Five Card Partners, 12% of RevenueThin moat

Citigroup (C) — moat facet

Five card partners bring in about an eighth of Citi's revenue, and each contract has an end date.

Citi's one disclosed concentration is on the consumer side. Its five largest co-brand and private-label card relationships made up about 12% of Citi's revenues in 20251. On 2025 revenue of $85,225 million2, that is roughly $10.2 billion3.

Five largest card partnerships, share of Citi revenue (%)about 10%2020about 11%2023about 12%2024about 12%2025Citigroup Forms 10-K FY2020, FY2023, FY2024 and FY2025
Rising towards an eighth of revenue.

The share has crept up. It was about 10% in 20204, about 11% in 20235, and about 12% in 20246 and 2025. The named partners include Costco and American Airlines among co-brands and The Home Depot among private-label cards7, and in 2026 Citi added a further American Airlines portfolio8.

Five contracts carrying an eighth of the revenue of a bank this size is a real concentration. The agreements "generally have a fixed term"9, and Citi warns that it may not be able to keep them on existing terms or at all10.

Measured against the card business alone the dependence looks larger. About $10.2 billion from five partners11 equals more than half of U.S. Consumer Cards revenue of $18,258 million in 20251213.

The two card businesses behind the figure moved apart in 2025. Branded Cards revenue rose 8% and average loans 5%, while Retail Services revenue fell 6%, driven by higher partner payment accruals, and its average loans fell 2%14. The partner-heavy business shrank as the partners took more.

The airline purchase adds to the concentration. About $6.6 billion of loans15 is about 4% of the $177 billion average card book in the second quarter of 20261617, all of it tied to one partner. Private-label cards, the store cards that most depend on a single retailer, were about 17% of average card loans at the end of 20251819.

The segment is earning more on less capital. Card RoTCE was 22.0% in the second quarter of 2026 on $16 billion of allocated tangible equity, against 15.0% on $20 billion a year earlier20.

The American Airlines purchase makes the next figure likely to rise. A share above 13% would mean more of Citi's revenue hung on a handful of renewals.

Moat trajectory: Narrowing

About 10% (2020), 11% (2023), 12% (2024 and 2025).

The number that tests this moat
Reported
Five largest card partners, share of revenue
About 12% (2025), about 10% in 2020

Revenue resting on a few contracts; above 13% would mean more of Citi hung on a handful of renewals.

