of allowance22,859 21,081 
Total$26,729 $24,418 


182

24.  LEASES

The Company’s operating leases, where Citi is a lessee, include real estate, such as office space and branches, and various types of equipment. These leases may contain renewal and extension options and early termination features; however, these options do not impact the lease term unless the Company is reasonably certain that it will exercise options. These leases have a weighted-average remaining lease term of approximately seven years as of March 31, 2026.
For additional information regarding Citi’s leases, see Notes 1 and 29 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.
The following table presents information on the right-of-use (ROU) asset and lease liabilities included in Premises and equipment and Other liabilities, respectively:

In millions of dollarsMarch 31,
2026		December 31,
2025
ROU asset$3,079 $3,009 
Lease liability3,237 3,163 

The Company recognizes fixed lease costs on a straight-line basis throughout the lease term in the Consolidated Statement of Income. In addition, variable lease costs are recognized in the period in which the obligation for those payments is incurred.

183

25.  CONTINGENCIES

The following information supplements and amends, as applicable, the disclosure in Note 30 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K. For purposes of this Note, Citigroup, its affiliates and subsidiaries and current and former officers, directors, and employees are sometimes collectively referred to as Citigroup and Related Parties.
In accordance with ASC 450, Citigroup establishes accruals for contingencies, including any litigation, regulatory, or tax matters disclosed herein, when Citigroup believes it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted from time to time, as appropriate, in light of additional information. The amount of loss ultimately incurred in relation to those matters may be substantially higher or lower than the amounts accrued for those matters. With respect to previously incurred loss contingencies for which recovery is expected, Citi applies loss recovery accounting when disputes and uncertainties affecting recognition are resolved.
If Citigroup has not accrued for a matter because the matter does not meet the criteria for accrual (as set forth above), or Citigroup believes an exposure to loss exists in excess of the amount accrued for a particular matter, in each case assuming a material loss is reasonably possible but not probable, Citigroup discloses the matter. In addition, for such matters, Citigroup discloses an estimate of the aggregate reasonably possible loss or range of loss in excess of the amounts accrued for those matters for which an estimate can be made. At March 31, 2026, Citigroup estimates that the reasonably possible unaccrued loss for these matters ranges up to approximately $1.1 billion in the aggregate.
As available information changes, the matters for which Citigroup is able to estimate will change, and the estimates themselves will change. In addition, while many estimates presented in financial statements and other financial disclosures involve significant judgment and may be subject to significant uncertainty, estimates of the range of reasonably possible loss arising from litigation, regulatory, tax, or other matters are subject to particular uncertainties. For example, at the time of making an estimate, Citigroup may only have preliminary or incomplete information about the facts underlying the claim; its assumptions about the future rulings of the court or other tribunal on significant issues, or the behavior and incentives of adverse parties, regulators, or tax authorities may prove to be wrong; and the outcomes it is attempting to predict are often not amenable to the use of statistical or other quantitative analytical tools. In addition, from time to time an outcome may occur that Citigroup had not accounted for in its estimates because it had deemed such an outcome to be remote. For all these reasons, the amount of loss in excess of amounts accrued in relation to matters for which an estimate has been made could be substantially higher or lower than the range of loss included in the estimate.

Subject to the foregoing, it is the opinion of Citigroup’s management, based on current knowledge and after taking into account its current accruals, that the eventual outcome of all matters described in this Note would not be likely to have a material adverse effect on the consolidated financial condition of Citigroup. Nonetheless, given the substantial or indeterminate amounts sought in certain of these matters and the inherent unpredictability of such matters, an adverse outcome in certain of these matters could, from time to time, have a material adverse effect on Citigroup’s consolidated results of operations or cash flows in particular quarterly or annual periods.
For further information on ASC 450 and Citigroup’s accounting and disclosure framework for contingencies, including for any litigation, regulatory, and tax matters disclosed herein, see Note 30 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.

Greek Pension Claims
On March 24 and 27, 2026, in SOULTANA AGGELAKI & OTHERS v. CITIBANK EUROPE PUBLIC LIMITED, AGGELAKIS CHRISTOS & OTHERS v. CITIBANK EUROPE PUBLIC LIMITED, GIACHOUNTOUDI & OTHERS v. CITIBANK EUROPE PUBLIC LIMITED, and GLYKAS & OTHERS v. CITIBANK EUROPE PUBLIC LIMITED, Citibank and the claimants filed appeals with the Greek Supreme Court of the decisions of the Court of Appeal which dismissed some claims and allowed others to proceed with directions on the calculation methodology of the pension benefits. Additional information is available in court filings under docket numbers 606-609, 619-625 and 627/2027 in the Athens Supreme Court.

