(Exact name of registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number 001-36636 (State or other jurisdiction of incorporation or organization) Delaware ...

Citizens Financial (CFG) hit a new all-time high on Feb. 12. Shares are up 45% over the past year. The stock has strong technical momentum and maintains a 100% “Buy” opinion from Barchart. Analysts’ consensus is bullish, with multiple “Buy” ratings and price targets up to $83, despite some overvaluation concerns. Today’s Featured Stock Established in 1828 and valued at $28.7 billion, Citizens Financial (CFG) is one of the largest retail bank holding companies in the United States. Citizens Fin ...

Question-and-Answer SessionL. Erika PenalaUBS Investment Bank, Research Division So we usually kick off these firesides with a macro-related question. But I think your breadth and depth of the commercial bank is still a little bit underrated by investors, I do want to start there. So Ted, as I alluded to, you're transitioning into some pretty big shoes to fill right over there as you take over the business. And for those in the audience who haven't had a chance to meet you, could you give us a sense of how ...

Summary of Citizens Financial Group Conference Call Company Overview - **Company**: Citizens Financial Group (NYSE: CFG) - **Date**: February 10, 2026 - **Key Speakers**: Don McCree (Chair of Commercial Banking), Ted Swimmer (Head of Commercial Banking) Key Points Company Evolution and Strategy - Citizens Financial Group has evolved significantly since its IPO, focusing on building a comprehensive commercial banking platform that includes leveraged finance, industry verticals, and boutique M&A acquisitions [5][6][12] - The bank has expanded its geographical reach beyond the Mid-Atlantic and New England to include Florida, California, and New York City, enhancing its middle-market banking capabilities [9][10] - The strategy includes a focus on private equity and capital markets, with investments in Treasury Solutions and Merchant Services, positioning the bank as a dominant player in these sectors [11][12][15] Market Outlook - The bank anticipates a positive trajectory for 2026, with signs of increased M&A activity and a more favorable banking environment compared to the previous sluggish years [14][15] - There is a narrowing bid-ask spread in the market, indicating that transactions are expected to increase in 2026, particularly for top-tier companies [22][25] - Citizens Financial Group is optimistic about its pipelines, indicating a strong potential for growth in capital markets and advisory revenues [36][38] Private Equity and Capital Markets - The bank has shifted its approach to view relationships with private equity firms holistically, providing comprehensive services that include financing, equity, and advisory [27][30] - The acquisition of JMP in 2021 has enhanced the bank's capabilities in equity research and private capital, allowing it to better serve clients in the growing private equity market [77][78] Expansion Markets - Citizens is strategically expanding into Florida, California, and New York, leveraging its brand and comprehensive service offerings to attract middle-market companies seeking more robust banking solutions [81][89] - The bank's approach in California focuses on new economy sectors, filling the void left by other banks, and emphasizing its private banking capabilities [89][90] Financial Performance and Projections - The bank expects loan growth of 3%-5% for the year, driven by increased utilization of revolvers and participation in M&A transactions [96][97] - Citizens Financial Group is focused on optimizing its balance sheet by reallocating resources to higher-return opportunities and leveraging AI for operational efficiency [16][17] Risk Management - The bank is monitoring sectors such as retail and biotech for potential risks but currently does not see significant concerns in its portfolio [99][100] - Regulatory changes and market volatility are ongoing considerations, but the bank feels well-positioned to navigate these challenges [105][106] Conclusion - Citizens Financial Group is poised for growth in 2026, with a strong focus on executing its strategies in private equity, capital markets, and expansion into new markets. The bank aims to leverage its comprehensive service offerings and industry expertise to capture a larger share of the market [110][112]

With a market cap of $27 billion, Citizens Financial Group, Inc. (CFG) provides a wide range of retail and commercial banking products and services to individuals, businesses, and institutions. It operates through Consumer Banking and Commercial Banking segments, serving customers through branches, digital platforms, and specialized industry-focused financial solutions. The Providence, Rhode Island-based company's shares have outperformed the broader market over the past 52 weeks. CFG stock has surged 42 ...

Core Insights - Nearly 60% of the largest banks in the U.S. are either already offering Bitcoin-related services or expect to do so, indicating a significant trend towards Bitcoin adoption in the banking sector [1][5] Group 1: Current Offerings and Initiatives - Major U.S. banks such as JPMorgan Chase have launched Bitcoin trading services, while Citigroup, Wells Fargo, Goldman Sachs, and Morgan Stanley provide Bitcoin exposure primarily to high-net-worth clients [2] - U.S. Bank and BNY Mellon are among the first systemically important banks to offer custody services for Bitcoin [3] - PNC Group has launched both Bitcoin custody and trading services, while State Street and HSBC's U.S. operations have announced custody plans [5] Group 2: Exploratory Stages and Recommendations - Some banks, including Citigroup and Fifth Third, are still in the exploratory stages regarding custody and trading offerings [6] - Bank of America has recommended that clients allocate up to 4% of their portfolios to cryptocurrencies, reflecting a shift in stance even among banks without direct Bitcoin products [4][9] - Bank of America also plans to initiate coverage of four U.S.-listed spot Bitcoin exchange-traded funds (ETFs), which provide direct exposure to Bitcoin [10] Group 3: Banks Yet to Enter the Market - Despite the growing momentum, a significant minority of large U.S. banks have not yet announced Bitcoin-related products or plans, with nine banks remaining on the sidelines [7][8][11]

