ING GROEP NV financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ING GROEP NV files with the SEC in its annual reports.

In EUR millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	17,902	18,590	18,324	17,125	17,227	20,093	30,418	18,121	21,087	25,678
General and administrative	580	587	564	325	320	281	273	289	277
Operating income			18,324	17,125	17,227	20,093	30,418	18,121	21,087	25,678
Pre-tax income	6,314	8,085	6,986	5,653	3,399	8,385	17,358	6,037	7,772	11,791
Income tax	1,705	2,539	2,116	1,652	1,070	2,306	5,130	1,662	2,181	3,192
Income from continuing operations	4,609	5,546	4,869	4,001	2,329	6,079	12,228	4,374	5,592
Net income to minority interests	75	82	108	99	78	128	102	235	258	275
Net income	4,975	5,464	4,761	3,903	2,250	5,951	12,126	4,140	5,334	8,324
EPS, basic	1.28	1.41	1.22	1.00	0.58	1.53	3.35	1.16	1.65	2.78
EPS, diluted	1.28	1.41	1.22	1.00	0.58	1.53	3.35	1.16	1.65	2.78

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	16,164	18,977	47,529	54,031	111,566	107,665	95,391	93,012	69,069	54,148
Property, plant and equipment	2,002	1,801	1,659	3,172	2,841	2,515	2,446
Lease right-of-use assets			1,300
Intangible assets	1,484	1,469	1,839	1,916
Total assets	842,216	843,878	884,603	888,520	933,891	949,250	976,834	980,299	1,023,856	1,060,329
Total liabilities	794,353	794,734	834,751	836,631	881,250	896,448	919,829	924,671	970,158	1,004,990
Total debt					19,400
Paid-in capital	16,950	17,006	17,050	17,078	17,089	17,105	17,116	17,116	17,116	17,116
Retained earnings	24,371	27,022	28,339	29,866	32,149	35,462	41,538	40,299	36,243	40,016
Shareholders' equity	47,257	48,429	49,049	50,996	51,619	52,066	56,500	54,684	52,703	54,083
Minority interests	606	715	803	893	1,022	736	504	944	995	1,255
Total equity	47,863	48,136	49,851	51,889	52,640	52,802	57,004	55,628	53,698	55,339
Total liabilities and equity	842,216	843,878	884,603	888,520	933,891	949,250	976,834	980,299	1,023,856	1,060,329

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	6,753	8,085	6,986	5,653	2,250	5,951	12,126	4,374	5,592	8,599
Cash from operations	8,553	-5,253	6,915	13,055	101,243	-14,943	-11,112	-11,340	-22,544	-6,380
Capital expenditures	-415	-304	-286	-355	-287	-184	-231	-246	-332	-351
Cash from investing	6,134	11,754	5,451	-2,495	-8,487	6,220	-5,307	-8,545	-6,033	-15,697
Debt repaid				-97		-0.04
Share buybacks								-3,531	-3,817	-3,705
Dividends paid	-2,521	-2,564	-2,607	-2,679	-3	-2,382	-3,093	-2,967	-3,879	-3,886
Cash from financing	-19,057	-3,948	15,983	-4,154	-34,796	5,387	4,649	18,404	5,374	8,245
Exchange rate effect	155	260	204	95	-425	-565	-504	-898	-740	-1,089
Free cash flow	8,138	-5,557	6,629	12,700	100,956	-15,127	-11,343	-11,586	-22,876	-6,731
Interest paid	31,703	31,032	14,948	14,550	9,672	8,705	14,193	33,734	41,191	37,666

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Operating margin	100.0%	Operating income / revenue.
Pre-tax margin	45.9%	Pre-tax income / revenue.
Net margin	32.4%	Net income / revenue.
FCF margin	-26.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-24.8%	Cash from operations / revenue.
Effective tax rate	27.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	15.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.8%	Net income / average total assets.
Capex / revenue	1.4%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	21.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-5.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	21.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-5.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	8.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	56.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-11.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	29.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	68.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-6.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	36.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	2.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-1.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	0.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	94.8%	Total liabilities / total assets.
Tangible book value	€54.08B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.02x	Revenue / average total assets.
FCF conversion	-80.9%	Free cash flow / net income, when net income is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	€2.78	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	€2.78	Net income per basic share, as reported (split-adjusted).
Payout ratio	46.7%	Dividends paid / net income, when net income is positive.

What was ING GROEP NV's revenue in fiscal 2025?

ING GROEP NV reported revenue of €25.68B for fiscal 2025, 21.8% higher than the year before.

Was ING GROEP NV profitable in fiscal 2025?

Yes. Net income was €8.32B, a net margin of 32.4%.

How much free cash flow did ING GROEP NV generate in fiscal 2025?

Cash from operations of €6.38B minus capital expenditures of €351.0M left free cash flow of -€6.73B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to ING GROEP NV