Madoff-Related Litigation
On March 13, 2026, in FAIRFIELD SENTRY LTD., ET AL. v. CITIGROUP GLOBAL MARKETS LTD., ET AL.; FAIRFIELD SENTRY LTD., ET AL. v. CITIBANK (SWITZERLAND) AG, ET AL.; FAIRFIELD SENTRY LTD., ET AL. v. ZURICH CAPITAL MARKETS COMPANY, ET AL.; FAIRFIELD SENTRY LTD., ET AL. v. CITIBANK NA LONDON, ET AL.; FAIRFIELD SENTRY LTD., ET AL. v. CITIVIC NOMINEES LTD., ET AL.; FAIRFIELD SENTRY LTD., ET AL. v. DON CHIMANGO SA, ET AL.; and FAIRFIELD SENTRY LTD., ET AL. v. CITIBANK KOREA INC. ET AL., the liquidators filed a petition for a writ of certiorari in the United States Supreme Court. Additional information is publicly available in court filings under the docket numbers 10-13164, 10-3496, 10-3622, 10-3634, 10-4100, 10-3640, 11-2770, 12-1142, 12-1298 (Bankr. S.D.N.Y.) (Mastando, J.); 19-3911, 19-4267, 19-4396, 19-4484, 19-5106, 19-5135, 19-5109, 21-2997, 21-3243, 21-3526, 21-3529, 21-3530, 21-3998, 21-4307, 21-4498, 21-4496 (S.D.N.Y.) (Broderick, J.); and 22-2101 (consolidated lead appeal), 22-2557, 22-2122, 23-697, 22-2562, 22-2216, 22-2545, 22-2308, 22-2591, 22-2502, 22-2553, 22-2398, 22-2582, 23-965 (consolidated lead appeal), 23-549, 23-572, 23-573, 23-975, 23-982, 23-987 (2d Cir.); 25-1089 (U.S.).


184

Variable Rate Demand Obligation Litigation
In STATE OF CALIFORNIA EX REL. EDELWEISS FUND, LLC v. JP MORGAN CHASE & CO., ET AL., on March 3, 2026, the court issued a ruling denying the plaintiff-relator’s motions for summary judgment and granting in part and denying in part defendants’ motions for summary judgment. Trial is scheduled for June 8, 2026. Additional information concerning this action is publicly available in court filings under the docket numbers CGC-14-540777 (Cal. Super. Ct.) (Schulman, J.) and A163264 (Cal. 1st App. Div.).

In THE CITY OF PHILADELPHIA, MAYOR AND CITY COUNCIL OF BALTIMORE, THE BOARD OF DIRECTORS OF THE SAN DIEGO ASSOCIATION OF GOVERNMENTS, ACTING AS THE SAN DIEGO COUNTY REGIONAL TRANSPORTATION COMMISSION v. BANK OF AMERICA CORP., ET AL., on April 20, 2026, the Supreme Court denied defendants’ certiorari petition appealing the district court’s class certification decision. Additional information concerning this action is publicly available in court filings under the docket numbers 19-CV-1608 (S.D.N.Y.) (Furman, J.), 23-7328 (2d Cir.), and 25-639 (S. Ct.).

Settlement Payments
Payments required in any settlement agreements described above have been made or are covered by existing litigation or other accruals.

185

26.  SUBSIDIARY GUARANTEES

Citigroup Inc. has fully and unconditionally guaranteed the payments due on debt securities issued by Citigroup Global Markets Holdings Inc. (CGMHI), a wholly owned subsidiary, under the Senior Debt Indenture dated as of March 8, 2016, between CGMHI, Citigroup Inc. and The Bank of New York Mellon, as trustee. In addition, Citigroup Capital III and Citigroup Capital XIII (collectively, the Capital Trusts), each of which is a wholly owned finance subsidiary of Citigroup Inc., have issued trust preferred securities. Citigroup Inc. has guaranteed the payments due on the trust preferred securities
to the extent that the Capital Trusts have insufficient available funds to make payments on the trust preferred securities. The guarantee, together with Citigroup Inc.’s other obligations with respect to the trust preferred securities, effectively provides a full and unconditional guarantee of amounts due on the trust preferred securities (see Note 16). No other subsidiary of Citigroup Inc. guarantees the debt securities issued by CGMHI or the trust preferred securities issued by the Capital Trusts.
Summarized financial information for Citigroup Inc. and CGMHI is presented in the tables below:



SUMMARIZED INCOME STATEMENT

Three Months Ended
March 31, 2026
In millions of dollarsCitigroup parent companyCGMHI
Total revenues, net of interest expense$10,544 $3,807 
Total operating expenses58 3,112 
Provision for credit losses— 14 
Equity in undistributed income of subsidiaries(5,366)— 
Income (loss) from continuing operations before income taxes$5,120 $681 
Provision (benefit) for income taxes(665)121 
Net income (loss)$5,785 $560 


SUMMARIZED BALANCE SHEET

March 31, 2026December 31, 2025
In millions of dollarsCitigroup parent companyCGMHICitigroup parent companyCGMHI
Cash and deposits with banks$4,185 $24,062 $6,580 $24,459 
Securities borrowed and purchased under resale agreements— 297,615 — 291,384 
Trading account assets210 378,149 85 342,203 
Advances to subsidiaries166,585 — 160,188 — 
Investments in subsidiary bank holding company179,369 — 185,568 — 
Investments in non-bank subsidiaries45,450 — 44,310 — 
Other assets(1)
17,330 202,238 15,654 180,075 
Total assets$413,129 $902,064 $412,385 $838,121 
Securities loaned and sold under agreements to repurchase$— $375,606 $— $357,524 
Trading account liabilities1 115,030 17 107,988 
Short-term borrowings— 40,241 — 34,712 
Long-term debt171,000 211,282 177,855 211,029 
Advances from subsidiaries28,214 — 19,319 — 
Other liabilities2,955 123,227 2,903 91,214 
Stockholders’ equity210,959 36,678 212,291 35,654 
Total liabilities and equity$413,129 $902,064 $412,385 $838,121 

(1)    Other assets of CGMHI includes loans to affiliates of $101 billion and $99 billion at March 31, 2026 and December 31, 2025, respectively.
186

UNREGISTERED SALES OF EQUITY SECURITIES, REPURCHASES OF EQUITY SECURITIES AND DIVIDENDS

Unregistered Sales of Equity Securities
None.

Equity Security Repurchases
All large banks, including Citi, are subject to limitations on capital distributions in the event of a breach of any regulatory capital buffers, including the Stress Capital Buffer, with the degree of such restrictions based on the extent to which the buffers are breached. For additional information, see “Capital Resources—Regulatory Capital Buffers” and “Risk Factors—Strategic Risks,” “—Operational Risks” and “—Compliance Risks” in Citi’s 2025 Form 10-K.













The following table summarizes Citi’s common share repurchases for the first quarter of 2026:

In thousands, except per share amounts and remaining program dollar valueTotal shares purchasedAverage
price paid
per share
Cumulative shares purchased as part of publicly announced program(1)
Approximate remaining dollar value of shares that may be purchased under the program
(in billions of dollars)
January 2026
Open market repurchases(1)
8,723 $114.64 152,810 $5.8 
Employee transactions(2)
— — — — 
February 2026
Open market repurchases(1)
17,378 115.41 170,188 3.8 
Employee transactions(2)
— — — — 
March 2026
Open market repurchases(1)
30,149 109.27 200,337 0.5 
Employee transactions(2)
— — — — 
Total for 1Q26
56,250 $112.00 200,337 $0.5 

(1)    Represents repurchases under the previously announced 2025 $20 billion common stock repurchase program that was approved by Citigroup’s Board of Directors on January 13, 2025. Citigroup does not intend to make further purchases under the 2025 $20 billion stock repurchase program.
(2)    During the first quarter, pursuant to the Board authorization, Citi withheld an insignificant number of shares of common stock, added to treasury stock, related to activity from employee stock programs to satisfy the employee tax requirements.

During the first quarter of 2026, Citi repurchased $6.3 billion of common shares under the 2025 $20 billion stock repurchase program (of which there was $0.5 billion remaining at March 31, 2026). Citigroup does not intend to make further purchases under the 2025 $20 billion stock repurchase program.
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. Repurchases by Citigroup under this common stock repurchase program are subject to quarterly approval by Citigroup’s Board of Directors; may be effected from time to time through open market purchases, trading plans established in accordance with SEC rules or other means; and, as determined by Citigroup, may be subject to satisfactory market conditions, Citigroup’s capital position and capital requirements, applicable legal requirements and other factors.


Dividends
Citi paid common dividends of $0.60 per share for the first quarter of 2026, and on April 2, 2026, declared common dividends of $0.60 per share for the second quarter of 2026.
Any dividend on Citi’s outstanding common stock would also need to be in compliance with Citi’s obligations on its outstanding preferred stock.
On April 2, 2026, Citi declared preferred dividends of approximately $338 million for the second quarter of 2026.
For information on the ability of Citigroup’s subsidiary depository institutions to pay dividends, see Note 20 to the Consolidated Financial Statements in Citi’s 2025 Form 10-K.


