v3.25.4
RETIREMENT BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Components of net (benefit) expense
The following table summarizes the components of net expense (benefit) recognized in the Consolidated Statement of Income for the Company’s pension and postretirement benefit plans for Significant Plans and All Other Plans. Service cost is reported in Compensation and benefits expenses and all other components of the net annual benefit cost are reported in Other operating expenses in the Consolidated Statement of Income.
 Pension plansPostretirement benefit plans
 U.S. plansNon-U.S. plansU.S. plansNon-U.S. plans
In millions of dollars202520242023202520242023202520242023202520242023
Service cost$— $— $— $110 $115 $115 $— $— $— $1 $1 $1 
Interest cost on benefit obligation475 466 505 423 421 409 14 16 18 118 107 106 
Expected return on assets(602)(602)(640)(374)(326)(327)(10)(11)(13)(74)(80)(77)
Amortization of unrecognized:            
Prior service cost (benefit) 2 2 2 (3)(3)(5)(9)(9)(9)(6)(7)(9)
Net actuarial loss (gain)195 179 151 66 76 72 (12)(10)(12)11 10 (18)
Curtailment (gain)(1)
— — — (3)(3)(16)— — — — — — 
Settlement loss(1)
— — — 9 5 9 — — — — — — 
Total net expense (benefit)$70 $45 $18 $228 $285 $257 $(17)$(14)$(16)$50 $31 $3 

(1)Curtailment and settlement relate to divestiture and other wind-down activities.
The following table summarizes the net expense recognized in the Consolidated Statement of Income for the Company’s U.S. post employment plans:
In millions of dollars202520242023
Net expense $26 $28 $14 
Summary of entity's contributions
The following table summarizes the Company’s actual contributions for the years ended December 31, 2025 and 2024, as well as expected Company contributions for 2026. Expected contributions are subject to change, since contribution decisions are affected by various factors, such as market performance, tax considerations and regulatory requirements.

Pension plans(1)
Postretirement benefit plans(1)
U.S. plans(2)
Non-U.S. plans(3)
U.S. plans
Non-U.S. plans(3)
In millions of dollars202620252024202620252024202620252024202620252024
Contributions made by the Company$— $— $— $80 $310 $713 $— $— $— $4 $202 $4 
Benefits paid directly by the Company55 55 59 38 53 50 5 19 8 8 6 5 

(1)    Amounts reported for 2026 are expected amounts.
(2)     The U.S. plans include benefits paid directly by the Company for the nonqualified pension plans.
(3)    The Company made a discretionary contribution of approximately $600 million to a pension plan in Mexico Consumer/SBMM during the fourth quarter of 2024. The Company made a discretionary contribution of approximately $40 million and $210 million to a pension plan and a postretirement benefit plan, respectively, in Mexico Consumer/SBMM during the fourth quarter of 2025. The Company also made a contribution of approximately $190 million to a pension plan in Korea during 2025 due to legislative updates.
Summary of the funded status and amounts recognized in the Consolidated Balance Sheet for the Company's U.S. qualified, non-qualified plans, plans outside the U.S. and postemployment plans
The following table summarizes the funded status and amounts recognized on the Consolidated Balance Sheet for the Company’s pension and postretirement benefit plans:

 Pension plansPostretirement benefit plans
U.S. plansNon-U.S. plansU.S. plansNon-U.S. plans
In millions of dollars20252024202520242025202420252024
Change in benefit obligation        
Benefit obligation at beginning of year
$8,956 $9,640 $6,052 $7,030 $292 $343 $1,014 $1,208 
Service cost— — 110 115 — — 1 1 
Interest cost on benefit obligation475 466 423 421 14 16 118 107 
Plan amendments— — 36 (1)— — — — 
Actuarial loss (gain) 227 (262)194 (335)10 (21)252 (1)
Benefits paid, net of participants’ contributions(861)(888)(432)(394)(49)(46)(101)(96)
Divestitures— — — (1)— — — — 
Settlement(1)(2)
— — (60)(47)— — (2)— 
Curtailment(2)
— — (3)(4)— — — — 
Foreign exchange impact and other — — 589 (732)— — 165 (205)
Benefit obligation at year end
$8,797 $8,956 $6,909 $6,052 $267 $292 $1,447 $1,014 
Change in plan assets        
Plan assets at fair value at beginning of year$9,647 $10,210 $6,258 $6,426 $202 $231 $755 $970 
Actual return on plan assets914 266 537 131 14 9 158 50 
Company contributions, net of reimbursements55 59 363 763 19 8 208 9 
Benefits paid, net of participants’ contributions(861)(888)(432)(394)(49)(46)(101)(96)
Divestitures— — — (1)— — — — 
Settlement(1)(2)
— — (60)(47)— — — — 
Foreign exchange impact and other— — 560 (620)— — 136 (178)
Plan assets at fair value at year end
$9,755 $9,647 $7,226 $6,258 $186 $202 $1,156 $755 
Funded status of the plans
Qualified plans(3)
$1,431 $1,181 $317 $206 $(81)$(90)$(291)$(259)
Nonqualified plans(4)
(473)(490)— — — — — — 
Funded status of the plans at year end
$958 $691 $317 $206 $(81)$(90)$(291)$(259)
Net amount recognized at year end        
Qualified plans
Benefit asset$1,431 $1,181 $952 $895 $— $— $— $— 
Benefit liability— — (635)(689)(81)(90)(291)(259)
Qualified plans$1,431 $1,181 $317 $206 $(81)$(90)$(291)$(259)
Nonqualified plans(473)(490)— — — — — — 
Net amount recognized on the balance sheet
$958 $691 $317 $206 $(81)$(90)$(291)$(259)
Amounts recognized in AOCI at year end(1)
    
Prior service (cost) benefit $(1)$(3)$(37)$(1)$54 $63 $17 $21 
Net actuarial (loss) gain(5,936)(6,215)(1,653)(1,513)108 125 (476)(263)
Net amount recognized in AOCI
$(5,937)$(6,218)$(1,690)$(1,514)$162 $188 $(459)$(242)
Accumulated benefit obligation at year end
$8,797 $8,956 $6,482 $5,716 $267 $292 $1,447 $1,014 

(1)The framework for the Company’s pension oversight process includes monitoring of potential settlement charges for all plans. Settlement accounting is triggered when either the sum of all settlements (including lump sum payments) for the year is greater than service plus interest costs or if more than 10% of the plan’s projected benefit obligation will be settled. Because some of Citi’s plans are frozen and have no material service cost, settlement accounting may apply in the future.
(2)Curtailment and settlement relate to divestiture and other wind-down activities.
(3)The U.S. qualified plan was fully funded as of January 1, 2025 and no minimum funding was required for 2025. The plan is also expected to be fully funded as of January 1, 2026 with no expected minimum funding requirement for 2026.
(4)The nonqualified plans of the Company are unfunded.
The following table summarizes the funded status and amounts recognized on the Company’s Consolidated Balance Sheet:
In millions of dollars20252024
Funded status of the plan at year end$(50)$(49)
Net amount recognized in AOCI (pretax)
$(11)$(12)
Change in accumulated other comprehensive income (loss)
The following table presents the change in AOCI related to the Company’s pension, postretirement and post employment plans:

In millions of dollars202520242023
Beginning of year balance, net of tax(1)(2)
$(5,627)$(6,050)$(5,755)
Actuarial assumptions changes and plan experience(681)625 (547)
Net gain (loss) due to difference between actual and expected returns565 (562)263 
Net amortization245 239 175 
Prior service (cost) benefit (36)1 2 
Curtailment/settlement gain (loss)(3)
6 2 (7)
Banamex equity interest sale(4)
214 — — 
Foreign exchange impact and other(155)271 (239)
Change in deferred taxes, net(35)(153)58 
Change, net of tax$123 $423 $(295)
End of year balance, net of tax(1)(2)
$(5,504)$(5,627)$(6,050)

