Citigroup Inc. (C) Cash Flow Statement
Where C’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$67.63B
- Capital expenditures
- $6.52B 3.9% of revenue
- Free cash flow
- −$74.15B −44.1% margin
- Returned to shareholders
- $23.62B
- Change in cash
- $73.05B cash at year-end $349.58B
Cash from operations
−$67.63B
Capital expenditures
−$6.52B
Investments (net)
+$48.72B
Acquisitions & other
−$150.48B
Dividends
−$5.37B
Share buybacks (net)
−$18.25B
Net borrowing (repayment)
+$22.08B
Shares issued
+$7.19B
Other financing
+$232.39B
Currency & other
+$10.93B
Change in cash
$73.05B
Drawn to scale: where the cash came from and how it was used. Hover for values.
C operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
C cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $53.93B2016 | −$67.63B2025 | — | |
| Capital expenditures | $2.76B2016 | $6.52B2025 | +10.0%/yr | |
| Free cash flow | $51.18B2016 | −$74.15B2025 | — | |
| Free cash flow margin | 61.4%2016 | −44.1%2025 | −105.5 pts | |
| Operating cash flow / net income | 3.602016 | −4.732025 | −8.33 | |
| Stock-based compensation | $1.47B2016 | $1.82B2023 | +3.1%/yr | |
| Dividends paid | $2.29B2016 | $5.37B2025 | +10.0%/yr | |
| Share buybacks (net) | $9.29B2016 | $18.25B2025 | +7.8%/yr | |
| Capex / revenue | 3.3%2016 | 3.9%2025 | +0.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
C cash flow by activity
OperatingInvestingFinancingChange in cash
C net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
C cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $14.31B | $12.68B | $9.23B | $15.08B | $21.95B | $11.07B | $19.41B | $18.05B | −$6.69B | $14.97B |
| Depreciation & amortization | $4.37B | $4.31B | $4.56B | $4.26B | $3.96B | $3.94B | $3.90B | $3.75B | $3.66B | $3.72B |
| Stock-based compensation | — | — | $1.82B | $1.84B | −$3.65B | $15.78B | $6.78B | $1.38B | $1.56B | $1.47B |
| Change in working capital | −$84.87B | −$59.03B | −$99.39B | $19.55B | $38.86B | −$53.18B | −$59.27B | $15.82B | −$33.88B | $20.57B |
| Other non-cash items | −$1.44B | $22.37B | $10.36B | −$15.66B | $126.0M | $1.78B | $16.34B | −$2.06B | $26.58B | $13.20B |
| Cash from operating activities | −$67.63B | −$19.67B | −$73.42B | $25.07B | $61.25B | −$20.62B | −$12.84B | $36.95B | −$8.77B | $53.93B |
| Investing activities | ||||||||||
| Capital expenditures | −$6.52B | −$6.50B | −$6.58B | −$5.63B | −$4.12B | −$3.45B | −$5.34B | −$3.77B | −$3.36B | −$2.76B |
| Investments (net) | $48.72B | $86.25B | −$8.46B | −$79.45B | −$122.91B | −$92.03B | −$18.49B | −$70.05B | −$58.23B | −$79.59B |
| Acquisitions & other investing | −$150.48B | $6.50B | $6.58B | $5.63B | $2.12B | $166.0M | $455.0M | $707.0M | $22.84B | $28.21B |
| Cash from investing activities | −$108.28B | $86.25B | −$8.46B | −$79.45B | −$124.91B | −$95.31B | −$23.37B | −$73.12B | −$38.75B | −$54.13B |
| Financing activities | ||||||||||
| Dividends paid | −$5.37B | −$5.20B | −$5.21B | −$5.00B | −$5.20B | −$5.35B | −$5.45B | −$5.02B | −$3.80B | −$2.29B |
