NYSE: CFG · Regional Banks
Citizens Financial Group
Citizens Financial Group is a Providence, Rhode Island–based bank holding company with $226.4 billion of assets and $183.3 billion of deposits at year-end 2025. It operates more than 1,000 branches in 14 states and the District of Columbia, mainly in New England, the Mid-Atlantic, and the Midwest, and reports two segments: Consumer Banking and Commercial Banking. It is also building a Private Bank and Private Wealth business. FY2025 total revenue (net interest income plus noninterest income) was $8.25 billion and net income $1.83 billion.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 17, 2026 10:20 (SEC EDGAR) · Source 10-K filed: February 12, 2026
Built on10-K FY2025 · filed 2026-02-1210-Q (quarter ended 2026-09-30) · filed 2026-10-28
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 3.6%
- Net marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 22.2%
- Return on equityROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- 7.2%
- Equity ratioEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 11.6%
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.21x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 1 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 12.3x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 1.01
Higher than 20% of 44 financial companies
Average yearly growth over the years shown
Higher than 64% of 45 financial companies
Latest fiscal year (FY2025)
Higher than 9% of 45 financial companies
Latest fiscal year (FY2025)
Higher than 47% of 45 financial companies
Equity ÷ total assets
Higher than 45% of 44 financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$64.80close on 2026-11-04
Market cap$27.81B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 12.3x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 1.1x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- —
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 2.7%
At FY2025 year-end: 15.1x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 1.0x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 0.0%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$2.12B → $2.32B (vs. a year earlier)↑ +9.6%$2.12B → $2.32B (vs. a year earlier)
- Net income$494M → $636M (vs. a year earlier)↑ +28.7%$494M → $636M (vs. a year earlier)
- Diluted EPS$1.05 → $1.41 (vs. a year earlier)↑ +34.3%$1.05 → $1.41 (vs. a year earlier)
- Cash$12.76B → $12.97B (vs. previous quarter-end)↑ +1.6%$12.76B → $12.97B (vs. previous quarter-end)
- Long-term debt$15.19B → $17.01B (vs. previous quarter-end)↑ +12.0%$15.19B → $17.01B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 16, 2026.
Management outlook • Issued
Q4 outlook: net interest income up about 2.5%–3% from Q3. Source sentence
16 4Q26 outlook vs. 3Q26 3Q26 4Q26 Outlook Net interest income $1,675MM ■ Up ~2.5% to 3% Noninterest income $647MM ■ Up ~4 to 5% Noninterest expense $1,393MM ■ Up ~1% Net charge-offs $137MM; 37 bps ■ Stable to down slightly CET1 ratio(1) 10.5% ■ ~10.6% to 10.7%; expect ~$200 million in share repurchases Tax rate 20.9% ■ ~22% See pages 31-32 for notes.
Key changes
EPS $1.41, up 34% from a year earlier. Source sentence
ACL coverage of 1.47% ■ EPS of $1.41, up 8% QoQ and 34% YoY, reflecting strong PPNR growth ■ ROTCE of 15.1%, up 117 bps QoQ; up 333 bps YoY ■ PPNR of $929 million, up 4.5% QoQ; up 18.6% YoY;
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- CITIZENS FINANCIAL GROUP INC/RI
- Headquarters
- PROVIDENCE, RI
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: CFG
- Industry
- Regional Banks
- CIK
- 759944
Workforce (as of FY2025 year-end)
Employees
17,398
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 17–21 days after quarter end (Jan 21, 2026; Jan 17, 2025; Jan 17, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 15–21 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 16, 2026 (+16 days) | Oct 28, 2026 10-Q (+28 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 16, 2026 (+16 days) | Aug 3, 2026 10-Q (+34 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 16, 2026 (+16 days) | May 4, 2026 10-Q (+34 days) |
| Q4 FY2025 | Dec 31, 2025 | Jan 21, 2026 (+21 days) | Feb 12, 2026 10-K (+43 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 15, 2025 (+15 days) | Nov 3, 2025 10-Q (+34 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 17, 2025 (+17 days) | Aug 4, 2025 10-Q (+35 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 16, 2025 (+16 days) | May 1, 2025 10-Q (+31 days) |
| Q4 FY2024 | Dec 31, 2024 | Jan 17, 2025 (+17 days) | Feb 13, 2025 10-K (+44 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 16, 2024 (+16 days) | Nov 4, 2024 10-Q (+35 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 17, 2024 (+17 days) | Aug 6, 2024 10-Q (+37 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 17, 2024 (+17 days) | May 6, 2024 10-Q (+36 days) |
| Q4 FY2023 | Dec 31, 2023 | Jan 17, 2024 (+17 days) | Feb 16, 2024 10-K (+47 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Consumer Banking
Retail banking and lending
Examples: Deposits, mortgages, home equity, auto, education and point-of-sale loans, cards
Branch, phone, online, and mobile channels.
