Citizens Financial Group Posts Higher Three-Month Profit and Revenue Year Over Year on Both Disclosed Revenue Presentations

Bottom line

Citizens Financial Group delivered a stronger three-month performance than the prior-year comparative, with higher reported revenue under both disclosed revenue presentations. Net income attributable to the parent rose to $517,000,000 from $373,000,000, while diluted earnings per share increased to $1.13 per diluted share from $0.77 per diluted share. The company therefore remained profitable on both an earnings-per-share and attributable-income basis while improving those measures year over year.

Revenue from contracts with customers, excluding assessed tax, was $415,000,000, compared with $367,000,000. The broader revenue presentation also increased, reaching $2,168,000,000 versus $1,935,000,000. The available evidence therefore supports a consistent direction across both disclosed revenue measures rather than a divergence between them.

This analysis covers CITIZENS FINANCIAL GROUP INC/RI, identified by ticker CFG, in its 10-Q filing for period-ended-2026-03-31. The filing is identified by CIK 0000759944 and accession 0000759944-26-000101. The financial comparisons concern the three months ended March 31, 2026 and the corresponding the three months ended March 31, 2025.

The source scope is the cited financial figures and the filing’s management discussion and analysis. That discussion includes forward-looking statements, but those statements are not treated as reported results. The results described here are limited to the three-month reporting period and its stated prior-year comparison; they do not establish performance for any broader period. Readers can also review the company’s reported performance across the related interim windows in Citizens Financial Group Reports Higher Profit and Revenue Across Both Interim Windows.

No single cause is attributed to the year-over-year improvement.

Financial performance

13 per diluted share USD/SHARES for the three-month reporting period, both presented on a profit basis in 10-Q for period-ended-2026-03-31 under accession 0000759944-26-000101. - Net Income (Loss) Attributable to Parent was $373,000,000 USD for the prior-year comparative and $517,000,000 USD for the three-month reporting period, with both periods reporting a profit rather than a loss. - Revenue from Contract with Customer, Excluding Assessed Tax was $367,000,000 USD for the prior-year comparative and $415,000,000 USD for the three-month reporting period.

- Revenues (total) was $1,935,000,000 USD for the prior-year comparative and $2,168,000,000 USD for the three-month reporting period. - Year-over-year direction and transition: - Earnings Per Share, Diluted increased relative to the prior-year comparative, moving on a profit-to-profit basis. - Net Income (Loss) Attributable to Parent increased relative to the prior-year comparative, also on a profit-to-profit basis.

- Revenue from Contract with Customer, Excluding Assessed Tax increased relative to the prior-year comparative. - Revenues (total) increased relative to the prior-year comparative. - The filing evidence does not attribute this change to any single cause.

- Quarter-over-quarter posture: - The filing evidence for this section compares only the three-month reporting period to its prior-year comparative, so quarter-over-quarter change relative to the immediately preceding quarter is not separately tabulated in the catalog. Reporting identity (form type, fiscal period, accession) is machine-owned and not restated here. - Management explanation, analyst inference, and counter-evidence: - Management framed the period as a continuation of the bank's strategic aims, including expansion of Consumer Banking with Citizens Private Bank and Private Wealth, in the Introduction to 10-Q.

Management discussion of "guidance," "outlook," or other forward-looking terminology is presented in the source narrative as forward-looking and subject to risks listed in the "Risk Factors" section in Item 1A; any forward-looking statements are not historical fact and are not relied on here as reported results. - No analyst commentary is reproduced in the filing evidence, so independent sell-side or third-party inference for this section is unavailable. - Counter-evidence is limited to the directional checks implied by the authorized relations: earnings and revenue both moved higher year over year on a profit-to-profit basis, and there is no contradicting period in the catalog.

, and segment-level color is The filing evidence does not disclose segment-level detail for this dimension.. - Unknowns and comparison baselines: - Peer or industry comparison: The filing evidence contains no peer or industry comparison.. - Segment-level revenue or income detail: The filing evidence does not disclose segment-level detail for this dimension..

- Drivers of the reported change: The filing evidence does not attribute this change to any single cause..

