Banks: Credit losses (CECL, ASC 326)

Citi’s total provisions for credit losses and for benefits and claims were $10.3 billion, reflecting net credit losses of $9.1 billion and a net allowance for credit losses (ACL) build of $1.2 billion.

Net credit losses were up 1% from the prior year, driven by increases in Legacy Franchises in All Other , largely offset by decreases in USPB . The net ACL build was driven by changes in the macroeconomic outlook and transfer risk.

Citi’s total provisions for credit losses and for benefits and claims in the prior year were $10.1 billion, reflecting net credit losses of $9.0 billion and a net ACL build of $1.1 billion, driven by changes in credit quality, higher net lending activity and transfer risk, partially offset by changes in the macroeconomic outlook.

For additional information on Citi’s ACL, see “Significant Accounting Policies and Significant Estimates—Citi’s Allowance for Credit Losses (ACL)” below.

For additional information on Citi’s consumer and corporate provisions, see each respective segment’s and All Other ’s results of operations and “Credit Risk” below.

Capital

Citigroup’s Common Equity Tier 1 (CET1) Capital ratio was 13.2% as of December 31, 2025, compared to 13.6% as of December 31, 2024, based on the Basel III Standardized Approach for determining risk weighted assets (RWA). The decrease was primarily driven by common share repurchases, an increase in RWA and the payment of common and preferred dividends, partially offset by net income and net beneficial movements in Accumulated other comprehensive income (AOCI) .

In 2025, Citi repurchased $13.3 billion of common shares and paid $4.3 billion of common dividends (see “Unregistered Sales of Equity Securities, Repurchases of Equity Securities and Dividends” below).

Citigroup’s Supplementary Leverage ratio as of December 31, 2025 was 5.5%, compared to 5.8% as of December 31, 2024. The decrease was driven by an increase in Total Leverage Exposure, partially offset by an increase in Tier 1 Capital. For additional information on Citi’s capital ratios and related components, see “Capital Resources” below. For additional information on capital-related risks, trends and uncertainties, see “Capital Resources—Regulatory Capital Standards and Developments” and “Risk Factors—Strategic Risks,” “—Operational Risks” and “—Compliance Risks” below.

For information on the results of operations for 2025 for each of Citi’s segments and All Other , see “ Services ,” “ Markets ,” “ Banking ,” “ Wealth ,” “ USPB ” and “ All Other —Managed Basis” below.

Consolidated Statement of Changes in Shareholders’ Equity	120
Consolidated Statement of Cash Flows	121
Note 1. Summary of Significant Accounting Policies	122
Note 2. Fair Value	124
Note 3. Investment Securities	130
Note 4. Loans and Allowance for Credit Losses	135
Note 5. Goodwill and Other Intangible Assets	140
Note 6. Other Assets	142
Note 7. Deposits	142
Note 8. Short-Term Borrowings	142
Note 9. Long-Term Debt	144
Note 10. Derivative Financial Instruments	145
Note 11. Offsetting Arrangements	149
Note 12. Commitments and Guarantees	152
Note 13. Contingencies	153
Note 14. Variable Interest Entities	154
Note 15. Shareholders’ Equity	156
Note 16. Regulatory Capital	158
Note 17. Net Interest Income	160
Note 18. Equity-Based Compensation	160
Note 19. Employee Benefits	162
Note 20. Occupancy Expense and Information Systems and Communications Expense	162
Note 21. Expenses	163
Note 22. Income Taxes	164
Note 23. Earnings Per Common Share	166

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Forward-Looking Statements