CITIGROUP INC Earnings Per Share Disclosure
| In millions of dollars, except per share amounts | 2025 | 2024 | 2023 | ||||||||
| Earnings per common share | |||||||||||
| Income from continuing operations before attribution of noncontrolling interests | $ | 14,455 | $ | 12,835 | $ | 9,382 | |||||
| Less: Noncontrolling interests from continuing operations | 146 | 151 | 153 | ||||||||
| Net income from continuing operations (for EPS purposes) | $ | 14,309 | $ | 12,684 | $ | 9,229 | |||||
| Loss from discontinued operations, net of taxes | (3) | (2) | (1) | ||||||||
| Citigroup’s net income | $ | 14,306 | $ | 12,682 | $ | 9,228 | |||||
| Less: Preferred dividends | 1,114 | 1,054 | 1,198 | ||||||||
| Net income available to common shareholders | $ | 13,192 | $ | 11,628 | $ | 8,030 | |||||
Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with rights to dividends, and other relevant items(1), applicable to basic EPS | 171 | 170 | 180 | ||||||||
| Net income allocated to common shareholders for basic EPS | $ | 13,021 | $ | 11,458 | $ | 7,850 | |||||
Weighted-average common shares outstanding applicable to basic EPS (in millions) | 1,832.0 | 1,901.4 | 1,930.1 | ||||||||
| Basic earnings per share | |||||||||||
| Income from continuing operations | $ | 7.11 | $ | 6.03 | $ | 4.07 | |||||
| Discontinued operations | — | — | — | ||||||||
Net income per share—basic(2) | $ | 7.11 | $ | 6.03 | $ | 4.07 | |||||
| Diluted earnings per share | |||||||||||
| Net income allocated to common shareholders for basic EPS | $ | 13,021 | $ | 11,458 | $ | 7,850 | |||||
| Add back: Dividends allocated to employee restricted and deferred shares with rights to dividends that are forfeitable | 76 | 74 | 57 | ||||||||
| Net income allocated to common shareholders for diluted EPS | $ | 13,097 | $ | 11,532 | $ | 7,907 | |||||
Weighted-average common shares outstanding applicable to basic EPS (in millions) | $ | 1,832.0 | $ | 1,901.4 | $ | 1,930.1 | |||||
Effect of dilutive securities(3) | |||||||||||
| Other employee plans | 41.1 | 38.7 | 25.7 | ||||||||
Adjusted weighted-average common shares outstanding applicable to diluted EPS (in millions) | 1,873.1 | 1,940.1 | 1,955.8 | ||||||||
| Diluted earnings per share | |||||||||||
| Income from continuing operations | $ | 6.99 | $ | 5.95 | $ | 4.04 | |||||
| Discontinued operations | — | — | — | ||||||||
Net income per share—diluted(2) | $ | 6.99 | $ | 5.94 | $ | 4.04 | |||||
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About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.