Operating drivers and segments

The consolidated top line is presented through two parallel captions in the filing. Revenue from Contract with Customer, Excluding Assessed Tax is reported at $367,000,000 for the three months ended March 31, 2025 and at $415,000,000 for the three months ended March 31, 2026, and the reported comparison records a year-over-year increase. A second caption, Revenues, is reported at $1,935,000,000 for the three months ended March 31, 2025 and at $2,168,000,000 for the three months ended March 31, 2026, also moving higher year over year on an authorized profit-to-profit basis. The filing's MD&A table of contents references a dedicated Business Segments section, but the freeze for this section does not surface segment-level revenue, net interest margin, or noninterest-expense ratios, so the change between the two periods cannot be decomposed by line of business here. For that same reason, an Efficiency Ratio value and a Return on Average Tangible Common Equity value for the three months ended March 31, 2026 are not present in the catalog for this section.

The MD&A front matter positions the discussion around net interest income, noninterest income, and credit costs, but the freeze does not include a verbatim management narrative tying the revenue caption increases to specific drivers such as loan growth, deposit repricing, fee income, or market activity. The glossary in scope defines the Efficiency Ratio as noninterest expense divided by total revenue, inclusive of net interest income and noninterest income, and defines ROTCE, which signals the metrics management typically leans on, yet the underlying values for those measures are not in the section's fact catalog. The forward-looking statements reminder also appears, underscoring that any directional commentary in MD&A is framed as outlook rather than as a confirmed cause of the reported numbers.

Counter-evidence is limited because the segment, margin, and expense lines needed to challenge the revenue increase are not in this freeze. Peers are not disclosed in the filing either, so a like-for-like industry comparison cannot be built from the filing evidence. The two revenue captions both move higher on authorized comparisons, and no authorized comparison marks a decrease for the revenue lines, which is consistent with a reported expansion of the top line across both labels.

Unknowns remain in three places the filing would normally fill. First, the segment-level mix behind the consolidated revenue increase is not visible in this freeze, so the contribution from Commercial Banking, Consumer Banking, and any Wealth or Capital Markets-style units cannot be quantified here; The filing evidence does not disclose segment-level detail for this dimension.. Second, the cause of the revenue caption change is not attributed by the filing evidence, so any driver story should be deferred; The filing evidence does not attribute this change to any single cause.. Third, peer or industry context is not contained in the filing evidence; The filing evidence contains no peer or industry comparison.. Readers looking for adjacent bank-holding-company commentary can compare the framing in REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in the reporting period Filing, noting it is a non-bank comparator, and revisit Citizens Financial Group Reports Higher Profit and Revenue Across Both Interim Windows for prior Citizens context.

Cash flow and capital

Reported facts The cash-flow statement for the three-month reporting period filed by CITIZENS FINANCIAL GROUP INC/RI in 10-Q for period-ended-2026-03-31 (accession 0000759944-26-000101, CIK 0000759944, ticker CFG) shows Net Cash Provided by (Used in) Operating Activities of $237,000,000 USD, compared with Net Cash Provided by (Used in) Operating Activities of -$213,000,000 USD for the three months ended March 31, 2025. Net Cash Provided by (Used in) Investing Activities was -$1,802,000,000 USD for the three months ended March 31, 2026, against -$1,108,000,000 USD for the three months ended March 31, 2025. Net Cash Provided by (Used in) Financing Activities was $1,168,000,000 USD for the three months ended March 31, 2026, versus $2,261,000,000 USD for the three months ended March 31, 2025. Within the financing line, Payments for Repurchase of Common Stock totaled $300,000,000 USD for the three months ended March 31, 2026, compared with $200,000,000 USD for the three months ended March 31, 2025, and Payments of Ordinary Dividends, Common Stock were $198,000,000 USD for the three months ended March 31, 2026, compared with $186,000,000 USD for the three months ended March 31, 2025. These are the figures the filing itself prints for the three-month reporting period; balance-sheet positions beyond the cash-flow lines are not part of this section's filing evidence and are left aside.

Management explanations The filing's MD&A commentary does not present a narrative explanation for the cash-flow totals themselves. It does discuss an October January subordinated note issuance by the Parent Company of fixed-reset subordinated notes due in a later year, the March completion of the Matrix Capital Markets Group acquisition, and continuing spend on the Private Bank and Private Wealth build-out that is flagged as a driver of salaries and employee benefits within noninterest expense. Capital management commentary points readers to Note 10 and Item 2 for additional information on share repurchase activity. Regulatory developments in the same filing describe FRB/FDIC/OCC joint proposals to modernize the regulatory capital framework, an OCC final rule rescinding recovery-planning Guidelines for large national banks, and a proposed AML/CFT rule from the OCC, FDIC and NCUA. None of these passages assign a quantified cause to the cash-flow change.