187

OTHER INFORMATION

Insider Trading Arrangements
During the first quarter of 2026, no director or executive officer of Citi adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangement (each, as defined in Item 408 of Regulation S-K).
188

EXHIBIT INDEX

Number Description
 
 
 
   
101.01+ 
Financial statements from the Quarterly Report on Form 10-Q of Citigroup Inc. for the quarterly period ended March 31, 2026, filed on May 7, 2026, formatted in Inline XBRL: (i) the Consolidated Statement of Income, (ii) the Consolidated Balance Sheet, (iii) the Consolidated Statement of Changes in Stockholders’ Equity, (iv) the Consolidated Statement of Cash Flows and (v) the Notes to the Consolidated Financial Statements.
104See the cover page of this Quarterly Report on Form 10-Q, formatted in Inline XBRL.

The total amount of securities authorized pursuant to any instrument defining rights of holders of long-term debt of Citigroup Inc. does not exceed 10% of the total assets of Citigroup Inc. and its consolidated subsidiaries. Citigroup Inc. will furnish copies of any such instrument to the SEC upon request.

*     Denotes a management contract or compensatory plan or arrangement.
+    Filed herewith.


189

SIGNATURES




Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on the 7th day of May, 2026.



CITIGROUP INC.
(Registrant)





By    /s/ Gonzalo Luchetti
Gonzalo Luchetti
Chief Financial Officer
(Principal Financial Officer)



By    /s/ Nicole Giles
Nicole Giles
Controller and Chief Accounting Officer
(Principal Accounting Officer)


190

GLOSSARY OF TERMS AND ACRONYMS

The following is a list of terms and acronyms that are used in this report and certain other Citigroup presentations.

