Revenue performance remains tied to fee-based income, with the efficiency ratio moderating to 65.6% in 2025Q4 from a high of 88.1% in 2023Q4.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Net Interest Income | 14.5B | 13.21B | 12.5B | 10.65B | 8.07B | 7.68B | 9.42B | 9.63B | 9.78B | 11.79B | 11.27B | 12.9B | 11.21B | 11.67B | 14.15B | 13.37B | 11.69B | 12.84B | 10.92B | 9.25B | 0 | -3.3B | 6.6B | 6.21B | 6.12B | 5.16B | 4.62B | 4.31B | 4.03B | 3.94B |
| NII Growth % | 9.76% | 5.68% | 17.42% | 31.88% | 5.05% | -18.45% | -2.12% | -1.51% | -17.11% | 4.67% | -12.64% | 15.01% | -3.92% | -17.53% | 5.86% | 14.38% | -8.96% | 17.6% | 17.99% | - | 100% | -149.96% | 6.24% | 1.47% | 18.54% | 11.67% | 7.13% | 6.92% | 2.37% | 3.82% |
| Net Interest Margin % | 0.94% | 0.87% | 0.85% | 0.7% | 0.58% | 0.57% | 0.83% | 0.85% | 0.86% | 0.97% | 1.01% | 0.95% | 0.83% | 0.77% | 0.91% | 0.9% | 0.85% | 0.63% | 0.89% | 0.93% | 0% | -0.63% | 1.49% | 1.54% | 1.71% | 1.63% | 1.82% | 1.97% | 1.74% | 2.12% |
| Interest Income | 36.19B | 39.14B | 34.5B | 19.21B | 11.24B | 11.24B | 15.43B | 15.39B | 13.45B | 16.73B | 15B | 19.11B | 18.2B | 19.69B | 23.58B | 21.38B | 20.78B | 30.32B | 26.75B | 21.38B | 0 | 0 | 12.43B | 12.05B | 13.49B | 11.8B | 9.31B | 9.91B | 9.12B | 8.8B |
| Interest Expense | 21.69B | 25.93B | 22B | 8.56B | 3.17B | 3.55B | 6.01B | 5.76B | 3.68B | 4.94B | 3.73B | 6.21B | 6.99B | 8.02B | 9.43B | 8.01B | 9.1B | 17.48B | 15.83B | 12.13B | 0 | 3.3B | 5.82B | 5.84B | 7.37B | 6.64B | 4.69B | 5.6B | 5.09B | 4.82B |
| Loan Loss Provision | 0 | 2.04B | 1.91B | 1.19B | 0 | 4.41B | 1.89B | 1.54B | 2.26B | 2.57B | 1.82B | 2.26B | 2.93B | 3.26B | 3.92B | 5.61B | 7.15B | 4.84B | 2.33B | 1.99B | 0 | -3.3B | -4.49B | 0 | -7.37B | 0 | -4.69B | -5.6B | -5.09B | -4.82B |
| Non-Interest Income | 14.64B | 17.88B | 15.27B | 14.09B | 13.88B | 13.84B | 10.68B | 10.13B | 10.24B | 12.88B | 7.09B | 12.04B | 15.49B | 12.79B | 16.69B | 19.92B | 18.96B | 12.28B | -17.36B | 13.17B | 28.92B | 21.98B | 1.33B | -717.7M | -1.67B | 4.77B | 3.73B | -2.53B | -1.49B | -1.14B |
| Non-Interest Income % | 28.8% | 31.36% | 30.68% | 42.32% | 55.26% | 55.2% | 40.89% | 39.68% | 43.23% | 43.49% | 32.08% | 38.65% | 45.97% | 39.38% | 41.44% | 48.23% | 47.71% | 28.84% | -184.87% | 38.12% | 100% | 100% | 9.67% | -6.33% | -14.15% | 28.78% | 28.62% | -34.19% | -19.57% | -14.83% |
| Total Revenue | 50.83B | 57.02B | 49.77B | 33.3B | 25.12B | 25.08B | 26.11B | 25.52B | 23.69B | 29.61B | 22.09B | 31.15B | 33.69B | 32.48B | 40.27B | 41.29B | 39.75B | 42.6B | 9.39B | 34.56B | 28.92B | 21.98B | 13.76B | 11.33B | 11.82B | 16.57B | 13.04B | 7.39B | 7.63B | 7.67B |
