✦ Thirty Billion Dollars of BuybacksNarrow moat

Citigroup (C) — the future bets

Citi is returning more than it earns, and now pays above tangible book for the shares it buys.

Citi's shareholders are getting their money back faster than ever. The bank repurchased $13,250 million of stock in 2025, against $2,500 million in 20241, and returned $17.6 billion including dividends2, a total payout of 133% of earnings3. On 7 May 2026 it announced a new $30 billion multiyear programme, with $26.0 billion left at the end of June4.

Common share repurchases ($M)7,60020213,25020222,00020232,500202413,2502025Citigroup Form 10-K FY2025
A fivefold jump in 2025.

The share count shows the effect. Period-end common shares fell from 1,903.1 million in 2023 to 1,747.5 million in 20255, about 8%6, and average diluted shares from 3,007.7 million in 2015 to 1,873.1 million in 20257, about 38%8.

The price has changed, though. For most of the last decade Citi bought its shares below tangible book value, which adds book value to each remaining share. At $134.28 in September 2026 the shares traded at about 1.33 times tangible book value per share of $100.89910. A dollar of buyback now buys less than a dollar of book.

Returning more than earnings is possible only while capital is above requirements. Citi's required CET1 ratio fell to 11.6% from 12.1% for 2025 as its stress capital buffer fell to 3.6%11, and that buffer is expected to stay at 3.6% until 1 October 202712.

The pace in 2026 is faster still. Citi repurchased $10.3 billion of shares in the first half, against $3.75 billion a year earlier13. Its Investor Day put capital returned since the start of 2022 at about $45 billion14.

Citi has said it will buy more this year than last. It repurchased $6.3 billion in the first quarter of 2026 and said repurchases were expected to be higher in 2026 than in 202515.

Citi's own release notes that the repurchases were dilutive to tangible book value per share16.

The programme also depends on capital. Citi's CET1 ratio was 12.8% in June 2026, about 120 basis points above its requirement17. A ratio falling below 12.5% with buybacks continuing would mean Citi was returning capital it needed.

Moat trajectory: Holding steady

Buybacks $13.3bn (2025); $30bn programme from May 2026.

The number that tests this moat
Reported
Share repurchases, latest quarter
$4.0bn (Q2 2026)

The pace of capital return; continuing at this rate with CET1 below 12.5% would mean capital was being returned that was needed.

Source: Citigroup Q2 2026 earnings release ↗
References
  1. ReportedThe bank repurchased $13,250 million of stock in 2025, against $2,500 million in 2024, and returned $17.6 billion including dividends, a total payout of 133% of earnings.
    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 ↗
  2. ReportedThe bank repurchased $13,250 million of stock in 2025, against $2,500 million in 2024, and returned $17.6 billion including dividends, a total payout of 133% of earnings.
    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. ReportedThe bank repurchased $13,250 million of stock in 2025, against $2,500 million in 2024, and returned $17.6 billion including dividends, a total payout of 133% of earnings.
    Citigroup fourth-quarter and full-year 2025 earnings release, Form 8-K exhibit 99.1 - the 2025 payout ratio, the RoTCE commitment for 2026 and the chief executive's comments. — FY2025 · publ. 14 January 2026 · source ↗
  4. ReportedOn 7 May 2026 it announced a new $30 billion multiyear programme, with $26.0 billion left at the end of June.
    Citigroup Form 10-Q for the quarter ended 30 June 2026 - results, capital, the $30 billion repurchase program, dividends, staff, U.S. Consumer Cards partners and the American Airlines portfolio. — Q2 2026 · publ. 6 August 2026 · source ↗
  5. ReportedPeriod-end common shares fell from 1,903.1 million in 2023 to 1,747.5 million in 2025, about 8%, and average diluted shares from 3,007.7 million in 2015 to 1,873.1 million in 2025, about 38%.
    Citigroup Historical Quarterly Financial Data Supplement 2021-2025 recast to the first-quarter 2026 segments, Form 8-K exhibit 99.1 - segment revenue, income, capital and returns, All Other and share counts. — FY2021-FY2025 · publ. 3 April 2026 · source ↗
  6. Moat Explorer calcPeriod-end common shares fell from 1,903.1 million in 2023 to 1,747.5 million in 2025, about 8%, and average diluted shares from 3,007.7 million in 2015 to 1,873.1 million in 2025, about 38%.
    Moat Explorer calculation from Citigroup and peer figures ($ 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.
  7. ReportedPeriod-end common shares fell from 1,903.1 million in 2023 to 1,747.5 million in 2025, about 8%, and average diluted shares from 3,007.7 million in 2015 to 1,873.1 million in 2025, about 38%.
    SEC EDGAR XBRL company facts for Citigroup (CIK 831001) - weighted average diluted shares outstanding, 2015-2025. — FY2015-FY2025 · publ. 2026 · source ↗
  8. Moat Explorer calcPeriod-end common shares fell from 1,903.1 million in 2023 to 1,747.5 million in 2025, about 8%, and average diluted shares from 3,007.7 million in 2015 to 1,873.1 million in 2025, about 38%.
    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.
  9. ReportedAt $134.28 in September 2026 the shares traded at about 1.33 times tangible book value per share of $100.89.
    Citigroup (C) statistics - P/B 1.17, P/TBV 1.33, forward P/E 11.58, shares outstanding 1.68 billion. — September 2026 · publ. 25 September 2026 · source ↗
  10. ReportedAt $134.28 in September 2026 the shares traded at about 1.33 times tangible book value per share of $100.89.
    Citigroup second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - firm results, returns, efficiency, capital returned, tangible book value and All Other. — Q2 2026 · publ. 14 July 2026 · source ↗
  11. ReportedCiti's required CET1 ratio fell to 11.6% from 12.1% for 2025 as its stress capital buffer fell to 3.6%, and that buffer is expected to stay at 3.6% until 1 October 2027.
    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 ↗
  12. ReportedCiti's required CET1 ratio fell to 11.6% from 12.1% for 2025 as its stress capital buffer fell to 3.6%, and that buffer is expected to stay at 3.6% until 1 October 2027.
    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 ↗
  13. ReportedCiti repurchased $10.3 billion of shares in the first half, against $3.75 billion a year earlier.
    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 ↗
  14. ReportedIts Investor Day put capital returned since the start of 2022 at about $45 billion.
    Citigroup 2026 Investor Day financial overview presentation - RoTCE targets, business targets for Services, Cards and Markets, efficiency ratio, transformation, liquidity and capital. — May 2026 · publ. May 2026 · source ↗
  15. ReportedIt repurchased $6.3 billion in the first quarter of 2026 and said repurchases were expected to be higher in 2026 than in 2025.
    Citigroup 2026 Investor Day financial overview presentation - RoTCE targets, business targets for Services, Cards and Markets, efficiency ratio, transformation, liquidity and capital. — May 2026 · publ. May 2026 · source ↗
  16. ReportedCiti's own release notes that the repurchases were dilutive to tangible book value per share.
    Citigroup second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - firm results, returns, efficiency, capital returned, tangible book value and All Other. — Q2 2026 · publ. 14 July 2026 · source ↗
  17. ReportedCiti's CET1 ratio was 12.8% in June 2026, about 120 basis points above its requirement.
    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 ↗
Sources
Generated September 28, 2026