Consumer Banking
Private Bank and Private Wealth
Examples: Banking and wealth management for high- and ultra-high-net-worth clients
Offices in California, Florida, New York, and Massachusetts.
Commercial Banking
Commercial banking and capital markets
Examples: Loans, treasury management, M&A advisory, syndications
Including broker-dealer Citizens JMP Securities.
Descriptions are from the FY2025 Form 10-K's Item 1.
U.S. and worldwide share of flagship products/services
The filings reviewed give no market share figure for the company's products or services.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-09-30)
07
Recent strategic focusSite analysis
2025 restructuring and 2026 results, from the 10-K and 8-Ks.
Strong Q3 2026
Net income was $636M (+29% YoY) and diluted EPS $1.41 (+34%) on revenue of $2.32B (+10%); net interest margin 3.18%; ROTCE 15.08%.
Source: 8-K filed 2026-10-16 (Exhibit 99.3, financial supplement)
Segment simplification
In Q4 2025 the Non-Core segment no longer qualified as reportable and moved into Other, leaving two segments.
Source: Form 10-K (FY2025) Note 1
Capital actions
Citizens issued $400M of 5.299% subordinated notes due 2036 in January 2026 and launched a Series J preferred offering in July 2026 to redeem Series G preferred.
Source: 8-Ks filed 2026-01-29 and 2026-07-21
Auditor change
On October 28, 2026 the Audit Committee approved replacing Deloitte & Touche with PwC as independent auditor.
Source: 8-K filed 2026-10-30 (Item 4.01)
Commercial Banking leadership
Ted Swimmer became Head of Commercial Banking in October 2025, succeeding Don McCree.
Source: 8-K filed 2025-10-07
M&A spend (6-year total)
$423M
Latest year: $0
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Total revenue (FY2025)
$8.25B
As reported in the 10-K
Revenue CAGR (5 years)
+3.6%
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($8,247M ÷ $6,905M) ^ (1÷5) − 1 = 3.6%
termsCAGR · ^ (exponent) · Revenue (net sales)
ROE (FY2025)
7.2%
6-year average: 7.3%
As reported in the 10-K
- ―
Revenue grew +3.6% a year over 5 years (modest growth)
From $6.91B in FY2020 to $8.25B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ―
ROE averaged 7.3% over 6 years (latest: 7.2%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
Consumer Banking
Taking deposits and lending to consumers and small businesses- Wealth management
Commercial Banking
Commercial lending and leasing- Capital markets, M&A advisory, and treasury services
06 · what it draws on
Key resources
Consumer Banking
About 1,000 branches and 3,100 ATMs- Deposits from retail customers
Commercial Banking
Relationship bankers- Balance sheet capital
02 · why customers buy
Value propositions
- Consumer and commercial banking, wealth management and capital markets, mainly in New England, the Mid-Atlantic and the Midwest.
04 · how it keeps them
Customer relationships
- Ongoing deposit, lending and treasury relationships with households and companies.
03 · how it reaches them
Channels
- Branches and ATMs, digital banking, and point-of-sale lending partners.
- Commercial bankers and Citizens JMP capital markets teams.