Analyst inference Operating cash flow moved from a use of cash in the prior-year quarter to a source of cash in the current quarter, while investing cash flow remained a use of cash and financing cash flow remained a source of cash. Financing cash flow was lower than in the prior-year quarter, with both share repurchases and ordinary common-stock dividends higher year over year; the filing prints these moves without quantifying their combined effect on the financing line. The filing evidence does not attribute this change to any single cause.

Counter-evidence None presented. The filing does not publish a segment-level cash-flow breakdown or a prior-quarter sequential bridge for these lines, and the filing evidence does not include any peer or industry cash-flow comparison. The filing evidence does not disclose segment-level detail for this dimension. The filing evidence contains no peer or industry comparison.

Unknowns The filing evidence for this section does not include end-of-period balance-sheet positions (loans, deposits, securities, tangible book value per common share, or regulatory capital ratios), so balance-sheet composition and capital ratios are not addressed here.

For a cross-issuer read on the same reporting theme, see Citizens Financial Group Reports Higher Profit and Revenue Across Both Interim Windows.

Peer and historical context

On a year-over-year basis, the three-month reporting period shows a cleaner top-line and bottom-line footing than the prior-year comparative. Revenue from Contract with Customer, Excluding Assessed Tax was $415,000,000 USD for the three months ended the three months ended March 31, 2026, compared with $367,000,000 USD for the three months ended March 31, 2025. The same direction — current higher than prior — is recorded for the broader Revenues line, at $2,168,000,000 USD versus $1,935,000,000 USD, so both revenue presentations step higher together rather than diverging. Net Income (Loss) Attributable to Parent also steps higher, with the current quarter at $517,000,000 USD against $373,000,000 USD for the prior-year comparative, keeping the result in profit-to-profit territory.

The cash-flow story is the more striking year-over-year shift. Net Cash Provided by (Used in) Operating Activities was $237,000,000 USD for the three-month reporting period, compared with -$213,000,000 USD for the prior-year comparative. That comparison flips from an outflow in the prior year to an inflow in the current period, which is the only line in this section that changes sign rather than merely magnitude. It lines up with the company characterization of net interest income — net interest income, the largest source of revenue, is presented as higher, and the operating cash line moved in the same favourable direction over the same window.

A side-by-side read against the broader financial-sector interim filings covered in this catalog points in the same general direction. The current peer write-up on Citizens Financial Group Reports Higher Profit and Revenue Across Both Interim Windows frames profit and revenue as higher across both interim windows, which is consistent with the direction observed here for the three-month window, and the REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in Filing piece shows a similarly higher revenue and net-income pattern for its interim filing, reinforcing that the current quarter's profit-to-profit, higher-revenue posture is not unique to a single name in this batch of filings.

The filing evidence does not attribute this change to any single cause.

The filing evidence contains no peer or industry comparison.

Scenario analysis

- In the base case, CITIZENS FINANCIAL GROUP INC/RI posts higher top-line and bottom-line results for the three months ended March 31, 2026 than for the three months ended March 31, 2025, with $517,000,000 above $373,000,000, and both revenue measures — $415,000,000 and $2,168,000,000 — above their respective prior-year readings of $367,000,000 and $1,935,000,000.

- The upside case layers in faster fee expansion on top of the higher base. Capital markets and wealth fees, called out in the cited note as drivers of noninterest income for the three months ended in the current period, keep stepping up; net interest income holds on to its margin lift from improved funding costs and fixed-rate asset repricing; and credit trends continue to run more cleanly, allowing provision expense to stay contained relative to the prior period. - In that environment, $517,000,000 extends its lead over $373,000,000 beyond the base reading, while $415,000,000 and $2,168,000,000 both build further on their respective prior-year levels of $367,000,000 and $1,935,000,000.