* Denotes a Citi metric

2025 Annual Report on Form 10-K: Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC.
90+ days past due delinquency rate*: Represents consumer loans that are past due by 90 or more days, divided by that period’s total EOP loans.
ABS: Asset-backed securities
ACL: Allowance for credit losses, which is composed of the allowance for credit losses on loans (ACLL), allowance for credit losses on unfunded lending commitments (ACLUC), allowance for credit losses on HTM securities and allowance for credit losses on other assets.
ACLL: Allowance for credit losses on loans
ACLUC: Allowance for credit losses on unfunded lending commitments
Advanced Approaches: The Advanced Approaches capital framework, established through Basel III rules by the FRB, requires certain banking organizations to use an internal ratings-based approach and other methodologies to calculate risk-based capital requirements for credit risk and advanced measurement approaches to calculate risk-based capital requirements for operational risk.
AFS: Available-for-sale
AI: Artificial intelligence
ALCO: Asset and Liability Committee
Amortized cost: Amount at which a financing receivable or investment is originated or acquired, adjusted for accretion or amortization of premium, discount, and net deferred fees or costs, collection of cash, charge-offs, foreign exchange and fair value hedge accounting adjustments. For AFS securities, amortized cost is also reduced by any impairment losses recognized in earnings. Amortized cost is not reduced by the allowance for credit losses, except where explicitly presented net.
AOCI: Accumulated other comprehensive income (loss)
ASC: Accounting Standards Codification under GAAP issued by the FASB.
Asia Consumer: Asia Consumer Banking
ASU: Accounting Standards Update under GAAP issued by the FASB.
AUC/AUA: Assets under custody and administration includes assets for which Citi provides custody or safekeeping services for assets held directly or by a third party on behalf of clients, or assets for which Citi provides administrative services for clients.
Available liquidity resources*: Resources available at the balance sheet date to support Citi’s client and business needs, including HQLA assets; additional unencumbered securities, including excess liquidity held at bank entities that is non-transferable to other entities within Citigroup; and available assets not already accounted for within Citi’s HQLA to support FHLB and Federal Reserve Bank discount window borrowing capacity.
Banamex: Grupo Financiero Banamex, S.A. de C.V., the legal entity being divested by Citi
Basel III: Liquidity and capital rules adopted by the FRB based on an internationally agreed set of measures developed by the Basel Committee on Banking Supervision.
Beneficial interests issued by consolidated VIEs: Represents the interest of third-party holders of debt, equity securities or other obligations, issued by VIEs that Citi consolidates.
Benefit obligation: Refers to the projected benefit obligation for pension plans and the accumulated postretirement benefit obligation for other post-employment benefits plans.
BHC: Bank holding company
Board: Citigroup’s Board of Directors
Book value per share*: EOP common equity divided by EOP common shares outstanding.
Bps: Basis points. One basis point equals 1/100th of one percent.
Build: A net increase in the ACL through the provision for credit losses.
Card spend volume*: Dollar amount of card customers’ gross purchases. Also known as purchase sales.
Cards: Citi’s credit cards’ businesses or activities.
CCAR: Comprehensive Capital Analysis and Review
CCO: Chief Compliance Officer
CCyB: Countercyclical Capital Buffer
CDS: Credit default swaps
CECL: Current expected credit losses
CEO: Chief Executive Officer
CET1 Capital: Common Equity Tier 1 Capital. See “Capital Resources—Components of Citigroup Capital” above within MD&A for the components of CET1.
CET1 Capital ratio*: Common Equity Tier 1 Capital ratio. A primary regulatory capital ratio representing end-of-period CET1 Capital divided by total risk-weighted assets.
CFO: Chief Financial Officer
CGMHI: Citigroup Global Markets Holdings Inc.
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CGMI: Citigroup Global Markets Inc.
CGML: Citigroup Global Markets Limited
Citi: Citigroup Inc.
Citibank or CBNA: Citibank, N.A. (National Association)
Classifiably managed: Loans primarily evaluated for credit risk based on internal risk rating classification.
Client investment assets: Represent assets under management, trust and custody assets.
Closed loop: Closed loop cards process transactions directly from a retailer to Citi, without utilizing a third-party payment network such as Visa or Mastercard.
Cluster revenues: Cluster revenues are primarily based on where the underlying transaction is managed.
CODM: Chief operating decision maker. For Citi, the Chief Executive Officer.
Collateral dependent: A loan is considered collateral dependent when repayment of the loan is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty, including when foreclosure is deemed probable based on borrower delinquency.
Commercial card spend volume: Represents the total global spend volumes using Citi-issued commercial cards net of refunds and returns.
Commercial cards: Provides a wide range of payment services to corporate and public sector clients worldwide through commercial card products. Services include procurement, corporate travel and entertainment, expense management services and business-to-business payment solutions.
Consent Orders: In October 2020, Citigroup and Citibank entered into consent orders with the FRB and OCC that require Citigroup and Citibank to make improvements in various aspects of enterprise-wide risk management, compliance, data quality management related to governance, and internal controls. In July 2024, the FRB and OCC entered into civil money penalty consent orders with Citigroup and Citibank to address remediation effort shortcomings.
CRE: Commercial real estate
Credit cycle: A period of time over which credit quality improves, deteriorates and then improves again (or vice versa). The duration of a credit cycle can vary from a couple of years to several years.
Credit derivatives: Financial instruments whose value is derived from the credit risk associated with the debt of a third-party issuer (the reference entity), which allow one party (the protection purchaser) to transfer that risk to another party (the protection seller).
Criticized: Loans, lending-related commitments or derivative receivables that are classified as special mention, substandard or doubtful for regulatory purposes.

Cross-border transaction value: Represents the total value of cross-border FX payments processed through Citi’s proprietary Worldlink and Cross-Border Funds Transfer platforms, including payments from consumer, corporate, financial institution and public sector clients.
CTA: Cumulative translation adjustment (also known as currency translation adjustment). A separate component of equity within AOCI reported net of tax. For Citi, represents the impact of translating non-U.S. dollar balance sheet items into U.S. dollars each period. The CTA amount in EOP AOCI is a cumulative balance, net of tax.
CVA: Credit valuation adjustment
DCM: Debt Capital Markets
Delinquency managed: Loans primarily evaluated for credit risk based on delinquencies, FICO scores and the value of underlying collateral.
Digital asset: Anything created and stored digitally that is identifiable and discoverable, establishes ownership and has or provides value (including tokenized deposits, cryptocurrencies, stablecoins and other assets and products that use distributed ledger or blockchain technology).
Divestiture-related impacts: Citi’s results excluding divestiture-related impacts represent as reported, or GAAP, financial results adjusted for items that are incurred and recognized, which are wholly and necessarily a consequence of actions taken to sell (including through a public offering), dispose of or wind down business activities associated with Citi’s announced 14 exit markets.
Dividend payout ratio*: Represents dividends declared per common share as a percentage of net income per diluted share.
DPD: Days past due
DTA: Deferred tax asset
DVA: Debt valuation adjustment
ECM: Equity Capital Markets
Efficiency ratio*: A ratio signifying how much of a dollar in expenses (as a percentage) it takes to generate one dollar in revenue. Represents total operating expenses divided by total revenues, net.
EOP: End-of-period
EPS*: Earnings per share
EU: European Union
Fannie Mae: Federal National Mortgage Association
FASB: Financial Accounting Standards Board
FCA: Financial Conduct Authority
FDIC: Federal Deposit Insurance Corporation
Federal Reserve Board (FRB): The Board of the Governors of the Federal Reserve System
FFIEC: Federal Financial Institutions Examination Council
FHA: Federal Housing Administration
FHLB: Federal Home Loan Bank
192

