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CFGCitizens Financial Group

Financials · Banks · NYSE
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The 10-K against last year's

201 changes: 59 added, 29 removed, 111 reworded, 2 quiet changes

10-K Feb 12, 2026 vs Feb 13, 2025
Risk FactorsRedline ↓
4.7%
of the text changed · 8,993 words now
24.9%
of the text changed · 17,539 words now
Legal ProceedingsRedline ↓
5.2%
of the text changed · 789 words now
Accounting PoliciesRedline ↓
45.4%
of the text changed · 640 words now

10-K 0000759944-26-000028 (2026-02-12) vs 10-K 0000759944-25-000013 (2025-02-13)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

MD&A 126 words changed in this paragraph; it is 34% similar to last year's version.
As of December 31, 2024, the 2025, our ACL economic forecast over a two-year reasonable and supportable period was consistent with December 31, 2023, with reflects the economy going into a shallow two-quarter contraction inclusive of uncertainties related to the implementation of tariffs and protectionist trade policies, inflationary pressures, and geopolitical tensions. This forecast is generally applied to the retail and commercial and industrial portfolios and projects peak unemployment of approximately 5.3% and a start-to-trough real GDP decline of approximately 0.5%, compared to peak unemployment of approximately 5.1% and a start-to-trough real GDP decline of approximately 0.4%. These forecasts reflect 0.4% at December 31, 2024. More severe economic scenarios are applied within the CRE portfolio, such as general office, with peak unemployment of approximately 9.4% and a mild recession over the two-year reasonable start-to-trough real GDP decline of approximately 4.4%, compared to peak unemployment of approximately 9.3% and supportable period. a start-to-trough real GDP decline of approximately 4.4% at December 31, 2024.

Source: Item 7, 10-K 0000759944-26-000028 vs Item 7, 10-K 0000759944-25-000013

Accounting Policies 122 words changed in this paragraph; it is 33% similar to last year's version.
Pronouncement Summary of Guidance Effects on Financial Statements Improvements to Reportable Segment Income Tax Disclosures •Requires disclosure a tabular income tax rate reconciliation that includes specific categories and other significant categories, disaggregated by nature, that exceed 5% of significant segment expenses regularly provided to income tax expense at the CODM statutory tax rate •The Company adopted the new standard ASU on January 1, 2024, 2025 on a retrospective basis, effective for annual financial statements for the year ended December 31, 2024 2025 Issued December 2023 •Requires disclosure of income taxes paid, net of refunds received, disaggregated by federal, state, and subsequent interim periods beginning foreign taxes, and further disaggregated by individual jurisdictions that exceed 5% of total income taxes paid, net of refunds received •Required disclosures for income taxes are included in 2025. Note 21 •Requires disclosure of pre-tax income disaggregated between domestic and foreign, and income tax expense disaggregated by federal, state, and foreign

Source: Item 8, Note 1 – SIGNIFICANT ACCOUNTING POLICIES, 10-K 0000759944-26-000028 vs Item 8, Note 1 – SIGNIFICANT ACCOUNTING POLICIES, 10-K 0000759944-25-000013

Risk Factors 85 words changed in this paragraph; it is 83% similar to last year's version.
We are heavily regulated by multiple banking, consumer protection, securities securities, and other regulatory authorities at the federal and state levels. This regulatory oversight is primarily established to protect depositors, the DIF, consumers of financial products, and the financial system as a whole, not for the protection of shareholders or other investors. Changes to statutes, regulations, rules rules, or policies, including their interpretation, implementation implementation, or enforcement, could affect us in substantial and unpredictable ways, including by, for example, subjecting us to additional costs, limiting the types of financial services and other products we may offer, limiting our ability to pursue acquisitions acquisitions, and increasing the ability of third parties, including non-banks, to offer competing financial services and products. In recent years, we, together with the rest of the financial services industry, have faced particularly intense scrutiny, with many new regulatory initiatives and vigorous oversight and enforcement on the part of numerous regulatory and governmental authorities. Legislatures and regulators have pursued a broad array of initiatives intended to promote the safety and soundness of financial institutions, financial market stability, the transparency and liquidity of financial markets, and consumer and investor protection. Certain regulators and law enforcement authorities have also recently required admissions of wrongdoing and, in some cases, criminal pleas as part of the resolutions of matters brought by them against financial institutions. Any such resolution of a matter involving us could lead to increased exposure to civil litigation, could adversely affect our reputation, could result in penalties or limitations on our ability to do business or engage in certain activities activities, and could have other negative effects. In addition, a single event or issue may give rise to numerous and overlapping investigations and proceedings, including by multiple federal and state regulators and other governmental authorities.

