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Edge19 Sep 2025
American Express: An Empire of Plastic
How history, brand, and structure have steadily built American Express' moat, and why Warren Buffett still calls it a one-of-a-kind business.
Citigroup (C) investor relations material
Citigroup Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Oct, 2025
Executive summary
Net income for Q3 2025 was $3.8B, up 16% year-over-year, with EPS of $1.86; excluding a $726M goodwill impairment related to Banamex, net income was $4.5B and EPS was $2.24, with adjusted ROTCE of 9.7%.
Revenues rose 9% to $22.1B, with record Q3 revenues in all five core businesses and positive operating leverage across all segments.
$6.1B+ capital returned to shareholders in Q3, including $5B in share repurchases and an increased dividend to $0.60 per share.
Transformation progress: over two-thirds of programs at or near target state, with significant automation, AI integration, and technology modernization.
Announced sale of a 25% Banamex stake, marking progress in strategic divestitures.
Financial highlights
Adjusted net income of $4.5B, adjusted ROTCE of 9.7%, and YTD net income of $11.8B, up 20% YoY.
Total revenues of $22.1B, up 9% YoY; YTD revenues $65.4B, up 7% YoY.
Expenses of $14.3B (up 9% YoY); adjusted expenses $13.6B (up 3% YoY); cost of credit at $2.5B, mainly from U.S. cards and firm-wide ACL build.
Efficiency ratio improved by ~360 bps YoY on an adjusted basis to ~65%.
Book value per share: $108.41; tangible book value per share: $95.72.
Outlook and guidance
Confident in exceeding $84B in revenues for 2025, with NII ex-markets expected up ~5.5% for the year.
Full-year expenses projected above $53.4B, excluding goodwill impairment, with efficiency ratio slightly below 64%.
ROTCE target of 10%-11% for 2026, with further improvement expected.
Transformation expense for 2025 projected just under $3.5B, expected to decline in 2026.
Branded Cards NCL range: 3.50%-4.00%; Retail Services NCL range: 5.75%-6.25%.
Future payout ratio sustainability?
Non-accrual loan trend outlook?
Underlying expense growth drivers?
Explain Banamex CTA reclassification impact
Quantify AI's impact on developer productivity
What are 2025 NCL guidance ranges for US cards?
Banamex exit: capital impact and timing
Tokenized deposits: client adoption pace
Path to sub-60% efficiency ratio
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Q4 202514 Jan, 2026
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Frequently asked questions
A global bank with diverse services
Citigroup, commonly referred to as Citi, is a prominent global financial institution that offers a wide range of banking and financial services. With a global presence and a diverse portfolio of products and services, Citi caters to the needs of individuals, corporations, and governments worldwide. The company operates through multiple business segments, providing a comprehensive suite of banking, investment, and advisory services for its clients. Citi's extensive reach and expertise in the financial industry contribute to its position as a leading player in the global market.
Banking services
Citigroup operates through multiple business segments catered towards different types of clients. These segments include consumer banking, commercial banking, and wealth management.
In consumer banking, Citi offers a range of products and services such as banking accounts, credit cards, and loans to private individuals. In commercial banking, the company provides financial solutions and services tailored to the needs of businesses, including cash management, trade finance, and treasury services. Additionally, Citi's wealth management segment offers investment advisory and asset management services to help clients grow and preserve their wealth through intelligent investing. Through these segments, Citi aims to provide a solution to the financial needs of individuals, businesses, and high-net-worth individuals around the world. Citi is far from alone when it comes to offering these types of financial services to clients and some other businesses operating in the same industry and in a similar fashion to Citi include names like Goldman Sachs and JPMorgan.
The investment banking side of Citi
Citi's investment banking division provides a range of financial services to corporations, governments, and institutional clients. This includes advisory services for mergers and acquisitions, debt and equity underwriting, capital raising, and risk management solutions. Through its investment banking operations, Citi assists facilitating corporate transactions, helping clients access capital markets, and providing strategic financial advice. The division contributes to Citi's overall revenue by generating fee income and strengthening client relationships.
A global enterprise
Citigroup's global presence spans across multiple countries, allowing the company to operate in diverse markets and serve a wide range of clients. This global footprint provides Citigroup with access to international opportunities, a broad customer base, and a diverse set of economic conditions. It also enables the company to leverage its global network to deliver financial services efficiently and effectively, while capitalizing on growth prospects across geographies.
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