Q1 25 EPS
$1.96
BEAT +5.69%
Est. $1.85
Q1 25 Revenue
$21.60B
BEAT +1.45%
Est. $21.29B
vs S&P Since Q1 25
+62.7%
BEATING MARKET
C +99.8% vs S&P +37.1%
Market Reaction
Did C Beat Earnings? Q1 2025 Results
Citigroup kicked off 2025 with a stronger-than-expected first quarter, posting earnings per share of $1.96 against a consensus estimate of $1.85, a beat of 5.69%, while revenue of $21.60 billion edged past the $21.29 billion estimate by 1.45%. Net in… Read more Citigroup kicked off 2025 with a stronger-than-expected first quarter, posting earnings per share of $1.96 against a consensus estimate of $1.85, a beat of 5.69%, while revenue of $21.60 billion edged past the $21.29 billion estimate by 1.45%. Net income climbed 21% year-over-year to $4.06 billion, even as reported revenue reflected a 50.6% decline versus the prior-year period. The standout driver was a broad-based surge across trading and advisory businesses, with Markets revenue rising 12%, equity markets jumping 23% on derivatives volatility, and Banking revenues climbing 12% as M&A advisory fees nearly doubled. Operating expenses fell 5% to $13.43 billion, amplifying the earnings lift. CEO Jane Fraser highlighted momentum across all five business segments, with Services recording its best first-quarter revenue in a decade and Wealth revenues surging 24%. The bank's ongoing AI integration and data modernization efforts are expected to further support efficiency gains. Looking ahead, Citigroup flagged tariff-related risks and a deteriorating macroeconomic outlook, building credit reserves accordingly, while Fraser expressed confidence in the firm's diversified model navigating the uncertainty ahead.
Key Takeaways
- • Services recorded best first quarter revenue in a decade
- • Markets revenue up 12% driven by strong client activity and monetization
- • Equity markets up 23% on increased market volatility and higher client activity
- • Advisory fees surged 84% with wallet share gains across numerous sectors
- • Wealth revenues increased 24% driven by growth in deposit spreads and investment fee revenues
- • Branded Cards revenue up 9% on interest-earning balance growth of 8%
- • Operating expenses down 5% from smaller FDIC special assessment, absence of restructuring charge, and organizational simplification savings
- • Net interest income increased 4% across the firm
- • Return on average tangible common equity improved to 9.1% from 7.6% YoY
C YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
C Revenue by Segment
With YoY comparisons, source: SEC Filings
“With net income of $4.1 billion we delivered a strong quarter, marked by continued momentum, positive operating leverage and improved returns in each of our five businesses. Services recorded its best first quarter revenue in a decade. Markets had a good first quarter with revenue up 12% driven by strong client activity and monetization. Banking was up 12% with M&A revenue nearly double from what it was last year. Wealth revenues increased 24% with progress across all three client segments. USPB was up 2%, driven mainly by growth in Branded Cards, and also saw improved returns. We returned $2.8 billion in capital to our shareholders including $1.75 billion of buybacks as part of our $20 billion plan.”
— Jane Fraser, Q1 2025 Earnings Press Release
C Earnings Trends
C vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
C EPS Trend
Earnings per share: estimate vs actual
C Revenue Trend
Quarterly revenue: estimate vs actual
C Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $3.06 | — | $24.63B | — |
| Q4 25 MISS FY | $1.62 | $1.19 | -26.54% | $19.87B | — |
| FY Full Year | $7.96 | — | — | $85.23B | -0.46% |
| Q3 25 BEAT | $1.72 | $1.86 | +8.00% | $22.09B | +4.28% |
| Q2 25 BEAT | $1.63 | $1.96 | +20.47% | $21.67B | +4.04% |
| Q1 25 BEAT | $1.85 | $1.96 | +5.69% | $21.60B | +1.45% |