Source: Citigroup Form 10-K FY2025, risk factors and regulation ↗
References
  1. ReportedIts five largest co-brand and private-label card relationships made up about 12% of Citi's revenues in 2025.
    Citigroup Form 10-K for fiscal 2025 - risk factors, competition, the 2020 consent orders, transformation spending and the card-partner concentration disclosure. — FY2025 · publ. 20 February 2026 · source ↗
  2. ReportedOn 2025 revenue of $85,225 million, that is roughly $10.2 billion.
    Citigroup Form 10-K for fiscal 2025 - selected financial data: revenue, net income, EPS, RoTCE, efficiency ratio, deposits, capital ratios and requirements, repurchases and capital returned. — FY2021-FY2025 · publ. 20 February 2026 · source ↗
  3. Moat Explorer calcOn 2025 revenue of $85,225 million, that is roughly $10.2 billion.
    Moat Explorer calculation from Citigroup and peer figures ($ millions unless stated). Deposit cost: Bank of America 34,513 / (1,469,705 + 514,477) = 34,513 / 1,984,182 = 1.74%; Citi non-interest-bearing share 202,705 / 1,363,051 = 14.9%, about 15%; gap to JPMorgan 2.57% - 1.80% = 0.77 points; 0.0077 x 1,363,051 = 10,495, about $10.5 billion a year; 10,495 / 19,828 pre-tax income = 53%, more than half; JPMorgan average deposits 2,506,565 / 1,363,051 = 1.84 times. Market value: JPMorgan 911.91 / Citi 225.24 = 4.05, about four times; Citi / JPMorgan 225.24 / 911.91 = 0.247, about a quarter, about 0.25. Card partners: 12% x 85,225 = 10,227, roughly $10.2 billion. Institutional deposits 934 / 1,403.6 = 66.5%, about two-thirds, about 67%; other deposits 1,403.6 - 934 = 469.6. Banamex stake sold 25% + 22.6% = 47.6%. Shares: period-end common shares 1,747.5 / 1,903.1 - 1 = -8.2%, about 8%; average diluted shares 1,873.1 / 3,007.7 - 1 = -37.7%, about 38%. Market value over tangible common equity at year end ($bn): 2018 127.14 / 151.078 = 0.84; 2019 174.42 / 148.809 = 1.17; 2020 128.37 / 153.389 = 0.84; 2021 119.83 / 157.077 = 0.76; 2022 87.60 / 158.151 = 0.55; 2023 98.45 / 164.025 = 0.60; 2024 133.13 / 167.698 = 0.79; 2025 208.79 / 169.618 = 1.23. Trailing twelve months to June 2026: net income 14,306 - 8,083 + 11,616 = 17,839; revenue 85,225 - 43,264 + 49,399 = 91,360; diluted EPS 6.99 - 3.92 + 6.21 = 9.28; P/E 225,250 / 17,839 = 12.6; P/S 225,250 / 91,360 = 2.47. Year-end P/E and P/S (market value over net income and revenue): 2015 154.16 / 17.242 = 8.94, 154.16 / 77.277 = 1.995; 2016 169.36 / 14.912 = 11.36, / 70.797 = 2.392; 2017 196.74 / 73.693 = 2.670 (net loss); 2018 127.14 / 18.045 = 7.05, / 74.036 = 1.717; 2019 174.42 / 19.401 = 8.99, / 75.067 = 2.324; 2020 128.37 / 11.047 = 11.62, / 75.501 = 1.700; 2021 119.83 / 21.952 = 5.46, / 71.574 = 1.674; 2022 87.60 / 14.845 = 5.90, / 74.982 = 1.168; 2023 98.45 / 9.228 = 10.67, / 78.066 = 1.261; 2024 133.13 / 12.682 = 10.50, / 80.722 = 1.649; 2025 208.79 / 14.306 = 14.59, / 85.225 = 2.450. More: end-of-period deposits 1,493 / 1,403.6 - 1 = 6.4%, about 6%; Markets average loans 176 / 794 total loans = 22.2%, about 22%; JPMorgan deposit-cost gap 2.72 - 1.70 = 1.02 points (2023), 3.06 - 2.08 = 0.98 points (2024), about 1.0 point; Bank of America non-interest-bearing share 514,477 / 1,984,182 = 25.9%, about 26%; Services old-basis average deposits 935 / 1,422 = 65.8%, about 66%; AO Citibank assets 13.5 / 2,657.2 = 0.51%, about 0.5%; loss 1.2 / 13.5 = 8.9%, about 9%. Card partners against the card segment: 10,227 / 18,258 = 56%, more than half. Return improvement to target: 14.5 - 8.8 = 5.7 points, roughly six. Forecast extrapolation: 2026 revenue 49,399 x 2 = 98,798; 2026 EPS 134.28 / 11.58 = 11.60; revenue growth (85,225 / 78,066)^(1/2) - 1 = 4.5% a year. — FY2015-Q2 2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Citigroup's Forms 10-K and 10-Q, JPMorgan's and Bank of America's Forms 10-K, and market data from stockanalysis and companiesmarketcap; operands shown in the source line.
