NatWest Group plc (NWG) | Financial Analysis & Statements
NatWest Group plc Sponsored ADR Large-cap Financial Services
TL;DR: Financial Overview - Revenue, Profits & Key Metrics
Latest Quarterly: Dec 2025Income Metrics
Revenue
4.3B
Net Income
1.5B
34.44%
EPS (Diluted)
$0.34
Balance Sheet Metrics
Total Assets
714.6B
Total Liabilities
671.9B
Shareholders Equity
42.6B
Debt to Equity
15.77
Cash Flow Metrics
Revenue & Profitability Trend
Quarter Income Flow
Dec 31, 2025
Annual Income Flow
2025
NatWest Group plc Income Statement From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 16.6B | 20.0B | 14.8B | 13.4B | 10.3B |
| Cost of Goods Sold | - | - | - | - | - |
| Gross Profit | - | - | - | - | - |
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Expenses | |||||
| Research & Development | - | - | - | - | - |
| Selling, General & Administrative | 1.4B | 2.0B | 1.6B | 1.6B | 1.5B |
| Other Operating Expenses | 123.0M | 193.7M | 109.0M | 101.0M | 99.0M |
| Total Operating Expenses | 1.5B | 2.2B | 1.7B | 1.7B | 1.6B |
| Operating Income | - | - | - | - | - |
| Operating Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Non-Operating Items | |||||
| Interest Income | - | - | - | - | - |
| Interest Expense | - | - | - | - | - |
| Other Non-Operating Income | - | - | - | - | - |
| Pre-tax Income | 7.7B | 8.5B | 6.2B | 5.1B | 3.8B |
| Income Tax | 1.9B | 2.0B | 1.4B | 1.3B | 996.0M |
| Effective Tax Rate % | 24.3% | 23.6% | 23.2% | 24.8% | 25.9% |
| Net Income | 5.8B | 6.6B | 4.6B | 3.6B | 3.3B |
| Net Margin % | 35.1% | 32.8% | 31.3% | 26.9% | 32.0% |
| Key Metrics | |||||
| EBITDA | - | - | - | - | - |
| EPS (Basic) | $1.36 | $1.07 | $0.96 | $0.68 | $0.55 |
| EPS (Diluted) | $1.35 | $1.06 | $0.95 | $0.67 | $0.54 |
| Basic Shares Outstanding | 4026000000 | 5761640532 | 3644359841 | 3984407445 | 4348481156 |
| Diluted Shares Outstanding | 4026000000 | 5761640532 | 3644359841 | 3984407445 | 4348481156 |
Income Statement Trend
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NatWest Group plc Balance Sheet From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Assets | |||||
| Current Assets | |||||
| Cash & Equivalents | 85.3B | 126.9B | 104.5B | 145.1B | 177.8B |
| Short-term Investments | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - |
| Inventory | - | - | - | - | - |
| Other Current Assets | - | - | - | - | - |
| Total Current Assets | - | - | - | - | - |
| Non-Current Assets | |||||
| Property, Plant & Equipment | 4.3B | 5.4B | 4.2B | 4.2B | 4.2B |
| Goodwill | 12.8B | 18.1B | 13.3B | 12.6B | 12.2B |
| Intangible Assets | 1.8B | 2.6B | 1.9B | 1.6B | 1.2B |
| Long-term Investments | - | - | - | - | - |
| Other Non-Current Assets | - | - | - | - | - |
| Total Non-Current Assets | - | - | - | - | - |
| Total Assets | 714.6B | 965.9B | - | - | - |
| Liabilities | |||||
| Current Liabilities | |||||
| Accounts Payable | - | - | - | - | - |
| Short-term Debt | - | - | - | - | - |
| Current Portion of Long-term Debt | - | - | - | - | - |
| Other Current Liabilities | - | - | - | - | - |