01 · who it serves
Customer segments
Consumer Banking
Individuals, small businesses, and wealthy familiesCommercial Banking
Mid-sized and large companies, institutions, and sponsors
09 · where money goes
Cost structure
FY2025, share of revenue ($8.25B)
- Interest expense46.2%
- Operating expenses (as reported)64.4%
Revenue here is reported net of interest expense, so these lines overlap and add up to more than 100%.
Depreciation & amortization (inside the costs above): $478M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
Consumer Banking
Net interest income- Fees (card, service charges, wealth, mortgage)
Commercial Banking
Net interest income- Capital markets and treasury fees
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Consumer Banking
Deposits, mortgages, home equity, auto, education, and point-of-sale loans, credit cards, wealth management, and small business banking, plus Citizens Private Bank and Private Wealth for high- and ultra-high-net-worth clients.
01 what it draws on
Inputs & resources
- About 1,000 branches and 3,100 ATMs
- Deposits from retail customers
02 what it does
Activities
- Taking deposits and lending to consumers and small businesses
- Wealth management
03 who it serves
Customers
- Individuals, small businesses, and wealthy families
04 how money comes in
How it earns
- Net interest income
- Fees (card, service charges, wealth, mortgage)
Consumer Banking: how it makes money
- Total revenue $6.22B and net income $1.51B in FY2025.
Commercial Banking
Lending, deposits, treasury management, capital markets and advisory (including Citizens JMP), and commercial real estate lending for middle-market and large companies and institutions.
01 what it draws on
Inputs & resources
- Relationship bankers
- Balance sheet capital
02 what it does
Activities
- Commercial lending and leasing
- Capital markets, M&A advisory, and treasury services
03 who it serves
Customers
- Mid-sized and large companies, institutions, and sponsors
04 how money comes in
How it earns
- Net interest income
- Capital markets and treasury fees
Commercial Banking: how it makes money
- Total revenue $2.77B and net income $865M in FY2025.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Citizens operates under Basel III capital minimums and Federal Reserve interchange rules.
Approvals & licenses
Bank capital and supervision
Must meet Basel III minimums: CET1 4.5%, Tier 1 6.0%, plus buffers.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Regulated prices & reimbursement
Debit interchange cap
The Federal Reserve proposed in October 2023 to lower the maximum debit card interchange fee large issuers can receive.
Constrains the businessTouches: How it earnsSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue, margin = segment profit ÷ segment revenue × 100
Consumer Banking
6,224 (69%)profit 1,506 · margin 24.2%
Commercial Banking
2,773 (31%)profit 865 · margin 31.2%
Source: Form 10-K (FY2025) — MD&A, Table 12, Business Segments Revenue is net interest income plus noninterest income; profit is segment net income. Other non-segment operations (treasury, the former Non-Core portfolio, and unallocated items) are excluded.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
Like other banks, Citizens earns most revenue from the spread between interest on loans and securities and interest paid on deposits and borrowings, plus fees.
Commercial real estate loans
$24.6B, 17% of total loans and leases at year-end 2025
Down from $27.2B; general office loans were $2.4B.
Client assets
$61.9B, including $35.9B under management
Wealth business.
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Individuals, small businesses, wealthy families, mid-sized and large companies, and institutions, mainly in New England, the Mid-Atlantic, and the Midwest, with some national lines.
Named by the company
No customer is named.
What the filings disclose
- Total deposits were $183.3B at year-end 2025. (Form 10-K (FY2025), Item 1)
Suppliers
Depositors and wholesale funding markets provide funding.
Named by the company
None named in the 10-K or the company’s press releases.
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Citizens' 10-K says it competes with community banks, super-regional and national financial institutions, credit unions, savings and loans, mortgage and consumer finance companies, brokers, insurers, money market funds, hedge funds, and private equity firms. No company is named.
Competitors named in the 10-K
Citizens' 10-K doesn't name competitors.
Peer group the company chose
2025 compensation and financial peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Companies Citizens competes with for talent, customers, and investment, of similar size and business mix. From 2026, Zions Bancorporation replaces Comerica, which was acquired by Fifth Third.