| Share repurchases & issuance (net) | −$18.25B | −$7.52B | −$6.12B | −$3.59B | −$7.94B | −$3.34B | −$17.93B | −$15.23B | −$14.54B | −$9.29B |
| Net borrowing (repayment) | $22.08B | $17.17B | −$8.78B | $77.94B | −$14.07B | $30.71B | $9.38B | $11.91B | $55.18B | $13.29B |
| Shares issued | $7.19B | $5.28B | $2.74B | $0 | $3.30B | $3.00B | $1.50B | $0 | $0 | $0 |
| Other financing | $232.39B | −$48.03B | $18.06B | $68.42B | $41.18B | $208.58B | $55.44B | $52.87B | $30.01B | $26.58B |
| Cash from financing activities | $238.03B | −$38.30B | $687.0M | $137.76B | $17.27B | $233.59B | $42.93B | $44.53B | $66.85B | $28.29B |
| Summary | ||||||||||
| Net change in cash | $73.05B | $15.60B | −$81.09B | $79.99B | −$47.58B | $115.70B | $5.81B | $7.59B | $20.02B | $27.40B |
| Cash at end of period | $349.58B | $276.53B | $260.93B | $342.02B | $262.03B | $309.62B | $193.92B | $188.10B | $180.52B | $160.49B |
| Free cash flow | −$74.15B | −$26.17B | −$80.00B | $19.44B | $57.13B | −$24.07B | −$18.17B | $33.18B | −$12.13B | $51.18B |
| Free cash flow margin | −44.1% | −15.3% | −51.5% | 19.4% | 71.5% | −27.1% | −17.6% | 34.2% | −13.6% | 61.4% |
| Capex / revenue | 3.9% | 3.8% | 4.2% | 5.6% | 5.2% | 3.9% | 5.2% | 3.9% | 3.8% | 3.3% |
| Operating cash flow / net income | −4.73 | −1.55 | −7.95 | 1.66 | 2.79 | −1.86 | −0.66 | 2.05 | — | 3.60 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $5.83B | $5.79B | $2.47B | $3.75B | $4.02B | $4.07B | $2.86B | $3.24B | $3.22B | $3.37B | −$1.84B | $3.54B |
| Depreciation & amortization | $1.15B | $1.11B | $1.10B | $1.12B | $1.10B | $1.05B | $1.02B | $1.08B | $1.10B | $1.11B | $1.17B | $1.14B |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | −$2.34B | $1.48B |
| Change in working capital | −$19.50B | −$42.80B | $20.51B | −$7.79B | −$35.57B | −$62.02B | $7.53B | −$17.95B | −$26.55B | −$22.06B | −$6.09B | $8.87B |
| Other non-cash items | −$11.56B | $14.02B | $2.47B | $4.02B | −$6.12B | −$1.80B | $13.39B | −$3.04B | $5.27B | $6.75B | $4.43B | $758.0M |
| Cash from operating activities | −$24.08B | −$21.87B | $26.55B | $1.10B | −$36.58B | −$58.71B | $24.80B | −$16.67B | −$16.96B | −$10.83B | −$4.67B | $15.79B |
| Investing activities | ||||||||||||
| Capital expenditures | −$1.55B | −$1.42B | −$1.63B | −$1.62B | −$1.75B | −$1.52B | −$1.69B | −$1.56B | −$1.64B | −$1.61B | −$1.76B | −$1.69B |
| Investments (net) | −$17.20B | −$2.24B | $8.08B | −$10.00B | $50.03B | −$98.98B | $7.75B | $51.39B | $12.27B | $14.84B | −$38.47B | −$12.71B |
| Acquisitions & other investing | −$87.47B | −$8.73B | −$55.78B | $1.62B | $1.75B | $1.52B | $1.69B | $1.56B | $1.64B | $1.61B | $1.76B | $44.41B |
| Cash from investing activities | −$106.22B | −$12.39B | −$49.33B | −$10.00B | $50.03B | −$98.98B | $7.75B | $51.39B | $12.27B | $14.84B | −$38.47B | $30.01B |
| Financing activities | ||||||||||||
| Dividends paid | −$1.36B | −$1.35B | −$1.35B | −$1.37B | −$1.33B | −$1.32B | −$1.31B | −$1.34B | −$1.25B | −$1.29B | −$1.31B | −$1.35B |