  4. ReportedIt was about 10% in 2020, about 11% in 2023, and about 12% in 2024 and 2025.
    Citigroup Form 10-K for fiscal 2020 - the five largest card relationships at approximately 10% of revenues. — FY2020 · publ. February 2021 · source ↗
  5. ReportedIt was about 10% in 2020, about 11% in 2023, and about 12% in 2024 and 2025.
    Citigroup Form 10-K for fiscal 2023 - year-end deposits, the card-partner concentration disclosure and the gains and losses on the Asian consumer exits. — FY2023 · publ. February 2024 · source ↗
  6. ReportedIt was about 10% in 2020, about 11% in 2023, and about 12% in 2024 and 2025.
    Citigroup Form 10-K for fiscal 2024 - revenue as first reported, the Argentine peso devaluation impact and the card-partner concentration disclosure. — FY2024 · publ. February 2025 · source ↗
  7. ReportedThe named partners include Costco and American Airlines among co-brands and The Home Depot among private-label cards, and in 2026 Citi added a further American Airlines portfolio.
    Citigroup Form 10-Q for the quarter ended 30 June 2026 - results, capital, the $30 billion repurchase program, dividends, staff, U.S. Consumer Cards partners and the American Airlines portfolio. — Q2 2026 · publ. 6 August 2026 · source ↗
  8. ReportedThe named partners include Costco and American Airlines among co-brands and The Home Depot among private-label cards, and in 2026 Citi added a further American Airlines portfolio.
    Citigroup Form 10-Q for the quarter ended 30 June 2026 - results, capital, the $30 billion repurchase program, dividends, staff, U.S. Consumer Cards partners and the American Airlines portfolio. — Q2 2026 · publ. 6 August 2026 · source ↗
  9. ReportedThe agreements "generally have a fixed term", and Citi warns that it may not be able to keep them on existing terms or at all.
    Citigroup Form 10-K for fiscal 2025 - risk factors, competition, the 2020 consent orders, transformation spending and the card-partner concentration disclosure. — FY2025 · publ. 20 February 2026 · source ↗
  10. ReportedThe agreements "generally have a fixed term", and Citi warns that it may not be able to keep them on existing terms or at all.
    Citigroup Form 10-K for fiscal 2025 - risk factors, competition, the 2020 consent orders, transformation spending and the card-partner concentration disclosure. — FY2025 · publ. 20 February 2026 · source ↗
  11. Moat Explorer calcAbout $10.2 billion from five partners equals more than half of U.S. Consumer Cards revenue of $18,258 million in 2025.
    Moat Explorer calculation from Citigroup and peer figures ($ millions unless stated). Deposit cost: Bank of America 34,513 / (1,469,705 + 514,477) = 34,513 / 1,984,182 = 1.74%; Citi non-interest-bearing share 202,705 / 1,363,051 = 14.9%, about 15%; gap to JPMorgan 2.57% - 1.80% = 0.77 points; 0.0077 x 1,363,051 = 10,495, about $10.5 billion a year; 10,495 / 19,828 pre-tax income = 53%, more than half; JPMorgan average deposits 2,506,565 / 1,363,051 = 1.84 times. Market value: JPMorgan 911.91 / Citi 225.24 = 4.05, about four times; Citi / JPMorgan 225.24 / 911.91 = 0.247, about a quarter, about 0.25. Card partners: 12% x 85,225 = 10,227, roughly $10.2 billion. Institutional deposits 934 / 1,403.6 = 66.5%, about two-thirds, about 67%; other deposits 1,403.6 - 934 = 469.6. Banamex stake sold 25% + 22.6% = 47.6%. Shares: period-end common shares 1,747.5 / 1,903.1 - 1 = -8.2%, about 8%; average diluted shares 1,873.1 / 3,007.7 - 1 = -37.7%, about 38%. Market value over tangible common equity at year end ($bn): 2018 127.14 / 151.078 = 0.84; 2019 174.42 / 148.809 = 1.17; 2020 128.37 / 153.389 = 0.84; 2021 119.83 / 157.077 = 0.76; 2022 87.60 / 158.151 = 0.55; 2023 98.45 / 164.025 = 0.60; 2024 133.13 / 167.698 = 0.79; 2025 208.79 / 169.618 = 1.23. Trailing twelve months to June 2026: net income 14,306 - 8,083 + 11,616 = 17,839; revenue 85,225 - 43,264 + 49,399 = 91,360; diluted EPS 6.99 - 3.92 + 6.21 = 9.28; P/E 225,250 / 17,839 = 12.6; P/S 225,250 / 91,360 = 2.47. Year-end P/E and P/S (market value over net income and revenue): 2015 154.16 / 17.242 = 8.94, 154.16 / 77.277 = 1.995; 2016 169.36 / 14.912 = 11.36, / 70.797 = 2.392; 2017 196.74 / 73.693 = 2.670 (net loss); 2018 127.14 / 18.045 = 7.05, / 74.036 = 1.717; 2019 174.42 / 19.401 = 8.99, / 75.067 = 2.324; 2020 128.37 / 11.047 = 11.62, / 75.501 = 1.700; 2021 119.83 / 21.952 = 5.46, / 71.574 = 1.674; 2022 87.60 / 14.845 = 5.90, / 74.982 = 1.168; 2023 98.45 / 9.228 = 10.67, / 78.066 = 1.261; 2024 133.13 / 12.682 = 10.50, / 80.722 = 1.649; 2025 208.79 / 14.306 = 14.59, / 85.225 = 2.450. More: end-of-period deposits 1,493 / 1,403.6 - 1 = 6.4%, about 6%; Markets average loans 176 / 794 total loans = 22.2%, about 22%; JPMorgan deposit-cost gap 2.72 - 1.70 = 1.02 points (2023), 3.06 - 2.08 = 0.98 points (2024), about 1.0 point; Bank of America non-interest-bearing share 514,477 / 1,984,182 = 25.9%, about 26%; Services old-basis average deposits 935 / 1,422 = 65.8%, about 66%; AO Citibank assets 13.5 / 2,657.2 = 0.51%, about 0.5%; loss 1.2 / 13.5 = 8.9%, about 9%. Card partners against the card segment: 10,227 / 18,258 = 56%, more than half. Return improvement to target: 14.5 - 8.8 = 5.7 points, roughly six. Forecast extrapolation: 2026 revenue 49,399 x 2 = 98,798; 2026 EPS 134.28 / 11.58 = 11.60; revenue growth (85,225 / 78,066)^(1/2) - 1 = 4.5% a year. — FY2015-Q2 2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Citigroup's Forms 10-K and 10-Q, JPMorgan's and Bank of America's Forms 10-K, and market data from stockanalysis and companiesmarketcap; operands shown in the source line.
  12. ReportedAbout $10.2 billion from five partners equals more than half of U.S. Consumer Cards revenue of $18,258 million in 2025.
    Citigroup Historical Quarterly Financial Data Supplement 2021-2025 recast to the first-quarter 2026 segments - Wealth and U.S. Consumer Cards: revenue by line, client balances, net new investment assets, branches, loans, credit losses and returns. — FY2021-FY2025 · publ. 3 April 2026 · source ↗
  13. Moat Explorer calcAbout $10.2 billion from five partners equals more than half of U.S. Consumer Cards revenue of $18,258 million in 2025.
    Moat Explorer calculation from Citigroup and peer figures ($ millions unless stated). Deposit cost: Bank of America 34,513 / (1,469,705 + 514,477) = 34,513 / 1,984,182 = 1.74%; Citi non-interest-bearing share 202,705 / 1,363,051 = 14.9%, about 15%; gap to JPMorgan 2.57% - 1.80% = 0.77 points; 0.0077 x 1,363,051 = 10,495, about $10.5 billion a year; 10,495 / 19,828 pre-tax income = 53%, more than half; JPMorgan average deposits 2,506,565 / 1,363,051 = 1.84 times. Market value: JPMorgan 911.91 / Citi 225.24 = 4.05, about four times; Citi / JPMorgan 225.24 / 911.91 = 0.247, about a quarter, about 0.25. Card partners: 12% x 85,225 = 10,227, roughly $10.2 billion. Institutional deposits 934 / 1,403.6 = 66.5%, about two-thirds, about 67%; other deposits 1,403.6 - 934 = 469.6. Banamex stake sold 25% + 22.6% = 47.6%. Shares: period-end common shares 1,747.5 / 1,903.1 - 1 = -8.2%, about 8%; average diluted shares 1,873.1 / 3,007.7 - 1 = -37.7%, about 38%. Market value over tangible common equity at year end ($bn): 2018 127.14 / 151.078 = 0.84; 2019 174.42 / 148.809 = 1.17; 2020 128.37 / 153.389 = 0.84; 2021 119.83 / 157.077 = 0.76; 2022 87.60 / 158.151 = 0.55; 2023 98.45 / 164.025 = 0.60; 2024 133.13 / 167.698 = 0.79; 2025 208.79 / 169.618 = 1.23. Trailing twelve months to June 2026: net income 14,306 - 8,083 + 11,616 = 17,839; revenue 85,225 - 43,264 + 49,399 = 91,360; diluted EPS 6.99 - 3.92 + 6.21 = 9.28; P/E 225,250 / 17,839 = 12.6; P/S 225,250 / 91,360 = 2.47. Year-end P/E and P/S (market value over net income and revenue): 2015 154.16 / 17.242 = 8.94, 154.16 / 77.277 = 1.995; 2016 169.36 / 14.912 = 11.36, / 70.797 = 2.392; 2017 196.74 / 73.693 = 2.670 (net loss); 2018 127.14 / 18.045 = 7.05, / 74.036 = 1.717; 2019 174.42 / 19.401 = 8.99, / 75.067 = 2.324; 2020 128.37 / 11.047 = 11.62, / 75.501 = 1.700; 2021 119.83 / 21.952 = 5.46, / 71.574 = 1.674; 2022 87.60 / 14.845 = 5.90, / 74.982 = 1.168; 2023 98.45 / 9.228 = 10.67, / 78.066 = 1.261; 2024 133.13 / 12.682 = 10.50, / 80.722 = 1.649; 2025 208.79 / 14.306 = 14.59, / 85.225 = 2.450. More: end-of-period deposits 1,493 / 1,403.6 - 1 = 6.4%, about 6%; Markets average loans 176 / 794 total loans = 22.2%, about 22%; JPMorgan deposit-cost gap 2.72 - 1.70 = 1.02 points (2023), 3.06 - 2.08 = 0.98 points (2024), about 1.0 point; Bank of America non-interest-bearing share 514,477 / 1,984,182 = 25.9%, about 26%; Services old-basis average deposits 935 / 1,422 = 65.8%, about 66%; AO Citibank assets 13.5 / 2,657.2 = 0.51%, about 0.5%; loss 1.2 / 13.5 = 8.9%, about 9%. Card partners against the card segment: 10,227 / 18,258 = 56%, more than half. Return improvement to target: 14.5 - 8.8 = 5.7 points, roughly six. Forecast extrapolation: 2026 revenue 49,399 x 2 = 98,798; 2026 EPS 134.28 / 11.58 = 11.60; revenue growth (85,225 / 78,066)^(1/2) - 1 = 4.5% a year. — FY2015-Q2 2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Citigroup's Forms 10-K and 10-Q, JPMorgan's and Bank of America's Forms 10-K, and market data from stockanalysis and companiesmarketcap; operands shown in the source line.
  14. ReportedBranded Cards revenue rose 8% and average loans 5%, while Retail Services revenue fell 6%, driven by higher partner payment accruals, and its average loans fell 2%.
    Citigroup Form 10-K for fiscal 2025 - business description, segments, history, footprint, employees and executives. — FY2025 · publ. 20 February 2026 · source ↗
  15. ReportedAbout $6.6 billion of loans is about 4% of the $177 billion average card book in the second quarter of 2026, all of it tied to one partner.
    Citigroup Form 10-Q for the quarter ended 30 June 2026 - results, capital, the $30 billion repurchase program, dividends, staff, U.S. Consumer Cards partners and the American Airlines portfolio. — Q2 2026 · publ. 6 August 2026 · source ↗
  16. ReportedAbout $6.6 billion of loans is about 4% of the $177 billion average card book in the second quarter of 2026, all of it tied to one partner.
    Citigroup second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - Wealth and U.S. Consumer Cards results and key metrics. — Q2 2026 · publ. 14 July 2026 · source ↗
  17. Moat Explorer calcAbout $6.6 billion of loans is about 4% of the $177 billion average card book in the second quarter of 2026, all of it tied to one partner.
    Moat Explorer calculation from Citigroup segment and Investor Day figures ($ millions unless stated). Firm: PPNR 30.1 / 24.0 - 1 = 25.4%, about 25% ($bn). Services: operating expenses 10,813 / 7,682 - 1 = 40.8%, about 41%; revenue 22,636 / 12,539 - 1 = 80.5%, about 81%; TTS net interest income 12,238 / 5,963 = 2.05 times; TTS non-interest revenue 4,408 / 3,224 - 1 = 36.7%, about 37%; quarterly Services net interest income 4,050 / 3,317 - 1 = 22.1%, about 22%; Securities Services net interest income 2,763 / 903 = 3.06 times, about three times; Securities Services non-interest revenue 3,227 / 2,449 - 1 = 31.8%, about 32%; interest share 2,763 / 5,990 = 46.1%, about 46%; North America 6,907 / 3,744 - 1 = 84.5%, about 84%; international 15,729 / 8,795 - 1 = 78.8%, about 79%; international share 8,795 / 12,539 = 70.1% (2021) and 15,729 / 22,636 = 69.5% (2025); TTS non-interest revenue quarterly 1,182 / 1,049 - 1 = 12.7%, about 13%; cross-border value quarterly 115.2 / 90.7 - 1 = 27.0%, about 27%; share of Citi average deposits Q2 2026 1,017 / 1,504 = 67.6%, about 68%; assets under custody 31.4 / 24.0 - 1 = 30.8%, about 31%; quarterly Securities Services revenue 1,787 / 1,271 - 1 = 40.6%, about 41%; average