Stocks FCNCA Financial statements
Financial statementsFIRST CITIZENS BANCSHARES INC /DE/ financial statements
Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data FIRST CITIZENS BANCSHARES INC /DE/ files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 5,082 | 18,787 | 9,758 | 9,541 | ||||||
| Interest expense | 43.1 | 43.8 | 36.9 | 92.6 | 96 | 61 | 467 | 3,679 | ||
| Pre-tax income | 351 | 544 | 504 | 592 | 618 | 701 | 1,362 | 12,077 | 3,592 | 2,971 |
| Income tax | 126 | 220 | 103 | 135 | 126 | 154 | 264 | 611 | 815 | 765 |
| Net income | 225 | 324 | 400 | 457 | 492 | 547 | 1,098 | 11,466 | 2,777 | 2,206 |
| EPS, basic | 20.86 | 29.96 | 33.53 | 41.05 | 47.50 | 53.88 | 67.47 | 785.14 | 189.42 | 165.24 |
| EPS, diluted | 20.86 | 29.96 | 33.53 | 41.05 | 47.50 | 53.88 | 67.40 | 784.51 | 189.41 | 165.24 |
| Shares, basic (weighted) | 10.8 | 12 | 11.9 | 11.1 | 10.1 | 9.82 | 15.5 | 14.5 | 14.3 | 13 |
| Shares, diluted (weighted) | 10.8 | 12 | 11.9 | 11.1 | 10.1 | 9.82 | 15.5 | 14.5 | 14.3 | 13 |
| Dividend per share | 1.33 | 1.25 | 1.45 | 1.60 | 1.67 | 1.88 | 2.16 | 3.89 | 6.87 | 7.95 |
Balance sheet
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 540 | 336 | 327 | 377 | 4,270 | 9,030 | 518 | 908 | 814 | 801 |
| Property, plant and equipment | 1,133 | 1,138 | 1,204 | 1,244 | 1,251 | 1,233 | 1,877 | 2,006 | 2,447 | |
| Lease right-of-use assets | 77.1 | 68 | 64 | 345 | 354 | 316 | 294 | |||
| Goodwill | 151 | 151 | 236 | 349 | 350 | 346 | 346 | 346 | 346 | 346 |
| Intangible assets | 78 | 73.1 | 72.3 | 68.3 | 50.8 | 19 | 140 | 312 | 249 | 195 |
| Total assets | 32,991 | 34,528 | 35,409 | 39,824 | 49,958 | 58,309 | 109,298 | 213,758 | 223,720 | 229,698 |
| Short-term debt | 603 | 694 | 572 | 738 | 641 | 589 | 2,186 | 485 | 367 | 224 |
| Long-term debt | 833 | 870 | 13.9 | 1,195 | 4,459 | 37,169 | 36,684 | 35,784 | ||
| Total liabilities | 29,978 | 31,193 | 31,920 | 36,238 | 45,728 | 53,571 | 99,636 | 192,503 | 201,492 | 207,460 |
| Total debt | 833 | 870 | 320 | 589 | 1,248 | 1,195 | 4,459 | 37,169 | 36,684 | 35,784 |
| Paid-in capital | 659 | 659 | 494 | 44.1 | 0 | 0 | 4,109 | 4,108 | 2,417 | 0 |
| Retained earnings | 2,477 | 2,785 | 3,219 | 3,658 | 3,867 | 4,378 | 5,392 | 16,742 | 19,361 | 20,768 |
| Other comprehensive income | -135 | -122 | -235 | -127 | 12.3 | 10 | -735 | -491 | -445 | 83 |
| Shareholders' equity | 3,012 | 3,334 | 3,489 | 3,586 | 4,229 | 4,738 | 9,662 | 21,255 | 22,228 | 22,238 |
| Total equity | 3,012 | 3,334 | 3,489 | 3,586 | 4,229 | 4,738 | 9,662 | 21,255 | 22,228 | 22,238 |
| Total liabilities and equity | 32,991 | 34,528 | 35,409 | 39,824 | 49,958 | 58,309 | 109,298 | 213,758 | 223,720 | 229,698 |
Cash flow statement
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income | 225 | 324 | 400 | 457 | 492 | 547 | 1,098 | 11,466 | 2,777 | 2,206 |
| Depreciation and amortization | 88.8 | 90.8 | 96.8 | 104 | 109 | 107 | 142 | 225 | 276 | 314 |
| Stock-based compensation | 0 | 0 | 19 | 5 | 0 | 0 | ||||
| Deferred income tax | 33.1 | 126 | -13.4 | 54.6 | -26 | -8 | 206 | -165 | 6 | -111 |
| Cash from operations | 231 | 355 | 454 | 578 | 376 | -284 | 2,791 | 2,660 | 2,988 | 2,923 |
| Capital expenditures | -81.8 | -84.8 | -140 | -121 | -133 | -107 | -155 | -405 | -429 | -710 |
| Acquisitions | -0.73 | 305 | -155 | -237 | -60 | 0 | 134 | |||
| Purchases of investments | -4,087 | -3,648 | -1,451 | -4,705 | -8,667 | -6,375 | -1,985 | -12,839 | -22,490 | -13,969 |
| Sales and maturities of investments | 2,149 | 1,843 | 1,665 | 2,346 | 2,791 | 2,455 | 1,237 | 2,084 | 7,445 | 12,989 |
| Cash from investing | -1,100 | -669 | 101 | -1,596 | -9,908 | -7,568 | 75 | 2,429 | -10,155 | -5,611 |
| Debt issued | 150 | 175 | 125 | 200 | 746 | 0 | 3,854 | 9,991 | 0 | 1,838 |
| Debt repaid | -87 | -54 | -5,099 | -13,120 | -450 | -2,850 | ||||
| Share buybacks | 0 | 0 | -163 | -453 | -334 | 0 | -1,240 | 0 | -1,648 | -3,027 |
| Dividends paid | -14.4 | -14.4 | -16.8 | -18.1 | -30.4 | -41.6 | -83 | -117 | -158 | -161 |
| Cash from financing | 876 | 110 | -564 | 1,067 | 9,517 | 7,828 | -2,686 | -4,699 | 7,073 | 2,675 |
| Net change in cash | 5.66 | -204 | -8.71 | 49.3 | -15 | -24 | 180 | 390 | -94 | -13 |
| Free cash flow | 149 | 270 | 313 | 457 | 243 | -391 | 2,636 | 2,255 | 2,559 | 2,213 |
| Interest paid | 45 | 43.6 | 37.1 | 78.2 | 105 | 62 | 525 | 3,686 | 5,079 | 4,810 |
| Income taxes paid | 109 | 88.6 | 73.8 | 83 | 117 | 870 | -551 | 514 | 763 | 315 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Pre-tax margin | 32.8% | Pre-tax income / revenue. |
| Net margin | 24.5% | Net income / revenue. |
| FCF margin | 25.6% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 33.1% | Cash from operations / revenue. |
| Effective tax rate | 25.5% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 10.7% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 1.0% | Net income / average total assets. |
| Capex / revenue | 7.5% | Capital expenditures / revenue. |
