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Arphra AIPlain-English read on Citigroup Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $79.87B | $100.22B | $155.38B | $170.71B | $168.3B | $93.56B | $97.13B | $101.63B | $105.21B |
| Cost of revenue | $4.09B | $30.85B | $87.48B | $99.59B | $93.32B | $52.16B | $56.24B | $58.68B | $60.43B |
| Gross profit | $75.78B | $69.37B | $67.9B | $71.12B | $74.98B | $41.6B | $42.63B | $44.43B | $46.08B |
| Gross margin | +94.88% | +69.22% | +43.70% | +41.66% | +44.55% | +44.46% | +43.88% | +43.72% | +43.80% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $2.33B | $428.14M | $438.93M | $454.72M | $486.7M |
| Selling, general & administrative | $26.74B | $28.31B | $30.71B | $29.75B | $39.43B | $19.39B | $20.06B | $20.07B | $20.65B |
| Total operating expenses | $48.31B | $50.56B | $54.99B | $54.07B | $55.15B | $31.59B | $31.64B | $33.47B | $35.95B |
| Operating income | $27.47B | $18.81B | $12.91B | $17.05B | $19.83B | $9.51B | $9.68B | $10.24B | $10.78B |
| Operating margin | +34.39% | +18.77% | +8.31% | +9.99% | +11.78% | +10.16% | +9.96% | +10.08% | +10.25% |
| EBITDA | $31.43B | $23.07B | $17.47B | $21.36B | $23.1B | $11.8B | $12.36B | $13.07B | $13.01B |
| EBIT | $27.47B | $18.81B | $12.91B | $17.05B | $19.83B | $9.3B | $9.46B | $10.44B | $10.44B |
| Below the line | |||||||||
| Interest expense | $7.98B | $25.74B | $78.36B | $89.62B | $83.07B | $48.04B | $50.14B | $52.32B | $53.71B |
| Interest income | $50.48B | $74.41B | $133.26B | $143.71B | $142.86B | $81.79B | $80.94B | $86.58B | $89.34B |
| Other income / expense | $0 | $0 | $0 | $0 | $0 | — | — | — | — |
| Pre-tax income | $27.47B | $18.81B | $12.91B | $17.05B | $19.83B | $9.56B | $10B | $10.42B | $10.39B |
| Income tax expense | $5.45B | $3.64B | $3.53B | $4.21B | $5.37B | $2.41B | $2.57B | $2.71B | $2.78B |
| Earnings | |||||||||
| Net income | $21.95B | $14.85B | $9.23B | $12.68B | $14.27B | $6.85B | $7.14B | $7.51B | $7.71B |
| Net income · continuing ops | $22.02B | $15.17B | $9.38B | $12.84B | $14.46B | $6.81B | $7.13B | $7.61B | $7.9B |
| Net margin | +27.49% | +14.81% | +5.94% | +7.43% | +8.48% | +7.32% | +7.35% | +7.39% | +7.32% |
| EPS · basic | $10.21 | $7.04 | $4.07 | $6.03 | $7.23 | $10.99 | $12.85 | $14.75 | $16.73 |
| EPS · diluted | $10.14 | $7.00 | $4.04 | $5.95 | $6.99 | $10.87 | $12.50 | $14.58 | $16.39 |
| EPS · low estimate | — | — | — | — | — | $9.58 | $11.34 | $12.86 | $15.86 |
| EPS · high estimate | — | — | — | — | — | $11.25 | $13.19 | $15.31 | $16.86 |
| Shares · basic | 2.03B | 1.95B | 1.93B | 1.9B | 1.82B | 1.84B | 1.84B | 1.82B | 1.81B |
| Shares · diluted | 2.05B | 1.96B | 1.96B | 1.9B | 1.86B | 1.86B | 1.85B | 1.85B | 1.87B |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 14 | 14 | 9 | 4 |
| Analysts (EPS) | — | — | — | — | — | 13 | 13 | 9 | 3 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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