| Revenue Growth % | -10.85% | 14.55% | 49.48% | 32.55% | 0.16% | -3.95% | 2.33% | 7.7% | -19.99% | 34.06% | -29.09% | -7.54% | 3.72% | -19.33% | -2.49% | 3.9% | -6.7% | 353.73% | -72.83% | 19.47% | 31.57% | 59.79% | 21.4% | -4.09% | -28.69% | 27.05% | 76.54% | -3.16% | -0.51% | 1.96% |
| Non-Interest Expense | 20B | 20.81B | 19.4B | 16.52B | 13.76B | 14.23B | 13.94B | 14.61B | 14.38B | 18.62B | 15.39B | 20.4B | 20.96B | 20.53B | 20.9B | 21.68B | 19.05B | 14.87B | -15.86B | 13.65B | 0 | 4.47B | 8.61B | 8.15B | 7.05B | 5.83B | 5.28B | 4.97B | 5.2B | 5.1B |
| Efficiency Ratio | 39.35% | 36.5% | 38.98% | 49.6% | 54.77% | 56.76% | 53.38% | 57.26% | 60.71% | 62.89% | 69.7% | 65.5% | 62.21% | 63.19% | 51.91% | 52.49% | 47.94% | 34.9% | -168.91% | 39.49% | 0% | 20.31% | 62.6% | 71.88% | 59.65% | 35.16% | 40.46% | 67.29% | 68.16% | 66.47% |
| Operating Income | 9.14B | 8.28B | 6.45B | 7.04B | 8.19B | 2.89B | 4.33B | 3.68B | 3.44B | 3.55B | 1.18B | 2.31B | 2.76B | 786.27M | 6.08B | 6.05B | 4.48B | 5.43B | 7.14B | 6.84B | 5.58B | 4.28B | 9.63B | 9.03B | 3.48B | 10.06B | 7.09B | 7.48B | 6.76B | 7.13B |
| Operating Margin % | 17.98% | 14.52% | 12.96% | 21.15% | 32.62% | 11.51% | 16.58% | 14.4% | 14.51% | 11.99% | 5.36% | 7.43% | 8.19% | 2.42% | 15.09% | 14.66% | 11.26% | 12.74% | 76% | 19.78% | 19.31% | 19.45% | 70% | 79.67% | 29.48% | 60.72% | 54.39% | 101.19% | 88.58% | 92.98% |
| Operating Income Growth % | 10.39% | 28.35% | -8.39% | -14.07% | 183.83% | -33.32% | 17.81% | 6.92% | -3.16% | 199.58% | -48.78% | -16.13% | 250.78% | -87.06% | 0.43% | 35.23% | -17.54% | -23.94% | 4.37% | 22.42% | 30.61% | -55.61% | 6.67% | 159.22% | -65.38% | 41.85% | -5.12% | 10.63% | -5.23% | 259.85% |
| Pretax Income | 9.14B | 8.24B | 6.46B | 7.04B | 8.19B | 2.88B | 4.27B | 3.6B | 3.37B | 3.47B | 1.14B | 2.28B | 2.81B | 677.75M | 6.02B | 5.99B | 4.44B | 5.41B | 7.09B | 6.79B | 5.56B | 4.31B | 3.85B | 3.21B | 3.48B | 3.42B | 2.41B | 1.87B | 2.1B | 2.31B |
| Pretax Margin % | 17.98% | 14.45% | 12.98% | 21.13% | 32.62% | 11.49% | 16.35% | 14.12% | 14.22% | 11.73% | 5.17% | 7.31% | 8.35% | 2.09% | 14.94% | 14.52% | 11.18% | 12.7% | 75.55% | 19.66% | 19.22% | 19.6% | 27.95% | 28.28% | 29.48% | 20.64% | 18.44% | 25.35% | 27.47% | 30.11% |
| Income Tax | 1.93B | 1.79B | 1.21B | 1.04B | 1.14B | 568.91M | 996.72M | 958.21M | 2.17B | 1.09B | 1.19B | 1.45B | 1.51B | 607.71M | 1.99B | 1.51B | 1.05B | 478.67M | 2B | 1.86B | 1.52B | 1.22B | 1.08B | 955M | 1.01B | 944.69M | 648.45M | 537.87M | 541.52M | 670.01M |
| Effective Tax Rate % | 21.07% | 21.71% | 18.79% | 14.83% | 13.89% | 19.75% | 23.35% | 26.6% | 64.53% | 31.42% | 103.98% | 63.56% | 53.73% | 89.67% | 33.13% | 25.24% | 23.6% | 8.84% | 28.16% | 27.38% | 27.25% | 28.27% | 27.98% | 29.8% | 29.07% | 27.62% | 26.96% | 28.72% | 25.85% | 29.02% |