| D&A / revenue | 5.7% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | -2.2% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 23.4% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Net income growth, 1y | -20.6% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 3y | 26.2% | Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Net income CAGR, 5y | 35.0% | Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EPS growth, 1y | -12.8% | EPS vs the same period a year earlier. Only from a positive base. |
| EPS CAGR, 3y | 34.8% | Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EPS CAGR, 5y | 28.3% | Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | -2.2% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | 1.6% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow CAGR, 5y | 50.7% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | -13.5% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | -5.7% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow CAGR, 5y | 55.6% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Dividend per share growth, 1y | 15.7% | Dividend per share vs the same period a year earlier. Only from a positive base. |
| Dividend per share CAGR, 3y | 54.4% | Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Dividend per share CAGR, 5y | 36.6% | Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Book value growth, 1y | 0.0% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | 32.0% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value CAGR, 5y | 39.4% | Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | 2.7% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 28.1% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | 35.7% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Share count change, 1y | -9.3% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | -5.8% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 5y | 5.3% | Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Debt / equity | 1.46x | Total debt / shareholders' equity. Not shown when equity is negative. |
| Debt / assets | 13.5% | Total debt / total assets. |
| Liabilities / assets | 90.8% | Total liabilities / total assets. |
| Net debt | $30.52B | Total debt - cash - short-term investments. Negative means more cash than debt. |
| Goodwill and intangibles / assets | 0.2% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | $21.38B | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.04x | Revenue / average total assets. |
| Fixed asset turnover | 3.81x | Revenue / average property, plant and equipment. |
| FCF conversion | 104.4% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 22.8% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $204.06 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| Revenue per share | $833.49 | Revenue / diluted weighted shares. |
| FCF per share | $212.99 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $275.75 | Cash from operations / diluted weighted shares. |
| Book value per share | $1,898.00 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | $1,854.00 | Tangible book value / shares outstanding. |
| Cash per share | $131.68 | (Cash + short-term investments) / shares outstanding. |
| Payout ratio | 7.9% | Dividends paid / net income, when net income is positive. |
| Dividends / FCF | 7.5% | Dividends paid / free cash flow, when free cash flow is positive. |
| Buybacks / FCF | 134.4% | Share buybacks / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $23.70B | Share price x shares outstanding. |
| Enterprise value | $54.21B | Market cap + total debt - cash - short-term investments. |
| P/E | 10.1x | Market cap / net income. Only when net income is positive. |
| P/S | 2.46x | Market cap / revenue. |
| P/B | 1.08x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 1.11x | Market cap / tangible book value, when positive. |
| P/FCF | 9.64x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 7.45x | Market cap / cash from operations, when positive. |
| EV/Sales | 5.64x | Enterprise value / revenue. |
| EV/FCF | 22.1x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 10.4% | Free cash flow / market cap. |
| Earnings yield | 9.9% | Net income / market cap (the inverse of P/E). |
| Dividend yield | 0.8% | Dividends paid over the period / market cap. |
| Shareholder yield | 14.7% | (Dividends paid + share buybacks) / market cap. |
| PEG | 0.29x | P/E / EPS growth per year over 3 years (in percent). Only when both are positive. |
What was FIRST CITIZENS BANCSHARES INC /DE/'s revenue in fiscal 2025?
FIRST CITIZENS BANCSHARES INC /DE/ reported revenue of $9.54B for fiscal 2025, 2.2% lower than the year before.
Was FIRST CITIZENS BANCSHARES INC /DE/ profitable in fiscal 2025?
Yes. Net income was $2.21B, a net margin of 23.1%.
How much free cash flow did FIRST CITIZENS BANCSHARES INC /DE/ generate in fiscal 2025?
Cash from operations of $2.92B minus capital expenditures of $710.0M left free cash flow of $2.21B.