- The downside case assumes the fee tailwinds fade and credit normalization reverses. Capital markets activity cools from the elevated pace described in the cited note, mortgage banking fees continue to feel pressure from lower servicing revenue and MSR valuation, and provision expense climbs back above the prior-period reading on deteriorating credit trends. - Net interest income flattens as funding-cost improvements are absorbed and asset yields drift lower; $517,000,000 still sits above $373,000,000 but the gap narrows; and $415,000,000 and $2,168,000,000 likewise retain a year-over-year gain over $367,000,000 and $1,935,000,000, though at a more compressed level than the base path. The filing evidence does not attribute this change to any single cause. - The filing evidence contains no peer or industry comparison. - The filing evidence does not disclose segment-level detail for this dimension.

This filing on 10-Q for period-ended-2026-03-31 under accession 0000759944-26-000101 (CIK 0000759944, ticker CFG) presents the same revenue and net-income facts across Item 1, Item 1A, Item 2, Item 3, Item 4, Item 5, Item 6, and the cited note Note 10, with no further segment-level granularity disclosed for this dimension. Readers weighing these conditional paths alongside similar filings, such as Citizens Financial Group Reports Higher Profit and Revenue Across Both Interim Windows, can see that the year-over-year directionality is consistent across the base, upside, and downside sketches presented here.

Risks and what to watch

- The filing's discussion of the three-month reporting period versus the prior-year comparative focuses on operating drivers rather than legal or market-risk disclosures, so the principal risk read-throughs come from qualitative balance-sheet commentary rather than from dedicated risk-factor updates. Management flags mortgage banking fees as a soft spot, with the cited narrative pointing to lower MSR valuation results net of hedge impact and lower servicing revenue, partially offset by higher production revenue. That mix-shift exposure — fee income tied to servicing valuations versus origination volume — is worth tracking in the next quarter because it can move noninterest income independently of interest-rate levels. Readers can compare the same direction in Citizens Financial Group Reports Higher Profit and Revenue Across Both Interim Windows when both interim windows sit side by side.

- On the liability side, average total borrowed funds fell from the prior-year comparative, with management attributing the decline primarily to runoff of auto collateralized borrowings tied to the runoff of the auto loan portfolio, partially offset by an increase in FHLB advances. The cited note on debt offerings sits behind the reference labeled for debt activity and share repurchases, suggesting that funding composition — FHLB versus other wholesale channels — is the variable to monitor. A continued shift toward FHLB advances could change both cost of funds and collateral-pledge dynamics, particularly given management's emphasis on roughly a third of fair-value securities being U.S. Treasuries and GNMA/GSE mortgage-backed securities held as potential collateral.

- Provision expense moved between the two periods, with management citing runoff of certain retail portfolios and improving credit trends and loan mix. The direction of that change is the cleanest counter-evidence point against any narrative of deteriorating asset quality at the consolidated level, although the magnitude of the swing is left unstated in the quoted narrative. The filing evidence does not attribute this change to any single cause.

- Reported facts support a directional read on revenue lines: Revenues were $1,935,000,000 USD for the three months ended March 31, 2025 and $2,168,000,000 USD for the three months ended March 31, 2026, while the Revenue from Contract with Customer, Excluding Assessed Tax line was $367,000,000 USD for the three months ended March 31, 2025 and $415,000,000 USD for the three months ended March 31, 2026. Net Income (Loss) Attributable to Parent was $373,000,000 USD for the three months ended March 31, 2025 and $517,000,000 USD for the three months ended March 31, 2026. These are the only quantified anchors available for a reader checking the next quarter, and they are the values to revisit when fresh interim data is published.

- Counter-evidence and unknowns worth naming explicitly: the filing evidence contains no peer or industry comparison, so any read that places the company against regional-bank peers is unsupported here. The filing evidence contains no peer or industry comparison. Segment-level detail for the revenue and net-income dimensions is also not disclosed at this granularity. The filing evidence does not disclose segment-level detail for this dimension.

- Metrics to watch next period: the trajectory of average interest-earning assets versus average total borrowed funds, the mix shift between FHLB advances and other wholesale funding, the split between capital markets fees, wealth fees, and mortgage banking fees inside noninterest income, the effective income tax rate versus the prior-year comparative, the level of provision expense as retail runoff continues, and the unencumbered high-quality liquid securities buffer relative to pledging capacity. Each of these maps directly to a thread already opened in this filing's narrative rather than to a new theme.