Citizens Financial Group

CFG · NYSE · Financials · Financials, fiscal 2016 to 2025

CFG · Last close · October 26, 2026

$65.37

Citizens Financial Group's revenue rose 5.6% to $8.2 billion in fiscal 2025. Net income was $1.8 billion, up 21.3%. Its return on equity was 7.2%, up from 6.2% a year earlier. Its efficiency ratio was 64.4%, down from 67.0% a year earlier. It paid out $1.4 billion in dividends and buybacks. The diluted share count fell 3.7%.

CITIZENS FINANCIAL GROUP INC/RI Latest fiscal year ended December 31, 2025 10-K filed February 12, 2026 · 0000759944-26-000028 Updated October 9, 2026

Revenue

$8.2B

5.6%

Net income

$1.8B

21.3%

Return on equity

7.2%

1.0 pts

Return on tangible equity

11.3%

1.5 pts

Efficiency ratio

64.4%

2.6 pts

Market cap

$27.9B

Oct 26 close

P/E

14.2x

On $4.60 EPS, 4 qtrs

Return on equity is net income as a share of shareholders' equity; return on tangible equity leaves out goodwill and other intangible assets. The efficiency ratio is operating costs as a share of revenue, so lower means the bank spends less to earn each dollar. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What Citizens Financial Group does

Citizens Financial Group is a bank holding company based in Providence, Rhode Island. It offers everyday banking, lending and investment services to individuals, small businesses, mid-sized companies, large corporations and institutions. It has more than 1,000 branches in 14 states and the District of Columbia, plus online and mobile banking. At the end of 2025 it had total assets of $226.4 billion and deposits of $183.3 billion.

It reports two segments. Consumer Banking serves individuals and small businesses with deposits, mortgages, home equity loans, credit cards, small business loans and wealth management. It also offers education and point-of-sale loans and some digital deposit products nationwide. Commercial Banking serves companies and institutions with loans and leases, deposit and treasury services, foreign exchange and risk management, and capital markets and advisory work. Like most banks, it earns money mainly from interest on loans and securities, less interest paid on deposits, and from fees.

It has 17,398 full-time equivalent employees, mostly in New England and the Mid-Atlantic. Its main banking subsidiary is Citizens Bank, N.A.

Its biggest risks, as it describes them

Changes in interest rates, which can affect its profit, its liquidity and the value of its securities.
Borrowers' credit quality getting worse, which can cause loan losses.
Reliance on customer deposits as its main low-cost source of funding.
Rules and limits from its bank regulators on what it can do.
Failing to carry out its business strategy, or to attract and keep skilled staff.

From Citizens Financial Group's annual report on Form 10-K, filed February 12, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and returns

Revenue

US$ billions, fiscal years. Revenue is net of interest expense.

Return on equity

Percent. Net income over average equity; tangible equity excludes goodwill, intangibles and preferred stock.

Return on equityReturn on tangible common equity

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 7.8% a year and net income 6.4% a year, as buybacks cut the share count by 17%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Efficiency and income mix

Efficiency ratio and net interest income

Percent of revenue. The efficiency ratio is noninterest expense over revenue.

Efficiency ratioNet interest income share

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Value Citizens Financial Group yourself from its earnings. A bank's cash flow is mostly the money it lends and takes in, so the cash flow model on other company pages doesn't suit it.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Citizens Financial Group's earnings per share of $4.60 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 13.8×, the middle of Citizens Financial Group's own P/E today, its peers' median and its sector's median (the Financials median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 11%, 10% and 9%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Huntington Bancshares, Fifth Third Bancorp, Regions Financial, KeyCorp.

