# Citigroup Inc. (C)

> Source: Nexqual · https://nexqual.com/C · data as of 2026-10-23 17:25 UTC · cite as "Nexqual, Citigroup Inc. (C), nexqual.com/C" · informational, not investment advice.

**Price:** USD 120.54 (-1.61% today) · US market open, as of October 23, 2026 at 17:25 UTC; quotes may be delayed. Prev close 122.51 · day 119.98–121.54 · 52w 95.83–147.96 · market cap $202B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $91.4B, net income $17.8B (19.5% margin) (SEC filings).
- Valuation: P/E 11.3x (avg 12.3x at the last 3 fiscal year-ends).
- 8 of 80 tracked superinvestors hold C (13F, Q2 2026): 0 new, 0 added, 6 reduced, 2 unchanged.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $5.2M; 3 not under a Rule 10b5-1 plan ($5.2M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (23 analysts), mean target USD 151 (range 127–170).
- Total return with dividends: 1Y +27.3% vs S&P 500 +14.4%; 5Y +105.2% vs S&P 500 +77.0%.
- Next earnings: 2027-01-14, EPS estimate USD 2.29, revenue estimate $22.9B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $71.9B | $75.3B | $78.1B | $80.7B | $85.2B | $91.4B |
| Net income | $22.0B | $14.8B | $9.23B | $12.7B | $14.3B | $17.8B |
| EPS (diluted) | $10.14 | $7.00 | $4.04 | $5.94 | $6.99 | — |
| Free cash flow | $43.0B | $19.4B | -$80.0B | -$26.2B | -$74.2B | -$24.5B |
| Net margin | 30.5% | 19.7% | 11.8% | 15.7% | 16.8% | 19.5% |
| Revenue growth | -4.8% | +4.8% | +3.6% | +3.4% | +5.6% | — |
| Cash + short-term investments | $262B | $342B | $261B | $277B | $350B | — |
| Total debt | $282B | $319B | $324B | $336B | $368B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 11.3x · P/S 2.2x · P/B 0.9x · FCF yield -12.12% · Earnings yield 8.82% · Dividend yield (paid, TTM) 2.69% · Buyback yield (TTM) 9.79%
P/E at fiscal year-ends: Dec 2025 15.3x, Dec 2024 10.8x, Dec 2023 10.9x.

## Superinvestors (SEC 13F-HR, Q2 2026)
8 of 80 tracked investors hold C. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Kahn Brothers | Kahn Brothers Group | 16.91% | $95.4M | Unchanged |
| Samantha McLemore | Patient Capital Management | 6.53% | $196M | Reduced -0.7% |
| First Pacific Advisors |  | 5.30% | $422M | Reduced -5.0% |
| Harry Burn | Sound Shore | 2.65% | $86.2M | Reduced -20.4% |
| Richard Pzena | Pzena Investment Management | 2.28% | $777M | Reduced -32.1% |
| Francis Chou | Chou Associates | 2.11% | $4.6M | Unchanged |
| Bill Nygren | Oakmark Funds | 1.63% | $1.22B | Reduced -5.6% |
| Sarah Ketterer | Causeway Capital Management | 0.70% | $64.2M | Reduced -27.7% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-08 | Dugan John Cunningham | Director | 2,117 | $265K | 4.5% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-15 | Skyler Edward | Hd of Ent Svc & Public Affairs | 25,000 | $3.3M | 12.1% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-15 | Giles Nicole | CHIEF ACCOUNTING OFFICER | 12,732 | $1.7M | 11.5% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 23 analysts; mean target USD 151 (low 127, high 170).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-14 | Evercore ISI Group | Target lowered | In-Line | $140 → $135 |
| 2026-10-14 | TD Cowen | Target lowered | Buy | $150 → $148 |
| 2026-10-14 | RBC Capital | Target lowered | Outperform | $150 → $135 |
| 2026-10-05 | UBS | Target lowered | Neutral | $142 → $139 |
| 2026-10-02 | JP Morgan | Target lowered | Overweight | $149 → $147 |
| 2026-10-01 | Evercore ISI Group | Target raised | In-Line | $135 → $140 |
| 2026-09-28 | HSBC | Target raised | Buy | $161 → $164 |
| 2026-08-03 | UBS | Target lowered | Neutral | $150 → $142 |
| 2026-07-17 | Evercore ISI Group | Target lowered | In-Line | $143 → $135 |
| 2026-07-15 | RBC Capital | Reiterated | Outperform | $150 |
| 2026-07-15 | Truist Securities | Target lowered | Buy | $158 → $154 |
| 2026-07-07 | B of A Securities | Target raised | Buy | $170 → $176 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +27.3% | +105.2% |
| S&P 500 (SPY) | +14.4% | +77.0% |
| Per year | +27.3% | +15.5% |
| Volatility (annualized) | 29.5% | 30.5% |
| Max drawdown | -16.8% (Jun 2026→Oct 2026) | -40.6% (Oct 2021→Oct 2023) |

