Citigroup vs Goldman Sachs: Revenue, Profit and Business Model
Citigroup reported $85.2B of revenue in FY2025 and $14.3B of net income. Goldman Sachs reported $58.3B of revenue in FY2025 and $17.2B of net income.
Latest financial snapshot
Citigroup
- Latest revenue
- $85.2B (FY2025)
- Net income
- $14.3B
- Net margin
- 16.8%
- Revenue growth
- +2.1% a year, FY2016–FY2025
Goldman Sachs
- Latest revenue
- $58.3B (FY2025)
- Net income
- $17.2B
- Net margin
- 29.5%
- Revenue growth
- +7.3% a year, FY2016–FY2025
Financial summary
Citigroup
Citigroup's revenue rose from $78.1 billion in 2023 to $80.7 billion in 2024 and $85.2 billion in 2025. Over the same years net income grew from $9.2 billion to $12.7 billion and then $14.3 billion. In 2025 the bank returned $17.6 billion to common shareholders. Momentum picked up in 2026. Q2 2026 revenue was $24.8 billion, up 14% year over year and the best quarter in a decade. Net income was $5.8 billion, up 45%, EPS was $3.15 and RoTCE was 13.0%. The efficiency ratio improved to 57.4% and the CET1 ratio was 12.8%, against an 11.6% requirement. Citi started a $30 billion multi-year buyback in Q2 2026 and planned a 12% dividend increase after passing the Fed's 2026 stress test. For full-year 2026, management guided to RoTCE of 10-11% and net interest income growth (excluding Markets) of 5-6%.
Goldman Sachs
Goldman's revenue history shows the cycle: $36.5 billion in 2019, a record $59.3 billion in 2021, $46.3 billion in 2023, $53.5 billion in 2024, and $58.28 billion in 2025. Net earnings were $17.18 billion in 2025 (EPS $51.32, ROE 15.0%). Momentum continued in 2026: first-half net revenues reached $37.57 billion and net earnings $12.26 billion, with record Q2 results, record assets under supervision of $4.04 trillion, and the quarterly dividend raised 11% to $5.00 per share for 3Q26.
Revenue and profit by year
Citigroup
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $85.2B | $14.3B | 16.8% | +5.6% | Source |
| FY2024 | $80.7B | $12.7B | 15.7% | +3.4% | Source |
| FY2023 | $78.1B | $9.2B | 11.8% | +3.6% | Source |
| FY2022 | $75.3B | $14.8B | 19.7% | +4.8% | Source |
| FY2021 | $71.9B | $22B | 30.5% | -4.8% | Source |
| FY2020 | $75.5B | $11B | 14.6% | +0.6% | Source |
| FY2019 | $75.1B | $19.4B | 25.8% | +3.0% | Source |
| FY2018 | $72.9B | $18B | 24.8% | +0.6% | Source |
| FY2017 | $72.4B | -$6.8B | -9.4% | +2.3% | Source |
| FY2016 | $70.8B | $14.9B | 21.1% | — | Source |
Goldman Sachs
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $58.3B | $17.2B | 29.5% | +8.9% | Source |
| FY2024 | $53.5B | $14.3B | 26.7% | +15.7% | Source |
| FY2023 | $46.3B | $8.5B | 18.4% | -2.3% | Source |
| FY2022 | $47.4B | $11.3B | 23.8% | -20.2% | Source |
| FY2021 | $59.3B | $21.6B | 36.5% | +33.2% | Source |
| FY2020 | $44.6B | $9.5B | 21.2% | +21.9% | Source |
| FY2019 | $36.5B | $8.5B | 23.2% | -0.2% | Source |
| FY2018 | $36.6B | $10.5B | 28.6% | +11.9% | Source |
| FY2017 | $32.7B | $4.3B | 13.1% | +6.3% | Source |
| FY2016 | $30.8B | $7.4B | 24.0% | — | Source |
Where the revenue comes from
Citigroup
- Markets
~28% (Q2 2026)
Fixed income, currencies, commodities and equities trading for institutional clients. Revenue was $7.0 billion in Q2 2026, up 17%, with Equities up 45%.
- Services (Treasury and Trade Solutions, Securities Services)
~26% (Q2 2026)
Cash management, cross-border payments, trade finance and custody for multinationals and institutions. Record revenue of $6.4 billion in Q2 2026, up 18%.
- U.S. Personal Banking (mainly U.S. consumer cards)
~18% (Q2 2026)
Citi-branded and retail-services credit cards plus U.S. retail banking. U.S. Consumer Cards revenue was $4.5 billion in Q2 2026, up 1%.
