CITIBANK CREDIT CARD ISSUANCE TRUST 8-K

What Happened
Citibank Credit Card Issuance Trust (Citibank Credit Card Master Trust I) filed an 8‑K on February 9, 2026 reporting detailed 2025 portfolio performance for the trust’s credit card receivables. Key full‑year figures for the year ended December 26, 2025 include average principal receivables of $20,743,970,000, gross charge‑offs of $624,183,000, recoveries of $133,232,000 and net losses of $490,951,000 (net loss rate 2.37%). Finance charges and fees paid totaled $4,838,331,000 with an average revenue yield of 23.32% (cash basis before charge‑offs). As of December 26, 2025 the trust held $20,436,162,921 of principal receivables and $893,554,054 of finance charge receivables across 7,552,576 accounts.

Key Details

• Net losses (2025): $490,951,000 — 2.37% of average principal receivables (down from 2.57% in 2024).
• Delinquencies (as of Dec 28, 2025): $585,881,000 total delinquent (30+ days) = 2.75% of receivables.
• Revenue (2025): $4,838,331,000 in finance charges & fees; Average revenue yield 23.32%.
• Portfolio size & composition: $21.33 billion receivables outstanding (incl. finance charges); 7,552,576 accounts; avg principal balance $2,706; avg credit limit $17,494.
• Concentration and credit quality: ~27.9% of receivables from Citibank/AAdvantage co‑brand cards; ~99.8% of receivables billed to U.S. addresses; top states by receivables — CA, NY, TX, FL, IL. Overall ~93.2% of receivables tied to obligors with FICO > 660.
• Cardholder behavior: average monthly payment rate in 2025 = 38.61%; as of the most recent billing date ~32.35% of accounts had a credit or zero balance and ~36.23% paid their full balance.

Why It Matters
This 8‑K gives investors a snapshot of credit performance, revenue generation and portfolio composition for the master trust. The filings show elevated but improving net loss metrics relative to prior years, strong revenue yield and high cardholder payment activity — all important for assessing the trust’s cash flow and excess spread. Concentration in co‑brand AAdvantage receivables (nearly 28%) and geographic concentration in several large states are notable exposures the filing highlights. The report also reiterates standard servicing practices (e.g., hardship modifications) and standard forward‑looking cautions about economic conditions, regulatory changes and other risks that could affect future losses, delinquencies and revenues.