| Share repurchases & issuance (net) | −$4.15B | −$6.15B | −$6.00B | −$5.00B | −$4.00B | −$3.25B | −$968.0M | −$4.23B | −$1.36B | −$963.0M | −$3.94B | −$431.0M |
| Net borrowing (repayment) | $25.95B | $16.41B | −$2.50B | −$3.64B | $21.07B | $7.15B | $2.65B | $14.44B | — | — | — | $3.44B |
| Shares issued | $0 | $1.78B | $2.50B | $2.69B | $0 | $2.00B | $1.50B | $1.50B | $1.74B | $548.0M | $0 | $1.49B |
| Other financing | $90.47B | $60.55B | $32.63B | $28.00B | −$8.65B | $180.40B | −$49.17B | $5.03B | −$17.87B | $14.06B | $50.99B | −$47.11B |
| Cash from financing activities | $110.91B | $71.25B | $25.28B | $20.68B | $7.09B | $184.98B | −$47.31B | $15.39B | −$18.74B | $12.35B | $45.73B | −$43.97B |
| Summary | ||||||||||||
| Net change in cash | −$19.31B | $36.14B | $1.52B | $10.59B | $29.14B | $31.80B | −$26.56B | $56.96B | −$26.60B | $11.80B | $6.95B | −$42.92B |
| Cash at end of period | $366.41B | $385.72B | $349.58B | $348.06B | $337.47B | $308.33B | $276.53B | $303.09B | $246.13B | $272.73B | $260.93B | $253.99B |
| Free cash flow | −$25.63B | −$23.29B | $24.92B | −$517.0M | −$38.33B | −$60.23B | $23.11B | −$18.23B | −$18.60B | −$12.44B | −$6.43B | $14.10B |
| Free cash flow margin | −56.6% | −52.4% | 61.3% | −1.2% | −90.5% | −146.0% | 56.5% | −42.1% | −43.6% | −28.4% | −15.5% | — |
| Capex / revenue | 3.4% | 3.2% | 4.0% | 3.7% | 4.1% | 3.7% | 4.1% | 3.6% | 3.9% | 3.7% | 4.3% | — |
| Operating cash flow / net income | −4.13 | −3.78 | 10.74 | 0.29 | −9.10 | −14.44 | 8.68 | −5.15 | −5.27 | −3.21 | — | 4.46 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
C cash generation
In fiscal 2025 (ended December 31, 2025), Citigroup generated -$67.6 billion of cash from operations and spent $6.5 billion on capital expenditures, leaving free cash flow of -$74.2 billion, −44.1% of revenue. It returned $23.6 billion to shareholders through dividends ($5.4 billion) and net share buybacks ($18.2 billion). Cash and equivalents rose by $73.0 billion over the year.
Related: C income statement, C balance sheet, C dividend history. See the C stock overview for the latest quote and news.
C cash flow FAQ
What is Citigroup's free cash flow?
Citigroup's free cash flow was -$74.2 billion in fiscal 2025: -$67.6 billion of operating cash flow minus $6.5 billion of capital expenditures It was -$26.2 billion a year earlier..
How much cash does Citigroup generate from operations?
Citigroup generated -$67.6 billion of cash from operating activities in fiscal 2025, −4.73 times its net income of $14.3 billion.
How much does Citigroup spend on capital expenditures?
Citigroup spent $6.5 billion on capital expenditures in fiscal 2025, 3.9% of revenue, compared with $6.5 billion the year before.
How much stock does Citigroup buy back?
Citigroup spent $18.2 billion on net share repurchases in fiscal 2025.
How much does Citigroup pay in dividends?
Citigroup paid $5.4 billion in dividends in fiscal 2025.