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Citi gets 70% of its revenue from interest income while Morgan Stanley gets 14%

Net interest income as a share of FY2025 net revenue, by ticker. Derived from Form 10-K XBRL data

Stacked bar chart of net interest income as a share of FY2025 net revenue from SEC 10-K XBRL data, Morgan Stanley 14 percent, Goldman Sachs 23, Schwab 49, JPMorgan 52, Bank of America 53, U.S. Bancorp 58, PNC 62 and Citigroup 70
Source: SEC EDGAR XBRL data from FY2025 Form 10-K filings.
Citi

Silvia Insights research desk

When rates move, banks and brokers do not feel it the same way.

Net interest income, what a bank earns on loans and securities minus what it pays on deposits and borrowing, made up 70% of Citigroup's 2025 net revenue and 62% of PNC's.

At Morgan Stanley it was 14%, and at Goldman Sachs 23%.

Goldman is the one changing fastest.

Its net interest income jumped 68% to $13.6 billion in 2025, pushing that share to its highest in annual filings going back to 2011.

Goldman is turning into more of a lender, but deals, trading and fees still bring in about three-quarters of its revenue.

This chart comes from a new Silvia Insights research report. Members received the full analysis last week, including the actionable trade ideas, risks and what comes next.

Research is for informational purposes and does not constitute personalized investment advice.

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