NWG financial statements
The full income statement, balance sheet, and cash-flow statement for NatWest Group plc American Depositary Shares (each representing two (2) Ordinary Shares) (NWG), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 39.9B YoY+6.6% | 37.5B YoY+18.7% | 31.6B YoY+54.4% | 20.4B YoY+16.9% | 17.5B YoY+1.3% | |
| Pre-tax income | 10.2B YoY+28.5% | 7.92B YoY+3.1% | 7.68B YoY+21.4% | 6.33B YoY+19.6% | 5.29B YoY+845.4% | |
| Income tax | 2.47B YoY+32.2% | 1.87B YoY+5.0% | 1.78B YoY+13.4% | 1.57B YoY+14.7% | 1.37B YoY+1343.4% | |
| Net income | 7.70B YoY+25.3% | 6.15B YoY+6.8% | 5.76B YoY+29.9% | 4.43B YoY-2.7% | 4.56B YoY+918.4% | |
$0.89 YoY+31.1% | $0.68 YoY+14.4% | $0.59 YoY+43.2% | $0.41 YoY+10.7% | $0.37 YoY+535.4% | ||
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Cash & equivalents | 128B YoY-2.6% | 132B YoY-12.8% | 151B YoY-20.8% | 191B YoY-25.8% | 257B YoY+37.0% | |
962B YoY+8.0% | 891B YoY+1.0% | 882B YoY+1.6% | 868B YoY-17.8% | 1.06T YoY-2.2% | ||
| Total liabilities | 905B YoY+7.6% | 841B YoY+0.8% | 835B YoY+1.3% | 824B YoY-17.5% | 999B YoY-2.1% | |
57.4B YoY+15.9% | 49.5B YoY+4.6% | 47.3B YoY+7.6% | 44.0B YoY-22.0% | 56.4B YoY-4.7% | ||
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
9.34B YoY+312.3% | 2.26B YoY+110.4% | -21.7B YoY+59.7% | -53.7B YoY-172.8% | 73.9B YoY+97.9% | ||
| Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Long-term debt issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Long-term debt repaid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock issued | 1.65B YoY-7.2% | 1.78B | 0.00 | 0.00 YoY-100.0% | 1.41B | |
| Common stock repurchased | 0.00 YoY-100.0% | 690M YoY+54.6% | 446M YoY-82.4% | 2.53B YoY+29.3% | 1.96B | |
| Dividends paid | 3.14B YoY+36.4% | 2.30B YoY+8.6% | 2.12B YoY-46.4% | 3.95B YoY+182.7% | 1.40B YoY+186.0% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 142B YoY+64.2% | 86.6B YoY+54.9% | 55.9B YoY-20.2% | 70.0B YoY-1.9% | 71.4B YoY+30.4% | |
| P/E | 18.5× YoY+31.1% | 14.1× YoY+11.7% | 12.6× YoY-17.9% | 15.4× YoY-1.9% | 15.7× | |
| P/S | 3.6× YoY+54.1% | 2.3× YoY-15.5% | 2.7× YoY-31.7% | 4.0× YoY-1.9% | 4.1× YoY+28.8% | |
| P/B | 2.5× YoY+41.7% | 1.7× YoY+37.7% | 1.3× YoY+2.4% | 1.2× YoY-1.9% | 1.3× YoY+36.9% | |
5.4% YoY-23.7% | 7.1% YoY-10.5% | 7.9% YoY+21.8% | 6.5% YoY+1.9% | 6.4% | ||
2.2% YoY-16.9% | 2.7% YoY-34.9% | 4.1% YoY-33.8% | 6.2% YoY+214.4% | 2.0% YoY+119.2% | ||
| Source filing | 20-F | 20-F | 20-F | 20-F | 20-F |
About this data
Source: NWG's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all NWG filings on SEC EDGAR → Not investment advice.