Services deposits 935 / 808 - 1 = 15.7%, about 16%. Markets: net interest income share 6,072 / 19,108 = 31.8%, about 32% (2021), 9,687 / 22,409 = 43.2%, about 43% (2025); average loans 141 / 111 - 1 = 27.0%, about 27%; average assets 1,203 / 941 - 1 = 27.8%, about 28%; average trading assets 533 / 340 - 1 = 56.8%, about 57%; rates and currencies 11,749 / 11,735 - 1 = 0.1%; equities 5,664 / 3,969 - 1 = 42.7%, about 43%; spread products 4,996 / 5,386 - 1 = -7.2%, about 7% below; Q4 2025 revenue 4,609 / 6,075 - 1 = -24.1%, about 24% below. Banking: international share 2,977 / 6,384 = 46.6%, about 47%; equity underwriting 699 / 2,152 - 1 = -67.5%, about two-thirds less; loan hedges -140 + 307 - 443 - 180 - 118 = -574; advisory 390 / 649 - 1 = -39.9%, about 40%. Wealth: net interest income share 7,582 / 11,272 = 67.3%, about 67%; international 4,243 / 3,382 - 1 = 25.5%, about 25%; North America 7,029 / 5,949 - 1 = 18.2%, about 18%; North America 7,029 / 5,878 - 1 = 19.6%, about 20%; operating expenses 9,455 / 9,374 - 1 = 0.9%, about 1%; revenue 11,272 / 9,733 - 1 = 15.8%, about 16%; international share 4,243 / 11,272 = 37.6%, about 38%; Private Bank 2,676 / 2,970 - 1 = -9.9%, about 10% below; Private Bank Q2 2025 excluding the gain 731 - 80 = 651, 769 / 651 - 1 = 18.1%, about 18%; Citigold and Retail Banking quarterly 2,010 / 1,502 - 1 = 33.8%, about 34%; Wealth at Work 930 / 691 - 1 = 34.6%, about 35%; average loans 199 / 182 - 1 = 9.3%, about 9%; client deposits 413 / 438 - 1 = -5.7%, about 6% lower. U.S. Consumer Cards: average loans 170 / 125 - 1 = 36.0%, about 36%; operating expenses 6,755 / 5,693 - 1 = 18.7%, about 19%; revenue 18,258 / 13,209 - 1 = 38.2%, about 38%; general-purpose spend 152.4 / 125.6 - 1 = 21.3%, about 21%; private-label spend 13.9 / 16.7 - 1 = -16.8%, about 17% less; rewards and partner payments 12,075 / 9,096 - 1 = 32.7%, about 33%; interchange 9,718 / 7,521 - 1 = 29.2%, about 29%; other fees 427 / 229 = 1.86 times, nearly double; Q4 over Q1 2025 rewards 3,215 / 2,821 - 1 = 14.0%, about 14%, interchange 2,526 / 2,285 - 1 = 10.5%, about 11%; 2025 acquisitions general-purpose 1,696 + 1,704 + 1,872 + 2,115 = 7,387 thousand, private-label 1,144 + 1,551 + 1,339 + 1,572 = 5,606 thousand; general-purpose average loans 138.6 / 95.2 - 1 = 45.6%, about 46%; private-label 29.8 / 27.3 - 1 = 9.2%, about 9%; net credit losses over net interest income 2,856 / 14,518 = 19.7%, about a fifth (2021), 7,457 / 19,243 = 38.8%, about 39% (2024), 7,290 / 20,169 = 36.1%, about 36% (2025). All Other: Asia consumer 812 / 3,871 = 21.0%, about a fifth; operating expenses 8,698 / 9,628 - 1 = -9.7%, about 10% less; managed revenue 4,442 / 9,491 = 0.47, down more than half; allocated tangible equity 39.2 / 27.7 - 1 = 41.5%, about 42%. Expenses ($bn): five businesses and Corporate/Other 49.1 / 43.2 - 1 = 13.7%, about 14%. Latest-quarter pass: Markets first-half revenue 7,246 + 7,007 = 14,253 against 6,075 + 5,980 = 12,055, up 18.2%, about 18%; Markets first-half net income 2,595 + 2,387 = 4,982; Banking 304 + 350 = 654; equities 2,080 + 2,301 = 4,381, and 4,381 / 5,664 = 77.3%, about 77%; investment banking 1,326 + 1,548 = 2,874, and 2,874 / 4,781 = 60.1%, about 60%; fixed income 16,745 / 14,115 - 1 = 18.6%, about 19%; equities 5,664 / 4,993 - 1 = 13.4%, about 13%; Markets expenses 13,253 / 12,450 - 1 = 6.4%, about 6%; Services North America share 1,339 / 5,043 = 26.6%, about 27% (1Q24), 1,939 / 6,272 = 30.9%, about 31% (4Q25); year-end deposits 1,403,573 / 1,284,458 - 1 = 9.3%, about 9%; Services average deposits 1,017 / 961 - 1 = 5.8%, about 6%; Cards first-half revenue 4,757 + 4,521 = 9,278 against 4,567 + 4,471 = 9,038, up 2.7%, about 3%; general-purpose loans 143.2 / 139.0 - 1 = 3.0%, about 3%; American Airlines 6.6 / 177 = 3.7%, about 4%; private-label 29.8 / (138.6 + 29.8 + 3.9) = 29.8 / 172.3 = 17.3%, about 17%; Wealth expenses 9,721 / 