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Friday 6 November 2026 Export FCNCA’s income statement to Excel — free account

First Citizens BancShares, Inc.

FCNCA Financial Banks Regional

First Citizens BancShares, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $14.5 billion, down 3.09% from fiscal 2024.

Revenue
+0.11%
EPS
+31.1%
Free cash flow
+28.7%
Total debt
−14.9%

Quarter to June 2026, against a year earlier

2,306.71 25.14 −1.08%
Market cap
$25.5B
P/E
12.3×
Fwd P/E
11.9×
Dividend yield
0.36%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Insider Decisions last twelve months

Bought, $m 13.09
Sold, $m 15.55
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — 3 — 1 4 — 1 — — —
Sell — — — — — 1 1 — — 1 — —
Insider Ownership 38.11%

Capital & Financial Ratios $m

Size
Market Cap 25,530.00
Revenue ttm 14,457.00
Net income ttm 2,354.00
Free cash flow ttm 2,502.00
Net debt Q 8,648.00
Valuation
P/E 12.33
Forward P/E 11.90
Price / sales 1.84
Forward P/S Powerpack
Price / FCF 10.64
Price / book 1.32
Financial health
Current ratio Q 1.00
Debt / equity Q 1.46
Interest coverage Q —
Growth
Revenue growth Q +0.11% (above 0%: growing)
Operating income growth Q +16.30% (above 0%: growing)
EPS, this year +16.30% (at or above 15%: strong)
EPS, next year A +4.72%
Revenue, next year A −38.14% (below 0%: weak)
EPS, past 5 yrs +28.32% (at or above 15%: strong)
EPS, next 5 yrs A +9.19%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 46.61%
10-year low 10-year high
P/S against its own 10 years 27.50%
10-year low 10-year high
P/B against its own 10 years 50.09%
10-year low 10-year high

Dividends raised every year since 2017

Yield
0.36%
Annual rate
8.40
Payout ratio
4.49%
Growth, 2017–25
+26.0%/yr
  1. 1.25 ’17
  2. 1.45 ’18 +16
  3. 1.60 ’19 +10
  4. 1.67 ’20 +4
  5. 1.88 ’21 +13
  6. 2.16 ’22 +15
  7. 3.89 ’23 +80
  8. 6.87 ’24 +77
  9. 7.95 ’25 +16
  10. 8.49 ’26e +7
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 34,990 22,336 20,834 23,388
Receivables — — — —
Inventory — — — —
Other — — — —
166,545 160,881 167,198 172,938
2023 2024 2025 Q'26
Payables 145,854 155,229 161,578 173,427
ST’ Debt — — — —
Other — — — —
146,339 155,596 161,802 173,579

Compound Annual Growth %

10y 5y 3y
Sales 26.02% 49.21% 37.75%
Cash Flow 28.78% 50.71% 1.55%
Earnings 26.16% 35.07% 27.05%
Book Value 22.71% 39.37% 32.03%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 46.61 Actual 55.37

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 44.21 51.27 Beat by 7.06
Q1 FY26 39.02 44.86 Beat by 5.84
Q2 FY26 40.45 57.09 Beat by 16.64
Q3 FY26 46.61 55.37 Beat by 8.76
Q4 FY26 49.82 — Reports 22 January 2027

EPS $

Mar Jun Sep Dec Year
’26 42.63 55.52 — — —
’25 34.47 42.36 43.08 45.81 165.24
’24 49.26 47.54 43.42 49.21 189.41
’23 653.64 45.87 50.67 34.33 784.51
’22 16.70 14.86 19.25 16.67 67.40
’21 14.53 15.09 12.17 12.09 53.88
’20 5.46 14.74 14.03 13.59 47.50
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 3,478 3,627 — — —
’25 3,530 3,623 3,697 3,655 14,505
’24 3,711 3,769 3,788 3,700 14,968
’23 11,470 3,611 3,725 3,660 22,466
’22 1,560 1,181 1,339 1,469 5,549
’21 492 495 487 485 1,959
’20 434 529 495 504 1,961
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 172 1,043 — — —
’25 98 859 916 1,050 2,923
’24 461 417 991 1,119 2,988
’23 (362) 916 1,205 901 2,660
’22 577 654 506 1,054 2,791
’21 126 (691) 154 127 (284)
’20 18 83 115 160 376
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 46 952 — — —
’25 (2) 740 688 816 2,242
’24 374 320 890 994 2,578
’23 (403) 839 1,141 697 2,274
’22 573 653 481 990 2,697
’21 112 (706) 142 103 (349)
’20 (4) 51 90 135 272
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 33.3% a year for ten years. It grew 23.5% a year over the last ten.

