CITIZENS FINANCIAL GROUP INC/RI
For the period ended Dec 31, 2025. Filed Feb 12, 2026.
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FY2025 · Filed Feb 12, 2026
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Non-GAAP Financial Measures
This document contains non-GAAP financial measures that we believe provide useful information to investors to understand our results of operations or financial condition. We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP financial measures. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our results reported under GAAP.
The following tables present the computation of non-GAAP financial measures used in the MD&A, as well as the reconciliation to the comparable GAAP financial measure, as applicable:
| Table 27: Reconciliation of Tangible Book Value per Common Share (non-GAAP) | ||
|---|---|---|
| December 31, | ||
| (dollars in millions, except per share data) | 2025 | 2024 |
| Book value per common share(1) | $56.39 | $50.26 |
| Tangible book value per common share: | ||
| Common stockholders' equity | $24,206 | $22,141 |
| Less: Goodwill | 8,187 | 8,187 |
| Less: Other intangible assets | 115 | 146 |
| Add: Deferred tax liabilities related to goodwill and other intangible assets | 437 | 438 |
| Tangible common equity (non-GAAP)(2) | $16,341 | $14,246 |
| Common shares outstanding at period end | 429,242,174 | 440,543,381 |
| Tangible book value per common share (non-GAAP)(3) | $38.07 | $32.34 |
(1)Represents the most directly comparable GAAP financial measure to tangible book value per common share and is calculated based on common stockholders’ equity divided by common shares outstanding at period end.
(2)Tangible common equity is a non-GAAP financial measure that excludes the impact of intangible assets, net of deferred taxes.
(3)Tangible book value per common share is a non-GAAP financial measure and is calculated based on tangible common equity divided by common shares outstanding at period end. We believe this non-GAAP financial measure serves as a useful tool to help evaluate the strength and discipline of a company’s capital management strategies and as a conservative measure of total company value.
| Table 28: Reconciliation of Return on Average Tangible Common Equity (non-GAAP) | ||
|---|---|---|
| Year Ended December 31, | ||
| (dollars in millions) | 2025 | 2024 |
| Return on average common equity(1) | 7.36% | 6.27% |
| Net income available to common stockholders | $1,688 | $1,372 |
| Return on average tangible common equity: | ||
| Average common equity | $22,954 | $21,881 |
| Less: Average goodwill | 8,187 | 8,187 |
| Less: Average other intangibles | 131 | 143 |
| Add: Average deferred tax liabilities related to goodwill and other intangible assets | 439 | 433 |
| Average tangible common equity (non-GAAP)(2) | $15,075 | $13,984 |
| Return on average tangible common equity (non-GAAP)(3) | 11.20% | 9.81% |
(1)Represents the most directly comparable GAAP financial measure to return on average tangible common equity and is calculated based on net income available to common stockholders divided by average common equity.
(2)Average tangible common equity is a non-GAAP financial measure that excludes the impact of intangible assets, net of deferred taxes.
(3)Return on average tangible common equity is a non-GAAP financial measure and is calculated based on net income available to common stockholders divided by average tangible common equity. We believe this non-GAAP financial measure serves as a useful tool to compare the profitability of financial institutions and assess the efficiency of their capital utilization without the impact of intangible assets, net of deferred taxes.
Citizens Financial Group, Inc. | 77
| Table 29: Reconciliation of Net Interest Income and Net Interest Margin on an FTE Basis (non-GAAP) | ||
|---|---|---|
| Year Ended December 31, | ||
| (dollars in millions) | 2025 | 2024 |
| Net interest income | $5,853 | $5,633 |
| Average interest-earning assets | 197,048 | 198,072 |
| Net interest margin(1) | 2.97% | 2.84% |
| Net interest income | $5,853 | $5,633 |
| FTE adjustment | 16 | 17 |
| Net interest income on an FTE basis (non-GAAP)(2) | $5,869 | $5,650 |
| Net interest margin on an FTE basis (non-GAAP)(2)(3) | 2.98% | 2.85% |
(1)Represents the most directly comparable GAAP financial measure to net interest margin on an FTE basis and is calculated based on net interest income divided by average interest-earnings assets.
(2)FTE basis financial measures and ratios are adjusted for the tax-exempt status of income from certain assets held by the Company using the federal statutory tax rate of 21% and are considered non-GAAP financial measures. We believe this allows management to better assess the comparability of revenue from both taxable and tax-exempt sources.
(3)Calculated based on net interest income on an FTE basis divided by average interest-earnings assets.
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