FICO: Fair Isaac Corporation
FICO score: A measure of consumer credit risk provided by credit bureaus, typically produced from statistical models by Fair Isaac Corporation utilizing data collected by the credit bureaus.
FINRA: Financial Industry Regulatory Authority
FRB: Federal Reserve Board
Freddie Mac: Federal Home Loan Mortgage Corporation
FVA: Funding valuation adjustment
FX: Foreign exchange
FX translation: The impact of converting non-U.S. dollar currencies into U.S. dollars.
GAAP or U.S. GAAP: Generally accepted accounting principles in the United States of America.
Generative AI: A type of artificial intelligence that uses generative models to create text and other content.
GILTI: Global intangible low-taxed income
Ginnie Mae: Government National Mortgage Association
GPCC: General Purpose Credit Cards (within U.S. Consumer Cards). Consists of consumer credit cards that operate on third-party payment networks and are accepted by a wide variety of merchants and service providers.
GSIB: Global Systemically Important Bank
HFI loans: Loans that are held-for-investment (i.e., excludes loans held-for-sale).
HFS: Held-for-sale
HQLA: High-quality liquid assets. Consist of cash and certain high-quality liquid securities as defined in the LCR rule.
HTM: Held-to-maturity
Hyperinflation: Extreme economic inflation with prices rising at a very high rate in a very short time. Under U.S. GAAP, entities operating in a hyperinflationary economy need to change their functional currency to the U.S. dollar. Once the change is made, the CTA balance is frozen.
IMF: International Monetary Fund
Interchange fees: Fees earned from merchants based on Citi’s credit and debit card customer sales transactions. Interchange fees are presented net of certain transaction processing fees paid, primarily to the networks, on behalf of the merchant.
International region: Comprises six clusters: United Kingdom; Japan, Asia North and Australia (JANA); LATAM; Asia South; Europe; and Middle East, Africa and Russia (MEA).
IPO: Initial public offering
JANA: Japan, Asia North and Australia
KPMG: KPMG LLP, Citi’s Independent Registered Public Accounting Firm
LATAM: Latin America
LCR: Liquidity Coverage ratio. Represents HQLA divided by net outflows in the period.
LGD: Loss given default
LLC: Limited Liability Company
LTD: Long-term debt
LTV: Loan-to-value. For residential real estate loans, the relationship, expressed as a percentage, between the principal amount of a loan and the estimated value of the collateral (i.e., residential real estate) securing the loan.
Managed basis: Results reflected on a managed basis exclude divestiture-related impacts.
Master netting agreement: A single agreement with a counterparty that permits multiple transactions governed by that agreement to be terminated or accelerated and settled through a single payment in a single currency in the event of a default (e.g., bankruptcy, failure to make a required payment or securities transfer or deliver collateral or margin when due).
MBS: Mortgage-backed securities
MD&A: Management’s Discussion and Analysis, a section within an SEC Form 10-Q or 10-K.
MEA: Middle East, Africa and Russia.
Measurement alternative: Measures equity securities without readily determinable fair values at cost less impairment (if any), plus or minus observable price changes from an identical or similar investment of the same issuer.
Mexico Consumer: Mexico Consumer Banking
Mexico Consumer/SBMM: Mexico Consumer Banking and Small Business and Middle-Market Banking reported within Legacy Franchises in All Other. Mexico Consumer/SBMM operates primarily through Grupo Financiero Banamex, S.A. de C.V. and its consolidated subsidiaries, including Banco Nacional de México, S.A., which provides traditional retail banking and branded card products to consumers and small business customers and traditional middle-market banking products and services to commercial customers, and other affiliated subsidiaries that offer retirement fund administration and insurance products.
Mexico SBMM: Mexico Small Business and Middle-Market Banking
Moody’s: Moody’s Ratings
MSRs: Mortgage servicing rights
N/A: Data is not applicable or available for the period presented.
NAA: Non-accrual assets. Consists of non-accrual loans and OREO.
NAL: Non-accrual loans. Loans for which interest income is not recognized on an accrual basis. Loans (other than credit card loans and certain consumer loans insured by U.S. government-sponsored agencies) are placed on non-accrual status when full payment of principal and interest is not expected, regardless of delinquency status, or when principal and interest have been in default for a period of 90 days or
193