8,061 - 1 = 20.6%, about 21%; Wealth first-half net income 432 + 583 = 1,015 against 191 + 385 = 576, nearly double, and 639 + 511 = 1,150 in the first half of 2021; Citigold 2,181 / 3,177 = 68.6%, about 69%; Private Bank 757 / 664 - 1 = 14.0%, about 14%; Wealth at Work 246 / 268 - 1 = -8.2%, about 8% lower; U.S. non-interest-bearing deposits 121,610 / 734,662 = 16.6%, about 17%; tangible book value per share 100.89 / 97.06 - 1 = 3.9%, about 4%; JPMorgan, Bank of America and Wells Fargo 911.91 + 396.48 + 250.90 = 1,559.29, and 1,559.29 / 225.24 = 6.9, nearly seven times; Wealth expenses over revenue 2,377 / 3,177 = 74.8%, about 75% (Q2 2026). — FY2021-Q2 2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Citigroup's recast historical supplement, its Q2 2026 earnings release and its 2026 Investor Day presentation; operands shown in the source line.
  18. ReportedPrivate-label cards, the store cards that most depend on a single retailer, were about 17% of average card loans at the end of 2025.
    Citigroup Historical Quarterly Financial Data Supplement 2021-2025 recast to the first-quarter 2026 segments - Wealth and U.S. Consumer Cards: revenue by line, client balances, net new investment assets, branches, loans, credit losses and returns. — FY2021-FY2025 · publ. 3 April 2026 · source ↗
  19. Moat Explorer calcPrivate-label cards, the store cards that most depend on a single retailer, were about 17% of average card loans at the end of 2025.
    Moat Explorer calculation from Citigroup segment and Investor Day figures ($ millions unless stated). Firm: PPNR 30.1 / 24.0 - 1 = 25.4%, about 25% ($bn). Services: operating expenses 10,813 / 7,682 - 1 = 40.8%, about 41%; revenue 22,636 / 12,539 - 1 = 80.5%, about 81%; TTS net interest income 12,238 / 5,963 = 2.05 times; TTS non-interest revenue 4,408 / 3,224 - 1 = 36.7%, about 37%; quarterly Services net interest income 4,050 / 3,317 - 1 = 22.1%, about 22%; Securities Services net interest income 2,763 / 903 = 3.06 times, about three times; Securities Services non-interest revenue 3,227 / 2,449 - 1 = 31.8%, about 32%; interest share 2,763 / 5,990 = 46.1%, about 46%; North America 6,907 / 3,744 - 1 = 84.5%, about 84%; international 15,729 / 8,795 - 1 = 78.8%, about 79%; international share 8,795 / 12,539 = 70.1% (2021) and 15,729 / 22,636 = 69.5% (2025); TTS non-interest revenue quarterly 1,182 / 1,049 - 1 = 12.7%, about 13%; cross-border value quarterly 115.2 / 90.7 - 1 = 27.0%, about 27%; share of Citi average deposits Q2 2026 1,017 / 1,504 = 67.6%, about 68%; assets under custody 31.4 / 24.0 - 1 = 30.8%, about 31%; quarterly Securities Services revenue 1,787 / 1,271 - 1 = 40.6%, about 41%; average Services deposits 935 / 808 - 1 = 15.7%, about 16%. Markets: net interest income share 6,072 / 19,108 = 31.8%, about 32% (2021), 9,687 / 22,409 = 43.2%, about 43% (2025); average loans 141 / 111 - 1 = 27.0%, about 27%; average assets 1,203 / 941 - 1 = 27.8%, about 28%; average trading assets 533 / 340 - 1 = 56.8%, about 57%; rates and currencies 11,749 / 11,735 - 1 = 0.1%; equities 5,664 / 3,969 - 1 = 42.7%, about 43%; spread products 4,996 / 5,386 - 1 = -7.2%, about 7% below; Q4 2025 revenue 4,609 / 6,075 - 1 = -24.1%, about 24% below. Banking: international share 2,977 / 6,384 = 46.6%, about 47%; equity underwriting 699 / 2,152 - 1 = -67.5%, about two-thirds less; loan hedges -140 + 307 - 443 - 180 - 118 = -574; advisory 390 / 649 - 1 = -39.9%, about 40%. Wealth: net interest income share 7,582 / 11,272 = 67.3%, about 67%; international 4,243 / 3,382 - 1 = 25.5%, about 25%; North America 7,029 / 5,949 - 1 = 18.2%, about 18%; North America 7,029 / 5,878 - 1 = 19.6%, about 20%; operating expenses 9,455 / 9,374 - 1 = 0.9%, about 1%; revenue 11,272 / 9,733 - 1 = 15.8%, about 16%; international share 4,243 / 11,272 = 37.6%, about 38%; Private Bank 2,676 / 2,970 - 1 = -9.9%, about 10% below; Private Bank