## Peers (Banks - Diversified)
TD (Toronto Dominion Bank (The)) USD 123.95 -0.94% · SAN (Banco Santander, S.A. Sponsored) USD 12.77 -1.00% · MUFG (Mitsubishi UFJ Financial Group,) USD 20.95 -2.17% · WFC (Wells Fargo & Company) USD 82.19 -0.99% · SMFG (Sumitomo Mitsui Financial Group) USD 23.72 -1.56% · RY (Royal Bank Of Canada) USD 200.15 -0.95%

## More
Full page: https://nexqual.com/C · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in C's own 10-K filed 2026-02-20 (https://www.sec.gov/Archives/edgar/data/831001/000083100126000011/c-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | FAIR ISAAC CORP (FICO) | "(1)Excludes immaterial balances for Canada and for customers for which no FICO scores are available." |

Other companies that name C in their own reports (relationship from C's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | BANK OF CHILE (BCH) | 20-F 2026-04-30 | "into a strategic partnership with Citigroup Inc., as a result of our merger with Citibank Chile." |
| partner | Flywire Corp (FLYW) | 10-K 2026-02-24 | "Payments are made through direct connections to global, regional and local banks or through relationships with our payments partners including Citigroup Inc. These connections and relationships help u…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Markets | $7.01B | 28.3% | +17.2% |
| Services | $6.38B | 25.8% | +17.5% |
| USCC | $4.52B | 18.3% | +1.1% |
| Wealth | $3.18B | 12.8% | +12.9% |
| Banking | $1.92B | 7.8% | +34.0% |
| Total revenue | $24.77B | 100% | — |
The lines above cover 92.9% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| In North America offices | $44.01B | 51.6% | +10.7% |
| International | $42.30B | 49.6% | +4.9% |
| United Kingdom | $7.60B | 8.9% | +13.4% |
| Total revenue | $85.22B | 100% | — |
The lines above cover 110.2% of total revenue.

## Company outlook (8-K filed 2026-10-13)

- "We expect to exceed this year's return target, even as we pull forward investments toward our 11-13% near-term goal —the next waypoints on our path to sustainable returns of 14-15%," Ms."
- "Excluding the notable item in the prior-year period, expenses were up 3% (3) . ​ Citigroup provision for credit losses was $2.6 billion, reflecting $2.2 billion of net credit losses and a net reserve build of $369 million, driven by changes in the macroeconomic outlook and portfolio growth."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $2.29 | $2.32 | -1.4% | $22.89B | 8 |
| Next quarter (ends 2027-03-31) | $3.29 | $3.34 | -1.5% | $25.34B | 5 |
| Current fiscal year (ends 2026-12-31) | $11.40 | $11.09 | +2.7% | $95.94B | 9 |
| Next fiscal year (ends 2027-12-31) | $13.05 | $12.81 | +1.9% | $100.08B | 12 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2027-01-15 (includes earnings 2027-01-14): ±11.1%; earnings reaction alone ±3.2%; last 4 reports averaged ±4.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 28.1% | ±3.2% |
| 2026-11-06 | 14 | 28.8% | ±4.6% |
| 2026-11-13 | 21 | 29.3% | ±5.6% |
| 2026-11-20 | 28 | 28.4% | ±6.3% |
| 2026-11-27 | 35 | 28.3% | ±7.0% |
| 2026-12-04 | 42 | 28.0% | ±7.6% |
| 2026-12-18 | 56 | 27.9% | ±8.7% |
| 2027-01-15 | 84 | 28.9% | ±11.1% |