First Citizens BancShares

FCNCA · Nasdaq · Financials · Financials, fiscal 2016 to 2025

FCNCA · Last close · October 26, 2026

$2,345.61

Value First Citizens BancShares yourself

First Citizens BancShares' revenue fell 2.2% to $9.5 billion in fiscal 2025. Net income was $2.2 billion, down 20.6%. Its return on equity was 9.9%, down from 12.8% a year earlier. Its efficiency ratio was 63.5%, up from 58.8% a year earlier. It paid out $3.2 billion in dividends and buybacks. The diluted share count fell 9.3%.

FIRST CITIZENS BANCSHARES INC /DE/ Latest fiscal year ended December 31, 2025 10-K filed February 24, 2026 · 0000798941-26-000015 Updated October 12, 2026

Revenue

$9.5B

2.2%

Net income

$2.2B

20.6%

Return on equity

9.9%

2.8 pts

Return on tangible equity

10.5%

3.0 pts

Efficiency ratio

63.5%

4.7 pts

Market cap

$27.0B

Oct 26 close

P/E

12.6x

On $186.77 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.

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 2020 to 2025, earnings per share grew 28.3% a year and net income 35.0% a year, as new shares raised the share count by 29% and diluted each share's earnings.

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. Where the filings' structured data doesn't give a year's earnings per share, the column is blank.

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 First Citizens BancShares 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 First Citizens BancShares' earnings per share of $186.77 (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: 13.2×, the middle of First Citizens BancShares' own P/E today, its peers' median and its sector's median (its peers' 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: M&T Bank, Fifth Third Bancorp, Citizens Financial Group, Huntington Bancshares.

Earnings growth in the years ahead (% a year) Starts at First Citizens BancShares' revenue growth over the last 3 years, 23.4% a year, kept between 0% and 20%, 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: $2,345.61
Value at this multiple, against the last close: —
First Citizens BancShares' P/E at the last close: 12.6×

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×
First Citizens BancSharesFCNCA	$2,345.61	$186.77	12.6×
Huntington BancsharesHBAN	$15.73	$1.30	12.1×
M&T BankMTB	$221.80	$18.93	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	32,194	69,859	131,555	138,545	146,364
Deposits	51,406	89,408	145,854	155,229	161,578
Loans to deposits	62.6%	78.1%	90.2%	89.2%	90.6%
Provision for credit losses	−37	645	1,375	431	514
Provision to average loans	−0.1%	1.3%	1.4%	0.3%	0.4%
Total assets	58,309	109,298	213,758	223,720	229,698
Shareholders' equity	4,738	9,662	21,255	22,228	22,238

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

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 4 insiders bought $13.6 million of First Citizens BancShares shares on the open market, and 3 insiders sold $15.6 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 15, 2026	Holding Olivia Britton10% owner	Sold	7,000	$19.53	$136,700	Form 4
Aug 19, 2026	Diane E. MoraisDirector	Bought	50	$2,168.10	$108,405	Form 4
Jun 5, 2026	Holding Frank B JrChairman and CEO, Director, 10% owner	Bought	528	$1,813.37	$957,461	Form 4
Jun 5, 2026	Holding Frank B JrChairman and CEO, Director, 10% owner	Bought	335	$1,920.80	$643,467	Form 4
Jun 5, 2026	Holding Frank B JrChairman and CEO, Director, 10% owner	Bought	137	$2,018.73	$276,566	Form 4
Jun 4, 2026	Ellen R AlemanyDirector	Sold	2,520	$2,047.12	$5.2 million	Form 4
Jun 4, 2026	Holding Frank B JrChairman and CEO, Director, 10% owner	Bought	225	$1,751.95	$394,189	Form 4
Jun 4, 2026	Holding Frank B JrChairman and CEO, Director, 10% owner	Bought	25	$1,794.99	$44,875	Form 4
May 12, 2026	Holding Frank B JrChairman and CEO, Director, 10% owner	Sold	5,346	$1,918.69	$10.3 million	Form 4
May 12, 2026	Holding Frank B JrChairman and CEO, Director, 10% owner	Bought	5,940	$1,726.82	$10.3 million	Form 4
Mar 19, 2026	Holding Frank B JrChairman and CEO, Director, 10% owner	Bought	96	$1,550.00	$148,800	Form 4
Mar 17, 2026	Holding Frank B JrChairman and CEO, Director, 10% owner	Bought	2	$1,550.00	$3,100	Form 4

The latest 12 of 16 trades. 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 First Citizens BancShares 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
First Citizens BancShares	FY25	−2.2%	23.1%	9.9%	10.5%	63.5%
M&T Bank	FY25	4.4%	29.4%	9.8%	15.0%	56.7%	Compare
Fifth Third Bancorp	FY25	6.3%	28.0%	12.2%	17.3%	57.0%	Compare
Citizens Financial Group	FY25	5.6%	22.2%	7.2%	11.3%	64.4%	Compare
Huntington Bancshares	FY25	10.6%	27.1%	10.0%	15.0%	61.4%	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	1,322	1,582	1,609	1,727	1,865	1,898	5,082	18,787	9,758	9,541
Revenue growth	−5.0%	19.7%	1.7%	7.3%	8.0%	1.8%	167.8%	269.7%	−48.1%	−2.2%
Net interest income	945	1,060	1,209	1,311	1,388	1,390	2,946	6,712	7,143	6,814
Noninterest income	377	522	400	416	477	508	2,136	12,075	2,615	2,727
Noninterest expense	938	1,012	1,077	1,104	1,189	1,234	3,075	5,335	5,735	6,056
Provision for credit losses	33	26	28	31	58	−37	645	1,375	431	514
Net income	226	324	400	457	492	547	1,098	11,466	2,777	2,206
Diluted EPS (US$)	—	—	—	—	47.50	53.88	67.40	784.51	189.41	165.24
Diluted shares (millions)	12	12	12	11	10	10	16	14	14	13
Payouts
Dividends paid	14	14	17	18	30	42	83	117	158	161
Share buybacks	0	0	163	453	334	0	1,240	0	1,648	3,027
Balance sheet at fiscal year end
Loans, net	21,519	23,375	25,300	28,656	32,568	32,194	69,859	131,555	138,545	146,364
Deposits	28,161	29,266	30,672	34,431	43,432	51,406	89,408	145,854	155,229	161,578
Total assets	32,991	34,528	35,409	39,824	49,958	58,309	109,298	213,758	223,720	229,698
Shareholders' equity	3,012	3,334	3,489	3,586	4,229	4,738	9,662	21,255	22,228	22,238
Ratios
Return on equity	7.7%	10.2%	11.7%	12.9%	12.6%	12.2%	15.2%	74.2%	12.8%	9.9%
Return on tangible common equity	8.3%	11.0%	12.7%	14.4%	14.4%	14.1%	17.0%	81.5%	13.4%	10.5%
Return on assets	0.7%	1.0%	1.1%	1.2%	1.1%	1.0%	1.3%	7.1%	1.3%	1.0%
Efficiency ratio	71.0%	64.0%	66.9%	63.9%	63.8%	65.0%	60.5%	28.4%	58.8%	63.5%

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