- Wealth
~13% (Q2 2026)
Private Bank, Citigold and Wealth at Work, with $727 billion of client investment assets. Revenue was $3.2 billion in Q2 2026, up 13%.
- Banking
~8% (Q2 2026)
Investment banking advisory, equity and debt underwriting, and corporate lending. Revenue was $1.9 billion in Q2 2026, up 34%, with investment banking up 44%.
Goldman Sachs
- Global Banking & Markets~71%
M&A advisory, equity and debt underwriting, equities and FICC trading, and financing. Record $41.45B of FY2025 net revenues.
- Asset & Wealth Management and Platform Solutions~29%
Management, incentive, and wealth advisory fees, private-markets and principal investment returns, plus the remaining consumer card business. About $16.8B combined in FY2025.
Business model and strategy
Citigroup
How it makes money
Citigroup makes money from net interest income on loans and deposits and from fees on payments, trading, advisory and wealth services. It reports five businesses. Services (Treasury and Trade Solutions plus Securities Services) moves cash, finances trade and holds custody assets for multinational companies, banks and governments.
Growth strategy
Jane Fraser's strategy has three parts: simplify, invest and return capital. In 2023-2024 she removed the regional CEO layer, cut management layers and reorganized Citi into five reporting businesses. In January 2024 the bank announced about 20,000 job cuts by 2026. Headcount fell from roughly 226,000 at the end of 2025 to about 219,000 by mid-2026, with $800 million of severance in the first half of 2026.
Competitive advantage
Citi's main advantage is its physical global footprint. It has banking licenses and local clearing in more countries than any other U.S. bank. A multinational that needs local payroll, collections, FX and liquidity across dozens of markets can run it through one Citi platform.
Goldman Sachs
How it makes money
Goldman operates two main segments. Global Banking & Markets earns advisory fees on mergers, equity and debt underwriting fees, and trading and financing revenue from hedge funds, asset managers, and corporates across equities and FICC.
Growth strategy
After unwinding most of its consumer push, Goldman is concentrating on two engines. In Global Banking & Markets it aims to stay first in M&A advisory and lead the biggest equity deals; in Q2 2026 investment banking fees rose 55% to $3.40 billion.
Competitive advantage
Goldman's edge is its position at the top of M&A advisory league tables, deep institutional trading relationships, and a brand that boards and governments hire for complex transactions. Those relationships feed other businesses: an IPO or merger mandate often leads to financing, hedging, and wealth management for the founders and executives involved.
Questions about Citigroup vs Goldman Sachs
Which company has higher revenue — Citigroup Inc. or The Goldman Sachs Group, Inc.?
Citigroup Inc. reported $85.2B (FY2025), while The Goldman Sachs Group, Inc. reported $58.3B (FY2025). By last reported revenue, Citigroup Inc. is the larger business, with The Goldman Sachs Group, Inc. reporting a smaller revenue base.
What is the market cap of Citigroup Inc. vs The Goldman Sachs Group, Inc.?
Citigroup Inc.'s market capitalisation stands at $221.3B, while The Goldman Sachs Group, Inc.'s is $280.0B. The Goldman Sachs Group, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Citigroup Inc..
Which is more financially efficient — Citigroup Inc. or The Goldman Sachs Group, Inc.?
Citigroup Inc. generates $389k / employee in revenue per employee, while The Goldman Sachs Group, Inc. generates $1.23M / employee. The Goldman Sachs Group, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Citigroup Inc. and The Goldman Sachs Group, Inc. make money?
Citigroup Inc. and The Goldman Sachs Group, Inc. generate revenue in fundamentally different ways. Citigroup Inc.: Citigroup makes money from net interest income on loans and deposits and from fees on payments, trading, advisory and wealth services. The Goldman Sachs Group, Inc.: Goldman operates two main segments.
Which company is valued higher relative to revenue — Citigroup Inc. or The Goldman Sachs Group, Inc.?
On a price-to-sales (P/S) basis, Citigroup Inc. trades at 2.6x P/S and The Goldman Sachs Group, Inc. at 4.8x P/S. The Goldman Sachs Group, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Citigroup Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Citigroup Inc. bigger than The Goldman Sachs Group, Inc.?
By last reported revenue, Citigroup Inc. ($85.2B (FY2025)) is the larger company compared to The Goldman Sachs Group, Inc. ($58.3B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Citigroup vs Goldman Sachs overview