- Comericasite ↗
- KeyCorpsite ↗
- Regions Financialsite ↗
- Fifth Third Bancorpsite ↗
- M&T Banksite ↗
- Truist Financialsite ↗
- Huntington Bancsharessite ↗
- PNC Financial Servicessite ↗
- U.S. Bancorpsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Total revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Profit over time (operating → net)
Unit: $M
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 6,905 | 6,647 | 8,021 | 8,224 | 7,809 | 8,247 |
| Pretax income | 1,298 | 2,977 | 2,655 | 2,030 | 1,888 | 2,328 |
| Net income (attributable) | 1,057 | 2,319 | 2,073 | 1,608 | 1,509 | 1,831 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | -3.7% | 20.7% | 2.5% | -5.0% | 5.6% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 15.3% | 34.9% | 25.8% | 19.6% | 19.3% | 22.2% |
| Balance sheet ($M) | ||||||
| Total assets | 183,349 | 188,409 | 226,733 | 221,964 | 217,521 | 226,351 |
| Total equity | 22,673 | 23,420 | 23,690 | 24,342 | 24,254 | 26,317 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 8,589 | 7,006 | 15,890 | 13,972 | 12,401 | 11,282 |
| Equity ratio | 12.4% | 12.4% | 10.4% | 11.0% | 11.2% | 11.6% |
| ROE | 4.7% | 10.1% | 8.8% | 6.7% | 6.2% | 7.2% |
| Cash flow ($M) | ||||||
| Operating CF | 111 | 2,275 | 4,119 | 2,961 | 2,001 | 2,211 |
| Investing CF | -6,136 | -10,486 | -12,637 | 5,248 | 2,987 | -5,967 |
| Financing CF | 15,372 | 4,636 | 9,907 | -7,128 | -6,015 | 5,882 |
| Cash and equivalents | 12,733 | 9,158 | 10,547 | 11,628 | 10,601 | 12,727 |
| Per share & other | ||||||
| EPS ($) | 2.22 | 5.16 | 4.10 | 3.13 | 3.03 | 3.86 |
| BVPS ($) | 48.47 | 50.71 | 44.03 | 47.87 | 50.26 | 56.39 |
| Dividend per share ($) | 1.56 | 1.56 | 1.62 | 1.68 | 1.68 | 1.72 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 70.3% | 30.2% | 39.5% | 53.7% | 55.4% | 44.6% |
| P/E (x) | 16.1 | 9.2 | 9.6 | 10.6 | 14.4 | 15.1 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 0.74 | 0.93 | 0.89 | 0.69 | 0.87 | 1.04 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Periods below 1x are shown in red. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| 2026-09-30 | $2.32B+9.6% | $636M+28.7% | $1.41 |
| 2026-06-30 | $2.28B+12.1% | $587M+34.6% | $1.30 |
| 2026-03-31 | $2.17B+12.0% | $517M+38.6% | $1.13 |
| 2025-12-31 † | $2.16B+8.6% | $528M+31.7% | — |
| 2025-09-30 | $2.12B | $494M | $1.05 |
| 2025-06-30 | $2.04B | $436M | $0.92 |
| 2025-03-31 | $1.94B | $373M | $0.77 |
| 2024-12-31 † | $1.99B | $401M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
14
Measures that fit this businessFrom SEC data
ROIC and free cash flow don’t suit a bank, so these are the usual yardsticks instead.
