FCNCA Q3 2024 Earnings Report — First Citizens BancShares, Inc. Revenue & Financial Results | Market Cap Arena

First Citizens BancShares, Inc.FCNCA

Q3 2024 Earnings

Reported November 7, 2024

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q3 2024	Q2 2024	Q3 2023	QoQ Change	YoY Change
Revenue	$3.8B	$3.7B	$3.7B	2.1%	2.2%
Op. Income	$873M	$979M	$997M	-10.8%	-12.4%
Gross Margin	61.4%	62.1%	64.5%	-0.7pp	-3.1pp
Net Margin	16.9%	19.1%	20.3%	-2.2pp	-3.4pp
EPS (Diluted)	$43.41	$47.54	$50.69	-8.7%	-14.4%
Free Cash Flow	$520M	$79M	$907M	558.2%	-42.7%

Revenue Flow

Item	Amount
REVENUE	$3.8B
Cost of Revenue	$1.5B
GROSS PROFIT	$2.3B
R&D Expenses	$0
Selling & Marketing	$20M
General & Administrative	$878M
SG&A Expenses	$898M
Other Expenses	$553M
Operating Expenses	$1.5B
Cost & Expenses	$2.9B
OPERATING INCOME	$873M
Interest Income	$3.1B
Interest Expense	$1.3B
Other Income/Expenses	$0
INCOME BEFORE TAX	$873M
Income Tax Expense	$234M
Net Income from Continuing Ops	$639M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$639M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$624M
D&A	$42M
EBIT	$873M
EBITDA	$915M
EPS	$43
EPS Diluted	$43

Income Statement

Item	Amount
REVENUE	$3.8B
Cost of Revenue	$1.5B
GROSS PROFIT	$2.3B
R&D Expenses	$0
Selling & Marketing	$20M
General & Administrative	$878M
SG&A Expenses	$898M
Other Expenses	$553M
Operating Expenses	$1.5B
Cost & Expenses	$2.9B
OPERATING INCOME	$873M
Interest Income	$3.1B
Interest Expense	$1.3B
Other Income/Expenses	$0
INCOME BEFORE TAX	$873M
Income Tax Expense	$234M
Net Income from Continuing Ops	$639M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$639M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$624M
D&A	$42M
EBIT	$873M
EBITDA	$915M
EPS	$43
EPS Diluted	$43

Cash Flow Statement

Item	Amount
Net Income	$639M
Depreciation & Amortization	$42M
Stock-Based Compensation	$0
Deferred Income Tax	$56M
Other Non-Cash Items	$176M
Change in Working Capital	$78M
OPERATING CASH FLOW	$991M
Capital Expenditure	-$471M
Acquisitions (Net)	$0
Purchases of Investments	-$2.6B
Sales/Maturities of Investments	$2.5B
Other Investing Activities	$284M
NET CASH FROM INVESTING	-$301M
Net Debt Issuance	-$316M
Common Stock Repurchased	-$700M
Common Dividends Paid	-$38M
Other Financing Activities	$462M
NET CASH FROM FINANCING	-$592M
FREE CASH FLOW	$520M
Net Change in Cash	$98M

Balance Sheet

Item	Amount
Cash & Equivalents	$26.5B
Short-Term Investments	$28.2B
Net Receivables	$3.4B
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$58.1B
PP&E (Net)	$11.5B
Goodwill	$346M
Intangible Assets	$292M
Long-Term Investments	$148.4B
Tax Assets	$0
Other Non-Current Assets	$1.5B
TOTAL NON-CURRENT ASSETS	$162.0B
TOTAL ASSETS	$220.6B
Account Payables	$149M
Short-Term Debt	$391M
Deferred Revenue	$0
Other Current Liabilities	$151.6B
TOTAL CURRENT LIABILITIES	$152.4B
Long-Term Debt	$36.8B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$3.6B
Other Non-Current Liabilities	$4.7B
TOTAL NON-CURRENT LIABILITIES	$45.4B
TOTAL LIABILITIES	$197.7B
Common Stock	$14M
Additional Paid-In Capital	$3.4B
Retained Earnings	$18.7B
Treasury Stock	$0
Accum. Other Comp. Income	-$159M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$22.8B
Minority Interest	$0
TOTAL EQUITY	$22.8B
TOTAL LIABILITIES & EQUITY	$220.6B
Total Debt	$37.5B
Net Debt	$11.0B