PRINCIPAL TRANSACTIONS (Tables)

9 Months Ended

Sep. 30, 2025

Principal Transactions Revenue, Net [Abstract]


	Three Months Ended September 30,				Nine Months Ended September 30,
In millions of dollars	2025		2024		2025		2024
Interest rate risks(1)(2)	$	322	$	615	$	1,465	$	1,625
Foreign exchange risks(2)(3)	1,545		1,238		4,572		3,877
Equity risks(4)(5)	807		596		1,997		1,840
Commodity and other risks(6)	219		383		850		1,007
Credit products and risks(7)	(121)		3		(99)		307
Total	$	2,772	$	2,835	$	8,785	$	8,656

(1) Includes revenues from government securities, municipal securities, mortgage securities and other debt instruments. Also includes spot and forward trading of currencies and exchange-traded and over-the-counter (OTC) currency options, options on fixed income securities, interest rate swaps, currency swaps, swap options, caps and floors, financial futures, OTC options and forward contracts on fixed income securities.

(2) Effective July 1, 2025, gains and losses on certain economic and qualifying hedging derivatives and foreign currency transactions, which were previously presented within Other revenue, are presented within Principal transactions. Prior periods were conformed to reflect this change in presentation.

(3) Includes revenues from foreign exchange spot, forward, option and swap contracts, as well as foreign currency translation gains and losses.

(4) Includes revenues from common, preferred and convertible preferred stock, convertible corporate debt, equity-linked notes and exchange-traded and OTC equity options and warrants.

(5) The nine months ended September 30, 2024 include an approximate $400 million episodic gain related to the Visa B exchange.

(6) Primarily includes revenues from crude oil, refined oil products, natural gas, metals and other commodities trades.

(7) Includes revenues from corporate debt, secondary trading loans, mortgage securities, single name and index credit default swaps, and structured credit products.