Earnings growth in the years ahead (% a year) Starts at Citizens Financial Group's revenue growth over the last 3 years, 0.9% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $65.37
Value at this multiple, against the last close: —
Citizens Financial Group's P/E at the last close: 14.2×

Company	Last close	Earnings per share	P/E today
Fifth Third BancorpFITB	$53.10	$2.93	18.1×
Citizens Financial GroupCFG	$65.37	$4.60	14.2×
KeyCorpKEY	$21.21	$1.72	12.3×
Huntington BancsharesHBAN	$15.73	$1.30	12.1×
Regions FinancialRF	$28.61	$2.45	11.7×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Loans, net	126,405	154,679	143,861	137,142	140,749
Deposits	154,361	180,724	177,342	174,776	183,313
Loans to deposits	81.9%	85.6%	81.1%	78.5%	76.8%
Provision for credit losses	−411	394	724	709	566
Provision to average loans	−0.3%	0.3%	0.5%	0.5%	0.4%
Total assets	188,409	226,733	221,964	217,521	226,351
Shareholders' equity	23,420	23,690	24,342	24,254	26,317

US$ millions unless stated, at each fiscal year end.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Citizens Financial Group shares on the open market, and 3 insiders sold $10.5 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Jul 24, 2026	Saun Bruce VanChairman and CEO, Director	Sold	129,369	$72.07	$9.3 million	Form 4
May 12, 2026	Michelle MoosallyChief Legal Officer	Sold	6,050	$62.16	$376,068	Form 4
Mar 11, 2026	Susan LaMonicaChief Human Resources Officer	Sold	13,258	$58.04	$769,494	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Compare

Put Citizens Financial Group side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Net margin	Return on equity	Return on tangible equity	Efficiency ratio	Compare
Citizens Financial Group	FY25	5.6%	22.2%	7.2%	11.3%	64.4%
Huntington Bancshares	FY25	10.6%	27.1%	10.0%	15.0%	61.4%	Compare
Fifth Third Bancorp	FY25	6.3%	28.0%	12.2%	17.3%	57.0%	Compare
Regions Financial	FY25	6.2%	28.6%	11.7%	16.4%	57.3%	Compare
KeyCorp	FY25	62.6%	24.3%	9.5%	12.0%	62.6%	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	5,255	5,707	6,128	6,491	6,905	6,647	8,021	8,224	7,809	8,247
Revenue growth	8.9%	8.6%	7.4%	5.9%	6.4%	−3.7%	20.7%	2.5%	−5.0%	5.6%
Net interest income	3,758	4,173	4,532	4,614	4,586	4,512	6,012	6,241	5,633	5,853
Noninterest income	1,497	1,534	1,596	1,877	2,319	2,135	2,009	1,983	2,176	2,394
Noninterest expense	3,352	3,474	3,619	3,847	3,991	4,081	4,892	5,507	5,234	5,311
Provision for credit losses	369	321	326	393	1,616	−411	394	724	709	566
Net income	1,045	1,652	1,721	1,791	1,057	2,319	2,073	1,608	1,509	1,831
Diluted EPS (US$)	1.97	3.25	3.52	3.81	2.22	5.16	4.10	3.13	3.03	3.86
Diluted shares (millions)	524	504	480	451	428	427	478	477	454	437
Payouts
Dividends paid	241	322	471	617	672	670	779	808	769	755
Share buybacks	430	820	1,025	1,220	270	295	153	906	1,050	600
Balance sheet at fiscal year end
Loans, net	106,433	109,381	115,418	117,836	120,647	126,405	154,679	143,861	137,142	140,749
Deposits	109,804	115,089	119,575	125,313	147,164	154,361	180,724	177,342	174,776	183,313
Total assets	149,520	152,336	160,518	165,733	183,349	188,409	226,733	221,964	217,521	226,351
Shareholders' equity	19,747	20,270	20,817	22,201	22,673	23,420	23,690	24,342	24,254	26,317
Ratios
Return on equity	5.3%	8.3%	8.4%	8.3%	4.7%	10.1%	8.8%	6.7%	6.2%	7.2%
Return on tangible common equity	8.2%	12.7%	12.9%	12.9%	7.0%	15.8%	14.1%	10.8%	9.8%	11.3%
Return on assets	0.7%	1.1%	1.1%	1.1%	0.6%	1.2%	1.0%	0.7%	0.7%	0.8%
Efficiency ratio	63.8%	60.9%	59.1%	59.3%	57.8%	61.4%	61.0%	67.0%	67.0%	64.4%

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Citizens Financial Group's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Citizens Financial Group.