Source: Item 1A, 10-K 0000759944-26-000028 vs Item 1A, 10-K 0000759944-25-000013

Legal Proceedings 26 words changed in this paragraph; it is 92% similar to last year's version.
Letters of credit in the table above reflect commercial, standby financial financial, and standby performance letters of credit. Financial and performance standby letters of credit are issued by the Company for the benefit of its customers. They are used as conditional guarantees of payment to a third party in the event the customer either fails to make specific payments (financial) or fails to complete a specific project or activity (performance). The Company’s exposure to credit loss in the event of counterparty nonperformance in connection with the above instruments is represented by the contractual amount of those instruments. Letters of credit are generally secured, secured according to the creditworthiness of the counterparty, with collateral including, but not limited to, cash, accounts receivable, inventory inventory, or investment securities. Credit risk associated with letters of credit is considered in determining the appropriate amount of allowances the allowance for unfunded commitments. Standby letters of credit and commercial letters of credit are issued for terms of up to no more than two years and one year, respectively.

Source: Item 3, via Note 17 – COMMITMENTS AND CONTINGENCIES, 10-K 0000759944-26-000028 vs Item 3, via Note 19 – COMMITMENTS AND CONTINGENCIES, 10-K 0000759944-25-000013

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of CFG's Risk Factors and MD&A, 10-K 2026-02-12 against 10-K 2025-02-13. Each links to the text at sec.gov.

RemovedMD&A
This document contains non-GAAP financial measures denoted as “Underlying” results and “including AOCI impact.” Underlying results for any given reporting period exclude certain items that may occur in that period which management does not consider indicative of our on-going financial performance. We believe these non-GAAP financial measures provide useful information to investors because they are used by management to evaluate our operating performance and make day-to-day operating decisions. In addition, we believe our Underlying results in any given reporting period reflect our on-going financial performance in that period and, accordingly, are useful to consider in addition to our GAAP financial results. We further believe the presentation of Underlying results increases comparability of period-to-period results.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
Non-GAAP measures are denoted throughout our MD&A by the use of the term “Underlying.” Where there is a reference to these metrics in that paragraph, all measures that follow are on the same basis when applicable. For more information on the computation of non-GAAP financial measures, see “Non-GAAP Financial Measures and Reconciliations.”

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
Results reflect notable items of $98 million or $0.21 per diluted common share, net of tax benefit, compared to $357 million or $0.75 per diluted common share, net of tax benefit, in 2023.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
Table 1: Notable Items Year Ended December 31, 2024 Less: notable items (dollars in millions) Reported results (GAAP) Integration related costs(1) TOP and other(2) FDIC special assessment(3) Underlying results (non-GAAP) Noninterest income $2,176 $— $15 $— $2,161 Noninterest expense 5,234 10 115 31 5,078 Income tax expense 379 (3) (33) (7) 422

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
Year Ended December 31, 2023 Less: notable items (dollars in millions) Reported results (GAAP) Integration related costs(1) TOP and other(2) FDIC special assessment(3) Underlying results (non-GAAP) Noninterest income $1,983 $— $— $— $1,983 Noninterest expense 5,507 104 177 225 5,001 Income tax expense 422 (28) (63) (58) 571

Read it in 10-K 2025-02-13 at sec.gov ↗

Show the other 4
RemovedMD&A
(2) Net interest income and net interest margin is presented on a FTE basis using the federal statutory tax rate of 21%. The FTE impact is predominantly attributable to commercial and industrial loans for the periods presented.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
Net interest margin on a FTE basis decreased 25 basis points compared to 2023, reflecting higher funding and swap costs and the impact of building liquidity, partially offset by higher interest-earning-asset yields and the benefit of Non-Core portfolio runoff.

Read it in 10-K 2025-02-13 at sec.gov ↗

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