more unless the loan is both well secured and in the process of collection. Collateral-dependent loans are typically maintained on non-accrual status.
NAV: Net asset value
NCL(s): Net credit losses. Represents gross credit losses, less gross credit recoveries.
NCL ratio*: Represents net credit losses (recoveries) (annualized), divided by average loans for the reporting period.
Net capital rule: Rule 15c3-1 under the Securities Exchange Act of 1934.
NIM*: Net interest margin expressed as a yield percentage, calculated as annualized net interest income divided by average interest-earning assets for the period.
NM: Not meaningful
NNIA (net new investment asset flows) (Wealth): Represents investment asset inflows, including dividends, interest and distributions, less investment asset outflows. Excluded from the calculation are the impacts of fees and commissions, market movement and any impact from strategic decisions by Citi to exit certain markets or services. Also excluded from the calculation are net new investment assets associated with markets for which data was not available for current-period reporting.
Noncontrolling interests: The portion of an investment that has been consolidated by Citi that is not 100% owned by Citi.
Non-GAAP financial measure: A non-GAAP financial measure is a numerical measure of the Company’s historical or future financial performance, financial position or cash flows that (i) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet or statement of cash flows (or equivalent statements) of the Company; or (ii) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented.
Note: All “Note” references correspond to the Notes to the Consolidated Financial Statements herein, unless otherwise indicated.
NSFR: Net stable funding ratio
OCC: Office of the Comptroller of the Currency
OCI: Other comprehensive income (loss)
Operating leverage*: Represents the year-over-year growth rate in basis points (bps) of Total revenues, net of interest expense less the year-over-year growth rate of Total operating expenses. A positive operating leverage percentage indicates that the revenue growth rate was greater than the expense growth rate.
OREO: Other real estate owned

Organic growth (Wealth): Organic growth is defined as growth in client investment assets related to net new investment assets (NNIA) and excluding the impact of market growth. It is calculated as the sum of NNIA for the prior 12-month period divided by the prior-year quarter’s client investment assets.
OTTI: Other-than-temporary impairment
Over-the-counter cleared (OTC-cleared) derivatives: Derivative contracts that are negotiated and executed bilaterally, but subsequently settled via a central clearing house, such that each derivative counterparty is only exposed to the default of that clearing house.
Over-the-counter (OTC) derivatives: Derivative contracts that are negotiated, executed and settled bilaterally between two derivative counterparties, where one or both counterparties are derivatives dealers.
Parent company: Citigroup Inc.
Partner payments: Payments made to credit card partners primarily based on program sales and profitability.
PD: Probability of default
PIL: Personal installment loans
PLCC: Private Label Credit Cards (within U.S. Consumer Cards). Consists of consumer credit cards that are issued for use with a specific retailer or its affiliates and are limited to purchases of that retailer’s goods and services.
Prime balances: Prime balances are defined as clients’ billable balances where Citi provides cash or synthetic prime brokerage services. Management uses this information in reviewing the business’s size and growth and believes it is useful to investors concerning underlying business size and growth trends.
Principal transactions revenue: Primarily trading-related revenues predominantly generated by the Services, Markets and Banking segments. See Note 6.
Provision for credit losses: Composed of the provision for credit losses on loans, provision for credit losses on HTM investments, provision for credit losses on other assets and provision for credit losses on unfunded lending commitments.
Provisions: Provisions for credit losses and for benefits and claims.
Purchased credit-deteriorated: Purchased credit-deteriorated assets are financial assets that as of the date of acquisition have experienced a more-than-insignificant deterioration in credit quality since origination, as determined by the Company.
R&S forecast period: Reasonable and supportable period over which Citi forecasts future macroeconomic conditions for CECL purposes.
Real GDP: Real gross domestic product is the inflation-adjusted value of the goods and services produced by labor and property located in a country.

