C · US
C.US Citigroup: latest print still Q2 — calendar set Q3 for Oct 13
Citigroup Cross-border wholesale reset and TTS. No new P&L in this window; financials still Q2. 2025-09-12 calendar sets 3Q26 for **2026-10-13** (~08:00 ET print / 11:00 ET call). Watch one-offs, TTS, CET1.
Cite a section with a deep link, e.g. /en/r/c-us-research#thesis
Snapshot
- Price
- USD 131.77
- Market cap
- USD 221.0B
- 2025-Q3 net revenue
- USD 22.1B
- PE TTM
- 14.2
As-of 2026-09-29 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)
Thesis
Citigroup (C) Often the cheapest Big Four. Strategy is simplifying international consumer and backing Services/TTS plus IB. Watch one-offs, TTS, CET1.
Business
Model: TTS/services + IB/markets + US retail. Flagship: Services/TTS. Edge: USD cross-border network. Strategy: exit some overseas retail; tech/risk rebuild. Entity: Citigroup Inc.
Value chain
Cross-border USD intermediary. Risks: multi-jurisdiction regulation, execution, EM credit.
Corporate events
No new 8-K P&L in this window. The table only records the company-IR named next print and the still-current latest print.
Corporate events
| Date | Phase | Event | Meaning |
|---|---|---|---|
| Q2 | 财报 | 最新正式打印仍为 Q2 | 收入/净利图不停在未披露的下一季 |
| 2026-10-13 | 日历 | 下一份出数 / 电话会（08:00 ET print / 11:00 ET call） | Citi newsroom, 2025-09-12 2025–2026 call calendar |
Valuation
PB discount prices the reset; TTS and expense delivery can close the gap.
Valuation snapshot
| Metric | Value | Note |
|---|---|---|
| TTM PE | 14.2 | 腾讯财经行情；历史季为 null |
| PB | 1.15 | 腾讯财经行情；银行主锚之一 |
| 股息率 | N/A | 未接入分红公告同源序列 |
| 现价 / 市值 | 131.77 / $221.04B | 2026-09-18 16:05:15 |
Valuation · ~3y
Interactive chart available in the reader.
~3y quarterly closes (Sina US daily resampled to quarter-end; gaps are null):
Share price · ~3y
Interactive chart available in the reader.
Financial trend (~24 months)
Net revenue Revenues and net income NetIncomeLoss from SEC companyfacts CYyyyyQn frames (single-quarter). Banks have no gross margin; the margin chart is quarterly NI / net revenue.
Net revenue · last 8Q
Interactive chart available in the reader.
Net margin · last 8Q (NI / net revenue)
Interactive chart available in the reader.
Net income · last 8Q
Interactive chart available in the reader.
Financial health (§A.7)
Watch consent-order work, CET1, liquidity. Auditor opinion on the 10-K.
Financial health
| Item | Read-through | Note |
|---|---|---|
| 财务健康总评 | 银行口径：看资本与信贷成本 | 非工业净现金框架 |
| 经营现金流 | 见最新 10-Q | 银行 OCF 含交易/营运资金，波动大 |
| 资本 / 有息负债 | CET1 与批发融资见 10-Q | GSIB/区域行资本规则不同 |
| 流动性 | LCR / 现金及准备金见 10-Q | 存款搬家与市场流动性 |
| 审计意见 | 以最新 10-K 为准 | 持续经营强调事项如有会在年报披露 |
Operations
Volume: TTS flows and deposits; price: fees/NIM; cost: restructuring and efficiency.
Key financial points
| Item | Value | As-of | Basis |
|---|---|---|---|
| 最新单季净营收 | $22.09B | 2025-Q3 | SEC Revenues CYyyyyQn |
| 最新单季净利润 | $3.75B | 2025-Q3 | SEC NetIncomeLoss CYyyyyQn |
| 近四季度净营收合计 | $85.56B | LTM | 单季加总，未年化调整 |
| 现价 / 市值 | 131.77 / $221.04B | 2026-09-18 16:05:15 | 腾讯财经 gtimg |
| TTM PE / PB | 14.2 / 1.15 | 最新季一点 | 无历史同源序列则仅最新点 |
Competition
No sourced quarterly deposit/IB-wallet share series — share charts stay null. Qualitative peers:
Peer comparison
| Company | Position | Quality (qual.) | Strength | Weakness |
|---|---|---|---|---|
| Citigroup | 跨境批发 | 中 | TTS 网络 | 重组执行 |
| JPMorgan | 全能 | 高 | 综合钱包 | 估值更高 |
| Bank of America | 消费+批发 | 中高 | 美国零售 | 跨境弱于 C |
| Goldman Sachs | 机构投行 | 中 | GBM | TTS 缺失 |
Management
Core management (24m)
| Role | Name | Since | 24m change |
|---|---|---|---|
| CEO | Jane Fraser | 2021 | 重组周期 CEO |
| CFO | Mark Mason | 2019+ | 稳定 |
| 董事长 | Jane Fraser | 2022+ | 两职合一 |
Stability: Strategy is consistent; execution risk remains in expenses and tech.
Outlook
Near-term: next official print scheduled 2026-10-13 (08:00 ET print / 11:00 ET call). Financials still stop at Q2; this pack does not pre-fill an undisclosed P&L. Medium-term: the tracking items above.
Scenarios
| Case | Condition | Read-through |
|---|---|---|
| Bull | NIM / credit / fees beat last 4Q | Upside revision |
| Base | Rates and credit near recent trend | Hold / track |
| Bear | Credit or IB/wealth fees deteriorate | Reassess |
Risks
Risks
| Risk | Level | Note |
|---|---|---|
| 重组与费用 | 高 | 科技/风控投入若超支会推迟 ROE 目标 |
| 多地监管 | 高 | 同意令与跨境合规 |
| 新兴市场信贷 | 中 | 国际企业敞口 |
| 投行周期 | 中 | 费用收入波动 |
| 人才留任 | 低 | 转型期关键岗位流失 |
Tracking
Check the next 10-Q / earnings release for:
- Next official print scheduled 2026-10-13 (08:00 ET print / 11:00 ET call; Citi newsroom, 2025-09-12 2025–2026 call calendar) — pack financials still stop at Q2; do not extrapolate
- TTS revenue
- Restructuring charges clearing
- CET1
- Efficiency ratio
References
- IR: https://www.citigroup.com/global/investors
- SEC companyfacts CIK 0000831001 — https://data.sec.gov/api/xbrl/companyfacts/CIK0000831001.json
- Tencent Finance quotes (gtimg, 2026-09-18 16:05:15)
- Sina US daily bars — https://finance.sina.com.cn/usstock/
- CompaniesMarketCap bank ranking — https://companiesmarketcap.com/banks/largest-banks-by-market-cap/
Not investment advice. Filings over quotes; PE/PB are point-in-time, not a historical multiple curve.
- Citi newsroom, 2025-09-12 2025–2026 call calendar — https://www.citigroup.com/global/news/press-release/2025/citi-third-fourth-quarter-2025-and-2026-earnings-calls
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