| Total Current Liabilities | - | - | - | - | - |
| Non-Current Liabilities | |||||
| Long-term Debt | 71.8B | 89.9B | 60.1B | 55.3B | 58.3B |
| Deferred Tax Liabilities | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - |
| Total Non-Current Liabilities | - | - | - | - | - |
| Total Liabilities | 671.9B | 912.1B | - | - | - |
| Equity | |||||
| Common Stock | 10.0B | 13.8B | 10.8B | 11.7B | 11.5B |
| Retained Earnings | 14.4B | 15.6B | 10.6B | 10.0B | 13.0B |
| Treasury Stock | - | - | - | 258.0M | 371.0M |
| Other Equity | - | - | - | - | - |
| Total Shareholders Equity | 42.6B | 53.7B | 37.2B | 36.5B | 41.8B |
| Key Metrics | |||||
| Total Debt | 71.8B | 89.9B | 60.1B | 55.3B | 58.3B |
| Working Capital | 0 | 0 | 0 | 0 | 0 |
Balance Sheet Composition
NatWest Group plc Cash Flow Statement From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating Activities | |||||
| Net Income | 7.7B | 8.6B | 6.1B | 4.9B | 4.3B |
| Depreciation & Amortization | - | - | - | - | - |
| Stock-Based Compensation | - | - | - | - | - |
| Working Capital Changes | -32.0M | -593.4M | -634.0M | -6.2B | -10.7B |
| Operating Cash Flow | 6.0B | 6.6B | 5.4B | -556.0M | -5.7B |
| Investing Activities | |||||
| Capital Expenditures | -605.0M | -362.9M | -683.0M | -485.0M | -736.0M |
| Acquisitions | 230.0M | -1.8B | 5.3B | 6.2B | -3.0B |
| Investment Purchases | -62.0B | -73.6B | -44.9B | -23.5B | -10.2B |
| Investment Sales | 46.8B | 56.8B | 25.2B | 37.0B | 16.9B |
| Investing Cash Flow | -13.2B | -16.5B | -14.0B | 19.8B | 3.5B |
| Financing Activities | |||||
| Share Repurchases | -2.6B | -3.7B | -2.4B | -2.1B | -1.8B |
| Dividends Paid | -2.4B | -2.5B | -1.7B | -3.2B | -1.0B |
| Debt Issuance | 5.7B | 8.8B | 4.6B | 4.4B | 5.0B |
| Debt Repayment | -4.2B | -5.3B | -5.5B | -8.7B | -4.8B |
| Financing Cash Flow | -2.2B | -739.4M | -5.0B | -9.6B | -1.6B |
| Free Cash Flow | 5.8B | 946.8M | -19.0B | -45.0B | 52.3B |
| Net Change in Cash | -9.4B | -10.6B | -13.6B | 9.7B | -3.8B |
Cash Flow Trend
NatWest Group plc Key Financial Ratios
Valuation Ratios
P/E Ratio (TTM)
8.77
Forward P/E
7.45
Price to Book
1.24
Price to Sales
3.99
PEG Ratio
0.64
Profitability Ratios
Profit Margin
36.51%
Operating Margin
47.06%
Return on Equity
14.23%
Return on Assets
0.82%
Financial Health
Debt to Equity
4.93
Beta
0.83
Per Share Data
EPS (TTM)
$1.82
Book Value per Share
$12.85
Revenue per Share
$3.97
Peer Financial Comparison
| Company | Market Cap | P/E Ratio | P/B Ratio | ROE | Profit Margin | Debt/Equity |
|---|---|---|---|---|---|---|
| NWG | 62.5B | 8.77 | 1.24 | 14.23% | 36.51% | 4.93 |
| U.S. Bancorp | 88.1B | 11.92 | 1.51 | 12.35% | 29.29% | 1.21 |
| PNC Financial | 70.3B | 12.56 | 1.39 | 11.33% | 28.75% | 1.12 |
| Nu Holdings | 70.3B | 25.60 | 6.39 | 30.28% | 41.04% | 0.47 |
| Truist Financial | 64.0B | 12.61 | 1.07 | 8.58% | 29.62% | 1.06 |
| Deutsche Bank AG | 61.1B | 8.65 | 0.63 | 8.30% | 22.22% | 7.00 |
Financial data is updated regularly. All figures are in the company's reporting currency.





