NatWest
NWG · NYSECommercial Banks, NEC · Fiscal year ends Dec 31 · Reports in GBP
NatWest reported revenue of GBP 30.2B in the fiscal year ended Dec 2025, up 3.1% from the year before. Net income was GBP 5.8B. Operating cash flow of GBP 7.1B less capital expenditure of GBP 665M left free cash flow of GBP 6.4B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | GBP 12.7B | GBP 16.6B | GBP 25.4B | GBP 29.3B | GBP 30.2B |
| Interest expense | GBP 1.7B | GBP 2.8B | GBP 10B | GBP 13.9B | GBP 12.9B |
| Pre-tax income | GBP 3.8B | GBP 5.1B | GBP 6.2B | GBP 6.2B | GBP 7.7B |
| Income tax | GBP 996M | GBP 1.3B | GBP 1.4B | GBP 1.5B | GBP 1.9B |
| Net income | GBP 3.3B | GBP 3.6B | GBP 4.6B | GBP 4.8B | GBP 5.8B |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | GBP 191B | GBP 158B | GBP 119B | GBP 105B | GBP 95.4B |
| Net PP&E | GBP 4.2B | GBP 4.2B | GBP 4.2B | – | – |
| Goodwill | GBP 5.5B | GBP 5.5B | GBP 5.7B | GBP 5.7B | GBP 5.5B |
| Total assets | GBP 782B | GBP 720B | GBP 693B | GBP 708B | GBP 715B |
| Total liabilities | GBP 740B | GBP 684B | GBP 655B | GBP 669B | GBP 672B |
| Shareholders' equity | GBP 41.8B | GBP 36.5B | GBP 37.2B | GBP 39.4B | GBP 42.6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | GBP 53.7B | −GBP 43.6B | −GBP 17.4B | GBP 1.8B | GBP 7.1B |
| Capital expenditure | GBP 901M | GBP 639M | GBP 811M | GBP 464M | GBP 665M |
| Free cash flow | GBP 52.8B | −GBP 44.2B | −GBP 18.2B | GBP 1.3B | GBP 6.4B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 30.5% | 53.1% | 15.5% | 3.1% |
| Net margin | 26.1% | 21.7% | 18.2% | 16.4% | 19.3% |
| Return on equityBlank when equity is negative | 7.9% | 9.9% | 12.5% | 12.2% | 13.7% |
| Free cash flow margin | 415.5% | −266.9% | −71.9% | 4.5% | 21.2% |
| Cash conversion (CFO ÷ net income) | 16.2x | −12.1x | −3.76x | 0.37x | 1.21x |
More in Commercial Banks, Nec
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.