NatWest Group plc financial statements

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

In GBP 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	15,945	16,063	16,656	18,163	13,447	12,702	16,574	25,382	29,323	30,243
General and administrative	10,911	5,696	5,486	5,304	3,980	4,082	3,971	4,095	4,088	4,088
Pre-tax income	-4,082	2,239	3,359	3,983	-553	3,844	5,132	6,178	6,195	7,708
Income tax	1,166	731	1,208	439	74	996	1,275	1,434	1,465	1,874
Income from continuing operations	-5,248	1,508	2,151	3,544	-627	2,848	3,857	4,744	4,730	5,834
Net income to minority interests	10	35	-8	261	-62	44	6	-4	9	3
Net income	-5,248	1,508	2,151	3,800	-434	3,312	3,595	4,632	4,811	5,834
EPS, basic	-0.64	0.07	0.15	0.28	-0.07	0.27	0.34	0.48	0.54	0.68
EPS, diluted	-0.64	0.07	0.14	0.28	-0.07	0.27	0.34	0.48	0.53	0.67

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	98,570	122,605	108,936	100,588	139,199	190,706	158,449	118,824	104,845	95,433
Property, plant and equipment	4,590	4,602	4,351	4,928	4,418	4,230	4,240	4,227
Lease right-of-use assets	725	599	609	1,162	955	733
Goodwill	5,558	5,559	5,607	5,607	5,607	5,522	5,522	5,680	5,675	5,520
Total assets	798,656	738,056	694,235	723,039	799,491	781,992	720,053	692,673	707,985	714,553
Total liabilities	749,252	688,963	647,745	679,483	755,667	740,189	683,557	655,485	668,607	671,940
Shareholders' equity	48,609	48,330	45,736	43,547	43,860	41,796	36,488	37,157	39,350	42,599
Minority interests	795	763	754	9	-36	7	8	31	28	14
Total equity	49,404	49,093	46,490	43,556	43,824	41,803	36,496	37,188	39,378	42,613
Total liabilities and equity	798,656	738,056	694,235	723,039	799,491	781,992	720,053	692,673	707,985	714,553

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-5,248	1,508	2,151	3,800	-434	3,312	3,595	4,632	4,811	5,834
Depreciation and amortization	778	808	731	1,218	913	923	833	934	1,058	1,154
Cash from operations	-3,650	35,712	-6,748	-3,079	29,095	53,684	-43,597	-17,438	1,772	7,072
Capital expenditures	-912	-1,132	-619	-559	-376	-901	-639	-811	-464	-665
Cash from investing	-4,359	-6,152	-7,986	-716	7,547	3,065	19,059	-14,694	-12,699	-13,765
Stock issued				17
Share buybacks	-25	89	22	-21	-2	-1,806	-2,054	-2,416	-2,716	-579
Dividends paid	-1,697	-612	-803	-3,429	-381	-1,016	-3,205	-1,703	-1,800	-2,376
Cash from financing	-5,107	-5,509	389	-2,570	90	-2,601	-10,652	-6,304	-1,886	-3,494
Exchange rate effect	8,094	-16	676	-1,983	1,879	-2,641	2,933	-1,189	-1,166	775
Net change in cash	-5,022	24,035	-13,669	-8,348	38,611	51,507	-32,257	-39,625	-13,979	-9,412
Free cash flow	-4,562	34,580	-7,367	-3,638	28,719	52,783	-44,236	-18,249	1,308	6,407
Interest paid	2,638	2,300	2,511	3,318	2,414	1,668	2,357	8,871	13,689	13,028
Income taxes paid	171	520	466	278	214	856	1,223	1,033	1,602	1,792

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
Pre-tax margin	25.5%	Pre-tax income / revenue.
Net margin	19.3%	Net income / revenue.
FCF margin	21.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	23.4%	Cash from operations / revenue.
Effective tax rate	24.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	14.2%	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	2.2%	Capital expenditures / revenue.
D&A / revenue	3.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	22.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	17.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	21.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	17.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	26.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	26.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	299.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	-24.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	389.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-25.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	8.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.3%	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	-0.6%	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	0.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.3%	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	-2.2%	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	94.0%	Total liabilities / total assets.
Goodwill and intangibles / assets	0.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	£37.08B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.04x	Revenue / average total assets.
FCF conversion	109.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	9.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	£0.67	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	£0.68	Net income per basic share, as reported (split-adjusted).
Payout ratio	40.7%	Dividends paid / net income, when net income is positive.
Dividends / FCF	37.1%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	9.0%	Share buybacks / free cash flow, when free cash flow is positive.

What was NatWest Group plc's revenue in fiscal 2025?

NatWest Group plc reported revenue of £30.24B for fiscal 2025, 3.1% higher than the year before.

Was NatWest Group plc profitable in fiscal 2025?

Yes. Net income was £5.83B, a net margin of 19.3%.

How much free cash flow did NatWest Group plc generate in fiscal 2025?

Cash from operations of £7.07B minus capital expenditures of £665.0M left free cash flow of £6.41B.

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.

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