(1)See Note 21 for further discussion of net AOCI balance.
(2)Includes net of tax amounts for certain profit-sharing plans outside the U.S.
(3)Curtailment and settlement relate to divestiture and other wind-down activities.
(4)See “Sale of 25% Equity Stake in Banamex” in Note 2.
Aggregate projected benefit obligation (PBO), accumulated benefit obligation (ABO), and fair value of plan assets for pension plans with a PBO or ABO that exceeds the fair value of plan assets
At December 31, 2025 and 2024, the aggregate projected benefit obligation (PBO), the aggregate accumulated benefit obligation (ABO) and the aggregate fair value of plan assets are presented for all defined benefit pension plans with a PBO in excess of plan assets and for all defined benefit pension plans with an ABO in excess of plan assets as follows:

 PBO exceeds fair value of plan assetsABO exceeds fair value of plan assets
 
U.S. plans(1)
Non-U.S. plans
U.S. plans(1)
Non-U.S. plans
In millions of dollars20252024202520242025202420252024
Projected benefit obligation$473 $490 $3,430 $2,968 $473 $490 $3,093 $2,745 
Accumulated benefit obligation473 490 3,104 2,679 473 490 2,883 2,523 
Fair value of plan assets— — 2,795 2,279 — — 2,551 2,095 

(1)As of December 31, 2025 and 2024, only the nonqualified plans’ PBO and ABO exceeded plan assets.
Assumptions used in determining benefit obligations and net benefit expense The following weighted-average assumptions were used for options granted in 2025:
2025
Dividend yield2.57 %
Expected volatility31.94 
Risk-free interest rate3.74 
Expected life of stock option (in years)
7
Other significant assumptions for the awards are as follows:
Valuation assumptions—weighted average202520242023
Expected volatility26.58 %26.82 %35.97 %
Expected dividend yield2.73 3.84 4.13 
Certain assumptions used in determining pension and postretirement benefit obligations and net expense (benefit) for the Company’s plans are presented in the following tables:

At year end20252024
Discount rate  
U.S. plans   
Qualified pension5.26%5.55%
Nonqualified pension5.305.60
Postretirement benefit plan5.185.55
Non-U.S. pension plans
Range
 1.15 to 12.75
 0.85 to 12.50
Weighted average7.247.31
Non-U.S. postretirement benefit plan
Range
4.00 to 11.00
3.25 to 12.20
Weighted average10.3711.21
Future compensation increase rate(1)
Non-U.S. pension plans
Range
1.50 to 12.40
1.60 to 12.40
Weighted average3.963.80
Expected return on assets
U.S. plans
Qualified pension6.006.00
Postretirement benefit plan(2)
6.00/3.00
6.00/3.00
Non-U.S. pension plans
Range
1.00 to 11.50
2.00 to 11.50
Weighted average6.706.27
Non-U.S. postretirement benefit plan
Range
9.60 to 10.00
8.60 to 9.40
Weighted average9.609.39
Interest crediting rate (weighted average)(3)
U.S. plans4.264.55
Non-U.S. plans1.801.77

(1)    Not material for U.S. plans.
(2)    For the years ended 2025 and 2024, the expected return on assets for the Voluntary Employees Beneficiary Association (VEBA) Trust was 3.00%.
(3)    The Company has cash balance plans and other plans with promised interest crediting rates. For these plans, the interest crediting rates are set in line with plan rules or country legislation.
During the year202520242023
Discount rate  
U.S. plans(1)
  
Qualified pension
5.55%
5.10%/5.30%/ 5.50%/4.90%
5.50%/5.15%/ 5.40%/6.05%
Nonqualified pension
5.60
5.15/5.40/ 5.60/4.95
5.55/5.20/ 5.45/6.10
Postretirement benefit plan
5.55
5.20/5.40/ 5.60/4.90
5.60/5.25/ 5.50/6.10
Non-U.S. pension plans(2)
Range
0.85 to 12.50
 1.35 to 14.55
1.75 to 25.20
Weighted average 7.316.916.66
Non-U.S. postretirement benefit plan(2)
Range
3.25 to 12.20
3.80 to 11.40
3.25 to 11.55
Weighted average 11.219.909.80
Future compensation increase rate(3)
Non-U.S. pension plans(2)
Range
1.60 to 12.40
1.30 to 12.40
1.30 to 23.11
Weighted average 3.803.843.76
Expected return on assets
U.S. plans
Qualified pension(4)
6.00
5.70
5.70
Postretirement benefit plan(4)
6.00/3.00
5.70/3.00
5.70/3.00
Non-U.S. pension plans(2)
Range
2.00 to 11.50
2.00 to 11.50
1.00 to 11.50
Weighted average 6.276.626.05
Non-U.S. postretirement benefit plan(2)
Range
8.60 to 9.40
8.60 to 9.40
8.70 to 9.10
Weighted average 9.399.398.70
Interest crediting rate (weighted average)(5)
U.S. plans(1)
4.55
4.10/4.30/ 4.50/3.90
4.50/4.15/ 4.40/5.05
Non-U.S. plans1.771.781.73

