First Citizens Bancshares
FCNCA · NasdaqState Commercial Banks · Fiscal year ends Dec 31
First Citizens Bancshares reported revenue of $9.5B in the fiscal year ended Dec 2025, down 2.2% from the year before. Net income was $2.2B. Operating cash flow of $2.9B less capital expenditure of $710M left free cash flow of $2.2B. Net debt was $35.2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | – | $5.1B | $18.8B | $9.8B | $9.5B |
| Net interest incomeBanks | $1.4B | $2.9B | $6.7B | $7.1B | $6.8B |
| Interest expense | $61M | $467M | $3.7B | – | – |
| Pre-tax income | $701M | $1.4B | $12.1B | $3.6B | $3B |
| Income tax | $154M | $264M | $611M | $815M | $765M |
| Net income | $547M | $1.1B | $11.5B | $2.8B | $2.2B |
| Diluted EPS | 53.88 | 67.40 | 784.51 | 189.41 | 165.24 |
| Diluted shares | 10M | 16M | 15M | 14M | 13M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $9B | $518M | $908M | $814M | $801M |
| Net PP&E | $1.2B | – | – | – | – |
| Goodwill | $346M | $346M | $346M | $346M | $346M |
| Total assets | $58.3B | $109B | $214B | $224B | $230B |
| Short-term debt | $589M | $2.2B | $485M | $367M | $224M |
| Long-term debt | $1.2B | $4.5B | $37.2B | $36.7B | $35.8B |
| DepositsBanks | $51.4B | $89.4B | $146B | $155B | $162B |
| Total liabilities | $53.6B | $99.6B | $193B | $201B | $207B |
| Shareholders' equity | $4.7B | $9.7B | $21.3B | $22.2B | $22.2B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −$284M | $2.8B | $2.7B | $3B | $2.9B |
| Capital expenditure | $107M | $155M | $405M | $429M | $710M |
| Free cash flow | −$391M | $2.6B | $2.3B | $2.6B | $2.2B |
| Depreciation & amortisation | $107M | $142M | $225M | $276M | $314M |
| Stock-based compensation | $0 | $19M | $5M | $0 | $0 |
| Acquisitions | $0 | −$134M | – | – | – |
| Share buybacks | $0 | $1.2B | $0 | $1.6B | $3B |
| Dividends paid | $42M | $83M | $117M | $158M | $161M |
| Dividend per share | 1.88 | 2.16 | 3.89 | 6.87 | 7.95 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | – | 269.7% | −48.1% | −2.2% |
| EPS growth (YoY) | – | 25.1% | 1064.0% | −75.9% | −12.8% |
| Net margin | – | 21.6% | 61.0% | 28.5% | 23.1% |
| Return on equityBlank when equity is negative | 11.5% | 11.4% | 53.9% | 12.5% | 9.9% |
| Free cash flow margin | – | 51.9% | 12.0% | 26.2% | 23.2% |
| Cash conversion (CFO ÷ net income) | −0.52x | 2.54x | 0.23x | 1.08x | 1.33x |
| Debt ÷ equity | 0.38x | 0.69x | 1.77x | 1.67x | 1.62x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$7.2B | $6.1B | $36.7B | $36.2B | $35.2B |
Recent filings
More in State Commercial Banks
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.