KabuDo

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 growth
3.6%

Higher than 20% of 44 financial companies

Average yearly growth over the years shown

Net margin
22.2%

Higher than 64% of 45 financial companies

Latest fiscal year (FY2025)

Return on equity
7.2%

Higher than 9% of 45 financial companies

Latest fiscal year (FY2025)

Equity ratio
11.6%

Higher than 47% of 45 financial companies

Equity ÷ total assets

Cash conversion
1.21x

Higher than 45% of 44 financial companies

Operating cash flow ÷ net income

Dividend raises
1 of 5

Years the dividend per share rose, of the last 5

P/E today
12.3x

Latest close 2026-11-04; trailing 12 months to 2026-09-30

Beta
1.01

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/E today
12.3x

At FY2025 year-end: 15.1x

Earnings: trailing 12 months to 2026-09-30

P/B today
1.1x

At FY2025 year-end: 1.0x

Book value at FY2025 year-end

EV/EBITDA today
—

At FY2025 year-end: —

EBITDA for FY2025

FCF yield today
—

At FY2025 year-end: 0.0%

Free cash flow for FY2025

Dividend yield today
2.7%

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↑ +9.6%$2.12B → $2.32B (vs. a year earlier)
  • Net income↑ +28.7%$494M → $636M (vs. a year earlier)
  • Diluted EPS↑ +34.3%$1.05 → $1.41 (vs. a year earlier)
  • Cash↑ +1.6%$12.76B → $12.97B (vs. previous quarter-end)
  • Long-term debt↑ +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.
QuarterQuarter endedEarnings release (8-K)Report filed (10-Q / 10-K)
Q3 FY2026Sep 30, 2026Oct 16, 2026 (+16 days)Oct 28, 2026 10-Q (+28 days)
Q2 FY2026Jun 30, 2026Jul 16, 2026 (+16 days)Aug 3, 2026 10-Q (+34 days)
Q1 FY2026Mar 31, 2026Apr 16, 2026 (+16 days)May 4, 2026 10-Q (+34 days)
Q4 FY2025Dec 31, 2025Jan 21, 2026 (+21 days)Feb 12, 2026 10-K (+43 days)
Q3 FY2025Sep 30, 2025Oct 15, 2025 (+15 days)Nov 3, 2025 10-Q (+34 days)
Q2 FY2025Jun 30, 2025Jul 17, 2025 (+17 days)Aug 4, 2025 10-Q (+35 days)
Q1 FY2025Mar 31, 2025Apr 16, 2025 (+16 days)May 1, 2025 10-Q (+31 days)
Q4 FY2024Dec 31, 2024Jan 17, 2025 (+17 days)Feb 13, 2025 10-K (+44 days)
Q3 FY2024Sep 30, 2024Oct 16, 2024 (+16 days)Nov 4, 2024 10-Q (+35 days)
Q2 FY2024Jun 30, 2024Jul 17, 2024 (+17 days)Aug 6, 2024 10-Q (+37 days)
Q1 FY2024Mar 31, 2024Apr 17, 2024 (+17 days)May 6, 2024 10-Q (+36 days)
Q4 FY2023Dec 31, 2023Jan 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.

  1. 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)

  2. 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

  3. 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

  4. 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)

  5. 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

P/B (FY2025 end)

1.04x

formulafiscal year-end closing price ÷ book value per share

e.g.$58.41 ÷ $56.39 = 1.04x

termsP/B · BVPS

Period-end (fiscal year-end) value, not today's P/B

  • ―

    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

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.

Consumer Banking: how money and goods flow
  1. 01 what it draws on

    Inputs & resources

    • About 1,000 branches and 3,100 ATMs
    • Deposits from retail customers
  2. 02 what it does

    Activities

    • Taking deposits and lending to consumers and small businesses
    • Wealth management
  3. 03 who it serves

    Customers

    • Individuals, small businesses, and wealthy families
  4. 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.

Commercial Banking: how money and goods flow
  1. 01 what it draws on

    Inputs & resources

    • Relationship bankers
    • Balance sheet capital
  2. 02 what it does

    Activities

    • Commercial lending and leasing
    • Capital markets, M&A advisory, and treasury services
  3. 03 who it serves

    Customers

    • Mid-sized and large companies, institutions, and sponsors
  4. 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: Activities

    Source: 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 earns

    Source: 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.

Source: Form 10-K (FY2025) — Item 1 and MD&A

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.

Source: Proxy statement (DEF 14A, filed 2026-03-09) — Compensation Governance, Peer Group

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 itemFY202010-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 ($M)
Revenue6,9056,6478,0218,2247,8098,247
Pretax income1,2982,9772,6552,0301,8882,328
Net income (attributable)1,0572,3192,0731,6081,5091,831
Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100—-3.7%20.7%2.5%-5.0%5.6%
Net margincalcnet income attributable to the company ÷ revenue × 10015.3%34.9%25.8%19.6%19.3%22.2%
Balance sheet ($M)
Total assets183,349188,409226,733221,964217,521226,351
Total equity22,67323,42023,69024,34224,25426,317
Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable8,5897,00615,89013,97212,40111,282
Equity ratio12.4%12.4%10.4%11.0%11.2%11.6%
ROE4.7%10.1%8.8%6.7%6.2%7.2%
Cash flow ($M)
Operating CF1112,2754,1192,9612,0012,211
Investing CF-6,136-10,486-12,6375,2482,987-5,967
Financing CF15,3724,6369,907-7,128-6,0155,882
Cash and equivalents12,7339,15810,54711,62810,60112,727
Per share & other
EPS ($)2.225.164.103.133.033.86
BVPS ($)48.4750.7144.0347.8750.2656.39
Dividend per share ($)1.561.561.621.681.681.72
Payout ratiocalcdividend per share ÷ diluted EPS × 10070.3%30.2%39.5%53.7%55.4%44.6%
P/E (x)16.19.29.610.614.415.1
P/B (x)calcfiscal year-end closing price ÷ book value per share0.740.930.890.690.871.04

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 endedRevenueNet incomeDiluted 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)

MeasureFY2020FY2021FY2022FY2023FY2024FY2025
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%

individuals and other non-13F holders

Directors & officers (voting power)
<1%

no separate voting figure; shown as shares

Institutional-ownership rank
94 of 416

1 = most institutional; 22% of covered companies have more

Beta (adjusted)
1.01

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. 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. 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. 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. 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. 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. 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. 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. 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. 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

FigureWorst year-over-year changeBack 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)

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).

Impact
High
12
Med
45
3
Low
LowMedHigh

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.

  1. 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
  2. 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
  3. 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
  4. 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
  5. 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

24

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 ↗.

25

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.