Q2 2025 excluding the gain 731 - 80 = 651, 769 / 651 - 1 = 18.1%, about 18%; Citigold and Retail Banking quarterly 2,010 / 1,502 - 1 = 33.8%, about 34%; Wealth at Work 930 / 691 - 1 = 34.6%, about 35%; average loans 199 / 182 - 1 = 9.3%, about 9%; client deposits 413 / 438 - 1 = -5.7%, about 6% lower. U.S. Consumer Cards: average loans 170 / 125 - 1 = 36.0%, about 36%; operating expenses 6,755 / 5,693 - 1 = 18.7%, about 19%; revenue 18,258 / 13,209 - 1 = 38.2%, about 38%; general-purpose spend 152.4 / 125.6 - 1 = 21.3%, about 21%; private-label spend 13.9 / 16.7 - 1 = -16.8%, about 17% less; rewards and partner payments 12,075 / 9,096 - 1 = 32.7%, about 33%; interchange 9,718 / 7,521 - 1 = 29.2%, about 29%; other fees 427 / 229 = 1.86 times, nearly double; Q4 over Q1 2025 rewards 3,215 / 2,821 - 1 = 14.0%, about 14%, interchange 2,526 / 2,285 - 1 = 10.5%, about 11%; 2025 acquisitions general-purpose 1,696 + 1,704 + 1,872 + 2,115 = 7,387 thousand, private-label 1,144 + 1,551 + 1,339 + 1,572 = 5,606 thousand; general-purpose average loans 138.6 / 95.2 - 1 = 45.6%, about 46%; private-label 29.8 / 27.3 - 1 = 9.2%, about 9%; net credit losses over net interest income 2,856 / 14,518 = 19.7%, about a fifth (2021), 7,457 / 19,243 = 38.8%, about 39% (2024), 7,290 / 20,169 = 36.1%, about 36% (2025). All Other: Asia consumer 812 / 3,871 = 21.0%, about a fifth; operating expenses 8,698 / 9,628 - 1 = -9.7%, about 10% less; managed revenue 4,442 / 9,491 = 0.47, down more than half; allocated tangible equity 39.2 / 27.7 - 1 = 41.5%, about 42%. Expenses ($bn): five businesses and Corporate/Other 49.1 / 43.2 - 1 = 13.7%, about 14%. Latest-quarter pass: Markets first-half revenue 7,246 + 7,007 = 14,253 against 6,075 + 5,980 = 12,055, up 18.2%, about 18%; Markets first-half net income 2,595 + 2,387 = 4,982; Banking 304 + 350 = 654; equities 2,080 + 2,301 = 4,381, and 4,381 / 5,664 = 77.3%, about 77%; investment banking 1,326 + 1,548 = 2,874, and 2,874 / 4,781 = 60.1%, about 60%; fixed income 16,745 / 14,115 - 1 = 18.6%, about 19%; equities 5,664 / 4,993 - 1 = 13.4%, about 13%; Markets expenses 13,253 / 12,450 - 1 = 6.4%, about 6%; Services North America share 1,339 / 5,043 = 26.6%, about 27% (1Q24), 1,939 / 6,272 = 30.9%, about 31% (4Q25); year-end deposits 1,403,573 / 1,284,458 - 1 = 9.3%, about 9%; Services average deposits 1,017 / 961 - 1 = 5.8%, about 6%; Cards first-half revenue 4,757 + 4,521 = 9,278 against 4,567 + 4,471 = 9,038, up 2.7%, about 3%; general-purpose loans 143.2 / 139.0 - 1 = 3.0%, about 3%; American Airlines 6.6 / 177 = 3.7%, about 4%; private-label 29.8 / (138.6 + 29.8 + 3.9) = 29.8 / 172.3 = 17.3%, about 17%; Wealth expenses 9,721 / 8,061 - 1 = 20.6%, about 21%; Wealth first-half net income 432 + 583 = 1,015 against 191 + 385 = 576, nearly double, and 639 + 511 = 1,150 in the first half of 2021; Citigold 2,181 / 3,177 = 68.6%, about 69%; Private Bank 757 / 664 - 1 = 14.0%, about 14%; Wealth at Work 246 / 268 - 1 = -8.2%, about 8% lower; U.S. non-interest-bearing deposits 121,610 / 734,662 = 16.6%, about 17%; tangible book value per share 100.89 / 97.06 - 1 = 3.9%, about 4%; JPMorgan, Bank of America and Wells Fargo 911.91 + 396.48 + 250.90 = 1,559.29, and 1,559.29 / 225.24 = 6.9, nearly seven times; Wealth expenses over revenue 2,377 / 3,177 = 74.8%, about 75% (Q2 2026). — FY2021-Q2 2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Citigroup's recast historical supplement, its Q2 2026 earnings release and its 2026 Investor Day presentation; operands shown in the source line.
  20. ReportedCard RoTCE was 22.0% in the second quarter of 2026 on $16 billion of allocated tangible equity, against 15.0% on $20 billion a year earlier.
    Citigroup second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - Wealth and U.S. Consumer Cards results and key metrics. — Q2 2026 · publ. 14 July 2026 · source ↗
Sources
Generated September 28, 2026