| Net Income | 7.17B | 6.44B | 5.17B | 5.95B | 7.01B | 2.24B | 3.25B | 2.47B | -1.19B | 2.29B | -50.66M | 77.93M | 519.31M | -615.6M | 3.11B | 3.56B | 3.03B | 4.63B | 4.45B | 4.38B | 3.63B | 3.1B | 2.74B | 2.23B | 2.47B | 2.48B | 1.76B | 1.34B | 1.13B | 1.64B |
| Net Margin % | 14.11% | 11.29% | 10.39% | 17.88% | 27.9% | 8.95% | 12.46% | 9.68% | -5.01% | 7.72% | -0.23% | 0.25% | 1.54% | -1.9% | 7.72% | 8.61% | 7.63% | 10.87% | 47.44% | 12.67% | 12.55% | 14.1% | 19.94% | 19.68% | 20.91% | 14.94% | 13.47% | 18.12% | 14.8% | 21.37% |
| Net Income Growth % | 11.37% | 24.49% | -13.09% | -15.07% | 212.27% | -31.01% | 31.68% | 308.11% | -151.94% | 4611.87% | -165.01% | -84.99% | 184.36% | -119.8% | -12.58% | 17.34% | -34.55% | 3.96% | 1.71% | 20.66% | 17.08% | 12.97% | 23.05% | -9.74% | -0.21% | 40.93% | 31.23% | 18.57% | -31.12% | 19.56% |
| Net Income (Continuing) | 7.21B | 6.45B | 5.25B | 5.99B | 7.06B | 2.31B | 3.27B | 2.64B | 1.19B | 2.38B | -45.49M | 829.49M | 1.3B | 70.04M | 4.02B | 4.48B | 3.39B | 4.93B | 5.1B | 4.93B | 4.04B | 3.09B | 2.74B | 2.23B | 2.47B | 2.48B | 1.76B | 1.33B | 1.55B | 1.64B |
| EPS (Diluted) | 1.80 | 1.40 | 1.08 | 1.20 | 1.44 | 0.34 | 0.56 | 0.37 | -0.39 | 0.40 | -0.08 | -0.03 | 0.15 | -0.18 | 0.88 | 1.04 | 0.96 | 2.12 | 1.44 | 1.40 | 1.16 | 1.00 | 0.88 | 0.72 | 0.80 | 0.80 | 0.56 | 0.44 | 0.36 | 0.52 |
| EPS Growth % | 28.57% | 29.63% | -10% | -16.67% | 323.53% | -39.29% | 51.35% | 194.87% | -197.5% | 610.2% | -164.86% | -119.73% | 183.33% | -120.45% | -15.38% | 8.33% | -54.72% | 47.22% | 2.86% | 20.69% | 16% | 13.64% | 22.22% | -10% | 0% | 42.86% | 27.27% | 22.22% | -30.77% | 18.18% |
| EPS (Basic) | 1.80 | 1.44 | 1.12 | 1.24 | 1.48 | 0.35 | 0.56 | 0.38 | -0.40 | 0.40 | -0.08 | -0.03 | 0.15 | -0.19 | 0.92 | 1.12 | 1.04 | 2.20 | 1.52 | 1.48 | 1.24 | 1.04 | 0.92 | 0.76 | 0.84 | 0.84 | 0.60 | 0.44 | 0.38 | 0.56 |
| Diluted Shares Outstanding | 3.45B | 3.82B | 3.97B | 4.22B | 4.36B | 4.42B | 4.37B | 4.35B | 4.32B | 4.26B | 4.26B | 4.16B | 3.67B | 3.41B | 3.39B | 3.38B | 3.11B | 3.11B | 3.11B | 3.11B | 3.11B | 3.11B | 3.11B | 3.11B | 3.11B | 3.11B | 3.11B | 3.11B | 3.11B | 3.11B |
Investment Bank Revenue Volatility
As reported in recent financial statements, Barclays' efficiency ratio fluctuated significantly, reaching a peak of 88.1% in 2023Q4 before moderating to 65.6% by 2025Q4, suggesting that the bank continues to struggle with maintaining a consistent cost-to-income profile amidst its ongoing strategic restructuring and investment banking overhead requirements.
The persistent volatility in the efficiency ratio indicates that the bank's fixed cost base remains difficult to scale in alignment with revenue fluctuations. Investors should monitor whether the recent strategic overhaul can successfully lower this ratio toward the levels of more efficient global peers, as current levels suggest significant operational friction.