Group 1 - TD Cowen raised the price target on Citizens Financial (CFG) to $78 from $75 while maintaining a Buy rating on the shares [1] - Citizens' Q4 core EPS exceeded expectations due to lighter provisioning, indicating positive underlying fundamentals [1] - The results position Citizens to accelerate towards its medium-term ROTCE target of 16%-18%, supported by net interest margin tailwinds and emerging organic growth in 2026 [1]

Core Viewpoint - Citizens Financial Group, Inc. (CFG) has demonstrated strong financial performance, with positive earnings and sales growth, alongside a favorable market outlook indicated by a price target of $73 from analysts [1][6]. Financial Performance - CFG reported earnings of $1.13 per share, exceeding the analyst consensus estimate of $1.11 per share, showcasing effective execution of growth initiatives [2][6]. - The company's quarterly sales reached $2.157 billion, slightly above the expected $2.156 billion, driven by robust fee growth in its Capital Markets and Wealth segments [3][6]. Operational Efficiency - CFG experienced a 5% increase in positive operating leverage compared to the previous year, indicating efficient cost management and revenue growth [3]. - The company has returned 80% of its capital to shareholders over the year, reflecting its commitment to delivering value [4][6]. Credit and Market Position - CFG's credit costs are trending favorably, contributing to its strong financial health [4]. - The stock is currently priced at $65.58, with a market capitalization of approximately $28.17 billion, indicating active investor interest [5].

Core Viewpoint - Citizens Financial Group, Inc. reported better-than-expected fourth-quarter financial results, with earnings per share of $1.13 and sales of $2.157 billion, surpassing analyst estimates [1][2]. Financial Performance - The company achieved quarterly earnings of $1.13 per share, exceeding the analyst consensus estimate of $1.11 per share [1]. - Quarterly sales reached $2.157 billion, slightly above the analyst consensus estimate of $2.156 billion [1]. - The company reported a 5% positive operating leverage in Q4 compared to the prior year [2]. Growth Initiatives - Chairman and CEO Bruce Van Saun highlighted strong execution of key growth initiatives and continued improvement in net interest margin [2]. - The Private Bank achieved year-end deposits of $14.5 billion, contributing 7% accretion to the bottom line at a 25% return on equity (ROE) [2]. Shareholder Returns - Citizens Financial delivered an 80% return of capital to shareholders for the year [2]. - Following the earnings announcement, Citizens Financial shares gained 1.6%, trading at $65.10 [2]. Analyst Ratings and Price Targets - Keefe, Bruyette & Woods analyst Christopher McGratty maintained an Outperform rating and raised the price target from $68 to $70 [4]. - RBC Capital analyst Gerard Cassidy also maintained an Outperform rating, increasing the price target from $60 to $67 [4]. - DA Davidson analyst Peter Winter maintained a Buy rating and raised the price target from $65 to $73 [4].

Core Viewpoint - Citizens Financial Group, Inc. reported better-than-expected fourth-quarter financial results, with earnings per share of $1.13 and sales of $2.157 billion, surpassing analyst estimates [1][2]. Financial Performance - The company achieved quarterly earnings of $1.13 per share, exceeding the analyst consensus estimate of $1.11 per share [1]. - Quarterly sales reached $2.157 billion, slightly above the analyst consensus estimate of $2.156 billion [1]. - The company reported a 5% increase in operating leverage in Q4 compared to the prior year [2]. Growth Initiatives - Chairman and CEO Bruce Van Saun highlighted strong execution of key growth initiatives and improvement in net interest margin [2]. - The Private Bank achieved year-end deposits of $14.5 billion, contributing 7% accretion to the bottom line with a 25% return on equity (ROE) [2]. Shareholder Returns - Citizens Financial delivered an 80% return of capital to shareholders for the year [2]. - Following the earnings announcement, Citizens Financial shares increased by 1.6%, trading at $65.10 [2]. Analyst Ratings and Price Targets - Keefe, Bruyette & Woods analyst Christopher McGratty maintained an Outperform rating and raised the price target from $68 to $70 [4]. - RBC Capital analyst Gerard Cassidy also maintained an Outperform rating, increasing the price target from $60 to $67 [4]. - DA Davidson analyst Peter Winter maintained a Buy rating and raised the price target from $65 to $73 [4].