Implied
33.3%
10 years, reported
23.5%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,365 1,626 1,646 1,820 1,961 1,959 5,549 22,466 14,968 14,505 14,457 +30.0% 8,973 9,533 9,947 (11.8%)
Gross margin, % 96.84 97.31 97.76 94.91 95.10 96.89 91.58 83.62 65.19 65.78 66.51 (31.1) pt
EBT 351 544 504 592 618 701 1,362 12,077 3,592 2,971 3,158 +26.8%
EBT margin, % 25.72 33.44 30.60 32.53 31.51 35.78 24.54 53.76 24.00 20.48 21.84 (5.2) pt
Net income 225 324 400 457 492 547 1,098 11,466 2,777 2,206 2,354 +28.8%
Per share, $
Per share, $ Revenue 113.64 135.36 137.87 163.35 194.99 199.56 357.26 1,546.40 1,043.66 1,115.55 1,253.23 +28.9%
Earnings 18.77 26.96 33.53 41.05 47.50 53.88 67.47 785.14 189.42 165.24 187.04 +27.3%
Cash flow 19.19 29.58 38.01 51.90 37.39 (28.93) 179.69 183.10 208.34 224.80 275.75 +31.4%
Capex 2.56 (3.42) (9.26) (8.53) (10.34) (6.62) (6.05) (26.57) (28.59) (52.37) (58.86) n/m
Free cash flow 21.75 26.16 28.75 43.37 27.05 (35.55) 173.64 156.53 179.75 172.43 216.89 +25.9%
Book value 250.83 277.61 292.26 321.89 420.53 482.66 622.07 1,463.05 1,549.86 1,710.29 1,898.44 +23.8%
Shares, m 12 12 12 11 10 10 16 15 14 13 12 +0.9%
Valuation, ×
Valuation, × P/E 18.90 15.01 11.24 12.96 12.01 15.40 11.13 1.83 11.15 12.95 12.33 12.3
P/S 3.12 2.99 2.73 3.26 2.95 4.16 2.10 0.93 2.02 1.92 1.84 2.6
P/B 1.42 1.46 1.29 1.65 1.48 1.85 1.33 1.03 1.42 1.34 1.32 1.4
EV/Sales 1.97 2.46 2.17 2.76 0.88 (0.06) 1.91 1.03 2.98 2.95 — 1.9
EV/FCF 14.62 12.74 10.40 10.38 6.33 0.32 3.93 10.15 17.32 19.11 — 10.5
Cash, $m
Cash, $m Operating cash flow 231 355 454 578 376 (284) 2,791 2,660 2,988 2,923 3,181 +32.6%
Capex 31 (41) (111) (95) (104) (65) (94) (386) (410) (681) (679) n/m
Free cash flow 261 314 343 483 272 (349) 2,697 2,274 2,578 2,242 2,502 +27.0%
Balance, $m
Balance, $m Working capital (4,759) (4,810) (4,901) (4,977) (7,264) (10,348) (16,192) 20,206 5,285 5,396 (641) n/m
Net debt (1,579) (854) (931) (912) (4,054) (8,258) (1,084) 2,179 14,348 14,950 8,648 n/m
Shareholders’ equity 3,012 3,334 3,489 3,586 4,229 4,738 9,662 21,255 22,228 22,238 21,900 +24.9%
Returns, %
Returns, % ROA 0.70 0.96 1.14 1.22 1.06 0.98 1.25 7.06 1.24 0.95 0.97 +0.2 pt
ROIC 16.37 14.57 13.20 14.93 242.78 0.00 12.36 34.01 6.89 5.68 7.30 (10.7) pt
ROE 7.66 10.20 11.73 12.93 12.79 12.77 15.90 78.25 13.02 10.18 10.92 +2.5 pt
People
People Employees 6,296 6,799 6,683 7,176 6,722 6,846 10,684 16,021 17,475 18,141 — +12.5%
Revenue/emp, $m 0.22 0.24 0.25 0.25 0.29 0.29 0.52 1.40 0.86 0.80 — +15.6%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Business profile

Updated

First Citizens BancShares is a bank holding company incorporated in 1986. Its banking subsidiary, First-Citizens Bank & Trust Company, serves individuals, businesses and professionals. Frank B. Holding, Jr. is chairman and chief executive officer.

For consumers, the bank offers deposit accounts, loans, wealth management and private banking. For businesses, it provides lending, equipment leasing, capital markets services and financial advice. It also serves private equity and venture capital firms and companies in innovation markets such as technology, life sciences and healthcare.

