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Citizens Financial Group cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$453M in Q3 2026 · $1.3B over twelve months

Operating cash flow$453M
Free cash flow+$453M
Cash / net income0.7×

Analysis

In Q3 2026, Citizens Financial Group generated $453M of operating cash flow. That is $1.2B less than in Q3 2025 ($1.7B).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.3B; the largest uses were other investing ($10.6B), dividends ($793M), buybacks ($775M); besides operations, cash came from net borrowing (+) / repaid (−) ($7.2B), other financing ($5.0B); the cash balance rose by $1.3B.

Operating cash flow was $453M against net income of $636M — 0.7× profit, less cash than reported earnings, worth checking against working capital. The largest differences: prepaid and other assets −$691M, other liabilities −$286M, depreciation & amortization +$103M.

Free cash flow

Citizens Financial Group: free cash flow by quarterCitizens Financial Group: free cash flow by quarter$483MQ4 2024−$213MQ1 2025$886MQ2 2025$1.7BQ3 2025−$158MQ4 2025$237MQ1 2026$726MQ2 2026$453MQ3 2026
Operating cash flow less capital spending.
Citizens Financial Group: operating cash flow against capital spendingCitizens Financial Group: operating cash flow against capital spendingOperating cash flowCapital spending$483M$0Q4 2024−$213M$0Q1 2025$886M$0Q2 2025$1.7B$0Q3 2025−$158M$0Q4 2025$237M$0Q1 2026$726M$0Q2 2026$453M$0Q3 2026
Latest (Q3 2026): Operating cash flow $453M, Capital spending $0.

Capital allocation, year by year

Citizens Financial Group: where the cash came from (up) and went (down), by fiscal yearCitizens Financial Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $2.3BFY2021: Net borrowing −$1.5BFY2021: Acquisitions −$165MFY2021: Buybacks −$295MFY2021: Dividends −$670M$2.3BFY2021FY2022: Operating cash flow $4.1BFY2022: Net borrowing $4.8BFY2022: Acquisitions −$255MFY2022: Buybacks −$153MFY2022: Dividends −$779M$8.9BFY2022FY2023: Operating cash flow $3.0BFY2023: Net borrowing −$1.9BFY2023: Buybacks −$906MFY2023: Dividends −$808M$3.0BFY2023FY2024: Operating cash flow $2.0BFY2024: Net borrowing −$1.6BFY2024: Buybacks −$1.1BFY2024: Dividends −$769M$2.0BFY2024FY2025: Operating cash flow $2.2BFY2025: Net borrowing −$1.2BFY2025: Buybacks −$600MFY2025: Dividends −$755M$2.2BFY2025
Over these 5 years operating cash flow totalled $13.6B; the largest uses were net borrowing ($6.2B) and dividends ($3.8B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$13.0B
Debt$17.8B
Net debt$4.9B
Due within a year$500M

Citizens Financial Group funds itself: free cash flow was $1.3B over the last twelve months, and $13.0B of cash and investments stands against $17.8B of debt ($500M due within a year, 25.9× covered by cash).

Citizens Financial Group: debt maturities by year (FY2025)Citizens Financial Group: debt maturities by year (FY2025)$500MYear 1$2.0BYear 2$2.0BYear 3$6.0MYear 4$2.6BYear 5$4.1BAfter year 5
Principal due in each year as disclosed in the annual report, against $13.0B of cash and investments now.

Where the cash came from and went

Citizens Financial Group: sources (+) and uses (−) of cash, Q3 2026Citizens Financial Group: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)$1.5BOther investing−$1.4BOperating cash flow$453MCash drawn (+) / kept (−)−$206MDividends−$197MBuybacks−$125MOther financing−$34.0M
Citizens Financial Group: sources (+) and uses (−) of cash, TTM to Q3 2026Citizens Financial Group: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$10.6BNet borrowing (+) / repaid (−)$7.2BOther financing$5.0BCash drawn (+) / kept (−)−$1.3BOperating cash flow$1.3BDividends−$793MBuybacks−$775M

From profit to cash

Citizens Financial Group: net income to operating cash flow, Q3 2026Citizens Financial Group: net income to operating cash flow, Q3 2026Net income$636MDepreciation & amortization$103MStock-based pay$28.0MDeferred taxes−$34.0MGains on disposals−$11.0MPrepaid and other assets−$691MOther liabilities−$286MOperating cash flow$453M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$453M−$125M−$197M$1.5B−$206M$453M
Q2 2026$726M−$225M−$198M$4.0B−$430M$726M
Q1 2026$237M−$300M−$198M$1.0B$397M$237M
Q4 2025−$158M−$125M−$200M$620M−$1.1B−$158M
Q3 2025$1.7B−$75.0M−$184M−$2.1B−$3.1B$1.7B
Q2 2025$886M−$200M−$185M$451M$3.0B$886M
Q1 2025−$213M−$200M−$186M−$95.0M−$940M−$213M
Q4 2024$483M−$225M−$769M−$1.6B$314M$483M

Citizens Financial Group: income statement and cash flow

Citizens Financial Group, Q3 2026: revenue $2.3B (+10% year over year), operating margin 34.6%. The chart follows the revenue to costs, profit and cash.

Citizens Financial Group: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.