- CET1 capital ratio
- 10.6%
December 31, 2025
As stated by the company: Form 10-K (FY2025)
| Measure | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Return on equityNet income ÷ stockholders’ equity. | 4.7% | 10.1% | 8.8% | 6.7% | 6.2% | 7.2% |
| Net interest income ÷ average assetsSpread earned on the balance sheet; a stand-in for net interest margin, which uses earning assets. | — | 2.4% | 2.9% | 2.8% | 2.6% | 2.6% |
| Noninterest expense ÷ revenueThe efficiency ratio. Lower means less cost for each dollar of revenue. | 57.8% | 61.4% | 61.0% | 67.0% | 67.0% | 64.4% |
| Credit provision ÷ average loansCredit cost: what the year set aside for expected loan losses. Negative means a net release. | — | -0.3% | — | — | — | — |
| Credit allowance ÷ loansThe reserve held against loan losses at year-end. | 2.0% | 1.4% | 1.3% | 1.4% | 1.5% | 1.4% |
| Loans ÷ depositsHow much of the deposit base is lent out. | 83.6% | 83.0% | 86.7% | 82.3% | 79.6% | 77.8% |
| Equity ÷ total assetsThe accounting cushion. Regulatory capital ratios are listed separately above when the filing states them. | 12.4% | 12.4% | 10.4% | 11.0% | 11.2% | 11.6% |
Computed from SEC XBRL figures. A dash means the company doesn’t tag that figure or the result fell outside a plausible range. Tagging differs between filers, so check the filing before comparing two companies closely.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Banks, insurers, and similar financial companies aren’t compared this way, since deposits/policies are the business itself and debt can’t be cleanly separated from operating capital.
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Not applied to banks, insurers, and similar financial companies: their operating cash flow includes deposits or premiums held for customers, so it isn’t free cash flow available to investors.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
Financial companies’ operating cash flow behaves differently from an operating company’s, so this analysis doesn’t apply.
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 97.2%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 2.8%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 94 of 416
- Beta (adjusted)
- 1.01
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 22% of covered companies have more
above 1 = swings more than the market
- 409.3M shares reported by 1,096 13F filers ÷ 421.2M shares outstanding on 2026-07-24. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-09 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-24)
19
Strengths & weaknessesSite analysis
Strengths
1. Improving profitability
ROTCE rose to 11.20% in 2025 from 9.81%, and the efficiency ratio improved to 64.40% from 67.03%; Q3 2026 ROTCE was 15.08%.
Evidence: Form 10-K (FY2025) MD&A; 8-K filed 2026-07-16; 8-K filed 2026-10-16 (Exhibit 99.3, financial supplement)
2. Growing Private Bank
Private Bank spot deposits reached $17.8B and it contributed $0.15 to Q2 2026 EPS.
Evidence: 8-K filed 2026-07-16 (Exhibit 99.1)
3. Solid capital and liquidity
CET1 ratio of 10.5% and a period-end loan-to-deposit ratio of 80.0% at September 30, 2026.
Evidence: 8-K filed 2026-10-16 (Exhibit 99.3, financial supplement)
4. Shareholder returns
Repurchased $600M of stock in 2025, raised the quarterly dividend to $0.46, and expanded the buyback program to $1.5B.
Evidence: Form 10-K (FY2025) MD&A
Weaknesses
1. Earnings below 2021 levels
Net income fell from $2.32B (2021) to $1.51B (2024) before recovering to $1.83B in 2025.
Evidence: SEC EDGAR XBRL
2. Commercial real estate exposure
CRE loans were $24.6B (17% of loans), including $2.4B of general office loans with net charge-offs in 2025.
Evidence: Form 10-K (FY2025) MD&A
3. Rising funding costs
Interest expense rose from $339M (2021) to $4.55B (2024), then eased to $3.81B in 2025.
Evidence: SEC EDGAR XBRL
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
15.1x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
2.94%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
45%
Dividends per share ÷ diluted EPS
1. Earnings rebound
EPS rose from $3.03 (2024) to $3.86 (2025), and Q3 2026 EPS was $1.41 (nine months $3.83 vs $2.74).
- What has to hold
- Margins and credit keep improving.
- The other side
- Rate cuts or CRE losses could reverse gains.
Evidence: SEC EDGAR XBRL; 8-K filed 2026-07-16; 8-K filed 2026-10-16 (Exhibit 99.3, financial supplement)
2. Dividend and buybacks
Quarterly dividend of $0.46 and a $1.5B buyback program; shares outstanding fell from 492.3M (2022) to 429.2M (2025).
- What has to hold
- Capital stays above targets.
- The other side
- Dividends per share grew only from $1.56 to $1.72 over 2021–2025.
Evidence: SEC EDGAR XBRL; 8-K filed 2026-07-16
P/E, dividend yield, and payout ratio use the FY2025 year-end share price. Book value per share excludes preferred stock. Revenue is net interest income plus noninterest income.