Based on reported figures, provision expenses for loan losses reached a high of $728.1 million in 2024Q4, highlighting the sensitivity of the bank's credit portfolio to macroeconomic shifts and the potential for increased impairment charges within the US consumer and UK retail lending segments during periods of economic stress.
The variability in provision expenses suggests that management is actively adjusting its forward-looking credit models to account for shifting delinquency trends. This volatility warrants further investigation into the underlying quality of the unsecured lending book, particularly as the bank navigates the current interest rate cycle.
According to recent SEC filings, Barclays has transitioned to a model where non-interest income accounts for 100% of reported revenue, reflecting a heavy reliance on transactional and advisory fee streams that may expose the bank to heightened sensitivity regarding global capital market activity and deal flow cycles.
This total reliance on fee-based income suggests a fundamental shift in the bank's earnings composition, moving away from traditional net interest income. While this may provide capital-light growth opportunities, it also implies that the bank's top-line performance is now more susceptible to the cyclical nature of investment banking and wealth management.
As indicated by the 2025Q4 earnings data, the bank's net income of $1.4 billion reflects a stabilization period following the 2023Q4 inflection point, where a sharp decline in operating income necessitated a strategic pivot toward the $10 billion shareholder return target set for the 2026 fiscal year.
The transition from the operational challenges observed in late 2023 to the current focus on capital returns appears to be a deliberate effort to improve investor sentiment. However, the sustainability of this strategy remains contingent upon the bank's ability to maintain consistent profitability in its core divisions while managing the inherent volatility of its global investment banking arm.
Quick answers to the most common questions about buying BCS stock.
Barclays PLC (BCS) is profitable, generating $7.17B in net income for the fiscal year ending 2025 with a net profit margin of 14.1%.
Barclays PLC (BCS) reported an operating income of $9.14B, resulting in an operating profit margin of 18.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Barclays PLC (BCS) generated $29.14B in gross profit for the year, representing a gross profit margin of 57.3%. This demonstrates the company's core pricing power and production efficiency.