(1)    Represents rates used in annual remeasurement in 2025 and in quarterly remeasurements for 2024 and 2023.
(2)    Reflects rates utilized to determine the net expense (benefit) for non-U.S. pension and postretirement benefit plans.
(3)    Not material for U.S. plans.
(4)    The expected return on assets for the U.S. pension and postretirement benefit plans was adjusted from 5.70% to 6.00% effective January 1, 2025 to reflect a change in asset allocation. For the years 2025, 2024 and 2023, the expected return on assets for the VEBA Trust was 3.00%.
(5)    The Company has cash balance plans and other plans with promised interest crediting rates. For these plans, the interest crediting rates are set in line with plan rules or country legislation.


Citigroup’s pension and postretirement benefit plans’ asset allocations for the U.S. plans and the target allocations by asset category based on asset fair values are as follows:

 Target asset
allocation		U.S. pension assets
at December 31,		U.S. postretirement assets
at December 31,
Asset category(1)
20262025202420252024
Equity securities(2)
0–13%
7 %7 %7 %7 %
Debt securities(3)
62–100
71 71 71 71 
Real assets(1)
0–9
5 5 5 5 
Private equity
0–7
7 7 7 7 
Other investments
0–13
10 10 10 10 
Total 100 %100 %100 %100 %

(1)Target asset allocations are set by investment strategy, whereas pension and postretirement assets as of December 31, 2025 and 2024 are based on the underlying investment product. For example, the private equity investment strategy may include underlying investments in real assets (includes real estate, infrastructure and natural resources) within the target asset allocation; however, within pension and postretirement assets, the underlying investment in real assets is reflected in the real assets category and not private equity.
(2)Equity securities in the U.S. pension and postretirement benefit plans do not include any Citigroup common stock at the end of 2025 and 2024.
(3)The VEBA Trust for postretirement benefits is primarily invested in cash equivalents and debt securities in 2025 and 2024 and is not reflected in the table above.
Citigroup’s pension and postretirement benefit plans’ weighted-average asset allocations for the non-U.S. plans and the actual ranges, and the weighted-average target allocations by asset category based on asset fair values, are as follows:





 Non-U.S. pension plans
 Target asset
allocation		Actual range
at December 31,		Weighted average
at December 31,
Asset category(1)
20262025202420252024
Equity securities
0–46%
0–46%
0–49%
11 %18 %
Debt securities
0–100
0–100
0–100
78 73 
Real assets
0–15
0–12
0–16
1 1 
Other investments
0–100
0–100
0–100
10 8 
Total100 %100 %

 Non-U.S. postretirement benefit plans
 Target asset
allocation		Actual range
at December 31,		Weighted average
at December 31,
Asset category(1)
20262025202420252024
Equity securities
0–16%
0–12%
0–37%
12 %36 %
Debt securities
79–100
83–100
59–100
84 60 
Other investments
0–5
0–4
0–4
4 4 
Total100 %100 %
(1)Similar to the U.S. plans, asset allocations for certain non-U.S. plans are set by investment strategy, not by investment product.
Schedule of expected long term rates of return on assets
The following table presents the expected return on assets used in determining the Company’s pension expense (benefit) compared to the actual return on assets during 2025, 2024 and 2023 for the U.S. pension and postretirement benefit plans:

U.S. plans (during the year)
202520242023
Expected return on assets(1)
U.S. pension and postretirement trust6.00%5.70%5.70%
VEBA Trust3.003.003.00
Actual return on assets(1)
U.S. pension and postretirement trust10.642.559.83
VEBA Trust5.476.015.87

(1)Expected return on assets and actual return on assets is presented net of fees.
Effect of one-percentage-point change in the discount rates on pension expense
The following tables summarize the effect on pension expense:

Discount rate
 One-percentage-point increase
In millions of dollars202520242023
U.S. plans$23 $23 $22 
Non-U.S. plans(10)(13)(12)
 One-percentage-point decrease
In millions of dollars202520242023
U.S. plans$(26)$(27)$(26)
Non-U.S. plans19 21 20 
Schedule of effect of one percentage point change in expected rates of return
Expected return on assets
 One-percentage-point increase
In millions of dollars202520242023
U.S. plans$(100)$(106)$(112)
Non-U.S. plans(59)(53)(54)
 One-percentage-point decrease
In millions of dollars202520242023
U.S. plans$100 $106 $112 
Non-U.S. plans59 53 54 
Schedule of health care cost trend rates
Assumed health care cost trend rates were as follows:

 20252024
Health care cost increase rate for 
U.S. plans		  
Following year7.50%6.50%
Ultimate rate to which cost increase is assumed to decline5.005.00
Year in which the ultimate rate is
reached		20362031
Health care cost increase rate for 
non-U.S. plans (weighted average)		  
Following year8.14%9.20%
Ultimate rate to which cost increase is
assumed to decline		7.826.93
Year in which the ultimate rate
is reached		20302030
Schedule of fair value of plan assets by measurement levels
Plan assets by detailed asset categories and the fair value hierarchy are as follows:
U.S. pension and postretirement benefit plans(1)
In millions of dollarsFair value measurement at December 31, 2025
Asset categoriesLevel 1Level 2Level 3Total
U.S. equities$349 $— $— $349 
Non-U.S. equities296 — — 296 
Mutual funds and other registered investment companies193 — — 193 
Commingled funds— 534 — 534 
Debt securities323 5,107 — 5,430 
Annuity contracts— — 3 3 
Derivatives3 41 — 44 
Other investments— — 1 1 
Total investments at fair value$1,164 $5,682 $4 $6,850 
Cash and short-term investments$32 $432 $— $464 
Other investment liabilities(4)(37)— (41)
Net investments at fair value$1,192 $6,077 $4 $7,273 
Other investment receivables redeemed at NAV$43 
Securities valued at NAV2,625 
Total net assets$9,941 

(1)The investments of the U.S. pension and postretirement benefit plans are commingled in one trust. At December 31, 2025, the allocable interests of the U.S. pension and postretirement benefit plans were 99.0% and 1.0%, respectively. The investments of the VEBA Trust for postretirement benefits are reflected in the above table.

U.S. pension and postretirement benefit plans(1)
In millions of dollarsFair value measurement at December 31, 2024
Asset categoriesLevel 1Level 2Level 3Total
U.S. equities$315 $— $— $315 
Non-U.S. equities269 — — 269 
Mutual funds and other registered investment companies188 — — 188 
Commingled funds— 515 — 515 
Debt securities390 5,145 — 5,535 
Annuity contracts— — 3 3 
Derivatives1 35 — 36 
Other investments1 — 1 2 
Total investments$1,164 $5,695 $4 $6,863 
Cash and short-term investments$46 $439 $— $485 
Other investment liabilities(10)(39)— (49)
Net investments at fair value$1,200 $6,095 $4 $7,299 
Other investment receivables redeemed at NAV$18 
Securities valued at NAV 2,532 
Total net assets$9,849 