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
For an insurer or bank, debt-coverage ratios like these don’t describe its ability to absorb losses — that depends on its capital, reserves, and investment portfolio, which are covered in part 3 below.
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -5.0% in FY2024 ($8.22B → $7.81B) | Yes, by FY2025 |
| Net income | -22.4% in FY2023 ($2.07B → $1.61B) | Not yet, as of FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Capital
CET1 ratio of 10.5% at September 30, 2026.
Source: 8-K filed 2026-10-16 (Exhibit 99.3, financial supplement)
Liquidity
Loan-to-deposit ratio of 80.0% at September 30, 2026; total available liquidity about $89.2B.
Source: 8-K filed 2026-10-16 (Exhibit 99.3, financial supplement); Form 10-Q (quarter ended 2026-09-30)
Credit reserves
Allowance for credit losses of 1.47% of loans at September 30, 2026.
Source: 8-K filed 2026-10-16 (Exhibit 99.3, financial supplement)
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Citizens reports ordinary-course banking litigation, class actions and regulatory reviews, including matters on fair lending, unfair or deceptive practices and mortgages, without naming a specific material matter.
Company statement: Management believes aggregate liabilities from these proceedings will not have a materially adverse effect on its financial statements.
Based on Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1FX & interest rates
Interest rates and deposit costs
- Company disclosure (summarized from the 10-K)
- Changes in interest rates and deposit competition affect net interest income and margin.
- Company’s stated mitigation
- As part of our overall risk management strategy we enter into various freestanding derivatives, such as interest rate swaps, interest rate swaptions, interest rate futures, and forward contracts to purchase mortgage-backed securities to economically hedge the changes in fair value of our MSRs.
- This site’s assessment
- Impact High / Likelihood Med
- 2Demand & macro
Credit losses
- Company disclosure (summarized from the 10-K)
- Economic weakness could raise loan losses, especially in commercial real estate such as general office.
- Company’s stated mitigation
- Allowance for credit losses of 1.47% of loans at Q3 2026 and reduced CRE balances.
- This site’s assessment
- Impact High / Likelihood Med
- 3Competition & technology shift
Competition
- Company disclosure (summarized from the 10-K)
- Competes with community, super-regional, and national banks, credit unions, mortgage and consumer finance firms, brokers, insurers, money market funds, hedge funds, and private equity; some face lighter regulation.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 4Law & regulation
Bank regulation
- Company disclosure (summarized from the 10-K)
- Supervised by the Federal Reserve and the OCC; heightened supervisory expectations and new rules could raise capital or compliance costs.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Information security
Cyberattacks
- Company disclosure (summarized from the 10-K)
- Cyberattacks on Citizens or its vendors could disrupt operations.
- Company’s stated mitigation
- While we look to numerous frameworks to ensure the CSP is maintained in line with regulatory expectations and industry best practices, the National Institute of Standards and Technology cybersecurity framework is the primary standard against which we benchmark ourselves.
- This site’s assessment
- Impact Med / Likelihood Med
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What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (1)
U.S. global trade policies, including the imposition of tariffs and uncertainty surrounding the resolution of trade disputes, or renewal of trade agreements, with various countries, may cause inflation to rise and ultimately affect interest rates. In addition, the risk of government shutdowns could cause volatility in the financial markets by adversely impacting consumer and investor confidence. Unfavorable changes related to these national economic and political conditions may also result in increased delinquencies and defaults among borrowers in light of economic uncertainty, which could require us to charge off a higher percentage of loans and increase the provision for credit losses, ultimately reducing our net income.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 12, 2026 ↗ with the 10-K filed Feb 13, 2025 ↗.
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What to watch going forwardSite analysis
- Net interest margin trend (3.18% in Q3 2026).
- Private Bank growth and profitability.
- Office and other CRE credit quality.
- Buybacks under the $1.5B program.
- Effects of the new Federal Reserve stress test models.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 17, 2026 10:20 (SEC EDGAR) · Source 10-K filed: February 12, 2026
Built on10-K FY2025 · filed 2026-02-12
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Citizens Financial Group’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.