194

Reconciling Items: Divestiture-related impacts excluded from the results of All Other, as well as All Other—Legacy Franchises on a managed basis. The Reconciling Items are fully reflected in Citi’s Consolidated Statement of Income for each respective line item.
Regulatory VaR: Daily aggregated VaR calculated in accordance with regulatory rules.
Release: A net decrease in the ACL through the provision for credit losses.
Reported basis: Financial statements prepared under U.S. GAAP.
Results of operations that exclude certain impacts from gains or losses on sale, or one-time charges*: Represents GAAP items, excluding the impact of gains or losses on sales, or one-time charges (e.g., the loss on sale related to the sale of Citi’s consumer banking business in Poland).
Results of operations that exclude the impact of FX translation*: Represents GAAP items, excluding the impact of FX translation, whereby the prior periods’ foreign currency balances are translated into U.S. dollars at the current period’s conversion rates (also known as constant dollar). GAAP measures excluding the impact of FX translation are non-GAAP financial measures.
Revenue rate*: Total revenues, net of interest expense (annualized) as a percentage of average loans. This is a key driver for the USCC business segment.
RoTCE*: Return on tangible common equity. Represents net income less preferred dividends (both annualized), divided by average tangible common equity for the period.
RWA: Risk-weighted assets. Basel III establishes two comprehensive approaches for calculating RWA (the Standardized Approach and the Advanced Approaches), which include capital requirements for credit risk, market risk and operational risk for Advanced Approaches. Key differences in the calculation of credit risk RWA between the Standardized and Advanced Approaches are that for Advanced, credit risk RWA is based on risk-sensitive approaches that largely rely on the use of internal credit models and parameters, whereas for Standardized, credit risk RWA is generally based on supervisory risk weightings, which vary primarily by counterparty type and asset class. Market risk RWA is calculated on a generally consistent basis between Basel III Standardized Approach and Basel III Advanced Approaches.
S&P: Standard and Poor’s Global Ratings
SCB: Stress Capital Buffer
SEC: The U.S. Securities and Exchange Commission
SLR: Supplementary Leverage ratio. Represents Tier 1 Capital divided by Total Leverage Exposure.
SOFR: Secured Overnight Financing Rate
SPEs: Special purpose entities

Standardized Approach: Established through Basel III, the Standardized Approach aligns regulatory capital requirements more closely with the key elements of banking risk by introducing a wider differentiation of risk weights and a wider recognition of credit risk mitigation techniques, while avoiding excessive complexity. Accordingly, the Standardized Approach produces capital ratios more in line with the actual economic risks that banks face.
Tangible book value per share (TBVPS)*: Represents tangible common equity divided by EOP common shares outstanding.
Tangible common equity (TCE): Represents common stockholders’ equity less goodwill and identifiable intangible assets, other than MSRs.
Taxable equivalent basis: Represents the total revenue, net of interest expense for the business, adjusted for revenue from investments that receive tax credits and the impact of tax-exempt securities. This metric presents results on a level comparable to taxable investments and securities. GAAP measures on a taxable equivalent basis, including the metrics derived from these measures, are non-GAAP financial measures.
TEGU: taxable equivalent gross-up adjustments
TLAC: Total loss-absorbing capacity
Total ACL: Allowance for credit losses, which comprises the allowance for credit losses on loans (ACLL), allowance for credit losses on unfunded lending commitments (ACLUC), allowance for credit losses on HTM securities and allowance for credit losses on other assets.
Total payout ratio*: Represents total common dividends declared plus common share repurchases as a percentage of net income available to common shareholders.
Transactional and product servicing: Comprises costs incurred in ongoing support of products or services, which are predominantly variable costs driven by transaction volumes, client accounts or other variable costs. These costs are primarily composed of brokerage exchange and clearance costs, exchange fees, regulatory memberships, customer-related costs (statement processing, postage, client activity, etc.) and certain indirect, non-income tax payments that are not recorded in Provision for income taxes in the Consolidated Statement of Income.
Transformation: Citi has embarked on a multiyear transformation, with the target outcome to change Citi’s business and operating models such that they simultaneously strengthen risk and controls and improve Citi’s value to customers, clients and shareholders.
TTS: Treasury and Trade Solutions
Unaudited: Financial statements and information that have not been subjected to auditing procedures sufficient to permit an independent certified public accountant to express an opinion.

195

USCC: U.S. Consumer Cards
U.S. dollar clearing volume: Represents the number of U.S. dollar clearing payment instructions processed by Citi on behalf of U.S. and foreign-domiciled entities (primarily financial institutions).
U.S. Treasury: U.S. Department of the Treasury
VaR: Value at risk. A measure of the dollar amount of potential loss from adverse market moves in an ordinary market environment.
VIEs: Variable interest entities
Wallet: Proportion of fee revenue based on estimates of investment banking fees generated across the industry (i.e., the revenue wallet) from investment banking transactions in M&A, equity and debt underwriting, and loan syndications.


196

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