First Citizens BancShares, Inc. vs peers in Banks Regional (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MTB M&T Bank Corporation $31.7B 11.4× 11.3× −0.64% (below 0%: shrinking) +4.74% (above 0%: growing) +52.44% (above 0%: growing) 74.37% 0.00% Compare
HBAN Huntington Bancshares Incorporated $31.5B 12.5× 12.1× +27.35% (above 0%: growing) −17.07% (below 0%: shrinking) +53.14% (above 0%: growing) 67.89% 0.00% Compare
SHG Shinhan Financial Group Co Ltd $29.2B 8.5× 7.3× +27.14% (above 0%: growing) +10.37% (above 0%: growing) +120.93% (above 0%: growing) 63.24% 0.00% Compare
BBDO Banco Bradesco SA $28.5B 5.2× — +16.65% (above 0%: growing) +44.44% (above 0%: growing) +1,455.10% (above 0%: growing) 34.57% 0.00% Compare
BAP Credicorp Ltd. $27.6B 12.9× 11.7× +12.23% (above 0%: growing) +16.83% (above 0%: growing) +76.09% (above 0%: growing) 82.34% 0.00% Compare
CFG Citizens Financial Group, Inc. $26.8B 12.8× 12.0× +5.83% (above 0%: growing) +33.96% (above 0%: growing) −75.86% (below 0%: shrinking) 71.05% 0.00% Compare
FCNCA First Citizens BancShares, Inc. $25.5B 12.3× 11.9× +0.11% (above 0%: growing) +31.07% (above 0%: growing) +28.65% (above 0%: growing) 67.05% 0.00%
RF Regions Financial Corporation $24.2B 11.0× 10.7× +0.16% (above 0%: growing) +16.13% (above 0%: growing) −39.63% (below 0%: shrinking) 80.24% 0.00% Compare
KEY KeyCorp $22.1B 11.5× 11.2× +1.55% (above 0%: growing) +24.39% (above 0%: growing) +85.68% (above 0%: growing) 71.05% 0.00% Compare
Median of peers $28.1B 11.4× 11.3× +9.03% +16.48% +64.62% 71.05% 0.00%

All 327 Banks Regional stocks →

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 64.72%
Held by the ten largest 38.42%
Holder Shares Stake Change
HARRIS ASSOCIATES L P 901.79k 8.77% −26.11k
BlackRock 859.14k 8.35% −145.11k
Vanguard 753.68k 7.33% −67.85k
Dodge & Cox 404.22k 3.93% +11.13k
State Street 208.23k 2.02% −14.81k
JPMorgan Chase 184.81k 1.80% −79.81k
UBS 174.33k 1.69% −7.99k
Geode Capital Management 171.81k 1.67% −9.16k
HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC 154.96k 1.51% +22.13k
COATUE MANAGEMENT LLC 139.50k 1.36% 0.00
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 23 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 10.25m 9.80m 378.00
2024 11.01m 10.86m 371.00
2023 9.96m 9.57m 248.00
2022 8.03m 8.09m 133.00
2021 5.63m 5.62m 145.00

Ownership

Directors and executive officers, together 22.61%
Olivia B. Holding P. O. Box 14.04%
Frank B. Holding, Jr. 11.80%
Peter M. Bristow 8.54%
Claire H. Bristow P. O. Box 8.54%
Carson H. Brice P.O. Box 7.56%
Hope H. Bryant 4.38%
Lewis R. Holding II 3.64%
Harris Associates LP Harris Associates, Inc. 3.45%
BlackRock Portfolio Management LLC 2.46%
BlackRock, Inc. 1.86%
The Vanguard Group 0.03%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

First Citizens BancShares, Inc. (FCNCA) Latest News

28 Oct

Impact 3 · · PR Newswire

26 Oct

Impact 4 · · StockStory
Impact 4 · · StockStory

25 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.

24 Oct

Impact 3 ·

23 Oct

Impact 4 · · TIKR earnings
Impact 4 · · PR Newswire earnings
Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 · · Zacks
Impact 3 · · Associated Press

22 Oct

Impact 3 · · StockStory

20 Oct

Impact 3 · · Insider Monkey

16 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks

6 Oct

Impact 3 · · PR Newswire

5 Oct

Impact 4 · · MarketBeat

30 Sep

Impact 3 · · StockStory

29 Sep

Impact 3 ·

15 Sep

Impact 3 ·

10 Sep

Impact 4 ·

8 Sep

Impact 4 · · InvestorsHub
Impact 3 ·

4 Aug

Impact 4 ·

1 Aug

Impact 3 · transcript

24 Jul

Impact 4 ·

23 Jul

Impact 4 ·
Impact 3 · transcript

FCNCA metrics, ten years each

stockrow.com/FCNCA · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com