(1)The investments of the U.S. pension and postretirement benefit plans are commingled in one trust. At December 31, 2024, the allocable interests of the U.S. pension and postretirement benefit plans were 98.0% and 2.0%, respectively. The investments of the VEBA Trust for postretirement benefits are reflected in the above table.
Non-U.S. pension and postretirement benefit plans
In millions of dollarsFair value measurement at December 31, 2025
Asset categoriesLevel 1Level 2Level 3Total
U.S. equities$13 $— $— $13 
Non-U.S. equities276 — — 276 
Mutual funds and other registered investment companies4,202 388 — 4,590 
Debt securities2,363 933 — 3,296 
Real assets— — 2 2 
Annuity contracts— — 2 2 
Derivatives— 189 — 189 
Other investments— — 378 378 
Total investments$6,854 $1,510 $382 $8,746 
Cash and short-term investments$96 $— $— $96 
Other investment liabilities— (489)— (489)
Net investments at fair value$6,950 $1,021 $382 $8,353 
Securities valued at NAV $29 
Total net assets$8,382 
 
Non-U.S. pension and postretirement benefit plans
In millions of dollarsFair value measurement at December 31, 2024
Asset categoriesLevel 1Level 2Level 3Total
U.S. equities$46 $— $— $46 
Non-U.S. equities435 — — 435 
Mutual funds and other registered investment companies2,990 318 — 3,308 
Debt securities2,303 1,021 — 3,324 
Real assets— — 2 2 
Annuity contracts— — 2 2 
Derivatives— 1,208 — 1,208 
Other investments— — 236 236 
Total investments$5,774 $2,547 $240 $8,561 
Cash and short-term investments$113 $— $— $113 
Other investment liabilities— (1,678)— (1,678)
Net investments at fair value$5,887 $869 $240 $6,996 
Securities valued at NAV $17 
Total net assets$7,013 
Schedule of effect of significant unobservable inputs, changes in plan assets
The reconciliations of the beginning and ending balances during the year for Level 3 assets are as follows:

In millions of dollarsU.S. pension and postretirement benefit plans
Asset categoriesBeginning Level 3 fair value at
Dec. 31, 2024		Realized gains (losses)Unrealized gains (losses)Purchases, sales and issuancesTransfers in and/or out of Level 3Ending Level 3 fair value at
Dec. 31, 2025
Annuity contracts$3 $— $— $— $— $3 
Other investments1 — — — — 1 
Total investments$4 $— $— $— $— $4 
 
In millions of dollarsU.S. pension and postretirement benefit plans
Asset categoriesBeginning Level 3 fair value at
Dec. 31, 2023		Realized gains (losses)Unrealized gains (losses)Purchases, sales and
issuances		Transfers in and/or out of Level 3Ending Level 3 fair value at
Dec. 31, 2024
Annuity contracts$3 $— $— $— $— $3 
Other investments2 — 1 (2)— 1 
Total investments$5 $— $1 $(2)$— $4 


 In millions of dollarsNon-U.S. pension and postretirement benefit plans
Asset categoriesBeginning Level 3 fair value at
Dec. 31, 2024		Unrealized gains (losses)Purchases, sales and issuancesTransfers in and/or out of Level 3Ending Level 3
fair value at
Dec. 31, 2025
Real assets$2 $— $— $— $2 
Annuity contracts2 — — — 2 
Other investments236 16 126 — 378 
Total investments$240 $16 $126 $— $382 

 In millions of dollarsNon-U.S. pension and postretirement benefit plans
Asset categoriesBeginning Level 3 fair value at
Dec. 31, 2023		Unrealized gains (losses)Purchases, sales and issuancesTransfers in and/or out of Level 3Ending Level 3
fair value at
Dec. 31, 2024
Real assets$2 $— $— $— $2 
Annuity contracts2 — — — 2 
Other investments231 2 3 — 236 
Total investments$235 $2 $3 $— $240 
Schedule of expected benefit payments
The Company expects to pay the following estimated benefit payments in future years:
 Pension plansPostretirement benefit plans
In millions of dollarsU.S. plansNon-U.S. plansU.S. plansNon-U.S. plans
2026$999 $642 $49 $108 
2027981 561 33 114 
2028961 567 31 120 
2029923 575 29 126 
2030866 583 26 131 
2031–20353,660 3,003 99 746 
Defined contribution plans The following tables summarize the Company contributions for the defined contribution plans:
 U.S. plans
In millions of dollars202520242023
Company contributions$517 $591 $546 
 Non-U.S. plans
In millions of dollars202520242023
Company contributions$489 $461 $453